SS&C Technologies Holdings Inc (SSNC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the SS&C Technologies first quarter 2025 earnings conference call. (Operator Instructions) I will now hand today's call over to Chand Madaka, Investor Relations. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 SS&C Technologies 2025 年第一季財報電話會議。（操作員指示）我現在將今天的電話會議交給投資人關係部的 Chand Madaka。請繼續。

Welcome, and thank you for joining us for our Q1 2025 earnings call. I'm Chand Madaka, Investor Relations for SS&C. 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，感謝您參加我們的 2025 年第一季財報電話會議。我是 SS&C 投資者關係部門的 Chand Madaka。今天與我一起的有董事長兼首席執行官比爾·斯通 (Bill Stone)、總裁兼首席營運官拉胡爾·坎瓦爾 (Rahul Kanwar) 和首席財務官布萊恩·謝爾 (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、計畫和前景所做的各種評論，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案》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. These forward-looking statements represent our expectations only as of today, April 24, 2025. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so.

由於各種重要因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異，包括我們最新的 10-K 表年度報告中「風險因素」部分所討論的因素，該報告已提交給美國證券交易委員會 (SEC)，也可在我們的網站上查閱。這些前瞻性陳述僅代表我們截至 2025 年 4 月 24 日的預期。儘管公司可以選擇更新這些前瞻性聲明，但公司明確否認有這樣做的義務。

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

在今天的電話會議中，我們將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.ssctech.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, Chand, and welcome, everyone. Our first quarter results are adjusted revenue $1,514,800,000, up 5.5% and adjusted diluted earnings per share of $1.44, an 8.3% increase. Adjusted consolidated EBITDA was $591.9 million, up 6.3%, resulting in quarterly adjusted consolidated EBITDA margin of 39.1%.

謝謝，Chand，歡迎大家。我們第一季的業績為調整後營收 1,514,800,000 美元，成長 5.5%；調整後每股攤薄收益 1.44 美元，成長 8.3%。調整後綜合 EBITDA 為 5.919 億美元，成長 6.3%，季調整後綜合 EBITDA 利潤率為 39.1%。

Our first quarter adjusted organic revenue growth was 5.1%. Performance was driven by our GlobeOp Wealth and Investment Technologies and Global Investor and Distribution Services business. GlobeOp posted strong results with organic growth of 10.3% and positive trends in private market and retail alternatives. Wealth and Investment Technology saw continued strength in the Wealth segment and GIDS met its client wins and volume targets.

我們第一季調整後的有機收入成長率為5.1%。業績成長主要得益於我們的 GlobeOp 財富與投資技術以及全球投資者與分銷服務業務。GlobeOp 業績表現強勁，有機成長率達 10.3%，私人市場和零售替代品呈現正面趨勢。財富和投資技術在財富領域繼續保持強勁勢頭，GIDS 實現了客戶贏得量和交易量目標。

We continue to feel good about our health business, which finished the quarter approximately flat. Our recurring revenue growth rate for financial service was 5.9% in Q1, which includes all software-enabled services and maintenance revenues. For the three months ended March 31, 2025, cash from operating activities were $272.2 million, up 50.8% from Q1 '24. We bought back 2.4 million shares for $206.9 million at an average price of $87.21. Consistent with our historical capital allocation practices, we will continue to buy shares opportunistically.

我們繼續對我們的健康業務感到樂觀，該業務本季基本持平。我們第一季金融服務的經常性收入成長率為 5.9%，其中包括所有軟體支援服務和維護收入。截至 2025 年 3 月 31 日的三個月，經營活動現金流為 2.722 億美元，較 2024 年第一季成長 50.8%。我們以平均每股87.21美元的價格回購了240萬股，總價值2.069億美元。秉承我們以往的資本配置策略，我們將繼續適時回購股票。

SS&C continues to see success internationally across several of our businesses. During the quarter, we signed our strategic lift out agreement with Insignia Financial and have since won additional Australia mandates. In March, we hosted one SS&C event in Sydney, which has led to an increased profile, and we met with a number of our largest clients, and we remain bullish on Australia.

SS&C 的多項業務繼續在國際上取得成功。在本季度，我們與 Insignia Financial 簽署了策略升級協議，並贏得了更多澳洲授權。今年 3 月，我們在雪梨舉辦了一場 SS&C 活動，提高了我們的知名度，我們也與許多最大的客戶進行了會面，我們仍然對澳洲持樂觀態度。

Geneva had one of its best quarters in EMEA history, winning three major deals in the region. We are outpacing our competitors and distributing functional depth and breadth globally. Private markets has also enjoyed the fruits of international expansion growing 14% in Q1. We are currently focusing efforts on the Middle East with flagship clients driving regional growth. We've strengthened our presence in the Middle East by opening a new office in Red Saudi Arabia, in addition to our offices in Abu Dhabi and Dubai.

日內瓦迎來了歐洲、中東和非洲地區歷史上最好的季度，在該地區贏得了三筆重大交易。我們正在超越競爭對手，並在全球範圍內分銷功能的深度和廣度。私募市場也享受了國際擴張的成果，第一季成長了 14%。我們目前正致力於中東地區，以旗艦客戶推動區域成長。除阿布達比和杜拜的辦事處外，我們還在沙烏地阿拉伯紅區開設了新辦事處，加強了我們在中東的業務。

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

現在我將把電話轉給拉胡爾，讓他更詳細地討論本季的情況。

Thanks, Bill. We had a strong first quarter with organic revenue growth of 5.1%. GlobeOp started 2025 on a high note, posting 10.3% organic growth. The integration of Battea is also progressing well. and we've already won 10 cross-sell customers. In addition to these results, we're seeing healthy activity in key areas, particularly in retail alternatives in private markets.

謝謝，比爾。我們第一季表現強勁，有機營收成長 5.1%。GlobeOp 在 2025 年取得了良好的開局，實現了 10.3% 的有機成長。Battea 的整合也進展順利，我們已經贏得了 10 位交叉銷售客戶。除了這些結果之外，我們還看到關鍵領域的活動表現健康，尤其是私人市場的零售替代品。

Our Wealth and Investment Technologies business delivered strong results driven by ALPS Advisors and the Black Diamond Wealth platform. Our strategic alliance with Morningstar is expanding the opportunity set. We're also advancing customer transitions to the Genesis platform. with solid engagement across our prospects.

