SS&C Technologies Holdings Inc (SSNC) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the SS&C Technologies First Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Justine Stone, Head of Investor Relations. Justine, you may begin your conference.

謝謝你的支持。我叫克里斯塔，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 2024 年第一季財報電話會議。 （操作員指示）我現在想將會議轉交給投資者關係主管賈斯汀·斯通（Justine Stone）。賈斯汀，你可以開始你的會議了。

Welcome, and thank you for joining us for our first quarter 2024 earnings call. I'm Justine Stone, Investor Relations for SS&C Technologies. With me today is Bill Stone, Chairman and Chief Executive Officer; Rahul Kanwar, President and Chief Operating Officer; and Brian Schell, our Chief Financial Officer.

歡迎並感謝您參加我們的 2024 年第一季財報電話會議。我是 SS&C Technologies 投資者關係部的 Justine Stone。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；以及我們的財務長 Brian Schell。

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.

在開始之前，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、計畫和前景發表的各種言論，包括我們提供的財務前景，均構成 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 our 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顯示的結果有重大差異，包括我們最新的10-K 表格年度報告的風險因素部分中討論的因素，該報告已向SEC 備案，可以也可以在我們的網站上訪問。

These forward-looking statements represent our expectations only as of today, April 25, 2024. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. 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.

這些前瞻性陳述僅代表我們截至今天（2024 年 4 月 25 日）的預期。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。

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. Our first quarter results are record adjusted revenue of $1,435.8 million up 5.3%, and our adjusted diluted earnings per share were $1.28, 12.3% increase. Adjusted consolidated EBITDA was $556.8 million for the quarter, a record high for Q1, and our EBITDA margin came in at 38.8%.

謝謝賈斯汀，謝謝大家。我們第一季的業績調整後營收達到創紀錄的 14.358 億美元，成長 5.3%，調整後攤薄每股收益為 1.28 美元，成長 12.3%。本季調整後綜合 EBITDA 為 5.568 億美元，創第一季歷史新高，我們的 EBITDA 利潤率為 38.8%。

Our first quarter adjusted organic revenue growth was 4.7%, the first quarter revenue acceleration was driven by strength in our alternatives, retirement, Intralinks and Ops adviser businesses. Our recurring revenue growth rate for Financial Services was 6.5%, which includes all software-enabled services and maintenance revenue.

我們第一季調整後的有機收入成長為 4.7%，第一季營收加速是由我們的另類投資、退休、Intralinks 和營運顧問業務的實力所推動的。我們金融服務的經常性收入成長率為 6.5%，其中包括所有軟體支援的服務和維護收入。

For the 3 months ended March 31, 2024, cash from operating expenses from operating revenue was $180.5 million. We paid down $79.9 million in debt in Q1 2024, bringing our net leverage ratio to 2.95x and our net secured leverage ratio to 2.02x.

截至 2024 年 3 月 31 日的三個月，營業收入中的營業費用現金為 1.805 億美元。我們在 2024 年第一季償還了 7,990 萬美元的債務，使我們的淨槓桿率達到 2.95 倍，淨擔保槓桿率達到 2.02 倍。

We bought back 800,000 shares for $52.9 million at an average price of $63.24. The internal deployment of Blue Prism digital workforce across SS&C continues to go well. The 150 basis point year-over-year increase in our EBITDA margin can be attributable in large part to this initiative. A recent Forrester study found an average SS&C Blue Prism client saw a return on investment figure of 330% over 3 years.

我們以 5,290 萬美元的價格回購了 80 萬股股票，平均價格為 63.24 美元。 Blue Prism 數位化勞動力在 SS&C 的內部部署繼續順利進行。我們的 EBITDA 利潤率年增 150 個基點，很大程度上歸功於這項舉措。 Forrester 最近的一項研究發現，SS&C Blue Prism 客戶在 3 年內的平均投資報酬率為 330%。

The key benefits include business growth, improved productivity compliance cost avoidance and improved employee experience and retention. As one of the largest users of Blue Prism technology, we are experiencing these results firsthand.

主要好處包括業務成長、提高生產力、合規性成本避免以及改善員工體驗和留任率。作為 Blue Prism 技術的最大用戶之一，我們正在親身體驗這些結果。

Earlier this month, we held our first Deliver Europe conference, which was held at the Fairmont in Windsor in the U.K., hosting over 250 clients. The enthusiasm and energy over a 2-day event was evident and we've received universal positive feedback.

本月早些時候，我們在英國溫莎費爾蒙酒店舉辦了第一屆 Deliver Europe 會議，接待了 250 多名客戶。為期兩天的活動的熱情和活力是顯而易見的，我們收到了普遍的正面回饋。

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

我現在將把電話轉給拉胡爾，更詳細地討論本季的情況。

Thanks, Bill. Our business had a strong quarter with notable strength in Intralinks, retirement and wealth and investment technologies. We saw improvement in software purchasing and long-term renewal decisions in Q1, which positively impacts our software businesses. This past quarter, we combined our Institutional Investment Management or I&IM business with wealth and investment technologies led by Karen Geiger and Steve Leivent. This change allows us to align several of our software products and services geared toward banks, insurance companies and wealth and asset managers.

