SS&C Technologies Holdings Inc — Call Transcript 2026

Great. Hello everyone. My name is Alexei Gogolev, Head of Vertical SaaS here at JPMorgan. Welcome to first day of Boston Conference. Today we're delighted to be hosting CFO of SS&C, Brian Schell. Brian, welcome. Thank you. I guess if to begin the conversation, Brian, could we talk about the durability of the organic growth engine for your business? What are the most important internal leading indicators that you track to assess the organic growth durability, things like net new bookings or renewals, and which matter most by segment? Yeah. Thank you. I would say that, first of all, let me just say you guys do an amazing job with the investors that you have brought here and all the logistics. Appreciate it, Brian. Well done to JPMorgan. I think there are the multiple factors that you kind of highlighted there that are most important, right? I would say the number one, the way we think about it is where we've seen the most growth, and that organic growth has been share of wallet and the continued expansion of services both within an existing business unit and the service provider, as well as then across SS&C that may cross over into another part of the business unit, whether that be providing, you know, transfer agency and investor-related services, as well as potential Intralinks services, or intelligent automation business that we've continued to see more and more of that revenue growth come from. The share of wallet, I would say then the new logo, and that pipeline conversion are metrics we look at very closely and see how that is going. I would say pricing is always a consideration that we evaluate, but it's not the primary consideration at the end of the day. Then the last couple of things that we look at and we may touch on later is we always take an eye at looking at those renewals, which I know can be a little bit lumpy in some of our quarterly revenue results. Looking at the duration, the contract duration length, and, you know, and when that hits, and, you know, any other, you know, considerations, any incremental services that are added into that. Thank you, Brian. That actually is a good segue. How's the mix of recurring versus more transactional or license-driven revenue has been evolving, and what operational choices are you making to reduce the lumpiness that you just referred to? Absent, you know, not complying with revenue recognition of ASC 606, which is obviously not a choice or not an option, I would say our primary objective is to meet the client where they are, right? Is that the You know, while I love the idea of having a higher percentage of recurring revenue, if nothing else, for predictability, stability, and everything that goes along there, but if they choose to do something that may be more transactional in nature, or incremental service or project-related work, we know that that leads to longer-term growth over time. We've seen several clients where we've started out with a source contract that's kind of a stated, "Here's your statement of work. This is what I want you to do. Here's the price." They may engage us on some incremental work that may be project in nature, and then that turns into a longer-term statement of work that becomes more permanent. We've seen a lot of that evolution over time. We've seen, like I said, more of that. Now, some of the business will remain transactional at the end of the day. Even if we do sign a long-term contract, say for example, with Intralinks, we'll sign a long-term contract and let's say we sign a long-term contract with JPMorgan, and that still may be periodic in transactions that we will support in conjunction with you and your teams, you know, with JPMorgan to be able to do that, as well as some of our, you know, as business. Otherwise, I think you're gonna continue to see that evolution of recurring revenue across literally every single segment with maybe the exception of Intralinks. Brian, the retention has already been very high for a while. Where's the biggest opportunity to drive it further? Is it price realization or maybe some expansion modules or additional services? I would say I think it's more of the honestly, I think it's the additional services at the end of the day is, you know, for that, I'll call it, you know, that net revenue retention, right? I would love to see obviously the growth continue to increase. You know, we might be able to see that increase with, you know, lengthening contract renewals. You know, like I said, pricing is always an element, but it hasn't been a material part of the way we've grown revenues, as you know. That's more of where I think we would see that grow is that incremental share of wallet, to really kind of, you know, look at that gross retention and then the incremental organic growth rate, to really help to continue to try and drive that higher. Okay. Brian, you've done quite a few lift outs in the past couple of years. What have you learned about what makes lift outs successful operationally, and how do you see kind of ensuring that margins improve as the engagement matures? Yeah. This is, I would say this first one isn't maybe that or terribly insightful, but let's make sure you're aligned with the client and what they want the outcome to be and how quickly you get there, and how you're going to define success along the way. That's very important. That's probably a very important part of any engagement or any type of service you're providing to your client. But beyond that next step is I think some of the key has been around the data and systems migration to your platform and what that's going to look like. A lot of the efficiency, and this feeds in really to the third part of your question about where do you see the margins, how does that evolve over time, is understanding how you're able to move that data or those processes to the SS&C system at the end of the day, right? Because of the efficiency and our scale and the operational know-how at the end of the day, right? That's what we bring that to the table is the software, it's the people, and it's the technology, and that will take some time. We do put in some contractual provisions to make sure there is some retention and some consistency over the first year of the contract. You start seeing the step function of margin expansion as that operational efficiency kicks in, as some of those extra costs are removed, as you start seeing the technology migration as a real benefit, and you start seeing those step functions in one year, six months after that, and then two years and, you know, all along the way. I think the discipline around looking at that performance, at least from a finance standpoint, is talking with that business on a monthly basis. How are we doing against our plan? Any implementation capacity constraints that you're seeing in some of those lift outs, especially large transactions, when they're done at scale, when you're delivering talent, data migration, and tooling, like how are you investing to avoid those bottlenecks? Yeah. I think that comes with having a good playbook, being able to plan for that, right? We know we're going to need some key talent hires to maybe help execute that playbook. We're also not coming in cold, so we do know who is likely become part of that lift out transaction. We know the resources that are coming in, and, you know, we spot the talent and, you know, identify we think that's going to be the person to help us. That'd be a strong interface with the people who are leading the lift out from the, call it the core, or the legacy, SS&C side of things, as we move that forward. What we found also with that talent is some of the talent that we're picking, that's becoming part of SS&C, is very leverageable to other parts of our business. That's usually within the existing business unit because we found that they can actually take on some of our existing work as well. We're starting to see some productivity gains, which goes back to accruing to a more expansive margin over time. Brian, tying it all together, you discussed, a path towards 40% margin exit. Where are the biggest levers? Like maybe it's automation or you mentioned pricing, productivity mix. What are the biggest, offsets, like those AI costs that everyone's talking about and maybe some integration costs? Yeah. I would say that my favorite place to get margin is scale, is revenue growth, right? A lot of times when we're adding that revenue growth, it's, you know, it has a much higher, you know, margin on that incremental revenue. That's my favorite place to get it. Obviously, you know, for the business, what we do is we put in productivity targets with every single one of our business unit leaders primarily trying to drive that through use of technology, not, you know, necessarily staffing reductions or, you know, what that looks like. It's more around how can you get technology gains to improve efficiency and productivity such that maybe headcount does not increase with that next incremental dollar or next client that is signed. That's the goal in leveraging that, in improving your workflow, improving the accuracy, improving, you know, improving the results. That's really how we're trying to drive that across the board. It's really coming through that technology initiatives, and, you know, leveraging the existing infrastructure scale that we have today. In terms of CapEx and some capitalization strategy, how do you think about the right level of CapEx to software capitalization in order to sustain this product modernization that you're facing? I think over the last several years, we've kinda settled into that 4.3% to 4.8% of revenue, as far as a percentage of revenue. That feels like it's been accommodating both our R&D efforts and ongoing support effort as far as enhancements to our clients. Again, our goal is to invest, whether it show up in OpEx or CapEx, to try and drive, you know, a long-term revenue and earnings growth rate. That's kind of where we've settled out. We haven't seen things shift too much. That may change in the future, but I think we'd be cautious and be measured at it because we do know it's important to invest in the business but also continue to deliver enhanced margins to the business, you know, longer term to our shareholders. Okay. Brian, diving deeper into your segments, starting from GlobeOp, Globe Operations, can you talk about the growth algorithm here? What are the key drivers of the business growth, and where's the best runway over the next two years? Is it going to be maybe private markets or retail alternatives or hedge funds? The, I would say where we've seen the biggest growth, and it's also the growth that's usually easier to accommodate and usually the most profitable, has been existing client growth, right? It's that revenue, that's that incremental revenue from an existing client. As they grow and as they do well, it's that much easier and better for us, and we're able to facilitate that growth in a very manageable way because same systems, and same, I'll call it infrastructure within those clients. That's where we see that growth. It's not necessarily as always strict as to just higher AUA because there are different strategies that a lot of these managers deploy, whether that be long-short, whether it be different factors. You just can't measure it based on looking at where is the S&P 500 index trading because it's different asset types and different geographies, as I mentioned. You know, we see the benefit also of potentially when some firms, some of the managers decide to start off on their own within those firms, and that's almost like an extension of the existing firm because a lot of times they will pick up the same SS&C solution that they had when they were with some of these other firms. Hedge fund is the biggest part of our business, and it continues to grow at that mid to high single-digit growth rate, both from fees as well as some basis points on their AUA growth. We're seeing a combination of both. We're seeing some nice new logo wins at the end of the day. The highest growth rate, albeit still small but growing quickly, is retail alts. That certainly is the fastest-growing from percent, but kinda smallest of all the asset bases between that, private markets, which is again also still growing rapidly, and hedge fund. If I may ask about private credit, how do you think about exposure, and the associated revenue sensitivity? Like, what's structurally resilient in your fee model? The good news here from an SS&C standpoint is that one, we're not exposed to any credit losses. Obviously longer term, if a firm managing that private credit has a lot of losses, they won't be around, so you have that potentially longer-term revenue exposure. Most of our funds that we support are closed-end, so they're not faced with a redemption activity that you're reading about a lot of times in the headlines. The other parts of these funds are actually sitting within hedge funds and what they're doing, so they've been able to diversify that risk and hedge that risk as well, so we haven't quite seen as much of some of the negative press might indicate in some of the funds. Actually shorter term, we've been doing a little bit more work helping firms address some of the higher than expected redemptions. We saw some of the growth rate declining in 2025, and we didn't bake in a massive amount of growth in 2026. We feel good about where that sits right now. Moving to the other large sector of yours, GIDS, how do you separate some of those structural growth trends, versus lift outs that we spoke about earlier? What does the steady state growth look like for this segment? Yeah, we like the lift-out work, and it's basically allows us to apply all aspects of our expertise for our clients, you know, the people, process, and technology, to enable them to do better on their margins, and it helps us with our growth as we continue to leverage scale. Incrementally, each one of those lift-outs I think enhances SS&C and our overall value to our shareholders. You know, we've had some recent large wins, and that's accounted for, you know, a large percentage of the growth, probably, you know, close to half of the growth rate. Much of the growth that we've had, though, has been coming from core independent of those lift-outs. Having said that, those lift-outs, we have more in the works from new clients as well as incremental work we think that can occur from existing clients from some of those lift-outs. This is gonna be a really nice source of growth certainly for GIDS. Another segment