在 ALPS Advisors 和 Black Diamond Wealth 平台的推動下，我們的財富和投資科技業務取得了強勁的業績。我們與晨星的策略聯盟正在擴大機會。我們也正在推動客戶向 Genesis 平台過渡，並與潛在客戶進行密切合作。

Global Investor and Distribution Solutions business saw steady growth supported by key customer renewals and new retirement mandates. We continue to see a healthy flow of opportunities across global markets. Demand for AI-driven automation remains high. Earlier this month, we launched our global governance first AI platform at Blue Prism Live in London.

在關鍵客戶續約和新退休授權的支持下，全球投資者和分銷解決方案業務將穩步成長。我們持續看到全球市場出現健康的機會流動。對人工智慧驅動的自動化的需求仍然很高。本月初，我們在倫敦的 Blue Prism Live 上推出了我們的全球治理首個人工智慧平台。

As part of the launch, we introduced a unified trust layer designed to help regulated customers adopt advanced technologies with confidence using embedded guardrails and policy-based execution. This positions Blue Prism as a trusted partner in enterprise transformation.

作為發布的一部分，我們引入了一個統一的信任層，旨在幫助受監管的客戶使用嵌入式護欄和基於策略的執行自信地採用先進技術。這使得 Blue Prism 成為企業轉型中值得信賴的合作夥伴。

We also continue to deploy Blue Prism and other automation technologies internally, and we've achieved a cumulative benefit of more than 3,300 full-time equivalents since we launched this effort in early 2023. We recently introduced 20 new AI agents capable of handling complex unstructured content, including vendor contracts and limited partner capital statements. These innovations are central to efforts to support customers on their own AI journeys.

我們也繼續在內部部署 Blue Prism 和其他自動化技術，自 2023 年初啟動這項工作以來，我們已累積超過 3,300 名全職員工的收益。我們最近推出了 20 個新的 AI 代理，能夠處理複雜的非結構化內容，包括供應商合約和有限合夥人資本報表。這些創新對於支持客戶實現自身的人工智慧之旅至關重要。

With that, I'll turn it over to Brian to talk through the financials.

說完這些，我會把話題交給 Brian 討論財務問題。

Thanks, Rahul, and good day, everyone. As noted in our press release, our Q1 '25 GAAP results reflect revenues of $1.514 billion, net income of $213 million and diluted earnings per share of $0.84. Our adjusted non-GAAP results include revenues of $1.51 billion, an increase of 5.5% over Q1 '24 and adjusted diluted EPS of $1.44, an 8.3% increase over Q1 '24.

謝謝，拉胡爾，大家好。正如我們在新聞稿中所述，我們2025年第一季的GAAP業績顯示，營收為15.14億美元，淨利潤為2.13億美元，稀釋每股收益為0.84美元。我們調整後的非GAAP業績顯示，營收為15.1億美元，較2024年第一季成長5.5%，調整後稀釋每股盈餘為1.44美元，較2024年第一季成長8.3%。

The adjusted revenue increase of $79 million over Q1 '24 was primarily driven by incremental organic revenue contributions from GlobeOp of $34 million with a $14 million and give of $9 million, offset by an unfavorable impact from foreign exchange of $7 million. As a result, adjusted organic revenue growth was 5.1% and our core expenses also increased 5.1% or $45 million, which excludes acquisitions and on a constant currency basis.

調整後收入較 2024 年第一季增加 7,900 萬美元，主要得益於 GlobeOp 的 3,400 萬美元增量有機收入貢獻，以及 1,400 萬美元的 900 萬美元的收益，但外匯帶來的 700 萬美元的不利影響抵消了這一影響。因此，調整後的有機收入成長率為 5.1%，我們的核心支出也成長了 5.1% 或 4,500 萬美元（不包括收購，以固定匯率計算）。

Adjusted consolidated EBITDA was $592 million, reflecting an increase of $35 million or 6.3% from Q1 '24 and a margin of 39.1%, a 30 basis point expansion. Net interest expense for the quarter was $105 million, a decrease of $11 million from Q1 '24, primarily reflecting lower short-term interest rates. Adjusted net income was $366 million, up 9%, resulting in adjusted diluted EPS of $1.44, an increase of 8.3%.

調整後合併 EBITDA 為 5.92 億美元，較 24 年第一季增加 3,500 萬美元（6.3%），利潤率為 39.1%，擴大 30 個基點。本季淨利息支出為 1.05 億美元，較 24 年第一季減少 1,100 萬美元，主要反映了短期利率下降。調整後淨收入為 3.66 億美元，成長 9%，調整後稀釋每股收益為 1.44 美元，成長 8.3%。

Our effective non-GAAP tax rate was 24%. Note for comparison purposes, we have recast the 2024 adjusted net income quarterly results to reflect the full year effective tax rate of 23.1%. An increase in the average share price drove the diluted share count up from $254.9 million from $253.3 million year-over-year.

我們有效的非公認會計準則稅率為 24%。請注意，為了進行比較，我們已重算 2024 年調整後的淨收入季度結果，以反映 23.1% 的全年有效稅率。平均股價的上漲推動稀釋後股票總數從去年同期的 2.533 億美元增加到 2.549 億美元。

Cash flow from operating activities grew 51%, which was driven by growth in earnings as well as improved working capital utilization. Our quarterly cash flow conversion was 74%, up from 54% last year. SS&C ended the first quarter with $515 million in cash and cash equivalents and $6.9 million in gross debt. SS&C's net debt was $6.4 billion our LTM consolidated EBITDA was $2.3 billion. The resulting net leverage ratio is 2.74 times.

經營活動現金流成長 51%，這得益於收益成長以及營運資金利用率提高。我們的季度現金流轉換率為 74%，高於去年的 54%。SS&C 第一季末的現金和現金等價物為 5.15 億美元，總債務為 690 萬美元。SS&C 的淨債務為 64 億美元，我們的 LTM 合併 EBITDA 為 23 億美元。由此得出的淨槓桿率為2.74倍。

We look forward to the second quarter and the remainder of the year with respect to guidance. We will continue to focus on client service and assume retention rates will continue to be in the range of our most recent results. We will continue to manage our expense by controlling and aligning variable expenses, increasing productivity to improve our operating margins and effectively investing in the business through marketing, sales and R&D.