謝謝，比爾。我們的業務在季度表現強勁，在 Intralinks、退休、財富和投資技術方面表現強勁。我們在第一季看到軟體採購和長期更新決策的改善，這對我們的軟體業務產生了積極影響。上個季度，我們將機構投資管理或 I&IM 業務與 Karen Geiger 和 Steve Leivent 領導的財富和投資技術結合。這項變更使我們能夠調整一些面向銀行、保險公司以及財富和資產管理公司的軟體產品和服務。

Our objectives are to enable accelerated innovation, take advantage of scale to deliver enterprise solutions and benefit from a consistent sales and marketing process. We also combined our retirement business with global investor and distribution solutions in order to deliver a seamless customer experience to our shared clients and once again, take advantage of greater scale and resources.

我們的目標是加速創新，利用規模優勢提供企業解決方案，並從一致的銷售和行銷流程中受益。我們還將退休業務與全球投資者和分銷解決方案相結合，以便為我們的共同客戶提供無縫的客戶體驗，並再次利用更大的規模和資源。

Initial feedback from our customers on these changes has been very positive. We continue to progress on optimizing our cost base and strengthening our offering through use of Blue Prism and other AI and automation technologies.

我們的客戶對這些變化的初步回饋非常積極。我們繼續透過使用 Blue Prism 和其他人工智慧和自動化技術來優化我們的成本基礎並加強我們的產品。

In our Fund Services business, notable capabilities include intelligent automation that processes over 2 million loan notices each year, enabling customer interaction and support requests through our internally developed large language models and a variety of other advanced protocols.

在我們的基金服務業務中，顯著的功能包括智慧自動化，每年處理超過 200 萬份貸款通知，透過我們內部開發的大型語言模型和各種其他高級協議實現客戶互動和支援請求。

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

我現在將把它交給布萊恩來處理財務狀況。

Thanks, Rahul, and good day, everyone. As noted in our press release, our Q1 24 GAAP results reflect revenues of [$1.35 billion], net income of $158 million and diluted earnings per share of $0.62. And as Bill noted earlier in the call, our adjusted revenues were a quarterly record $1.436 billion, up 5.3%, and adjusted diluted EPS was $1.28, up 12.3% and versus Q1 '23.

謝謝，拉胡爾，大家好。正如我們在新聞稿中所指出的，我們的 24 年第一季 GAAP 業績反映了收入 [13.5 億美元]、淨利潤 1.58 億美元和攤薄後每股收益 0.62 美元。正如比爾早些時候在電話會議中指出的那樣，我們的調整後收入達到創紀錄的14.36 億美元，增長5.3%，調整後攤薄每股收益為1.28 美元，與23 年第一季相比增長12.3 %。

Adjusted diluted EPS includes $0.03 in dividend income received on investments previously excluded from adjusted earnings. Going forward, reported adjusted diluted EPS and guidance will include dividend income.

調整後的稀釋每股收益包括先前未計入調整後收益的投資所收到的 0.03 美元股息收入。展望未來，報告的調整後稀釋每股收益和指引將包括股息收入。

The adjusted revenue quarterly increase of $72 million was primarily driven by incremental revenue contributions from alternatives and Intralinks. Acquisitions contributed $3 million and foreign exchange had a favorable impact of $6 million. As a result, adjusted organic revenue growth on a constant currency basis was 4.7%. Our core expenses increased 1.9% or $16 million excluding acquisitions and on a constant currency basis.

調整後營收季度成長 7,200 萬美元，主要是由替代品和 Intralinks 的增量收入貢獻所推動的。收購貢獻了 300 萬美元，外匯帶來了 600 萬美元的有利影響。因此，以固定匯率計算的調整後有機收入成長率為 4.7%。我們的核心費用增加了 1.9%，即 1,600 萬美元，不包括收購，以固定匯率計算。

Adjusted consolidated EBITDA attributable to SS&C, defined in Note 3 in the earnings release was $557 million or 38.8% of adjusted revenue, an increase of $48 million or 9.4% from Q1 '23, the 38.8% and EBITDA margin reflects a year-over-year improvement of 150 basis points. The 150 basis point margin expansion reflects the positive impact of both revenue growth and disciplined expense management.

調整後歸屬於SS&C 的綜合EBITDA（如收益發布附註3 中定義）為5.57 億美元，佔調整後收入的38.8%，比23 年第一季增加了4800 萬美元，即9.4%，38.8% 的EBITDA利潤率反映了年成長。 150 個基點的利潤率擴張反映了收入成長和嚴格的費用管理的正面影響。

Net interest expense for the first quarter of '24 was $116 million, an increase of $4 million from Q1 '23. The average interest rate in the quarter for the amended credit facility, including the senior notes, was 6.86% compared to 6.21% in the first quarter of '23.

