SS&C Technologies Holdings Inc (SSNC) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is John, and I'll be your conference operator for today.

謝謝你的支持。我叫約翰，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the SS&C Technologies third-quarter 2004 earnings call.

此時此刻，我謹歡迎大家參加 SS&C Technologies 2004 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Justine Stone, Head of Investor Relations.

我現在想將電話轉給投資者關係主管賈斯汀·斯通 (Justine Stone)。

Please go ahead.

請繼續。

Hi, everyone, and welcome and thank you for joining us for our Q3 2024 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 2024 年第三季財報電話會議。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 Brian Schell, 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；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, prospects, including the financial outlook we provide constitute forward-looking statements for the purposes of 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.

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、計劃、前景（包括我們提供的財務前景）發表的各種言論構成前瞻性陳述，以符合 1995 年《私人證券訴訟改革法案》中的安全港條款。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，包括我們向 SEC 備案的最新年度報告 10-K 的風險因素部分中討論的因素，以及也可以在我們的網站上訪問。

These forward-looking statements represent our expectations only as of today, October 24, 2024, while the company may elect to update these forward-looking statements that 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, 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.

這些前瞻性陳述僅代表我們截至今天（2024 年 10 月 24 日）的預期，而本公司可能會選擇更新這些前瞻性陳述，並明確表示不承擔任何這樣做的義務。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 財務指標和可比較 GAAP 財務指標的調整包含在今天的收益發布中，該發布位於我們網站 www.ssctech 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 welcome, everyone.

謝謝賈斯汀，歡迎大家。

Our third-quarter results and record adjusted revenue of $1,466.8 million, up 7.3%. Our adjusted diluted earnings per share were $1.29, up 10.3%. We also reported record adjusted consolidated EBITDA of $566.2 million with 38.6% EBITDA margins.

我們的第三季業績和創紀錄的調整後收入為 14.668 億美元，成長 7.3%。調整後攤薄每股收益為 1.29 美元，成長 10.3%。我們也公佈了創紀錄的調整後綜合 EBITDA 5.662 億美元，EBITDA 利潤率為 38.6%。

Our third quarter adjusted organic revenue growth was 6.4%. This growth was driven by strength in our alternatives -- with Intralinks' businesses. The surprise upside came largely in our GIDS and WIT businesses, accelerated license revenue in the wealth and investment technologies business, and nonrecurring [professional] services fees in the global investor and distribution solutions business. Global investor distribution services business drove the outperformance. Our recurring revenue growth rate for financial services was 7.2%, which includes all software-enabled services and maintenance revenue.

我們第三季調整後的有機收入成長率為 6.4%。這一成長是由我們的替代方案（Intralinks 業務）的實力所推動的。令人驚訝的成長主要來自於我們的 GIDS 和 WIT 業務、財富和投資技術業務的加速授權收入以及全球投資者和分銷解決方案業務的一次性[專業]服務費。全球投資者分銷服務業務推動了優異的表現。我們的金融服務經常性收入成長率為 7.2%，其中包括所有軟體支援的服務和維護收入。

Third quarter cash from operating activities was $336.6 million, up 39% from Q3 2023. Our cash flow conversion percentage for the quarter was 103%. We bought back 1.2 million shares for $89.4 million at an average price of $72.72 per share. (inaudible) high-quality acquisitions, we continue to believe share repurchases for the best capital use.

第三季經營活動現金為 3.366 億美元，較 2023 年第三季成長 39%。本季我們的現金流量轉換率為 103%。我們以 8,940 萬美元的價格回購了 120 萬股股票，平均價格為每股 72.72 美元。 （聽不清楚）高品質的收購，我們仍然相信股票回購是最佳的資本用途。

In September, we closed the $670 million Battea-Class Action services acquisitions. Battea makes our financial criteria, about $95 million in annual revenue, growing high-single digits and 45%-plus EBITDA margin. This acquisition will immediately accretive to earnings. Battea's offering is synergistic with our fund administration business, and we are already making progress cross-selling.

9 月，我們完成了價值 6.7 億美元的 Battea-Class Action 服務收購。Battea 制定了我們的財務標準，年收入約為 9,500 萬美元，呈現高個位數成長，EBITDA 利潤率超過 45%。此次收購將立即增加收益。Battea 的產品與我們的基金管理業務具有協同作用，而且我們已經在交叉銷售方面取得了進展。

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.

謝謝，比爾。

We had another strong quarter with organic revenue growth of 6.4%. The wealth and investment technology business unit grew 10.9% for the quarter. The reorganization from earlier in 2024 has brought development teams together, and we're currently integrating the capabilities of our Aloha solution (technical difficulty) the new genesis platform. This will accelerate our ability to deliver the deepest set of cloud native front-to-back technology to the investment management market.

我們又經歷了一個強勁的季度，有機收入成長了 6.4%。財富與投資技術業務部門本季成長 10.9%。2024 年初的重組將開發團隊聚集在一起，我們目前正在將 Aloha 解決方案（技術難度）的功能整合到新的創世平台。這將加速我們為投資管理市場提供最深入的雲端原生前端到後端技術的能力。

The Black Diamond Wealth Platform has reached a major milestone with the rollout of advanced grouping functionality. This initiative enables Black Diamond Advisors to further personalize their client reporting and compete effectively in the alternative asset reporting space for RIAs and family offices.

隨著高階分組功能的推出，黑鑽財富平台達到了一個重要的里程碑。這項措施使 Black Diamond Advisors 能夠進一步個人化其客戶報告，並在 RIA 和家族辦公室的另類資產報告領域有效競爭。

Our global investor and distribution solutions business had another strong quarter. And in addition to new business wins, we have brought in additional revenue through special projects at our largest clients. Care industry is facing higher-than-expected utilization and rising costs for Medicare and Medicare Advantage. SS&C is poised to support our healthcare clients and prospects through these headwinds. With the integration of our DomaniRx platform, automation opportunities and lift-outs, we can reduce operating costs for health insurers over time. Q4 is off to a strong start for SS&C health. We signed two large license deals for about $8 million in revenue at the beginning of October that were pushed from Q3.