that's not part of the three large segments, but still an important one, Intralinks solution. How are you evolving the product to improve conversion and retention, workflow features like AI enhancements? What customer feedback has most influenced this roadmap? We re-platformed. They started a re-platforming effort on this a couple of years ago and started integrating AI as part of that platform, you know, a couple of years ago. That's really showing up. It's more of a seamless. It doesn't look like it's an add-on button type of thing. We've been working through that. I think one of the key items that we've been bringing to that product feature is really incorporating more of the total deal life cycle into it, not just, maybe it's just a diligence element, but how we are managing the teams who have access, the NDA workflow, the different teams' workflow. That's really kind of steps beyond just what's the core data in the data room. Bringing that into a secure environment and allowing those incremental tools that can be applied without having to go outside of a secure, you know, kind of, area, from where the data is and the communications channel, has been critical, and that's really been a nice point of leverage for success and wins for us. Moving to another large part of your business, wealth and investment technologies, what's driving one of your very strong solutions, Black Diamond? What's driving the growth most? Is it new advisors or maybe some wallet share expansion that you're seeing? What are the biggest risks to sustaining that growth? Yeah, we're seeing a lot of new logo wins there. We've also been with some of the RIA roll-up approaches that we've seen, some of the medium to larger-sized firms, they've been primarily Black Diamond clients on the acquiring side, the acquirer. We've continued to see expansion of their RIA base, which means incremental usage of the product. We've brought incremental features such as more AI features into the software, which is particularly attractive to the medium-sized types of clients. I would say finally, what's helping continue to drive that growth has been, you know, bringing in Trust Suite services into the software as we know that RIAs and as their asset base and as their client-level sophistication grows, a lot of times they're looking for a Trust solution, and having that capability and being able to provide that to the RIA community, within that software as part of that support, has been a real competitive differentiator. Okay. Thanks. Brian, can we talk about the healthcare division? Like, from a long-term play perspective, what needs to change for healthcare to become a more predictable grower? Are you looking at maybe product readiness or some go-to-market focus? Maybe you think there could be some regulatory changes. Like, what do you think could happen? Yeah. What we've seen and actually what we've done over time is that it still has some licensing revenues attached to it and what it does, but I think this goes back to one of your earlier questions actually is around kinda that recurring revenue growth and how we've seen that continue to be a bigger part of our overall revenues, and this is contributing to this. We've also done lift-outs in this part of the business. We've worked very closely with, for example, Humana. We're taking on more of their business over time, and it's been more of a, you know, kinda recurring revenue model versus a licensing fee. That revenue growth has been more that stable month-by-month grower. You're seeing more of that stability, and it grows over time. Such that, you know, our expectations for that business is that's a, you know, a low single-digit growth that we've talked about. We think in, you know, in the future, absent a, you know, some of the larger contracts that we think are prospects for, we think its growth rate can accelerate as it continues to add these services, with new logos as well as with existing clients. Brian, maybe taking a quick step back and looking at the overall portfolio, which regions globally are the most attractive incremental opportunities that you see? Is it maybe Australia or Middle East? What needs to be true for SS&C to scale efficiently in those markets? Yeah. I think you nailed the first two as far as how we're thinking about it and where we see the opportunities across the various businesses. Australia certainly is has been a really key market for us, and we've seen a lot of growth there. That continues to remain kind of top priority as far as new markets go. I think number two is closely followed by the Middle East. We've expanded. We've put in new offices in various geographies there in the Middle East. The new offices that we've recently opened, we've actually expanded already. That, you know, coming to, you know, part of the facilities team is I see where all those expansions are occurring or being requested, and that's one area where a lot of that work is tied to, I'll call it desk space or facility space to be able to accommodate that growth. Then I would say probably the third area has been, as far as geographically as goes, would be APAC outside of Australia. We're starting to see pockets of some nice growth. Again, those are the kind of the newer geographies. Again, North America still holds, obviously a predominant share of where the assets are and that continued increasing share of wallet. This growth you're talking about in those local markets, is it coming from product localization or maybe some regulatory or staffing requirements? It's coming more the product, I mean, in what we're doing there versus any incremental requirements. You know, we have a mixed feeling on regulatory requirements and incremental compliance. That usually means better business for us as far as incremental services and what we do 'cause there's usually complexity and/or risk. We also like the idea of a, I'll call it a more open market that we think can help facilitate asset growth in managing that. We certainly benefit from that, and we certainly like that from our clients to be able to maintain that growth. Brian, I would love to talk a bit more about your AI and automation. First of all, starting with Blue Prism and some intelligent automation solutions, what are the most important drivers to re-accelerate that division? Do you expect to see some more AI agent attach or maybe platform adoption? What's the biggest friction in customer decision-making? If we go back to the core, if we think about where, you know, this kinda started with, you know, with RPA as its core, we've seen a real stabilization and actually renewal of RPA at the end of the day, right? I think that's been a very promising element. Actually, the core Blue Prism actually was higher first quarter inside that business unit than the prior year. That's been a really good solid sign because at the end of the day, RPA is still a very cost-efficient, very effective tool to use in establishing automation. Number two is what we've seen as far as the agent element and the use of AI is, you know, as you know, we recently launched WorkHQ, which is an orchestration layer of, you know, agents across existing technology that makes it much easier for people to use their existing platform, their existing technology to help manage their workflow across their platform, across different systems. At the end of the day, what SS&C's expertise is that IP in the broader sense of managing that workflow is that they have data and transactions that are occurring over here on the left-hand side. There's a lot of things that need to happen, different processes and different touch points, different environments, you know, control checks, and end up with, call it three, four, five, 10 different outputs that are required from different constituencies. That knowledge and helpful of that orchestration of that workflow is where I think we've turned our attention to, and we're started with client zero, doing that ourselves in our different business units, and then selling that solution that's not a proof of concept on a piece of paper. It's actually done in process and working. Brian, you spoke a lot about governance first, AI as an important differentiator, and obviously emphasized regulated environments and various inaccuracy risks. What does your governance framework look like in practice, and how do you productize it to the advantage of your customers? This is, I'm sure every organization can, either their executive management and/or their audit committee is asking, and this is obviously a big topic, is around that framework. You know, we have an AI framework that we started out with, and this is kind of how we initiated the whole effort. Again, as you mentioned, right, the regulatory requirement of our clients, and our own, you know, you can't make up a number if you don't know what it is in between, to get there. It's got to be right given the financial records, and they're being filed with, you know, a regulatory body, a taxing authority, a government body, that differentiated a statutory report. It's the level of accuracy is critical. We've designed the AI framework for people, again, almost with us, our own selves in mind of what do we want, what do we need. We need to make sure it's secure and there's no leakage outside of it. We need to make sure that we can insert human touch points within any loop at any point in time. We need to make sure there's a reconciliation where we are. We need to make sure there's an audit trail if someone moves it or touches it, and it potentially is redirected. If it's going in a direction where it shouldn't be going, there's an ability to stop that. Those are just some of the, I'll call it, you know, more, more critical elements that we have around the framework to make sure that all those steps along the way, that there's accountability, as far as what's happening and who's making what decision and how. Brian, as you think about that, framework you just described, where do you see the clearest monetization opportunities for AI agents, and how do you ensure pricing captures ROI without creating some friction with customers? The first opportunity is internally. I know your question was more revenue-focused, but that's part of a little bit of client zero. We think that's a really nice productivity enhancement opportunity. We also think that actually helps lend itself to a greater revenue opportunity, which is, I think, the source of your question, broadly, right? As far as the folks that are, you know, leveraging different systems and how do they make that, you know, outcome the way they would like it to be to be a more efficient manner. At the end of the day, people have this, like I said, a workflow that they need to get to. We're trying to engineer the solution, and that's where we think the revenue opportunity is. It doesn't just have to be financial services. We've seen it already in healthcare, even though it was independent of the healthcare business unit. We've seen it across financial services as well. Again, it's still nascent in its approach and the revenue generation, but we've seen it applicable across a lot of different use cases. Brian, talking about M&A, you've done so many over the years. How do you set valuation guardrails, for some of those potential deals? More importantly, with this acquisitive history, what have you changed in your integration playbook to reduce complexity? I would say the, you know, when we look at transactions, obviously valuation is very important. We look at the valuation, we look at, you know, revenue growth rate and profitability, and what are the assumptions and how good do we feel about that and historically and on a go-forward basis, and what does it provide to us? There's a discipline around that from that standpoint. From a playbook I, on the front office, call it the business, the revenue-generating side of it feels like there's a good playbook about, you know, for the whatever reason they're being brought in. Are they being brought in for, you know, product, geography, or clients? Knowing where those strengths are and how is that's going to interplay. There's a plan up front about what we plan to do with the asset. Why do we want this asset, and why do we need it? You know, basically put that in place. That I think we've actually done a pretty good job at. What we've done better at, I think, over the last several years is making sure that back-office integration is also happening, that we're all on the same general ledger. We're all on the same, you know, human capital management project. We're all on the same payroll. All of those things help tighten the process so that the communication and the financial reporting and the analysis basically help us determine whether we're achieving the returns or make the adjustments we need to make. Okay. Brian, final question on your capital allocation. You've done a great job balancing buybacks and dividends and debt paydown, and some acquisitions. In this cycle, like, where are you currently leaning more towards? Should an attractive acquisition opportunity come along, how far would you be willing to lever up to satisfy some of those potential acquisitions? Yeah, I would say that in a consistent theme, I think that our capital allocation priority has always been that attractive M&A opportunity at the end of the day. We think that that's, and given our history, that wouldn't be a surprise to anybody who follows SS&C. Again, that's because there's discipline around that, around that valuation and what that looks like, and what that can do for us. Absent that, you know, you know, we are leaning into share repurchase opportunity. Again, there's a lot of challenges around valuations and where people are coming together on bid-ask spreads. Again, that would still be a priority for capital allocation. As far as that theoretical, is there a leverage opportunity? You know, whether the markets accept this or not, I think the debt capital markets have been fairly open right now. I know there's been some windows of open and close, generally where we sit, I think the market has been pretty receptive to any debt issuance. Historically, the company's levered up to 4.5x to 5x. You know, whether that's still the case or not, we would see, I haven't heard anything that would indicate it would be different given the focus and the history in being able to take the cash flow and redirect it to de-levering back to a we'll call it more normalized level. Great. Well, thank you very much, Brian. This has been great, and I appreciate you being here with us. Thank you.