24 年第一季的淨利息支出為 1.16 億美元，比 23 年第一季增加了 400 萬美元。修訂後的信貸安排（包括優先票據）該季度的平均利率為 6.86%，而 2023 年第一季的平均利率為 6.21%。

Adjusted net income, as defined in Note 4 in the earnings release was $324 million the adjusted diluted EPS was $1.28. The effective tax rate used for adjusted net income was 26%. Despite the quarterly share repurchase activity, a higher average stock price drove the diluted share count up to 253.3 million from 252.1 million for Q4 '23.

調整後淨利（如收益發布附註 4 所定義）為 3.24 億美元，調整後稀釋每股收益為 1.28 美元。用於調整後淨利的有效稅率為26%。儘管進行了季度股票回購活動，但平均股價較高，導致稀釋後股票數量從 2023 年第四季的 2.521 億股增至 2.533 億股。

SS&C ended the first quarter with $413 million in cash and cash equivalents and $6.7 billion in gross debt. SS&C's net debt, as defined in our credit agreement, which excludes cash and cash equivalents of $95 million held at DomaniRx was $6.4 billion as of March 31. Our last 12-month consolidated EBITDA used for covenant compliance was $2.156 billion as of March 2024.

SS&C 第一季末現金及現金等價物為 4.13 億美元，總負債為 67 億美元。截至3 月31 日，SS&C 的淨債務（根據我們的信貸協議中的定義，不包括在DomaniRx 持有的9,500 萬美元現金和現金等價物）為64 億美元。契約的過去12 個月綜合EBITDA 為21.56 億美元。

Based on net debt of approximately $6.4 billion, our total leverage ratio was 2.95x, down from 3.05x at year-end. Our secured leverage ratio was 2.02x as of March 31. The $3.5 billion of our term loan B matures in April 2025, and we are currently evaluating our debt financing options, looking to go to market in the near future.

基於約 64 億美元的淨債務，我們的總槓桿率為 2.95 倍，低於年底的 3.05 倍。截至 3 月 31 日，我們的擔保槓桿率為 2.02 倍。

As we look forward to the second quarter and the remainder of the year with respect to guidance, note that we will remain focused on client service and assume that retention rates will be in the range of our most recent results.

當我們展望第二季和今年剩餘時間的指導時，請注意，我們將繼續專注於客戶服務，並假設保留率將在我們最新結果的範圍內。

We will continue to manage our expenses with a cost disciplined approach by controlling and aligning variable expenses to ensure efficiency, increasing productivity to improve our operating margins to leverage our scale and effectively investing in the business through marketing, sales and R&D to take advantage of the future growth opportunities ahead of us.

我們將繼續採用成本紀律方法來管理我們的費用，透過控制和調整可變費用來確保效率，提高生產力以提高我們的營業利潤率，利用我們的規模，並透過行銷、銷售和研發有效地投資於業務，以利用未來的成長機會就在我們面前。

Specifically, we have assumed foreign currency exchange will be at current levels, interest rates to remain at current levels with the potential of a couple of short-term rate declines in late 2024 and our refinancing will not materially impact our interest rate expense but is obviously subject to varying market conditions.

具體來說，我們假設外幣匯率將保持在當前水平，利率將保持在當前水平，並有可能在2024 年末出現幾次短期利率下降，我們的再融資不會對我們的利率支出產生重大影響，但顯然會影響我們的利率支出。

GAAP tax rate of approximately 26% on an adjusted basis, which is unchanged from prior guidance. Capital expenditures to remain at the 4.3% to 4.7% of revenues, which is unchanged from prior guidance and a similar historical weighting share repurchases and debt reduction.

調整後的 GAAP 稅率約為 26%，與先前的指引一致。資本支出維持在收入的 4.3% 至 4.7%，與先前的指導以及類似的歷史權重股份回購和債務削減相同。

For the second quarter of '24, we expect revenue to be in the range of $1.412 billion to $1.452 billion, adjusted net income in the range of $295 million to $311 million; interest expense, excluding amortization of deferred financing costs and original issue discount in the range of $112 million to $114 million; diluted shares in the range of $253 million to $254 million, and adjusted diluted EPS in the range of $1.16 to $1.22.

對於2024年第二季度，我們預計收入將在14.12億美元至14.52億美元之間，調整後淨利潤將在2.95億美元至3.11億美元之間；利息支出，不包括1.12億至1.14億美元的遞延融資成本攤銷和原始發行折扣；稀釋後股份範圍為2.53億美元至2.54億美元，調整後稀釋每股收益範圍為1.16美元至1.22美元。

For the full year 2024, we are raising revenue guidance by $7 million, and we expect revenue to be in the range of $5.695 billion to $5.855 billion, adjusted net income in the range of $1.242 billion to $1.322 billion, diluted shares in the range of $252 million to $255 million, adjusted diluted EPS in the range of $4.93 to $5.17 and cash from operating activities to be in the range of $1.302 billion to $1.382 billion.