我們的全球投資者和分銷解決方案業務又一個強勁的季度。除了贏得新業務外，我們還透過最大客戶的特殊項目帶來了額外收入。護理行業正面臨醫療保險和醫療保險優勢的利用率高於預期以及成本上升的問題。SS&C 已準備好支持我們的醫療保健客戶和潛在客戶應對這些不利因素。透過整合 DomaniRx 平台、自動化機會和提升，我們可以隨著時間的推移降低健康保險公司的營運成本。第四季 SS&C 健康狀況有一個良好的開始。我們在 10 月初簽署了兩項大型授權協議，收入約為 800 萬美元，這些協議是從第三季開始推動的。

Our internal automation efforts are progressing as well. Since acquiring Blue Prism in 2022, our total revenue has grown about $600 million and our headcount is down. For 2024 year to date, we estimate a benefit of approximately 1,050 full-time equivalents, thus far in the year because of rolling out Blue Prism Digital Workers as well as automating and optimizing the existing processes.

我們的內部自動化工作也在取得進展。自 2022 年收購 Blue Prism 以來，我們的總收入增加了約 6 億美元，但員工人數卻在減少。到 2024 年迄今為止，由於推出了 Blue Prism Digital Workers 以及自動化和優化現有流程，我們估計今年迄今將有約 1,050 名全職員工受益。

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.

謝謝，拉胡爾，大家好。

As noted in our press release, our Q3 '24 GAAP results reflect revenues of $1.466 billion, net income of $164 million, and diluted earnings per share of $0.65. Our adjusted non-GAAP results include revenues of $1.467 billion, an increase of 7.3% over Q3 '23 and adjusted diluted EPS of $1.29, a 10.3% increase over Q3 '23.

正如我們在新聞稿中所指出的，我們的 24 年第 3 季 GAAP 業績反映出收入為 14.66 億美元，淨利潤為 1.64 億美元，攤薄後每股收益為 0.65 美元。我們調整後的非 GAAP 業績包括營收 14.67 億美元，比 23 年第三季成長 7.3%，調整後攤薄每股收益為 1.29 美元，比 23 年第三季成長 10.3%。

The adjusted revenue increase of $100 million over Q3 '23 was primarily driven by incremental revenue contributions from the WIT alternatives (inaudible) Intralinks businesses. Acquisitions contributed $8 million with about $4 million attributable to the Battea and foreign exchange had a favorable impact of approximately $5 million. As a result, adjusted organic revenue growth on a constant currency basis was 6.4%. Our core expenses increased 6.8% or $58 million, excluding acquisitions on a constant currency basis.

調整後的營收比 23 年第三季增加了 1 億美元，主要是由 WIT 替代品（聽不清楚）Intralinks 業務的增量收入貢獻推動的。收購貢獻了 800 萬美元，其中約 400 萬美元歸屬於 Battea，外匯帶來了約 500 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 6.4%。我們的核心費用增加了 6.8%，即 5,800 萬美元，不包括以固定匯率計算的收購。

Adjusted consolidated EBITDA was $566 million or 38.6% of adjusted revenue, an increase of $32 million or 6% from Q3 '23. Net interest expense for the third quarter of '24 was $110 million, a decrease of $11 million from Q3 '23. Adjusted net income was $327 million, up 10% and adjusted diluted EPS was $1.29, an increase of 10.3%. The effective tax rate used for adjusted net income was 26%. An increase in the average share price drove the diluted share count up to $254.1 million from $252.3 million at Q2 '24.

調整後合併 EBITDA 為 5.66 億美元，佔調整後營收的 38.6%，比 23 年第三季增加了 3,200 萬美元，即 6%。24 年第三季的淨利息支出為 1.1 億美元，比 23 年第三季減少 1,100 萬美元。調整後淨利為 3.27 億美元，成長 10%，調整後稀釋每股收益為 1.29 美元，成長 10.3%。用於調整後淨利的有效稅率為26%。平均股價的上漲使得稀釋後的股票數量從 2024 年第二季的 2.523 億美元增加到 2.541 億美元。

SS&C ended the third quarter with $694.7 million in cash and cash equivalents from $7.2 billion in gross debt. The higher-than-normal cash balance reflects opportunistic borrowings that will be deployed during the fourth quarter. SS&C's net debt, as defined in our credit agreement, which excludes cash and cash equivalents of $159 million, held at DomaniRx was $6.7 billion. Our last 12 months consolidated EBITDA used for covenant compliance was $2.279 billion. Based on net debt of approximately $6.7 billion, our total leverage ratio was 2.9 times.

截至第三季末，SS&C 的現金和現金等價物為 6.947 億美元，總負債為 72 億美元。高於正常水平的現金餘額反映了將在第四季度部署的機會性借款。根據我們的信貸協議的定義，SS&C 在 DomaniRx 持有的淨債務為 67 億美元，其中不包括 1.59 億美元的現金和現金等價物。我們過去 12 個月用於遵守契約的綜合 EBITDA 為 22.79 億美元。基於約 67 億美元的淨債務，我們的總槓桿比率為 2.9 倍。

As we look forward to the fourth quarter and the remainder of the year with respect to guidance, note that we will continue to focus on client service and assume that retention rates will remain in the range of our most recent results. We will continue to manage our expenses with cost discipline approach by controlling and aligning variable expenses to ensure efficiency, increasing productivity, improve our operating margins and leverage our scale and create capacity, and effectively investing in the business through marketing and sales and R&D to take advantage of future growth opportunities.

當我們展望第四季度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，並假設保留率將保持在我們最新結果的範圍內。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，提高我們的營業利潤率並利用我們的規模和創造能力，並透過行銷、銷售和研發有效地投資於業務，以採取充分利用未來的成長機會。

Specifically, we have assumed foreign currency exchange interest rates to remain at current levels. Tax rate of approximately 26% on adjusted -- on an adjusted basis, which is unchanged from prior guidance. Capital expenditures to be 4.1% to 4.5% of revenues, which is also unchanged from prior guidance, and a stronger weighting to share repurchases versus debt reduction subject to changes in market conditions are financing needs.

