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SSNC SS&C Technologies

Participants
Justine Stone Investor Relations
Bill Stone Chairman & Chief Executive Officer
Rahul Kanwar President & Chief Operating Officer
Patrick Pedonti Chief Financial Officer
David Togut Evercore ICE
Andrew Schmidt Citi
Alex Kramm UBS
Brad Zelnick Credit Suisse
Ashish Sabadra Deutsche Bank
Mayank Tandon Needham
Jackson Ader JPMorgan
Peter Heckmann D.A. Davidson
Michael Young Truist Securities
Christopher Donat Piper Sandler
James Faucette Morgan Stanley
Surinder Thind Jeffries
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by and welcome to the SS&C Technologies Fourth Quarter and Full Year Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] And without further ado, I would like to welcome your host for today, Miss.

Stone. Justine is floor yours. the Ma'am,

Justine Stone

for everyone. thank and Financial Chairman for I'm and for me Chief Relations us Chief Chief Executive Kanwar, Officer; and fourth Hi, Justine is quarter President Stone, Investor call. Operating you our our earnings and joining XXXX and Officer. With Pedonti, Rahul Welcome full Bill Technologies. SS&C Officer; Stone, today year Patrick

of to make which Before forward-looking that review factors, about started, we materially of need can SEC file the section note and statements as of we and today, Act we those indicated statements, statement. important website. constitute forward-looking These only plans discussed the financial various Report result February represent Annual Harbor expectations, of statements is accessed also remarks XX-K the differ recent for forward-looking the our from under of be a as on Risk expectations Litigation outlook today various in Private provisions provide, XXXX. Safe future these Reform Please Actual Form XXth, on our including Factors XXXX. purposes may get prospects, on those our Harbor Securities including the Safe we by with most results

While specifically these so. the disclaims update Company it may forward-looking any statements, elect to do obligation to

will measures the comparable is Relations non-GAAP at financial over to which I now today's to the measures. Investor A included financial earnings During Bill. GAAP of call our referring section reconciliation non-GAAP we certain will turn website in to measures call, these financial in www.ssctech.com. located be of release, is today's

Bill Stone

joining. for everyone thanks And Justine. Thanks,

adjusted revenue, is $X.XXX were Our X.X% $X.XX results X%. share, which adjusted fourth per and earnings In for it's diluted the down up almost billion. quarter in

adjusted X.X% XX.X%. share, For up the $X.XX $X.XXX diluted adjusted per we revenue, and up of earnings billion in year, had full

was EBITDA for adjusted consolidated Our the was margin and EBITDA quarter adjusted XX.X%. consolidated our million $XXX.X fourth

and X% XXXX revenue down QX revenue was was Our for down X.X%. organic or full organic adjusted year

in billion net DST the are months XXXX, the XXXX. our of $X.XX.X million you from business expected, license one-time in ended As XX a flow the for had rate cash one But business million half weakness $X.XXXX ads XX% second cash Operating $XX.XX we income payment put quarter. for and in nicely represents moved clients the -- XXXX. at fourth license software We back of quarter. to our We business price SS&C million. billion. and $X,XXX.X were total if history. We which of was force of This authority. XXst, resources. million grew million we in to adjusted up saw conversion of with ratio our December to our XXX% secured unprecedented $XXX improvement in total remote, our business adjusted the $XXX.X net ratio net times good XX exclude previous the on alternatives cash paid and an our large interlinked upfront stock and of with common year, average consideration quietly work expertise million shares use challenges We supporting faced our XX% many at year paid bringing debt, our X.X leverage leverage in X.XX times. $XXX down $X,XXX.X bought of X.XX

we our continue our and prospects meet solutions. built with We deploying in to engage deliverables,

Eclipse clients, to XXX year continued see ended with products. more with client We success have continued Eze the doubling base. its than our newest to --

we FX to order program In the COVID provides tools This susceptibility clients and of health pilot members our ensuring the into developed in in our our of analytical completion vaccinations. from Health, a Algorithmics successful centers. with commodity similar partner leveraged the SS&C SS&C Vaccine infection a a equity, flu of internal and for on Program successfully reach support developed the scenarios, rates specific COVAX flu death fixed program, flu as to pharmacy. health focused have markets. enhance the investment pandemic series call movements the in rate based capabilities launched We outreach -- We receiving scenario on SS&C vaccination income,

share, and While float. earned a any a were revenue $XX per XXXX, in more many -- per million delight financial resilient. global this tumultuous In XXXX services our to $X.XX down over XX%. distinction. the to XXX% able basis, $X.XX with our more in than We the XXXX year XX.X% I'll in outperform history. $X.XX over overcame SS&C was in XX% all posted Like adjusted our the $X.XX Bit XXXX, and turn the in or Rahul year industry, million now revenue we on performed to on We was discuss receivables, revenue collect estimates, of to share more call $X.X earnings XXXX. the customers detail. in quarter above generate our and difficulties above