對於 2024 年全年，我們將收入指引提高 700 萬美元，預計收入將在 56.95 億美元至 58.55 億美元之間，調整後淨利潤將在 12.42 億美元至 13.22 億美元之間，稀釋後股本將在2.52 億美元至2.55 億美元，調整後稀釋每股收益為4.93 美元至5.17 美元，經營活動現金為13.02 億美元至13.82 億美元。

Our updated 2024 guidance reflects our strong results in the first quarter with a continued positive outlook for the remainder of the year. That also reflects our cost disciplined approach and expected margin expansion over the course of the year.

我們更新的 2024 年指引反映了我們第一季的強勁業績以及今年剩餘時間的持續積極前景。這也反映了我們嚴格控製成本的方法和今年預期利潤率的擴張。

Now I'd like to turn it back over to Bill for final comments.

現在我想把它轉回給比爾徵求最終意見。

Thanks, Brian. I'd like to take this opportunity to thank a long-term director Mike Daniels for his dedication and support. Mike has been on our board for over 10 years and will not stand for reelection. He's been an important adviser during this time seeing SS&C growth from $700 million in revenue to over $5.5 billion. We wish him well in his future endeavors. We've had a strong start to 2024, and we are working hard to maintain this momentum.

謝謝，布萊恩。我想藉此機會感謝長期董事麥克丹尼爾斯的奉獻和支持。 Mike 在我們的董事會任職超過 10 年，不會競選連任。在此期間，他一直是一位重要的顧問，見證了 SS&C 的收入從 7 億美元增長到超過 55 億美元。我們祝福他在未來的事業中一切順利。 2024 年我們已經有了一個良好的開端，我們正在努力保持這一勢頭。

I'd like now to open it up to questions.

我現在願意接受提問。

(Operator Instructions) Your first question comes from the line of Dan Perlin from RBC Capital Markets.

（操作員說明）您的第一個問題來自 RBC 資本市場的 Dan Perlin。

Just a quick question on the organic growth trends. They look like they continue to improve here. And I'm just wondering if you can maybe help parse this out given the current environment we're in and maybe some of these incremental kind of go-to-market strategy changes or maybe fine-tune end points.

只是一個關於有機成長趨勢的簡單問題。他們看起來在這裡繼續進步。我只是想知道，考慮到我們目前所處的環境，您是否可以幫助解析這個問題，也許其中一些漸進式的進入市場策略變化或可能微調端點。

So how much of the kind of improvement and maybe expected improvement going forward is in kind of just overall demand picking up, Bill, versus kind of sales execution or product realignment and maybe some of this go-to-market motion that's changing for some of these other business segments.

因此，比爾，這種改進和可能預期的改進有多少是整體需求的回升，而不是銷售執行或產品調整，也許是某些進入市場的動議正在改變。

Well, I think, Dan, and nice to hear from you. We have had an awful lot of development work done in our businesses, and we've created a number of new solutions for our different clients, and that's getting traction. Particularly our trust product, OmniTrust that we've married to our Black Diamond. So now wealth advisers can also handle trust, which is important as their clients start to move money to their children and others. And I think that's been a big opportunity for us.

嗯，我想，丹，很高興收到你的來信。我們在業務中完成了大量的開發工作，並為不同的客戶創建了許多新的解決方案，而這些工作正在受到關注。特別是我們的信託產品 OmniTrust，我們已將其與 Black Diamond 結合在一起。因此，現在財富顧問還可以處理信任問題，當他們的客戶開始將資金轉移給他們的孩子和其他人時，這一點很重要。我認為這對我們來說是一個很大的機會。

And we've also done a number of other things where our delivery to our clients has been improved and our execution on the implementations has also improved. So I think the combination of those things, some more discipline on the pricing, and we're still winning. We're still winning big deals. And as they go live, I think our financial picture will look brighter as we go through the year.

我們還做了許多其他事情，改善了向客戶提供的服務，並提高了實施的執行力。因此，我認為將這些因素結合起來，再加上對定價的更多紀律，我們仍然會獲勝。我們仍在贏得大筆交易。隨著它們的上線，我認為我們的財務狀況將在這一年中看起來更加光明。

Yes. That's great. Just a quick follow-up. The $0.03 in the quarter that's related to the dividend income. Just -- I guess a couple of things. One, was that originally contemplated in kind of the original guidance you gave for 2024 and the $0.03 obviously going forward is going to be adjusted. So what's in -- if it wasn't what's included now? And maybe can you just walk me through what the mechanics of that are? I might have just missed it Sorry.

是的。那太棒了。只是快速跟進。本季與股息收入相關的 0.03 美元。只是──我想有幾件事。一是，最初考慮的是您為 2024 年提供的原始指導，顯然未來的 0.03 美元將進行調整。那麼，如果不是現在包含的內容，那麼裡麵包含什麼呢？也許你能告訴我其中的機制是什麼嗎？我可能剛剛錯過了抱歉。

Yes. No, there was -- this is Brian. Thanks. The $0.03 was not part of the original guidance. As we look through the appropriate components of adjusted earnings, we felt like these investments were appropriate to be included the last year, if you look at it for presentation purposes, you'll see we actually included it in last year's EPS numbers as well. So you can see it on an apples-to-apples basis. So on a go-forward basis, it's there, we think it's appropriate and try to bring any visibility or clear that we can to the numbers.