具體來說，我們假設外幣匯率維持在目前水準。調整後的稅率約為 26%，與先前的指導值保持不變。資本支出佔收入的 4.1% 至 4.5%，這也與先前的指導保持不變，根據市場條件的變化，股票回購與債務削減的權重更大，這些都是融資需求。

For the fourth quarter of '24, we expect revenue to be in the range of $1.46 billion to $1.5 billion and 2.4% organic revenue growth at the midpoint. Adjusted net income in the range of $329 million to $345 million. Interest expense, excluding amortization of deferred financing costs and original issue discount in the range of $110 million to $112 million. Diluted shares in the range of $254.6 million to $255.6 million and adjusted diluted EPS in the range of $1.29 to $1.35.

對於 2024 年第四季度，我們預計營收將在 14.6 億美元至 15 億美元之間，有機收入成長率中點為 2.4%。調整後淨利在 3.29 億美元至 3.45 億美元之間。利息費用，不包括遞延融資成本攤銷和原始發行折扣，範圍為 1.1 億至 1.12 億美元。稀釋後股份範圍為 2.546 億美元至 2.556 億美元，調整後攤薄每股收益範圍為 1.29 美元至 1.35 美元。

For the full year 2024, we expect revenue to be in the range of $5.815 billion to $5.855 billion and 4.9% organic revenue growth at the midpoint. Adjusted net income in the range of $1.299 billion to $1.315 billion, diluted shares in the range of $253.6 million to $253.8 million, adjusted diluted EPS in the range of $5.12 to $5.18, and cash from operating activities to be in the range of $1.33 to $1.37 billion.

對於 2024 年全年，我們預計營收將在 58.15 億美元至 58.55 億美元之間，中間有機收入成長率為 4.9%。調整後淨利潤為 12.99 億美元至 13.15 億美元，稀釋後股份為 2.536 億美元至 2.538 億美元，調整後稀釋後每股收益為 5.12 至 5.18 美元，經營活動現金為 1.33 至 1.37 美元十億。

And now back to Bill.

現在回到比爾。

Thanks, Brian.

謝謝，布萊恩。

We feel our business is strengthening and we were able to expand our horizons. The Battea purchase is already showing very positive sign. Our Deliver client conference was a great success, and I would like to thank David Rubenstein for being our keynote speaker.

我們覺得我們的業務正在加強，我們能夠擴大我們的視野。Battea 的收購已經顯示出非常積極的跡象。我們的 Deliver 客戶會議取得了巨大成功，我要感謝 David Rubenstein 擔任我們的主講人。

I will now open it up for questions.

我現在將打開它以供提問。

(Operator Instructions)

（操作員說明）

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Could you discuss the market opportunity for DomaniRx just because I think the top-three players in that space handle now maybe 70% or 80% of prescription claims I think and you've just mentioned before you don't plan on focusing on that group that much. So how big is the remaining market opportunity from a revenue perspective and then how are those early conversations going?

您能否討論 DomaniRx 的市場機會，因為我認為該領域的前三名參與者現在可能處理 70% 或 80% 的處方索賠，而且您之前剛剛提到過，您不打算專注於該群體就這麼多。那麼從收入的角度來看，剩餘的市場機會有多大，那麼這些早期的對話進展如何呢？

Yeah. We would say you're right, it's probably about 70%, 80% is what the United Healthcare, Aetna CVS, and Signa, Express Scripts for our process. I think there's something like 5 billion to 6 billion scripts a year in the United States. So if you take 20% of 6 billion, you got 1.2 billion and if you take 30%, you got 1.8 billion, right? That's a lot of script. So we think we have a lot of run room. We also think that we can license our technology, maybe do one of those three or maybe more. Can we also have a large number of others that are like us or like the big three, but a lot smaller. So they might do 200 million, 300 million scripts rather than the 1.5 billion scripts.

是的。我們會說你是對的，這可能是 70% 左右，80% 是 United Healthcare、Aetna CVS 和 Signa、Express Scripts 為我們的流程所做的。我認為美國每年大約有 50 億到 60 億個劇本。所以如果你拿60億中的20%，你就拿到12億，如果你拿30%，你就拿到18億，對嗎？這是很多腳本。所以我們認為我們有很大的運行空間。我們也認為我們可以許可我們的技術，也許可以做這三項中的一項或更多。我們是否也可以擁有大量像我們一樣或像三巨頭但規模小得多的其他人？所以他們可能會製作 2 億、3 億個腳本，而不是 15 億個腳本。

So we think there's plenty of run room. We think there's a lot of things in healthcare that need help with. And so pharmacy claims was one, but there are other things like medical claims and other things that we think we're well positioned to be able to help the healthcare industry.

所以我們認為有足夠的運行空間。我們認為醫療保健領域有很多事情需要幫助。因此，藥品索賠就是其中之一，但還有其他一些事情，例如醫療索賠和其他我們認為我們有能力幫助醫療保健行業的事情。

Okay, great.

好的，太好了。

And then just on the Trust Suite business, I think [you had] mentioned it last quarter, but it's the [inter Trust] combination. Could you discuss the size of that business and the type of growth you're seeing there is how does that stack up versus competitors like [an FBI's product].

然後就信託套件業務而言，我想[您]在上個季度提到過它，但它是[信託間]組合。您能否討論一下該業務的規模以及您所看到的成長類型，與競爭對手相比如何？[FBI 的產品]。

Yeah, I think, the Trust Suite product really does take the inter Trust product and Black Diamond and really creates a very pleasing user interface and a lot of capability with technology that is pretty state-of-the art. Most of the Trust systems out in the marketplace today are multi-decade old, and we think that we have a lot of run room and we've been pretty pleased with the acceptance rate of Trust Suite.