Rahul Kanwar

Bill. Thanks,

a Algorithmics, strong we lift QX, improved performance with DST, across you business posted of Alternatives, the all QX. broad-based from Regulatory had quarter Intralinks, revenue in noted, and As Health, many a lines. our in SS&C

other QX by year. mentioned in Clients Eclipse the iOS technological differentiation challenges M&A accomplishments Our recovery of of, for very of the business strengthening app the apps' optimistic since has M&A and environment. in Alternatives we been our ended Capital powered year available QX, focused data his Eclipse XXXX, market proud the the including adoption data, we app made in on X.X% their for up seen ahead. of earlier in business phase strong. We Intralinks context Despite room in publish. the Eze the a of set our space and driving collaboration next remain have the and for XXXX. in reflected be of design half it in adoption virtual with launched strength back remain Bill we growth the Movement and about to grew which substantial rapid User November. is the the and and Android indices X.X% Eze in growth comments stores the and in outlook,

Leivent, Solutions; During the promoted other of Head Wright, Services new co-Heads Distribution Daniel defining SS&C and and to Tax we Investor of Madpak, several with DelMastro, and senior These Rafferty, appointments, Advent; Manager and Head growth. Nick services and future Global of year, Kevin hired numerous change SS&C are SS&C executives Geiger working executives. driving and SS&C including Solutions; made Chris and of of Steve Health; Head for GlobeOp customers prospects, Retirement executive General our products Karen fuel

our Greaves, to of a Sales, prospects virtual of and comprehensive using brings specific business SS&C, asset service solutions needs their our integrated We Global and and we structures, focused on organizations to that interacting and in and targeted and with owners leads and and platforms. program, other objectives. product These our geared marketing regulatory end requirements solutions and Head continue launched together seeing to digital the offerings. direction invest are Eamonn classes, across gathering sales customer success are Under clients' develop

that the clients and our collaboration drive SS&C We and selecting effort early marketplace. anticipate products multiple new this have further will offerings seen with distinguish services in success within and

full platform tool. An their large fund $X Services Distribution Precision Now, offerings Solutions hosted Investor deals their manager bought with Intralinks. Regulatory hedge Investor digital and QX. the servicing relationship e-investor. Geneva our transform Fund Risk payer Investor financials. will our A Blue UK platform run that chose World it with A An adopted operations Manager enhances loan alternative including client launch trading XX,XXX portfolio, a mobile of Wealth services to turn A client Patrick, along services, customer using ads to over for with our app including members. to LM, retirement I suite investment mention I Sky Software. new chose include Health key offering. extended and through workflow SS&C interaction solution the will chose and Global some Colorado-based Geneva for our large A member AWD, GlobeOp Advent and existing our to SS&C reporting a and management existing our plus billion fund Solution, now

Patrick Pedonti

net operating was X.X% On adjusted over and adjustments were revenue was a basis, increase EPS $X,XXX.X decreased and an Adjusted million. revenues was the 'XX. the EPS Results standard $XXX.X including revenue XXX of were X.X% Thank $X.XX, X.X%, adoption adjusted adjusted $X.X of fourth million revenues GAAP of the for acquired quarter diluted the Adjusted $X,XXX.X diluted $X.XX. you. impact acquisitions. XXXX. revenue of QX for deferred QX and revenue GAAP million, decreased income over million down X.X% or income

impact and Adjusted organic Our acquisitions DST weakness Services. $X Software Advent, driven on in Services strength contributed million or These Adjusted X.X% the a basis, in for strong Eze was million, XXXX. quarter offset revenue business. $XX.X the third in was had growth Fund by DST the foreign Administration, decline quarter. X% million And the Financial fourth or decline businesses and Products were Intralinks in operating constant quarter sequential a exchange the X.X% Financial currency $XX.X had by Institutional, fourth of we million, a favorable quarter. the over income of the $XXX.X from and Healthcare

