SS&C Technologies Holdings Inc (SSNC) 2024 Q4 法說會逐字稿

Good afternoon. My name is John and I will be your conference operator today.

午安.我叫約翰，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the SS&C Technologies' fourth-quarter and full-year 2024 earnings call. (Operator Instructions). Thank you.

現在，我歡迎大家參加 SS&C Technologies 2024 年第四季和全年財報電話會議。（操作員指令）。謝謝。

I would now like to turn the call over to [Chant Modaka] of Investor Relations. You may now begin your conference.

現在，我想將電話轉給投資者關係部門的 [Chant Modaka]。您現在可以開始您的會議了。

Welcome and thank you for joining us at our Q4 and full-year 2024 earnings call.

歡迎並感謝您參加我們的 2024 年第四季和全年財報電話會議。

I'm [Chant Modaka], Investor Relations at 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.

我是 [Chant Modaka]，SS&C Technologies 的投資者關係部負責人。今天與我在一起的是董事長兼執行長比爾‧史東 (Bill Stone)；總裁兼營運長 Rahul Kanwar；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 purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

在開始之前，我們需要查看安全港聲明。請注意，我們今天對未來預期、計畫和前景所作的各種評論，包括我們提供的財務展望，均構成 1995 年私人證券訴訟改革法下安全港條款所指的前瞻性陳述。

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

由於各種重要因素，包括我們最近的 10-K 表年度報告中風險因素部分所討論的因素，實際結果可能與這些前瞻性陳述所示的結果存在重大差異，該報告已提交給美國證券交易委員會，也可以在我們的網站上查閱。

These forward-looking statements represent our expectations only as of today, February 6, 2025. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so.

這些前瞻性陳述僅代表我們截至 2025 年 2 月 6 日的預期。儘管該公司可以選擇更新這些前瞻性聲明，但該公司明確表示不承擔任何義務。

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.sscctech.com.

在今天的電話會議中，我們將參考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 財務指標的對帳表包含在今天的收益報告中，該報告位於我們網站 www.sscctech.com 的投資者關係部分。

I will now turn over the call to Bill.

我現在將電話轉給比爾。

Thanks, [Chant] and welcome, everyone. I want to welcome [Chant] to the Investor Relations team, as she steps in while my daughter, Justine, is on maternity leave who, I'm sure -- she's listening in, probably, maybe, with my grandson, who's now 10 days old.

謝謝，[吟唱]，歡迎大家。我歡迎 [Chant] 加入投資者關係團隊，她在我女兒 Justine 休產假期間接替我工作，我敢肯定，她很可能正在聽我孫子的談話，我的孫子現在已經 10 天大了。

Anyway, our fourth -quarter results were strong, as we set several quarterly records, including a record for adjusted revenue of $1.531 million, up 8.4%. Our earnings also set quarterly records, with adjusted diluted earnings per share of dollar $1.58, up 25.4%. And adjusted consolidated EBITDA of $599.1 million, up 6.5%. Our quarterly adjusted consolidated EBITDA margin was 39.1%.

無論如何，我們第四季的業績表現強勁，創下了多個季度記錄，包括調整後收入 153.1 萬美元，成長 8.4% 的記錄。我們的收益也創下了季度記錄，調整後每股攤薄收益為 1.58 美元，成長 25.4%。調整後綜合 EBITDA 為 5.991 億美元，成長 6.5%。我們的季度調整後綜合 EBITDA 利潤率為 39.1%。

Our fourth-quarter adjusted organic revenue growth was 7%. Performance was driven by continued strength in GlobeOp, our Wealth and Investment Technologies business, and our global investor distribution services businesses.

我們第四季的調整後有機收入成長率為 7%。業績的推動因素包括 GlobeOp、財富與投資技術業務以及全球投資者分銷服務業務的持續強勁成長。

GlobeOp saw new business growth, with experienced strength in the wealth-focused software, like Black Diamond, and gets outperformed due to large client volumes and continued growth in its non-transfer agency services.

GlobeOp 實現了新的業務成長，憑藉在 Black Diamond 等以財富為重點的軟體方面的經驗實力，並因客戶量大和非轉讓代理服務的持續成長而表現出色。

Additionally, the Health business finished a quarter above expectations, with two deals that were pushed from Q3 into Q4.

此外，健康業務本季的業績超出預期，其中兩筆交易從第三季推遲到第四季。

Our recurring revenue growth rate for financial services was 7.4% for Q4 and 7.2% for full-year 2024, which includes all software-enabled services and maintenance revenue.

我們金融服務的經常性收入成長率在第四季度為 7.4%，2024 年全年為 7.2%，其中包括所有軟體支援服務和維護收入。

Fourth-quarter cash from operating activities was $486.6 million, up 25.3% from Q423.

第四季經營活動現金為4.866億美元，較23年第四季成長25.3%。

Our cash flow conversion percentage was 101% and we bought back 4.9 million shares for $365 million, at an average price of $74.46 per share. We continue to believe share repurchases are the best use of our capital, absent high-quality accretive acquisitions.

我們的現金流轉換率為 101%，我們以 3.65 億美元回購了 490 萬股，平均價格為每股 74.46 美元。我們仍然相信，在缺乏高品質增值收購的情況下，股票回購是我們資本的最佳利用方式。

In December, we announced an initial strategic lift-out agreement with Insignia Financial to deliver superannuation member administrative services in Australia. We're in the final contract stages with Insignia and expect a lift-out of team members in Australia to occur early in the second half of this year.

