SS&C Technologies Holdings Inc (SSNC) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's SS&C Technologies' Q3 2025 earnings call. (Operator Instructions) Thank you.

感謝您的耐心等待。我叫格雷格，今天我將擔任你們的會議接線生。在此，我謹代表 SS&C Technologies 公司歡迎各位參加今天的 2025 年第三季財報電話會議。（操作說明）謝謝。

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

現在我將把電話交給投資者關係主管賈斯汀·斯通。賈斯汀。

Hi, everyone. Welcome and thank you for joining us for our Q3 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.

大家好。歡迎各位參加我們2025年第三季財報電話會議，感謝您的參與。我是 SS&C 的投資者關係負責人 Justine Stone。今天陪同我出席的有：董事長兼執行長比爾·史東；總裁兼營運長拉胡爾·坎瓦爾；以及財務長布萊恩·謝爾。

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 the Safe Harbor provisions under the Private Securities Litigations Reform Act of 1995.

在開始之前，我們需要回顧一下安全港聲明。請注意，我們今天對未來預期、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 our Risk Factor section of our most recent annual report on Form 10-K, which is on file with the SEC and can also be accessed on our website.

由於各種重要因素的影響，實際結果可能與這些前瞻性聲明所指出的結果有重大差異，這些因素包括我們在最新年度報告（表格 10-K）的「風險因素」部分中討論的因素，該報告已提交給美國證券交易委員會，也可在我們的網站上查閱。

These forward-looking statements represent our expectations only as of today, October 23, 2025, while the company's financial measures to comparable GAAP financial measures is included in today's release which is located in the Investor Relations section of our website at www.ssctech.com.

這些前瞻性聲明僅代表我們截至 2025 年 10 月 23 日的預期，而公司與可比較 GAAP 財務指標的財務指標包含在今天的公告中，該公告位於我們網站 www.ssctech.com 的投資者關係部分。

I will now turn the call over to Bill.

現在我將把通話轉給比爾。

Thanks, Justine, and welcome everyone. Our third-quarter results include recor- adjusted revenue of $1.569 billion, up 7%, and adjusted diluted earnings per share of $1.57, a 17.2% increase. We delivered record-adjusted consolidated EBITDA of $619 million, up 9.3%, resulting in quarterly adjusted consolidated EBITDA margin of 39.5%.

謝謝賈斯汀，也歡迎各位。我們第三季的業績包括：調整後營收創歷史新高，達到 15.69 億美元，成長 7%；調整後稀釋每股收益為 1.57 美元，成長 17.2%。我們實現了創紀錄的經調整合併 EBITDA 6.19 億美元，成長 9.3%，季度經調整合併 EBITDA 利潤率為 39.5%。

Our third-quarter adjusted organic revenue growth was 5.2%, with performance driven by GlobeOp with a 9.6% revenue growth and our Global Investor and Distribution Services, or GIDS business, with a 9% revenue growth. We saw strength across all alternative markets, and we are capitalizing on international opportunities.

我們第三季調整後的有機收入成長了 5.2%，其中 GlobeOp 的營收成長了 9.6%，全球投資者和分銷服務 (GIDS) 業務的收入成長了 9%。我們看到所有另類市場都表現強勁，我們正在抓住國際機會。

In our GIDS business, we successfully completed a large lift out in Australia on July 1 and announced an additional lift out for our US life and pensions provider. Q3 Financial Services recurring revenue growth was 6.7%.

在我們的GIDS業務中，我們於7月1日在澳洲成功完成了一項大型提貨，並宣布了為我們在美國的人壽和退休金提供者進行的額外提貨。第三季金融服務經常性收入成長6.7%。

For the nine months ended September 30, '25, cash from operating activities was $1.101 million, up 22% over the prior year. In Q3, we returned $305 million to shareholders, which included acquiring 2.8 million shares for $240 million at an average price of $86.82 and $65.8 million in common stock dividends. This quarter, we've raised our common stock dividend to $1.08, an 8% increase.

截至 2025 年 9 月 30 日的九個月，經營活動產生的現金為 110.1 萬美元，比上年增長 22%。第三季度，我們向股東返還了 3.05 億美元，其中包括以平均每股 86.82 美元的價格收購 280 萬股，耗資 2.4 億美元，以及支付 6,580 萬美元的普通股股息。本季度，我們將普通股股息提高至每股 1.08 美元，增幅為 8%。

SS&C's strong cash flow characteristics allow us to return capital to our shareholders in multiple ways. We continue to believe our shares are undervalued, and we'll continue to prioritize share repurchase.

SS&C 強勁的現金流特性使我們能夠以多種方式向股東返還資本。我們仍然認為我們的股票被低估了，我們將繼續優先考慮股票回購。

High-quality acquisitions that meet our financial criteria are also a key element of SS&C's capital allocation strategy. In September, we announced the acquisition of Curo Fund Services, a South African fund administration business. This acquisition deepens our relationship with two meaningful clients and gives SS&C a local presence in the African market.

