SS&C Technologies Holdings Inc (SSNC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the SS&C Technologies Second Quarter 2025 Earnings Call.

女士們、先生們，感謝你們的支持。我叫艾比，今天我將擔任您的會議主持人。現在，我歡迎大家參加 SS&C Technologies 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

Thank you, and I would now like to turn the conference over to Justine Stone, Head of Investor Relations. You may begin.

謝謝，現在我想將會議交給投資者關係主管賈斯汀·斯通 (Justine Stone)。你可以開始了。

Welcome, and thank you for joining us for our Q2 2025 Earnings Call. I'm Justine Stone, 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 年第二季財報電話會議。我是 SS&C 投資者關係部門的 Justine Stone。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 the various remarks we make today about future expectations, plans and prospects, including the financial outlook we provide, constitute forward-looking statements for the purposes of 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、計劃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》安全港條款規定的前瞻性陳述。

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, July 23, 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 7 月 23 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 the call over to Bill.

現在我將把電話轉給比爾。

Thanks, Justine, and welcome, everyone.

謝謝，賈斯汀，歡迎大家。

Our second quarter results include recurring adjusted revenue of $1,537,800,000, up 5.9% and adjusted earnings per share of $1.45, a 9.8% increase. We delivered record adjusted consolidated EBITDA passing $600 million in the quarter for the first time, up 7.4%, resulting in a quarterly adjusted consolidated EBITDA margin of 39%. Second quarter adjusted organic revenue growth was 13.5% with performance driven by GlobeOp, GIDS and WIT businesses. GlobeOp organic growth of 7.3% was driven by double-digit growth in private markets and retail alternatives. GIDS continues to win key clients and deliver high-level professional services.

我們第二季的業績包括經常性調整後營收 1,537,800,000 美元，成長 5.9% 以及調整後每股收益 1.45 美元，成長 9.8%。本季度，我們實現了創紀錄的調整後綜合 EBITDA，首次超過 6 億美元，成長 7.4%，季度調整後綜合 EBITDA 利潤率達到 39%。第二季調整後的有機收入成長率為 13.5%，這得益於 GlobeOp、GIDS 和 WIT 業務的推動。GlobeOp 有機成長 7.3%，這得益於私人市場和零售替代品的兩位數成長。GIDS 不斷贏得關鍵客戶並提供高水準的專業服務。

Health finished the quarter with flat organic growth. Q2 Financial Services recurring revenue growth was 3.9%, which includes software-enabled services and maintenance revenues. Internationally, we are seeing strength in Europe, Australia and the Middle East, spanning multiple business units. This broad success reflects a positive trend of increased international win rates attributable to the investments we have made over the past several years and our ability to provide increasingly sophisticated services.

健康業務本季的有機成長持平。第二季金融服務經常性收入成長 3.9%，其中包括軟體支援服務和維護收入。在國際上，我們看到歐洲、澳洲和中東地區多個業務部門的實力不斷增強。這一廣泛的成功反映了國際成功率不斷提高的積極趨勢，這歸功於我們過去幾年所做的投資以及我們提供日益複雜的服務的能力。

Overall, we deliver our service with a client-focused approach and our retention rate was stable at 97%. For the 6 months ended June 30, 2025, cash from operating activities was $645.1 million, up 14% year-over-year. In Q2, we bought back 3.4 million shares for $269 million at an average price of $77.99. We will continue to buy back shares opportunistically and recently grew our share repurchase authorization to 1.5 billion.

整體而言，我們以客戶為中心提供服務，客戶保留率穩定在 97%。截至 2025 年 6 月 30 日的 6 個月，經營活動現金流為 6.451 億美元，年增 14%。第二季度，我們以2.69億美元回購了340萬股股票，平均價格為77.99美元。我們將繼續適時回購股票，最近已將股票回購授權量增加至15億股。

We are continuously investing in our AI strategy. We believe some of our most significant competitive advantages lies in partnering Blue Prism with our business units to identify workflow, build new AI agents and deploy them internally. This quarter, our approach successfully resulted in our first AI agent sales to an insurance conglomerate in the Midwest. Client processes hundreds of credit agreements monthly, and the AI agent reduces manual effort by up to 80%, speeds up processing by 3 times and improves accuracy to 99% plus. We believe this win is indicative of future opportunities across our 22,000 strong client base.

我們正在持續投資我們的人工智慧策略。我們相信，我們最重要的競爭優勢在於將 Blue Prism 與我們的業務部門合作，以確定工作流程、建立新的 AI 代理並在內部部署它們。本季度，我們的方法成功地將我們的第一批人工智慧代理商銷售給了中西部的保險集團。客戶每月處理數百份信用協議，AI 代理可將人工工作量減少高達 80%，處理速度提高 3 倍，並將準確率提高到 99% 以上。我們相信，這次勝利預示著我們 22,000 名強大客戶群的未來機會。

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

現在我將把時間交給拉胡爾來更詳細地討論本季的情況。

Thanks, Bill.

謝謝，比爾。

We had a solid second quarter with 3.5% organic revenue growth and 50 basis points of margin expansion year-over-year. Our fund administration business, GlobeOp continues to show strength with private markets growing over 10% driven by the complexity of credit and hybrid funds as well as family offices. Retail alternatives, while still a smaller part of this business is growing 20% with substantial runway. Battea, our class action services business won thirty new clients in Q2 with two-thirds of them being SS&C client cross-sells.