12 月，我們宣布與 Insignia Financial 達成初步策略合作協議，為澳洲的退休金會員提供管理服務。我們與 Insignia 的合約目前已進入最後階段，預計澳洲團隊成員將在今年下半年初啟程。

We were bullish about our opportunities in Australia, where we have a 5% market share of the $22 million superannuation fund accounts.

我們對在澳洲的機會充滿信心，在澳洲2,200萬澳元的退休金基金帳戶中，我們佔有5%的市場份額。

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

現在我將把話題交給 L​​aul，讓他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 7%, reflecting the underlying strength of our business.

我們又度過了一個強勁的季度，有機收入成長了 7%，反映了我們業務的潛在實力。

Turning to some business highlights, Wealth and Investment Technologies grew 6.8% for the quarter. The Black Diamond Wealth Platform is growing in the mid-teens.

談到一些業務亮點，財富和投資技術本季成長了 6.8%。Black Diamond Wealth Platform 正以十五六成的速度成長。

In the investment management industry, Genesis had a year of milestones. We modernized accounting, reconciliation, and trading capabilities and merged development efforts for Aloha into the Genesis development team, our fund administration business, GlobeOp

在投資管理產業，Genesis 度過了具有里程碑意義的一年。我們實現了會計、對帳和交易功能的現代化，並將 Aloha 的開發工作合併到 Genesis 開發團隊、我們的基金管理業務 GlobeOp

So many new business wins in 2024, contributing to organic growth of 8%.

2024年贏得如此多的新業務，貢獻8%的有機成長。

Battea contributed an additional $21 million, in revenue, for the year.

巴蒂亞 (Battea) 為該年度額外貢獻了 2,100 萬美元的收入。

In 2025, we see continued opportunity driven by retail alternatives, and private markets industry growth.

到 2025 年，我們將看到零售替代品和私募市場產業成長帶來的持續機會。

Q4 was also a record bookings and revenue quarter for Intralinks, due to solid deal count trends, greater deal length, and technological advancements in our offering.

由於交易數量趨勢穩健、交易期限更長以及我們產品的技術進步，第四季度也是 Intralinks 創下訂單量和收入紀錄的季度。

Our Global Investor and Distribution Solutions business had another strong quarter and brought in greater revenue at our largest clients, in addition to new business wins.

我們的全球投資者和分銷解決方案業務又度過了一個強勁的季度，除了贏得新業務外，還為我們最大的客戶帶來了更大的收入。

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

現在我將把話題交給布萊恩來討論財務問題。

Thanks, Rahul and good day, everyone.

謝謝，拉胡爾，大家好。

As noted in our press release, our Q424 GAAP results reflect revenues of $1.53 billion, net income of $248 million, and diluted earnings per share of $0.98.

正如我們的新聞稿所述，我們的 2024 財年第四季 GAAP 結果顯示收入為 15.3 億美元，淨收入為 2.48 億美元，每股攤薄收益為 0.98 美元。

Our adjusted non-GAAP results include record revenues of $1.531 billion, an increase of 8.4% over Q423. And record adjusted diluted EPS of $1.08, a 25.4% increase over Q423.

我們調整後的非 GAAP 結果包括創紀錄的 15.31 億美元收入，比 23 年第四季成長 8.4%。調整後攤薄每股收益達 1.08 美元，較 23 年第四季成長 25.4%。

The adjusted revenue increase of $118 million over Q423 was primarily driven by incremental revenue contributions from the WIT, GlobeOp, GIDS, and Intralinks businesses.

調整後的營收較23年第四季增加1.18億美元，主要得益於WIT、GlobeOp、GIDS和Intralinks業務的增量收入貢獻。

The acquisition of Battea contributed $17 million. And foreign exchange had a favorable impact of approximately $2 million.

收購Battea貢獻了1700萬美元。外匯產生了約 200 萬美元的有利影響。

As a result, adjusted organic revenue growth, on a constant currency basis, was 7%.

因此，以固定匯率計算，調整後的有機收入成長率為 7%。

Our core expenses increased 8.3%, or $72 million, which excludes acquisitions and on a constant currency basis. The primary driver of the increased expenses was increased incentive compensation, commissions, and wages.

我們的核心支出增加了 8.3%，即 7,200 萬美元，不包括收購，以固定匯率計算。費用增加的主要原因是獎勵性薪酬、佣金和工資的增加。

Adjusted consolidated EBITDA was $599 million or 39.1% of adjusted revenue, an increase of $37 million or 6.5% from Q423.

調整後綜合 EBITDA 為 5.99 億美元，佔調整後營收的 39.1%，較 23 年第四季增加 3,700 萬美元，即 6.5%。

On a full-year basis, adjusted consolidated EBITDA was $2.281 billion, an increase of $173 million or 8.2%.

全年調整後綜合 EBITDA 為 22.81 億美元，增加 1.73 億美元，增幅 8.2%。

This resulted in a margin of 38.8%, an improvement of 50 basis points compared to last year.

利潤率達 38.8%，比去年提高了 50 個基點。

Net interest expense for the fourth quarter of '24 was $113 million, a decrease of $6 million from Q423. Adjusted net income was $402 million, up 26.2%. And adjusted diluted EPS was $1.58, the increase of 25.4%.

24年第四季的淨利息支出為1.13億美元，比23年第四季減少600萬美元。調整後淨收入為4.02億美元，成長26.2%。調整後攤薄每股收益為1.58美元，較去年同期成長25.4%。

An increase in the average share price drove the diluted share count up to $254.5 million, from $254.1 million at Q324.