Speaker 1: Great. Hello everyone. My name is Alexei Gogolev, Head of Vertical SaaS here at JPMorgan. Welcome to first day of Boston Conference. Today we're delighted to be hosting CFO of SS&C, Brian Schell. Brian, welcome. Great. great Hello everyone. hello everyone My name is Alexei Gogolev, Head of Vertical SaaS here at JP Morgan. my name is alexei gogolev head of vertical saas here at jp morgan Welcome to first day of Boston Conference. welcome to first day of boston conference Today we're delighted to be hosting CFO of SS&C, Brian Schell. today we're delighted to be hosting cfo of ss&c brian schell Brian, welcome. brian welcome

Speaker 2: Thank you. Thank you. thank you

Speaker 1: I guess if to begin the conversation, Brian, could we talk about the durability of the organic growth engine for your business? What are the most important internal leading indicators that you track to assess the organic growth durability, things like net new bookings or renewals, and which matter most by segment? I guess if to begin the conversation, Brian, could we talk about the durability of the organic growth engine for your business? i guess if to begin the conversation brian could we talk about the durability of the organic growth engine for your business What are the most important internal leading indicators that you track to assess the organic growth durability, things like net new bookings or renewals, and which matter most by segment? what are the most important internal leading indicators that you track to assess the organic growth durability things like net new bookings or renewals and which matter most by segment

Speaker 2: Yeah. Thank you. I would say that, first of all, let me just say you guys do an amazing job with the investors that you have brought here and all the logistics. Yeah. yeah Thank you. thank you I would say that, first of all, let me just say you guys do an amazing job with the investors that you have brought here and all the logistics. i would say that first of all let me just say you guys do an amazing job with the investors that you have brought here and all the logistics

Speaker 1: Appreciate it, Brian. Appreciate it, Brian. appreciate it brian

Speaker 2: Well done to JPMorgan. I think there are the multiple factors that you kind of highlighted there that are most important, right? I would say the number one, the way we think about it is where we've seen the most growth, and that organic growth has been share of wallet and the continued expansion of services both within an existing business unit and the service provider, as well as then across SS&C that may cross over into another part of the business unit, whether that be providing, you know, transfer agency and investor-related services, as well as potential Intralinks services, or intelligent automation business that we've continued to see more and more of that revenue growth come from. Well done to JP Morgan. well done to jp morgan I think there are the multiple factors that you kind of highlighted there that are most important, right? i think there are the multiple factors that you kind of highlighted there that are most important right I would say the number one, the way we think about it is where we've seen the most growth, and that organic growth has been share of wallet and the continued expansion of services both within an existing business unit and the service provider, as well as then across SS&C that may cross over into another part of the business unit, whether that be providing, you know, transfer agency and investor-related services, as well as potential Intralinks services, or intelligent automation business that we've continued to see more and more of that revenue growth come from. i would say the number one the way we think about it is where we've seen the most growth and that organic growth has been share of wallet and the continued expansion of services both within an existing business unit and the service provider as well as then across ss&c that may cross over into another part of the business unit whether that be providing you know transfer agency and investor-related services as well as potential intralinks services or intelligent automation business that we've continued to see more and more of that revenue growth come from The share of wallet, I would say then the new logo, and that pipeline conversion are metrics we look at very closely and see how that is going. I would say pricing is always a consideration that we evaluate, but it's not the primary consideration at the end of the day. Then the last couple of things that we look at and we may touch on later is we always take an eye at looking at those renewals, which I know can be a little bit lumpy in some of our quarterly revenue results. Looking at the duration, the contract duration length, and, you know, and when that hits, and, you know, any other, you know, considerations, any incremental services that are added into that. The share of wallet, I would say then the new logo, and that pipeline conversion are metrics we look at very closely and see how that is going. the share of wallet i would say then the new logo and that pipeline conversion are metrics we look at very closely and see how that is going I would say pricing is always a consideration that we evaluate, but it's not the primary consideration at the end of the day. i would say pricing is always a consideration that we evaluate but it's not the primary consideration at the end of the day Then the last couple of things that we look at and we may touch on later is we always take an eye at looking at those renewals, which I know can be a little bit lumpy in some of our quarterly revenue results. then the last couple of things that we look at and we may touch on later is we always take an eye at looking at those renewals which i know can be a little bit lumpy in some of our quarterly revenue results Looking at the duration, the contract duration length, and, you know, and when that hits, and, you know, any other, you know, considerations, any incremental services that are added into that. looking at the duration the contract duration length and you know and when that hits and you know any other you know considerations any incremental services that are added into that

Speaker 1: Thank you, Brian. That actually is a good segue. How's the mix of recurring versus more transactional or license-driven revenue has been evolving, and what operational choices are you making to reduce the lumpiness that you just referred to? Thank you, Brian. thank you brian That actually is a good segue. that actually is a good segue How's the mix of recurring versus more transactional or license-driven revenue has been evolving, and what operational choices are you making to reduce the lumpiness that you just referred to? how's the mix of recurring versus more transactional or license-driven revenue has been evolving and what operational choices are you making to reduce the lumpiness that you just referred to

Speaker 2: Absent, you know, not complying with revenue recognition of ASC 606, which is obviously not a choice or not an option, I would say our primary objective is to meet the client where they are, right? Is that the You know, while I love the idea of having a higher percentage of recurring revenue, if nothing else, for predictability, stability, and everything that goes along there, but if they choose to do something that may be more transactional in nature, or incremental service or project-related work, we know that that leads to longer-term growth over time. We've seen several clients where we've started out with a source contract that's kind of a stated, "Here's your statement of work. This is what I want you to do. Here's the price." Absent, you know, not complying with revenue recognition of ASC 606, which is obviously not a choice or not an option, I would say our primary objective is to meet the client where they are, right? absent you know not complying with revenue recognition of asc 606 which is obviously not a choice or not an option i would say our primary objective is to meet the client where they are right Is that the You know, while I love the idea of having a higher percentage of recurring revenue, if nothing else, for predictability, stability, and everything that goes along there, but if they choose to do something that may be more transactional in nature, or incremental service or project-related work, we know that that leads to longer-term growth over time. is that the you know while i love the idea of having a higher percentage of recurring revenue if nothing else for predictability stability and everything that goes along there but if they choose to do something that may be more transactional in nature or incremental service or project-related work we know that that leads to longer-term growth over time We've seen several clients where we've started out with a source contract that's kind of a stated, "Here's your statement of work. we've seen several clients where we've started out with a source contract that's kind of a stated "here's your statement of work This is what I want you to do. this is what i want you to do Here's the price." here's the price." They may engage us on some incremental work that may be project in nature, and then that turns into a longer-term statement of work that becomes more permanent. We've seen a lot of that evolution over time. We've seen, like I said, more of that. Now, some of the business will remain transactional at the end of the day. Even if we do sign a long-term contract, say for example, with Intralinks, we'll sign a long-term contract and let's say we sign a long-term contract with JPMorgan, and that still may be periodic in transactions that we will support in conjunction with you and your teams, you know, with JPMorgan to be able to do that, as well as some of our, you know, as business. They may engage us on some incremental work that may be project in nature, and then that turns into a longer-term statement of work that becomes more permanent. they may engage us on some incremental work that may be project in nature and then that turns into a longer-term statement of work that becomes more permanent We've seen a lot of that evolution over time. we've seen a lot of that evolution over time We've seen, like I said, more of that. we've seen like i said more of that Now, some of the business will remain transactional at the end of the day. now some of the business will remain transactional at the end of the day Even if we do sign a long-term contract, say for example, with Intralinks, we'll sign a long-term contract and let's say we sign a long-term contract with JP Morgan, and that still may be periodic in transactions that we will support in conjunction with you and your teams, you know, with JP Morgan to be able to do that, as well as some of our, you know, as business. even if we do sign a long-term contract say for example with intralinks we'll sign a long-term contract and let's say we sign a long-term contract with jp morgan and that still may be periodic in transactions that we will support in conjunction with you and your teams you know with jp morgan to be able to do that as well as some of our you know as business Otherwise, I think you're gonna continue to see that evolution of recurring revenue across literally every single segment with maybe the exception of Intralinks. Otherwise, I think you're gonna continue to see that evolution of recurring revenue across literally every single segment with maybe the exception of Intralinks. otherwise i think you're gonna continue to see that evolution of recurring revenue across literally every single segment with maybe the exception of intralinks

Speaker 1: Brian, the retention has already been very high for a while. Where's the biggest opportunity to drive it further? Is it price realization or maybe some expansion modules or additional services? Brian, the retention has already been very high for a while. brian the retention has already been very high for a while Where's the biggest opportunity to drive it further? where's the biggest opportunity to drive it further Is it price realization or maybe some expansion modules or additional services? is it price realization or maybe some expansion modules or additional services

Speaker 2: I would say I think it's more of the honestly, I think it's the additional services at the end of the day is, you know, for that, I'll call it, you know, that net revenue retention, right? I would love to see obviously the growth continue to increase. You know, we might be able to see that increase with, you know, lengthening contract renewals. You know, like I said, pricing is always an element, but it hasn't been a material part of the way we've grown revenues, as you know. I would say I think it's more of the honestly, I think it's the additional services at the end of the day is, you know, for that, I'll call it, you know, that net revenue retention, right? i would say i think it's more of the honestly i think it's the additional services at the end of the day is you know for that i'll call it you know that net revenue retention right I would love to see obviously the growth continue to increase. i would love to see obviously the growth continue to increase You know, we might be able to see that increase with, you know, lengthening contract renewals. you know we might be able to see that increase with you know lengthening contract renewals You know, like I said, pricing is always an element, but it hasn't been a material part of the way we've grown revenues, as you know. you know like i said pricing is always an element but it hasn't been a material part of the way we've grown revenues as you know That's more of where I think we would see that grow is that incremental share of wallet, to really kind of, you know, look at that gross retention and then the incremental organic growth rate, to really help to continue to try and drive that higher. That's more of where I think we would see that grow is that incremental share of wallet, to really kind of, you know, look at that gross retention and then the incremental organic growth rate, to really help to continue to try and drive that higher. that's more of where i think we would see that grow is that incremental share of wallet to really kind of you know look at that gross retention and then the incremental organic growth rate to really help to continue to try and drive that higher

