SS&C Technologies Holdings Inc (SSNC) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the SS&C Technologies Q1 2023 Earnings Call. Today's call is being recorded. (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。歡迎來到 SS&C Technologies 2023 年第一季度收益電話會議。今天的通話正在錄音中。 （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 Justine Stone。請繼續。

Hi, everyone. Thank you for joining us for our Q1 2023 earnings call. I'm Justine Stone, Head of Investor Relations for SS&C. On the call 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.

大家好。感謝您加入我們的 2023 年第一季度財報電話會議。我是 SS&C 投資者關係主管 Justine Stone。今天與我通話的是董事長兼首席執行官 Bill Stone；總裁兼首席運營官 Rahul Kanwar；和我們的首席財務官 Patrick Pedonti。

Before we get started, we need to review the safe harbor statement. Please note that various remarks we make today about future expectations, plans and prospects, including the 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. 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. These forward-looking statements represent our expectations only as of today, April 27, 2023. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so.

在我們開始之前，我們需要回顧一下安全港聲明。請注意，我們今天就未來預期、計劃和前景發表的各種評論，包括我們提供的財務展望，構成前瞻性陳述，用於 1995 年《私人證券訴訟改革法案》規定的安全港條款。實際結果可能有所不同由於各種重要因素，包括我們最近的 10-K 表格年度報告的風險因素部分中討論的因素，這些前瞻性陳述所指出的內容實質上與美國證券交易委員會存檔，也可以訪問在我們的網站上。這些前瞻性陳述僅代表我們截至 2023 年 4 月 27 日的預期。雖然公司可能會選擇更新這些前瞻性陳述，但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，我們將提到某些非 GAAP 財務指標。這些非 GAAP 財務措施與可比較的 GAAP 財務措施的對賬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。

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. We started 2023 with pretty strong revenues [growing] $1.363 billion, and adjusted revenue up 5.2% and our adjusted diluted earnings per share, while a little soft at $1.11, was within our range and was down 11.2% from last year.

謝謝 Justine，也謝謝大家的加入。 2023 年初，我們的收入相當強勁 [增長] 13.63 億美元，調整後收入增長 5.2%，調整後的稀釋後每股收益雖然略微疲軟，為 1.11 美元，但在我們的範圍內，比去年下降了 11.2%。

Rising interest rates obviously impacted our earnings, but we're in very good shape from a financial standpoint. We had a lot of inflation, too, especially in wages, and that also put some pressure on our bottom line.

利率上升顯然影響了我們的收入，但從財務角度來看，我們的狀況非常好。我們也有很多通貨膨脹，尤其是在工資方面，這也給我們的底線帶來了一些壓力。

Adjusted consolidated EBITDA was over $500 million again at $509 million, and our EBITDA margin was 37.3%. First quarter with all the payroll taxes and health care expenses is normally the highest expense quarter we have, but we do expect to begin to see a lot of cost savings from our Blue Prism digital worker deployment. We believe the digital workers will drive margins and serve as a hedge against inflation.

調整後的綜合 EBITDA 再次超過 5 億美元，達到 5.09 億美元，我們的 EBITDA 利潤率為 37.3%。第一季度的所有工資稅和醫療保健費用通常是我們擁有的最高費用季度，但我們確實希望開始看到我們的 Blue Prism 數字工作者部署節省了大量成本。我們相信數字工作者將提高利潤率並作為對沖通脹的工具。

We currently have over 40 processes live and are on track to achieve our 2023 productivity goal. Our first quarter adjusted organic revenue was up 1.9%. We saw good performance in alternatives, in our global investor and distribution services business, retirement, and our Institutional and Investment Manager segment.

我們目前有 40 多個流程在運行，並且有望實現我們 2023 年的生產力目標。我們第一季度調整後的有機收入增長了 1.9%。我們在另類投資、我們的全球投資者和分銷服務業務、退休以及我們的機構和投資經理部門看到了良好的表現。

We generated net cash from operating activities of $254.8 million for the 3 months ended March 31, up 38.9% over the same period last year. We paid down $44.6 million in debt in Q1, bringing our consolidated net leverage ratio to 3.38 and our new -- our net secured leverage ratio 2.39x of consolidated EBITDA.

截至 3 月 31 日的三個月，我們從經營活動中產生的現金淨額為 2.548 億美元，比去年同期增長 38.9%。我們在第一季度償還了 4460 萬美元的債務，使我們的綜合淨槓桿率達到 3.38，我們的新淨擔保槓桿率為綜合 EBITDA 的 2.39 倍。

In Q1, SS&C bought back 2.3 million shares for $134.7 million at an average price of $59.19; program to date, treasury stock buybacks of $439.9 million for purchases of 7.8 million shares at an average price of $56.34. We'll continue to target 50% of our cash flow to stock buybacks and 50% to pay down. We still look at lots of M&A while it remains disciplined and we have yet to see any movement on large-scale assets, although we did see the German Boerse putting in a bid for SimCorp today. We do think we'll have opportunity for some tuck-in acquisitions before the end of the year.

第一季度，SS&C 以 59.19 美元的平均價格以 1.347 億美元回購了 230 萬股股票；迄今為止，庫存股票回購金額為 4.399 億美元，以平均 56.34 美元的價格購買了 780 萬股股票。我們將繼續將 50% 的現金流用於股票回購，50% 用於支付首付款。我們仍然關注許多併購，同時它仍然受到紀律約束，我們還沒有看到任何大規模資產的動向，儘管我們今天確實看到德國證券交易所對 SimCorp 進行了競購。我們確實認為我們將有機會在年底前進行一些收購。

This April marks the fifth anniversary of the DST acquisition, which brought SS&C over $2 billion in revenue and a long list of large sophisticated clients. While we have doubled the profitability accelerating their revenue growth, took investments in the product, the service and the leadership teams, we feel these investments are paying off, and our biggest prospects are currently in our GIDS and retirement businesses.

今年 4 月是 DST 收購五週年紀念日，此次收購為 SS&C 帶來了超過 20 億美元的收入和一長串大型成熟客戶。雖然我們將盈利能力翻了一番，加速了他們的收入增長，並對產品、服務和領導團隊進行了投資，但我們認為這些投資正在取得回報，目前我們最大的前景是我們的 GIDS 和退休業務。

We have all watched volatility in the financial services sector, particularly U.S. banking over the past few months. SS&C is a strongly diversified company. We have seen limited impact to date. As always, we will support our customers monitor the situation closely and react as necessary.