平均股價上漲推動稀釋股數從第三季的 2.541 億美元增至 2.545 億美元。

As Bill mentioned several quarters ago, we continue to strategically evaluate our tax rate, which has been at 26% for several years. We looked at what our adjusted tax rate represents and believe that it is appropriate to make changes to the way we have computed the rate.

正如比爾幾個季度前提到的，我們繼續從戰略上評估我們的稅率，幾年來我們的稅率一直保持在 26%。我們研究了調整後的稅率代表什麼，並認為對計算稅率的方式進行更改是適當的。

The revised effective rate more closely aligns with how we evaluate our financial performance and is more consistent with our peers. As a result, we've revised our full-year 2024 non-GAAP effective rate to 23.1%. The new effective tax rate is attributed to increased deductions related to equity awards, implementation of prudent tax planning strategies -- domestically and internationally -- and the mix of earnings in our business jurisdictions.

修訂後的有效利率與我們評估財務表現的方式更加契合，並且與同業更加一致。因此，我們將 2024 年全年非 GAAP 有效利率修訂為 23.1%。新的有效稅率歸因於與股權獎勵相關的扣除額增加、國內和國際審慎的稅務規劃策略的實施以及我們業務管轄範圍內的收益組合。

This change increases our reported adjusted EPS by approximately $0.21 in 2024. We will continue pursuing appropriate tax strategies to realize additional benefits, going forward.

這項變更將使我們報告的 2024 年調整後每股收益增加約 0.21 美元。我們將繼續推行適當的稅務策略，以實現額外的利益。

SS&C ended the fourth quarter with $567.1 million in cash and cash equivalents and $7 billion in gross debt. SS&C's net debt, as defined in our credit agreement, which excludes cash and cash equivalents of $155 million held at DomaniRx, was $6.6 billion.

SS&C 第四季結束時的現金和現金等價物為 5.671 億美元，總債務為 70 億美元。根據我們的信用協議定義，SS&C 的淨債務為 66 億美元，其中不包括 DomaniRx 持有的 1.55 億美元現金和現金等價物。

Our last-12-months consolidated EBITDA, used for covenant compliance, was $2.3 billion. Based on net debt of approximately $6.6 billion, our total leverage ratio was 2.89 times.

我們用於履行契約的過去 12 個月綜合 EBITDA 為 23 億美元。基於約 66 億美元的淨債務，我們的總槓桿率為 2.89 倍。

As we look forward to the first-quarter and full-year 2025 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.

當我們展望 2025 年第一季和全年的指引時，請注意，我們將繼續專注於客戶服務，並假設留存率將保持在我們最新業績範圍內。

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

我們將繼續以成本控制的方式管理我們的費用，透過控制調整變動費用來確保效率，提高生產力來提高我們的營業利潤率，利用我們的規模和創造產能，並透過行銷、銷售和研發有效地投資於業務，以利用未來的收入和盈利增長機會。

Specifically, we have assumed foreign currency and interest rates to remain at current levels. We anticipate our full-year adjusted tax rate to be 23% to 25%. And as we previously indicated, we will continue to evaluate our tax strategy, going forward.

具體來說，我們假設外幣和利率保持在當前水準。我們預計全年調整後的稅率為 23% 至 25%。正如我們之前所說，我們將繼續評估我們的稅務策略。

As we release our quarterly results in 2025, we will display 2024 adjusted EPS results, using the lower adjusted tax rate for the sake of comparability.

當我們發布 2025 年季度業績時，我們將展示 2024 年調整後的每股盈餘結果，並使用較低的調整後稅率以便於比較。

Capital expenditures, to be 4.1% to 4.5% of revenues, which is consistent with 2024 guidance and actual results. And a stronger weighting to share repurchases versus debt reduction, subject to changes in market conditions or financing needs.

資本支出佔收入的 4.1% 至 4.5%，與 2024 年指導和實際結果一致。根據市場條件或融資需求的變化，股票回購的權重將大於債務削減的權重。

For the first quarter of '25, we expect revenue to be in the range of $1.474 million to $1.514 billion. And 4% organic revenue growth at the midpoint. Adjusted net income in the range of $348 million to $364 million. Interest expense, excluding amortization to deferred financing costs and original issue discount, in the range of $104 million to $106 million. Diluted shares in the range of $254.6 million to $255.6 million. And adjusted diluted EPS in the range of $1.37 to $1.43.

對於 25 年第一季度，我們預計營收將在 147.4 萬美元至 15.14 億美元之間。中間值有機收入成長率為 4%。調整後淨收入在 3.48 億美元至 3.64 億美元之間。利息支出（不包括遞延融資成本攤銷和原始發行折扣）在 1.04 億美元至 1.06 億美元之間。稀釋股份範圍在 2.546 億美元至 2.556 億美元之間。調整後的稀釋每股收益在 1.37 美元至 1.43 美元之間。

For the full-year 2025, we expect revenue to be in the range of $6.085 billion to $6.245 billion. And 5% organic revenue growth at the midpoint. Adjusted net income in the range of $1.431 billion to $1.531 billion. Diluted shares in the range of $253.7 million to $256.7 million. Adjust the diluted EPS in the range of $5.64 to $5.96. And cash from operating activities to be in the range of $1.448 billion to $1.548 billion.

