SS&C Technologies Holdings Inc (SSNC) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby, and I will be your conference operator today. At this time, I would like to welcome you to the SS&C Technologies Q4 and full year 2025 earnings. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫科爾比，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 2025 年第四季及全年業績發表會。（操作說明）

I'll now turn the call over to Justine Stone, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管賈斯汀·斯通。你可以開始了。

Hi, everyone. Welcome, and thank you for joining us for our Q4 and full year 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. Before we get started, we need to review the safe harbor statement.

大家好。歡迎各位參加我們的2025年第四季及全年業績電話會議，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。在開始之前，我們需要回顧一下安全港聲明。

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 the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factors section of our most recent annual report on Form 10-K, which is on file with the SEC and can be accessed on our website.

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。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，並可在我們的網站上查閱。

These forward-looking statements represent our expectations only as of today, February 5, 2026. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. During today's call, we'll be referring to certain non-GAAP financial measures. 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.

這些前瞻性聲明僅代表我們截至 2026 年 2 月 5 日的預期。雖然公司可能會選擇更新這些前瞻性聲明，但公司明確聲明不承擔任何更新義務。在今天的電話會議中，我們將提及一些非GAAP財務指標。這些非GAAP財務指標與可比較GAAP財務指標的調節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.

現在我將把通話轉給比爾。

Thanks, Justine, and welcome, everyone. We are all well aware of the sell-off in software company shares following the recent release of AI-driven automation tools across legal, sales and marketing and accounting functions. We take all competitors seriously, but we strongly believe we have a wide and deep moat not easily navigated. For decades, we've built deep expertise across sophisticated assets and strategies, and that capability remains a trademark and a key driver of our long-term success. We are functional experts and our software is mission-critical.

謝謝賈斯汀，也歡迎各位。我們都非常清楚，隨著人工智慧驅動的自動化工具在法律、銷售和行銷以及會計職能部門的推出，軟體公司的股票遭到了拋售。我們認真對待所有競爭對手，但我們堅信我們擁有寬闊而深厚的護城河，對手很難跨越。幾十年來，我們在複雜的資產和策略方面積累了深厚的專業知識，這種能力仍然是我們的標誌，也是我們長期成功的關鍵驅動力。我們是功能方面的專家，我們的軟體是任務關鍵型軟體。

We believe the AI boom will be a tailwind and are deploying rapidly and with conviction. As we accelerate adoption of these solutions, we see a clear advantage. We are uniquely positioned and structurally protected through the ownership of our software and code, enabling us to leverage AI in ways that only we can for our customers. Fourth quarter results demonstrate SS&C's strength with record adjusted revenue of $1.655 billion, up 8% and adjusted diluted earnings per share of $1.69, an 18% increase. We delivered record adjusted consolidated EBITDA of $651 million, up 9% and adjusted consolidated EBITDA margin of 39.3%.

我們相信人工智慧的蓬勃發展將成為一股順風，因此我們正在迅速而堅定地部署。隨著我們加快採用這些解決方案，我們看到了明顯的優勢。我們擁有獨特的優勢，由於擁有自己的軟體和程式碼，我們在結構上也得到了保護，這使我們能夠以只有我們才能做到的方式為客戶利用人工智慧。第四季業績顯示 SS&C 的實力，調整後營收創歷史新高，達到 16.55 億美元，成長 8%；調整後稀釋每股收益為 1.69 美元，成長 18%。我們實現了創紀錄的調整後合併 EBITDA 6.51 億美元，成長 9%，調整後合併 EBITDA 利潤率為 39.3%。

Fourth quarter adjusted organic revenue growth was 5.3%, with performance driven by continued strength in GIDS with 13.2% revenue growth and GlobeOp with 9.6% revenue growth. We continue to focus on international growth opportunities and on execution for our clients. GlobeOp is seeing new opportunities in Australia, leveraging our recent superannuation mandates. Prospects include local Australian firms and global firms. Intralinks display signs of improvement with modest growth in Q4, and we are seeing momentum in 2026.