Speaker 1: Okay. Brian, you've done quite a few lift outs in the past couple of years. What have you learned about what makes lift outs successful operationally, and how do you see kind of ensuring that margins improve as the engagement matures? Okay. okay Brian, you've done quite a few lift outs in the past couple of years. brian you've done quite a few lift outs in the past couple of years What have you learned about what makes lift outs successful operationally, and how do you see kind of ensuring that margins improve as the engagement matures? what have you learned about what makes lift outs successful operationally and how do you see kind of ensuring that margins improve as the engagement matures

Speaker 2: Yeah. This is, I would say this first one isn't maybe that or terribly insightful, but let's make sure you're aligned with the client and what they want the outcome to be and how quickly you get there, and how you're going to define success along the way. That's very important. That's probably a very important part of any engagement or any type of service you're providing to your client. But beyond that next step is I think some of the key has been around the data and systems migration to your platform and what that's going to look like. Yeah. yeah This is, I would say this first one isn't maybe that or terribly insightful, but let's make sure you're aligned with the client and what they want the outcome to be and how quickly you get there, and how you're going to define success along the way. this is i would say this first one isn't maybe that or terribly insightful but let's make sure you're aligned with the client and what they want the outcome to be and how quickly you get there and how you're going to define success along the way That's very important. that's very important That's probably a very important part of any engagement or any type of service you're providing to your client. that's probably a very important part of any engagement or any type of service you're providing to your client But beyond that next step is I think some of the key has been around the data and systems migration to your platform and what that's going to look like. but beyond that next step is i think some of the key has been around the data and systems migration to your platform and what that's going to look like A lot of the efficiency, and this feeds in really to the third part of your question about where do you see the margins, how does that evolve over time, is understanding how you're able to move that data or those processes to the SS&C system at the end of the day, right? Because of the efficiency and our scale and the operational know-how at the end of the day, right? That's what we bring that to the table is the software, it's the people, and it's the technology, and that will take some time. We do put in some contractual provisions to make sure there is some retention and some consistency over the first year of the contract. A lot of the efficiency, and this feeds in really to the third part of your question about where do you see the margins, how does that evolve over time, is understanding how you're able to move that data or those processes to the SS&C system at the end of the day, right? a lot of the efficiency and this feeds in really to the third part of your question about where do you see the margins how does that evolve over time is understanding how you're able to move that data or those processes to the ss&c system at the end of the day right Because of the efficiency and our scale and the operational know-how at the end of the day, right? because of the efficiency and our scale and the operational know-how at the end of the day right That's what we bring that to the table is the software, it's the people, and it's the technology, and that will take some time. that's what we bring that to the table is the software it's the people and it's the technology and that will take some time We do put in some contractual provisions to make sure there is some retention and some consistency over the first year of the contract. we do put in some contractual provisions to make sure there is some retention and some consistency over the first year of the contract You start seeing the step function of margin expansion as that operational efficiency kicks in, as some of those extra costs are removed, as you start seeing the technology migration as a real benefit, and you start seeing those step functions in one year, six months after that, and then two years and, you know, all along the way. I think the discipline around looking at that performance, at least from a finance standpoint, is talking with that business on a monthly basis. How are we doing against our plan? You start seeing the step function of margin expansion as that operational efficiency kicks in, as some of those extra costs are removed, as you start seeing the technology migration as a real benefit, and you start seeing those step functions in one year, six months after that, and then two years and, you know, all along the way. you start seeing the step function of margin expansion as that operational efficiency kicks in as some of those extra costs are removed as you start seeing the technology migration as a real benefit and you start seeing those step functions in one year six months after that and then two years and you know all along the way I think the discipline around looking at that performance, at least from a finance standpoint, is talking with that business on a monthly basis. i think the discipline around looking at that performance at least from a finance standpoint is talking with that business on a monthly basis How are we doing against our plan? how are we doing against our plan

Speaker 1: Any implementation capacity constraints that you're seeing in some of those lift outs, especially large transactions, when they're done at scale, when you're delivering talent, data migration, and tooling, like how are you investing to avoid those bottlenecks? Any implementation capacity constraints that you're seeing in some of those lift outs, especially large transactions, when they're done at scale, when you're delivering talent, data migration, and tooling, like how are you investing to avoid those bottlenecks? any implementation capacity constraints that you're seeing in some of those lift outs especially large transactions when they're done at scale when you're delivering talent data migration and tooling like how are you investing to avoid those bottlenecks

Speaker 2: Yeah. I think that comes with having a good playbook, being able to plan for that, right? We know we're going to need some key talent hires to maybe help execute that playbook. We're also not coming in cold, so we do know who is likely become part of that lift out transaction. We know the resources that are coming in, and, you know, we spot the talent and, you know, identify we think that's going to be the person to help us. That'd be a strong interface with the people who are leading the lift out from the, call it the core, or the legacy, SS&C side of things, as we move that forward. Yeah. yeah I think that comes with having a good playbook, being able to plan for that, right? i think that comes with having a good playbook being able to plan for that right We know we're going to need some key talent hires to maybe help execute that playbook. we know we're going to need some key talent hires to maybe help execute that playbook We're also not coming in cold, so we do know who is likely become part of that lift out transaction. we're also not coming in cold so we do know who is likely become part of that lift out transaction We know the resources that are coming in, and, you know, we spot the talent and, you know, identify we think that's going to be the person to help us. we know the resources that are coming in and you know we spot the talent and you know identify we think that's going to be the person to help us That'd be a strong interface with the people who are leading the lift out from the, call it the core, or the legacy, SS&C side of things, as we move that forward. that'd be a strong interface with the people who are leading the lift out from the call it the core or the legacy ss&c side of things as we move that forward What we found also with that talent is some of the talent that we're picking, that's becoming part of SS&C, is very leverageable to other parts of our business. That's usually within the existing business unit because we found that they can actually take on some of our existing work as well. We're starting to see some productivity gains, which goes back to accruing to a more expansive margin over time. What we found also with that talent is some of the talent that we're picking, that's becoming part of SS&C, is very leverageable to other parts of our business. what we found also with that talent is some of the talent that we're picking that's becoming part of ss&c is very leverageable to other parts of our business That's usually within the existing business unit because we found that they can actually take on some of our existing work as well. that's usually within the existing business unit because we found that they can actually take on some of our existing work as well We're starting to see some productivity gains, which goes back to accruing to a more expansive margin over time. we're starting to see some productivity gains which goes back to accruing to a more expansive margin over time

Speaker 1: Brian, tying it all together, you discussed, a path towards 40% margin exit. Where are the biggest levers? Like maybe it's automation or you mentioned pricing, productivity mix. What are the biggest, offsets, like those AI costs that everyone's talking about and maybe some integration costs? Brian, tying it all together, you discussed, a path towards 40% margin exit. brian tying it all together you discussed a path towards 40% margin exit Where are the biggest levers? where are the biggest levers Like maybe it's automation or you mentioned pricing, productivity mix. like maybe it's automation or you mentioned pricing productivity mix What are the biggest, offsets, like those AI costs that everyone's talking about and maybe some integration costs? what are the biggest offsets like those ai costs that everyone's talking about and maybe some integration costs

Speaker 2: Yeah. I would say that my favorite place to get margin is scale, is revenue growth, right? A lot of times when we're adding that revenue growth, it's, you know, it has a much higher, you know, margin on that incremental revenue. That's my favorite place to get it. Obviously, you know, for the business, what we do is we put in productivity targets with every single one of our business unit leaders primarily trying to drive that through use of technology, not, you know, necessarily staffing reductions or, you know, what that looks like. It's more around how can you get technology gains to improve efficiency and productivity such that maybe headcount does not increase with that next incremental dollar or next client that is signed. Yeah. yeah I would say that my favorite place to get margin is scale, is revenue growth, right? i would say that my favorite place to get margin is scale is revenue growth right A lot of times when we're adding that revenue growth, it's, you know, it has a much higher, you know, margin on that incremental revenue. a lot of times when we're adding that revenue growth it's you know it has a much higher you know margin on that incremental revenue That's my favorite place to get it. that's my favorite place to get it Obviously, you know, for the business, what we do is we put in productivity targets with every single one of our business unit leaders primarily trying to drive that through use of technology, not, you know, necessarily staffing reductions or, you know, what that looks like. obviously you know for the business what we do is we put in productivity targets with every single one of our business unit leaders primarily trying to drive that through use of technology not you know necessarily staffing reductions or you know what that looks like It's more around how can you get technology gains to improve efficiency and productivity such that maybe headcount does not increase with that next incremental dollar or next client that is signed. it's more around how can you get technology gains to improve efficiency and productivity such that maybe headcount does not increase with that next incremental dollar or next client that is signed That's the goal in leveraging that, in improving your workflow, improving the accuracy, improving, you know, improving the results. That's really how we're trying to drive that across the board. It's really coming through that technology initiatives, and, you know, leveraging the existing infrastructure scale that we have today. That's the goal in leveraging that, in improving your workflow, improving the accuracy, improving, you know, improving the results. that's the goal in leveraging that in improving your workflow improving the accuracy improving you know improving the results That's really how we're trying to drive that across the board. that's really how we're trying to drive that across the board It's really coming through that technology initiatives, and, you know, leveraging the existing infrastructure scale that we have today. it's really coming through that technology initiatives and you know leveraging the existing infrastructure scale that we have today

Speaker 1: In terms of CapEx and some capitalization strategy, how do you think about the right level of CapEx to software capitalization in order to sustain this product modernization that you're facing? In terms of CapEx and some capitalization strategy, how do you think about the right level of CapEx to software capitalization in order to sustain this product modernization that you're facing? in terms of capex and some capitalization strategy how do you think about the right level of capex to software capitalization in order to sustain this product modernization that you're facing