過去幾個月，我們都看到了金融服務業的波動，尤其是美國銀行業。 SS&C 是一家高度多元化的公司。迄今為止，我們看到的影響有限。一如既往，我們將支持我們的客戶密切關注情況並在必要時做出反應。

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

我現在將其轉交給 Rahul 來更詳細地討論該季度。

Thanks, Bill. Our business remains strong despite a volatile macroeconomic backdrop with several of our business units improving their competitive positioning. Our alternatives fund administration business posted 6.6% growth in Q1 and now has assets under administration of $2.24 trillion.

謝謝，比爾。儘管宏觀經濟背景動盪，但我們的業務依然強勁，我們的幾個業務部門提高了競爭地位。我們的另類基金管理業務在第一季度增長了 6.6%，目前管理的資產為 2.24 萬億美元。

GIDS, which serves the world's largest asset managers, grew 3.6% this quarter. We've invested heavily in the leadership technology and service organization of this business over the last 5 years and continue to do so. We won large customers over the past few years and entered into long-term contract renewals with others. These marquee names, including St. James's Place, Capital Group, Brooks Macdonald, JPMorgan, Sanlam, and most recently, Mine Super, provide a solid foundation from which to continue to grow.

為全球最大的資產管理公司提供服務的 GIDS 本季度增長了 3.6%。在過去的 5 年裡，我們在這項業務的領先技術和服務組織方面投入了大量資金，並將繼續這樣做。我們在過去幾年贏得了大客戶，並與其他人簽訂了長期合同。這些大名鼎鼎的名字，包括 St. James's Place、Capital Group、Brooks Macdonald、JPMorgan、Sanlam 以及最近的 Mine Super，為繼續發展奠定了堅實的基礎。

We have prioritized innovation and are working on dozens of new products and services across the company. Whether it be SS&C BrightLine for tax, SS&C Everywhere for data connectivity and insights or SS&C Private Cloud for purpose-built compute solution, these products solve important issues for our customers, give our employees creative ways in which to add value and strengthen our business.

我們將創新放在首位，並正在全公司範圍內開發數十種新產品和服務。無論是用於稅務的 SS&C BrightLine、用於數據連接和洞察的 SS&C Everywhere 還是用於專用計算解決方案的 SS&C Private Cloud，這些產品都為我們的客戶解決了重要問題，為我們的員工提供了增加價值和加強我們業務的創造性方法。

I'll mention some of the key deals for Q1. A large U.K. wealth client embarked on a strategic project to move their international accounts to SS&C's Bluedoor platform. An alternative asset manager chose SOMS and fixed link services after a comprehensive RFP process. A $30 billion in AUM private equity and real estate firm chose SS&C fund services. A current brokerage client chose SS&C's all serve solution to help scale and expand the clients offering in the alternatives market. An $80 billion real estate manager with a nontraded REIT chose a suite of SS&C's fund services and retail alt transfer agency services.

我會提到第一季度的一些關鍵交易。英國一家大型財富客戶著手實施一項戰略項目，將其國際賬戶轉移至 SS&C 的 Bluedoor 平台。另一家資產管理公司在綜合 RFP 流程後選擇了 SOMS 和固定鏈路服務。一家擁有 300 億美元資產管理規模的私募股權和房地產公司選擇了 SS&C 基金服務。當前的一家經紀客戶選擇了 SS&C 的全方位服務解決方案，以幫助擴大和擴展另類市場中的客戶產品。擁有非交易 REIT 的 800 億美元房地產經理選擇了一套 SS&C 的基金服務和零售另類轉讓代理服務。

We'll now turn it over to Patrick to run through the financials.

我們現在將其交給帕特里克來完成財務。

Thanks. Results for the first quarter were GAAP revenues of $1,362.7 million; GAAP net income of $126 million and GAAP diluted earnings per share of $0.49. Adjusted revenues were $1,363.4 million. Adjusted revenues were up 5.2%. Adjusted operating income decreased 1.1% and adjusted diluted EPS was $1.11, an 11.2% decrease over Q1 2022 due to the impact of higher interest rates on our debt. Adjusted revenue increased $67.2 million or 5.2%. Our acquisitions contributed $64 million. Foreign exchange had an unfavorable impact of $19.9 million or 1.5%.

謝謝。第一季度的業績為 GAAP 收入 13.627 億美元； GAAP 淨收入為 1.26 億美元，GAAP 攤薄後每股收益為 0.49 美元。調整後的收入為 13.634 億美元。調整後的收入增長了 5.2%。調整後的營業收入下降 1.1%，調整後的攤薄每股收益為 1.11 美元，比 2022 年第一季度下降 11.2%，原因是債務利率上升的影響。調整後收入增加 6720 萬美元或 5.2%。我們的收購貢獻了 6400 萬美元。外匯產生了 1990 萬美元或 1.5% 的不利影響。

Adjusted organic revenue increase on a constant currency basis was 1.9%. We had strength in several product lines, including alternatives, the GIDS transfer agency services business and institutional investment management business.

按固定匯率計算的調整後有機收入增長 1.9%。我們在多個產品線中具有優勢，包括替代品、GIDS 轉讓代理服務業務和機構投資管理業務。

Adjusted operating income for the quarter was $493 million, a decrease of $5.7 million or 1.1% from the first quarter of '22. Adjusted operating margins were 36.2% in the first quarter compared to 38.5% in the first quarter of '22. Excluding acquisitions, expenses increased 5% on a constant currency basis.

本季度調整後營業收入為 4.93 億美元，比 22 年第一季度減少 570 萬美元或 1.1%。第一季度調整後的營業利潤率為 36.2%，而 2022 年第一季度為 38.5%。不包括收購，費用在固定匯率基礎上增長了 5%。

Acquisitions added $52 million in expenses and foreign currency decreased cost by $19.6 million. Our cost structure has been impacted by general inflation, wage inflation and an increase in business travel compared to 2022.