符合我們財務標準的高品質收購也是 SS&C 資本配置策略的關鍵要素。9 月，我們宣布收購南非基金管理公司 Curo Fund Services。此次收購加深了我們與兩家重要客戶的關係，並使 SS&C 在非洲市場擁有了當地業務。

Our Calastone acquisition closed on October 14, the global team of 250 employees will join our GIDS business. reporting under Nick Wright. We are excited about Calastone's proprietary global funds network and the additional capabilities in money markets, ETFs, and digital assets they bring to the SS&C solutions set.

我們對 Calastone 的收購已於 10 月 14 日完成，其 250 名員工的全球團隊將加入我們的 GIDS 業務部門。本文由 Nick Wright 撰寫。我們對 Calastone 的專有全球基金網絡以及它們為 SS&C 解決方案帶來的貨幣市場、ETF 和數位資產的額外功能感到非常興奮。

Tokenization is gaining meaningful traction amongst our clients, and we are pleased to offer a solution that supports their evolving digital asset strategies.

代幣化在我們的客戶中獲得了顯著的認可，我們很高興能夠提供支援他們不斷發展的數位資產策略的解決方案。

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

現在我將把電話交給 Rahul，讓他更詳細地討論本季的情況。

Thanks, Bill. We had a strong third quarter with solid organic growth of 5.2% and improved margins. Across our business, we remain focused on taking care of our customers and deepening our product set and expertise. And we're pleased to see that focus translate into financial results. We continue to pay close attention to our cost structure and view intelligent automation and AI as both a revenue opportunity and a way to reduce repetitive tasks while enhancing career paths for our employees.

謝謝你，比爾。第三季業績強勁，實現了 5.2% 的穩健內生成長，利潤率也有所提高。在整個業務過程中，我們始終專注於服務客戶，並不斷深化我們的產品組合和專業知識。我們很高興看到這種專注轉化為財務表現。我們將繼續密切關注成本結構，並將智慧自動化和人工智慧視為創造收入機會，同時也是減少重複性工作、提升員工職涯發展道路的一種方式。

We've seen the results of these efforts reflected in improved EBITDA margins to date and expect this positive trend to continue.

我們已經看到這些努力的成果體現在迄今為止 EBITDA 利潤率的提高上，並預計這一積極趨勢將繼續下去。

GlobeOp had a good quarter with continued strength within our hedge fund client base, international wins in private markets, and benefits from the ongoing trend towards retail alternatives. Looking ahead, we view GlobeOp as a key beneficiary of emerging technologies and aim to dramatically enhance user interfaces and client experiences as meaningful, competitive differentiators.

GlobeOp 本季業績良好，對沖基金客戶群持續保持強勁勢頭，在私募市場取得國際成功，並受益於零售替代方案的持續成長趨勢。展望未來，我們認為 GlobeOp 是新興技術的主要受益者，並致力於大幅提升使用者介面和客戶體驗，使其成為有意義的競爭優勢。

Our Global Investor and Distribution Solutions business had an excellent quarter, driven in part by successful lift-outs across the globe. We're encouraged by the potential these mandates unlock.

我們的全球投資者和分銷解決方案業務本季表現出色，部分原因是全球範圍內成功開展了業務拓展。這些強制性措施所釋放的潛能令我們倍感鼓舞。

SS&C continues to help accelerate the global transformation from traditional automation to AI-powered automation selling purpose-built agents as a managed service. With SS&C as customer zero, we can leverage millions of daily use cases to build deep and comprehensive solution sets, which provide for both internal efficiency and external revenue opportunities.

SS&C 持續協助加速全球從傳統自動化向 AI 驅動的自動化轉型，以託管服務的形式銷售專用代理商。以 SS&C 為零號客戶，我們可以利用數百萬個日常用例來建立深入全面的解決方案集，從而提高內部效率並創造外部收入機會。

As one example, we sold an AI agent to a UK-based health care organization to automate MRI, CT, and ultrasound request processing, saving over 15,000 radiologist hours annually. This frees clinical capacity, reduces outsourcing costs, and addresses a global hospital challenge, as well as points to the utility of these AI agents in a wide range of applications.

例如，我們向一家英國醫療保健機構出售了一款人工智慧代理，用於自動處理 MRI、CT 和超音波檢查請求，每年為放射科醫生節省超過 15,000 小時。這釋放了臨床資源，降低了外包成本，解決了全球醫院面臨的挑戰，同時也顯示了這些人工智慧代理在廣泛應用中的實用性。

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

接下來，我將把財務部分交給布萊恩來講解。

Thanks, Rahul, and good day, everyone. Unless noted otherwise, the quarterly comparisons are Q3 2024. As disclosed in our press release, our Q3 2025 GAAP results reflect revenues of $1.568 billion, net income of $210 million, and diluted earnings per share of $0.83. Our adjusted non-GAAP results include revenues of $1.569 billion, an increase of 7%, and adjusted diluted EPS of $1.57, and a 17.2% increase.