Speaker 2: I think over the last several years, we've kinda settled into that 4.3% to 4.8% of revenue, as far as a percentage of revenue. That feels like it's been accommodating both our R&D efforts and ongoing support effort as far as enhancements to our clients. Again, our goal is to invest, whether it show up in OpEx or CapEx, to try and drive, you know, a long-term revenue and earnings growth rate. That's kind of where we've settled out. We haven't seen things shift too much. I think over the last several years, we've kinda settled into that 4.3% to 4.8% of revenue, as far as a percentage of revenue. i think over the last several years we've kinda settled into that 4.3% to 4.8% of revenue as far as a percentage of revenue That feels like it's been accommodating both our R&D efforts and ongoing support effort as far as enhancements to our clients. that feels like it's been accommodating both our r&d efforts and ongoing support effort as far as enhancements to our clients Again, our goal is to invest, whether it show up in OpEx or CapEx, to try and drive, you know, a long-term revenue and earnings growth rate. again our goal is to invest whether it show up in opex or capex to try and drive you know a long-term revenue and earnings growth rate That's kind of where we've settled out. that's kind of where we've settled out We haven't seen things shift too much. we haven't seen things shift too much That may change in the future, but I think we'd be cautious and be measured at it because we do know it's important to invest in the business but also continue to deliver enhanced margins to the business, you know, longer term to our shareholders. That may change in the future, but I think we'd be cautious and be measured at it because we do know it's important to invest in the business but also continue to deliver enhanced margins to the business, you know, longer term to our shareholders. that may change in the future but i think we'd be cautious and be measured at it because we do know it's important to invest in the business but also continue to deliver enhanced margins to the business you know longer term to our shareholders

Speaker 1: Okay. Brian, diving deeper into your segments, starting from GlobeOp, Globe Operations, can you talk about the growth algorithm here? What are the key drivers of the business growth, and where's the best runway over the next two years? Is it going to be maybe private markets or retail alternatives or hedge funds? Okay. okay Brian, diving deeper into your segments, starting from GlobeOp, Globe Operations, can you talk about the growth algorithm here? brian diving deeper into your segments starting from globeop globe operations can you talk about the growth algorithm here What are the key drivers of the business growth, and where's the best runway over the next two years? what are the key drivers of the business growth and where's the best runway over the next two years Is it going to be maybe private markets or retail alternatives or hedge funds? is it going to be maybe private markets or retail alternatives or hedge funds

Speaker 2: The, I would say where we've seen the biggest growth, and it's also the growth that's usually easier to accommodate and usually the most profitable, has been existing client growth, right? It's that revenue, that's that incremental revenue from an existing client. As they grow and as they do well, it's that much easier and better for us, and we're able to facilitate that growth in a very manageable way because same systems, and same, I'll call it infrastructure within those clients. That's where we see that growth. The, I would say where we've seen the biggest growth, and it's also the growth that's usually easier to accommodate and usually the most profitable, has been existing client growth, right? the i would say where we've seen the biggest growth and it's also the growth that's usually easier to accommodate and usually the most profitable has been existing client growth right It's that revenue, that's that incremental revenue from an existing client. it's that revenue that's that incremental revenue from an existing client As they grow and as they do well, it's that much easier and better for us, and we're able to facilitate that growth in a very manageable way because same systems, and same, I'll call it infrastructure within those clients. as they grow and as they do well it's that much easier and better for us and we're able to facilitate that growth in a very manageable way because same systems and same i'll call it infrastructure within those clients That's where we see that growth. that's where we see that growth It's not necessarily as always strict as to just higher AUA because there are different strategies that a lot of these managers deploy, whether that be long-short, whether it be different factors. You just can't measure it based on looking at where is the S&P 500 index trading because it's different asset types and different geographies, as I mentioned. You know, we see the benefit also of potentially when some firms, some of the managers decide to start off on their own within those firms, and that's almost like an extension of the existing firm because a lot of times they will pick up the same SS&C solution that they had when they were with some of these other firms. It's not necessarily as always strict as to just higher AUA because there are different strategies that a lot of these managers deploy, whether that be long-short, whether it be different factors. it's not necessarily as always strict as to just higher aua because there are different strategies that a lot of these managers deploy whether that be long-short whether it be different factors You just can't measure it based on looking at where is the S&P 500 index trading because it's different asset types and different geographies, as I mentioned. you just can't measure it based on looking at where is the s&p 500 index trading because it's different asset types and different geographies as i mentioned You know, we see the benefit also of potentially when some firms, some of the managers decide to start off on their own within those firms, and that's almost like an extension of the existing firm because a lot of times they will pick up the same SS&C solution that they had when they were with some of these other firms. you know we see the benefit also of potentially when some firms some of the managers decide to start off on their own within those firms and that's almost like an extension of the existing firm because a lot of times they will pick up the same ss&c solution that they had when they were with some of these other firms Hedge fund is the biggest part of our business, and it continues to grow at that mid to high single-digit growth rate, both from fees as well as some basis points on their AUA growth. We're seeing a combination of both. We're seeing some nice new logo wins at the end of the day. The highest growth rate, albeit still small but growing quickly, is retail alts. That certainly is the fastest-growing from percent, but kinda smallest of all the asset bases between that, private markets, which is again also still growing rapidly, and hedge fund. Hedge fund is the biggest part of our business, and it continues to grow at that mid to high single-digit growth rate, both from fees as well as some basis points on their AUA growth. hedge fund is the biggest part of our business and it continues to grow at that mid to high single-digit growth rate both from fees as well as some basis points on their aua growth We're seeing a combination of both. we're seeing a combination of both We're seeing some nice new logo wins at the end of the day. we're seeing some nice new logo wins at the end of the day The highest growth rate, albeit still small but growing quickly, is retail alts. the highest growth rate albeit still small but growing quickly is retail alts That certainly is the fastest-growing from percent, but kinda smallest of all the asset bases between that, private markets, which is again also still growing rapidly, and hedge fund. that certainly is the fastest-growing from percent but kinda smallest of all the asset bases between that private markets which is again also still growing rapidly and hedge fund

Speaker 1: If I may ask about private credit, how do you think about exposure, and the associated revenue sensitivity? Like, what's structurally resilient in your fee model? If I may ask about private credit, how do you think about exposure, and the associated revenue sensitivity? if i may ask about private credit how do you think about exposure and the associated revenue sensitivity Like, what's structurally resilient in your fee model? like what's structurally resilient in your fee model

Speaker 2: The good news here from an SS&C standpoint is that one, we're not exposed to any credit losses. Obviously longer term, if a firm managing that private credit has a lot of losses, they won't be around, so you have that potentially longer-term revenue exposure. Most of our funds that we support are closed-end, so they're not faced with a redemption activity that you're reading about a lot of times in the headlines. The other parts of these funds are actually sitting within hedge funds and what they're doing, so they've been able to diversify that risk and hedge that risk as well, so we haven't quite seen as much of some of the negative press might indicate in some of the funds. The good news here from an SS&C standpoint is that one, we're not exposed to any credit losses. the good news here from an ss&c standpoint is that one we're not exposed to any credit losses Obviously longer term, if a firm managing that private credit has a lot of losses, they won't be around, so you have that potentially longer-term revenue exposure. obviously longer term if a firm managing that private credit has a lot of losses they won't be around so you have that potentially longer-term revenue exposure Most of our funds that we support are closed-end, so they're not faced with a redemption activity that you're reading about a lot of times in the headlines. most of our funds that we support are closed-end so they're not faced with a redemption activity that you're reading about a lot of times in the headlines The other parts of these funds are actually sitting within hedge funds and what they're doing, so they've been able to diversify that risk and hedge that risk as well, so we haven't quite seen as much of some of the negative press might indicate in some of the funds. the other parts of these funds are actually sitting within hedge funds and what they're doing so they've been able to diversify that risk and hedge that risk as well so we haven't quite seen as much of some of the negative press might indicate in some of the funds Actually shorter term, we've been doing a little bit more work helping firms address some of the higher than expected redemptions. We saw some of the growth rate declining in 2025, and we didn't bake in a massive amount of growth in 2026. We feel good about where that sits right now. Actually shorter term, we've been doing a little bit more work helping firms address some of the higher than expected redemptions. actually shorter term we've been doing a little bit more work helping firms address some of the higher than expected redemptions We saw some of the growth rate declining in 2025, and we didn't bake in a massive amount of growth in 2026. we saw some of the growth rate declining in 2025 and we didn't bake in a massive amount of growth in 2026 We feel good about where that sits right now. we feel good about where that sits right now

Speaker 1: Moving to the other large sector of yours, GIDS, how do you separate some of those structural growth trends, versus lift outs that we spoke about earlier? What does the steady state growth look like for this segment? Moving to the other large sector of yours, GIDS, how do you separate some of those structural growth trends, versus lift outs that we spoke about earlier? moving to the other large sector of yours gids how do you separate some of those structural growth trends versus lift outs that we spoke about earlier What does the steady state growth look like for this segment? what does the steady state growth look like for this segment

Speaker 2: Yeah, we like the lift-out work, and it's basically allows us to apply all aspects of our expertise for our clients, you know, the people, process, and technology, to enable them to do better on their margins, and it helps us with our growth as we continue to leverage scale. Incrementally, each one of those lift-outs I think enhances SS&C and our overall value to our shareholders. You know, we've had some recent large wins, and that's accounted for, you know, a large percentage of the growth, probably, you know, close to half of the growth rate. Much of the growth that we've had, though, has been coming from core independent of those lift-outs. Yeah, we like the lift-out work, and it's basically allows us to apply all aspects of our expertise for our clients, you know, the people, process, and technology, to enable them to do better on their margins, and it helps us with our growth as we continue to leverage scale. yeah we like the lift-out work and it's basically allows us to apply all aspects of our expertise for our clients you know the people process and technology to enable them to do better on their margins and it helps us with our growth as we continue to leverage scale Incrementally, each one of those lift-outs I think enhances SS&C and our overall value to our shareholders. incrementally each one of those lift-outs i think enhances ss&c and our overall value to our shareholders You know, we've had some recent large wins, and that's accounted for, you know, a large percentage of the growth, probably, you know, close to half of the growth rate. you know we've had some recent large wins and that's accounted for you know a large percentage of the growth probably you know close to half of the growth rate Much of the growth that we've had, though, has been coming from core independent of those lift-outs. much of the growth that we've had though has been coming from core independent of those lift-outs Having said that, those lift-outs, we have more in the works from new clients as well as incremental work we think that can occur from existing clients from some of those lift-outs. This is gonna be a really nice source of growth certainly for GIDS. Having said that, those lift-outs, we have more in the works from new clients as well as incremental work we think that can occur from existing clients from some of those lift-outs. having said that those lift-outs we have more in the works from new clients as well as incremental work we think that can occur from existing clients from some of those lift-outs This is gonna be a really nice source of growth certainly for GIDS. this is gonna be a really nice source of growth certainly for gids