我們期待第二季和今年剩餘時間的指導。我們將繼續專注於客戶服務，並假設保留率將繼續保持在我們最新結果的範圍內。我們將繼續透過控制和調整變動費用、提高生產力來提高我們的營業利潤率以及透過行銷、銷售和研發有效地投資於業務來管理我們的費用。

Specifically, we have assumed foreign currency exchange will be at current levels, interest rates to remain at current levels and effective tax rate of approximately 24% on an adjusted basis, capital expenditures to be 4% to 4.4% of revenues, which is a slight reduction from prior guidance and a stronger weighting to share repurchases versus debt reduction.

具體來說，我們假設外匯匯率將保持在當前水平，利率將保持在當前水平，調整後的有效稅率約為 24%，資本支出將佔收入的 4% 至 4.4%，這比之前的指導略有減少，並且股票回購的權重與債務削減的權重更大。

For the second quarter of '25, we expect revenue to be in the range of $1.489 billion to $1.529 billion and 2.5% organic revenue growth at the midpoint, adjusted net income in the range of $343 million to $359 million, interest expense, excluding amortization of deferred financing costs and original issue discount in the range of $102 million to $104 million, diluted shares in the range of $254 million to $255 million, and adjusted diluted EPS in the range of $1.35 to $1.41.

對於 2025 年第二季度，我們預計收入在 14.89 億美元至 15.29 億美元之間，中間值有機收入增長率為 2.5%，調整後淨收入在 3.43 億美元至 3.59 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 1.02 億美元之間，利息支出至 45.45 億美元。億美元之間，調整後稀釋每股收益在 1.35 美元至 1.41 美元之間。

For the full year 2025, we are modestly raising our top line guidance by $13 million at the midpoint, and now expect revenue to be in the range of $6.11 billion to $6.238 billion. Bearing in mind recent macro uncertainty, geopolitical conditions and market volatility, we note FX translation has influenced our organic growth rate guide for the next -- for the year. Current FX rates provide a potential top line benefit, though we remain appropriately conservative in the current environment. We now expect 4.4% organic revenue growth at the midpoint.

對於 2025 年全年，我們將營收預期中位數小幅上調 1,300 萬美元，目前預計營收將在 61.1 億美元至 62.38 億美元之間。考慮到最近的宏觀不確定性、地緣政治條件和市場波動，我們注意到外匯轉換已經影響了我們明年的有機成長率指南。儘管在當前環境下我們仍保持適當保守的態度，但目前的外匯匯率仍能帶來潛在的營收效益。我們現在預計中間值有機收入成長率為 4.4%。

We continue to expect organic growth to ramp up in the second half of the year based on our current view of the pipeline, expected contribution from already sold deals and Battea turning organic. For the full year 2025, we are slightly raising our earnings guidance. Specifically, we expect adjusted net income in the range of $1.441 billion to $1.541 billion, diluted shares in the range of $253.7 million to $256.7 million, adjusted diluted EPS in the range of $5.68 to $6, up $0.04 at the midpoint, and cash from operating activities to be in the range of $1.458 billion to $1.558 billion.

根據我們目前對產品線的看法、已售出交易的預期貢獻以及 Battea 的有機成長，我們繼續預計下半年有機成長將會加快。對於 2025 年全年，我們略微上調了獲利預期。具體來說，我們預計調整後淨收入在 14.41 億美元至 15.41 億美元之間，稀釋每股收益在 2.537 億美元至 2.567 億美元之間，調整後稀釋每股收益在 5.68 美元至 6 美元之間，中點上漲 0.04 美元，經營活動現金流在 14.58 億美元之間。

Our 2025 guidance reflects our solid results in Q1 with a continued positive outlook for the remainder of the year. We are also positioning ourselves to better support our growth, acquisitions and integration plans with the conversion of our multiple general ledger systems into a single platform by the end of the third quarter this year.

我們對 2025 年的預期反映了我們第一季的穩健業績，並對今年剩餘時間的前景保持樂觀。我們還將在今年第三季末將我們的多個總帳系統轉換為單一平台，以更好地支援我們的成長、收購和整合計劃。

And now back to Bill.

現在回到比爾。

Thanks, Brian. We also added Francesco Vanni d’'Archirafi to our Board in March, and we welcome him. He had a very aggressive career at Citibank, and he currently serves as Chairman of the Board of Directors of Euroclear Holdings and as a member of the Board of MAPFRE. We are excited about the extensive experience he brings in operational management and corporate transactions.

謝謝，布萊恩。我們也於三月將 Francesco Vanni d’Archirafi 加入我們的董事會，我們對他的加入表示歡迎。他在花旗銀行的職業生涯非常順利，目前擔任 Euroclear Holdings 董事會主席和 MAPFRE 董事會成員。我們對他在營運管理和公司交易方面帶來的豐富經驗感到非常興奮。

We are operating in an environment of geopolitical and economic uncertainty, leading to volatility in the global markets. SS&C has a long history of resilient performance during challenging operating environment, and we are confident in our business model. We closed out a solid first quarter and continue to execute against our plan.

我們正處於地緣政治和經濟不確定的環境中，這導致全球市場波動。SS&C 在充滿挑戰的營運環境中有著長期的韌性表現，我們對我們的商業模式充滿信心。我們順利結束了第一季並繼續執行我們的計劃。

I will now open it up for questions.

我現在開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

On health care, was it just a seasonally weak quarter for that business? And how does your pipeline look currently?

就醫療保健而言，這是否只是該業務的一個季節性疲軟季度？您的管道目前狀況如何？

I think health care continues to build its pipeline. We're selling into large scale health insurance companies and others. So some of it is lumpy but we have a lot of -- I think we first rolled out DomaniRx in January '24. And I think in '25, we're expecting to process several hundred million claims. And so we have a lot of interest, they're very large prospects for us, and we remain optimistic.

我認為醫療保健正在繼續建造其管道。我們的產品銷往大型健康保險公司和其他公司。所以其中一些是不穩定的，但我們有很多 - 我認為我們是在 24 年 1 月首次推出 DomaniRx 的。我認為，在 25 年，我們預計將處理數億份索賠。因此我們對此很感興趣，它們對我們來說前景非常廣闊，我們對此保持樂觀。

Okay. And then your organic growth guide for the second quarter, I think it's 2.5%. Is that assuming a slowdown or pause in new business, just given all the economic uncertainty I may have missed that. And if so, could you kind of quantify what you're assuming there?