impact X.XX% and and X effective share impact X.XX%, income. a in in QX. were a notes our employee margins sales adjusted XX.X% Diluted and or, expense XX.X%, these XX.X% offset million quarter $XXX.X expenses resulted of rate decrease credit defined for by our quarter. on in services $XX.X Net expenses. the million the XX%. fourth partially Note the average quarter was in The net tax higher in interest from Adjusted average X XX%. and of EPS million million exercises, of $XXX.X was senior earnings provision or net compared rate revenue. XXXX. recorded release, diluted $X.X compensation $X.XX. professional our lower adjusted of negative XXXX or release, $XX.X partially facility We of of quarter. were $XX.X shares driven exchange the the higher was had in in were benefits, and The income for offset of share for defined million commissions used The XX.X% quarter by to Note of OID. in operating of of fourth GAAP million expense tax in increase financing repurchases includes amortized the by price pre-tax was as expenses Foreign contractor in the to an was travel and $X.X million $XXX.X The million option increased to income Adjusted non-cash costs and expenses and compared and $XXX.X earnings EBITDA was million, our Adjusted was interest adjusted and amended

gross we cash and cash $X.X for payment Our December flow XXXX. Operating by billion. XXst, XXXX. that of position we December approximately the same was balance to as months in compared million cash equivalents $XXX.X billion and ended flow $XX.X approximately a debt in a was of sheet cash of $X.X approximately had for debt net license the impacted $XXX XXXX one-time period upfront million decrease million, in down received XX million $X,XXX.X and The

$XXX.X common year, of average the debt last $XXX.X $XX.XX. payments of of buyback the dividend, year, stock paid compared an for period We $XXX.X full million price lower million shares, payments net interest made to million stock at million Paid X.X debt -- compared debt an of last and $XXX.X $XXX.X for due $XXX to million. increase year, For Treasury was average declared million of and purchase in interest million rate. as lower XX.X%. levels to net

X.X% interest -- year, in compared XXXX. full the For our to X.XX% was rate average X.X%

some December income million and of saw XXXX improvements of XXXX. to days to expenditures IT predominantly or days Capital DSO XX.X paid as was capitalized $XXX.X days improvements. we $XXX.X year, X.X% our compares in infrastructure adjusted leasehold of software accounts receivable the XXXX. capitalized software million million XXXX We for that of facility and XX.X and at were Spending also $XXX.X in revenue. September December and in as XX.X of compared For taxes

and December Our of covenant X.XX and a of X.XX secured used December our compliance on $X.X volatile, be approximately times large levels, I'll our of $X,XXX.X times back to We billion, first, that at was expect consolidated the million of outsourcing total EBITDA of leverage net markets assumptions leverage we deals deals to our XXst. as debt our LTM Based as was moderate for ratio XXXX, with was XXXX. to continue XXXX. half ratio license scale improvements cover for be currently in On but outlook in some the outlook.

Services Fund perform. will continue Our to business

recent will be levels. our foreign on currency retention our focused in exchange continue service, we most the used at to of As rates range results. We've current client

unit growth X% million positive pre-acquisition to and currently be for range of impact negative growth Health the $XX We organic term one Adjusted QX expect for the on impact is month positive. DST plus range in full will terminations revenue to client spread, the for Interest year XXXX. which LIBOR year rates bps. XXX between will Adjusted X.X%. approximately facility the be by the the X.X% our X% in on approximately organic

manage this revenue and expenses capitalized we'll on to will to expenditures, X.X% of by period invest We during continue business On hiring. our continue in capital approximately software. expenses controlling capital and expenditures variable and staff spend

expect tax rate to We XX%. to our be adjusted continue

For the the of Adjusted XXXX, range $X,XXX the $X,XXX to expect be range first share of per million. revenue of $X.XX. in to earnings quarter $X.XX in we to million

For range $X,XXX earnings range be million year of $X.XX. to the share of we and revenue $X.XX of be per to XXXX, the full adjusted $X,XXX to expect in million to in the

over turn in range expect full of to the to $X,XXX Bill the for For it comments. final activities I'll operating million. year, we be million $X,XXX cash now to And from

Operator

think now. I Mr. disconnected, Bill got is but he reconnecting me, Excuse

Patrick Pedonti

Okay, thank you.

Operator

Mr. Stone Bill is me, Excuse reconnected.

Bill Stone

Thanks, about Patrick. Sorry that.

Patrick Pedonti

Thank you.