第四季經調整後的有機收入成長為 5.3%，業績主要得益於 GIDS（營收成長 13.2%）和 GlobeOp（營收成長 9.6%）的持續強勁成長。我們將繼續專注於國際成長機會，並為客戶執行解決方案。GlobeOp 正在澳洲看到新的機遇，並利用我們最近獲得的退休金委託業務。潛在客戶包括澳洲本土企業和全球企業。第四季度內部連結業務出現溫和成長，顯示出改善跡象，我們預計 2026 年將保持成長動能。

For the 12 months ended December 31, 2025, cash from operating activities was [$1.745 billion or $1.745 billion], up 26% year over year. On a weighted average diluted per share basis, that was $6.89, up $1.42 from 2024. In Q4, we returned $384 million to shareholders, which included 3.7 million shares repurchased for $319 million at an average price of $85.81 and $66 million in common stock dividends. We allocated over $1 billion in share repurchases in 2025, purchasing 12.3 million shares at an average price of $84.12. Our strong cash flow characteristics allow us to return capital to our shareholders in multiple ways.

截至 2025 年 12 月 31 日的 12 個月，經營活動產生的現金為 17.45 億美元，年增 26%。以加權平均稀釋每股計算，為 6.89 美元，比 2024 年增長 1.42 美元。第四季度，我們向股東返還了 3.84 億美元，其中包括以平均每股 85.81 美元的價格回購 370 萬股，總額為 3.19 億美元，以及支付 6,600 萬美元的普通股股息。我們在2025年分配了超過10億美元的資金用於股票回購，以平均每股84.12美元的價格回購了1,230萬股股票。我們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。

At current levels, our conviction around share repurchase has strengthened and we will prioritize -- and we will prioritize repurchases absent high-quality accretive acquisitions. We are pleased with the early progress of the Calastone acquisition. Since closing, we've partnered with key leadership and operational talent and deepened client relationships. We are seeing strong engagement and collaboration opportunities with our clients and are able to go live with projects strategically meaningful to them. We expect momentum to continue as we move through the year.

就目前的水平而言，我們對股票回購的信心增強了，我們將優先考慮股票回購——而且我們將優先考慮股票回購，除非有高品質的增值收購機會。我們對 Calastone 收購案的早期進展感到滿意。自公司關閉以來，我們與關鍵領導和營運人才建立了合作關係，並加深了與客戶的關係。我們看到與客戶的互動和合作機會很多，並且能夠推出對他們具有策略意義的專案。我們預計這一勢頭將在今年繼續保持。

I'll now turn the call over 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 delivered a strong quarter with solid organic growth and continued margin expansion. We are optimistic about the future as we look at the durability of what's driving that growth. Across the business, we're seeing a consistent trend of clients making long-term decisions to outsource, simplify and scale their accounting models on our platform. These are multiyear partnerships that create recurring revenue, expand over time and provide clear visibility into future growth.

謝謝你，比爾。本季業績表現強勁，實現了穩健的內生成長和利潤率的持續提升。鑑於推動成長的因素具有持久性，我們對未來持樂觀態度。在整個業務領域，我們看到一個持續的趨勢，那就是客戶正在做出長期決策，將他們的會計模型外包、簡化並擴展到我們的平台。這些是多年期合作關係，能夠創造持續收入，隨著時間的推移不斷發展壯大，並為未來的成長提供清晰的可見性。

Lift-outs are a good example of this dynamic. Mandates such as Insignia and Humana reflect a repeatable process where clients entrust us with complex mission-critical operations at scale. These engagements ramp in a disciplined way and often lead to broader adoption of additional services across our platform. The fact that we continue to see similar opportunities emerge across regions and business lines, whether in GlobeOp, GIDS or health, reinforces our confidence that this is a sustainable growth engine. We see the continued advancement of AI as a positive for our business.