好的。那麼您第二季的有機成長指南，我認為是 2.5%。這是否意味著新業務會放緩或暫停，考慮到所有的經濟不確定性，我可能錯過了這一點。如果是這樣，您能否量化您的假設？

I would say, basically, we're just putting a measure of conservatism into the second quarter given everything that's happening in the world right now. So we're a global business. And while we don't believe tariffs are really going to be a big impact on us from a financial standpoint, it's opportunity to slow down deals is certainly possible. So I think we have a good pipeline. We've got a lot of deals we've sold that the revenue has not started flowing in yet. So we're optimistic that we can hopefully surprise you positively.

我想說，基本上，考慮到目前世界上發生的一切，我們只是在第二季度採取了一定程度的保守態度。所以我們是一家全球性企業。雖然我們認為從財務角度來看關稅不會對我們造成太大影響，但它確實有可能減緩交易。所以我認為我們有一個好的管道。我們已售出很多交易，但收入尚未開始流入。因此，我們充滿樂觀，希望能帶給您正面的驚喜。

Peter Heckmann, D.A. Davidson & Co.

彼得‧赫克曼，D.A.戴維森公司

Hopefully, you can hear me. It's a little choppy on this end. But congratulations on finalizing the Insignia deal. Now that it's closed, do you think you can give us a little bit more in terms of your expectations for its contribution to revenue and how much it might ramp up and whether or not we would be able to see the impact of that ramp on margins in the second half or the first half of 2026?

希望你能聽到我的聲音。這邊有點不順暢。但恭喜您完成 Insignia 交易。現在它已經關閉了，您是否可以給我們多一點關於它對收入貢獻的預期以及它可能增加多少，以及我們是否能夠在 2026 年下半年或上半年看到這種增加對利潤率的影響？

Well, the -- we're going to re-badge about 1,400 people from Insignia to us, and then that will happen like July 1, I believe. So most -- obviously, the ramp is going to be in the third and fourth quarter. So we'll get about half a year, and that can range anywhere from $35 million to $70 million. And so we're optimistic that we can really do a great job for them and really take care of their members. And that's what we're focusing on, and we've got a great team that's really getting this thing very well planned.

嗯，我們將為 Insignia 大約 1,400 名員工更換職位，我相信這將在 7 月 1 日左右發生。因此，最明顯的是，成長將在第三季和第四季出現。因此，我們需要大約半年的時間，金額從 3500 萬美元到 7000 萬美元不等。因此，我們樂觀地認為，我們確實可以為他們做得很好，並真正照顧他們的成員。這就是我們所關注的，我們有一個優秀的團隊，可以很好地規劃這件事。

Okay. All right. That's helpful. And then just as a follow-up on your decision or the announcement to dissolve another one of the joint ventures with State Street. As that is dissolved, do you expect to pick up any additional revenue? Like what would you say would be the kind of the net effect to revenue some additional revenue recognized at the corporate level? And what would you expect the impact to be on the EBITDA line?

好的。好的。這很有幫助。然後，作為您決定或宣布解散與道富銀行的另一家合資企業的後續行動。隨著該協議的解散，您是否預計會獲得任何額外收入？您認為在公司層級確認的額外收入會對收入產生什麼樣的淨影響？您預計這會對 EBITDA 產生什麼影響？

As of right now, we're not expecting much impact as a result of that. Most of that is operational. The processing is done within SS&C and in effect, what we're doing is simplifying the entity structure. There may be some reduction in costs because it simplifies it, but we're not expecting that to be very significant.

截至目前，我們預計這不會造成太大的影響。其中大部分已投入營運。處理是在 SS&C 內完成的，實際上，我們正​​在做的是簡化實體結構。由於簡化了流程，成本可能會降低，但我們預計降低幅度不會很大。

Okay. And then just last thing, where do you expect that to actually finalize and occur?

好的。最後一件事，您預計這件事最終會在哪裡完成並發生？

We're working through it right now. We don't have a definitive time line as yet.

我們現在正在努力解決這個問題。我們目前還沒有明確的時間表。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

So just at a high level, again, Bill, on the demand environment. I know we've heard from other players in the financial services market banks, in particular, have talked about some of their clients pausing. Doesn't sound like you're seeing that yet, but I just want to kind of make a finer point that what are those conversations like? Do you get the sense that they feel like there might be an air pocket in the business and decision-making so they might want to hold off. I heard your comment on the organic growth being measured as conservative. So I get that, but obviously, you talked a lot of these businesses. So I'm just curious what those conversations are like.

因此，比爾，再次從高層次談談需求環境。我知道我們已經聽到金融服務市場其他參與者的聲音，特別是銀行，談到他們的一些客戶暫停了業務。聽起來你還沒看到這一點，但我只是想更詳細地說明這些對話是什麼樣的？您是否感覺到他們覺得業務和決策中可能存在漏洞，因此他們可能想要暫緩行動。我聽到了您關於有機成長衡量標準過於保守的評論。我明白，但顯然你談了很多這些業務。所以我只是好奇這些對話是什麼樣的。

Well, I think you know, Dan, that there's an awful lot of change happening, in particular, in wealth and asset management, and there are sea changes that are being caused by things like AI and Quantum and all kinds of new technologies, probably the biggest set of new technologies since, say, the Internet. So I think that there's going to be an awful lot of change. And I think that I read a note that said 2/3 of all CEOs are afraid that if they don't get AI right, they're going to lose their job.

嗯，丹，我想你知道，現在正在發生很多變化，特別是在財富和資產管理領域，人工智慧、量子和各種新技術正在引起翻天覆地的變化，這可能是自互聯網以來最大的一組新技術。所以我認為將會發生巨大的變化。我記得我讀過一篇文章，上面說三分之二的 CEO 擔心，如果他們不能正確利用人工智慧，他們就會失去工作。

So I think there's a lot of trepidation about what's going to happen in the technological world, and SS&C is well positioned to help our prospects and our clients get through this in a really pretty good fashion. We spend lots of money on this. We have all kinds of different tools and techniques that are very valuable to our clients and we get lots of inquiries from them to help them.

