SS&C Technologies Holdings, Inc. (SSNC) 2026 Q2 法說會逐字稿

Good day, and welcome to the SS&C Technologies second-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 SS&C Technologies 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Justine Stone, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人——投資人關係主管 Justine Stone。請開始。

Hi, everyone. Welcome, and thank you for joining us for our Q2 2026 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.

各位好。歡迎各位，感謝參加我們 2026 年第二季財報電話會議。我是 SS&C 的投資人關係 Justine Stone。今天與我一同出席的有董事長兼執行長 Bill Stone、總裁兼營運長 Rahul Kanwar，以及財務長 Brian Schell。

Before we get started, we'll need to review the Safe Harbor statement. Please note that various remarks we make today about future expectations, plans and prospects, including the financial outlook we provide, constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

在開始之前，我們需要先宣讀「安全港」聲明。請注意，我們今天就未來預期、計畫與展望（包括我們提供的財務展望）所作的各項評論，均構成 1995 年《私人證券訴訟改革法》安全港條款所定義的前瞻性陳述。

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, 2026. 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有重大差異，其中包括我們最近一期 Form 10-K 年報「風險因素」章節所討論的因素；該年報已向美國證券交易委員會（SEC）申報，亦可於我們網站查閱。這些前瞻性陳述僅代表我們截至今日（2026 年 7 月 23 日）的預期。儘管公司可能選擇更新這些前瞻性陳述，但公司明確聲明不負有任何更新義務。

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，我們將引用若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與可比 GAAP 財務衡量指標之調節表，已包含於今日的財報新聞稿中，該新聞稿位於我們網站 www.ssctech.com 的投資人關係專區。

I will now turn the call over to Bill.

現在我把電話交給 Bill。

Thanks, Justine, and welcome, everyone. Q2 was record-setting for SS&C. Our strong quarter resulted in setting quarterly records for second quarter in revenue, adjusted EBITDA, earnings per share and shares repurchased. We continue to demonstrate success in an uncertain backdrop, underscoring the resilience of our diversified business model and the value clients place on our technology, expertise and innovation.

謝謝你，Justine，也歡迎各位。第二季對 SS&C 而言是創紀錄的一季。我們強勁的季度表現，使我們在第二季的營收、調整後 EBITDA、每股盈餘以及回購股數等方面都創下單季紀錄。在不確定的環境下，我們持續展現成功，凸顯我們多元化商業模式的韌性，以及客戶對我們技術、專業與創新的重視。

Our second quarter results were adjusted revenue of $1,696.9 million up 10.3% and adjusted diluted earnings per share of $1.76, an 18% increase. We delivered adjusted consolidated EBITDA of $670.7 million, up 12% or over $70 million and an adjusted consolidated EBITDA margin 39.5%. The dollar figures are all records. Adjusted organic revenue growth was 7.6% with performance driven by our largest businesses, new business wins, strength in multiyear renewals and market and transaction tailwinds.

我們第二季的調整後營收為 16.969 億美元，年增 10.3%；調整後稀釋每股盈餘為 1.76 美元，成長 18%。我們的調整後合併 EBITDA 為 6.707 億美元，成長 12%（增加超過 7,000 萬美元），調整後合併 EBITDA 利潤率為 39.5%。上述金額皆創下紀錄。調整後有機營收成長為 7.6%，表現主要由我們最大的業務帶動，並受惠於新業務得標、多年期續約的強勁表現，以及市場與交易量的順風。

For the six months ended June 30, 2026, cash from operating activities was $716 million, up 11% year-over-year. This quarter, we returned $499 million to shareholders, which includes 6.4 million shares repurchased for $435.2 million, the highest quarterly buyback in our history. Primarily a result of our repurchase program, diluted shares outstanding are down 4% over the last year. Share repurchases remain our top capital allocation priority as we are projected to earn $7.29 in operating cash per share for the year. We have lots of flexibility.

截至 2026 年 6 月 30 日止六個月，營運活動現金流為 7.16 億美元，年增 11%。本季我們向股東回饋 4.99 億美元，其中包括以 4.352 億美元回購 640 萬股，為公司史上最高單季回購金額。主要受回購計畫影響，過去一年稀釋流通股數下降 4%。由於我們預估今年每股營運現金流可達 7.29 美元，股票回購仍是我們資本配置的首要優先事項。我們擁有很大的彈性。

The acquisitions we completed at the end of 2025 are both tracking ahead of expectations. Curo has given us additional exposure in EMEA and revenues are growing nicely. Calastone continues to perform ahead of expectations as well. We expect 2026 growth to be in the mid-teens, and we have added 431 clients to the network. Although through Calastone, we are investing in solutions to support the future of our clients, including digital investment markets.