是的，我認為，Trust Suite 產品確實採用了 inter Trust 產品和 Black Diamond，確實創建了非常令人愉悅的使用者介面和許多非常先進的技術功能。當今市場上的大多數 Trust 系統都有幾十年的歷史，我們認為我們有很大的運作空間，而且我們對 Trust Suite 的接受率非常滿意。

Any sense just on the size of that business today from revenue perspective in the growth or--

從收入成長的角度來看，今天該業務的規模是否有意義，或者——

Right, it's still a little nascent, but we would expect it to do probably in 2024 upwards to $10 million in revenue and then in 2025, we would expect to see perhaps a multiple of that.

是的，它還處於起步階段，但我們預計它的收入可能會在 2024 年達到 1000 萬美元，然後到 2025 年，我們預計會看到這個數字的倍數。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Bill, can you provide maybe any color on the outlook for 4Q in terms of the slowdown in the organic growth rate that's implied? And then is there some -- maybe some licensing noise or licensing deals and things like that? Or how should we think about 4Q number?

比爾，您能否對第四季度的前景提供一些暗示，即有機成長率放緩？還有一些——也許是一些許可噪音或許可交易之類的東西？或者說我們應該如何看待4Q數？

Yeah. The major thing with Q4 in '24 compared to '23 is -- for '23 was substantially better than any of the other quarters in '23. So we're getting a little bit of comp challenge to us. We have a big pipeline. We have a lot of stuff going on. We're always cautious. We've had three or four pretty good quarters in a row, and we expect Q4 to be a pretty [important] too.

是的。與 23 年相比，24 年第四季的主要問題是，23 年的情況明顯優於 23 年其他任何季度。所以我們面臨一些競爭挑戰。我們有一個很大的管道。我們有很多事情正在進行。我們總是很謹慎。我們已經連續經歷了三、四個相當不錯的季度，我們預計第四季度也將非常[重要]。

Got it.

知道了。

And then -- follow-up just on obviously, a lot of news in the healthcare space with potentially Cigna and Humana back in merger talks some weak results of Elevance and some other things. What's the potential impact or is there any read-through there? Are things -- something that we should be aware related to the DomaniRx?

然後——顯然，後續行動很明顯，醫療保健領域有很多消息，Cigna 和 Humana 可能會重返合併談判，Elevance 的一些疲軟結果和其他一些事情。潛在的影響是什麼？我們應該注意的事情是否與 DomaniRx 有關？

I think as Rahul spoke earlier in -- we got a pretty big uplift in revenue for healthcare in October that stuff that have pushed from September, I still think we have a great opportunity here. DomaniRx is really new technology there's nothing like it out in the marketplace that can handle scale. A lot of people that used our RxNova system considered it the gold standard for Medicare and Medicare Advantage already into DomaniRx's far exceeding RxNova's capabilities.

我認為正如拉胡爾早些時候所說的那樣——我們在10 月份的醫療保健收入有了相當大的增長，這是從9 月份開始推動的，我仍然認為我們在這裡有很好的機會。DomaniRx 確實是一項新技術，市場上沒有任何產品可以處理規則問題。許多使用我們的 RxNova 系統的人認為它是 Medicare 的黃金標準，而 DomaniRx 的 Medicare Advantage 已經遠遠超過了 RxNova 的功能。

So Bill, I guess just to clarify, is the commentary there that there shouldn't be any strategic impact on the relationship there that you have or I guess that's what I was trying to get rather than the actual near-term business?

所以，比爾，我想澄清一下，那裡的評論是否應該對你們之間的關係產生任何戰略影響，或者我想這就是我想要得到的，而不是實際的近期業務？

Do you mean Humana and Cigna?

你指的是 Humana 和 Cigna 嗎？

That is correct, yes.

這是正確的，是的。

That's certainly a rumor at the present. And I think there's opportunity no matter what happens. And we've done -- we've had Humana as a client for a long time, Cigna was our biggest health care client when we acquired DST. Obviously, they spent $60 billion or $70 billion by [NESI]. So we didn't think that keep using us as you can imagine.

目前這肯定是謠言。我認為無論發生什麼事都有機會。我們已經做到了——Humana 是我們長期以來的客戶，當我們收購 DST 時，Cigna 是我們最大的醫療保健客戶。顯然，他們花了 600 億或 700 億美元[NESI]。所以我們不認為像您想像的那樣繼續使用我們。

So we think there's plenty of opportunity for us. Whatever happens with, I think Humana and Cigna, we think it will be positive towards us. And lots of stuff is happening in healthcare as Rahul had alluded to before and we just have to play it out. But everybody's concerned about their health. People are not going to stop spending money on their health and we think it's a very good spot for us to be [in].

所以我們認為我們有很多機會。無論發生什麼，我認為 Humana 和 Cigna 都會對我們產生積極的影響。正如拉胡爾之前提到的那樣，醫療保健領域正在發生很多事情，我們只需要把它付諸實踐。但每個人都關心自己的健康。人們不會停止在健康上花錢，我們認為這對我們來說是一個非常好的地方[在]。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

I wanted to just maybe ask a question on '25. I know it's a little bit early, but you do have 48 -- 4% to 8% medium-term organic growth outlook out there. I'm wondering if '25 if you think about it within the context of that, it is shaping up similar to the medium term. And then if you could just talk about maybe the pipeline or the sales cycles accordingly. Because I know obviously, there is a lot of that work gets done in advance to hit those targets. If you could comment on just your visibility there in terms of what you're seeing in the pipe, that'd be great. Thanks a lot.

我想問一個關於 25 年的問題。我知道現在有點早，但中期有機成長前景確實有 48% 到 8%。我想知道 25 年，如果你在這個背景下思考的話，它的發展是否與中期相似。然後您是否可以相應地談論管道或銷售週期。因為我顯然知道，為了實現這些目標，需要事先完成很多工作。如果您可以根據您在管道中看到的內容來評論您在那裡的可見性，那就太好了。多謝。

Yeah, I think that we have -- I think our field force is the strongest as it's been, so we have a lot of people out there banging on doors, and we have a lot of capable people. We have tremendous number of opportunities all over the world (technical difficulty) you got to win, and then you got to get them live so the revenue stream that. But I would say that we're pretty bullish on 2025. And we have the resources. We have the cash. We have the access to market. We're really excited about the cross-sell opportunities with the payer. I think that we have an opportunity to surprise you positively.