因此，我認為人們對科技世界即將發生的事情有很多擔憂，而 SS&C 完全有能力幫助我們的潛在客戶和客戶以非常好的方式度過難關。我們為此花了很多錢。我們擁有各種不同的工具和技術，這些工具和技術對我們的客戶非常有價值，我們收到了許多來自他們的詢問，希望能夠為他們提供幫助。

Yes. Excellent. Can I just ask just another quick question in particular around Insignia in Australia, maybe the market in general. I think I heard you say you signed several new mandates since kind of the announcement. And I'm just wondering like, obviously, the demand environment there seems high. I feel like almost -- you guys sound giddy about the opportunity. So I'm just trying to make sure we kind of ring-fence like what kind of cadence you expect in terms of how that can potentially ramp?

是的。出色的。我能不能再問一個簡單的問題，特別是有關澳洲的 Insignia，也許是整個市場。我想我聽到您說過，自從宣布這一消息以來，您已經簽署了幾項新的授權。我只是想知道，顯然那裡的需求環境似乎很高。我感覺幾乎——你們聽起來對這個機會很興奮。所以我只是想確保我們能夠確定您期望的節奏，以及這種節奏如何潛在地提升？

Well, Dan, when you get to be my age, being giddy is one of the pleasures in life. Other than that, you got to push up daisies, I think. So giddy sounds better to me. But it really is -- they call the superannuation business in Australia, the wall of money. So everyone is required to participate, but it's their own accounts. As you know, here in the US saying that you have your own account in social security, you have more analysis than me.

好吧，丹，當你到了我這個年紀，興奮也是人生的樂趣之一。除此之外，我認為你必須努力工作。所以我覺得 giddy 聽起來比較好。但事實確實如此——他們把澳洲的退休金業務稱為「金錢牆」。因此每個人都必須參與，但這是他們自己的帳戶。你知道，在美國，說你在社會安全中有自己的帳戶，你的分析比我更有道理。

So I think that the services companies in Australia have maybe not kept up quite as well on the technology like we have. So we're coming in there as an at-scale company that has technology that they want and a whole cadre of talented people that can help them. And that's the feeling we're getting embraced. Now I hope we still get embraced because the geopolitical things, but I don't think so. I mean, we're really doing well. We're investing and they know it. So I think that's going to be a really great market for us.

所以我認為澳洲的服務公司可能沒有像我們一樣跟上科技的發展。因此，我們作為一家規模較大的公司進入該市場，擁有他們想要的技術和一群能夠幫助他們的人才。這就是我們所感受到的。現在我希望我們仍然受到地緣政治因素的歡迎，但我不這麼認為。我的意思是，我們確實做得很好。我們正在投資，他們知道這一點。所以我認為這對我們來說將是一個非常好的市場。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Bill, just a few questions on some of the segments here. When we think about Intralinks and we look at everything that went right last year in terms of the introduction of the new platform. How are we thinking about the performance of Intralinks in kind of the current environment? How much of a headwind do you think it's going to be? Or how should we characterize what the current growth rate looks like and how it might evolve over the coming quarters?

比爾，我只想針對這裡的一些片段問幾個問題。當我們考慮 Intralinks 時，我們會回顧去年在推出新平台方面一切順利的事情。我們如何看待 Intralinks 在當前環境下的表現？您認為逆風會有多大？或者我們應該如何描述當前的成長率以及未來幾季的成長率將如何演變？

At the -- in sort of appropriately conservative is kind of the way I describe us looking at it. And so we think Intralinks right now probably grows mid-single digits, and that's in effect, what's implied in our forecast. We do have a number of things that we have rolled out in terms of new platforms and some AI-enabled technologies that allow us to grow despite kind of the turmoil in the markets. And then if we start to see things turn around in the second half of the year, that ought to be really pretty positive for that business.

我以某種適當的保守態度來描述我們看待這個問題的方式。因此，我們認為 Intralinks 目前的成長速度可能達到中等個位數，這實際上也符合我們的預測。我們確實推出了一些新平台和一些人工智慧技術，這些技術使我們能夠在市場動盪的情況下實現成長。然後，如果我們開始看到下半年情況好轉，這對該業務來說應該是非常有利的。

Got it. And then, Rahul, can you maybe provide a similar update on kind of Blue Prism and all the enhancements and the rollout strategy there? And how you're thinking about that over the course of the year?

知道了。然後，拉胡爾，您能否提供有關 Blue Prism 以及所有增強功能和推出策略的類似更新？您在這一年中對此有何看法？

I think our primary opportunity or the thing that we're most excited about is there's a lot of -- as you know, around the world, enterprises are trying to figure out how to use -- and so they need to have some controls, particularly in regulated industries on how people go out and use the various AI tools. And a big part of what we have invested in is building in, as I mentioned in my comments, the trust layers and the guardrails and things like that, which we think are extremely valuable to us, but they're also really valuable to positioning Blue Prism as that trusted partner. So our opportunity set is really strong, and we feel good about it. And in particular, using agents and agentic AI is a big part of what we expect to do over the next couple of quarters.

我認為我們的主要機會或最讓我們興奮的事情是，有很多——正如你所知，世界各地的企業都在試圖弄清楚如何使用——因此他們需要有一些控制，特別是在受監管的行業中，關於人們如何使用各種人工智慧工具。正如我在評論中提到的那樣，我們所投資的很大一部分是建立信任層和護欄等，我們認為這些對我們來說非常有價值，但它們對於將 Blue Prism 定位為值得信賴的合作夥伴也非常有價值。因此，我們的機會確實很大，我們對此感到滿意。特別是，使用代理和代理 AI 是我們預計在未來幾季內要做的重要工作。

Got it. And then I guess turning that question internally in terms of the digital workers, just any color on the complexity of the use cases you're now able to address and how you're thinking about that on a go-forward basis? It sounds like you're using it to solve bigger problems at this point.

知道了。然後我想從數位工作者的角度對這個問題進行內部思考，您現在能夠解決的用例的複雜性如何，以及您如何在未來考慮這個問題？聽起來你正在用它來解決更大的問題。

Well, that's exactly right. I think that the -- we've got some momentum. We've now been at this since the start of 2023. We are, as you said, getting deeper and richer into our own processing and just as important as the internal efficiencies we're getting, those applications then become really good proof points for our customers and prospects. So they look at what we've been able to achieve.