謝謝你，拉胡爾，祝大家今天愉快。除非另有說明，否則季度比較均指 2024 年第三季。正如我們在新聞稿中所揭露的，我們2025年第三季的GAAP業績反映出營收為15.68億美元，淨利為2.1億美元，稀釋後每股收益為0.83美元。我們調整後的非GAAP業績包括營收15.69億美元，成長7%；調整後稀釋後每股收益為1.57美元，成長17.2%。

The adjusted revenue increase of $102 million was primarily driven by incremental revenue contributions from GlobeOp of $37 million, GIDS of $33 million, acquisitions of $17 million, and a favorable impact from foreign exchange of $9 million. As a result, adjusted organic revenue growth on a constant currency basis was 5.2%, and core expenses increased 4.1% or $37 million.

調整後的營收成長了 1.02 億美元，主要得益於 GlobeOp 的增量收入 3,700 萬美元、GIDS 的增量收入 3,300 萬美元、收購收入 1,700 萬美元以及外匯帶來的 900 萬美元的有利影響。因此，以固定匯率計算，調整後的有機收入成長為 5.2%，核心支出成長 4.1% 或 3,700 萬美元。

Adjusted consolidated EBITDA was $619 million, reflecting an increase of $53 million or 9.3%, and margin expansion of 90 basis points to 39.5%. Net EBITDA of $619 million is a quarterly record high for SS&C.

經調整後的合併 EBITDA 為 6.19 億美元，較上年同期成長 5,300 萬美元，增幅達 9.3%，利潤率擴大 90 個基點至 39.5%。SS&C 的淨 EBITDA 為 6.19 億美元，創季歷史新高。

Net interest expense for the third quarter of '25 was $104 million, a decrease of $6 million, primarily reflecting lower short-term interest rates. Adjusted net income was $396 million, up 16.5% and adjusted diluted EPS was $1.57, an increase of 17.2%. Our effective non-GAAP tax rate was 21.1%.

2025 年第三季淨利息支出為 1.04 億美元，減少了 600 萬美元，主要反映了短期利率的下降。調整後的淨收入為 3.96 億美元，成長 16.5%；經調整後的稀釋每股收益為 1.57 美元，成長 17.2%。我們實際的非GAAP稅率為21.1%。

Note, for comparison purposes, we have recast the 2024 adjusted net income to reflect the full-year effective tax rate of 23.1%. Also note that diluted share count is down year-over-year to $252.6 million from $254.1 million, primarily as a result of share repurchases.

請注意，為了方便比較，我們已將 2024 年調整後的淨收入重新計算，以反映全年有效稅率 23.1%。另請注意，稀釋後的股份數量年減至 2.526 億美元，而去年同期為 2.541 億美元，這主要是由於股票回購所致。

Cash flow from operating activities grew 22%, which was primarily driven by growth in earnings. Our quarterly cash flow conversion was 115%, up from 99% last year. Our year-to-date cash flow conversion is 98% versus 89% last year.

經營活動產生的現金流量增加了 22%，這主要是由獲利成長推動的。我們的季度現金流轉換率為 115%，高於去年的 99%。今年迄今為止，我們的現金流量轉換率為 98%，而去年同期為 89%。

SS&C ended the third quarter with $388 million in cash and cash equivalents and $6.6 billion in gross debt. SS&C's net debt was $6.2 billion and our LTM consolidated EBITDA was $2.4 billion. The resulting net leverage ratio is 2.59 times.

SS&C 第三季末持有現金及現金等價物 3.88 億美元，總債務 66 億美元。SS&C 的淨債務為 62 億美元，過去 12 個月的合併 EBITDA 為 24 億美元。由此得出的淨槓桿率為 2.59 倍。

As we look forward to the fourth 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'll continue to manage our business to support long-term growth and manage our expenses 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.

展望第四季及今年剩餘時間的業績指引，我們將繼續專注於客戶服務，並預期客戶留存率將與我們最近的業績保持在同一水平。我們將繼續管理業務，以支持長期成長，並透過控制和調整可變費用、提高生產力以改善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費用。

Specifically, we have assumed short-term interest rates to remain at current level, an effective tax rate of approximately 23% on an adjusted basis, and capital expenditures to be 4.2% to 4.6% of revenues, and revenues of approximately $20 million for the Calastone acquisition. For the fourth quarter of '25, we expect revenue to be in the range of $1.59 billion to $1.63 billion and 4.5% organic revenue growth at the midpoint.

具體而言，我們假設短期利率維持在當前水平，經調整後的有效稅率約為 23%，資本支出佔收入的 4.2% 至 4.6%，Calastone 收購的收入約為 2,000 萬美元。我們預計 2025 年第四季的營收將在 15.9 億美元至 16.3 億美元之間，其中數值對應的有機收入成長率為 4.5%。

Adjusted net income in the range of $394 million to $410 million. Interest expense, excluding amortization of deferred financing costs and original issue discount in the range of $106 million to $108 million, iluted shares in the range of $251.5 million to $252.5 million, and adjusted diluted EPS in the range of $1.56 to $1.62.