Bill Stone

global We is non-existent. remote meetings our sales travel of still in workforce global XX% and continue and to are the business pandemic. in-person operate essentially

reliability XX our the to how power model past our we video Utilizing marketing have and people business of of Over operate months, technology. promoting and these the learned and conferencing, web-based under circumstances.

believe tell call, can we -- into you are will pandemic pay our well this into performance during this future. optimistic. dividends We well As the the from future

now open for it will We questions. up

Operator

pause Presenters. [Operator Q&A Instructions] for We'll a compile you, moment to roster. Thank just the

the Evercore Our Togut first question ICE. line David from comes of from

open. line is Your

David Togut

organic quantify revenue organic comment if the Thank please? quarter Administration, fourth CST? you and down could Fund you. Intralinks revenue fourth for you Could break Good by XXXX afternoon. growth then, And on growth, quarter total

Bill Stone

the -- of Services provide down a down X%. business can two Financial total Administration adjusted was between X.X%. quarter, fourth Alternatives The groups. up you up group was X.X% breakout the growth and group total For DST, organic was The Fund the X.X% was we kind Healthcare and

Intralinks X.X% the year. down I full think be that up combined for to X.X% And was

David Togut

your Got follow-up, and year pipeline valuations acquisition you the appetite could my you it. acquire on comment Thanks and quality the just as in the on based for that. to And that pipeline ahead, see? of

Bill Stone

you Well, we about $X.X we We it. DST Obviously, Intralinks. as constantly million obviously I that was billion that Administration we we're would which down in things in have expected, XXXX public and at the bought a -- acquisitions deployed XXXX, about at but and looked Australia. than but at we and of $XXX in look disciplined spent, think less -- and Link looked domain, we lots know at in

and quite So, or are about -- get conference we're disciplined on that it and growth we organic calls we're aware all our shareholders, the questions the revenue that from on unit.

want to growth lots organic detailed Rahul revenue our had remarks, made sure we we've that focus his in as make on we changes. So, of and

are better. businesses getting our of All

executives All how of operate. better, different they if that's we them. get Because we don't get and

deciding So, looking and we're then where cash, we're debt, generating shareholders that's choice. more we're to how like evaluate we about of money very which pay first down optimistic we for of But about bunch tons be down on at going, acquisitions and whether shares. earning a our great our like capital, also paying our back debt also is to generally allocate acquisitions, our buying and to to going going

So, business think doing what I think plan, has strategy our I continue. don't our we'll executing what believe -- and that's is that our I changed. we're

to -- getting time. is getting stuff it -- going the Will the So, for revenue and is see becomes, for long strategic organic And over term. is question this you what drive purchased of and there do stuff our growth lot is us. sale, a all it that

some it probably we we'll and but be and things those XXXX we into are have optimism. in as XXXX, with some about criteria think I the are disciplined So, going buy usual, that will we

David Togut

you Thank much. Understood. very

Operator

question the comes Our line from Schmidt next of from Andrew Citi.

Your is line open.

Andrew Schmidt

we're but cycle Hey what XXXX. from as curious guys, you're the a here. just Obviously, and briefly. mentioned we what I'm into remote my year, you in throughout customer perspective, you to and behavior sales large in -- seeing large Are thanks know but you're you're questions touch it seeing as revenue improve heading sales wanted your for behavior buying wondering I to cycle buying pertains taking assumptions, patterns, to I seeing on a you the still especially environment, deals? recently improve. more customer expect appetite

Bill Stone

have comment. shot a that give pretty we full then quick I'll and Rahul a But, pipeline. can

We we have large a deals, we what have -- number hope deals believe quarter. this are of large are we close to that

execute and continue reasonable strength seeing January We will have some to that we're we across very different a believe our businesses. and I

strong in indicators as I all have are ever think our we they've that as been. Intralinks

ever pipeline place think real had to private quite or and attractive has more and or the have rhythm some resilient whether become fund gaining as estate. hedge a be money, be, I and will industry I that's the we've to private put proven think to and most more assets we services, private continue equity credit

I think do is well that the to well stronger. is there. getting And I that business DST SS&C think positioned

and Our in nicely grow we very Retirements grew throughout QX it XXXX. to expect business nicely very

some have are and our very We his challenges but, Daniel a team Healthcare good DelMastro job business, and doing they focused. in are