嗯，完全正確。我認為——我們已經獲得了一些動力。我們從 2023 年初就開始這麼做了。正如您所說，我們在自己的處理方面越來越深入和豐富，與我們獲得的內部效率同樣重要的是，這些應用程式成為我們客戶和潛在客戶的真正良好的證明點。所以他們看看我們取得了什麼成就。

And we had recently had a customer tell us that they got a number of demos from our competitors, but not a single work and use case. And while within SS&C, they could see it already operating at scale. So that's pretty powerful.

最近有一位客戶告訴我們，他們從我們的競爭對手那裡獲得了一些演示，但沒有一個工作和用例。在 SS&C 內部，他們可以看到它已經大規模運作。所以這非常強大。

And then what does that mean for margins? Do you feel like there's a structural tailwind that you have at this point that, that will continue? Or how should we think about that, not necessarily this year, but as we kind of conceptually think about this or maybe even this year.

那麼這對利潤來說意味著什麼？您是否覺得目前您擁有一種結構性的順風，而這種順風會持續下去？或者我們該如何思考這個問題，不一定是今年，而是從概念上思考這個問題，甚至可能是今年。

So a really great question, and we appreciate it because you get one question and then apparently four follow-ups, but --

這是一個非常好的問題，我們很感激，因為你問了一個問題，然後顯然還有四個後續問題，但是--

I thought I was the last person in the queue. That's okay, Bill, if I've had to get back.

我以為我是隊伍裡最後一個人。沒關係，比爾，如果我必須回去的話。

That's okay. I'm just kidding you. But I think that we still think that what's allowed us to do is maintain margins. I think the adjusted EBITDA margin this quarter was 39.1%, up about 30, 40 basis points. And we're investing heavily, right?

沒關係。我只是跟你開玩笑而已。但我認為我們仍然認為我們能做的就是保持利潤率。我認為本季調整後的 EBITDA 利潤率為 39.1%，上升了約 30 到 40 個基點。而且我們正在投入巨資，對嗎？

So there's a lot of expenses that we're running through and still driving margins up. And I think we would attribute a nice portion of that to the ability of our different business units to deploy Blue Prism's technologies into their businesses. And as you said, it's getting to be increasingly complex processes that allow us to be able to even take some really experienced people and give them capabilities that really extend their ability to help our prospects and our customers.

因此，我們花費了大量的資金，但仍在提高利潤率。我認為，這很大程度上歸功於我們不同業務部門將 Blue Prism 技術部署到其業務中的能力。正如您所說，這個過程變得越來越複雜，使我們能夠聘用一些真正有經驗的人才，並賦予他們能力，真正擴展他們幫助我們的潛在客戶和客戶的能力。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

It's Mike Infante on for James. I just wanted to ask on the GlobeOp business, obviously, really impressive results again. I think that business has accelerated sequentially every quarter for more than a year now. Like can you just unpack what's driving that? Is that net new momentum? Is that pricing? What are you sort of seeing just in terms of the complexion of the growth drivers within that business?

邁克·因凡特 (Mike Infante) 替換詹姆斯。我只是想問一下 GlobeOp 業務，顯然，再次取得了令人印象深刻的成果。我認為一年多來，業務每季都在持續加速成長。你能解釋一下是什麼導致了這種情況嗎？這是淨新動能嗎？這就是定價嗎？就該業務的成長動力而言，您看到了什麼？

The great thing that we have with GlobeOp is that it's a global business. So as we start talking about what we're doing in the Middle East, we're getting large scale customers that are investing increasingly in alternative assets, and they want the best technology supported by the best firm. And that's what we believe we have proven quarter after quarter after quarter. And I think that shows up in how we explain what we're going to do, how we're going to train them, what asset classes that they can invest in, whether it's real estate or private credit or whatever, and we bring real expertise that really helps them get up to speed in short order. And that is the big secret of our success on GlobeOp.

GlobeOp 的優點在於它是一項全球性業務。因此，當我們開始談論我們在中東所做的事情時，我們獲得了大量客戶，他們越來越多地投資於另類資產，他們希望獲得最好的公司支持的最佳技術。我們相信，我們已經一個季度又一個季度地證明了這一點。我認為這體現在我們如何解釋我們將要做什麼、如何培訓他們、他們可以投資哪些資產類別（無論是房地產還是私人信貸還是其他什麼），我們提供真正的專業知識，真正幫助他們在短時間內掌握最新情況。這就是我們在 GlobeOp 上取得成功的最大秘密。

Makes sense. Maybe just on the competitive front, Bill. Obviously, a lot of acquisition activity in the space, particularly in the hedge fund and investment accounting space. I know some of these acquisitions are quite small relative to the totality of your business. But any just high-level thoughts on that deal and sort of how you're thinking about your ability to sort of continue to gain share in the start-up hedge fund environment, particularly just given some of this integration activity that's obviously coming?

有道理。也許只是在競爭方面，比爾。顯然，該領域有許多收購活動，特別是在對沖基金和投資會計領域。我知道其中一些收購相對於你們的整體業務而言規模相當小。但是，您對這筆交易有何高層次的看法？您如何看待自己在新創對沖基金環境中繼續獲得份額的能力，特別是考慮到一些顯然即將到來的整合活動？

Well, I think what's happening in that startup is that it's kind of being led by very seasoned investors, and they're starting with larger pools of money, right? So they're already sophisticated, and they want to hit the ground running. So as they're doing their fundraising, they're also planning out what technologies they're going to use. And often, they turn to us. And we have an awful lot of the global macro firms use us and an awful lot of the assets that have been going into alternatives go into the global macro funds. And so we're in a very nice position, and we're not resting on our laurels as we continue to bring out additional feature, additional functionality and really to the delight of our customers.

嗯，我認為這家新創公司的情況是，它是由非常經驗豐富的投資者領導的，他們從更大的資金池開始，對嗎？所以他們已經很成熟了，並且想要立即開始行動。因此，在籌集資金的同時，他們也在規劃要使用哪些技術。他們常常向我們求助。許多全球宏觀公司都與我們合作，大量原本用於另類投資的資產也流入了全球宏觀基金。因此，我們處於非常有利的地位，我們不會滿足於現狀，我們將繼續推出附加功能和特性，真正讓客戶感到高興。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

I wanted to go back to this conversation on the demand environment. I totally understand the setup for the second quarter in terms of comments on conservatism and the mission-critical nature of what you guys do. But I'm just curious if you could give us a sense of whether conversations and sales cycles have changed meaningfully? March and April, obviously, wouldn't be surprising a huge amount of distraction out there. But I'm just curious, just put a finer point in terms of your conversations with the clients and decision-making.