調整後淨收入在 3.94 億美元至 4.1 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 1.06 億美元至 1.08 億美元之間，稀釋股份在 2.515 億美元至 2.525 億美元之間，調整後的稀釋每股收益在 1.56 美元至 1.62 美元之間。

For the full year 2025, we are raising our top-line guidance by $37 million at the midpoint and now expect revenue to be in the range of $6.21 billion to $6.25 billion and 4.6% revenue growth at the midpoint. For the full year 2025, we are also raising the midpoint of our earnings guidance.

對於 2025 年全年，我們將營收預期中位數上調 3,700 萬美元，目前預計營收將在 62.1 億美元至 62.5 億美元之間，營收成長率中位數為 4.6%。對於 2025 年全年，我們也提高了獲利預期中位數。

Specifically, we expect adjusted net income in the range of $1.522 billion to $1.538 billion, adjusted diluted EPS in the range of $6.02 to $6.08, up $0.11 at the midpoint, and cash from operating activities to be in the range of $1.515 billion to $1.575 billion. Our 2025 guidance reflects our record results thus far in 2025, and we look forward to continued execution during Q4.

具體而言，我們預計調整後淨利潤在 15.22 億美元至 15.38 億美元之間，調整後攤薄每股收益在 6.02 美元至 6.08 美元之間，中點值上漲 0.11 美元，經營活動產生的現金流量在 15.15 億美元至 15.75 億美元之間。我們的 2025 年業績指引反映了我們 2025 年迄今的創紀錄業績，我們期待在第四季度繼續保持這一勢頭。

And now back to Bill.

現在讓我們回到比爾身上。

Thanks, Brian. SS&C's record adjusted revenues and adjusted EBITDA this quarter attest to our strong and long-term financial and operating strength. The 22% increase to $1.1 billion in operating cash flow through three quarters gives us the flexibility to pursue growth opportunities as we continue to pay down debt and repurchase shares.

謝謝你，布萊恩。SS&C 本季的調整後營收和調整後 EBITDA 均創歷史新高，證明了我們強大的長期財務和營運實力。前三個季度經營現金流成長 22% 至 11 億美元，這使我們能夠靈活地尋求成長機會，同時繼續償還債務和回購股票。

We also look forward to hosting almost 1,000 clients and prospects at our Annual Deliver Conference beginning this Sunday in Phoenix, Arizona. This conference will feature the latest and greatest SS&C's offerings, and we'll have our Chief Technology Officer there, Anthony Caiafa will talk about all of our AI advancements within SS&C in the market. And our keynote speaker is Victor Haghani founder and CIO of Elm Wealth and a co-founder of Long-Term Capital Management.

我們也期待在本週日於亞利桑那州鳳凰城舉行的年度交付大會上接待近 1000 位客戶和潛在客戶。本次大會將展示 SS&C 最新、最強大的產品，我們的技術長 Anthony Caiafa 也將出席，並向大家介紹 SS&C 在人工智慧領域的所有市場進展。我們的主講嘉賓是 Elm Wealth 的創辦人兼首席投資長 Victor Haghani，以及長期資本管理公司的共同創辦人。

So we appreciate all of you being here on the call, and I'll now open it to questions.

感謝各位參加本次電話會議，現在將開放提問環節。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

（操作員說明）丹‧珀林，加拿大皇家銀行資本市場。

Thanks. Good evening, everyone, and nice quarter here. I just wanted to try and get a sense around the 4Q organic guide around 4.5%. keeping in mind that Battea is contributing into that organic growth. So I'm just wondering, can you tell us at least directionally what the contribution of Battea would be in that 4.5% and -- or is that just a conservative jumping off point. It felt like it should be contributing, I think, more meaningfully in the fourth quarter.

謝謝。各位晚上好，這裡環境不錯。我只是想大致了解一下第四季有機成長預期在 4.5% 左右的情況。需要注意的是，Battea 也對這一有機成長做出了貢獻。所以我想知道，您能否至少大致告訴我們 Battea 在這 4.5% 的貢獻是多少——或者這只是一個保守的起點？我覺得它在第四季應該會做出更有意義的貢獻。

Yeah. I think that the -- the one thing that I would just highlight is Q4 of the year before was by far our strongest quarter. So we think that's a reasonable jump in all point, not overly conservative, but also something that hopefully we can positively improve on. And Battea's contribution, I think we did about $16 million in Q4 last year. We expect to do about $25 million in Q4 this year.

是的。我認為——我只想強調一點，去年第四季是我們迄今為止表現最好的一個季度。所以我們認為這是一個合理的提升幅度，並非過於保守，但同時也希望我們能夠在此基礎上有所改進。而 Battea 的貢獻，我認為我們在去年第四季達到了約 1600 萬美元。我們預計今年第四季營收將達到約2,500萬美元。

Got it. Okay. That's great. And then just secondly, I mean, GIDS had a very successful organic quarter. I wanted to make sure I understood maybe the mechanics behind that a little bit. I think the contribution to that organic growth was driven by this lift out, but maybe if you could provide a little more details around that, that would be great. Thank you.