And Rahul so, a with I'll that crack. take let

Rahul Kanwar

this and element time of to think had obviously, thing I more comfortable, on know, passed have lot pandemic as -- virtual gotten have add that. prospects in comfortable a I customers and and would is, we've we pandemic, rely transacting always gotten our as more. the we But over You digital had it that more has an

the we events we've we've up. things substantially. start process, of for pipeline and the that, seen signings pretty contract do So, all pick go at that we're yield also like and And virtual certainly things the up seen back get our slow which this to

months to it's year. better keep about of pretty the throughout than it the current course and was getting we feel good state, going ago better think three it's we So, the

Andrew Schmidt

That's three that, improvement, on year end what be what are hear drive organic the outlook, Good top -- what the the to about Maybe growth DST would for this that things great. bottom Any X%, are especially the sort helpful. about think FY there the to DST, of within to and in that, the and the color are progresses? the then the assumptions primary 'XX cab a as you when with side. year

Bill Stone

will year No, for year, when again, or $XX when don't than we them, closer work we on to the the In very we -- more and will $XX -- clients deals, we're that perform. delivered. them, X% customer to others, -- million like tremendous, million feedback been been, be based to the at right. for if and going going selling XX% Advent staff the Scores, we we confident on win when for ever track do to that satisfaction, will are $XX have Net that you, that it's our But a or The $XX million multi-year high. continue to entire stick if places The to -- a you're so. put at be we our million we that we're And has retention lot to win lose, we deals deals rates, in that win as the is from and detail attention highest X%. Promoter is our

I a we have think win. that got perform, to we lot know optimism of that we And can you so

the has goal got to I would I across passes, to and if don't that. else nature the to to they you catch beast. throw anything somebody that's go them add line. have And of know to Rahul, got You got mean,

Rahul Kanwar

DST part guess that, Just the second particular. on on I in of

the business, the still about like the we're growth, that, talk we business, to low DST as for some impacts do see X.X% of dealing or type and that something Health, with to flat really Services what's some that expecting midpoint, the like to so year. maybe COVID everything is we're separately. we Bill mentioned, been slightly at expect have Health be down and which challenges, and DST pieces something except Financial that's The kind to So, single-digit

Andrew Schmidt

That's it. Very thanks. I context. Got appreciate it, guys. good helpful,

Operator

Our line Kramm next from UBS. Alex question comes from of the

open. is line Your

Alex Kramm

a Can I at if continued little look here, everyone. bit, structure evening, if about talk -- expansion. it in correctly good you the I cost hi, the like guidance the Yeah, looks margin margin

or know just gains still So, details any lot But, leverage a I a you're operating getting? but it you've been there? importantly, more lot that it's is doing of of efficiency more that.

still to happening? what's wondering, guess finding if that's just I opportunities So are where you cut,

Bill Stone

Well, I would we where that's we have X% cut we you XXXX almost that but XX,XXX to, I you more get right have to if think, efficiency, get people people. and say there workforce, And think, XX,XXX efficient. And we right. we opportunities know, Alex, and know manage, everywhere, we you have large people, is on we a then have

it continue manage in -- and what we we grow week. in, So, to workforce we drive million revenue on every software SS&C our that's be capitalized acquisitions we resources at We and focused our or think put so million we increase -- need Also, it. to to places everyone and -- to I order our able we margins, is manage between did. in to and -- to continue want R&D and and that so between $XXX spent picked to $XXX our

our aren't over level competitors, to and going competitors. up. but than to XXXX, have goals, continue back there some we're large going very on XXXX execute to we higher a we that to opportunity think, in So, tremendous keep for in and us just are We be we we think our think is business, much that able investing

Alex Kramm

one, fairly cash you secondly, buybacks fourth also your quick that then balance at were in think I And great. is looking is soft low and think, pretty quarter, deals the were so. because I Okay, the just maybe

what's expectations XXXX? mean all nicely And step So do so that's come equal? still you I focused just else your repurchases in XXXX, for pretty accelerated have or on -- to they where from? or back

Bill Stone

not we capital we try we our best -- overvalued. And think can. allocate we is think our certainly stock -- again, as obviously, Well, to is

choice. at but not So, fondly, it's first we look our that somewhat

we not buy more more it buy did spend but we than believe don't will any, XXXX, probably if me, down in I You than know surprise pay as would that debt. we and even we we

interest we they where a So lot debt do the acquisitions. rates of probably on obviously, stay use if acquisitions, are, we'll

So, hopefully, a throughout cash of we'll it a we'll of wisely the cash cash, ton use best-in-class we the [ph]. generate And January, year. of we generate ton ton generated in we for

Alex Kramm

you. sense. Thank Makes

Operator

question of from Brad line the from next comes Suisse. Zelnick Credit Our

line Your is open.