我們預計 2025 年全年營收將在 60.85 億美元至 62.45 億美元之間。中間階段有機收入成長率為 5%。調整後淨收入在14.31億美元至15.31億美元之間。稀釋股份範圍在 2.537 億美元至 2.567 億美元之間。將稀釋每股收益調整為 5.64 美元至 5.96 美元。經營活動現金流在 14.48 億美元至 15.48 億美元之間。

And now, back to Bill.

現在，回到比爾的話題。

Thanks, Brian.

謝謝，布萊恩。

We close out a strong 2024 with a record fourth quarter, record revenues, record earnings, record cash flows, and a record amount of share repurchases.

我們以創紀錄的第四季、創紀錄的收入、創紀錄的收益、創紀錄的現金流和創紀錄的股票回購量結束了強勁的 2024 年。

We have a lot of momentum carrying on into 2025. And we're excited to execute on our plans for investment and growth to deliver long-term shareholder [value].

我們擁有強勁的勢頭，可以持續至 2025 年。我們很高興執行投資和成長計劃，以實現長期股東利益[價值]。

So now, open it up for questions.

現在，請大家提問。

(Operator Instructions)

（操作員指令）

Jeff Schmittt, William Blair.

傑夫施密特、威廉布萊爾。

Hi. Good afternoon.

你好。午安.

In the Healthcare business, clearly the tailwind is gone but could you provide us with more details on client wins in the quarter? And how does the pipeline look for '25?

在醫療保健業務方面，順風顯然已經消失，但您能否向我們提供有關本季度客戶獲勝的更多詳細資訊？那麼 25 年的管線狀況如何？

Hopefully, you meant headwinds are gone.

希望你的意思是逆風已經消失。

That's right. Headwind. I'm sorry.

這是正確的。逆風。對不起。

I hate to get confused this early.

我不想這麼早就陷入困惑。

But we won a couple of big license deals in Q4 that really improved Q4 revenues. And we have a lot of momentum there.

但我們在第四季度贏得了幾個重要的許可協議，這確實提高了第四季度的收入。我們在這方面有著很大的發展動能。

It's big healthcare companies and they can tend to be very deliberate in their purchases. But we have some great technology and we have some great pipelines. And we have some huge healthcare companies that we're making progress with.

它們都是大型醫療保健公司，在採購時往往非常謹慎。但我們擁有一些優秀的技術和一些優秀的管道。我們正在與一些大型醫療保健公司合作並取得進展。

So I think that we have a lot of opportunity. It is difficult, in Healthcare, to be able to really project on a 90-day basis on these enormous insurance and healthcare companies.

所以我認為我們有很多機會。在醫療保健領域，很難真正以 90 天為基礎對這些龐大的保險和醫療保健公司進行預測。

So we try to be as prudent and not too conservative. And we try not to stick our neck out too far. So we're optimistic and we're very optimistic on a longer-term basis.

因此，我們盡量保持謹慎，但不要過於保守。我們也盡量不去冒太大的風險。因此我們感到樂觀，從長期來看我們非常樂觀。

Great.

偉大的。

And then, could you provide us with an update on the cross-selling efforts with Battea? And how big do you think that revenue opportunity could be?

然後，您能否向我們提供與 Battea 交叉銷售工作的最新進展？您認為這個收入機會有多大？

I think we currently have 75 active opportunities that we have with our current clients.

我認為我們目前與現有客戶共有 75 個活躍機會。

I believe we have already closed, somewhere, 15, 20 of them or 15 or 20 others. And so I think it could be a pretty large opportunity.

我相信我們已經關閉了其中的 15 家、20 家，或其他 15 家或 20 家。所以我認為這可能是一個非常大的機會。

I have read some stuff in the industry that says class action lawsuits doubled in 2024 so that would tend to be an opportunity for us.

我讀過一些業內報道，稱 2024 年集體訴訟數量翻了一番，所以這對我們來說是一個機會。

And we're looking at the business to grow high-single to low-double digits. And so it should, in 2025, be upwards $100 million, $110 million dollars in revenue.

我們期待業務實現高個位數至低兩位數的成長。因此，到 2025 年，其收入應該會超過 1 億美元、1.1 億美元。

Great. Thank you.

偉大的。謝謝。

Alexei Gogolev, with J.P. Morgan.

摩根大通的 Alexei Gogolev。

Hello, everyone. Hi, Bill.

大家好。你好，比爾。

Three months ago, when you provided us with the fourth-quarter guidance, expectations for organic growth at the midpoint was below 3%. And you delivered around 7% organic.

三個月前，當您向我們提供第四季業績指引時，中期有機成長預期低於 3%。您交付的有機產品比例約為 7%。

Sounds like, based on what you said in the prepared remarks, there were some deals that slipped from 3Q into 4Q. But I was wondering if there were any other surprises in the quarter, maybe better demand environment or perhaps some deals that closed earlier than expected?

聽起來，根據您在準備好的評論中所說的內容，有些交易從第三季度下滑到了第四季度。但我想知道本季是否還有其他驚喜，也許是更好的需求環境，還是一些比預期更早完成的交易？

Hi, Alexei.

你好，阿列克謝。

I think a number of the businesses perform very well. And I think that the closed rates on the opportunities we had was, maybe, a little bit better than we expected. And as we said, the Healthcare business also brought in a couple of pretty large license deals.

我認為許多企業的表現都非常出色。我認為我們所獲得的機會的成交率可能比我們預期的要好一點。正如我們所說，醫療保健業務還帶來了幾項相當大的許可協議。

So I think, overall, the whole business was a little stronger than we expected. And when things start hitting on a number of cylinders, the business looks pretty strong.