我們第二季表現穩健，有機營收年增 3.5%，利潤率年增 50 個基點。我們的基金管理業務 GlobeOp 持續展現強勁勢頭，受信貸和混合基金以及家族理財室的複雜性推動，私人市場成長超過 10%。零售替代品雖然仍佔該業務的一小部分，但成長了 20%，並且具有相當大的發展空間。Battea，我們的集體訴訟服務業務在第二季度贏得了 30 個新客戶，其中三分之二是 SS&C 客戶交叉銷售。

Our newer software solutions continue to gain traction. Genesis is well positioned to support both new and existing customers with multiple implementations underway. Our most recent client go-live was a $75 billion plus bank trust in the Midwest, where we replaced a competitor.

我們較新的軟體解決方案繼續受到關注。Genesis 已做好充分準備，為正在進行的多項實施工作中的新舊客戶提供支援。我們最近上線的客戶是中西部價值 750 多億美元的銀行信託公司，我們在那裡取代了競爭對手。

Similarly, Singularity has had recent success winning large insurance companies. We are focused on continuing to enhance asset coverage and functionality and are launching new features in bank loans, commercial mortgage loans and enhanced income monitoring tools.

同樣，Singularity 最近也成功贏得了大型保險公司的青睞。我們專注於持續增強資產覆蓋範圍和功能，並在銀行貸款、商業抵押貸款和增強收入監控工具方面推出新功能。

We have noticed previously that the strength in our business and the diversification of our revenue across product lines and types of customers often allows us to overcome macroeconomic challenges that may arise and still perform in a predictable way.

我們之前已經注意到，我們業務的實力以及跨產品線和客戶類型的收入多樣化通常使我們能夠克服可能出現的宏觀經濟挑戰，並且仍然以可預測的方式運作。

We proved that this quarter with success despite Intralinks having some macroeconomic challenges, including declines in global deal volume and active deal flow in Q2. Early indicators do show activity is picking up in the second half of the year, and our brand-new platform Deal Center combines the power of AI with an enhanced user experience and increases our win rates.

儘管 Intralinks 面臨一些宏觀經濟挑戰，包括第二季度全球交易量和活躍交易流量的下降，但我們本季仍成功證明了這一點。早期指標確實顯示下半年活動正在回升，我們全新的平台交易中心將人工智慧的力量與增強的用戶體驗相結合，提高了我們的成功率。

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

說完這些，我會把話題交給 Brian 來介紹財務狀況。

Thanks, Rahul, and good day, everyone.

謝謝，拉胡爾，大家好。

Unless noted otherwise, the quarterly comparisons are Q2 2024. As disclosed in our press release, our Q2 2025 GAAP results reflect revenues of $1.537 billion, net income of $181 million and diluted earnings per share of $0.72. Our adjusted non-GAAP results include revenues of $1.538 billion, an increase of 5.9% and adjusted diluted EPS of $1.45, a 9.8% increase.

除非另有說明，否則季度比較均為 2024 年第二季。正如我們在新聞稿中所揭露的，我們2025年第二季的GAAP業績顯示，營收為15.37億美元，淨收入為1.81億美元，稀釋每股收益為0.72美元。調整後的非GAAP業績顯示，營收為15.38億美元，成長5.9%，調整後稀釋每股收益為1.45美元，成長9.8%。

The adjusted revenue increase of $85 million was primarily driven by incremental revenue contributions from GlobeOp of $28 million, WIT of $15 million, acquisitions of $21 million and a favorable impact from foreign exchange of $14 million.

調整後營收增加 8,500 萬美元，主要得益於 GlobeOp 的 2,800 萬美元增量收入貢獻、WIT 的 1,500 萬美元、收購的 2,100 萬美元以及外匯的 1,400 萬美元有利影響。

As a result, adjusted organic revenue growth on a constant currency basis was 3.5% and core expenses increased 3.1% or $28 million. Adjusted consolidated EBITDA was $600.4 million, reflecting an increase of $42 million or 7.4% and a margin of 39%, a 50 basis point expansion. Note, EBITDA of $600.4 million is a quarterly record high for SS&C.

因此，以固定匯率計算，調整後的有機收入成長率為 3.5%，核心支出成長 3.1% 或 2,800 萬美元。調整後的合併 EBITDA 為 6.004 億美元，增加 4,200 萬美元或 7.4%，利潤率為 39%，擴大 50 個基點。值得注意的是，6.004 億美元的 EBITDA 創下了 SS&C 的季度最高紀錄。

Net interest expense for Q2 2025 was $106 million, a decrease of $8 million, primarily reflecting lower short-term interest rates. Adjusted net income was $366 million, up 10.2% and adjusted diluted EPS was $1.45, an increase of 9.8%. Our effective non-GAAP tax rate was 24%. Note for comparison purposes, we have recast the 2024 quarterly adjusted net income to reflect the full year effective tax rate of 23.1%.

2025 年第二季淨利息支出為 1.06 億美元，減少 800 萬美元，主要反映短期利率下降。調整後淨收入為 3.66 億美元，成長 10.2%，調整後稀釋每股收益為 1.45 美元，成長 9.8%。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 年季度調整後淨收入，以反映 23.1% 的全年有效稅率。

Cash flow from operating activities grew 14%, which was driven by growth in earnings. Our year-to-date cash flow conversion was 88% compared to 85% last year. SS&C ended the second quarter with $480 million in cash and cash equivalents and $6.9 billion in gross debt. SS&C's net debt was $6.4 billion and our last twelve months consolidated EBITDA was $2.4 billion, resulting in that leverage ratio is 2.72 times.