Brad Zelnick

Great, your taking so thank you or I'm in retail admin is else to and you you've they see business, you of parts for on have if the the trading any maybe noting? of wondering any volatility at way, Bill, much Bill. everything, way if impacted SS&C? higher fund long related flows in And questions. this any equity my just for worth all the have if in if I volumes perspective enough in an health to for clients force My on about first anything Bill, around perspective it's the And have markets how, and opportunity been curios market. any know

Bill Stone

as well Moses -- around You and have know, you for me Brad, a been I've know. Well quite while,

if stocks. the various as manage They speak, years it's regulators that -- and drive to XXX stocks up get and then deploy world can bubbles -- you of the collaborate, people start know and these it so down to all for business, on able as when difficult or be you Yeah, right. to to to happen, schemes, allow my people you always, the drive spreading get they taking So, technology things around in know the to I be look back

year that since. think isn't regulators I I at your thing will think screen, -- many so and another up eyeballs in that the will And be looking this XXXX are than I much different think catch and how

very some step think up how a of more other us, well-known know than And maybe so, about drive very that for bubble, bit is probably these the we it little I and a think don't as is where but quarks well-known clients be an I lot help and that I Algorithmics bit, this Regulatory think see stocks, an little would and -- our we of advantage on give insight we constantly Services clients looking can into valuable. our have than where business what's at that very awful then that can I into business are stuff, happening our can our so insights a that

Brad Zelnick

Thank your program to thoughtful talked you, Bill. appreciate and me. Makes Greaves, services. prepared for a Maybe remarks perfect under combining you the Eamonn Rahul in Rahul. about comprehensive I answer. sense products solutions

what's with total curious, really prompted this Just and sounds respect, obvious. what now, opportunity it the

something So, wasn't this doing? were already you why

Rahul Kanwar

about ago of fourth Global really to And of So, mandate his integrate, us put XXXX, was more end year it's the right. than of a and and collaborate, quarter in-charge Sales. collaborate we more effectively Eamonn help

to a them, more customer So that an see likely company it is a a bank different the that, parts buy hedge bringing for and you and we more if the bigger, the of manager, right. could and we're comprehensive or customer can become is together do insurance a or fund organization solution the offering that, of strategic more

DST that we, as things trying we're Intralinks that remember Bill sell and we work in as out, just together. Right. So, XXXX pointed bought an to

user the marketing and it a So, focus good interfaces right of we're integrate sales takes time that offering, with to the product the it and feel in functionality that right putting the we're they want some time them, some takes that, to like get place was we the behind move. and

So, done a good I off think where -- we've what I we're but all for along, things start. think, to

Brad Zelnick

you, Makes sense. Thank guys.

Operator

Sabadra of comes question Ashish the Bank. from line Deutsche next from Our

open. is line Your

Ashish Sabadra

potentially those at compared to question on the in right, Thanks that X.X% for I strength, profile deals new, heard the -- one this Are year. DST could you go driving If to driving won a fiscal strong financial of if 'XX -- that Financial historically, is if then strong you are DST I just taking of the be heard demand, or any grow back incremental color what's a the made where want on to year, Thanks. that really pockets really that is, just midpoint. there large Rahul, And we And obviously, growth is to I couple confirm my maybe DST that's implementation any comment it? I that financial, wanted seeing a will you strength you can the DST. that the helpful. of just provide then pockets maybe color right. last pretty question. within

Rahul Kanwar

Sure.

of focused and have press or working one and growth. focused seen large across midpoint, X.X% so, The where most We're at there, for We've valuable, number the we've we're DST. pretty our in done Insurance we've on Wealth and the interact not with hard bright the XXXX happen with organic which customers spots. good UK-based our been in what business focused we since is and what portals a releases development that's them, and that done approximately clearly can signs some on to starting and So, of product talked the see is bullish deem they just we're strength in of and Services end really, Retirement on on their all some also about business, business, clients, on beyond. efforts deals might digital really sales but ways there, the XXXX, efforts different off, paying work that web

Ashish Sabadra

XXXX -- a thoughts there the opportunities any back for helpful very going XXXX XXXX. side, of a 'XX? annual just increases Alternatives Admin Fund Thanks. end or That's early on in pricing maybe sorry, increase forward, quick more color. question great, price And pricing in of there on end was Are

Rahul Kanwar

year. price think business. expect through they a pretty once coming understand increases, across was going as really process we happen really Alternatives, And from. So, have customers, our positive welcomes I reasonable well set well on a it our to we way try Right. year, that where our right think but last this nobody We're this it's that we're now we that and a and I and it's to up do impact we're them, going been to working conversation doing said

Ashish Sabadra

Thanks helpful. quarter. and very good That's you. great and Thank

Operator

Our line Mayank next from Tandon comes question the of from Needham.