所以我認為，總體而言，整個業務比我們預期的要強勁一些。當事情開始在多個方面發揮作用時，業務看起來就會非常強勁。

Perfect. Thank you, Bill.

完美的。謝謝你，比爾。

And also, directionally, have you had a chance to maybe consider within the team -- with Rahul and with the rest of the team -- around the recent decision by the European Commission to cut the corporate reporting requirements by almost 25%.

另外，從方向來看，您是否有機會在團隊內部與拉胡爾以及團隊的其他成員一起考慮歐盟委員會最近做出的將企業報告要求削減近 25% 的決定。

Do you view regulation or deregulation as a risk to your regulatory business or filing business? And what long term you do have for where the industry is heading?

您是否認為監管或放鬆管制會對您的監管業務或備案業務造成風險？您對這個產業的長期發展有什麼看法？

I think there's puts-and-takes on all of this kind of stuff. And the less regulation there are of our clients, the faster they grow. The faster they grow, the better for us.

我認為所有這類事情都存在著得失之交臂。我們的客戶受到的監管越少，他們的發展就越快。它們生長得越快，對我們越有利。

Do we make some money by helping them with regulation? Of course, we do. But we would much prefer them to grow than to be overregulated.

我們幫助他們制定監管規定能賺錢嗎？當然有。但我們更希望它們能夠成長，而不是受到過度監管。

Makes a lot of sense. Thank you, Bill.

非常有道理。謝謝你，比爾。

Dan Perlin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Dan Perlin。

Thanks. Good evening and congrats on a good quarter. And, obviously, on your new grandchild.

謝謝。晚上好，恭喜您本季取得良好業績。顯然，這也與你的新孫子有關。

I wanted to spend a moment, if I could, just in terms of thinking through the investment cycle. You've invested a lot in products and solutions over the past 12 to 18 months and that's obviously starting to play out in the organic growth.

如果可以的話，我想花一點時間來思考投資週期。在過去的 12 到 18 個月裡，您在產品和解決方案上投入了大量資金，這顯然開始在有機成長中發揮作用。

I'm trying to understand the building blocks that you have for the 5% organic growth, at the midpoint, for 25%. I know Healthcare turned positive and like you said, there's some lumpiness to the license deals.

我試圖了解實現 5% 有機成長（中間值，即 25%）的基礎要素。我知道醫療保健行業的情況變得積極，正如您所說，許可交易方面存在一些問題。

But it seems like it's going to be just a lot more sustainable at those levels. And I just want to get your thoughts on what your view is there and maybe the key components to that.

但看起來，在這些層面上，它將更永續。我只是想聽聽您對此的看法以及其中的關鍵要素。

Dan, you've been around SS&C for a while and you understand that when we are heavily weighted towards licenses, then it's pretty lumpy.

丹，你在 SS&C 工作已經有一段時間了，你知道當我們嚴重依賴許可證時，情況就會變得相當不平衡。

When we are bringing in large-scale services business, it tends to grow as more and more of their accounts, more and more of their portfolios, more and more of the services we provide, start going live.

當我們引入大規模服務業務時，隨著越來越多的帳戶、越來越多的投資組合、越來越多的我們提供的服務開始上線，業務往往會不斷增長。

So we can have a client that's going to pay us $20 million a year and it doesn't ramp up for two, three, four quarters. It might start at $2 million, $3 million a quarter and $6 million to $8 million and then, $10 million, $15 million and then, gets $20 million. And so, it's that kind of a business.

因此，我們可以有一位客戶每年向我們支付 2000 萬美元，但這兩、三、四個季度內這筆錢不會增加。一開始可能每季 200 萬美元、300 萬美元，然後是 600 萬美元、800 萬美元，然後是 1000 萬美元、1500 萬美元，最後是 2000 萬美元。所以，這就是那種生意。

It's just that we have increasingly larger footprint around the world. And five, six years ago, we were spending $200 million to $250 million on sales and marketing. And now we're spending $550 million to $600 million on sales marketing.

只是我們在世界各地的足跡越來越大。五、六年前，我們在銷售和行銷上花了 2 億至 2.5 億美元。現在我們在銷售行銷上花了 5.5 億至 6 億美元。

We think some of it works. And sometimes we wonder. But we think some of it works.

我們認為其中一些是有效的。有時我們也會感到疑惑。但我們認為其中一些是有效的。

Totally see the results.

完全看到結果。

So one other quick thing, if I could. Bill, I've heard you at conferences also speak about the superannuation opportunity in Australia and you've got this lift-out.

如果可以的話，還有另一件事。比爾，我聽說您在會議上也談到了澳大利亞的退休金機會，並且您得到了這個信息。

Would you mind just, maybe, spending just a minute level-setting what you think of that market? How big it could be?

您介意花一點時間來明確您對該市場的看法嗎？它能有多大？

I know you said you got 5% market share so there's a huge opportunity. But I'm just not as familiar with who the major players are there and what that competitive dynamic is and therefore, what your real opportunity is.

我知道你說過你獲得了 5% 的市場份額，因此這是一個巨大的機會。但我不太清楚誰是主要的參與者，競爭動態是什麼，因此，你真正的機會是什麼。

Thank you.

謝謝。

Again, we've been in the Australian market for quite a while. And I think that the superannuation has been built based on some acquisitions that we've done like Iress.

再說一次，我們已經進入澳洲市場很長一段時間了。我認為退休金制度是基於我們進行的一些收購而建立的，例如 Iress。

And then, also, about the capabilities that we've built out in our own development cycles. And they call superannuation the wall of money so I think it really is a pretty brilliant national program that Australia has put in.