起飛是這種動態的一個很好的例子。Insignia 和 Humana 等客戶的委託體現了一種可重複的流程，即客戶將複雜的、關鍵任務型的大規模營運委託給我們。這些合作以嚴謹的方式逐步推進，並且通常會促使用戶在我們的平台上更廣泛地採用其他服務。我們看到，無論是在 GlobeOp、GIDS 還是醫療保健領域，各個地區和業務線都不斷湧現出類似的機遇，這更加堅定了我們對永續成長引擎的信心。我們認為人工智慧的持續發展對我們的業務來說是件好事。

We're well positioned given our large data sets, deep processing technology, long-standing client relationships and our ability to deploy solutions at scale in regulated environments. The work we do is highly expertise-driven, requires a deep understanding of complex instruments, global regulation and how information is used by tax authorities, institutional investors and other sophisticated counterparties. AI working alongside with the teams we've built enhances efficiency, accuracy and scalability over time, strengthening our competitive position and supporting sustainable organic growth.

憑藉我們龐大的資料集、深厚的處理技術、長期的客戶關係以及在受監管的環境中大規模部署解決方案的能力，我們處於有利地位。我們所做的工作高度依賴專業知識，需要深入了解複雜的金融工具、全球監管以及稅務機關、機構投資者和其他成熟交易對手如何使用資訊。人工智慧與我們組建的團隊協同工作，隨著時間的推移，提高了效率、準確性和可擴展性，增強了我們的競爭地位，並支持了可持續的有機成長。

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 Q4 2024. As disclosed in our press release, our Q4 2025 GAAP results reflect revenues of $1.654 billion, net income of $193 million and diluted earnings per share of $0.77. Our adjusted non-GAAP results include revenues of $1.655 billion, an increase of 8% and adjusted diluted EPS of $1.69, an 18% increase. The adjusted revenue increase of $124 million was primarily driven by incremental revenue contributions from GIDS of $49 million, GlobeOp of $40 million and acquisitions of $27 million, offset by a favorable impact from foreign exchange of $16 million.

謝謝你，拉胡爾，祝大家今天愉快。除非另有說明，季度比較均指 2024 年第四季。正如我們在新聞稿中所揭露的，我們2025年第四季的GAAP業績反映出營收為16.54億美元，淨利為1.93億美元，稀釋後每股收益為0.77美元。我們調整後的非GAAP業績包括營收16.55億美元，成長8%；調整後稀釋後每股收益為1.69美元，成長18%。調整後的收入增長了 1.24 億美元，主要得益於 GIDS 的增量收入 4900 萬美元、GlobeOp 的增量收入 4000 萬美元以及收購帶來的 2700 萬美元收入，但被外匯帶來的 1600 萬美元有利影響所抵消。

As a result, adjusted organic revenue growth on a constant currency basis was 5.3% and our core expenses increased 4.6% or $44 million, which also excludes acquisitions and is on a constant currency basis. Adjusted consolidated EBITDA was a record $651 million, reflecting an increase of $52 million or 8.7% and a margin of 39.3%, a 20 basis point expansion. Net interest expense for the fourth quarter of 2025 was $111 million, a decrease of $2 million, primarily reflecting lower short-term rates. Adjusted net income was a record $425 million, up 16.8% and adjusted diluted EPS was $1.69, an increase of 18.2%. Our effective non-GAAP tax rate was 19.2% for the fourth quarter of '25.

因此，以固定匯率計算，調整後的有機收入成長了 5.3%，我們的核心支出成長了 4.6%，即 4,400 萬美元（不包括收購，以固定匯率計算）。經調整後的合併 EBITDA 達到創紀錄的 6.51 億美元，較上年同期成長 5,200 萬美元，增幅為 8.7%；利潤率為 39.3%，成長了 20 個基點。2025 年第四季淨利息支出為 1.11 億美元，減少了 200 萬美元，主要反映了短期利率的下降。調整後的淨收入創下 4.25 億美元的紀錄，成長 16.8%；經調整後的稀釋每股收益為 1.69 美元，成長 18.2%。2025 年第四季度，我們的非 GAAP 有效稅率為 19.2%。

Our resulting 2025 full year effective non-GAAP tax rate is 22%. Note for comparison purposes, we have recast the 2024 adjusted net income to reflect the full year effective tax rate of 23.1%. The diluted share count is down to 251.5 million from 254.5 million year over year, primarily as a result of share repurchases. Cash flow from operating activities grew 26%, and our operating cash flow per share was $6.89, driven by growth in earnings, improved working capital utilization and lower cash taxes paid. Our full year cash flow conversion has been above 100% for the past three years.