我想回到這次關於需求環境的對話。我完全理解第二季度對保守主義的評論以及你們所做工作的關鍵任務性質。但我只是好奇，您是否可以讓我們了解對話和銷售週期是否發生了有意義的變化？顯然，三月和四月出現大量幹擾事件並不令人意外。但我只是好奇，只是想就您與客戶的對話和決策提出更詳細的觀點。

I mean, we still see a pretty good demand environment. We were with a prospect this afternoon, and they're anxious to deploy new technology to get better processes to close their books faster to get information in their hands that help them run their business. I think that's the key to our business. is being aware and then moving quickly to give our prospects and our clients information that they want it for a long time, and they don't get it in a month, they get it in the day. And I think it's that focus on process it, slice it and dice it and deliver it. And I think that's something that we do with a lot of accuracy, and that gives our clients a lot of confidence.

我的意思是，我們仍然看到相當好的需求環境。今天下午我們與一位潛在客戶見面，他們急於部署新技術以獲得更好的流程，更快地結帳，從而獲得有助於他們開展業務的資訊。我認為這是我們業務的關鍵。就是意識到這一點，然後迅速採取行動，為我們的潛在客戶和客戶提供他們長期需要的信息，他們不是在一個月內得到這些信息，而是在一天內得到這些信息。我認為重點在於處理它、對其進行切片、切塊並交付它。我認為我們在這方面做得非常準確，這給了我們的客戶很大的信心。

Got it. And then maybe just on the back half ramp, I know you articulated a few things that are drivers there. Part of that seems like it's Insignia and other signed deals. But maybe just give more detail on the confidence in the back half ramp, what signed versus go-get? I know there's always a level of go get. You got to get it there and sell and close deals. But just maybe more details on the drivers and confidence in that ramp would be helpful.

知道了。然後也許就在後半坡道上，我知道您闡明了一些驅動因素。其中一部分似乎是 Insignia 和其他簽署的協議。但也許只是提供更多關於後半坡道信心的細節，簽署了什麼，又簽了什麼？我知道總是需要一定程度的努力。你必須把它送到那裡並出售並完成交易。但也許了解有關駕駛員和對該坡道的信心的更多細節會有所幫助。

Yes. Andrew, obviously, and you pointed this out, there's always a an element of go get. I'd say we feel pretty good. Obviously, there's a fair amount of execution left to do and some deals left to close and implementations left to go live and all those things. So by no means certain right? But we feel pretty good. We have a lot of visibility into some of the big pockets of revenue coming online in Q3 and Q4, and that helps with that.

是的。安德魯，顯然，正如你所指出的，總是存在著一種去獲取的元素。我想說我們感覺非常好。顯然，還有相當多的工作要做，一些交易要完成，一些實施要上線等等。所以絕對不確定對吧？但我們感覺很好。我們對第三季和第四季的一些大額收入有很清晰的了解，這對我們很有幫助。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

This is Ella Smith on for Alexei Gogolev. So first, we want to double down about the strength in GlobeOp. You called out the strength in the private markets with retail alternatives. How are you thinking about the forward organic growth of those markets in particular? Do you expect them to maintain their strength or taper off somewhat? And if you could remind us what is driving that strength, that would be great.

我是艾拉‧史密斯 (Ella Smith)，代表阿列克謝‧戈戈列夫 (Alexei Gogolev)。因此，首先，我們要加倍加強 GlobeOp 的實力。您強調了私人市場與零售替代方案的強勁表現。您如何看待這些市場未來的自然成長？您是否希望他們保持實力或逐漸減弱？如果您能提醒我們是什麼推動了這種力量，那就太好了。

Well, I think when you look at why our private credit and other private markets, I think it's because they can structure things in ways that allow them to get additional yield on those assets and some of the brightest people in the business are saying they can structure things in the private markets where they can get a couple of hundred more basis points than they can get in the public markets. A couple of hundred basis points on the kinds of billions that our clients manage is worth a ton of money. And I think that's the biggest thing. And then I also think in the structuring, what they are able to do is it is really identify where the risk points are and then structure these investments to be able to minimize those risk points.

嗯，我認為當你看看為什麼我們的私人信貸和其他私人市場時，我認為這是因為他們可以通過某種方式構建事物，使他們能夠從這些資產中獲得額外的收益，而且業內一些最聰明的人說他們可以在私人市場上構建事物，這樣他們就可以比在公開市場上多獲得幾百個基點。我們的客戶管理著數十億美元的資產，幾百個基點的價值就非常可觀。我認為這才是最重要的。然後我還認為，在建造過程中，他們能夠做的是真正識別風險點在哪裡，然後建立這些投資以盡量減少這些風險點。

Great. That makes a lot of sense. And for my follow-up, I hear enthusiasm about Agentic AI and bringing that to customers. Do you expect those offerings to begin to show up in organic growth in the near term? Or do you think that there's going to be an investment building out phase that needs to transpire and finish first?

偉大的。這很有道理。在我的後續訪談中，我聽到了人們對 Agentic AI 及其帶給客戶的熱情。您是否預期這些產品會在短期內開始體現在有機成長中？還是您認為首先需要進行並完成投資建設階段？

I mean it's not going to be snap your fingers and we get 400 basis points of organic growth. But it's going to make what is already a very sticky business. What is already a highly profitable business, which is already a high cash flow generation business. And right now, like someone had asked about acquisitions and even what you see in the market, it's continuation funds and additional investments in companies that they already own.

我的意思是，我們不會彈指一揮間就獲得 400 個基點的有機成長。但它會讓原本就很棘手的業務變得更加困難。這已經是一個高利潤的業務，這已經是一個高現金流產生業務。而現在，就像有人問到的收購，甚至你在市場上看到的，都是延續基金和對他們已經擁有的公司的額外投資。

So I think that the robustness of the M&A market might pick up in like the fourth quarter because I think increasingly, the private equity funds are feeling like that they need to get some stuff out into the marketplace so that they can give cash back to their LPs and then the LPs can reinvest it with them.

因此，我認為併購市場的穩健性可能會在第四季度回升，因為我認為私募股權基金越來越覺得他們需要將一些東西推向市場，這樣他們就可以將現金返還給他們的 LP，然後 LP 可以將這些錢再投資給他們。

Kevin McVeigh, UBS.