經營活動現金流成長 14%，這得益於獲利的成長。我們今年迄今的現金流轉換率為 88%，而去年為 85%。截至第二季末，SS&C 的現金和現金等價物為 4.8 億美元，總債務為 69 億美元。SS&C 的淨債務為 64 億美元，我們過去十二個月的合併 EBITDA 為 24 億美元，因此槓桿率為 2.72 倍。

As we look forward to the third quarter and the remainder of the year with respect to guidance, we will continue to focus on client service and assume that retention rates will be in the range of our most recent results. We continue to manage our business to support our long-term growth and manage our expenses by controlling and aligning variable expenses, increasing productivity, improve our operating margins and effectively investing the business through marketing, sales and R&D. Specifically, we have assumed in our guidance, interest rates to remain at current levels and effective tax rate of approximately 24% on an adjusted basis, capital expenditures to be in the 4.1% to 4.5% of revenues and no impact related to the Calastone acquisition.

當我們展望第三季和今年剩餘時間的指導時，我們將繼續專注於客戶服務，並假設保留率將在我們最近的結果範圍內。我們繼續管理我們的業務以支持我們的長期成長，並透過控制和調整變動費用、提高生產力、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業務來管理我們的費用。具體而言，我們在指導中假設利率保持在當前水平，調整後有效稅率約為 24%，資本支出佔收入的 4.1% 至 4.5%，並且不會受到與 Calastone 收購相關的影響。

For the third quarter of 2025, we expect revenue to be in the range of $1.525 billion to $1.565 billion an 4.5% organic revenue growth at the midpoint. Adjusted net income in the range of $364 million to $380 million. Interest expense, excluding amortization of deferred financing costs and original issue discount, in the range of $101 million to $103 million; diluted shares in the range of $252.5 million to $253.5 million and adjusted diluted EPS in the range of $1.44 to $1.50.

對於 2025 年第三季度，我們預計營收將在 15.25 億美元至 15.65 億美元之間，中間值有機收入成長率為 4.5%。調整後淨收入在3.64億美元至3.8億美元之間。利息支出（不包括遞延融資成本攤銷和原始發行折扣）在 1.01 億美元至 1.03 億美元之間；稀釋股份在 2.525 億美元至 2.535 億美元之間，調整後稀釋每股收益在 1.44 美元至 1.50 美元之間。

For the full year 2025, we are raising our top line guidance by [$50 million] at the midpoint and now expect revenue to be in the range of $6.143 billion to $6.243 billion an 4.5% on organic revenue growth at the midpoint.

對於 2025 年全年，我們將營收預期中位數上調了 [5,000 萬美元]，目前預計營收將在 61.43 億美元至 62.43 億美元之間，中間值有機收入成長率為 4.5%。

For the full year 2025, we are also raising our earnings guidance. Specifically, we expect adjusted net income to be in the range of $1.462 billion to $1.542 billion, diluted shares in the range of $251.5 million to $254.5 million, adjusted diluted EPS in the range of $5.82 to $6.06, up $0.10 at the midpoint and cash from operating activities to be in the range of $1.479 billion to $1.559 billion. Our 2025 guidance reflects our solid results in the first half of 2025 with a continued positive outlook for the remainder of the year.

對於 2025 年全年，我們也將上調獲利預期。具體來說，我們預計調整後淨收入在 14.62 億美元至 15.42 億美元之間，稀釋每股收益在 2.515 億美元至 2.545 億美元之間，調整後稀釋每股收益在 5.82 美元至 6.06 美元之間，中點上漲 0.10 美元，經營活動現金流在 14.15 億美元之間。我們對 2025 年的預期反映了我們在 2025 年上半年取得的穩健業績，並對今年剩餘時間的前景保持樂觀。

And now back to Bill.

現在回到比爾。

Thanks, Brian.

謝謝，布萊恩。

On Monday, we announced a definitive agreement to acquire Calastone, expected to close in Q4 of this year. We're excited about the attractive geographies, additional capabilities that we can provide in the ETFs, digital assets and money market products and cross-sell opportunities. The acquisition is accretive to revenue growth, EBITDA margin and will be EPS accretive within 12 months. This is in line with our capital allocation strategy of finding high-quality businesses, which are a strategic fit. I will now open it up for questions.

週一，我們宣布了收購 Calastone 的最終協議，預計將於今年第四季完成。我們對具有吸引力的地理位置、我們可以在 ETF、數位資產和貨幣市場產品以及交叉銷售機會中提供的額外功能感到非常興奮。此次收購將促進收入成長、EBITDA 利潤率，並將在 12 個月內實現 EPS 成長。這符合我們尋找具有策略契合度的高品質企業的資本配置策略。我現在開始回答大家的提問。

(Operator Instructions)

（操作員指示）

And our first question comes from the line of Jeff Schmitt with William Blair. Your line is open.

我們的第一個問題來自威廉·布萊爾的傑夫·施密特。您的線路已開通。

Hi, thank you. On the Calastone deal, could you discuss the revenue synergy potential here? You've called out some cross-selling opportunities. Where do you see the biggest cross-selling opportunities? And could you quantify it at all?

你好，謝謝。關於 Calastone 交易，您能討論一下其中的收入協同潛力嗎？您已經指出了一些交叉銷售機會。您認為最大的交叉銷售機會在哪裡？您能量化它嗎？

Well, it's still early. I wouldn't say that we have anything that I can pinpoint. But they have 4,500 clients, and we have probably 10,000 that could be addressable with those 4,500 in things like crypto and digital -- other digital assets as well as ETFs. So they're very strong in ETFs. And so we have a pretty nice ETF business ourselves.