收購增加了 5200 萬美元的費用，外匯成本減少了 1960 萬美元。與 2022 年相比，我們的成本結構受到總體通脹、工資上漲和商務旅行增加的影響。

Adjusted EBITDA was $509 million or 37.3% of adjusted revenue, a decrease of $5.9 million from Q2 '22. Net interest expense for the quarter was $111.9 million, an increase of $62.6 million or 127% from Q1 2022.

調整後的 EBITDA 為 5.09 億美元，佔調整後收入的 37.3%，比 22 年第二季度減少 590 萬美元。本季度的淨利息支出為 1.119 億美元，比 2022 年第一季度增加 6260 萬美元或 127%。

In Q1 2023, net interest expense included $3.5 million of noncash amortized financing costs and OID. The average interest rate in the quarter for the amended credit facility, including our senior notes, was 6.21% compared to 3.11% in the first quarter of 2022.

2023 年第一季度，淨利息支出包括 350 萬美元的非現金攤銷融資成本和 OID。經修訂的信貸安排（包括我們的優先票據）本季度的平均利率為 6.21%，而 2022 年第一季度為 3.11%。

We recorded a GAAP tax provision of $52.5 million or 29% of pretax income. Adjusted net income was $284.4 million and adjusted EPS was $1.11, and the effective tax rate used for adjusted net income was 26%. Diluted shares increased to 257 million from 256.4 million in Q4. The higher average stock price partially -- was partially offset by share repurchases during the quarter.

我們記錄了 5250 萬美元或稅前收入的 29% 的 GAAP 稅收撥備。調整後淨收入為 2.844 億美元，調整後每股收益為 1.11 美元，用於調整後淨收入的有效稅率為 26%。稀釋後的股份從第四季度的 2.564 億股增加到 2.57 億股。較高的平均股價部分被本季度的股票回購部分抵消。

On cash flow and balance sheet, we ended the first quarter with $433.3 million of cash and cash equivalents and $7.1 billion of gross debt. SS&C's net debt, which excludes cash and cash equivalents of $130.2 million that are held at DomaniRx, was $6.8 billion as of March 31. Operating cash flow for the 3 months was $254.8 million, a $1.3 million increase from the same period in 2022.

在現金流和資產負債表方面，我們在第一季度結束時擁有 4.333 億美元的現金和現金等價物以及 71 億美元的總債務。截至 3 月 31 日，SS&C 的淨債務為 68 億美元，不包括 DomaniRx 持有的現金和現金等價物 1.302 億美元。這三個月的運營現金流為 2.548 億美元，比 2022 年同期增加 130 萬美元。

Some highlights on cash flow for the 3 months. We bought back treasury stock for $134.7 million and purchased 2.3 million shares at an average price of $59.19. In July '22, the Board authorized the new stock repurchase program of up to $1 billion in stock buybacks. Program to date, treasury stock buybacks are at $439.9 million for purchases of 7.8 million shares at an average price of $56.34.

3 個月現金流量的一些亮點。我們以 1.347 億美元的價格回購庫存股，並以 59.19 美元的平均價格購買了 230 萬股。 22 年 7 月，董事會批准了高達 10 億美元的股票回購新股票回購計劃。迄今為止，庫存股票回購金額為 4.399 億美元，以平均 56.34 美元的價格購買 780 萬股股票。

Net debt payments in the quarter were $44.6 million. And we paid total interest of $138 million in the quarter compared to $74.2 million in 2022.

本季度的淨債務支付額為 4460 萬美元。我們在本季度支付了 1.38 億美元的總利息，而 2022 年為 7420 萬美元。

On income taxes, in the quarter, we paid $20.9 million compared to $42 million in the first quarter of '22. Our accounts receivable DSO was 53.5 days as of March 31 compared to 52.3 days as of March -- as of December 2022 and 52.7 days as of March 2022.

在所得稅方面，本季度我們支付了 2090 萬美元，而 2022 年第一季度為 4200 萬美元。截至 3 月 31 日，我們的應收賬款 DSO 為 53.5 天，而截至 2022 年 12 月的 3 月為 52.3 天，截至 2022 年 3 月為 52.7 天。

Capital expenditures and capitalized software was $53.1 million or 3.9% of adjusted revenue for the quarter. Spending was predominantly for capitalized software to investment in research and development and IT infrastructure. Based on our net debt of approximately $6.8 billion, our total leverage was 3.38x and our secured leverage was 2.39x as of March 31.

資本支出和資本化軟件為 5310 萬美元，佔本季度調整後收入的 3.9%。支出主要用於資本化軟件以投資研發和 IT 基礎設施。根據我們約 68 億美元的淨債務，截至 3 月 31 日，我們的總槓桿率為 3.38 倍，我們的擔保槓桿率為 2.39 倍。

On outlook for the year, first, I'll cover a few assumptions. We'll continue to focus on client service, and we expect retention rates to continue in the range of most recent results.

關於今年的展望，首先，我將介紹一些假設。我們將繼續專注於客戶服務，我們預計保留率將繼續保持在最近結果的範圍內。

We have assumed foreign currency exchange will be at current levels for the remainder of the year. And as a result, organic growth for the year will be in the range of 2% to 6%, and adjusted organic growth for Q2 will be in the range of 0.5% to 3.5%. We have assumed interest rates will increase an additional -- in the range of 35 to 50 bps through the remainder of the year compared to the average rate in the first quarter.

我們假設今年剩餘時間的外匯匯率將保持在當前水平。因此，今年的有機增長率將在 2% 至 6% 之間，第二季度調整後的有機增長率將在 0.5% 至 3.5% 之間。我們假設利率將在今年剩餘時間內比第一季度的平均利率增加 35 至 50 個基點。

We'll continue to manage our expenses during the period by controlling variable expenses and increased productivity to improve our operating margins. We'll continue to allocate free cash flow to both debt pay down and stock buybacks, and we continue to expect the adjusted tax rate to be about 26%.

在此期間，我們將繼續通過控制可變費用和提高生產力來管理我們的費用，以提高我們的營業利潤率。我們將繼續將自由現金流分配給償還債務和股票回購，我們繼續預計調整後的稅率約為 26%。

So for the second quarter of 2023, we expect revenue in the range of $1,334.5 million to $1,374.5 million, adjusted net income in the range of $276.5 million to $293 million, and diluted shares in the range of 256.5 million to 257.5 million. And for the full year, we expect revenue in the range of $5.455 billion to $5.655 billion, adjusted net income in the range of $1.190 billion to $1.285 billion and diluted shares in the range of 255 million to 258.5 million. And on cash from operating activities, we expect that to be in the range of $1.275 billion to $1.375 billion.