Speaker 1: Another segment that's not part of the three large segments, but still an important one, Intralinks solution. How are you evolving the product to improve conversion and retention, workflow features like AI enhancements? What customer feedback has most influenced this roadmap? Another segment that's not part of the three large segments, but still an important one, Intralinks solution. another segment that's not part of the three large segments but still an important one intralinks solution How are you evolving the product to improve conversion and retention, workflow features like AI enhancements? how are you evolving the product to improve conversion and retention workflow features like ai enhancements What customer feedback has most influenced this roadmap? what customer feedback has most influenced this roadmap

Speaker 2: We re-platformed. They started a re-platforming effort on this a couple of years ago and started integrating AI as part of that platform, you know, a couple of years ago. That's really showing up. It's more of a seamless. It doesn't look like it's an add-on button type of thing. We've been working through that. I think one of the key items that we've been bringing to that product feature is really incorporating more of the total deal life cycle into it, not just, maybe it's just a diligence element, but how we are managing the teams who have access, the NDA workflow, the different teams' workflow. That's really kind of steps beyond just what's the core data in the data room. We re-platformed. we re-platformed They started a re-platforming effort on this a couple of years ago and started integrating AI as part of that platform, you know, a couple of years ago. they started a re-platforming effort on this a couple of years ago and started integrating ai as part of that platform you know a couple of years ago That's really showing up. that's really showing up It's more of a seamless. it's more of a seamless It doesn't look like it's an add-on button type of thing. it doesn't look like it's an add-on button type of thing We've been working through that. we've been working through that I think one of the key items that we've been bringing to that product feature is really incorporating more of the total deal life cycle into it, not just, maybe it's just a diligence element, but how we are managing the teams who have access, the NDA workflow, the different teams' workflow. i think one of the key items that we've been bringing to that product feature is really incorporating more of the total deal life cycle into it not just maybe it's just a diligence element but how we are managing the teams who have access the nda workflow the different teams' workflow That's really kind of steps beyond just what's the core data in the data room. that's really kind of steps beyond just what's the core data in the data room Bringing that into a secure environment and allowing those incremental tools that can be applied without having to go outside of a secure, you know, kind of, area, from where the data is and the communications channel, has been critical, and that's really been a nice point of leverage for success and wins for us. Bringing that into a secure environment and allowing those incremental tools that can be applied without having to go outside of a secure, you know, kind of, area, from where the data is and the communications channel, has been critical, and that's really been a nice point of leverage for success and wins for us. bringing that into a secure environment and allowing those incremental tools that can be applied without having to go outside of a secure you know kind of area from where the data is and the communications channel has been critical and that's really been a nice point of leverage for success and wins for us

Speaker 1: Moving to another large part of your business, wealth and investment technologies, what's driving one of your very strong solutions, Black Diamond? What's driving the growth most? Is it new advisors or maybe some wallet share expansion that you're seeing? What are the biggest risks to sustaining that growth? Moving to another large part of your business, wealth and investment technologies, what's driving one of your very strong solutions, Black Diamond? moving to another large part of your business wealth and investment technologies what's driving one of your very strong solutions black diamond What's driving the growth most? what's driving the growth most Is it new advisors or maybe some wallet share expansion that you're seeing? is it new advisors or maybe some wallet share expansion that you're seeing What are the biggest risks to sustaining that growth? what are the biggest risks to sustaining that growth

Speaker 2: Yeah, we're seeing a lot of new logo wins there. We've also been with some of the RIA roll-up approaches that we've seen, some of the medium to larger-sized firms, they've been primarily Black Diamond clients on the acquiring side, the acquirer. We've continued to see expansion of their RIA base, which means incremental usage of the product. We've brought incremental features such as more AI features into the software, which is particularly attractive to the medium-sized types of clients. Yeah, we're seeing a lot of new logo wins there. yeah we're seeing a lot of new logo wins there We've also been with some of the RIA roll-up approaches that we've seen, some of the medium to larger-sized firms, they've been primarily Black Diamond clients on the acquiring side, the acquirer. we've also been with some of the ria roll-up approaches that we've seen some of the medium to larger-sized firms they've been primarily black diamond clients on the acquiring side the acquirer We've continued to see expansion of their RIA base, which means incremental usage of the product. we've continued to see expansion of their ria base which means incremental usage of the product We've brought incremental features such as more AI features into the software, which is particularly attractive to the medium-sized types of clients. we've brought incremental features such as more ai features into the software which is particularly attractive to the medium-sized types of clients I would say finally, what's helping continue to drive that growth has been, you know, bringing in Trust Suite services into the software as we know that RIAs and as their asset base and as their client-level sophistication grows, a lot of times they're looking for a Trust solution, and having that capability and being able to provide that to the RIA community, within that software as part of that support, has been a real competitive differentiator. I would say finally, what's helping continue to drive that growth has been, you know, bringing in Trust Suite services into the software as we know that RIAs and as their asset base and as their client-level sophistication grows, a lot of times they're looking for a Trust solution, and having that capability and being able to provide that to the RIA community, within that software as part of that support, has been a real competitive differentiator. i would say finally what's helping continue to drive that growth has been you know bringing in trust suite services into the software as we know that rias and as their asset base and as their client-level sophistication grows a lot of times they're looking for a trust solution and having that capability and being able to provide that to the ria community within that software as part of that support has been a real competitive differentiator

Speaker 1: Okay. Thanks. Brian, can we talk about the healthcare division? Like, from a long-term play perspective, what needs to change for healthcare to become a more predictable grower? Are you looking at maybe product readiness or some go-to-market focus? Maybe you think there could be some regulatory changes. Like, what do you think could happen? Okay. okay Thanks. thanks Brian, can we talk about the healthcare division? brian can we talk about the healthcare division Like, from a long-term play perspective, what needs to change for healthcare to become a more predictable grower? like from a long-term play perspective what needs to change for healthcare to become a more predictable grower Are you looking at maybe product readiness or some go-to-market focus? are you looking at maybe product readiness or some go-to-market focus Maybe you think there could be some regulatory changes. maybe you think there could be some regulatory changes Like, what do you think could happen? like what do you think could happen

Speaker 2: Yeah. What we've seen and actually what we've done over time is that it still has some licensing revenues attached to it and what it does, but I think this goes back to one of your earlier questions actually is around kinda that recurring revenue growth and how we've seen that continue to be a bigger part of our overall revenues, and this is contributing to this. We've also done lift-outs in this part of the business. We've worked very closely with, for example, Humana. We're taking on more of their business over time, and it's been more of a, you know, kinda recurring revenue model versus a licensing fee. That revenue growth has been more that stable month-by-month grower. Yeah. yeah What we've seen and actually what we've done over time is that it still has some licensing revenues attached to it and what it does, but I think this goes back to one of your earlier questions actually is around kinda that recurring revenue growth and how we've seen that continue to be a bigger part of our overall revenues, and this is contributing to this. what we've seen and actually what we've done over time is that it still has some licensing revenues attached to it and what it does but i think this goes back to one of your earlier questions actually is around kinda that recurring revenue growth and how we've seen that continue to be a bigger part of our overall revenues and this is contributing to this We've also done lift-outs in this part of the business. we've also done lift-outs in this part of the business We've worked very closely with, for example, Humana. we've worked very closely with for example humana We're taking on more of their business over time, and it's been more of a, you know, kinda recurring revenue model versus a licensing fee. we're taking on more of their business over time and it's been more of a you know kinda recurring revenue model versus a licensing fee That revenue growth has been more that stable month-by-month grower. that revenue growth has been more that stable month-by-month grower You're seeing more of that stability, and it grows over time. Such that, you know, our expectations for that business is that's a, you know, a low single-digit growth that we've talked about. We think in, you know, in the future, absent a, you know, some of the larger contracts that we think are prospects for, we think its growth rate can accelerate as it continues to add these services, with new logos as well as with existing clients. You're seeing more of that stability, and it grows over time. you're seeing more of that stability and it grows over time Such that, you know, our expectations for that business is that's a, you know, a low single-digit growth that we've talked about. such that you know our expectations for that business is that's a you know a low single-digit growth that we've talked about We think in, you know, in the future, absent a, you know, some of the larger contracts that we think are prospects for, we think its growth rate can accelerate as it continues to add these services, with new logos as well as with existing clients. we think in you know in the future absent a you know some of the larger contracts that we think are prospects for we think its growth rate can accelerate as it continues to add these services with new logos as well as with existing clients

Speaker 1: Brian, maybe taking a quick step back and looking at the overall portfolio, which regions globally are the most attractive incremental opportunities that you see? Is it maybe Australia or Middle East? What needs to be true for SS&C to scale efficiently in those markets? Brian, maybe taking a quick step back and looking at the overall portfolio, which regions globally are the most attractive incremental opportunities that you see? brian maybe taking a quick step back and looking at the overall portfolio which regions globally are the most attractive incremental opportunities that you see Is it maybe Australia or Middle East? is it maybe australia or middle east What needs to be true for SS&C to scale efficiently in those markets? what needs to be true for ss&c to scale efficiently in those markets