是的。不，有——這是布萊恩。謝謝。 0.03 美元不屬於最初指導的一部分。當我們查看調整後收益的適當組成部分時，我們認為這些投資適合包含在去年，如果您出於演示目的查看它，您會發現我們實際上也將其包含在去年的每股收益數字中。所以你可以在同類的基礎上看到它。因此，從長遠來看，它就在那裡，我們認為這是適當的，並嘗試為這些數字帶來任何可見性或清晰度。

So should we be using $0.03 a quarter is kind of the run rate, I think the year-over-year comparison was adjusted, but I just want to make sure I'm not getting over my skis or over adjusting or under adjusting.

因此，如果我們每季使用 0.03 美元作為運行率，我認為同比比較已經調整，但我只是想確保我沒有克服我的滑雪板或過度調整或調整不足。

The big I'd say, contribution to the year is actually just the first quarter. I would say for the remainder of the year, it probably rounds to probably another $0.01 overall for the next 3 quarters. So it's not a huge adjustment but we just thought it was relevant given how we reflected the rest of our investments and various interest income items to be included in our overall adjusted results.

我想說的是，對今年的貢獻其實只是第一季。我想說，在今年剩餘的時間裡，接下來 3 個季度的整體價格可能會進一步上漲 0.01 美元。因此，這並不是一個巨大的調整，但考慮到我們如何反映我們的其餘投資和各種利息收入項目將包含在我們的整體調整結果中，我們只是認為這是相關的。

Got it. And just to be clear, it's $0.01 for the remaining 3 quarters, not $0.01 per quarter.

知道了。需要明確的是，剩餘 3 個季度的費用為 0.01 美元，而不是每季 0.01 美元。

Correct.

正確的。

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

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

Bill, Rahul, Brian. So a quick question on the revenue outlook. It looks like the upper end came down. Just curious what drove that and how that might tie into the organic growth expectations for the remainder of the year?

比爾、拉胡爾、布萊恩。關於收入前景的一個簡單問題。看起來上端已經塌下來了。只是好奇是什麼推動了這一趨勢，以及這可能與今年剩餘時間的有機成長預期有何關聯？

Andrew, I think the only thing that happened -- we're actually at least as optimistic about the remainder of the year as we were at the start. I think the only thing that happens is as we get closer the ranges get tighter, we get a little more precise, right? So that's really all that's happening. I think the midpoint is actually higher than it was the last time we gave guidance.

安德魯，我認為唯一發生的事情是——我們實際上對今年剩餘時間至少和年初一樣樂觀。我認為唯一發生的事情是，當我們越來越接近時，範圍變得更窄，我們變得更精確，對嗎？這就是所發生的一切。我認為中點實際上比我們上次提供指導時要高。

Got it. Perfect. And then maybe we could talk about just the visibility on the organic growth. Obviously, an area where we get a lot of questions. If you could characterize kind of how you build that up and whether -- what you have sort of in the queue, if you will, for organic growth is sort of high versus moderate versus low, how you would rank the opportunities there?

知道了。完美的。然後也許我們可以只討論有機成長的可見性。顯然，這是我們收到很多問題的領域。如果你能描述一下你是如何建立它的，以及你在隊列中有什麼，如果你願意的話，有機增長是高、中還是低，你會如何排列那裡的機會？

Yes. I would say right now, as of April 25, that were probably stronger than cautiously optimistic. We tend to be accountants cautiously optimistic as kind of for most people, wildly optimistic for us. So I think the natural conservatism gets -- sometimes gets the best of us. But we have a lot of business that we sold in the first quarter that we have not recognized yet. But it's already sold we've already got some of the cash that's coming in, and we think we have lots of opportunities.

是的。我想說的是，截至 4 月 25 日，這可能比謹慎樂觀的情況還要強。對大多數人來說，我們往往是謹慎樂觀的會計師，而對我們來說，我們則是極度樂觀的會計師。所以我認為，天生的保守主義有時會打敗我們最好的人。但我們有很多在第一季出售的業務尚未得到確認。但它已經賣掉了，我們已經收到了一些現金，我們認為我們有很多機會。

Your next question comes from Alexei Gogolev from JPMorgan.

您的下一個問題來自摩根大通的阿列克謝·戈戈列夫。

Bill, could you elaborate on the combination of divisions that was discussed? What does that mean in terms of cross-sell opportunity R&D investments into products to make sure that they speak better to each other? And perhaps, is there any room for margin upside from the combination of those divisions?

比爾，您能詳細說明一下所討論的部門組合嗎？這對於交叉銷售機會對產品的研發投資以確保它們能夠更好地相互溝通意味著什麼？也許，這些部門的合併是否有利潤上升的空間？

Yes. That's a great question. We feel that we're up 27,000 people. We have 140 offices in 40 countries we deliver over 100 products and 100 services. So it is operating a large business. And the more we can concentrate like products in the business units that are most apt to create new products, create new service, create ways in which to deliver those products and services and then also be able to leverage all the corporate services that we have, whether it's marketing and sales, different implementation teams all of that type of stuff, we think, is really much more effective when you take asset management and products for large-scale asset managers and put all those products under Karen Geiger and Steve Leivent, for instance, and then also have go-to-market strategies for each 1 of those large segments.