我們在 2025 年底完成的兩項收購案，目前進展皆優於預期。Curo 讓我們在歐洲、中東及非洲（EMEA）地區有更多布局，營收成長良好。Calastone 的表現也持續優於預期。我們預期 2026 年成長將達到 10% 中段（mid-teens），且我們已為該網路新增 431 家客戶。同時，透過 Calastone，我們正投資於支持客戶未來的解決方案，包括數位投資市場。

As interest in tokenized investment products continue to grow, our clients and prospects are looking forward towards the infrastructure needed to support digital transactions. Combining our servicing capabilities with Calastone Technologies already supports the issuance and distribution of tokenized funds, our innovation road map now extends to the next stage of digital investment life cycle.

隨著市場對代幣化投資產品的興趣持續升溫，我們的客戶與潛在客戶正展望支援數位交易所需的基礎設施。結合我們的服務能力與 Calastone Technologies，已可支援代幣化基金的發行與分銷；我們的創新路線圖如今延伸至數位投資生命週期的下一階段。

The new capabilities will enable digital investment transactions to settle using regulated forms of digital cash, including stable coins and tokenized commercial bank deposits. This will help reduce settlement risk, improve operational efficiency and simplify cross-border investment transactions. We look forward to capturing more market share.

這些新能力將使數位投資交易能以受監管形式的數位現金進行交割結算，包括穩定幣與代幣化商業銀行存款。這將有助於降低交割結算風險、提升營運效率，並簡化跨境投資交易。我們期待進一步取得更多市占率。

The highly anticipated Medicare GLP-1 Bridge Program launched on July 1. Since launch, nearly 3 million claims have been processed using SS&C's DomaniRx platform to support our client, Humana. We believe this demonstrates our technology scale, reliability and flexibility and underscores the critical role DomaniRx plays in enabling innovative health care programs. We're proud to expand access to these important therapies for millions of Americans.

備受期待的 Medicare GLP-1 Bridge Program 已於 7 月 1 日上線。自上線以來，已透過 SS&C 的 DomaniRx 平台處理近 300 萬筆理賠申請，以支援我們的客戶 Humana。我們相信這展現了我們技術的規模、可靠性與彈性，並凸顯 DomaniRx 在推動創新醫療保健計畫中所扮演的關鍵角色。我們很自豪能為數以百萬計的美國人擴大取得這些重要療法的機會。

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

接下來我把電話交給 Rahul，請他更詳細說明本季表現。

Thanks, Bill. Our second quarter results came in ahead of expectations with strong sales and renewal performance and continued margin expansion. We are on track to meet our margin objectives for the year. These results demonstrate the strength of SS&C's customer relationships and the criticality of our products and services. Outsourcing, co-sourcing and lift-outs combined with industry-leading technology continue to enhance our revenue growth.

謝謝 Bill。我們第二季的結果優於預期，銷售與續約表現強勁，利潤率也持續擴張。我們正按計畫達成今年的利潤率目標。這些成果展現了 SS&C 客戶關係的穩固，以及我們產品與服務的關鍵性。外包、共同外包（co-sourcing）與業務移轉（lift-outs），結合業界領先的技術，持續推動我們的營收成長。

Rapid technological innovation is pushing customers towards SS&C as they look for a partner to help them take advantage of the latest technologies. Our front, middle and back-office technology business, including Geneva, delivered a strong quarter. We are seeing momentum in multiyear technology license renewals across our client base, reflecting the confidence clients have in our platforms and long-term road map. Several of our largest pipeline opportunities are anchored by tech. Our global footprint remains a competitive advantage with offerings spanning markets and asset classes worldwide, and we are seeing robust demand and healthy pipelines internationally as well as here in North America.

快速的技術創新正推動客戶選擇 SS&C，因為他們需要合作夥伴協助運用最新技術。我們的前台、中台與後台技術業務（包括 Geneva）本季表現強勁。我們看到客戶群中多年期技術授權續約的動能正在增強，反映客戶對我們平台與長期路線圖的信心。我們數個最大的商機管線機會都以技術為核心。我們的全球布局仍是競爭優勢，產品與服務涵蓋全球各市場與資產類別；我們在北美以及國際市場同樣看到強勁需求與健康的商機管線。

We're deploying AI across our products and operations, and it is one of the drivers of the growth and margin expansion you see in these results. Our approach is governance first and proven internally before it reaches customers. In one example we announced this morning, a global leader in risk, reinsurance and capital chose our WorkHQ platform to scale Agentic automation across its business. This is one example of a trend we are seeing, established enterprises choosing SS&C to move their automation efforts to Agentic AI.