因此，對於 2023 年第二季度，我們預計收入在 13.345 億美元至 13.745 億美元之間，調整後的淨收入在 2.765 億美元至 2.93 億美元之間，稀釋後的股份在 2.565 億至 2.575 億美元之間。對於全年，我們預計收入在 54.55 億美元至 56.55 億美元之間，調整後的淨收入在 11.90 億美元至 12.85 億美元之間，稀釋後的股票在 2.55 億至 2.585 億美元之間。我們預計經營活動產生的現金將在 12.75 億美元至 13.75 億美元之間。

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

我會將其轉回給 Bill 以徵求最終意見。

Thanks, Patrick. We expect revenue to accelerate in Q3, Q4, and we expect the growth to be broad-based across a lot of our different businesses, and we will be able to convert a bunch of backlog revenue. We have price increases that have already gone into effect, and so the revenue will begin to tick up. And we also have a very full pipeline. We have invested heavily in our product and service suite, and we remain excited about our opportunities. It's been a difficult way to get to here, but I think we're in really good shape going forward.

謝謝，帕特里克。我們預計第三季度、第四季度的收入將加速增長，我們預計我們許多不同業務的增長將是廣泛的，我們將能夠轉換大量積壓的收入。我們的價格上漲已經生效，因此收入將開始增加。我們也有一個非常完整的管道。我們對我們的產品和服務套件進行了大量投資，我們仍然對我們的機會感到興奮。到達這裡是一條艱難的道路，但我認為我們未來的狀態非常好。

And I'll now open it up for questions.

我現在將打開它來提問。

(Operator Instructions) Your first question comes from the line of Kevin McVeigh with Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Kevin McVeigh。

Congratulations on the results. I look at the organic growth, it seems like it implies about 2% on average for the first half of the year and then the midpoint is 4% for the full year. Was wondering, maybe just is it the same buckets, pricing, new business backlog and new products that drive that? Or is there a way maybe just to ring-fence that a little bit, what the incremental drivers are as we think about the back half of the year?

祝賀結果。我看一下有機增長，這似乎意味著上半年平均增長 2% 左右，而全年的中點是 4%。想知道，也許只是相同的桶、定價、新業務積壓和新產品推動了這一點？或者有沒有一種方法可以稍微限制一下，我們考慮今年下半年的增量驅動因素是什麼？

Kevin, I think that's primarily what it is. I mean we have a number of large-scale deals that we have sold over the last 2 or 3 years. And it seemed like they're never going to come to fruition, but they are coming to fruition. And they're going live, and with that, that releases a lot of revenue into our financial statements. And as I said, we still have full pipelines with GIDS, which is our -- primarily our transfer agency business growing 3.6% in the first quarter. That's quite a turnaround. And so I think we're making progress across all of those things, and I think that that's -- plus the price increases are also starting to take effect. So I think we're in reasonably good shape for the second half of '23.

凱文，我認為這主要是事實。我的意思是我們在過去 2 或 3 年中出售了許多大型交易。看起來他們永遠不會實現，但他們正在實現。他們正在上線，並因此將大量收入釋放到我們的財務報表中。正如我所說，我們仍然有 GIDS 的完整管道，這是我們的——主要是我們的轉讓代理業務在第一季度增長了 3.6%。這是一個很大的轉變。所以我認為我們在所有這些方面都取得了進展，而且我認為那是 - 加上價格上漲也開始生效。所以我認為我們在 23 年下半年的狀態相當不錯。

That's terrific. And then just one quick follow-up. It seems like the AUA was actually up sequentially, the first time in about 4 quarters, and that's despite some disruption intra-quarter across the markets. Any thoughts around that? What's driving that?

真了不起。然後只是一個快速跟進。似乎 AUA 實際上是連續上升的，這是大約 4 個季度以來的第一次，儘管整個市場在季度內出現了一些中斷。有什麼想法嗎？是什麼推動了它？

Rahul, do you want to take that?

拉胡爾，你要拿那個嗎？

Sure. We had pretty good inflows into both our hedge fund and our private equity businesses during the course of the quarter. So it's a combination of new fund launches, some organic and performance-related growth in these clients as well as new client wins. So as you know, it's kind of the first time we've seen net uptick in a few quarters and -- but we're pretty happy about it. But we do expect to see, based on the comments Bill just made about the strength of our pipeline, we're certainly seeing some momentum in the market.

當然。在本季度，我們的對沖基金和私募股權業務都有大量資金流入。因此，這是新基金推出、這些客戶的一些有機和業績相關增長以及新客戶獲勝的結合。所以如你所知，這是我們幾個季度以來第一次看到淨增長，但我們對此感到非常高興。但我們確實希望看到，根據比爾剛才對我們管道實力的評論，我們肯定會看到市場出現一些勢頭。

And I would say also -- I'd say also that we believe we remain the strongest competitor by someone. And I think that there is a lot of volatility in that market, and a lot of the larger scale investment managers prefer to have our steady hand. And I think that's played out pretty well for us.

我還要說 - 我還要說我們相信我們仍然是某人最強大的競爭對手。而且我認為那個市場波動很大，很多規模較大的投資經理更願意擁有我們穩定的手。我認為這對我們來說效果很好。

Your next question comes from the line of Dan Perlin with RBC Capital Markets.

你的下一個問題來自 Dan Perlin 與 RBC Capital Markets 的對話。

Bill, I wanted to just take your temperature in terms of discussions that you've had with your clients. This is obviously true for Rahul as well kind of pre-SVB and post-SVB. You made it sound like there's not been any kind of fallout from that, and that's good to hear. But I'm just wondering kind of the posturing of what they're saying. Understand you have a backlog and it's going to get converted into these large clients, which I think is encouraging for organic growth. I'm just wondering where they sit today in kind of their readiness to release capital in order to drive new contracts with you guys.