我們計算的 2025 年全年有效非 GAAP 稅率為 22%。為了便於比較，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%。稀釋後的股份數量從去年的 2.545 億股減少到 2.515 億股，主要原因是股份回購。經營活動產生的現金流成長了 26%，每股營運現金流為 6.89 美元，主要得益於獲利成長、營運資本利用率提高以及現金稅款支出減少。過去三年，我們的全年現金流轉換率均超過 100%。

SS&C ended the fourth quarter with $462 million in cash and cash equivalents and $7.5 billion in gross debt. Our net debt was $7 billion, and our last 12 months consolidated EBITDA was $2.5 billion, resulting net leverage ratio is 2.8 times. As we look forward to the first quarter and full year of 2026 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.

SS&C 在第四季末持有現金及現金等價物 4.62 億美元，總債務 75 億美元。我們的淨債務為 70 億美元，過去 12 個月的合併 EBITDA 為 25 億美元，淨槓桿率為 2.8 倍。展望 2026 年第一季和全年業績指引，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水準相當。

We will continue to manage our business to support our long-term growth and manage our expenses by controlling and aligning variable expenses, increasing productivity and leveraging technology to improve our operating margins and effectively investing in the business through marketing, sales and R&D. Specifically, we have assumed short-term interest rates to remain at current levels, an effective tax rate of approximately 22.5% on an adjusted basis, capital expenditures to be 4.4% to 4.8% of revenues and share buybacks and debt reduction levels remain similar to 2025, but subject to changes based on market conditions, as Bill noted in his earlier comments.

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、利用技術來提高營業利潤率，並透過行銷、銷售和研發有效地投資於業務，來管理費用。具體而言，我們假設短期利率保持在當前水平，經調整後的有效稅率約為 22.5%，資本支出佔收入的 4.4% 至 4.8%，股票回購和債務削減水平與 2025 年類似，但會根據市場情況進行調整，正如比爾在之前的評論中指出的那樣。

For the first quarter of '26, we expect revenue to be in the range of $1.608 billion to $1.648 billion and 5% organic growth at the midpoint. Adjusted net income in the range of $404 million to $420 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 $249.2 million to $250.2 million and adjusted diluted EPS in the range of $1.62 to $1.68.

我們預計 2026 年第一季的營收將在 16.08 億美元至 16.48 億美元之間，中位數為 5% 的有機成長率。調整後淨利潤在 4.04 億美元至 4.2 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 億美元至 1.04 億美元之間；稀釋後股份在 2.492 億美元至 2.502 億美元之間；調整後稀釋後每股收益在 1.62 美元之間。

For the full year 2026, we expect revenue to be in the range of $6.654 billion to $6.14 billion and 5.1% organic revenue growth at the midpoint. Targeted annual EBITDA expansion of 50 basis points, the goal of a 40% margin in Q4. Adjusted net income in the range of $1.662 billion to $1.762 billion, adjusted diluted EPS in the range of $6.70 to $7.02, reflecting approximately 12% growth at the midpoint and cash from operating activities to be in the range of $1.713 billion to $1.813 billion, again, translating to over 100% cash conversion.

我們預計 2026 年全年營收將在 66.54 億美元至 61.4 億美元之間，中位數為 5.1% 的有機收入成長率。目標是實現年度 EBITDA 成長 50 個基點，第四季利潤率達到 40%。經調整後的淨利潤預計在 16.62 億美元至 17.62 億美元之間，經調整後的攤薄每股收益預計在 6.70 美元至 7.02 美元之間，中位數反映出約 12% 的增長，經營活動產生的現金流量預計在 17.13 億美元至 18.13 億美元之間，經營活動產生的現金流量預計在 17.13 億美元至 18.13 億美元之間，同樣意味著

And now back to Bill.