是的，我認為我們的現場力量是有史以來最強大的，所以我們有很多人在敲門，我們有很多有能力的人。我們在世界各地有大量的機會（技術難度），你必須贏得這些機會，然後你必須讓它們上線，這樣才能產生收入。但我想說，我們對 2025 年非常樂觀。我們有資源。我們有現金。我們有進入市場的機會。我們對與付款人的交叉銷售機會感到非常興奮。我認為我們有機會給您帶來積極的驚喜。

Got it. That's great to hear, Bill. Very constructive.

知道了。很高興聽到這個消息，比爾。很有建設性。

And then if I could just ask about R&D. I think one of the highlights at the Analyst Day was just the breadth of the product pipeline. It's bigger than I've seen in some time. Has there been a shift towards more spend and organic R&D? Obviously, with the step-down in M&A and more focused on organic growth, it would make sense. So I'm just curious about just the philosophy in terms of new product R&D spend. Thank you very much.

然後可以問一下研發方面的問題嗎？我認為分析師日的亮點之一就是產品線的廣度。它比我一段時間以來見過的都要大。是否已經轉向更多支出和有機研發？顯然，隨著併購的減少並更加重視有機成長，這是有道理的。所以我只是對新產品研發支出的概念感到好奇。非常感謝。

Yeah, why don't I -- I'll give you a little answer and I'll let Rahul get in a little deeper. But if you notice on our percentage of CapEx, we're at 4.1% to 4.5%. Historically, we've been at 3%, 3.5%. So we have poured a lot more money into R&D and our CTO, Anthony Caiafa, is -- he's gotten a little over [38], so he knows how to spin faster. So we think that will probably continue.

是的，我為什麼不——我會給你一個小小的答案，然後讓拉胡爾更深入地了解一下。但如果您注意到我們的資本支出百分比，我們在 4.1% 到 4.5% 之間。從歷史上看，我們一直在3%、3.5%。因此，我們在研發上投入了更多資金，我們的技術長 Anthony Caiafa 已經超過了 [38]，所以他知道如何旋轉得更快。所以我們認為這種情況可能會持續下去。

Rahul?

拉胡爾？

The only thing I would add to that is as we have organized our business increasing effectively, right and had more and more products and services pointed at specific segments of the market or specific types of customers, what we need to build has become increasingly clear. So we get a lot of good feedback from our sales force. We get a lot of good feedback from the folks covering those accounts and a lot of times, we can get anchor clients and folks that want to partner with us on funded development, which then results in revenue a lot faster. So it's easier to back those things, and that's part of the positive dynamic that's going on.

我唯一要補充的是，隨著我們組織業務的效率和正確性不斷提高，並且擁有越來越多的產品和服務針對特定市場細分或特定類型的客戶，我們需要建立的內容變得越來越清晰。因此，我們從銷售人員那裡得到了很多很好的回饋。我們從涉及這些帳戶的人員那裡得到了很多很好的回饋，很多時候，我們可以獲得錨定客戶和希望與我們合作進行資助開發的人員，從而更快地產生收入。因此，支持這些事情更容易，這是正在發生的積極動態的一部分。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I just wanted to revisit the fourth quarter organic number again, sorry to beat a dead horse here, but like the [2.4 versus the 6.3] did this quarter and I went back and just looking at your comps, so it's certainly easier across some of them, but by no means all of them. So that 400-basis-point deceleration, is there any way you can just help contextualize the areas where we should be focused on that as we think about modeling across those segments?

我只是想再次回顧第四季度的有機數字，很抱歉在這裡打敗了一個死馬，但是就像本季度的[2.4 與6.3] 所做的那樣，我回去看看你的比較，所以在某些方面肯定更容易他們，但絕不是全部。因此，對於 400 個基點的減速，當我們考慮跨這些細分市場進行建模時，有什麼方法可以幫助我們了解應該重點關注的領域嗎？

And then in that same question, I thought I heard you say there was maybe some bigger license fees that you pulled in into this quarter around wealth and investment. And did that influence maybe this fourth quarter, I guess, guidance around the organic number as well.

然後在同一個問題中，我想我聽到您說，您在本季度圍繞財富和投資可能收取了一些更大的許可費。我猜這可能會影響第四季度的有機數字指導。

Thanks.

謝謝。

Yeah, [I think I will be to], Dan, and I hope Rahul give, maybe a little bit more from Brian. And we did have a really good Q3 for wealth and investment technology and had a global investor and distribution services business. So we're not quite ready yet to see if they can repeat that in Q4, although we're optimistic, they'll have good quarters. So I think that's a little better and then as I said before, I think the comp is a little more difficult in Q4 than it was in Q3.

是的，[我想我會的]，丹，我希望拉胡爾能給予，也許布萊恩能給予更多一點。我們在財富和投資技術方面確實有一個非常好的第三季度，並且擁有全球投資者和分銷服務業務。因此，我們還沒有完全準備好看看他們是否可以在第四季度重複這一點，儘管我們很樂觀，但他們將有良好的季度表現。所以我認為這要好一些，然後正如我之前所說，我認為第四季的比賽比第三季更困難。

And I would just say just add on that last point on comp. If you look at the 2023 by quarter, first three quarters, we did about $1.360 billion in each quarter, right? Approximately, and in Q4, we did $1.411 billion, so Q4 was $45 million to $50 million higher than the other three quarters. And that's really what you're seeing. If you look at our Q4 apps guidance in absolute numbers, we're ahead of any other quarter this year. Our low point is $40 million ahead of our low point the prior quarter. So we feel good about where we are. Most of this is accomplished.

我只想說，補充一下比較的最後一點。如果你按季度查看 2023 年，前三個季度，我們每季的營收約為 13.6 億美元，對嗎？大約在第四季度，我們做了 14.11 億美元，因此第四季比其他三個季度高出 4,500 萬至 5,000 萬美元。這就是你所看到的。如果您查看我們第四季度應用程式指南的絕對數量，您會發現我們領先今年其他任何季度。我們的低點比上一季的低點高出 4000 萬美元。所以我們對自己所處的位置感覺良好。這大部分已經完成了。

Got it. Okay. That's really helpful. Thank you.