Your is line open.

Mayank Tandon

solutions? versus trends some i.e., think base, Thank just evening. maybe Have wanted of should chime you. to or sense Good from we logos? too. got and new installed your of to in you you normalcy can the Rahul of terms the back land get across from level about Bill, a expand organic within contribution growth How portfolio in

Bill Stone

do clients. all a is We in very our question of But, we've In a XX in good lot And closed clients of it DST world. XXXX, April bought tremendous the and represented of lot DST we're work such there kind doing. XXXX. to of right. Mayank, what XXX investment core the organizations of DST and they're with really a largest top there's done of the work. and opportunity, And are at

wont doubled matter but would we've doesn't go cash growth know, -- organic cash it flow weigh earnings because won't weigh EBITDA, our -- because expertise, wont business. clients up, us You treasure it up up, trove all and doesn't it those of all weigh I worldwide Algorithmics and great is with our our opportunities. of matter up, gave to big tremendous of a into start opportunity drill and a know them showing our

the expand Eamonn The things pain regulations so and and the that easy go one can process all So, And that are makes we on more to have be you to we've to into clients that our new it our from in-charge. all goes. Sky And with deal comply our portal, and just XX opportunities I take we organizations. million-dollar these neck. a land know in pain able it's for know the did larger put away with of think you a them, that's why large clients a our we in states, Blue to clients our

were clients. and several you be no now client arrows others low XX,XXX to sledge as like know understand a our you there Rafferty guys to that also in and know, can't Dorigatti a whole our think opportunities but $X DST really DST, break hammer, into job going had while, starts except generate it's how of the slings breaks break we they're of I to thing breaks our the for swing, to top things do. -- of But going now, lots got done. you and of as of swinging likes are -- order us, if you our and know I impact executing, work XX those revenue. but in sales place and the important understand, that is stuff base cutter Tory and that's all we it Domasco better crack something Street everybody. improved executives that and done we a start products of this When Danny and drilling we bunch that beyond to but so And for believe SS&C three that got -- our done. gas the execute, how and a piece cracked, outlook that's think John granite, we the into made earnings. But there, got crack get remember, not it $X a we organic and better have Sleightholme same a those DNA. at are like it's just got other important, time. Tevoy manage. and were swings without the before because willing set our think different pedal have, me, it That's people you all we've you people lot we he to large might go the in we XXXth as breaks, why is revenue. not a allow to stone gas platform it -- of and pedal, and not push, a on put billion granite, changes had got before to generate those and way at Mike and revenue it's you some that of our we've they you've made, Kevin and That's we've growing, acquisitions But it's be and bundling now flow, earnings in an to the it we'd had to without best wind in the that's easy flow. time, necessary the on be swings at did of That's made, know she and we axe we we we know those of cash to focused, know what first the know the doesn't we stay that's see cash kind we cracking. how got we growth, And That's or to organic used We really important, get the as we've I but it and to sails billion, great go tells

Mayank Tandon

very of of more some the if you the that's where even you your some and can helpful the smaller I have Great, for portions competition perspective. that. And, the words, effect the of from the flushed just of well of now in that, you are fragmented stronger startups segments might had in pandemic other Thank In follow-up, and that briefly, markets? as are competition not has some players funded? out

Bill Stone

I Well, ones. going think larger I think to we're against The ones. the do better biggest actually

better, continue charge peoples' SS&C big a less and and raises, think done going that's been for we're completely of -- business. has we very bring us taken and own right. work to bonuses, do very in years, we're the parties -- awful help two, for positively. think? and think I for And -- use I two our use us, but that a the of people's And have places Syntel from it's of re-badged. Rahul, careers to you -- surprise in And when people's we've year, continue people, to India think an peoples' lot They - outsider's a we're been thing but has for now now whole India -- operate in job effective worked DST, XXXX to our for to to I less really had execute. under promotions, great contractors to XXX% I really third we think for we a years, we XXXX our big that what inside over and us Sunil almost not X.X And and going large

Rahul Kanwar

back Well, to -- this promoter many customer and do been just coming seen and for I large said about from customers. that in what disruptive throughout levels really we've small think our satisfaction we we accolades you a customers of net time has -- marketplace. the both would scores, the, And

or we're placed, absolute positioned an forward. be but stronger may relatively equal getting also others, well basis relative on So, to going

Mayank Tandon

you thank Great, so much.