知道了。好的。那太棒了。其次，GIDS 的自然成長季度非常成功。我想確保自己對其中的原理有所了解。我認為此次剝離推動了有機成長，但如果您能提供更多相關細節，那就太好了。謝謝。

Yeah, that was a big chunk. We had a big lift out in Sydney, Australia, that we completed July 1. So we had a half a year from that. And we also sold other large lift outs as well, and we have a pipeline. So we're pretty confident in Q4 for GIDS and '26.

是的，那可是很大一部分。我們在澳洲雪梨完成了一項大型吊運作業，並於7月1日完成。所以從那時起我們有半年的時間。我們也售出了其他大型吊掛設備，而且我們還有後續訂單。因此，我們對 GIDS 第四季和 2026 年的業績相當有信心。

Got it. Thank you very much.

知道了。非常感謝。

Jeff Schmidt, William Blair.

傑夫·施密特，威廉·布萊爾。

Thank you. On the Curo Fund Services deal, could you discuss what attracted you to that business? And how much revenue is that generating? I guess why is that going to be held under GIDS if it's a fund administration business?

謝謝。關於 Curo Fund Services 的交易，您能否談談是什麼吸引您加入這家公司？那這項業務能帶來多少收入？如果是一家基金管理公司，為什麼要將其納入GIDS監管範圍？

The African market is still quite a bit behind the European and the US markets in fund administration and a lot of where you find these kinds of companies is in the life and pensions area. So the two large clients, we have very large insurers and they jointly owned Curo. So that's why it's going into GIDS.

非洲市場在基金管理方面仍遠遠落後於歐洲和美國市場，這類公司大多集中在人壽和退休金領域。所以，我們的兩大客戶都是規模非常大的保險公司，他們共同擁有 Curo。所以這就是它要進入GIDS的原因。

Okay. And did you mention how much revenue that's generating?

好的。你有沒有提到這能帶來多少收入？

It's negligible. It's $15 million or so, I think.

微不足道。我想大概是1500萬美元左右。

Okay. And then you had talked in recent quarters just about implementing agentic AI and Blue Prism. I think that had been more bot-based automation in the past. So could you give us an update on where you stand there? And what other businesses are you developing that for?

好的。最近幾個季度，你們一直在討論如何實現智慧體人工智慧和 Blue Prism。我認為過去更多的是基於機器人的自動化。那麼，您能否向我們介紹一下您目前在該領域的進展？你還在為哪些企業開發這項技術？

Well, we call ourselves customer zero. So we're doing it across our entire business. And as we have been leaders in most of the technologies that have come out over the last several years, we're now infusing all of those technologies with AI agents and making them smarter and faster.

我們自稱是零號客戶。所以我們正在整個公司範圍內推行這項措施。由於我們在過去幾年中推出的大多數技術領域都處於領先地位，我們現在正在將所有這些技術與人工智慧代理融合，使它們更聰明、更快速。

And again, with 27,000 people we have and literally thousands of experts, we believe that we bring the functional expertise to make really smart agents. You can use the greatest technology, but if you don't know what the hell you're talking about, they are not going to be particularly good agents.

此外，我們擁有 27,000 名員工和數千名專家，我們相信我們具備打造真正智慧代理所需的專業知識。你可以使用最先進的技術，但如果你根本不知道自己在說什麼，他們就不會成為特別優秀的代理人。

We think we have the largest, most sophisticated clients because we deliver. And I think that's what you're going to find with our delivery of AI agents.

我們認為我們擁有規模最大、最成熟的客戶，因為我們能夠兌現承諾。我認為這就是您將在我們交付的人工智慧代理中看到的情況。

Okay. Thank you.

好的。謝謝。

Alexei Goggoev, JPMorgan.

阿列克謝‧戈戈耶夫，摩根大通。

Hi, Bill, it's clearly a competitive market out there. Could you elaborate on the potential impact from the lost business at State Street in-sourced SPDR. Will that impact on revenue be felt in 2026 or in 4Q of this year?

嗨，比爾，很明顯，現在的市場競爭非常激烈。您能否詳細說明一下道富銀行內部 SPDR 業務損失可能造成的影響？這種對營收的影響會在 2026 年顯現，還是在今年第四季顯現？

I mean, we'll have a small impact. We still believe our WIT business will still grow, and that was an ancillary business anyway. And it's not something that we were investing in to see if we could do more distribution of SPDR-like products.

我的意思是，我們能產生的影響很小。我們仍然相信我們的WIT業務會繼續成長，而且那本來就是一項輔助業務。我們投資這個領域並不是為了看看能否進一步分銷類似 SPDR 的產品。

So while we don't ever like to lose revenue, but at the same time, this wasn't our focus. It's not really going to hurt us much and we look forward to taking those resources that we had there and apply them to things that we think can grow faster.