嗯，現在還早。我不會說我們擁有任何我可以指出的東西。但他們有 4,500 個客戶，而我們可能有 10,000 個客戶，可以透過這 4,500 個客戶投資加密貨幣和數位資產——其他數位資產以及 ETF。所以他們在 ETF 方面非常強大。因此，我們自己的 ETF 業務相當不錯。

So we think the cross-selling and up-selling in that space will be pretty attractive. And we would expect Calastone, which has been growing in excess of 10% closer to 15% for the last several years that we'll have an opportunity to perhaps accelerate that.

因此我們認為該領域的交叉銷售和追加銷售將非常有吸引力。我們預計 Calastone 的成長率在過去幾年中一直超過 10% 至 15%，我們可能有機會加速這一成長。

Okay. And then capital expenditures have been over 4% of revenues the last 2 years, you're expecting it again this year. Previously, they were more like 2% to 3%. And I was just curious how much of that increase is going to kind of higher maintenance CapEx versus investments in growth in (inaudible).

好的。過去兩年，資本支出一直佔收入的 4% 以上，今年預計還會如此。此前，這一比例更像是 2% 到 3%。我只是好奇，這些成長中有多少是用於更高的維護資本支出，有多少是用於成長的投資（聽不清楚）。

Well, I would say that we have a large suite of products, technology products. And so those take some of those R&D dollars. And also, we're moving into different products and services. We've had considerable success in Australia and we have built software specifically for that market. And we do that across many number of our geographies in many number of our product suites.

嗯，我想說我們有大量的產品、科技產品。所以這些都需要一些研發經費。此外，我們正在轉向不同的產品和服務。我們在澳洲取得了相當大的成功，並且我們專門為該市場開發了軟體。我們在許多地區使用多種產品套件來實現這一目標。

As Rahul said, we have significant development in private assets and retail in our GlobeOp division. And we also have brought out Genesis in our Wealth and Investment Technology division. And so -- and we also are still investing in DomaniRx, and we have what we think are lots of opportunities.

正如拉胡爾所說，我們的 GlobeOp 部門在私人資產和零售方面取得了重大發展。我們也在財富和投資技術部門推出了 Genesis。所以——我們仍在投資 DomaniRx，我們認為有很多機會。

Okay. So it sounds like more, I guess, investments in growth? And should we expect it to kind of stay up at these higher levels going forward?

好的。所以我想這聽起來像是對成長的更多投資？我們是否應該預期它未來會保持這種較高的水平？

Well, Anthony Caiafa, who's our CTO, thinks it will. So we try to slow him down. Technology is our seed corn. So we've got to be careful that we don't cut off our nose to spite our face. So we're going to continue to invest in our business and we're generating lots of cash.

我們的技術長 Anthony Caiafa 認為會的。所以我們試著讓他慢下來。科技就是我們的種子。因此我們必須小心，不要為了傷害自己而自損其鼻。因此，我們將繼續投資我們的業務，並且我們正在產生大量現金。

We're paying down debt. We're buying back stock. We're looking at acquisitions, but we're not going to starve our development teams or our services teams.

我們正在償還債務。我們正在回購股票。我們正在考慮收購，但我們不會讓我們的開發團隊或服務團隊挨餓。

Great, thank you.

太好了，謝謝。

And our next question comes from the line of Alexei Gogolev with JPMorgan.

我們的下一個問題來自摩根大通的 Alexei Gogolev。

Your line is open.

您的線路已開通。

First of all, Brian, organic growth guidance for Q2 was ahead of your initial forecast and yet you almost did not change your organic revenue outlook for full year and it still sort of remains around 4.5%. Mechanically, this implies that you're now assuming slightly weaker organic growth in the second half. Were there any deals that were pulled forward that resulted in better performance in the quarter?

首先，布萊恩，第二季的有機成長指引超出了您最初的預測，但您幾乎沒有改變全年的有機收入預期，它仍然保持在 4.5% 左右。從機制上講，這意味著你現在假設下半年的自然成長會稍微減弱。是否有任何交易被提前，從而導致本季業績更好？

No, I think just -- thanks for the question. I think if you look at kind of in the aggregate, if you look at the first half and -- versus the second half, they're roughly equivalent as far as organic growth grows, obviously, and we continue to go against higher and higher quarterly numbers, which is obviously in 2024. So I think our expectations around the second half continue to be strong, all in into the overall aggregate for the 4.5% for the full year.

不，我認為只是—感謝您的提問。我認為，如果從總體來看，如果比較上半年和下半年，它們的有機成長率大致相當，顯然，我們的季度數字將繼續越來越高，這顯然是在 2024 年。因此，我認為我們對下半年的預期仍然強勁，全年整體成長 4.5%。

Okay, thank you Brian. And then another question related to acquisitions. I don't know maybe, Bill, this is perhaps for you. What would you see as a comfortable level of leverage, should you see any potential attractive deals beyond the one that you announced earlier this week?