現在讓我們回到比爾身上。

Brian. I'd like to summarize our key takeaways from today's call, record fourth quarter revenues, earnings, cash flows and over $1 billion worth of share repurchases in 2025. We're excited about the early execution with the Calastone acquisition and other lift-out wins and the opportunities they present for growth and geographic expansion. Our investments in artificial intelligence and automation are paying off, and we're confident in our ability to drive margin expansion. As we look to 2026, we believe we are set up for success and will drive long-term growth and profitability for our shareholders.

布萊恩。我想總結我們今天電話會議的主要結論：第四季度營收、獲利、現金流均創歷史新高，並且計劃在 2025 年回購價值超過 10 億美元的股票。我們對 Calastone 收購案的早期執行情況以及其他收購項目的成功感到興奮，這些項目為成長和地理擴張帶來了機會。我們在人工智慧和自動化方面的投資正在取得成效，我們有信心推動利潤率的成長。展望 2026 年，我們相信我們已經為成功做好了準備，並將為股東帶來長期成長和獲利。

With that, I would now open it up to questions.

接下來，我將接受提問。

(Operator Instructions)

（操作說明）

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Question on the health care business. I mean that had a tough quarter from an organic perspective in what is -- its seasonally strongest quarter. So could you maybe talk about what drove that weakness? And why do you think that business hasn't seen maybe better momentum yet, just given how much effort you've put into it?

關於醫療保健產業的問題。我的意思是，從自然成長的角度來看，該公司本季表現不佳，而這通常是其季節性最強勁的季度。那麼，您能否談談造成這種弱點的原因是什麼？鑑於你投入了這麼多精力，你認為為什麼這項業務還沒有更好的發展動能？

I think that health care is a long-term play and trying to go quarter-to-quarter or even a year-to-year is a tough comp. I think last fourth quarter, we had large license sales. We had some large license sales in the fourth quarter of this year, but a notable multimillion dollar license closed in the first 10 days of January of 2026. So it's lumpy, they're highly regulated even when you've been in highly regulated businesses like financial services. And so although there are headwinds in health care, it's still an enormous market.

我認為醫療保健是一項長期投資，試圖按季度甚至按年進行比較是很難的。我認為上個季度，我們的授權銷售業績非常出色。今年第四季我們獲得了一些大額許可銷售，但值得一提的是，一筆價值數百萬美元的許可交易是在 2026 年 1 月的前 10 天完成的。所以情況很複雜，即使你一直在金融服務等監管嚴格的行業工作，它們也受到嚴格監管。因此，儘管醫療保健行業面臨一些不利因素，但它仍然是一個巨大的市場。

We have new technology. We're bringing out AMISYS, which has been rewritten to a very large degree, and we're going to have a OneHealth with AMISYS and Domani, and we're excited about offering that for both medical as well as pharmacy. And so we have some optimism. But certainly, we would prefer to have more growth than what we're having, but we're still running at pretty healthy EBITDA margins, and we're managing the business in a way where it's adding to our cash flow. It's not really detracting from our earnings. And obviously, it's not accelerating our growth rate. But at the same time, it's a $260 million, $270 million business, and we like its opportunities for the long haul.

我們擁有新技術。我們將推出經過大幅修改的 AMISYS，並將 AMISYS 和 Domani 整合為一體化的健康平台，我們很高興能為醫療和藥局提供這項服務。因此我們抱持一些樂觀態度。當然，我們更希望實現比現在更大的成長，但我們目前的 EBITDA 利潤率仍然相當健康，而且我們管理業務的方式也正在增加我們的現金流。這並沒有真正影響我們的收益。顯然，這並沒有加快我們的成長速度。但同時，它也是一個價值 2.6 億美元、2.7 億美元的企業，我們看好它的長期發展前景。

Okay. And then could you provide an update on the Elevance relationship? Where does that stand? Is there still a chance they could onboard some of their business on to DomaniRx?

好的。那麼，您能否介紹一下與 Elevance 的合作關係的最新進展？目前情況如何？他們還有機會將部分業務轉移到 DomaniRx 平台嗎？

DomaniRx is certainly ready and waiting. At the same time, Elevance is a very large health care organization and their relationships with other very large health care organizations are long-standing and they're difficult to break. And the original sponsor at Elevance has moved on several years ago. And so often when you lose the sponsor, it's hard to find another one. So it's not unexpected, but we think we have a lot of things that entice Elevance, and they've made a big investment. So we think there's still raise of sunshine at the end of the tunnel.