知道了。好的。這真的很有幫助。謝謝。

Just on Blue Prism for the moment in terms of cost opportunities. And I think you said, you're like a little over [1,050] maybe, automated employees. How much further can we go with that? Are you expecting that to continue to be a meaningful contributor to the ability to have a more efficient cost structure, you could go into next year? We top taking that a little bit for the organization.

就成本機會而言，目前僅就 Blue Prism 而言。我想你說過，你可能是[1,050] 多一點的自動化員工。我們還能走多遠？您是否期望明年繼續為實現更有效率的成本結構做出有意義的貢獻？我們最重要的是為組織貢獻一點。

Thank you.

謝謝。

Yeah, Dan, again that's a great question.

是的，丹，這又是一個很好的問題。

I think we are pretty enthusiastic about where we can go with our Blue Prism Digital Workers. As Brian could get into more deeply, but we've done an awful lot of acquisitions. So we have an awful lot of systems and we'd like to have fewer systems and more Digital Workers. And I know we have plans to do that throughout accounting and finance. And, Nick Ryden in the Global Investor and Distribution Services Business, has done a great job of deploying Digital Workers and [Rakesh Mobby] in our fund administration businesses as well as many of them. So we're pretty optimistic, I think, on Blue Prism capabilities.

我認為我們對於與 Blue Prism 數位化工作者一起去往何處充滿熱情。布萊恩可能會更深入地了解，但我們已經做了很多收購。因此，我們有非常多的系統，我們希望擁有更少的系統和更多的數位工作者。我知道我們計劃在整個會計和財務領域中做到這一點。而且，全球投資者和分銷服務業務部門的 Nick Ryden 在我們的基金管理業務以及其中的許多業務中部署數位工作者和 [Rakesh Mobby] 方面做得非常出色。因此，我認為我們對 Blue Prism 的功能非常樂觀。

That's great. Thank you very much.

那太棒了。非常感謝。

I was just going to add to that that I just across I'll call it more infrastructure to Bill's point, right? So we don't want to create the Digital Worker for 10 different systems and then be able to have to rebuild. So we're leveraging that the broader consolidated system. And so to echo Bill's point, we are pretty enthusiastic about what we're going to be able to leverage.

我只是想補充一點，我剛剛將其稱為比爾所說的更多基礎設施，對嗎？因此，我們不想為 10 個不同的系統創建數位化工作者，然後必須進行重建。因此，我們正在利用更廣泛的整合系統。因此，為了呼應比爾的觀點，我們對我們將能夠利用的東西非常熱衷。

And then the other point that we've made on prior phone calls is that I think the level of sophistication continues to increase over time as well about the impact that some of the Digital Workers can have as we mature as an organization and our learnings continued increase about how to utilize the Digital Workers.

然後，我們在之前的電話中提出的另一點是，我認為隨著時間的推移，隨著我們作為一個組織的成熟和我們的學習的繼續，一些數位工人可以產生的影響的複雜程度也在不斷提高增加有關如何利用數位工人的信息。

We also are integrating -- we're integrating AI (laughter) large language models and other things are also enhancing Blue Prism's capabilities.

我們也在整合——我們正在整合人工智慧（笑聲）大型語言模型，其他東西也在增強 Blue Prism 的能力。

All right. I'm going to say thank you for the last time, but I never really want to touch (laughter) that was my mistake, so apologies (laughter) my apologies.

好的。我要最後一次說謝謝，但我從來沒有真正想要碰觸（笑聲）那是我的錯誤，所以抱歉（笑聲）我的歉意。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Brian, you mentioned that you're carrying a higher-than-expected cash balance that you expect to deploy in Q4. Would that be the capital return M&A? Just any thoughts around that?

布萊恩，您提到您的現金餘額高於預期，預計在第四季度部署。這就是資本回報併購嗎？對此有什麼想法嗎？

Yeah. I wouldn't necessarily assume M&A and any material size for Q4 as far as I'm saying around that purposes. But we are -- like I said, we took an opportunistic point of view on the funding given where rates were and what we're able to raise that at versus our current cost structure. So we're looking to, again effectively deploy that share repurchase in combination with the rest of our operating cash flow and further debt reduction. Again, utilizing that lower cost of funds, we'll have executed that in Q4.

是的。就我所說的圍繞這一目的而言，我不一定會假設第四季度會有併購和任何材料規模。但正如我所說，我們對融資採取了機會主義的觀點，考慮到利率水平以及相對於我們當前的成本結構我們能夠提高的利率。因此，我們希望再次有效地部署股票回購，與我們其餘的營運現金流和進一步削減債務相結合。同樣，利用較低的資金成本，我們將在第四季度執行該計劃。

Got it.

知道了。

And then just obviously, the organic growth was really strong, but it sounds like there were -- was it 8 million in total health care licenses that were pushed, so is there a way to think about it would have been that much stronger if that was in there and that I could shifted to Q4. Is that right?

很明顯，有機成長確實很強勁，但聽起來好像有——是否有 800 萬個醫療保健許可證被推動，所以有沒有辦法考慮，如果那樣的話，它會更強嗎？到第四季。是這樣嗎？

That's right.

這是正確的。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

As regards Battea, I understand or at least I inferred from (inaudible) the Investor Day is that revenue can be somewhat project-oriented. I guess how should we think about modeling that? Is there something you think about in terms of seasonality? Or is it just it can look to you guys in terms of one quarter out in terms of how you expect that business to contribute?