好的，謝謝你，布萊恩。然後是另一個與收購相關的問題。我不知道也許，比爾，這也許適合你。除了本週早些時候宣布的交易之外，您是否還看到任何潛在的有吸引力的交易？您認為什麼樣的槓桿水平是適當的？

Yes. I would be comfortable for us to be in the mid-4s. So we're [272] now, if you go into [450], that's almost two turns, which would be $4.8 billion, plus we would have some cash to be able to probably do a $5 billion acquisition. So it depends how good the acquisition is. We're not afraid to run the business with the debt load because we're a very sticky business. We have great relationships with our clients. Our clients are growing and we're in the sweet spot of financial services, we think.

是的。如果我們能處於 4 秒中段，我會感到很舒服。所以我們現在的股價是[272]，如果進入[450]，那幾乎是兩倍，也就是48億美元，再加上我們還有一些現金，可能可以進行50億美元的收購。所以這取決於收購的效果如何。我們不怕在負債的情況下經營企業，因為我們的企業非常有韌性。我們與客戶保持良好的關係。我們認為，我們的客戶數量正在成長，我們正處於金融服務的最佳階段。

Thank you Bill.

謝謝你，比爾。

And our next question comes from the line of Kevin McVeigh with UBS. Your line is open.

我們的下一個問題來自瑞銀的凱文·麥克維 (Kevin McVeigh)。您的線路已開通。

Great, thank you. Congratulations on the results and the deal. Bill, I think you mentioned within GIDS, a high level of professional services, is there any way to think about: number one, what percentage of the revenue is professional services? And then is that a leading indicator -- is it professional services, kind of you do the work and then ultimately, it pivots to revenue. Is that a fair way to think about it? And typically, what's the lead time? I mean, I know some of the wins are getting bigger, but just are we thinking about that right?

太好了，謝謝。祝賀取得的成果和達成的交易。比爾，我想你提到了 GIDS 內部高水準的專業服務，有沒有辦法考慮：第一，收入中有多少百分比是專業服務？那麼這是一個領先指標——它是專業服務嗎？你所做的工作最終會轉化為收入。這是一種公平的思考方式嗎？通常來說，交貨時間是多久？我的意思是，我知道有些勝利正在變得越來越大，但是我們只是在思考這一點，對嗎？

Well, I think the professional services is really to build out the service or build out the technology to meet the demands of any of these specific clients. Generally, that's a three to six months process. And generally, we get paid that three to six, which is revenue, but then it usually turns into a services contract where we do the work like with Insignia. We rebadged 1,500 people from Insignia to us. So our charge is to help them grow and also to manage our expenses in a way that it becomes increasingly profitable.

嗯，我認為專業服務實際上是建立服務或建構技術來滿足這些特定客戶的需求。一般來說，這是一個三到六個月的過程。一般來說，我們會得到三到六個月的報酬，也就是收入，但之後它通常會變成服務合同，我們會像與 Insignia 合作一樣開展工作。我們從 Insignia 更換了 1,500 名員工。因此，我們的職責是幫助他們成長，並以一種不斷增加利潤的方式管理我們的開支。

That's helpful. And I think the other thing you mentioned was the EBITDA, obviously, at a record high. Any way to think about -- just maybe more, Brian, just the pacing and the seasonality on that, obviously, it's a Q2, which is a terrific outcome. But any shift in kind of the seasonality of the business and how we're thinking about the EBITDA over the course of the year?

這很有幫助。我認為您提到的另一件事是 EBITDA 顯然創下了歷史新高。有任何思考方式 - 可能更多，布萊恩，只是節奏和季節性，顯然，這是第二季度，這是一個了不起的結果。但是業務的季節性有變化嗎？我們如何看待全年的 EBITDA？

As you look at the course of the revenue growth over time, right? So -- and some of that will depend upon the revenue growth in the various kind of business units and where it comes from. Obviously, with rev rec and 606, if you get a little bit more revenue coming in from some of those businesses obviously at a higher margin within that particular quarter at the time that it's booked. So you tend to get a little bit more of that revenue in Q4. So you get a little bit of lift, all else being equal for the, I'll call it, kind of that core infrastructure expense, doesn't really adjust the same way up.

當您觀察收入隨時間的成長過程時，對嗎？所以——這在一定程度上取決於各種業務部門的收入成長及其來源。顯然，有了 rev rec 和 606，如果您從其中一些業務中獲得更多收入，那麼在預訂時的特定季度內，利潤率顯然會更高。因此，您往往會在第四季度獲得更多的收入。因此，你會得到一點提升，在其他條件相同的情況下，我稱之為核心基礎設施費用，實際上並沒有以同樣的方式調整。

So you'll get a little bit of that pickup. So you just kind of -- we look at it over the different lines of businesses and roll that up over time. And obviously, as you continue to grow the revenues over different periods of time, you're just continuing to leverage your scale, right? It's just -- our goal is to -- optimally is to grow the revenues faster than expenses, and you just have a little bit of that revenue seasonality in Q4. So you tend to get a little bit of a pickup on the EBITDA margin.

所以你會得到一點好處。所以你只是——我們從不同的業務線來看待它，並隨著時間的推移將其匯總起來。顯然，隨著您在不同時期不斷增加收入，您只是在繼續利用您的規模，對嗎？我們的目標是，最好讓收入成長速度快於支出成長速度，而第四季的收入會有一點季節性。因此，EBITDA 利潤率往往會略有上升。

Thank you

謝謝

And our next question comes from the line of Dan Perlin with RBC Capital Markets. Your line is open.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。您的線路已開通。

Thanks. Good evening. I was wondering if you could comment on what Battea is actually growing at, like revenue growth rates, in the quarter kind of on a year-over-year basis as we're kind of contemplating that rolling into organic growth in the fourth quarter?