DomaniRx 已經準備就緒，蓄勢待發。同時，Elevance 是一家規模龐大的醫療保健機構，它與其他大型醫療保健機構的關係由來已久，很難打破。Elevance 的原贊助商幾年前就已經撤資了。而且，一旦失去贊助商，往往很難找到新的贊助商。所以這並不出乎意料，但我們認為我們有很多東西能夠吸引 Elevance，而且他們也進行了大量投資。所以我們認為隧道盡頭還是會有陽光升起。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Great to see the encouraging 2026 guidance. I wanted to ask a question on -- within alternative fund administration, it looked like the fourth quarter had exceptional growth in assets under administration. Can you talk a little bit about that? And does that maybe indicate that the alternative fund administration business can grow maybe faster in 2026 than it did in 2025?

很高興看到令人鼓舞的2026年發展指引。我想問一個關於另類投資基金管理的問題，第四季資產管理規模似乎出現了異常成長。能稍微談談這方面嗎？這是否意味著另類投資基金管理業務在 2026 年的成長速度可能會比 2025 年更快？

Peter, there's a couple of things going on there. One, we did have a very good organic growth both quarter and year. And similarly, we've got high expectations for 2026. Included in the fourth quarter change in particular, is our acquisition of Curo Fund Services. So I think the breakdown is about $92 billion of that change is organic and the rest is the acquisition.

彼得，那邊發生了兩件事。第一，我們的季度和年度有機成長都非常出色。同樣，我們對 2026 年也寄予厚望。第四季的變化尤其包括我們對 Curo Fund Services 的收購。所以我認為，這其中約 920 億美元的變化是內生成長，其餘部分是收購帶來的成長。

Okay. That's helpful. Okay. That makes sense. And then just in terms of the intelligent automation business, which includes the Blue Prism business. Just remind us that business seemed to be struggling a little bit from just delays in decision-making. I guess how are you feeling about that business going into 2026? Do you think that can approximate the overall corporate organic growth rate?

好的。那很有幫助。好的。這很有道理。然後就智慧自動化業務而言，其中包括 Blue Prism 業務。提醒大家，由於決策延遲，企業營運似乎遇到了一些困難。我想問您對公司2026年的發展前景有何看法？你認為這能大致反映企業的整體有機成長率嗎？

We do. We actually feel really good about that business going into 2026. Similar to kind of the comment we just made about health care, that business, in particular, had a really large license in Q4 the year before. So part of when you kind of look at this quarter over quarter, those are some of the changes that kind of have an impact. But in general, many of our comments around AI are centered at least in part on that business.

是的。我們對公司2026年的發展前景非常樂觀。與我們剛才對醫療保健的評論類似，該行業，特別是上一年第四季度，獲得了一筆非常大的許可證。所以，當你從季度環比的角度來看這個問題時，你會發現這些變化確實產生了一定的影響。但總的來說，我們圍繞人工智慧的許多評論至少部分都集中在這個行業上。

So that's where we're doing the bulk of our innovation relating to whether that's AI agents, use of large language models, use of our orchestration platforms, governance around AI, really, a lot of the things that we're rolling out across the business come out of there. We perfect them in different others of our businesses and then sell them out. So we're really pretty optimistic about the growth prospects for that in '26.

所以，我們大部分的創新都集中在這裡，無論是人工智慧代理、大型語言模型的使用、編排平台的使用，還是人工智慧治理，實際上，我們在整個業務中推出的許多東西都源自於此。我們在其他業務領域不斷完善它們，然後再出售。所以我們對2026年的成長前景非常樂觀。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

Good evening. This is Eleanor Smith on for Alexei. So first, I was hoping to ask about the organic growth guide. Your 1Q and full year '26 guide is basically the same. Do you have anything to call out regarding the cadence of organic growth throughout the rest of the year?