Speaker 2: Yeah. I think you nailed the first two as far as how we're thinking about it and where we see the opportunities across the various businesses. Australia certainly is has been a really key market for us, and we've seen a lot of growth there. That continues to remain kind of top priority as far as new markets go. I think number two is closely followed by the Middle East. We've expanded. We've put in new offices in various geographies there in the Middle East. The new offices that we've recently opened, we've actually expanded already. Yeah. yeah I think you nailed the first two as far as how we're thinking about it and where we see the opportunities across the various businesses. i think you nailed the first two as far as how we're thinking about it and where we see the opportunities across the various businesses Australia certainly is has been a really key market for us, and we've seen a lot of growth there. australia certainly is has been a really key market for us and we've seen a lot of growth there That continues to remain kind of top priority as far as new markets go. that continues to remain kind of top priority as far as new markets go I think number two is closely followed by the Middle East. i think number two is closely followed by the middle east We've expanded. we've expanded We've put in new offices in various geographies there in the Middle East. we've put in new offices in various geographies there in the middle east The new offices that we've recently opened, we've actually expanded already. the new offices that we've recently opened we've actually expanded already That, you know, coming to, you know, part of the facilities team is I see where all those expansions are occurring or being requested, and that's one area where a lot of that work is tied to, I'll call it desk space or facility space to be able to accommodate that growth. Then I would say probably the third area has been, as far as geographically as goes, would be APAC outside of Australia. We're starting to see pockets of some nice growth. Again, those are the kind of the newer geographies. Again, North America still holds, obviously a predominant share of where the assets are and that continued increasing share of wallet. That, you know, coming to, you know, part of the facilities team is I see where all those expansions are occurring or being requested, and that's one area where a lot of that work is tied to, I'll call it desk space or facility space to be able to accommodate that growth. that you know coming to you know part of the facilities team is i see where all those expansions are occurring or being requested and that's one area where a lot of that work is tied to i'll call it desk space or facility space to be able to accommodate that growth Then I would say probably the third area has been, as far as geographically as goes, would be APAC outside of Australia. then i would say probably the third area has been as far as geographically as goes would be apac outside of australia We're starting to see pockets of some nice growth. we're starting to see pockets of some nice growth Again, those are the kind of the newer geographies. again those are the kind of the newer geographies Again, North America still holds, obviously a predominant share of where the assets are and that continued increasing share of wallet. again north america still holds obviously a predominant share of where the assets are and that continued increasing share of wallet

Speaker 1: This growth you're talking about in those local markets, is it coming from product localization or maybe some regulatory or staffing requirements? This growth you're talking about in those local markets, is it coming from product localization or maybe some regulatory or staffing requirements? this growth you're talking about in those local markets is it coming from product localization or maybe some regulatory or staffing requirements

Speaker 2: It's coming more the product, I mean, in what we're doing there versus any incremental requirements. You know, we have a mixed feeling on regulatory requirements and incremental compliance. That usually means better business for us as far as incremental services and what we do 'cause there's usually complexity and/or risk. We also like the idea of a, I'll call it a more open market that we think can help facilitate asset growth in managing that. We certainly benefit from that, and we certainly like that from our clients to be able to maintain that growth. It's coming more the product, I mean, in what we're doing there versus any incremental requirements. it's coming more the product i mean in what we're doing there versus any incremental requirements You know, we have a mixed feeling on regulatory requirements and incremental compliance. you know we have a mixed feeling on regulatory requirements and incremental compliance That usually means better business for us as far as incremental services and what we do 'cause there's usually complexity and/or risk. that usually means better business for us as far as incremental services and what we do 'cause there's usually complexity and/or risk We also like the idea of a, I'll call it a more open market that we think can help facilitate asset growth in managing that. we also like the idea of a i'll call it a more open market that we think can help facilitate asset growth in managing that We certainly benefit from that, and we certainly like that from our clients to be able to maintain that growth. we certainly benefit from that and we certainly like that from our clients to be able to maintain that growth

Speaker 1: Brian, I would love to talk a bit more about your AI and automation. First of all, starting with Blue Prism and some intelligent automation solutions, what are the most important drivers to re-accelerate that division? Do you expect to see some more AI agent attach or maybe platform adoption? What's the biggest friction in customer decision-making? Brian, I would love to talk a bit more about your AI and automation. brian i would love to talk a bit more about your ai and automation First of all, starting with Blue Prism and some intelligent automation solutions, what are the most important drivers to re-accelerate that division? first of all starting with blue prism and some intelligent automation solutions what are the most important drivers to re-accelerate that division Do you expect to see some more AI agent attach or maybe platform adoption? do you expect to see some more ai agent attach or maybe platform adoption What's the biggest friction in customer decision-making? what's the biggest friction in customer decision-making

Speaker 2: If we go back to the core, if we think about where, you know, this kinda started with, you know, with RPA as its core, we've seen a real stabilization and actually renewal of RPA at the end of the day, right? I think that's been a very promising element. Actually, the core Blue Prism actually was higher first quarter inside that business unit than the prior year. That's been a really good solid sign because at the end of the day, RPA is still a very cost-efficient, very effective tool to use in establishing automation. If we go back to the core, if we think about where, you know, this kinda started with, you know, with RPA as its core, we've seen a real stabilization and actually renewal of RPA at the end of the day, right? if we go back to the core if we think about where you know this kinda started with you know with rpa as its core we've seen a real stabilization and actually renewal of rpa at the end of the day right I think that's been a very promising element. i think that's been a very promising element Actually, the core Blue Prism actually was higher first quarter inside that business unit than the prior year. actually the core blue prism actually was higher first quarter inside that business unit than the prior year That's been a really good solid sign because at the end of the day, RPA is still a very cost-efficient, very effective tool to use in establishing automation. that's been a really good solid sign because at the end of the day rpa is still a very cost-efficient very effective tool to use in establishing automation Number two is what we've seen as far as the agent element and the use of AI is, you know, as you know, we recently launched WorkHQ, which is an orchestration layer of, you know, agents across existing technology that makes it much easier for people to use their existing platform, their existing technology to help manage their workflow across their platform, across different systems. At the end of the day, what SS&C's expertise is that IP in the broader sense of managing that workflow is that they have data and transactions that are occurring over here on the left-hand side. Number two is what we've seen as far as the agent element and the use of AI is, you know, as you know, we recently launched WorkHQ, which is an orchestration layer of, you know, agents across existing technology that makes it much easier for people to use their existing platform, their existing technology to help manage their workflow across their platform, across different systems. number two is what we've seen as far as the agent element and the use of ai is you know as you know we recently launched workhq which is an orchestration layer of you know agents across existing technology that makes it much easier for people to use their existing platform their existing technology to help manage their workflow across their platform across different systems At the end of the day, what SS&C's expertise is that IP in the broader sense of managing that workflow is that they have data and transactions that are occurring over here on the left-hand side. at the end of the day what ss&c's expertise is that ip in the broader sense of managing that workflow is that they have data and transactions that are occurring over here on the left-hand side There's a lot of things that need to happen, different processes and different touch points, different environments, you know, control checks, and end up with, call it three, four, five, 10 different outputs that are required from different constituencies. That knowledge and helpful of that orchestration of that workflow is where I think we've turned our attention to, and we're started with client zero, doing that ourselves in our different business units, and then selling that solution that's not a proof of concept on a piece of paper. It's actually done in process and working. There's a lot of things that need to happen, different processes and different touch points, different environments, you know, control checks, and end up with, call it three, four, five, 10 different outputs that are required from different constituencies. there's a lot of things that need to happen different processes and different touch points different environments you know control checks and end up with call it three four five 10 different outputs that are required from different constituencies That knowledge and helpful of that orchestration of that workflow is where I think we've turned our attention to, and we're started with client zero, doing that ourselves in our different business units, and then selling that solution that's not a proof of concept on a piece of paper. that knowledge and helpful of that orchestration of that workflow is where i think we've turned our attention to and we're started with client zero doing that ourselves in our different business units and then selling that solution that's not a proof of concept on a piece of paper It's actually done in process and working. it's actually done in process and working

Speaker 1: Brian, you spoke a lot about governance first, AI as an important differentiator, and obviously emphasized regulated environments and various inaccuracy risks. What does your governance framework look like in practice, and how do you productize it to the advantage of your customers? Brian, you spoke a lot about governance first, AI as an important differentiator, and obviously emphasized regulated environments and various inaccuracy risks. brian you spoke a lot about governance first ai as an important differentiator and obviously emphasized regulated environments and various inaccuracy risks What does your governance framework look like in practice, and how do you productize it to the advantage of your customers? what does your governance framework look like in practice and how do you productize it to the advantage of your customers

Speaker 2: This is, I'm sure every organization can, either their executive management and/or their audit committee is asking, and this is obviously a big topic, is around that framework. You know, we have an AI framework that we started out with, and this is kind of how we initiated the whole effort. Again, as you mentioned, right, the regulatory requirement of our clients, and our own, you know, you can't make up a number if you don't know what it is in between, to get there. It's got to be right given the financial records, and they're being filed with, you know, a regulatory body, a taxing authority, a government body, that differentiated a statutory report. It's the level of accuracy is critical. This is, I'm sure every organization can, either their executive management and/or their audit committee is asking, and this is obviously a big topic, is around that framework. this is i'm sure every organization can either their executive management and/or their audit committee is asking and this is obviously a big topic is around that framework You know, we have an AI framework that we started out with, and this is kind of how we initiated the whole effort. you know we have an ai framework that we started out with and this is kind of how we initiated the whole effort Again, as you mentioned, right, the regulatory requirement of our clients, and our own, you know, you can't make up a number if you don't know what it is in between, to get there. again as you mentioned right the regulatory requirement of our clients and our own you know you can't make up a number if you don't know what it is in between to get there It's got to be right given the financial records, and they're being filed with, you know, a regulatory body, a taxing authority, a government body, that differentiated a statutory report. it's got to be right given the financial records and they're being filed with you know a regulatory body a taxing authority a government body that differentiated a statutory report It's the level of accuracy is critical. it's the level of accuracy is critical We've designed the AI framework for people, again, almost with us, our own selves in mind of what do we want, what do we need. We need to make sure it's secure and there's no leakage outside of it. We need to make sure that we can insert human touch points within any loop at any point in time. We need to make sure there's a reconciliation where we are. We need to make sure there's an audit trail if someone moves it or touches it, and it potentially is redirected. If it's going in a direction where it shouldn't be going, there's an ability to stop that. We've designed the AI framework for people, again, almost with us, our own selves in mind of what do we want, what do we need. we've designed the ai framework for people again almost with us our own selves in mind of what do we want what do we need We need to make sure it's secure and there's no leakage outside of it. we need to make sure it's secure and there's no leakage outside of it We need to make sure that we can insert human touch points within any loop at any point in time. we need to make sure that we can insert human touch points within any loop at any point in time We need to make sure there's a reconciliation where we are. we need to make sure there's a reconciliation where we are We need to make sure there's an audit trail if someone moves it or touches it, and it potentially is redirected. we need to make sure there's an audit trail if someone moves it or touches it and it potentially is redirected If it's going in a direction where it shouldn't be going, there's an ability to stop that. if it's going in a direction where it shouldn't be going there's an ability to stop that Those are just some of the, I'll call it, you know, more, more critical elements that we have around the framework to make sure that all those steps along the way, that there's accountability, as far as what's happening and who's making what decision and how. Those are just some of the, I'll call it, you know, more, more critical elements that we have around the framework to make sure that all those steps along the way, that there's accountability, as far as what's happening and who's making what decision and how. those are just some of the i'll call it you know more more critical elements that we have around the framework to make sure that all those steps along the way that there's accountability as far as what's happening and who's making what decision and how