我們正將 AI 部署於產品與營運之中，而這也是你在本次結果中看到成長與利潤率擴張的驅動因素之一。我們的做法是先以治理為先，並先在內部驗證成熟後才推向客戶。以我們今天早上宣布的一個例子來說，一家在風險、再保險與資本領域的全球領導者選擇我們的 WorkHQ 平台，以在其業務中擴大 Agentic 自動化。這是我們正在看到的一個趨勢例證：成熟企業選擇 SS&C，將其自動化工作推進到 Agentic AI。

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

接下來我把電話交給 Brian，請他帶大家檢視財務數字。

Thanks, Rahul, and good day, everyone. Unless noted otherwise, the quarterly comparisons are Q2 2025 -- are to Q2 2025. As disclosed in our press release, our Q2 2026 GAAP results reflect revenues of $1.696 billion, net income of $235 million and diluted earnings per share of $0.97. As Bill noted, at the beginning of our call, our adjusted non-GAAP results set several records for SS&C, including revenues of $1.697 billion, an increase of 10.3% and adjusted diluted EPS of $1.76, an 18.1% increase.

謝謝 Rahul，各位大家好。除非另有說明，本次季度比較為 2026 年第二季相較於 2025 年第二季。如我們新聞稿所揭露，2026 年第二季 GAAP 結果顯示營收為 16.96 億美元，淨利為 2.35 億美元，稀釋每股盈餘為 0.97 美元。正如 Bill 在電話會議一開始所提到的，我們調整後的非 GAAP 結果為 SS&C 創下多項紀錄，包括營收 16.97 億美元（成長 10.3%），以及調整後稀釋每股盈餘 1.76 美元（成長 18.1%）。

The adjusted revenue increase of $159 million was primarily driven by incremental revenue contributions from organic growth of $118 million, acquisitions of $36 million and a favorable impact from foreign exchange of approximately $5 million.

經調整後營收增加1.59億美元，主要來自有機成長帶來的增量營收貢獻1.18億美元、併購貢獻3,600萬美元，以及外匯帶來約500萬美元的有利影響。

As a result, adjusted organic revenue growth on a constant currency basis was 7.6%, and our core expenses increased 6.1% or $58 million, which also excludes acquisitions and impact of FX. Adjusted consolidated EBITDA, also a record, was $671 million, reflecting an increase of $70 million or 11.7% and a margin of 39.5%, a 50 basis points expansion.

因此，以固定匯率計算的經調整有機營收成長為7.6%，而我們的核心費用增加6.1%或5,800萬美元，該數字同樣排除併購與外匯影響。經調整合併EBITDA亦創新高，為6.71億美元，增加7,000萬美元或11.7%，利潤率為39.5%，擴張50個基點。

Net interest expense for the second quarter was $107 million, an increase of $1 million year-over-year. Record adjusted net income was $426 million, up 13.3% and adjusted diluted EPS of $1.76 was up 18.1%. Our effective non-GAAP tax rate was 22.5% this quarter.

第二季淨利息費用為1.07億美元，較去年同期增加100萬美元。經調整後淨利創新高，為4.26億美元，成長13.3%；經調整稀釋後每股盈餘（EPS）為1.76美元，成長18.1%。本季我們的有效非GAAP稅率為22.5%。

Note for comparison purposes, we have recast the 2025 adjusted net income to reflect the full year effective tax rate of 22%. Also note the diluted share count is down to 242 million from 252.2 million year-over-year, primarily due to the size and continued impact of share repurchases and to a lesser extent, lower diluted shares.

為便於比較，我們已將2025年經調整後淨利重編，以反映全年有效稅率22%。另請注意，稀釋後股數由去年同期的2.522億股降至2.42億股，主要由於庫藏股回購規模及其持續影響，另有一小部分原因為稀釋股數較低。

Cash flow from operating activities grew 11.1%, driven by growth in earnings. SS&C ended the second quarter with $435 million in cash and cash equivalents and $7.6 billion in gross debt. SS&C's net debt was $7.2 billion and our last 12 months consolidated EBITDA was $2.6 billion. Resulting net leverage ratio is 2.75 times. In addition, we are actively exploring refinancing opportunities for our bonds maturing in 2027 to further optimize our capital structure.

營運活動現金流量成長11.1%，主要由獲利成長所帶動。SS&C於第二季末持有4.35億美元的現金及約當現金，總負債為76億美元。SS&C的淨負債為72億美元，過去12個月的合併EBITDA為26億美元。因此淨槓桿比率為2.75倍。此外，我們正積極評估對2027年到期債券進行再融資的機會，以進一步優化資本結構。

As we look forward to the third quarter and the full year 2026 with respect to guidance, we will continue to focus on client service and expect that retention rates will be in the range of our most recent results. 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 and AI tools to improve our operating margins and strategically investing in the business, especially with respect to R&D, sales and marketing.

展望第三季及2026全年之指引，我們將持續聚焦客戶服務，並預期留存率將落在近期成果的區間內。我們將持續管理業務以支持長期成長，並透過控制與對齊變動費用、提升生產力，以及運用科技與AI工具改善營運利潤率，同時對業務進行策略性投資，特別是在研發、銷售與行銷方面，以管理費用。

Specifically, we have assumed short-term interest rates 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 a stronger weighting to share repurchases versus debt reduction.