晚安.這裡是埃莉諾·史密斯，她正在為阿列克謝報道。首先，我想諮詢一下有機成長指南。您的 2026 年第一季和全年業績指南基本相同。關於今年剩餘時間的有機成長節奏，您有什麼需要特別指出的嗎？

Look, I think what it really reflects is that our business is getting stronger, right? And as our business gets stronger, we have more predictability and the recurring revenue is stronger, right? So we're able to, in effect, forecast and maintain the -- whereas traditionally, you might have some more in the back end of the back half of the year, we're basically all year going to be pretty strong. And hopefully, by the time we get to Q3 and Q4, we've got an opportunity to get even better than this.

我認為這真正反映出的是我們的業務越來越強大，對吧？隨著我們業務的增強，我們的可預測性也更高，經常性收入也更強，對吧？因此，我們實際上能夠預測和維持——而傳統上，你可能會在下半年晚些時候看到一些波動，但我們基本上全年都會保持強勁勢頭。希望到了第三季和第四季，我們有機會做得比現在更好。

Got it. Very clear. And as a follow-up, given the breadth of your business, I'm sure you've seen AI fintechs emerging in the landscape. How are you maintaining your competitive advantage?

知道了。非常清楚。另外，鑑於貴公司業務的廣泛性，我相信您已經注意到人工智慧金融科技公司在行業中不斷湧現。您是如何保持競爭優勢的？

Well, I think that we see fintechs, it's not very difficult to start a fintech, right? Have an idea, get a programmer, a little app. Now I'm talking a little AI and you got -- you've got an entree with some spice in it. But to build an organization that has 29,000 people, 23,000 products or 23,000 customers, several hundred products and services, I think it's a little more daunting. And what we see with AI and people sometimes forget that our clients are SEC regulated organizations are CMS regulated organizations.

嗯，我覺得我們看到，創辦一家金融科技公司並不難，對吧？有了想法，找個程式設計師，寫個小應用程式。現在我稍微談點人工智慧，你就得到了一道——一道加了點料的主菜。但是，要建立一個擁有 29,000 名員工、23,000 種產品或 23,000 名客戶、數百種產品和服務的組織，我認為這有點令人生畏。我們看到人工智慧的發展，人們有時會忘記我們的客戶是受美國證券交易委員會監管的組織，是受美國醫療保險和醫療補助服務中心監管的組織。

Large language models sometimes have hallucinations. Those regulators, they don't really quite understand us telling them wow hallucination. It's like a bad dream. We'll get over it. I don't think that flies. So we're very control conscious. Our clients are conservative by nature, right? And they're managing other people's money or the health of other people. So we think that we're positioned and how we conduct ourselves is the right way to do it. And I think that we have the financial wherewithal to invest very, very wisely.

大型語言模式有時會產生幻覺。那些監管機構，他們不太理解我們說的「哇，幻覺」是什麼意思。就像一場惡夢。我們會撐過去的。我覺得這行不通。所以我們非常注重控制。我們的客戶天性比較保守，對吧？他們管理別人的錢財或別人的健康。所以我們認為我們目前的定位和行事方式都是正確的。我認為我們有足夠的財力進行非常明智的投資。

We've spent hundreds of million dollars on our development that we've done, and we're still maintaining in excess of 39% margins. And we think we'll close out 2026 at 40% margin. So we're optimistic, and we think we have good reasons for being.

我們在研發方面投入了數億美元，並且仍然保持超過 39% 的利潤率。我們認為到 2026 年底，我們的利潤率將達到 40%。所以我們很樂觀，而且我們認為我們有充分的理由保持樂觀。

(Operator Instructions)

（操作說明）

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

It's Matt Roswell on for Dan. I guess two questions, if I could. Firstly, Wealth and Investment Management, I mean, it seems like organic growth ticked up a little bit this quarter. As we think about kind of that business over the next, say, medium term, where do you think the organic growth could be and should be?

現在是馬特·羅斯韋爾替丹解說。如果可以的話，我想問兩個問題。首先是財富和投資管理業務，我的意思是，本季內有機成長似乎略有上升。當我們思考未來中期業務發展時，您認為有機成長應該在哪裡實現？

Again, I think we're very optimistic about our wealth management business. Our Black Diamond platform is, we think, the best in the industry. We have other platforms like our trust accounting that we have integrated with Black Diamond. Black Diamond has approaching $3.5 trillion that it's administrating for its various RIAs. I think we have something close to 4,000 RIAs that are using that platform.