所以，雖然我們當然不希望收入減少，但同時，這並不是我們關注的重點。這其實不會對我們造成太大傷害，我們期待著將我們在那裡擁有的資源應用到我們認為可以更快發展的事物上。

Thank you, Bill. And then Brian, with GIDS and GlobeOp's growth performing quite well this quarter, how much does that revenue mix shift change margin outlook? I think you seem to have suggested that 3Q 2024, SS&C had strong performance of Intralinks and significant license sale that boosted WIT business. And both of those have visibly higher margins than GIDS and GlobeOps. Can you elaborate on margin impact this quarter?

謝謝你，比爾。那麼，Brian，鑑於GIDS和GlobeOp本季的成長表現相當不錯，這種收入結構的轉變會對利潤率前景產生多大影響？我認為您似乎暗示，在 2024 年第三季度，SS&C 的 Intralinks 業務表現強勁，並且獲得了大量許可銷售，從而推動了 WIT 業務的發展。而這兩家公司的利潤率都明顯高於 GIDS 和 GlobeOps。您能詳細說明一下本季利潤率受到的影響嗎？

Yeah. No, I think what you saw is you saw the strength of the margin impact, actually, obviously, with the GlobeOp. It, obviously, already has very strong margins above the consolidated average and you saw an incremental contribution from them.

是的。不，我認為你看到的是利潤率影響的強度，實際上，很明顯，GlobeOp 就是如此。顯然，它的利潤率已經遠高於綜合平均水平，而且你已經看到了它帶來的增量貢獻。

I think that some of the things that GIDS has been doing is continue to try and work on their margin as well. But I'd say more broadly, because of the different growth areas, we're continuing to see positive signs from the rest of the business.

我認為GIDS一直在努力提高利潤率。但更廣泛地說，由於成長領域的多樣性，我們繼續看到其他業務領域出現積極跡象。

So that's why you've been able to continue to see actually a margin uptake, right, from overall, right? So we're projecting that a greater than 50 basis point margin improvement in EBITDA, which has always been our our general target. And so that mix shift hasn't affected our overall plans on a consolidated level.

所以這就是為什麼你們能夠持續看到利潤率整體上升的原因，對吧？因此，我們預計 EBITDA 利潤率將提高 50 個基點以上，這始終是我們的整體目標。因此，這種組合變化並沒有影響我們整體層面的計劃。

And at 39.5%, you can compare us to any of our peers, we perform admirably relatively..

39.5% 這個數字，與任何同行相比，我們的表現都相當出色。

Thank you, Bill. Thanks, Brian.

謝謝你，比爾。謝謝你，布萊恩。

Peter Heckmann, DA Davidson.

Peter Heckmann，DA Davidson。

Hey, good afternoon, everyone. I wanted to follow up on Calastone a little bit. Two things there. Talk a little bit about how their existing operations complement your existing UK operations for advisory firms and then in wealth management firms. And then number two is remind us, is there any significant seasonality of Calastone's revenue?

大家好，下午好。我想稍微了解一下Calastone的情況。這裡有兩件事。請談談他們現有的業務如何與您在英國的現有業務（針對顧問公司和財富管理公司）形成互補。其次，請提醒我們，Calastone 的收入是否有明顯的季節性波動？

I seem to remember there was some seasonality to the first quarter for year-end statement, but I can't remember if that was correct.

我好像記得年終報表第一季的數據會受到一些季節性因素的影響，但我記不清這是否正確了。

So we're excited about Calastone. Jason Hammerson has built a great business, got 250 people, and I believe, have about 4,600 clients, fund companies and other asset managers and wealth managers around the world, and it really has a powerful tokenization process.

所以我們對Calastone感到非常興奮。Jason Hammerson 打造了一家偉大的企業，擁有 250 名員工，我相信，他擁有大約 4600 名客戶，包括基金公司、其他資產管理公司和財富管理公司，遍布世界各地，而且他的代幣化流程非常強大。

It has very powerful ETFs. And many of you know that it looks like dual share class ETFs has been approved, and that's going to be another boon to the ETF market, which is pretty strong in the United States. And the mutual fund industry, where Calastone is also real strong, it's still strong in Asia and in Europe.

它擁有非常強大的ETF。你們中的許多人都知道，雙重份額類別 ETF 似乎已經獲得批准，這對美國 ETF 市場來說將是另一個利好，而美國的 ETF 市場本身就非常強勁。Calastone 在共同基金產業也實力雄厚，在亞洲和歐洲仍保持強勁勢頭。

So we really like the synergies we get with Calastone acquisition, and we look forward to building on our distribution networks together.

因此，我們非常看好透過收購 Calastone 所獲得的協同效應，並期待共同拓展我們的分銷網絡。

Okay. And then on the seasonality revenue, anything significant there to call out?

好的。那麼，關於季節性收入，有什麼值得特別指出的地方嗎？

I don't think so. I think, Pete, it's a great company, but relative size is not going to impact our growth rates are -- and there's no seasonality in any one quarter that's going to make much of a difference.