具體而言，我們假設短期利率維持在目前水準；以經調整基礎計算的有效稅率約為22.5%；資本支出占營收比重為4.4%至4.8%；且資金運用將更偏向股票回購而非減債。

For the third quarter of '26, we expect revenue to be in the range of $1.657 billion to $1.697 billion and 5% organic revenue growth at the midpoint. Adjusted net income in the range of $413 million to $429 million, interest expense excluding amortization of deferred financing costs and original issue discount in the range of $103 million to $105 million and adjusted diluted EPS in the range of $1.73 to $1.79.

對於2026年第三季，我們預期營收介於16.57億至16.97億美元之間，中位數對應的有機營收成長為5%。經調整後淨利介於4.13億至4.29億美元之間；利息費用（不含遞延融資成本攤銷及原始發行折價攤銷）介於1.03億至1.05億美元之間；經調整稀釋後EPS介於1.73至1.79美元之間。

For the full year 2026, we increased our expectations to revenue to be in the range of $6.672 billion to $6.832 billion and 5.5% organic revenue growth at the midpoint. Targeted EBITDA growth of 9.3%, EBITDA margin expansion of 50 basis points with the goal of a 40% margin in Q4. Cash from operating activities in the range of $1.717 billion to $1.817 billion, adjusted net income in the range of $1.67 billion to $1.77 billion, adjusted diluted EPS in the range of $6.93 to $7.25, reflecting approximately 15.5% growth at the midpoint.

對於2026全年，我們上調營收預期至66.72億至68.32億美元區間，中位數對應的有機營收成長為5.5%。目標EBITDA成長9.3%，EBITDA利潤率擴張50個基點，並以第四季達到40%利潤率為目標。營運活動現金流量介於17.17億至18.17億美元；經調整後淨利介於16.7億至17.7億美元；經調整稀釋後EPS介於6.93至7.25美元，中位數反映約15.5%的成長。

And now back to Bill.

現在交回給Bill。

Thanks, Brian. We believe our results speak to the strength of our business and consistency of our execution. Our clients continue to invest in SS&C and expand their relationships with us. We remain disciplined in how we operate, invest and allocate capital in ways that create long-term shareholder value.

謝謝，Brian。我們認為，這些成果展現了我們業務的強勁實力與執行的一致性。我們的客戶持續投資SS&C，並擴大與我們的合作關係。我們在營運、投資與資本配置上維持紀律，以能創造長期股東價值的方式進行。

September, we look forward to welcoming our clients at our Deliver Conference in Orlando, Florida. We have a lot of great sessions, demos and speakers lined up. And in partnership with Nasdaq, we will be hosting a remote opening bell ringing during our time there.

9月，我們期待在佛羅里達州奧蘭多的Deliver Conference迎接各位客戶。我們安排了許多精彩的議程、示範與講者。並且與Nasdaq合作，我們將在當地期間舉辦遠端敲響開市鐘活動。

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

接下來，我將開放提問。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

（接線員指示）RBC Capital Markets的Dan Perlin。

Fantastic quarter. So the organic growth, I mean, it was a couple of hundred basis points above guidance. I would just love to get a little bit more color in terms of the context around that. It sounds like there were some big license renewals in the quarter. I'm wondering, oftentimes, Bill, you talk about like you'll sell whatever you need, right?

這一季表現非常出色。有機成長，我是說，比指引高出幾百個基點。我很希望能多了解一些相關背景脈絡。聽起來本季有一些大型授權續約。我想問的是，Bill，你常說你們會賣客戶需要的任何東西，對吧？

So it's a license quarter or it's a big recurring. You just want to make the sale. So I'm wondering how these deals are kind of flowing right now because it feels like there's a pretty big tilt towards maybe some of these license renewals.

可能是授權占比較高的一季，或是大型經常性收入。你們就是想把案子成交。所以我想了解這些交易目前的進展情況，因為感覺似乎相當明顯地偏向某些授權續約。

Well, Dan, we get those license renewals when the contract runs out, right? So if we have a seven year contract and it runs out, generally, when they renew, they want to renew for another seven years. So then obviously, with the accounting pronouncements of 606, that creates somewhat of a rush on revenue. So it depends when these things hit. I think one hit in June this year.

Dan，我們是在合約到期時才會拿到那些授權續約，對吧？所以如果我們有一份七年期合約到期了，一般來說，客戶續約時會希望再續七年。因此，配合606號會計準則的規定，營收認列會出現某種程度的集中。所以要看這些案子落在哪個時間點。我想今年有一筆是在6月落地。

And so I just think that, that's a little bit of the lumpiness of the business. But as we get larger, we have more and more of these big clients with big renewals. And so in some ways, it kind of smooths out. But we did have a couple of big renewals in Q2, and that's why organic revenue was up a couple of hundred extra basis points.