我再次重申，我們對自己的財富管理業務非常樂觀。我們認為，我們的黑鑽平台是業界最好的。我們還有其他平台，例如我們已與 Black Diamond 整合的信託帳戶平台。Black Diamond 為其旗下各註冊投資顧問公司管理的資產規模接近 3.5 兆美元。我認為目前有近 4000 家註冊投資顧問公司 (RIA) 正在使用該平台。

We have integrated a bunch of the Morningstar that we had the -- we bought their wealth management platform, and we've already moved over 500, 600 Morningstar clients on to Black Diamond. So we're very optimistic about that business. And I think that we have a lot of expertise and a lot of capability. And I think that that's going to be one of -- is and will continue to be one of our crown jewels.

我們已經整合了我們之前擁有的 Morningstar 的許多資源——我們收購了他們的財富管理平台，我們已經將超過 500、600 名 Morningstar 客戶轉移到了 Black Diamond。所以我們對這項業務非常樂觀。我認為我們擁有豐富的專業知識和強大的能力。我認為這將會是——並且將來也仍將是——我們的瑰寶之一。

And can you talk a little bit about the M&A environment? I mean you all have done some smaller pieces this year. I guess what are you seeing out there in terms of asking prices, availability, et cetera?

您能否談談目前的併購環境？我的意思是，你們今年都完成了一些小作品。我想問您目前了解到的市場行情，例如要價、供應情況等等？

When you've been doing this for four decades, and they start calling a $1 billion acquisition like Calastone in small pieces, bigger -- we're constantly looking. We would -- we think we have the leverage down to a point where we could do a large acquisition. And if we could find the right one, we would, and we might find some of our competitors under different pressures than we're under. We run our own data centers, right? We have our own private cloud.

當你從事這項工作四十年之後，他們開始把像 Calastone 這樣價值 10 億美元的收購拆分成小塊、更大的部分——我們一直在尋找答案。我們認為我們已經掌握了足夠的籌碼，可以進行大規模收購。如果我們能找到合適的人選，我們就會這麼做；而且我們可能會發現，我們的一些競爭對手面臨著與我們不同的壓力。我們自己經營資料中心，對吧？我們擁有自己的私有雲。

We have our clients really secured. Plus we have a large-scale services business that we get to really test out our software before we send it into our client base. So we think that we're well positioned. We think as far as all the fintechs out there that we're very well positioned and that our earnings, our cash flow really give us a lot of flexibility.

我們已充分保障了客戶的安全。此外，我們還有一個大規模的服務業務，可以在將軟體交付給客戶之前對其進行充分的測試。所以我們認為我們處於有利地位。我們認為，就所有金融科技公司而言，我們的處境非常有利，我們的收益和現金流確實給了我們很大的靈活性。

Congratulations on the next numbers.

恭喜你取得以下成績。

And with no further questions in queue, I'd like to turn the conference back over to Bill for closing remarks.

由於沒有其他問題需要提問，我想把會議交還給比爾，讓他做總結發言。

There's always a lot of things that happen in the market. When I first started in this business, we were selling to broker-dealers. That was in 1986 and early '87. And then October of '87 happened and the market went down 25% in one day, and that was the end of that. So you learn to be a little bit nimble, right? And that's what SS&C has been for 40 years. And I think we have the talent and capability to continue, and that's what we're going to do. So we appreciate you listening in, and we look forward to talking to you next quarter.

市場上總是發生很多事情。我剛入行的時候，我們是向經紀交易商銷售產品。那是1986年和1987年初的事。然後，1987 年 10 月發生了股市暴跌，一天之內下跌了 25%，一切就此結束。所以你要學會靈活一些，對吧？而這正是 SS&C 40 年來一直秉持的理念。我認為我們有才能和能力繼續前進，而我們也正打算這樣做。感謝您的收聽，我們期待下個季度與您再次交流。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。