比爾，我想根據你與客戶的討論來衡量你的情緒。對於 Rahul 以及 SVB 之前和 SVB 之後的人來說，這顯然是正確的。你說的好像沒有任何影響，很高興聽到。但我只是想知道他們所說的是什麼姿態。了解您有積壓訂單，它將轉化為這些大客戶，我認為這對有機增長是令人鼓舞的。我只是想知道他們今天坐在哪裡，他們準備釋放資金以與你們簽訂新合同。

Yes. And as you noted, right, a lot of what we're expecting in the second half, we have already signed and are in the midst of bringing them live. So it's -- it is really a continuation of the last 12, 18, 24 months and -- but there's a lot of skittishness in the financial markets, particularly the banking markets. And while we don't have a huge client base and mid-level banks, we do have some. So we're monitoring that as closely as we can. You do kind of see that whether it's Silicon Valley or First Republic or Signature that you're really kind of on the mid-spot between traditional banking and financing venture capital and other investments.

是的。正如你所指出的，對，我們在下半場期待的很多事情，我們已經簽署並正在讓他們上線。所以它 - 它實際上是過去 12、18、24 個月的延續 - 但金融市場，特別是銀行市場存在很多不安。雖然我們沒有龐大的客戶群和中級銀行，但我們確實有一些。所以我們正在盡可能密切地監視它。你確實看到，無論是矽谷還是 First Republic 或 Signature，你確實處於傳統銀行業和融資風險資本和其他投資之間的中間位置。

So I'm not sure that the contagion is quite -- I don't think it's anything like '08, '09. And I think that's why it hasn't had much impact on us to date. Of course, we'll watch it as closely as we can.

所以我不確定傳染是否完全——我不認為它像 08 年、09 年那樣。我認為這就是迄今為止它對我們沒有太大影響的原因。當然，我們會盡可能密切地關注它。

Yes. Just a quick follow-up on, I guess, the commentary around digital workers you had in the release. It seems like you're reiterating this 1,300 to 2,700. Can you just remind us where that sits in terms of cost savings? I think we had allocated something like $65 million at the low end of that range for annualized cost savings. But I just want to take your temperature on where we sit on that as well.

是的。我想，只是快速跟進您在發布中對數字工作者的評論。好像你在重申這個1300到2700。您能否提醒我們在節省成本方面的位置？我認為我們在該範圍的低端分配了大約 6500 萬美元用於年度成本節約。但我只想了解一下我們在這方面的進展情況。

No. I mean you hit the nail on the head, Dan, on that $65 million. We're estimating about [$50,000] in savings as we deploy digital workers, per worker. And knock on wood, that's pretty much what we see, and in some cases, the improvement in productivity is drastic. So we're very optimistic that if we keep our nose on the grindstone and build great digital workers, we'll have a great outcome. So that's what people are focused on.

不，我的意思是你在 6500 萬美元上一針見血，丹。我們估計每名員工在部署數字員工時可節省 [50,000 美元]。敲木頭，這幾乎就是我們所看到的，在某些情況下，生產力的提高是巨大的。因此，我們非常樂觀地認為，如果我們埋頭苦幹並培養優秀的數字化員工，我們將取得豐碩的成果。這就是人們所關注的。

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。

I want to ask about the GIDS business. Maybe just talk about just the nature of the investments and what you're doing there. That would be helpful. And then the 3.6% growth, the positive flip much better than we were anticipating, could you just sort of disaggregate that and maybe talk about the drivers there, whether it's existing client growth, new client launches, things like that? Just curious to understand the drivers a little bit more there.

我想問一下GIDS業務。也許只是談論投資的性質以及你在那裡做什麼。那會很有幫助。然後是 3.6% 的增長，積極的轉變比我們預期的要好得多，你能不能把它分解一下，然後談談那裡的驅動因素，無論是現有客戶的增長、新客戶的推出，還是類似的事情？只是想多了解一下那裡的司機。

Well, we named it as the global investor and distribution systems, and it's the largest investment managers in the world use that service. Then -- we always felt that if you could deliver a better interface, a better client interaction with the system and really had good process and procedures that there was opportunity all over the place because we didn't think our competitors would do the same thing. And while it might have taken us a little longer than we had hoped, we do think that we have built some purpose-built software that is easier to use and is getting much more client satisfaction.

好吧，我們將其命名為全球投資者和分銷系統，世界上最大的投資經理都在使用該服務。然後——我們總是覺得，如果你能提供更好的界面，更好的客戶與系統的交互，並且真的有很好的流程和程序，那麼到處都有機會，因為我們認為我們的競爭對手不會做同樣的事情.雖然我們花費的時間可能比我們希望的要長一些，但我們確實認為我們已經構建了一些更易於使用且客戶滿意度更高的專用軟件。

And then we've had any number of large-scale wins and large-scale renewals that has really helped the revenue side. I don't know if -- Rahul, do you have anything else to add to that?

然後我們獲得了很多大規模的勝利和大規模的續約，這確實對收入方面有所幫助。我不知道是否-- Rahul，你還有什麼要補充的嗎？

Just on the investments. The investments have been kind of in really all aspects of that business, so we have invested heavily in the technology to the point Bill just made, digital interface, web interface, mobile apps, just workflow and systems. We have also brought in a lot of sales talent, a lot of management talent. And I think that the key to all of this is that the large clients that we have won over the last 6, 9 months, we've kind of worked through that implementation process and they're coming live, and that's helping our numbers.

只是在投資上。這些投資實際上涉及該業務的所有方面，因此我們在比爾剛才提到的技術、數字界面、網絡界面、移動應用程序、工作流程和系統方面投入了大量資金。我們也引進了很多銷售人才，很多管理人才。而且我認為所有這一切的關鍵是我們在過去 6、9 個月中贏得的大客戶，我們已經完成了實施過程並且他們正在上線，這有助於我們的數字。

Got it. And then a question on the -- just I think, Patrick, you mentioned just wage inflation. I just wanted to drill down on that a little bit. Is that more of a flow-through effect from actions you took last year? Or are you seeing something more recently that's exacerbating the wage issue? Just want to be clear in terms of what you're seeing about the cost of labor environment.

知道了。然後是一個問題——帕特里克，我認為你提到的只是工資通脹。我只是想深入研究一下。這更多是你去年採取的行動的流動效應嗎？還是您最近看到了什麼加劇了工資問題？只是想清楚您所看到的勞動力環境成本。

Yes. It's mostly actions we took post April 2022 that are impacting us in Q1 when you compare it to prior years. But we're seeing in the current year wage inflation slow down a little bit.