是的。這是一個很好的問題。我們感覺我們有 27,000 名員工。我們在 40 個國家設有 140 個辦事處，提供 100 多種產品和 100 多項服務。所以它正在經營一門大生意。我們越能將產品集中在最有可能創造新產品、創造新服務、創造交付這些產品和服務的方式的業務部門，然後也能夠利用我們擁有的所有企業服務，無論是行銷和銷售，還是不同的實施團隊，我們認為，當你為大型資產管理公司提供資產管理和產品，並將所有這些產品放在凱倫·蓋格（Karen Geiger）和史蒂夫·萊文特（Steve Leivent）的管理下時，所有這些類型的事情確實會更有效。

And I think the same thing is true when we took retirement and put it in with the global distribution or the global investor and distribution business. I think we get leverage. We get as Rahul said in his remarks. We get some leverage, we get some scale, we get some better chances to cross-sell, and we're, again, pretty optimistic about the results of that.

我認為，當我們退休並將其投入全球分銷或全球投資者和分銷業務時，情況也是如此。我認為我們獲得了槓桿作用。正如拉胡爾在演講中所說的。我們獲得了一些槓桿作用，我們獲得了一定的規模，我們獲得了一些更好的交叉銷售機會，我們再次對結果非常樂觀。

And Brian, could I also ask you a quick question about the components within Alternatives division. What was the growth of private markets in the quarter?

Brian，我還可以問你一個關於替代品部門內組成部分的簡單問題嗎？本季私募市場的成長情況如何？

The private market side, 10%-ish was the number of private.

私募市場方面，私募數量佔 10% 左右。

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

你的下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

I have several kind of related questions on the Healthcare segment. Could you give us an update on the progress of DomaniRx and any initial conversions that have occurred year-to-date. One, I was curious, I don't really -- I don't think, we see the numbers based on your explanation, but Change Healthcare, which is one of the prescription processing hubs ahead of malware attack. And I'm curious if that affected the healthcare business at all in the quarter? And then lastly, would you expect that healthcare segment to be up or down revenue-wise for the year?

我有幾個關於醫療保健領域的相關問題。您能否向我們介紹 DomaniRx 的最新進展以及今年迄今發生的任何初始轉換。第一，我很好奇，我真的不是——我不認為，我們是根據你的解釋看到這些數字的，而是 Change Healthcare，它是惡意軟體攻擊之前的處方處理中心之一。我很好奇這是否會影響本季的醫療保健業務？最後，您預計醫療保健領域今年的收入會上升還是下降？

Yes, that's pretty insightful, Pete, I could talk to you. Yes, Change Healthcare has been a nice supplier of revenue to us that we'll start -- you'll start seeing in the second quarter, somewhat in large chunks. So we're -- we've already sold it. We're already delivering, we have a number of pretty big scale clients, including some of the large scale drug manufacturers. So we're optimistic about where we can go with this.

是的，這很有洞察力，皮特，我可以和你談談。是的，Change Healthcare 一直是我們的一個很好的收入供應商，我們將開始——你將在第二季開始看到，有很大一部分。所以我們——我們已經把它賣掉了。我們已經在交付，我們有許多規模相當大的客戶，包括一些大型藥品製造商。因此，我們對未來的發展方向持樂觀態度。

DomaniRx has held upgrade throughout the 4 months. It's been in production, we get almost no defects. We get great client feedback, and we have lots of new business that's going to go on at the DomaniRx over the next 8 or 9 months, and we're optimistic about our pipeline.

DomaniRx 在這 4 個月裡一直在進行升級。它已經投入生產，我們幾乎沒有發現任何缺陷。我們得到了很好的客戶回饋，並且在接下來的 8 或 9 個月內，我們將在 DomaniRx 上開展許多新業務，我們對我們的管道持樂觀態度。

Great. Great. And so just in terms of like the revenue growth for the year, do you think we can get back to positive revenue growth this year? Or we be thinking maybe more 2025?

偉大的。偉大的。那麼就今年的營收成長而言，您認為我們今年可以恢復正收入成長嗎？或者我們可能會考慮 2025 年？

I think we'll be positive this year. And whether we do $295 million or $300 million probably somewhere in that vicinity. And the one great thing about healthcare is that there's lots of revenue to be had. So you just need to go execute. And if you do that, you're in pretty good shape.

我認為今年我們會保持積極的態度。無論我們投入 2.95 億美元還是 3 億美元，都可能就在這個附近。醫療保健的一大好處是可以獲得大量收入。所以你只需要執行即可。如果你這樣做了，那麼你的狀態就非常好。

Your next question comes from the line of Jeff Schmitt from William Blair.

你的下一個問題來自威廉布萊爾的傑夫施密特。

Are you still getting price increases kind of above normal in any of your businesses? And how much did pricing impact organic growth in this quarter and the last?