瑞銀的凱文·麥克維。

Congratulations on the results, and it's obviously a choppy environment. Bill, if I got this question once in your quarter, I got it 30 times about hedge funds de-grossing and what that means. And obviously, your AUA continues to increase year-on-year and increased sequentially. Can you maybe just help remind us, because again, we got the question a lot why the AUA and we even analyzed in COVID, it just continues to grow. And it's just, I think, one of the really underappreciated parts of the story, but just maybe help dimensionalize that, just given, obviously, some of the volatility in the market we've seen.

祝賀所取得的成果，這顯然是一個不穩定的環境。比爾，如果說在你的這個季度我被問到過一次這個問題，那麼我已經被問到過 30 次關於對沖基金減值及其含義的問題了。顯然，您的 AUA 繼續逐年增加，並且連續增加。您能否幫忙提醒我們，因為我們經常被問到為什麼 AUA 以及我們甚至在 COVID 中分析它還在繼續增長。我認為這只是故事中真正被低估的部分之一，但也許有助於將其立體化，顯然，考慮到我們已經看到的市場的一些波動。

Well, Kevin, as you know, when you see volatility, people are looking for like safe havens. And what they've seen over the last 30, 40 years that the risk-adjusted returns in the hedge fund industry are pretty noncorrelated to to these different markets, and that's why money moves to them. And I think that hasn't changed, and I don't think it's going to change in the near term. If anything, I mean, we've seen the hedge fund industry moved to cash or more cash. And I think that they're just waiting to pounce again. And I think that's the nature of the brightest investors, and I think that, that will continue.

嗯，凱文，如你所知，當你看到波動時，人們就會尋找安全的避風港。在過去的 30 到 40 年裡，他們發現對沖基金產業的風險調整回報與這些不同的市場幾乎沒有關聯，這就是資金流向這些市場的原因。我認為這種情況沒有改變，而且我認為短期內也不會改變。我的意思是，我們已經看到對沖基金行業轉向現金或更多現金。我認為他們只是在等待再次發動攻擊。我認為這是最聰明的投資者的本性，而且我認為這將會持續下去。

That's helpful. And then, Bill, with Insignia, does that -- from a business segment perspective, does that all fit within GlobeOp or GIDS? Or where would that sit across kind of the segments or is it multiple?

這很有幫助。然後，比爾，對於 ​​Insignia，從業務部門的角度來看，它們是否都適合 GlobeOp 或 GIDS？或者它會位於哪個段上，或者是多個段落？

GIDS, it's primarily in GIDSs.

GIDS，它主要存在於 GIDS 中。

(Operator Instructions)

（操作員指示）

Patrick O'Shaughnessy, Raymond James.

派崔克‧奧肖納西、雷蒙德‧詹姆斯。

So Battea seems to be trending well below the revenue that it had in 2023 when you guys acquired it. Is that just a function of the lumpiness of the -- just the nature of the business? Or is there something else going on?

因此，Battea 的收入趨勢似乎遠低於你們在 2023 年收購它時的收入。這僅僅是業務性質的功能嗎？還是有其他事情發生？

No, I think that's it. We're obviously taking some time to make sure we understand properly from an accounting standpoint, what the flows are and in some ways, I think there's some degree of being conservative reflected in that too. But as we get more comfortable, we do expect that some of those accounting rules will get relaxed a little. But the underlying strength of that business and our ability to cross-sell that to our customers and how the sales force feels like they're being really well supported and was pretty optimistic.

不，我想就是這樣。我們顯然需要花一些時間來確保我們從會計的角度正確理解流量是什麼，在某些方面，我認為這也反映出一定程度的保守性。但隨著我們變得更加適應，我們確實預計其中一些會計規則將會稍微放寬。但該業務的潛在實力和我們向客戶交叉銷售的能力以及銷售人員感覺他們得到了很好的支持並且非常樂觀。

What sort of forward-looking view do you have into that business? Like at this point into the second quarter, do you have a pretty good sense for what 2Q revenue is going to look like? Or does stuff kind of come in relatively quickly?

您對該業務有何前瞻性看法？例如，現在進入第二季度，您是否對第二季度的收入狀況有一個很好的了解？或是說東西進來得比較快？

Well, I think we have a pretty good view right now of the cases that we're in and the settlements that have already been announced and are kind of our portion of those. So looking out a couple of years, we have a pretty good sense of what the aggregate amount is that is already baked. But we don't have as good a sense of is which quarter it shows up in, and that's a part of this.

嗯，我認為我們現在對所處的案件以及已經宣布的和解方案有了很好的認識，這些和解方案也屬於我們應承擔的部分。因此，展望未來幾年，我們對已經烘焙的總量有相當好的了解。但我們不太清楚它會出現在哪個季度，而這也是其中的一部分。

That's helpful. And then maybe just a quick housekeeping question. What is the FX impact on the revenue that's embedded into the full year guidance at this point?

這很有幫助。然後也許只是一個快速的基本問題。目前，外匯對全年預期收入的影響是什麼？

Well, it's essentially the net difference, the kind of one of the metrics that you would use to look at the overall financials, and I think we put this in the either it's in the K or the Q but about 21% of the revenues are non-US dollar. So obviously, any impact to that will have the corresponding adjustment. So if it's up by 1%, it has a whatever, roughly 20 bps impact change on the overall growth rate. And so we try to be conservative and kind of look at where current rates are today.

嗯，它本質上是淨差額，是你用來查看整體財務狀況的指標之一，我認為我們把它放在 K 或 Q 中，但大約 21% 的收入是非美元的。因此顯然，任何影響都會有相應的調整。因此，如果成長率上升 1%，就會對整體成長率產生約 20 個基點的影響。因此，我們試圖採取保守態度，並觀察目前的利率水準。

At this time, there are no further questions. I will now hand today's presentation back over to our presenters for any closing remarks.

目前，沒有其他問題。現在，我將把今天的演講交還給我們的演講者，以便他們作結束語。

Well, we really appreciate all of you taking time to sit in on our call, and we're excited about our business, and we'll continue to work hard for our shareholders. Thank you.

好吧，我們非常感謝大家抽出時間參加我們的電話會議，我們對我們的業務感到興奮，我們將繼續為我們的股東努力工作。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。