所以我認為，這就是業務波動性（lumpiness）的一部分。但隨著我們規模變大，我們會有越來越多這類大型客戶與大型續約。因此在某些方面，反而會讓整體更平滑。不過我們在第二季確實有幾筆大型續約，這也是有機營收額外高出幾百個基點的原因。

Got it. And then just a quick follow-up. Also, I guess, in the context of organic growth. You mentioned kind of market and maybe some transactional activity. But I'm really thinking more market and maybe it probably falls heavy in the GlobeOp, I think.

了解。接著快速追問一下。同樣在有機成長的脈絡下。你提到市場以及可能的一些交易活動。但我其實更想問的是市場本身，可能在GlobeOp那邊占比較大，我想。

But can you just remind us like market volatility, directional moves in the market, strength or otherwise and how much that can play into any one given quarter? Obviously, you don't predict that into your guidance, but just trying to understand directionally how that might have impacted your organic growth as well.

你能否再提醒我們一下：市場波動、行情方向性變動、市場強弱等因素，在單一季度可能會造成多大影響？顯然你們不會把這些納入指引預測，但我想從方向性角度了解，這些因素可能也對你們的有機成長造成了哪些影響。

Yes. So we produce our capital movements index and our performance index for our hedge fund business every month. And this past month, the redemption index was at 1.35%, which is about the lowest we've had in the history of having this thing, and we've done it since, I think, 2009.

是的。因此，我們每個月都會為我們的避險基金業務編製資本流動指數與績效指數。而在剛過去的這個月，贖回指數為 1.35%，這大概是自我們開始追蹤以來的歷史低點之一；我們從我記得大約 2009 年就開始做了。

So I think that's indicative of how strong that hedge fund business is and the strength of that kind of asset manager type. They have a lot of flexibility. They're very good risk managers and they have the full range of product capabilities. If you look at our assets under administration in our fund administration business, over the last two years, it's up $581 billion. I think that's pretty indicative of the strength that we have in that space.

所以我認為這反映了該避險基金業務的強勁，以及那類資產管理人型態的實力。他們具備很高的彈性。他們是非常出色的風險管理者，並且擁有完整的產品能力範圍。如果你看我們基金行政管理業務的受託管理資產（AUA），在過去兩年增加了 5,810 億美元。我認為這很能說明我們在該領域的實力。

Jeff Schmitt, William Blair.

Jeff Schmitt，William Blair。

Another question on GlobeOp. Are you seeing demand for outsourcing just kind of pick up in general just as AI raises the need for companies to modernize, so they're turning to third-party vendors just to do that more easily?

再問一個關於 GlobeOp 的問題。你們是否看到外包需求整體上正在回升，因為 AI 提高了企業現代化的需求，所以他們轉向第三方供應商，以更容易地完成這件事？

I do think that, that's a big part of what's happening. At a baseline, we've got strong demand just because, look, we're tech forward and we're the biggest player in this business, and we have a lot of referenceability. But then the other kind of thing that's happening is customers are looking around and they want to take advantage of AI. They want to take advantage of some of the Agentic capabilities we have. And rather than try to put that all internally and build it from scratch, the fact that we can deploy it in a very scalable way has been positive for us.

我確實認為，那是正在發生的事情中的一大部分。在基本面上，我們本來就有強勁需求，因為你看，我們是技術導向、也是這個業務中最大的玩家，而且我們有很多可供參考的成功案例。但另外正在發生的是，客戶在觀望之後希望能利用 AI。他們想要利用我們的一些代理式（Agentic）能力。與其嘗試把這些都放在內部、從零開始打造，我們能以非常可擴展的方式部署，對我們而言是正面的。

Okay. Great. And then a question on GIDS. What's the underlying growth there when you exclude the recent lift-outs like Insignia? And how does your pipeline for additional lift-outs look?

好的。很好。接著問一個關於 GIDS 的問題。如果排除近期像 Insignia 這類的團隊挖角（lift-outs）帶來的提升，底層成長是多少？另外，你們在後續更多 lift-outs 的管線看起來如何？

I mean those seem to be pretty accretive transactions, I would think.

我的意思是，那些看起來應該都是相當具增益（accretive）的交易。

Well, certainly, ultimately, they are very accretive. At the same time, it's competitive. We have to win and we have to deliver a great service, which we have been doing. But hey, these are large, sophisticated organizations that require a lot of attention, and we give it that attention. So I think we have a great pipeline in our global investor and distribution services business.

嗯，當然，從長期來看，它們確實非常具增益。同時，這是競爭激烈的。我們必須贏得案子，也必須交付很棒的服務，而我們一直都在做到。不過，這些都是大型、成熟的組織，需要大量關注，而我們也確實投入了那樣的關注。所以我認為我們在全球投資人與分銷服務業務方面有很好的管線。

And I think that will continue.