是的。與往年相比，第一季度影響我們的主要是我們在 2022 年 4 月之後採取的行動。但我們看到今年的工資通脹有所放緩。

Your next question comes from the line of Alex Kramm with UBS.

你的下一個問題來自瑞銀的 Alex Kramm。

Just -- maybe just as a follow-up for the question just -- was just asked. But margins in the quarter certainly missed, I think, Street expectations and our own, so maybe we're just not modeling it right. But I know you just talked about the wage inflation. But was there something else that you hadn't expected in the quarter that surprised you? Or again, is it just The Street not thinking about it correctly since you said the wage inflation should trail off in April, I think?

只是 - 可能只是作為問題的後續行動 - 剛剛被問到。但我認為，本季度的利潤率肯定低於市場預期和我們自己的預期，所以也許我們只是沒有正確建模。但我知道你剛剛談到了工資通脹。但是，本季度是否還有其他讓您感到驚訝的事情是您沒有預料到的？或者，自從你說工資通脹應該在 4 月份放緩以來，是否只是華爾街沒有正確考慮，我認為？

And then related to that, as we think about the remainder of the year, I guess, what gives you confidence that you can get that margin expansion that you had talked about on prior calls? Is it just the Blue Prism thing that is really going to help the margins here? Or is there something else that you're working on to make sure margins are meeting your targets?

然後與此相關，當我們考慮今年剩餘時間時，我想，是什麼讓您有信心實現您在之前的電話會議上談到的利潤率擴張？真的只有 Blue Prism 才能幫助提高利潤率嗎？或者您是否正在努力確保利潤率達到您的目標？

Well, I think what the expense process was primarily, as Patrick said, the wage was from actions we took at the end of -- throughout 2022 really. And so I don't know that we were surprised as much as it all kind of came into the first quarter. And again, it's -- we're pretty confident on our ability to drive margins. And yes, I think 37.3% on adjusted EBITDA [number's] down maybe 100, 200 basis points. But I don't think that's -- we're very confident in our margin driving capabilities. And what we want to make sure we do is invest in the people and the processes and the capabilities to go get the $65 million to $130 million in savings through Blue Prism and then also constantly invest back in our products and services.

好吧，我認為費用流程主要是什麼，正如帕特里克所說，工資來自我們在年底採取的行動——實際上是整個 2022 年。所以我不知道我們是否對第一季度的一切感到驚訝。再一次，它 - 我們對我們提高利潤率的能力非常有信心。是的，我認為調整後 EBITDA [數字] 的 37.3% 可能下降了 100、200 個基點。但我不認為那是——我們對我們的利潤驅動能力非常有信心。我們要確保我們做的是投資於人員、流程和能力，通過 Blue Prism 節省 6500 萬至 1.3 億美元，然後不斷投資於我們的產品和服務。

As Rahul said, we're really bringing out new things, whether it's BrightLine or GoCentral or SS&C Everywhere or all those kinds of things that we think differentiate us. And it's the reason that we win most of the platform business that is out to bid.

正如 Rahul 所說，我們真的在推出新事物，無論是 BrightLine、GoCentral 還是 SS&C Everywhere，或者我們認為讓我們與眾不同的所有這些東西。這也是我們贏得大部分競標平台業務的原因。

Right. Fair enough. And then maybe a little bit bigger picture. There's been in the last quarter, last 6 months, whatever you want to use, much more talk about AI, ChatGPT, et cetera. Just wondering how you view those capabilities in your own business. I think some people are arguing like, hey, you can -- you may be able to do a lot with that and maybe Blue Prism isn't in that same kind of sphere, but at the same time, I think there's others who say like, "Hey, this could actually be super disruptive to your business." So I know it's a big picture question for a call like this, but just wondering how much time you're spending on that and what you're evaluating.

正確的。很公平。然後可能是更大的圖景。在上個季度，過去 6 個月，無論您想使用什麼，都在談論 AI、ChatGPT 等。只是想知道您如何看待自己業務中的這些能力。我認為有些人在爭論，嘿，你可以——你可以用它做很多事情，也許 Blue Prism 不在同一個領域，但與此同時，我認為還有其他人說就像，“嘿，這實際上可能會對您的業務造成極大的破壞。”所以我知道對於這樣的電話來說這是一個大問題，但只是想知道你在這上面花了多少時間以及你在評估什麼。

Well, Alex, I don't think that fintech, in general, has a very big moat. Almost anybody that's on this call can start a fintech company. You need to be able to have an idea. You need to be able to have some development talent to be able to deliver a product.

好吧，亞歷克斯，我不認為金融科技通常有很大的護城河。幾乎所有參與此電話會議的人都可以創辦一家金融科技公司。你需要能夠有一個想法。您需要能夠擁有一些開發人才才能交付產品。

Now doing that and turning it into a $5.5 billion company with 100 offices in 40 countries and a suite of products and services that are pretty much world class, that's a pretty big moat so that when companies such as UBS or any of the other great big investment banks or any of the great big hedge fund platforms or private equity platforms or private venture platforms or real estate organizations, this is pretty sophisticated, pretty regulated, pretty minutia, pretty detailed. And I think that we've worked very hard to have the best people. We have the best training. We think we have the best solutions for our customers. And I think that we moved quickly to buy Blue Prism. We believe that this intelligent automation and its corollaries and AI and machine learning and natural language processing and the rest of it is what's going to happen. And either you get in front of it or you're so far behind that pretty much you're on the block.

現在這樣做，並將其變成一家市值 55 億美元的公司，在 40 個國家/地區設有 100 個辦事處，並提供一系列幾乎世界一流的產品和服務，這是一條相當大的護城河，因此當瑞銀或任何其他大公司等公司時投資銀行或任何大型對沖基金平台或私募股權平台或私人風險投資平台或房地產組織，這非常複雜，非常規範，非常細枝末節，非常詳細。我認為我們一直在努力工作以擁有最優秀的人才。我們有最好的培訓。我們認為我們為客戶提供最佳解決方案。而且我認為我們很快就收購了 Blue Prism。我們相信，這種智能自動化及其必然結果、人工智能、機器學習和自然語言處理以及其餘部分將會發生。要么你趕在它前面，要么你遠遠落後於你幾乎處於障礙之中。

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

你的下一個問題來自 Peter Heckmann with D.A.戴維森。

I have a quick one on DomaniRx. Could you give us an update on the platform development there and whether or not you continue to think that you have a good shot at moving your one large processing customer to the new platform in 2023?