我不這麼認為。皮特，我認為這是一家很棒的公司，但相對規模不會影響我們的成長率——而且任何一個季度的季節性因素都不會產生太大影響。

Really going to stand out. Okay, that's all I have for now. I'll get back to the queue. I appreciate it.

絕對會脫穎而出。好了，我目前就只有這些。我這就回到隊列裡去。謝謝。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

Hey, good afternoon. So it sounds like, at least anecdotally, the M&A pipeline is starting to pick up. But obviously, that really hasn't translated to improved growth for Intralinks quite yet. What are you seeing out there in terms of the pipeline for Intralinks and the competitive landscape?

嘿，下午好。所以聽起來，至少從一些傳聞來看，併購活動似乎開始增加。但顯然，這還沒有真正轉化為 Intralinks 的成長改善。您認為Intralinks的研發管線和競爭格局如何？

Yeah. I think it's a little bit like you just pointed out, we are seeing the early indicators of the pipeline. So the opportunities that we're talking to and the data rooms that are getting opened, we're seeing those numbers improve. Generally, revenue lags several weeks to maybe a few months from there, but we are starting to see some positive signs.

是的。我覺得有點像你剛才指出的那樣，我們現在看到的是這條管道的早期跡象。因此，我們正在洽談的機會以及正在開放的資料室，我們看到這些數字都在改善。通常情況下，收入會滯後幾週到幾個月，但我們開始看到一些積極的跡象。

Got it. I appreciate that. And then health care business, two consecutive quarters of positive year-over-year growth. What's your confidence level that, that business has positively inflected in a sustainable way?

知道了。我很感激。其次是醫療保健業務，連續兩季實現年成長。你有多大信心認為這項業務已經以可持續的方式產生了積極影響？

Well, I think, Patrick, that one of the things people should keep in mind is we built DomaniRx while we ran this health care business, and we had 1 million hours in that development. So the Domani runs at -- or our health care business runs at 30%, 35% margins.

嗯，帕特里克，我認為人們應該記住的一點是，我們在經營這家醫療保健企業的同時開發了 DomaniRx，我們在開發過程中投入了 100 萬個小時。所以 Domani 的營運利潤率——或者說我們的醫療保健業務的營運利潤率——為 30%、35%。

We -- it's lumpy. You get $10 million, $20 million deals, sometimes way bigger than that. And we have a great client in Humana that we continue to build out further, and we have another great client in Centene.

我們——它凹凸不平。你會接到價值 1000 萬美元、2000 萬美元的交易，有時甚至遠超這個數字。我們在 Humana 有一位非常棒的客戶，我們正在繼續進一步拓展合作關係；我們在 Centene 也有一位非常棒的客戶。

And so we have opportunities. And it's just selling into large banks, large insurance companies, large asset managers. Sometimes I think they're nimble when I sell into large health care organizations.

因此，我們擁有機會。而且它只向大型銀行、大型保險公司和大型資產管理公司銷售產品。有時我覺得，當我向大型醫療機構推銷產品時，他們的反應非常迅速。

All right, understood. Thank you.

好的，明白了。謝謝。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. Thanks so much and congratulations on terrific results. I think you came in $0.07 above the high end of the range, including some -- it seems like, obviously, implementation work. I guess where was the source of the upside just relative to where expectations were on the EPS?

偉大的。非常感謝，恭喜你取得如此優異的成績。我認為你的結果比預期的上限高出 0.07 美元，其中包括一些——顯然，這看起來像是實施工作。我想問的是，相對於每股盈餘的預期，上漲的動力來自哪裡？

Well, again, we talked a little bit about the lift out we did in Australia that lifted the GIDS business. And then we also have had very strong performance out of GlobeOp. And even though we had some weaker revenue performance on Intralinks, they're still very profitable. So all of our businesses are doing well with opportunities. And in Q3, we had most of them hitting a pretty good stride.

嗯，我們又談到了我們在澳洲開展的提升計劃，該計劃提升了 GIDS 業務。此外，GlobeOp 的表現也非常出色。儘管 Intralinks 的收入表現有所下滑，但它們仍然非常盈利。因此，我們所有的業務都發展良好，充滿了機會。第三季度，他們中的大多數人都取得了相當不錯的進展。

And we think in Q4, we have -- we're pretty good out of the gates, right? It's certainly towards the end of October, which is one-third of the quarter, and it's also got Thanksgiving and Christmas in the fourth quarter. So we're reasonably optimistic, as you can tell.

我們認為在第四季度，我們開局相當不錯，對吧？現在確實已經接近十月底了，這已經是季度的三分之一了，而且第四季還有感恩節和聖誕節。所以，正如你所看到的，我們相當樂觀。

You sound really encouraged. I guess you mentioned tokenization a couple of times with Calastone. Is there an opportunity to implement that technology across the other business lines, similar to what you've done with Blue Prism?