您的任何企業的價格上漲是否仍高於正常水平？定價對本季和上一季的有機成長有多大影響？

Yes. I think as we're getting more disciplined, as Bill pointed out and more methodical about this process, what we've also been able to do is put the price increases in the contracts on an automatic basis. So it's not as much of an effort and everybody expects them.

是的。我認為，正如比爾指出的那樣，隨著我們變得更加自律，並且對這個過程更加有條理，我們也能夠做的是自動將價格上漲納入合約中。所以這並不需要付出多大的努力，每個人都期待著它們。

So in 2023, we think we got about $150 million in price. Our expectation for 2024 is probably a similar number. There's a little bit of art as much as science with the renewals and what constitutes price versus upsell and those kinds of things, but that's about what we would expect for the year.

因此，到 2023 年，我們認為我們的價格約為 1.5 億美元。我們對 2024 年的預期可能是類似的數字。續訂、價格與追加銷售的組成以及諸如此類的事情既有藝術性又有科學性，但這就是我們對今年的預期。

Okay. And then just back on alternatives organic growth, I think it was 5% or 6% in the quarter. You mentioned the private markets slowed. I think you've been growing over 20%. It dropped down to 10%. What sort of drove that slowdown? I mean I think you were getting -- I thought you were getting 5% or 6% price increases there last year, but what sort of drove that slowdown?

好的。然後回到替代品的有機增長，我認為本季為 5% 或 6%。您提到私人市場放緩。我認為你的成長率已經超過 20%。下降到了10%。是什麼導致了經濟放緩？我的意思是，我認為去年價格上漲了 5% 或 6%，但是是什麼原因導致了這種放緩呢？

Yes. I would make sure that we all understand the jargon we're using. When you talk to private markets, that's a number of different flavors of private. So private credit in the first quarter grow -- probably grew significantly more than 10%. But when you put it with private equity and maybe our real estate business, then it all averages out maybe to 10%. But private credit has been quite strong.

是的。我會確保我們都理解我們所使用的術語。當你談論私人市場時，你會發現私人市場有很多不同的風格。因此，第一季私人信貸成長——可能大幅成長超過 10%。但當你把它與私募股權，也許還有我們的房地產業務放在一起時，那麼它的平均值可能是 10%。但私人信貸一直相當強勁。

Yes. And maybe another way to look at it is if you look at the AUA change you'll see we're at $2.4 trillion. So there's really nothing in the underlying growth of any one of those areas where it's not growing at least as well as it was before. And as a matter of fact, we think our hedge fund business is growing better than it did last year.

是的。也許另一種看待它的方式是，如果你看看 AUA 的變化，你會發現我們的規模為 2.4 兆美元。因此，在任何一個領域的潛在成長中，實際上沒有任何一個領域的成長至少不如以前。事實上，我們認為我們的對沖基金業務比去年成長得更好。

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

您的下一個問題來自摩根士丹利的 James Faucette。

Just wanted to quickly check on from a capital allocation perspective and M&A pipeline. Bill, there's clearly capacity here for some leverage. And you called out a senior hire to assist with M&A last quarter. What does the deal pipeline look like right now? And what kind of assets should we think about you targeting?

只是想從資本配置的角度和併購管道快速檢查一下。比爾，這裡顯然有能力發揮一些槓桿作用。上個季度您聘請了一名資深員工來協助併購。目前的交易管道是什麼樣的？我們應該考慮您的目標資產是哪一類？

Well, I don't think we're looking anywhere differently than where we are today. And so I think you guys at Morgan Stanley and a number of others, UBS advised asset mark and [GCCR] asset mark would have been a target for us as well. And I would say those types of companies could be targets. I think that things that are in fund administration, we still buy and buy pretty quickly. And I think there's opportunities again, we've probably done 5 or 6 lift-outs and I think we would continue to do those.

嗯，我認為我們的情況與今天沒有什麼不同。因此，我認為摩根士丹利和其他一些人，瑞銀建議資產標記和 [GCCR] 資產標記也將成為我們的目標。我想說這些類型的公司可能會成為目標。我認為基金管理方面的事情我們仍然買買買得很快。我認為再次有機會，我們可能已經完成了 5 或 6 次提升，我認為我們會繼續這樣做。

Got it. Appreciate that commentary. And then I wanted to ask kind of a technology-related question, especially tied to the transfer agency business. Some of the asset managers, we talked to or look at their transcripts and other public commentary are speaking to the impacts of tokenization and their ability to drive down transfer agency costs. Do you think that's more anecdotal in nature? Or how should we be thinking about medium to long-term growth algo of your transfer agency business more broadly?

知道了。欣賞這個評論。然後我想問一些與技術相關的問題，特別是與轉讓代理業務相關的問題。我們採訪過的一些資產管理公司或查看了他們的筆錄和其他公開評論，他們正在談論代幣化的影響及其降低轉讓代理成本的能力。你認為這本質上更具有軼事性嗎？或者我們應該如何更廣泛地考慮您的轉讓代理業務的中長期成長演算法？

So we're seeing a little bit of that. Most of what we're seeing is clients piloting certain things that they want to do in a tokenized format, and we have a couple of clients that we're collaborating with -- but right now, it's not -- it does not have a significant impact on our business. And honestly, it's probably too early to even view it as any kind of a significant trend.