然後，也談到我們在自己的開發週期中所建構的能力。他們把退休金稱為“金錢牆”，所以我認為這確實是澳大利亞實施的一項非常出色的國家計劃。

And it is something where we think we have the best technology. We think we have a really good team. We have some really great customers. And those are the kinds of things that really are the ingredients of increased growth, increased client access to our technology, and increased profitability for us.

我們認為我們擁有最先進的技術。我們認為我們擁有一支非常優秀的團隊。我們有一些非常好的客戶。這些因素確實是我們實現成長、讓客戶更多地使用我們的技術以及提高獲利能力的因素。

Excellent.

出色的。

Peter Heckman, D.A. Davidson.

彼得‧赫克曼（Peter Heckman），地方檢察官戴維森。

Hey. Good afternoon, everyone. Sorry, someone poked their head in so I hope someone hasn't already asked my question.

嘿。大家下午好。抱歉，有人探頭進來了，所以我希望還沒有人問過我的問題。

But in Insignia Financial, can you talk about that deal a little bit? Whether you've included anything in your 2025 guidance.

但是在 Insignia Financial，您可以稍微談論一下這筆交易嗎？您的 2025 年指導中是否包含任何內容。

And then, if you could, maybe, size it a little bit in terms of what should we be thinking about, in terms of an annual revenue contribution?

然後，您是否可以稍微估算一下，我們應該從年度收入貢獻的角度來考慮這個問題？

I don't know if we want to get quite as granular -- it's an individual client's contribution. But it's a very large deal.

我不知道我們是否想要獲得如此細緻的資訊——這是個人客戶的貢獻。但這是一件大事。

It would be, probably, in the Top 20 in our client base and Top 20 of SS&C is a pretty big fish in our book.

它很可能在我們的客戶群中位列前 20 名，而 SS&C 的前 20 名在我們看來是一條大魚。

But there's a lot of work to be done. And we need to focus on that client satisfaction and giving them increased capabilities, as they become an increasingly large money manager and retirement manager for a bunch of Australians.

但還有很多工作要做。我們需要專注於客戶滿意度並增強他們的能力，因為他們將成為越來越多澳洲人的資金管理者和退休管理者。

And that's what we're focused on. And they've been a really great prospect. And we've moved a very long way.

這正是我們關注的重點。他們確實是一個很出色的候選人。我們已經走了很長的路。

And like I said, it should be a very significant client for us. And we're going to get most of the revenue from them in the second half of '25, as we hope to get contracts finalized by the end of this quarter and begin the entire implementation process in Q2.

而且正如我所說的，這對我們來說應該是一個非常重要的客戶。我們將在25年下半年從他們那裡獲得大部分收入，因為我們希望在本季度末完成合同，並在第二季度開始整個實施過程。

Okay.

好的。

And then, just in terms of this most recent acquisition, FPS Trust. I didn't ping [Brian] yet. I hadn't got any ideas in terms of like sizing your price. Now, would you characterize that as a relatively small tuck-in deal or something a bit bigger?

然後，就最近的收購 FPS Trust 而言。我還沒有聯絡過[Brian]。我對確定您的價格還沒有任何想法。現在，您會將其描述為相對較小的交易還是更大一點的交易？

It is a small tuck-in deal. But it also gives us a real capability that allows us to really leverage what we've done with Trust Suite and other things -- of the merging of some of the stuff with the Trust acquisition and Black Diamond and other things where we have really had a focus and are getting quite good [traction].

這是一筆小交易。但它也給了我們一種真正的能力，讓我們能夠真正利用我們在 Trust Suite 和其他方面所做的工作——將一些內容與 Trust 收購和 Black Diamond 以及其他我們真正關注並做得很好的事情合併在一起[牽引力]。

Got it. Thank you.

知道了。謝謝。

Kevin McVeigh, UBS.

瑞銀的凱文麥克維 (Kevin McVeigh)。

Great. Thanks so much. And let me add my congratulations to you as well, Bill, on your grandson.

偉大的。非常感謝。比爾，我也要向你表示祝賀，恭喜你生下你的孫子。

If the midpoint of 2025 is 5%, what would be the low end of that, organically? And what would be the high end of that?

如果 2025 年的中點是 5%，那麼有機成長率的最低值是多少？那麼，這個最高限度是什麼呢？

Any kind of factors as to what gets to the low end as opposed to the high end?

有哪些因素會影響到低端和高端？

I think, in general, the way we bookmark these things is roughly $80 million in revenue on either side of the number. So I think that $160 million is, probably, a reasonable range.

我認為，一般來說，我們標記這些內容的方式是數字兩邊的收入約為 8000 萬美元。因此我認為 1.6 億美元可能是合理的範圍。

I think, as Bill said earlier, what we feel good about is we have all of our businesses performing reasonably well, right? And so there's a lot of strength in that combined business.

我認為，正如比爾之前所說，讓我們感到高興的是，我們的所有業務都表現得相當好，對嗎？因此，合併後的業務將具有很大的優勢。

And as we're bringing solutions together across the company, we think that we have more sales opportunities, both for new clients as well as getting deeper with current client base.

隨著我們在整個公司範圍內整合解決方案，我們認為我們擁有更多的銷售機會，無論是針對新客戶還是加深現有客戶群。

So there's a lot of positives. But, really, to answer your question, the things that make us go a little bit towards the lower end of the range versus a little bit towards the higher end of the range really does come down to new sales, timing of implementations and making sure we get those converted in live fast enough for them to make a meaningful difference during the course of the year.