我在 DomaniRx 上有一個快速的。您能否向我們介紹一下平台開發的最新情況，以及您是否繼續認為您有機會在 2023 年將您的一個大型加工客戶轉移到新平台？

Well, I think our target, Pete, is 1/1/24, and I think that we're in reasonable shape. I know that we have had some Domani Board meetings. I know Rahul has been, too, and we do pretty much constant updates on that platform. And I would say we are cautiously optimistic. Rahul, do you want to comment further?

嗯，我認為我們的目標，Pete，是 1/1/24，我認為我們的狀態還算合理。我知道我們召開了一些 Domani 董事會會議。我知道 Rahul 也是，我們在該平台上幾乎不斷更新。我會說我們持謹慎樂觀的態度。 Rahul，你想進一步評論嗎？

Bill, I think you got it. We're kind of on target with our development plans so far, and we're keeping a close eye on it.

比爾，我想你明白了。到目前為止，我們的開發計劃有點像目標，我們正在密切關注它。

Okay. That's helpful. And then just as a follow-up, I mean, how are you thinking about, on the private equity, real estate, private asset side, how are you thinking about mark to markets there? Maybe just remind us how much of that part of the business relies on fixed minimums versus basis points?

好的。這很有幫助。然後作為後續行動，我的意思是，在私募股權、房地產、私人資產方面，您如何考慮按市值計價？也許只是提醒我們，這部分業務在多大程度上依賴於固定的最低限度而不是基點？

It's primarily basis points, Pete. There are some things that we do that are piecemeal, whether that's K-1s and tax return type things and financial statements and -- but it's primarily a basis point charge.

皮特，這主要是基點。我們做的一些事情是零碎的，無論是 K-1 和納稅申報表類型的事情還是財務報表——但它主要是基點收費。

Okay. And so just in terms of how that's worked historically, I guess, is -- would you expect there to be a 6-month, 12-month lag in terms of when asset values change and when they start to update those values? Or do they do it really more quarterly?

好的。因此，就歷史上的運作方式而言，我想，您是否期望在資產價值何時發生變化以及何時開始更新這些價值方面會有 6 個月、12 個月的滯後？或者他們真的每季度做一次嗎？

Yes, I'd say quarterly.

是的，我會說每季度一次。

Okay. So we should be seeing it in the numbers already?

好的。那麼我們應該已經在數字中看到了嗎？

Yes, I think so.

是的，我想是這樣。

Your next question comes from the line of Terry Tillman with Truist.

你的下一個問題來自特里蒂爾曼與 Truist 的合作。

This is Joe Meares on for Terry. The first one that I had is just I wanted to confirm that I heard correctly that organic growth in the quarter for revenue was 1.9%. And then just curious what financial services organic growth was in the first quarter. I think it was 1.3% last quarter. So just curious if there is any inflection there.

這是特里的喬米爾斯。我得到的第一個只是我想確認我沒聽錯，本季度收入的有機增長是 1.9%。然後只是好奇第一季度的金融服務有機增長是多少。我認為上個季度是 1.3%。所以只是好奇那裡是否有任何變化。

You're right that the total organic growth was 1.9%. And when you're referring to financial services, I assume you're referring to ex-health care, right? And that was 2.5% in the quarter.

你是對的，總有機增長是 1.9%。當你提到金融服務時，我想你指的是前醫療保健，對吧？那是本季度的 2.5%。

Okay. Perfect. And then just as a follow-up there, I think last quarter, you had mentioned that your expectation for the health care market was for it to be down 10% in 2022. Just curious if there's any change in expectations there.

好的。完美的。然後作為後續行動，我想上個季度，你曾提到你對醫療保健市場的預期是 2022 年下降 10%。只是好奇那裡的預期是否有任何變化。

No, that's approximately what we expect.

不，這大約是我們所期望的。

Yes, in 2023.

是的，2023 年。

2023, right.

2023年，對。

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

你的下一個問題來自 James Faucette 與 Morgan Stanley 的對話。

Great. I wanted to touch quickly on M&A. In your prepared remarks you made reference to acquisition in Europe, SimCorp, today. Just wondering how you're thinking about valuations, what you're seeing in valuations. Particularly, it sounds like you're trying to get some things done between now and the end of the year and just basically -- you obviously built a lot of value over the years via acquisitions, just how you're thinking about that as an opportunity right now.

偉大的。我想快速談談併購。在您準備好的發言中，您提到了今天在歐洲收購 SimCorp。只是想知道你是如何考慮估值的，你在估值中看到了什麼。特別是，聽起來您正在努力從現在到今年年底之間完成一些事情，而且基本上 - 多年來您顯然通過收購創造了很多價值，只是您如何將其視為現在的機會。

Yes, James, I would say it's pretty similar. I mean everyone talks about that prices are maybe pausing, and then it looks like at least the headline numbers on SimCorp is about 30x EBITDA. So it's not pausing very quickly, I would say. So while I think that there are assets that are going to be sold, I think the owners of those assets are going to have to, in general, take some haircuts. And I don't know that they're ready to do that yet.

是的，詹姆斯，我會說它非常相似。我的意思是每個人都在談論價格可能會暫停，然後看起來至少 SimCorp 的標題數字約為 30 倍 EBITDA。所以它不會很快暫停，我會說。因此，雖然我認為有些資產將被出售，但我認為這些資產的所有者通常將不得不進行一些削減。而且我不知道他們是否已準備好這樣做。

I think SimCorp has kind of been on the market for a while. And I think maybe the Boerse has some other assets that they want to put together. And so I think that maybe was serendipitous for them. And I don't know exactly where are we with FIS, where are we with a few of the other assets that are out there. But some stuff ought to shake loose, and I think the more that people care about their customers, the better opportunity we have.