謝謝。晚安.我想知道您是否可以評論 Battea 本季的實際成長情況，例如收入成長率，與去年同期相比如何，因為我們正在考慮在第四季度實現有機成長？

Yeah.

是的。

Go ahead, go ahead.

來吧，來吧。

Yes. It's basically growing at a historical growth rate because I know that was -- obviously, we didn't own it during the second quarter. So it's growing at kind of at low double-digit growth rate. And we're going to see a seasonally -- like and we said this on the prior call as well is that when we look at Battea, and it can be very seasonal as well, right, as far as it can be very lumpy in any one quarter based on what's going on in clearing class action suits. And when we look at historically over the last, call it, five or six years, the frequency of the fourth quarter of the second half being the lumpiest of the full year.

是的。它基本上以歷史增長率增長，因為我知道那是——顯然，我們在第二季度沒有擁有它。因此它的成長率處於較低的兩位數。我們將會看到季節性的變化 — — 就像我們在之前的電話會議上也說過的那樣，當我們看 Battea 時，它也可能是很有季節性的，對吧，就任何一個季度而言，根據清算集體訴訟的情況，它都可能非常不穩定。回顧過去五、六年的歷史，下半年第四季的波動頻率是全年中最不穩定的。

Over 50% of the time you'll see a higher percentage of the revenues weighted toward the back half of the year as courts tend to clear their dockets towards the end of the year versus early part of the year. And this year is shaping up to be similar to one of those years. So we'd expect to see accelerated growth rate in the second half, similar to what they've done historically. It wasn't necessarily the case last year, but more of the case looking this year.

在超過 50% 的時間裡，你會看到更高比例的收入集中在下半年，因為法院傾向於在年底而不是年初清理案件。而今年的情況看起來與其中某一年類似。因此，我們預計下半年的成長率將會加快，與歷史上的情況類似。去年的情況不一定如此，但今年的情況更有可能如此。

Got it. That's great. And then just, I guess, more philosophically, Bill, like the Calastone deal here, again, you've got an asset that's growing, I think organically, you said 10-plus percent. We just talked about Battea, growing low double digits and maybe there's some lumpiness to it, but in aggregate, like these are assets that have organic growth that's better than kind of your current run rate and margins that are not like big fixer uppers, which are somewhat counterintuitive relative to what you've historically done over the years.

知道了。那太棒了。然後，我想，從哲學角度來說，比爾，就像這裡的 Calastone 交易一樣，你擁有一項正在成長的資產，我認為是有機成長，你說的是 10% 以上。我們剛才談到了 Battea，它的增長率低於兩位數，可能存在一些波動，但總體而言，這些資產的有機增長率要高於目前的運行率，利潤率也不像需要修繕的大房子，這與您多年來的歷史表現相比，有些違反直覺。

So I'm just wondering, like is the tone from the top that you're going to point a lot more assets and capital into kind of expanding that organic growth trajectory as these assets kind of keep rolling in because it would seem as though that's a strategic move on your part, but I'm not sure if it's entirely the focus point. I'm just trying to get a sense there. Thank you.

所以我只是想知道，高層的語氣是不是說，隨著這些資產不斷湧入，您將投入更多的資產和資本來擴大有機成長軌跡，因為這似乎是您的策略舉措，但我不確定這是否完全是重點。我只是想了解一下狀況。謝謝。

Yes. Dan, I think, of course, I mean you only need to get hit in the head about 1,000 times before you decide that you guys really love organic revenue growth. I like growth, and I like earnings, but we have a lot of opportunities where we find good teams like they have at Calastone. And we've known dealing in [Hammerson] for several years and a very impressive guy. And I think that when we find that same thing that we had with with Michael [inaudible] and [Pete Hansen] at Battea, so it's finding the right mix and trying not to get to investment banker influenced as to what we should do.

是的。丹，我認為，當然，我的意思是，你只需要被擊中頭部大約 1,000 次，你就會決定你們真的喜歡有機收入增長。我喜歡成長，也喜歡獲利，但我們有很多機會找到像 Calastone 這樣的優秀團隊。我們與 [Hammerson] 打交道已經有好幾年了，他是一個非常令人印象深刻的人。我認為，當我們發現與 Battea 的 Michael [聽不清楚] 和 [Pete Hansen] 遇到的情況相同時，就會找到正確的組合，並儘量不要讓投資銀行家影響我們應該做什麼。

We -- like it made over $600 million consolidated EBITDA this quarter, and we're well on our way to make more money in the second half than we made in the first half. As Brian said, there is some seasonality, and we still sell some software, too. So that generally is in the fourth quarter and generally in the last two weeks of the fourth quarter. It's always in the last two weeks of the quarter, but it's a larger chunk in Q4. So I don't think that's going to change.

我們本季的綜合 EBITDA 超過 6 億美元，而且我們預計在下半年將實現比上半年更多的利潤。正如布萊恩所說，有一些季節性，我們仍然銷售一些軟體。所以這通常是在第四季度，通常是在第四季的最後兩週。它總是發生在季度的最後兩週，但在第四季度佔比更大。所以我不認為這種情況會改變。

That's great. Thank you so much.

那太棒了。太感謝了。

And our next question comes from the line of Peter Heckmann with D.A. Davidson. Your line is open.

我們的下一個問題來自 D.A. Davidson 的 Peter Heckmann。您的線路已開通。

Hey good morning, good afternoon, everyone.