而且我認為這會持續下去。

Once again, I think one of our prospects is you guys have 65% market share. I'm pretty sure you can probably handle us. And I think that, again, that goes to the strength and size of our business and that we win mandates from Australia and we win mandates in Europe and we win mandates in North America. I just think we have a very powerful business model.

再說一次，我認為我們的一個賣點是：你們有 65% 的市占率。我很確定你們大概能夠處理我們。而我認為，這再次回到我們業務的實力與規模：我們在澳洲贏得委任、在歐洲贏得委任、在北美也贏得委任。我就是覺得我們有一個非常強大的商業模式。

What's that underlying growth, I guess, if you just back out Insignia?

那麼我想問，若把 Insignia 扣除掉，底層成長是多少？

It's still in excess of 5%.

仍然超過 5%。

Kevin McVeigh, UBS.

Kevin McVeigh，瑞銀（UBS）。

Congratulations again. Just really, really strong results and it feels like a little bit of a choppy environment. Bill, I think you had mentioned the claims launch. Any way to think about what that contributed in the quarter and how that scales over the course of '26?

再次恭喜。成果真的非常、非常強勁，而且感覺環境有點顛簸。Bill，我想你提到理賠（claims）上線。有沒有辦法說明它在本季的貢獻，以及在 2026 年的過程中如何擴大？

Yes. We get in excess of double of the $0.20. But I think this is a trial program of the government, but it so far has been very popular. And we'll see. It's a six month program, Kevin. So knock on wood, they -- it's the government. So will they stick with a very successful program? That's probably 50-50. But we do believe that there's a lot of great collaboration between us and Humana and the CMS that manages Medicare and Medicaid. So we're optimistic.

是的。我們拿到的超過 0.20 美元的兩倍以上。但我認為這是政府的一個試辦計畫，目前為止非常受歡迎。我們再看看。這是一個為期六個月的計畫，Kevin。所以但願如此——畢竟是政府。他們會不會持續一個非常成功的計畫？那大概是五五波。但我們確實相信，我們、Humana，以及負責管理 Medicare 與 Medicaid 的 CMS 之間有很多很好的協作。所以我們保持樂觀。

And again, it's a reason why we're in health care. When it comes, it will come in large waves. And if we can deliver a great service and the government likes what we do, it seems to me they spend a lot of money. We just won our fair share.

而且再說一次，這也是我們為什麼在醫療保健領域。當機會來臨時，會以很大的浪潮出現。如果我們能提供很棒的服務，而政府也喜歡我們的作法，在我看來他們會花很多錢。我們只是贏得了我們應得的份額。

No doubt. And then you talked a little bit about AI governance and in terms of starting to see it in the organization. Is that still through Blue Prism? Or are you starting to see other avenues? And any way to think about from a margin perspective, philosophically, how much will go to reinvestment versus just margin growth overall, things like that?

毫無疑問。另外你談到一些 AI 治理，以及開始在組織內看到它的應用。這仍然是透過 Blue Prism 嗎？還是你們開始看到其他途徑？另外，從利潤率角度來看，有沒有什麼思考框架：哲學上有多少會用於再投資、多少會反映為整體利潤率成長之類？

Well, again, Kevin, we made the upfront investment, right? We bought Blue Prism that had AI and had ML and had RPA and had natural language processing. So I mean we made the investment, spent $1.6 billion. Same thing as you read about tokenization and about some other fintech companies that are getting into tokenization. Well, we spent $1 billion and we bought Calastone.

嗯，再說一次，Kevin，我們已經做了前期投資，對吧？我們收購了 Blue Prism，它具備 AI、機器學習（ML）、機器人流程自動化（RPA）以及自然語言處理。所以我們確實做了投資，花了 16 億美元。同樣地，你也會讀到代幣化（tokenization），以及一些其他金融科技公司正在切入代幣化。嗯，我們花了 10 億美元收購了 Calastone。

And we didn't buy Calastone so that we could be an also ran. We bought Calastone so we can be a leader in technologies that our customers want. And I think that's been our attitude the whole time is that, look, we don't want to dabble. We don't want to have a three licenses of Automation Anywhere or UI, whatever it is. So it is something where we got 1,400 people when we got Blue Prism, and we got another 250 and probably added another 25 with Calastone. So we're optimistic about where we're putting our investments, how we're using it, why we focus on governance and protection for our customers because they're in highly regulated businesses and black eyes in highly regulated businesses are not good.

而我們買 Calastone 不是為了當個跟隨者。我們買 Calastone 是為了在客戶想要的技術上成為領導者。我認為我們一直以來的態度就是：你看，我們不想只是淺嚐輒止。我們不想只買三個 Automation Anywhere 或 UI（不管是哪一家）的授權。所以這件事是這樣：我們收購 Blue Prism 時帶來了 1,400 名員工，Calastone 又帶來另外 250 名，我們可能還額外增加了約 25 名。因此，我們對投資方向、使用方式，以及為何聚焦於治理與對客戶的保護感到樂觀，因為他們身處高度監管的產業，而在高度監管的產業裡出現負面事件（black eyes）並不是好事。

Alexei Gogolev, JPMorgan.