所以我們看到了一些這樣的情況。我們看到的大多數情況是客戶正在以代幣化的格式試點他們想要做的某些事情，我們有幾個正在與之合作的客戶——但現在還沒有——它沒有對我們的業務產生重大影響。老實說，現在將其視為任何一種重要趨勢可能還為時過早。

And the other thing I think, James, is that what we have done is take our transfer agency and our capabilities and alternatives administration. So now retail at, we combine those 2 things and we're not selling you -- we're not selling you one or the other. We're selling them as a bundle.

詹姆斯，我認為的另一件事是，我們所做的就是採取我們的轉會機構以及我們的能力和替代方案管理。所以現在零售，我們把這兩件事結合起來，我們不會賣給你——我們不會賣給你其中一個。我們將它們捆綁出售。

So if you just want our transfer agency, you want to give your administration to somebody else, we're not taking that business. So that discipline and that ability to have a product that is superior and then making sure that we are the beneficiaries that superior technology when we sell it. So that's been a pretty good market team for us as well.

因此，如果您只是想要我們的轉讓機構，您想將您的管理權交給其他人，我們不會接受這項業務。因此，擁有優質產品的紀律和能力，然後確保我們在銷售產品時是優質技術的受益者。所以這對我們來說也是一個非常好的市場團隊。

(Operator Instructions) Your next question comes from the line of Kevin McVay from UBS.

（操作員說明）您的下一個問題來自 UBS 的 Kevin McVay。

Great and congratulations on the results. Anything to call out? I mean the Intralinks growth was really, really terrific, I think it was 23%, obviously a big, big increase. Anything to call out that drove that?

太棒了，祝賀結果。有什麼要喊的嗎？我的意思是 Intralinks 的成長真的非常非常驚人，我認為是 23%，顯然是一個非常非常大的成長。有什麼值得指出的推動因素嗎？

I really think that they continue to innovate on their the primary virtual -- data room business. I mean they add AI into that. They do really smart searches, they brought out a redacting agent to be able to help you get so much data and so much paper in those data rooms, it's important to have ways to be able to collate it and search it quickly. So that's been pretty effective, and it's been very resilient. So I think we're optimistic for all of 2024, and we don't see things slowing down even after that.

我確實認為他們將繼續在其主要的虛擬數據室業務上進行創新。我的意思是他們添加了人工智慧。他們進行了非常聰明的搜索，他們推出了一個編輯代理，能夠幫助您在這些數據室中獲取如此多的數據和大量的紙張，重要的是有辦法能夠快速整理和搜索它。所以這非常有效，而且非常有彈性。因此，我認為我們對 2024 年全年都持樂觀態度，即使在那之後，我們也不認為事情會放緩。

That's super helpful, Bill. And then just the AUA, if my math is right, it looks like it increased 3% sequentially versus flat, sequentially last year and almost double percentage increase sequentially over the last couple of quarters. Anything to call out there? Because obviously, it hasn't been a great market and it seems like there's been some real nice incremental growth there.

這非常有幫助，比爾。然後就是 AUA，如果我的數學是正確的，看起來它比去年持平，連續增長了 3%，並且在過去幾個季度中連續增長了幾乎兩倍。那裡有什麼要喊的嗎？因為顯然，這並不是一個很棒的市場，而且似乎那裡確實有一些不錯的增量成長。

There's been pretty broad-based growth across all of our alternatives, right? So in the hedge funds, we did see some market benefit, but we also saw the benefit of winning a number of new deals private markets, as Bill just said, continues to be really strong for us, and we've added a number of clients there.

我們所有的替代方案都有相當廣泛的成長，對嗎？因此，在對沖基金中，我們確實看到了一些市場利益，但我們也看到了贏得許多私人市場新交易的好處，正如比爾剛才所說，這對我們來說仍然非常強大，並且我們增加了一些那裡的客戶。

So the AUA doesn't correlate always exactly with revenue because yields are different depending on the guidance of funds and assets we win. But overall, the trend is pretty positive.

因此，AUA 並不總是與收入完全相關，因為收益率會根據我們贏得的資金和資產的指導而有所不同。但總體而言，趨勢非常積極。

That concludes our question-and-answer session. I turn the call back over to Bill for closing remarks.

我們的問答環節到此結束。我將電話轉回給比爾，讓他發表結束語。

Again, we appreciate all of you being on the call today. Again, we feel good about the first quarter and recognize that's 25% a year. So we've still got work to do, and we're hard at it. So we appreciate the support and see you in 90 days.

再次感謝大家今天的來電。同樣，我們對第一季感覺良好，並認識到每年增長 25%。所以我們還有工作要做，而且我們正在努力。感謝您的支持，90 天後再見。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

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。