Speaker 1: Brian, as you think about that, framework you just described, where do you see the clearest monetization opportunities for AI agents, and how do you ensure pricing captures ROI without creating some friction with customers? Brian, as you think about that, framework you just described, where do you see the clearest monetization opportunities for AI agents, and how do you ensure pricing captures ROI without creating some friction with customers? brian as you think about that framework you just described where do you see the clearest monetization opportunities for ai agents and how do you ensure pricing captures roi without creating some friction with customers

Speaker 2: The first opportunity is internally. I know your question was more revenue-focused, but that's part of a little bit of client zero. We think that's a really nice productivity enhancement opportunity. We also think that actually helps lend itself to a greater revenue opportunity, which is, I think, the source of your question, broadly, right? As far as the folks that are, you know, leveraging different systems and how do they make that, you know, outcome the way they would like it to be to be a more efficient manner. At the end of the day, people have this, like I said, a workflow that they need to get to. We're trying to engineer the solution, and that's where we think the revenue opportunity is. It doesn't just have to be financial services. The first opportunity is internally. the first opportunity is internally I know your question was more revenue-focused, but that's part of a little bit of client zero. i know your question was more revenue-focused but that's part of a little bit of client zero We think that's a really nice productivity enhancement opportunity. we think that's a really nice productivity enhancement opportunity We also think that actually helps lend itself to a greater revenue opportunity, which is, I think, the source of your question, broadly, right? we also think that actually helps lend itself to a greater revenue opportunity which is i think the source of your question broadly right As far as the folks that are, you know, leveraging different systems and how do they make that, you know, outcome the way they would like it to be to be a more efficient manner. as far as the folks that are you know leveraging different systems and how do they make that you know outcome the way they would like it to be to be a more efficient manner At the end of the day, people have this, like I said, a workflow that they need to get to. at the end of the day people have this like i said a workflow that they need to get to We're trying to engineer the solution, and that's where we think the revenue opportunity is. we're trying to engineer the solution and that's where we think the revenue opportunity is It doesn't just have to be financial services. it doesn't just have to be financial services We've seen it already in healthcare, even though it was independent of the healthcare business unit. We've seen it across financial services as well. Again, it's still nascent in its approach and the revenue generation, but we've seen it applicable across a lot of different use cases. We've seen it already in healthcare, even though it was independent of the healthcare business unit. we've seen it already in healthcare even though it was independent of the healthcare business unit We've seen it across financial services as well. we've seen it across financial services as well Again, it's still nascent in its approach and the revenue generation, but we've seen it applicable across a lot of different use cases. again it's still nascent in its approach and the revenue generation but we've seen it applicable across a lot of different use cases

Speaker 1: Brian, talking about M&A, you've done so many over the years. How do you set valuation guardrails, for some of those potential deals? More importantly, with this acquisitive history, what have you changed in your integration playbook to reduce complexity? Brian, talking about M&A, you've done so many over the years. brian talking about m&a you've done so many over the years How do you set valuation guardrails, for some of those potential deals? how do you set valuation guardrails for some of those potential deals More importantly, with this acquisitive history, what have you changed in your integration playbook to reduce complexity? more importantly with this acquisitive history what have you changed in your integration playbook to reduce complexity

Speaker 2: I would say the, you know, when we look at transactions, obviously valuation is very important. We look at the valuation, we look at, you know, revenue growth rate and profitability, and what are the assumptions and how good do we feel about that and historically and on a go-forward basis, and what does it provide to us? There's a discipline around that from that standpoint. From a playbook I, on the front office, call it the business, the revenue-generating side of it feels like there's a good playbook about, you know, for the whatever reason they're being brought in. Are they being brought in for, you know, product, geography, or clients? Knowing where those strengths are and how is that's going to interplay. I would say the, you know, when we look at transactions, obviously valuation is very important. i would say the you know when we look at transactions obviously valuation is very important We look at the valuation, we look at, you know, revenue growth rate and profitability, and what are the assumptions and how good do we feel about that and historically and on a go-forward basis, and what does it provide to us? we look at the valuation we look at you know revenue growth rate and profitability and what are the assumptions and how good do we feel about that and historically and on a go-forward basis and what does it provide to us There's a discipline around that from that standpoint. there's a discipline around that from that standpoint From a playbook I, on the front office, call it the business, the revenue-generating side of it feels like there's a good playbook about, you know, for the whatever reason they're being brought in. from a playbook i on the front office call it the business the revenue-generating side of it feels like there's a good playbook about you know for the whatever reason they're being brought in Are they being brought in for, you know, product, geography, or clients? are they being brought in for you know product geography or clients Knowing where those strengths are and how is that's going to interplay. knowing where those strengths are and how is that's going to interplay There's a plan up front about what we plan to do with the asset. Why do we want this asset, and why do we need it? You know, basically put that in place. That I think we've actually done a pretty good job at. What we've done better at, I think, over the last several years is making sure that back-office integration is also happening, that we're all on the same general ledger. We're all on the same, you know, human capital management project. We're all on the same payroll. All of those things help tighten the process so that the communication and the financial reporting and the analysis basically help us determine whether we're achieving the returns or make the adjustments we need to make. There's a plan up front about what we plan to do with the asset. there's a plan up front about what we plan to do with the asset Why do we want this asset, and why do we need it? why do we want this asset and why do we need it You know, basically put that in place. you know basically put that in place That I think we've actually done a pretty good job at. that i think we've actually done a pretty good job at What we've done better at, I think, over the last several years is making sure that back-office integration is also happening, that we're all on the same general ledger. what we've done better at i think over the last several years is making sure that back-office integration is also happening that we're all on the same general ledger We're all on the same, you know, human capital management project. we're all on the same you know human capital management project We're all on the same payroll. we're all on the same payroll All of those things help tighten the process so that the communication and the financial reporting and the analysis basically help us determine whether we're achieving the returns or make the adjustments we need to make. all of those things help tighten the process so that the communication and the financial reporting and the analysis basically help us determine whether we're achieving the returns or make the adjustments we need to make

Speaker 1: Okay. Brian, final question on your capital allocation. You've done a great job balancing buybacks and dividends and debt paydown, and some acquisitions. In this cycle, like, where are you currently leaning more towards? Should an attractive acquisition opportunity come along, how far would you be willing to lever up to satisfy some of those potential acquisitions? Okay. okay Brian, final question on your capital allocation. brian final question on your capital allocation You've done a great job balancing buybacks and dividends and debt paydown, and some acquisitions. you've done a great job balancing buybacks and dividends and debt paydown and some acquisitions In this cycle, like, where are you currently leaning more towards? in this cycle like where are you currently leaning more towards Should an attractive acquisition opportunity come along, how far would you be willing to lever up to satisfy some of those potential acquisitions? should an attractive acquisition opportunity come along how far would you be willing to lever up to satisfy some of those potential acquisitions

Speaker 2: Yeah, I would say that in a consistent theme, I think that our capital allocation priority has always been that attractive M&A opportunity at the end of the day. We think that that's, and given our history, that wouldn't be a surprise to anybody who follows SS&C. Again, that's because there's discipline around that, around that valuation and what that looks like, and what that can do for us. Absent that, you know, you know, we are leaning into share repurchase opportunity. Again, there's a lot of challenges around valuations and where people are coming together on bid-ask spreads. Again, that would still be a priority for capital allocation. As far as that theoretical, is there a leverage opportunity? Yeah, I would say that in a consistent theme, I think that our capital allocation priority has always been that attractive M&A opportunity at the end of the day. yeah i would say that in a consistent theme i think that our capital allocation priority has always been that attractive m&a opportunity at the end of the day We think that that's, and given our history, that wouldn't be a surprise to anybody who follows SS&C. we think that that's and given our history that wouldn't be a surprise to anybody who follows ss&c Again, that's because there's discipline around that, around that valuation and what that looks like, and what that can do for us. again that's because there's discipline around that around that valuation and what that looks like and what that can do for us Absent that, you know, you know, we are leaning into share repurchase opportunity. absent that you know you know we are leaning into share repurchase opportunity Again, there's a lot of challenges around valuations and where people are coming together on bid-ask spreads. again there's a lot of challenges around valuations and where people are coming together on bid-ask spreads Again, that would still be a priority for capital allocation. again that would still be a priority for capital allocation As far as that theoretical, is there a leverage opportunity? as far as that theoretical is there a leverage opportunity You know, whether the markets accept this or not, I think the debt capital markets have been fairly open right now. I know there's been some windows of open and close, generally where we sit, I think the market has been pretty receptive to any debt issuance. Historically, the company's levered up to 4.5x to 5x. You know, whether that's still the case or not, we would see, I haven't heard anything that would indicate it would be different given the focus and the history in being able to take the cash flow and redirect it to de-levering back to a we'll call it more normalized level. You know, whether the markets accept this or not, I think the debt capital markets have been fairly open right now. you know whether the markets accept this or not i think the debt capital markets have been fairly open right now I know there's been some windows of open and close, generally where we sit, I think the market has been pretty receptive to any debt issuance. i know there's been some windows of open and close generally where we sit i think the market has been pretty receptive to any debt issuance Historically, the company's levered up to 4.5x to 5x . historically the company's levered up to 4.5x to 5x You know, whether that's still the case or not, we would see, I haven't heard anything that would indicate it would be different given the focus and the history in being able to take the cash flow and redirect it to de-levering back to a we'll call it more normalized level. you know whether that's still the case or not we would see i haven't heard anything that would indicate it would be different given the focus and the history in being able to take the cash flow and redirect it to de-levering back to a we'll call it more normalized level

Speaker 1: Great. Well, thank you very much, Brian. This has been great, and I appreciate you being here with us. Great. great Well, thank you very much, Brian. well thank you very much brian This has been great, and I appreciate you being here with us. this has been great and i appreciate you being here with us

Speaker 2: Thank you. Thank you. thank you