Alexei Gogolev，摩根大通（JPMorgan）。

This is Bella Camaj on for Alexei. Congrats on the quarter. So given the organic growth performing so positively this quarter, especially the call out from those large license renewals, how should we think about 3Q organic growth implying a step down? Is that mainly renewal timing rolling off? And potentially, are there any other similarly sized renewals in the second half that could be potentially offering some upside?

我是代 Alexei 提問的 Bella Camaj。恭喜本季表現。鑑於本季有機成長表現非常正面，尤其提到那些大型授權續約的帶動，我們該如何看待第三季有機成長似乎暗示會下滑？主要是因為續約時點的效應消退嗎？另外，下半年是否還有任何規模相近的續約，可能帶來一些上行空間？

Our pipeline is full of opportunities. There are some renewals coming up as well. So we have opportunities to outperform. We're being at our consistent self of great revenue growth, great earnings and not getting ahead of our skis. So that's the same thing we're going to do for Q3 and Q4, but we're not going to pre-beat the drum. We'll let the drum beat itself.

我們的管線充滿各種機會。也有一些續約即將到來。所以我們有機會表現優於預期。我們會維持一貫的作風：營收強勁成長、獲利強勁，同時不會操之過急。所以第三季與第四季我們也會做同樣的事，但我們不會提前敲鼓造勢。就讓鼓自己響起來。

Got it. That makes sense. And just a quick follow-up. So looking at your capitalized software spend, where would you say that investment is mostly concentrated today? Is that mainly a function of the recent WorkHQ launch, implementation tooling or perhaps other platforms? And should we expect that level to persist into second half of this year into 2027?

了解。這很有道理。再快速追問一下。就你們資本化的軟體支出來看，你會說目前這項投資主要集中在哪些方面？這主要是近期 WorkHQ 上線、導入/實施工具，或是其他平台所驅動的嗎？我們是否應預期這個水準會延續到今年下半年並一路到 2027 年？

We brought out a number of new systems. We brought out Genesis in asset management. We have a new release of Eclipse. We brought out -- we'll bring out a new release of DBC. We're bringing out -- we brought out DomaniRx, and we're bringing out a new release of our medical claims. We brought out like you said, WorkHQ and our guide rails, our AI guardrails product that we have brought out as well. And I think there's a number of other initiatives that we're doing, building out our private cloud and making sure that our cybersecurity is very redundant.

我們推出了多套新系統。我們在資產管理推出了 Genesis。我們有 Eclipse 的新版本。我們推出了——我們也將推出 DBC 的新版本。我們推出了——我們推出了 DomaniRx，並且正在推出我們醫療理賠系統的新版本。我們也如你所說推出了 WorkHQ，以及我們的護欄（guide rails）、也就是我們推出的 AI 護欄產品。我想我們還有其他一些計畫，包括建置我們的私有雲，並確保我們的資安具備高度冗餘。

So I think we're going to have similar capitalized software and investment in R&D. But at the same time, I think we're going to have some very material ways to improve our margins through adaptation of AI agents and other technologies that are available today.

所以我認為我們的資本化軟體支出以及研發投資會維持在相近水準。但同時，我也認為我們會透過導入 AI 代理（AI agents）以及其他現有技術，以一些非常實質的方式來改善我們的利潤率。

Pete Heckmann, D.A. Davidson.

Pete Heckmann，D.A. Davidson。

Most of my questions have been answered. I was just curious on the Intralinks side, virtual data room saw a nice sequential increase in organic growth, but it was on a relatively easy comparison. I guess, how much do you attribute that to an uptick in larger M&A or other success in getting new clients versus just benefiting from what appeared to be the easiest comparison of the year for that business?

我的大部分問題都已經被回答了。我只是好奇 Intralinks 這邊，虛擬資料室（virtual data room）的有機成長率季對季有不錯的提升，但基期相對容易。我想問，你們有多少會歸因於較大型的併購（M&A）回溫，或是在爭取新客戶方面的其他成果；相較之下，有多少只是受惠於看起來是該業務今年最容易的比較基期？

We're having some success in terms of -- so the metrics we track, whether that's the opportunities that we have in our pipeline or those opportunities getting converted into bookings and then eventually those bookings getting converted into revenue. All of those things are positive. So the comps only work if you can improve on the comps, right? And so that's -- I think that's what we are doing. We are seeing the business strengthening, and we expect that to continue through the remainder of the year.