大家早安，下午好。

On Calastone, could you explain a little bit more what their funds network does. I did a little bit of work on the website and I'm not sure I'm 100% grasping it. Is it really a BPO function for things like post-trade processing and trade reconciliation? Or am I reading that incorrectly?

關於 Calastone，您能否進一步解釋一下他們的基金網絡的作用。我在網站上做了一點工作，但我不確定我是否 100% 掌握了它。它真的是用於交易後處理和交易對帳等的 BPO 功能嗎？還是我理解有誤？

That's a couple of the services that they provide. And they have obviously a big network that really allows them to have [straight] in processing, but with very little manual intervention.

這是他們提供的一些服務。他們顯然擁有一個龐大的網絡，這使得他們能夠直接進行處理，而幾乎不需要人工幹預。

Okay. And on a multi-country basis?

好的。並且是在多國基礎上？

I think they're in 57 countries, I think's the number.

我認為他們遍布 57 個國家，我想是這個數字。

Okay. And then I didn't hear an update on the Health Solutions segment. Anything new there? And are we still thinking that we're in the process of kind of really marketing and selling the solution and thinking about incremental revenue in any real material revenue acceleration occurring maybe a year out from now? Is that how we should be thinking about it?

好的。然後我沒有聽到有關健康解決方案部分的最新消息。有什麼新鮮事嗎？我們是否仍然認為我們正處於真正的營銷和銷售解決方案的過程中，並考慮一年後可能出現的任何實際物質收入加速的增量收入？我們該這樣思考嗎？

I think, Pete, that almost all of these health plans, Medicaid and Medicare are all -- they begin in January 1. So really, you find out whether or not you won these deals in like October 1. So that's the selling season is right now through the end of the year. And primarily, you're not closing any deals in December because you have to get these people up and running on January 1. So it's just recognizing those dynamics in that business and then also recognizing that there is -- they're lumpy.

皮特，我認為幾乎所有這些健康計劃、醫療補助和醫療保險都是從 1 月 1 日開始的。所以實際上，你會在 10 月 1 日左右發現自己是否贏得了這些交易。所以現在到年底都是銷售季節。最重要的是，你不會在 12 月達成任何交易，因為你必須讓這些人在 1 月 1 日開始工作。因此，這只是認識到該業務中的那些動態，然後也認識到它們是不均勻的。

This is their whole business and a small deal in Healthcare is underlining our [inaudible] would to be like $5 million. A big one could be $100 million. But you've got to recognize that some of it is going to be the maturation, that selling and marketing process and then being able to really get some traction where people start seeing in appraises of having a brand-new system and data and analysis at their fingertips versus we've had some of the CEOs at major health care companies talk about two or three weeks to get the data in a usable form. So we think there's a lot of advantages and it's -- we make money in our Healthcare business, we generate cash. And we think it's a huge opportunity. We have a new board member who lives in London, and he asks like it's not just the United States that needs health care solutions. So there's opportunity.

這是他們的全部業務，醫療保健領域的一筆小交易突顯了我們的[聽不清楚]價值約為 500 萬美元。大額的可能達到 1 億美元。但你必須認識到，其中一部分將是成熟的，銷售和營銷過程，然後能夠真正獲得一些牽引力，人們開始看到擁有一個全新的系統和數據和分析的評估，而我們已經讓一些大型醫療保健公司的首席執行官談論了兩到三週的時間才能將數據以可用的形式獲取。因此我們認為有很多優勢，而且我們在醫療保健業務中賺錢，產生現金。我們認為這是一個巨大的機會。我們有一位住在倫敦的新董事會成員，他問道，似乎不只是美國需要醫療保健解決方案。所以還有機會。

Okay, good to hear. I appreciate it.

好的，很高興聽到這個消息。我很感激。

And our next question comes from the line of James Faucette with Morgan Stanley. Your line is open.

我們的下一個問題來自摩根士丹利的 James Faucette。您的線路已開通。

It's Michael Infante on for James. I just wanted to ask a technical question on Calastone and specifically their MI platform. I know that's blockchain-native, and it's obviously still quite early. But any sense of the technical or commercial hurdles that would prevent you from routing a big chunk of SS&C administered flows through DMI over the next several years and maybe what that would mean from a cost savings perspective relative to Swift messaging?

邁克爾·因凡特替換詹姆斯上場。我只是想問一個關於 Calastone 及其 MI 平台的技術問題。我知道這是區塊鏈原生的，而且顯然還處於早期階段。但是，您是否了解在未來幾年內會存在哪些技術或商業障礙，阻止您透過 DMI 路由大量 SS&C 管理的流量，以及從相對於 Swift 訊息傳遞的成本節約角度來看，這意味著什麼？

Well, that's something that we're looking at and getting all the technical aspects and all the specifications is one of the reasons you see it as 4.1 to 4.5. And what we spend on R&D, and we have people working and Julian at Calastone is quite technical, and his team is quite technical. So we'll have our technical teams together and we'll do what is optimal for our clients. And I'm sure that the scale that we bring is going to allow us to have better pricing.

嗯，我們正在研究這個問題，了解所有技術細節和規格，這也是你看到它從4.1到4.5的原因之一。我們在研發上投入了不少資金，我們也有人員在工作，Calastone的Julian技術水準很高，他的團隊也非常專業。因此，我們將組成技術團隊，為客戶提供最優質的服務。我相信我們的規模將使我們能夠獲得更好的定價。

Got it. Helpful. Just a quick housekeeping follow-up on Battea. I think you suggested last quarter that you were still working through some of the rev rec dynamics there, which in and of itself, that asset is, again, seasonally concentrated in fiscal 4Q. But do you have more visibility on what that rev rec looks like now? And are you still comfortable with that full year range being 100 to 110 of contribution? Thanks.