因此，有很多積極的方面。但實際上，回答你的問題，讓我們稍微向範圍的低端靠攏而不是稍微向範圍的高端靠攏的因素實際上取決於新的銷售、實施的時間安排，以及確保我們足夠快地進行實時轉換，以便它們在一年內產生有意義的變化。

And, a little bit, organic things or macroeconomic things like deal volume and Intralinks and fund flows in fund administration. But those are, generally speaking, not as important as the first two.

還有一點，有機事物或宏觀經濟事物，如交易量、Intralinks 和基金管理中的資金流動。但一般來說，這兩者並不像前兩者那麼重要。

Super helpful.

超有幫助。

And then, just real quick, obviously, the Healthcare business looks terrific. It sounds like that there was some software sales.

然後，很快，顯然醫療保健業務看起來非常棒。聽起來好像有些軟體銷售。

Is that a pretty good proxy? Like, is there any type of leading indicator that leads to, maybe, larger contracts or if you think about (inaudible), going into 26, or is that independent?

這是一個相當好的代理商嗎？例如，是否存在某種領先指標，可以帶來更大的合同，或者如果你考慮（聽不清楚），進入 26，或者這是獨立的？

You know that's, probably, mostly independent, Kevin. But I do think that what is going on in healthcare is that they're under pressure because the loss ratios in medical have gotten more expensive for them.

您知道，這可能主要是獨立的，凱文。但我確實認為，醫療保健領域的情況是，他們面臨壓力，因為醫療領域的損失率對他們來說變得越來越昂貴。

And they're looking for ways in which to have lower operating expenses and. And DomaniRx and a few other of our technologies are quite good at being able to manage your expenses.

他們正在尋找降低營運費用的方法。DomaniRx 和我們的其他一些技術能夠很好地管理您的開支。

And that's something where they're going to have to do it because the entire healthcare ecosystem is going to be, probably, turned a little bit upside down, as this new administration starts to make changes to the Medicare and Medicaid systems.

他們必須這麼做，因為隨著新政府開始對醫療保險和醫療補助系統進行改革，整個醫療保健生態系統可能會發生一些天翻地覆的變化。

And I don't think they're going to lower them, lower the expenses. But I do think they're going to focus on efficiency and effectiveness.

我不認為他們會降低這些成本和開支。但我確實認為他們會注重效率和效力。

Makes a lot of sense. Congratulations on that. Just really terrific results.

非常有道理。恭喜你。結果確實非常棒。

(Operator Instructions)

（操作員指令）

Andrew Schmidt, Citi.

花旗銀行的安德魯‧施密特 (Andrew Schmidt)。

Hey, guys. Thanks for taking my questions. And congrats on the organic growth here. It's great to see.

嘿，大家好。感謝您回答我的問題。並祝賀我們實現了有機成長。很高興看到。

Maybe just dig in to GlobeOp for a second. Nice to see the acceleration there. Maybe we could just unpack the drivers this quarter, over the past few quarters, across private markets, hedge funds, real assets, any call-outs in terms of the growth drivers and obviously, middle and back office, where the opportunities are?

也許只需深入了解一下 GlobeOp。很高興看到那裡的加速。或許我們可以分析本季、過去幾季的私人市場、對沖基金、實體資產的驅動因素，以及在成長動力方面有什麼亮點，顯然，在中後台，機會在哪裡？

Thanks, guys.

謝謝大家。

I think a lot of it is just it's a continuation of what we've seen in the last couple of years.

我認為很多情況只是過去幾年我們所見情況的延續。

So private markets, private credit, real estate continues to be very strong for us. In that space, in particular, it's both opportunities with existing very large funds that are letting us in now and giving us more and more, as well as new funds that, for the most part, outsource on day one. And we still think there's a lot of new opportunity in that market.

因此，私人市場、私人信貸和房地產對我們來說仍然非常強勁。尤其是在這個領域，現有的大型基金既給我們機會，也給予我們越來越多的機會，而新基金大部分在第一天就外包。我們仍然認為該市場還有很多新機會。

Our hedge fund business is also performing and performed really well in 2024. And that's a combination of new client wins, as well as we're now fortunate in the sense that we have some of the biggest names in the industry and they have tended to attract almost a disproportionate share of the fund allocation.

我們的對沖基金業務也表現良好，2024年表現非常好。這是贏得新客戶的因素，而且我們現在很幸運，因為我們擁有一些業內知名的公司，他們往往吸引了幾乎不成比例的基金分配份額。

So our clients are getting bigger. That helps us. We're winning more. And we have a pretty broad opportunity across both hedge and private markets.

因此我們的客戶越來越大。這對我們有幫助。我們贏得更多。我們在對沖市場和私人市場都有相當廣泛的機會。

That's great to hear. I appreciate that.

我很高興聽到這個消息。我很感激。

And then, maybe, just two other questions -- separate areas. I'll ask them up front.

然後，也許，只剩下另外兩個問題──不同的領域。我會提前問他們。

GlobeOp. How to think about the range of outcomes for '25 in terms of banking?

全球行動。從銀行業的角度來看，如何看待 25 年的一系列結果？

And then, just separately, obviously, Automation continues to be a big opportunity for you, guys. Maybe, give us an update in terms of where you're at, in terms of automating key functions.

然後，單獨來看，顯然，自動化對你們來說仍然是一個巨大的機會。也許，請向我們提供您在關鍵功能自動化方面的最新進展。

And I know some of that is reinvesting in products, et cetera. But where we're at in terms of that initiative.