至於 Battea，我理解或至少我從（聽不清楚）投資者日推斷收入可以在某種程度上以專案為導向。我想我們應該如何考慮建模？您在季節性方面有什麼考慮嗎？或者，這只是你們期望該業務做出四分之一的貢獻？

Yeah, I think first of all, it's interesting you called Class Action lawsuits projects we would tend to call (inaudible) (laughter) so you've got the vagaries of the court system. But like I think traditionally, that there is some seasonality in Battea and Q4 tends to be the largest quarter of the four quarters. And there's a bunch of court cases that have already been adjudicated. The courts have to release the payments on the Class Actions and that's when we get paid. But we're -- we would say that when I tried to give you all as much insight into Battea as we can, they have 900 clients. We have 22,000 and we think there's an opportunity for a lot of extension in the Battea's business.

是的，我認為首先，有趣的是，您將我們稱為「集體訴訟」的項目稱為（聽不清楚）（笑聲），因此您了解了法院系統的變幻莫測。但正如我傳統上所認為的那樣，Battea 存在著一定的季節性，第四季往往是四個季度中最大的一個季度。還有很多法庭案件已經判決。法院必須釋放集體訴訟的付款，那時我們才能收到付款。但我們——我們會說，當我試圖讓大家盡可能多地了解 Battea 時，他們有 900 個客戶。我們有 22,000 名員工，我們認為 Battea 的業務有大量擴展的機會。

Okay. That's fair.

好的。這很公平。

And then just in terms of thinking about the fund shareholder record keeping business into the acceleration, I guess I had speculated just looking at money market flows that the industry may have gotten a number of several million accounts just from flows back into money market accounts. If you think that affected the goods organic revenue or and if so, is there a way to quantify it?

然後，就考慮基金股東記錄保持業務加速而言，我想我已經推測，只要看看貨幣市場流量，該行業可能就從回流到貨幣市場帳戶的資金中獲得了數百萬個帳戶。如果您認為這影響了商品的有機收入，或者如果是的話，有沒有辦法量化它？

I think most of our strength in the [gits] organic revenue is really just coming from as we're building technology or attracting more and more customers, and maybe customers that are in slightly different segments than so we have many more wealth management firms, which some of our biggest clients are wealth management firms. We've got a number of new prospects, and as we continue to build out our call center capabilities then BPO capabilities, more and more of these customers are willing to lift out internal functions and give them to us. And that's a part of it. So while the macro trends in the market may have had some impact, most of it is just expanding our product suite.

我認為我們在[gits]有機收入方面的大部分優勢實際上只是來自於我們正在建立技術或吸引越來越多的客戶，也許客戶的細分市場與我們擁有更多的財富管理公司略有不同，我們的一些最大客戶是財富管理公司。我們有許多新的潛在客戶，隨著我們繼續建立呼叫中心功能和 BPO 功能，越來越多的客戶願意將內部功能交給我們。這就是其中的一部分。因此，雖然市場的宏觀趨勢可能產生了一些影響，但大部分只是擴大了我們的產品組合。

It also to, I think, would be important for people to understand that an awful lot of large-scale financial firms in the United States and more so even around the world have a very good full-time deploying large-scale new systems. So their choices are to try to build a great big system, maybe go to a body shop -- Indian body shop like a TATA or an HCL or an Infosys or what are the other ones, that is fraught with challenges and that's an increasingly attractive solution for them is to lift it out to us. And we have world-class data centers. We have world-class developers. We have world-class processes. And I think as they see it, they get increasingly intrigued.

我認為，讓人們了解美國乃至世界各地的大量大型金融公司擁有非常好的全職部署大型新系統也很重要。所以他們的選擇是嘗試建立一個偉大的大系統，也許去一家車身修理廠——印度的車身修理廠，比如塔塔、HCL、印孚瑟斯或其他什麼，充滿了挑戰，而且越來越有吸引力。我們擁有世界一流的資料中心。我們擁有世界一流的開發商。我們擁有世界一流的流程。我認為當他們看到它時，他們會變得越來越感興趣。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Mike Infante, on for James. Thanks for taking our question.

麥克·因凡特（Mike Infante）替補詹姆斯。感謝您提出我們的問題。

Just wanted to follow up on some of the comp commentary again. There's obviously a wealth of variance factors as we think about '25 organic growth. But given the comps will get progressively tougher at least relative to the 4Q '23 comp as we progress throughout the year, how should we be thinking about some of the drivers that can push you to the midpoint or beyond next year? Thanks.

只是想再跟進一些比較評論。當我們考慮 25 年的有機成長時，顯然存在大量的差異因素。但考慮到隨著我們全年的進步，至少相對於 23 年第 4 季的比較，比較將變得越來越艱難，我們應該如何考慮一些可以將您推向中點或明年之後的驅動因素？謝謝。

In general, I think I would just come back to -- we feel like our business is strengthening, right? So we do have -- we haven't been through the 2025 revenue planning and budgeting process as yet, but we do feel like you can now look at our recurring revenue financial services as a leading indicator that the stable reoccurring and recurring revenue base is continually growing, and that will help us in 2025.

總的來說，我想我會回到——我們覺得我們的業務正在加強，對嗎？因此，我們確實 - 我們尚未完成 2025 年收入規劃和預算流程，但我們確實覺得您現在可以將我們的經常性收入金融服務視為領先指標，表明穩定的經常性和經常性收入基礎是不斷增長，這將對我們在2025 年有所幫助。

The other thing is, if you look at Q3 of '24 compared to Q3 of '23, we added $100 million in revenue. So -- look at these fintech companies and talk about them, $200 million in revenue for the year. We added $100 million in Q3, and I think we're not saying that our business is strengthening because we think we're going to slow down. We think we're going to accelerate.

另一件事是，如果你將 24 年第三季與 23 年第三季進行比較，我們的營收增加了 1 億美元。所以——看看這些金融科技公司並談論它們，它們今年的收入為 2 億美元。我們在第三季增加了 1 億美元，我認為我們並不是說我們的業務正在加強，因為我們認為我們的業務將會放緩。我們認為我們會加速。

Look, the deals are bigger (technical difficulty) the size of the organizations are bigger, the size of the number of people that we would absorb or hire. So with all of that becomes some increased analysis, increased negotiation on contracts. And so we're being cautiously optimistic, but we're not backing away from that mid-term (inaudible).