聽起來你信心滿滿。我想你之前在 Calastone 上提到過幾次代幣化。是否有可能像你們在 Blue Prism 上所做的那樣，將這項技術應用到其他業務線？

There's opportunity. And one of the great things we always talk about is that you have to get right? So a lot of people dabbled in things like machine learning and natural language processing and robotic process automation and that -- but you buy a few licenses to UiPath or Automation Anywhere and you don't have any substance. SS&C spent $1.6 billion, $1.7 billion to buy Blue Prism so that we had 1,400 people that are steeped in these technologies.

機會就在眼前。我們經常談到的一件很棒的事情就是，你必須做對？所以很多人涉獵機器學習、自然語言處理和機器人流程自動化等領域——但你買了一些 UiPath 或 Automation Anywhere 的許可證，卻沒有任何實質的東西。SS&C 花了 16 億至 17 億美元收購了 Blue Prism，使我們擁有了 1400 名精通這些技術的員工。

And now with what we're doing with AI agents and being customer zero, we get to add all kinds of capabilities in a very controlled manner so that we become your trusted source for AI at a -- in a regulated and highly complex industries.

現在，憑藉我們在人工智慧代理商方面的工作以及作為零號客戶的優勢，我們可以以非常可控的方式添加各種功能，從而成為您在受監管和高度複雜的行業中值得信賴的人工智慧來源。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Thank you very much. Just wanted to ask a question on the general environment. Bill, you've had great insight previously into private credit flows, and there's been a lot of chatter about that market maybe beginning to show a little squishiness. Are you seeing anything from a flow perspective? Or do you consider that a bit of noise right now?

非常感謝。我想問一個關於環境方面的問題。比爾，你之前對私人信貸流動有著非常深刻的見解，而且最近有很多關於該市場可能開始出現一些疲軟跡象的討論。從流程角度來看，你觀察到什麼了嗎？還是你認為這目前只是一些噪音？

I think as more people get into it, James, that people need to learn and understand the vagaries of the private markets versus the public markets. But the smartest people in the industry are all over private credit and other new ways in which to develop returns that sometimes are not there in the public markets.

詹姆斯，我認為隨著越來越多的人涉足這個領域，人們需要學習和了解私人市場與公共市場之間的差異和變化。但業界最聰明的人都在關注私募信貸和其他新的投資方式，以期獲得公開市場有時無法提供的回報。

And so we've had a bunch of the biggest players in the industry are our clients, and we've had talks by a number of them. And they're talking 100, 200 basis points more in the private markets than what they can get in the public markets. And so as long as that's true, and there's no -- nothing that's showing that it's not, I don't think it's going to slow down.

因此，我們有很多業內最大的企業都是我們的客戶，我們也和其中一些企業進行了洽談。他們說，在私人市場上能獲得的收益比在公開市場上高出 100 到 200 個基點。所以只要情況依然如此，而且沒有任何跡象表明情況並非如此，我認為它就不會放緩。

Appreciate that. And then I wanted to ask on go-to-market. You've been more focused on selling some enterprise solutions that combine multiple products and services. The organic results are still really strong, but anything you can share qualitatively or quantitatively on the impact on that initiative and how it may be impacting things like average deal size or even customer retention?

謝謝。然後我想問市場推廣方面的問題。您一直更專注於銷售一些結合了多種產品和服務的企業解決方案。自然成長效果依然非常強勁，但您能否定性或定量地分享這項舉措的影響，以及它可能如何影響平均交易規模甚至客戶留存率等因素？

Well, obviously, you work for a big investment bank and understand that you guys moving real quickly is an oxymoron, right? And so I think what we see is that these larger and larger institutions, the top management wants to move fast. And what they find is that, that really is out of character for these large commercial and investment banks. And what they like about us is that we're still a pretty big place. We've got 27,000 people.

很顯然，你在一家大型投資銀行工作，應該要明白「迅速行動」本身就是一個自相矛盾的說法，對吧？所以我認為我們看到的是，這些規模越來越大的機構，其高階主管都希望快速行動。他們發現，這與這些大型商業銀行和投資銀行的慣例確實不符。他們喜歡我們的一點是，我們仍然是一個相當大的地方。我們有27000人。

We have 120 offices or 130 offices around the world. And so we can bring you scale and we still move pretty quickly. And relative to the gigantic banks, we moved very quickly.

我們在世界各地設有 120 或 130 個辦事處。因此，我們既能為您帶來規模優勢，又能保持相當快的速度。相對於那些巨型銀行而言，我們的行動速度非常快。

Appreciate that. Thanks, Bill.

謝謝。謝謝你，比爾。

Thank you, James. And it looks like there are no further questions, so I will now turn the call back over to Bill Stone for closing remarks. Bill.

謝謝你，詹姆斯。看來沒有其他問題了，我現在將電話交還給比爾·斯通，請他作總結發言。帳單。

Dan, thank you. So I think from a standpoint of our third quarter we're we're happy to have performed well.

丹，謝謝你。所以我覺得從第三季的表現來看，我們對所取得的成績感到滿意。

We look forward to talking to you after the new year and hopefully we will surprise you positively. So have a good quarter. Thanks.

我們期待新年後與您交流，希望能帶給您驚喜。祝你本季一切順利。謝謝。