知道了。很有幫助。這只是 Battea 的快速後續跟進。我認為您在上個季度曾表示，您仍在研究那裡的一些收入收入動態，就其本身而言，該資產再次在財政年度第四季度出現季節性集中。但是，你現在對 rev rec 的情況有更清晰的了解嗎？您是否仍對全年貢獻範圍為 100 至 110 感到滿意？謝謝。

I think we're getting -- we're definitely making progress on it as we get more history, and we have really good visibility into what is already in effect been adjudicated and is waiting to be released. So yes, we feel better about it. I wouldn't say we're 100% of the way there, but we are getting closer.

我認為我們正在取得進展——隨著我們獲得更多的歷史記錄，我們肯定會取得進展，並且我們對實際上已經裁決並等待發布的內容有了很好的了解。是的，我們對此感覺好多了。我不會說我們已經完全實現了目標，但我們正在越來越接近目標。

Yes. We operate with the different law firms that have won these cases and staying on top of them, too, so that they stay on top of the judges so that the judges release the funds. That's when everybody gets paid.

是的。我們與贏得這些案件的不同律師事務所合作，並密切關注這些案件，以便他們能夠掌握法官的動態，從而讓法官發放資金。那時每個人都會得到報酬。

[Operator Instructions]

[操作員說明]

And our next question comes from the line of Surinder Thind with Jefferies. Your line is open.

我們的下一個問題來自 Jefferies 的 Surinder Thind。您的線路已開通。

Thank you. Bill, can you just provide kind of an update on Blue Prism strategically, where you think you are in the product life cycle in terms of all the new features and functionality and just kind of what you see in the pipeline at this point?

謝謝。比爾，您能否從策略角度介紹 Blue Prism 的最新情況，您認為就所有新功能和功能而言，您處於產品生命週期的哪個階段，以及目前在產品線中看到了什麼？

Well, we're really kind of rolling out kind of a case study of what we did. So we got -- we bought Blue Prism, I think, in like March, April of 2022, I think. And we've deployed several thousand of digital workers and doing increasingly complex tasks. And we think that we have saved or at least not spent a couple of hundred million dollars because of that investment. And as we show what we're doing with Agentic AI and Blue Prism, we're starting to get some real interest as a solution for a lot of their manual issues.

嗯，我們實際上正在對我們所做的事情進行某種案例研究。所以我們——我想我們是在 2022 年 3 月或 4 月收購了 Blue Prism。我們已經部署了數千名數位化員工，執行著日益複雜的任務。我們認為，透過這項投資，我們節省了或至少沒有花費幾億美元。當我們展示使用 Agentic AI 和 Blue Prism 所做的事情時，我們開始引起人們的真正興趣，因為我們可以解決許多手動問題。

We remain optimistic that Blue Prism has a lot of runway, but it's competitive, and it's a Wild West out there. So you got to do this in a wise manner and you got to protect your clients.

我們仍然樂觀地認為，Blue Prism 擁有很大的發展空間，但競爭非常激烈，而且市場仍處於狂野西部狀態。所以你必須以明智的方式做到這一點，並且必須保護你的客戶。

Got it. And then just kind of on the Intralinks piece and the whole idea of volumes, deal count. How significant has the degradation been from the beginning of the year to now? And then maybe how you're thinking about the back half?

知道了。然後就 Intralinks 的部分以及交易量、交易數量的整體概念而言。從年初到現在，退化程度有多嚴重？那麼您可能正在考慮後半部？

Yes. I think the answer to both of those is related. There's a little bit of a lag as mostly -- so we have some leading indicators, the number of opportunities, the number of kind of deals in the market as well as what we have in bookings, which then translates to revenue. So I think most of what we're seeing now is we're seeing the early indicators of that revenue come back. So bookings are up, deal counts are up, things like that. There usually is a couple of month lag, but we do expect some growth from this point in the back half of the year.

是的。我認為這兩個問題的答案是相關的。主要存在一點滯後——我們有一些領先指標，機會數量、市場上的交易數量以及我們的預訂量，然後這些都會轉化為收入。所以我認為我們現在看到的大部分是收入回升的早期指標。因此預訂量上升，交易數量上升，諸如此類。通常會出現幾個月的滯後，但我們確實預計從今年下半年的這個時候會出現一些增長。

Got it. Meaning that you expect growth in the back half to be positive like in terms of absolute numbers?

知道了。意思是您預計下半年的成長將呈正值（從絕對數字來看）？

Yeah.

是的。

Appreciate that. Thank you.

非常感謝。謝謝。

And we have no further questions. So I will now turn the call back over to Mr. Bill Stone for closing remarks.

我們沒有其他問題了。現在我將把電話轉回給比爾·斯通先生，請他作最後發言。

Thank you, and thanks, everybody, for being on the call. We're working hard for our shareholders, as we always do, and it's nice to present good results. And we look forward to seeing you in October. Thanks a lot.

謝謝大家，也謝謝大家參加電話會議。我們一如既往地為股東努力工作，很高興能取得良好的表現。我們期待十月與您相見。多謝。

And ladies and gentlemen, this concludes today's call, and we 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，感謝你們的參與。您現在可以斷開連線。