我們確實取得了一些進展——就我們追蹤的指標而言，不論是我們管線中的商機數量，或是這些商機轉換成訂單（bookings），再到最終由訂單轉換成營收。這些都呈現正向。所以比較基期只有在你能夠做得比基期更好時才有意義，對吧？而這——我認為這正是我們正在做的事。我們看到業務正在走強，並預期這種趨勢會延續到今年剩餘時間。

That's great. So -- and would you attribute it like in terms of areas that you've been winning a bit? I think you mentioned private assets, private equity. Any other areas that have been seeing some adoption in the virtual data room area?

很好。那——就你們贏得較多的領域來看，你會怎麼歸因？我想你提到私募資產、私募股權。在虛擬資料室這塊，還有其他領域也看到一些採用/導入嗎？

Yes. It's a little bit of -- so there's two components to that, two big components to that Intralinks business, right? It's the virtual data rooms, and we've been having success, and that's a little more linked to the M&A markets. And -- but then there's the alternatives LP communication part of that business, and that's been growing steadily throughout.

是的。這有點——Intralinks 這個業務大致有兩個主要組成部分，對吧？一個是虛擬資料室，我們在這方面取得了一些成功，而這與併購（M&A）市場的連動性比較高。然後——

(Operator Instructions) James Faucette, Morgan Stanley.

（接線員指示）James Faucette，Morgan Stanley。

It's Michael Infante on for James. Just one from us. Just on the larger renewals that you guys are having and the sort of second half slate of renewals that are coming, like how is AI factoring into these conversations? Do you view the Agentic monetization and the WorkHQ opportunity as really like a call option in the future from a monetization perspective? Or are you seeing customers sort of use AI as a mechanism to push back on your own price realization? It doesn't sound like that's the case, but just wanted to ask there.

我是 Michael Infante，代 James 發問。我們這邊只有一題。關於你們正在進行的一些較大型續約，以及下半年即將到來的續約安排：AI 在這些對話中扮演什麼角色？你們是否把 Agentic 的變現（monetization）以及 WorkHQ 的機會，視為未來在變現角度上的一種「買權」（call option）？或者你們是否看到客戶把 AI 當作一種機制，來對你們自身的價格落地/實現（price realization）施加壓力？聽起來似乎不是這樣，但還是想確認一下。

Well, as you know, at Morgan Stanley and other organizations of your size and complexity, you're constantly looking at upgrading your infrastructure, and we are proud to have Morgan Stanley as a client. And the AI is something that's on everyone's tip of their tongue, right? And your Board, right? So all your executives are very attuned into what are we doing with AI.

嗯，如你所知，在 Morgan Stanley 以及其他像你們這種規模與複雜度的組織，你們一直都在尋求升級基礎架構，而我們也很榮幸 Morgan Stanley 是我們的客戶。AI 是大家都掛在嘴邊的話題，對吧？還有你們的董事會也是。所以你們所有高階主管都非常關注我們在 AI 上做了什麼。

And I think our approach has been very effective in showing people that our technology is better, the way we're rolling it out is better, the more protected you are and the more that we are really a partner in making sure that your transition from traditional software products to then RPA products where you have bots helping you do pretty simple processes, but things that take a lot of time, cost a lot of money. And now you can have a bot to whether it's statement review or other things like that.

我認為我們的做法非常有效，能向大家展示我們的技術更好、我們推進/落地的方式更好、你們受到的保護更多，而且我們確實是合作夥伴，確保你們能從傳統軟體產品順利轉型到 RPA 產品——也就是用機器人（bots）協助你處理相當簡單、但很耗時且成本很高的流程。而現在你可以用機器人來做，例如對帳單審閱（statement review）或其他類似的事情。

And now there's Agentic agents that can do more complex tasks that can make some decisions. And you have to have the guardrails around what those decisions are. But if you can get real processes and build an orchestration layer like we have, then you can get very sophisticated workflows that are not people intensive. And that's our approach, and it's been pretty effective.

而現在又有 Agentic 代理（Agentic agents），可以執行更複雜的任務，並能做出一些決策。你必須針對這些決策設置護欄（guardrails）。但如果你能把真實流程導入，並建立像我們這樣的編排層（orchestration layer），你就能打造非常成熟的工作流程，而不需要大量人力投入。這就是我們的做法，而且效果相當不錯。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Stone for any closing remarks.

目前我看到提問佇列中沒有其他問題。現在我想把電話會議交回給 Stone 先生，請他做結語。

Again, we appreciate everybody on this call, and we appreciate you owning our shares or following our shares. At the same time, we work hard for our shareholders, and we will continue to do so. And we look forward to seeing you at the end of next quarter or this quarter, I guess. Thanks.

再次感謝各位參與本次電話會議，也感謝各位持有我們的股票或關注我們的股票。同時，我們也會為股東努力工作，並將持續如此。我們期待在下個季度末——或是這個季度末，我想——再與各位見面。謝謝。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。