你看，交易規模更大（技術難度），組織規模更大，我們要吸收或僱用的人員數量也更大。因此，所有這些都變成了更多的分析和合約談判。因此，我們持謹慎樂觀的態度，但我們不會放棄中期目標（聽不清楚）。

That's clear.

很清楚。

Maybe just on Blue Prism, obviously, a lot of internal expense savings in the form of lower head count. But I'd be curious to hear just how you're thinking about how the net new opportunity for Blue Prism has evolved of late and some of the initiatives that you have in place to return that business to double-digit growth next year?

顯然，也許就在 Blue Prism 上，透過減少人員數量可以節省大量內部費用。但我很想知道您如何看待 Blue Prism 的淨新機會最近如何演變，以及您為明年使該業務恢復兩位數增長而採取的一些舉措？

Yeah, we think that's a great question. We are doing a lot internally here. We have some management changes we've done. We're accelerating our amount of money that we are reporting into Blue Prism. We've moved some really top technologist that Anthony had brought in. So we're excited about what we can do with Blue Prism and re-accelerating the growth. We're still getting some magic quadrants when people analyze it.

是的，我們認為這是一個很好的問題。我們在這裡做了很多內部工作。我們已經進行了一些管理變革。我們正在加快向 Blue Prism 報告的資金數量。我們已經搬走了安東尼引進的一些真正頂尖的技術專家。因此，我們對 Blue Prism 的用途以及重新加速成長感到興奮。當人們分析它時，我們仍然得到一些魔力像限。

And I think the addition of AI and the large language models and then obviously OpenAI is going to be all the more change in the world, but you've got to be on top of it. And I think we've done a pretty good job of really maximizing the potential internally on Blue Prism. And then we're going to redouble our focus on the external opportunities.

我認為人工智慧和大型語言模型的加入，顯然 OpenAI 將為世界帶來更大的變化，但你必須掌控它。我認為我們在最大限度地發揮 Blue Prism 內部潛力方面做得非常好。然後我們將加倍關注外部機會。

Alexei Gogolev, J.P. Morgan.

阿列克謝‧戈戈列夫，摩根大通。

Hi. This is Ella Smith from Alexei's team. Thanks so much for taking our question.

你好。這是阿列克謝團隊的艾拉史密斯。非常感謝您提出我們的問題。

So first, I was hoping you could speak to the strong growth in alternatives AUM. Can you remind us what's driving that strong growth year to date? And how do you think about the forward growth [if alternatives]?

首先，我希望您能談談另類資產管理規模的強勁成長。您能否提醒我們是什麼推動了今年迄今的強勁成長？您如何看待未來的成長[如果有替代方案]？

We think primarily the strong growth in alternatives and based on brilliant management. Other people might think it's -- the market's pretty strong, right? So the hedge fund industry traditionally has a pretty good risk adjusted return levels. And I think as you look at our client base, almost all of the large-scale platforms are SS&C clients. And over the last several years, they have gotten the lion's share of all the new capital that flowed into hedge funds. Same with private equity funds and now private credit.

我們主要認為替代品的強勁成長是基於出色的管理。其他人可能會認為——市場相當強勁，對吧？因此，對沖基金產業傳統上具有相當不錯的風險調整回報水準。我認為，當你觀察我們的客戶群時，幾乎所有大型平台都是 SS&C 客戶。在過去的幾年裡，他們獲得了流入對沖基金的所有新資本的最大份額。私募股權基金和現在的私人信貸也是如此。

So we think we're well positioned to continue to be a beneficiary of our clients' success. And so we have a lot of focus on making sure that we're adding value, bringing up new technologies, new capabilities, new processes, and being able to really help like our international clients as they move to [T-plus one]. In the US, we're going to move to shorter than T-plus one, right? When you look at the (inaudible) they're used to Venmo. I don't think moving money takes 24 hours, right? So I think those kinds of things are running shorten. Obviously, that takes a lot of the risk out of the system, but systems and process that has to be really locked and loaded and that's something we're pretty good at.

因此，我們認為我們有能力繼續成為客戶成功的受益者。因此，我們非常注重確保我們能夠增加價值，帶來新技術、新能力、新流程，並且能夠像我們的國際客戶一樣，在他們轉向[T-加一]。在美國，我們將轉向比 T+1 更短的時期，對吧？當你看到（聽不清楚）時，他們已經習慣了 Venmo。我不認為轉移資金需要24小時，對嗎？所以我認為這類事情的運行時間正在縮短。顯然，這消除了系統的巨大風險，但是系統和進程必須真正鎖定和加載，而這是我們非常擅長的。

That makes a lot of sense, Bill. Thank you.

這很有道理，比爾。謝謝。

And for my follow-up, I'm sorry if I missed this, but I noticed the strong step-up in organic growth for wealth and investment technologies. Could you please remind us what your -- was there a big dealer too, if I may.

對於我的後續行動，如果我錯過了這一點，我很抱歉，但我注意到財富和投資技術的有機成長強勁。如果可以的話，您能否提醒我們一下，您是否也有一個大經銷商？

Really big. We did have a strong wealth and investment technology and were up 10.9%, I believe and we've got a couple of large license deals in Q3 and that really helped drive the organic revenue growth.

真的很大。我相信，我們確實擁有強大的財富和投資技術，成長了 10.9%，而且我們在第三季獲得了幾筆大型授權交易，這確實有助於推動有機收入成長。

As there are no further questions in the queue at this time, I would now like to turn the call back over to Bill Stone for closing remarks.

由於目前隊列中沒有其他問題，我現在想將電話轉回給比爾·斯通 (Bill Stone) 發表結束語。

Again, thanks all of you for being on the call and thank the analysts for asking really pointed questions, which we appreciate. I do think that we're pretty optimistic about where our business sits and that we hope to talk to you again in 2025 and surprise you positively.

再次感謝大家參加電話會議，並感謝分析師提出尖銳的問題，我們對此表示讚賞。我確實認為我們對我們的業務定位非常樂觀，我們希望在 2025 年再次與您交談並給您帶來積極的驚喜。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's conference 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。您現在可以斷開連線。