我認為 SimCorp 已經上市一段時間了。而且我認為 Boerse 可能還有一些他們想要整合的其他資產。所以我認為這對他們來說可能是偶然的。而且我不確切知道我們與 FIS 的關係在哪裡，我們與其他一些資產的關係在哪裡。但有些東西應該放鬆，我認為人們越關心他們的客戶，我們就有更好的機會。

Got it. Got it. And then going back to looking at the second half ramp, it sounds like between some of the new contracts and pricing and some of the other things that you actually have pretty good line of sight into that acceleration, and it doesn't sound like you're really dependent too much on macro at least improving. Just want to make sure that that's -- I'm understanding that correctly and where there could be sensitivity if macro were to deteriorate a little between now and then.

知道了。知道了。然後回頭看看下半年的斜坡，聽起來像是在一些新合同和定價與其他一些你實際上對加速有很好的視線的東西之間，聽起來不像你確實過分依賴宏觀至少有所改善。只是想確保那是——我正確地理解了這一點，如果宏觀經濟從現在到那時稍微惡化，哪裡可能會有敏感性。

Yes. I think that's a pretty accurate characterization of where we are. I think the macro would have to deteriorate to the point where, as someone said earlier, has it made it to where people are not going to allocate capital to new systems or new processes. But as large-scale financial institutions get under pressure, often, their way to control costs is to outsource. And that's really a pretty big strength of ours. And we have any number of large-scale conversations going on with very large [arbitration]. So we'll have our opportunities. It's like always. You got to execute.

是的。我認為這是對我們所處位置的非常準確的描述。我認為宏觀經濟必須惡化到某種程度，正如之前有人所說的那樣，它已經達到人們不打算將資金分配給新系統或新流程的程度。但隨著大型金融機構面臨壓力，通常他們控製成本的方式是外包。這確實是我們的一大優勢。我們有任何數量的大規模對話正在進行非常大的[仲裁]。所以我們會有機會。就像往常一樣。你必須執行。

Your next question comes from the line of Alex Kramm with UBS.

你的下一個問題來自瑞銀的 Alex Kramm。

That was quick. I just wanted to squeeze in a couple of follow-ups. One, and maybe you mentioned this, but I think you said pricing has been solid. Can you be a little bit more specific what kind of pricing you've been realizing? And maybe you could actually say what businesses you're maybe realizing more or less than maybe what the company average is.

那很快。我只是想擠進幾個後續行動。第一，也許你提到了這一點，但我認為你說定價一直很穩定。你能更具體一點嗎？你已經實現了什麼樣的定價？也許您實際上可以說出您實現的業務可能比公司平均水平多或少。

I just think, Alex, that we're looking at between $100 million and $150 million in price increases realized in 2023, and probably the biggest ones are in alternatives and the GIDS business.

亞歷克斯，我只是認為，我們正在考慮在 2023 年實現 1 億至 1.5 億美元的價格上漲，其中最大的可能是替代品和 GIDS 業務。

Okay. Fantastic. And just a very quick one here. Just want to understand your perspective. You gave those numbers that you have done 40 process automations now, and you also talked about the 1,300 to 2,700 people. Can you just give us a little bit of a flavor, like when you talk about these 40 processes, like how many people were you actually able to, I guess, reallocate or eliminate positions? And when -- and going forward, like, again, like the 1,300 to 2,700, like how many processes is that? I -- just trying to get a flavor for how many things you're automating and how many -- like per use case, how many people that it actually would affect.

好的。極好的。這裡只是一個非常快的。只是想了解您的觀點。你給出了你現在已經完成 40 個流程自動化的數字，你還談到了 1,300 到 2,700 人。你能給我們介紹一下嗎，比如當你談論這 40 個流程時，比如你實際上有多少人能夠，我猜，重新分配或消除職位？什麼時候 - 繼續前進，就像 1,300 到 2,700，那是多少個進程？我 - 只是想了解你正在自動化的事情有多少以及有多少 - 比如每個用例，它實際上會影響多少人。

Yes. I mean it's a pretty broad rate, right? So if we can build the digital worker to do pretty sophisticated reconciliations, then we'll have all kinds of opportunities to deploy hundreds probably; whereas in some of the other things, even things that are pretty broad scale, there's maybe not as many things done like validating 1065s and K-1 tax returns or validating investment statements because one digital worker can do so much work. You don't really need to deploy that many.

是的。我的意思是這是一個相當廣泛的比率，對吧？因此，如果我們可以構建數字工作者來進行相當複雜的協調，那麼我們將有各種機會部署數百個；而在其他一些事情中，即使是規模相當大的事情，可能也沒有像驗證 1065 和 K-1 納稅申報表或驗証投資報表這樣的事情完成，因為一個數字工作者可以做很多工作。你真的不需要部署那麼多。

So it's more of one to many and many to many. And then it's not very often that you have to deploy many to one, but it is something that the capabilities of the individual digital worker, the sophistication of the process is what determines how many and how fast.

所以它更像是一對多和多對多。然後，您不必經常部署多對一，但這是個人數字工作者的能力，過程的複雜性決定了數量和速度。

Okay. Fair enough. Maybe I'll follow up there. And just very quickly, just to squeeze one more in. On Blue Prism since we're on the topic, the 10.9% growth, that's been decelerating over the last few quarters. So I think originally, when you bought the company, it was, I think, 15-plus, maybe even in the 20s. So is that a sales cycle thing? Or what's going on, on the external side with Blue Prism?

好的。很公平。也許我會跟進那裡。而且很快，只是為了再擠一個。關於 Blue Prism，因為我們談到了這個話題，10.9% 的增長在過去幾個季度一直在減速。所以我認為最初，當你買下這家公司時，我認為是 15 歲以上，甚至可能在 20 多歲。那是銷售週期的事情嗎？或者在 Blue Prism 的外部發生了什麼？

No, we're optimistic that, that accelerates in the rest of the year, too.

不，我們樂觀地認為，這在今年剩餘時間裡也會加速。

There are no further questions at this time. I will now turn the call back to Bill Stone for closing remarks.

目前沒有其他問題。我現在將把電話轉回 Bill Stone 以作結束語。

Again, we really appreciate all of you coming on our call, and we look forward to talking to you after the second quarter. Thank you.

再次，我們非常感謝你們所有人的來電，我們期待在第二季度後與你們交談。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。