我知道其中一部分正在對產品進行再投資等等。但就這項舉措而言，我們目前處於什麼位置。

Thanks a lot, guys. Really appreciate it.

非常感謝大家。真的很感激。

Just building on what Rahul said, we honestly believe that we're the best fund administrator in the world, both for hedge assets as well as private assets, whether it's equity or credit or others. So having the expertise that we have and the clients that we have, who are demanding, which improves us.

就拉胡爾所說，我們真誠地相信，我們是世界上最好的基金管理人，無論是對沖資產還是私人資產，無論是股票、信貸或其他資產。因此，我們擁有專業知識，客戶的要求很高，這使我們進步了。

When you play in the biggest games, you get better or you don't get to play in the biggest games anymore.

當你參加最重要的比賽時，你會變得更好，或者你就不再參加最重要的比賽了。

So most of the large-scale, macro hedge funds are our clients. And I believe we will continue to have them as our clients.

因此，大多數大型宏觀對沖基金都是我們的客戶。我相信我們將繼續擁有他們作為我們的客戶。

And as Raul said, as they get bigger, they get some real star portfolio managers. And those star portfolio managers sometimes spin out. And that helps us a lot.

正如勞爾所說，隨著他們規模的擴大，他們會得到一些真正的明星投資組合經理。而那些明星投資組合經理有時也會退出。這對我們幫助很大。

Again, that's why we always say that we much prefer that our clients grow than that they get overregulated. We are much more in really helping our clients access new markets, have the range of what they want to invest in, always, at the broadest level, if there are clients and that there are no geographic limitations, if you're a client of us.

再次強調，這就是為什麼我們總是說，我們更希望我們的客戶成長，而不是過度監管。我們更專注於幫助客戶進入新市場，讓他們了解自己想要投資的範圍，如果有客戶，並且沒有地理限制，如果你是我們的客戶，我們總是在最廣泛的層面上為他們提供投資機會。

So we think those are very valuable to people. And I think that we have won a lot of business because we have invested, very heavily, in being able to deliver those capabilities.

所以我們認為這些對人們來說非常有價值。我認為我們之所以贏得很多業務是因為我們投入了大量資金來實現這些功能。

Got it. Thanks so much, Bill.

知道了。非常感謝，比爾。

And then, just on the Automation side?

那麼，只是在自動化方面嗎？

That's primarily been driven by Blue Prism. I think we're up to about 1,550, what we call, digital workers. And that the savings for us are moving above $150 million, towards $200 million in savings.

這主要得益於 Blue Prism 的推動。我認為我們所謂的數位化員工數量已達到約 1,550 人。我們的節省金額將超過 1.5 億美元，朝著 2 億美元邁進。

And another thing we've done is -- if you look at us, I think about five, six years ago, we spent, like I said, $200 million to $250 million on sales marketing. Now, we spend, $550 million to $600 million on sales marketing.

我們做的另一件事是——如果你看看我們，我想大約五、六年前，就像我說的，我們在銷售行銷上花了 2 億到 2.5 億美元。現在，我們在銷售行銷上花了 5.5 億至 6 億美元。

If you look at R&D, it's very similar, where we're spending way more than we did five and six years ago. And it's a little bit because we decided to, rather than drive up our margins, we wanted to reinvest in the business and try to drive organic revenue growth.

如果你看一下研發，你會發現情況非常相似，我們在研發上投入的資金比五、六年前多得多。這在一定程度上是因為我們決定不再提高利潤率，而是重新投資於業務，並努力推動有機收入成長。

And you got to do that with new products, new services. And it's not without risk of its own. Not that we don't build great software. And, oftentimes, we're successful in building great software. And other times, we're not quite as successful in building great software.

你必須透過新產品、新服務來做到這一點。但這並非沒有風險。這並不是說我們沒有開發出優秀的軟體。而且，我們常常能夠成功開發出優秀的軟體。但有時，我們在開發優秀軟體方面並不太成功。

So it's a difficult business and we focus on it and we think that's something that gives us competitive advantage and will continue to give us competitive advantage.

所以這是一項困難的業務，我們專注於它，我們認為這將為我們帶來競爭優勢，並將繼續為我們帶來競爭優勢。

Got it. Thanks so much, Bill.

知道了。非常感謝，比爾。

As there are no further questions at this time, that concludes the Q&A session for today.

由於目前沒有其他問題，今天的問答環節就到此結束。

I would now like to turn the call over to Bill Stone for closing remarks.

現在我想請比爾·斯通作結束語。

Again, we really appreciate you all being on the call.

再次，我們非常感謝大家參加電話會議。

And I knew I had to bring up my new grandson so he wouldn't pick on me. But I think we had good enough numbers that we didn't have to worry about that too much. I'm going to have to have another one soon.

我知道我必須撫養我的孫子，這樣他才不會欺負我。但我認為我們的數據已經足夠好了，所以我們不需要太擔心這一點。我很快就得再吃一個了。

Anyway, I really appreciate you being on. And I think that it's always amazing when it's only Rahul and I that have to answer and Brian doesn't. That must mean he had really good numbers in the quarters.

無論如何，我非常感謝您能來參加。我認為，當只有拉胡爾和我必須回答而布萊恩不需要回答時，這總是令人驚訝的。這肯定意味著他在四分之一決賽中的表現非常出色。

Enjoy your week. Thanks for being on. Bye.

祝您本週愉快。感謝您的關注。再見。

This concludes today's meeting.

今天的會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。