Operator

from question comes Ader from next JP Morgan. Our line of the Jackson

open. line is Your

Jackson Ader

one last curious, not. you guys. curious over reasons actually questions my last the years? win on deals of they taking that low you're or depends reason Just about these that on for Bill, the And just and the lose, whether thoughts? end the end on lose, you have for the or at first range over couple of on I'm went and the changed win the reasons talking thanks Great, you guidance main you big your -- you high

Bill Stone

I we in had win hadn't number of of that inherited I know think right. businesses -- a for years, Well, number think you the a they DST, with a

you you've entire that win, changing win, if So, attitude, to got can you're right. to believe going

known are not prospects your if you're confident. So, immediately,

But easy, who that we knocking of not it's for people. So, insecurity out that's not people is comfortable are.

You know, get it. at let's

-- what abuse we to or done know, for or waste, that's whether since Retirement that's in business built we've that whether we've fraud, business software large improvements You built for a SS&C to for business. that's and -- a the app, made the the us agency we've Health the that and transfer -- the

to superior many you can have need marketing that right, that we meet have we very have you a every you to have prices team to implement of product, trained So have didn't they have -- market can right, to first, a so then knowledgeable times, as sales a have sales you have force, week, and and workforce, it team great month. some so we a said I've accept every these bought a

again, in great again, our some education that billion of and training cash have to and so and million, cash big in we and have we've is positive people to resources $X.XXX there thing, know drive recognize XXXX. hired In very invest in and us. you for in in the done difference lots the that's tripled work you some did We've culture XXXX, we XXX technology. gives a and flow it more flow great in that So, us a about -- did

more get think they because Caiafa, like You know, a and continue, kinds they Jason winning. great just going who paid for people done of They Anthony when John White, us Bellone, win, I have right. that's to all jobs

a and been job major That's reasons and just major great nature organized and we're the I competitive more like more our it that's go it, sit win, of the is was. getting is And than we they it's it drive, after So, Eamonn you that's clients, organized, think not back doing the -- fine. directly, so, competitors' we're going not know competition. and to don't why

Jackson Ader

kind that really appreciate you about What of are the it attractive Link about main, Yeah, went What find you main and did the reasons Great. of the there? I what thoughts. asset? through some

Bill Stone

Well, I business. good think mean a it's it's, I

like as a we So, really market. Australia

but Link and a feel done and do and work would and have -- process, Link bill. of Australia, and replicate bigger started nice in lot Australia fit can got to business we in in in Canada a have on Australia there's Link of want believe their have a outsourcing lot we that to we We that have very work we like we've But we well I business that on a DST.

cage could decided this your guys, didn't momentum positive want got didn't of tell we what so turn that good so lots and do and we it's and a -- were you that you call we situation with it really on and another to wanted through, have still we really fit know know so I to you We over just company. you to as where know have to,

-- tackle to it wanted -- I but now. right we wasn't we but wanted will that to they do think fine something

Jackson Ader

Thank you. Okay, great. makes sense. That

Operator

Our comes Peter Heckmann next from of question Davidson. from the line DA

open. is line Your

Peter Heckmann

afternoon Thank you good and everyone.

Just question. the you deal it mention I that closed? pending or maintenance has one still acquisition, Capita hear is didn't pending

Bill Stone

pending. still is It

Patrick Pedonti

good it's though. think I us for

Peter Heckmann

the least pursuing it's still Are at close? But not you dead, theoretically.

Bill Stone

in they believe - days not and we Yeah, we quick acquisition in But couple the XX that had past. of XX with -- that going next and, client expect to we one and rectified to a we the Capita to at that alternative. but -- in expect close was has had expected large fit been that find have one it would times

big sure, So we want an anyway. to want that -- of it's we -- make to So not acquisition

Peter Heckmann

right. Right,

globally, Okay be identify a pending when the that looking out anything upgrade years, you terms saw just see in there over you serve whether or for as we're of drivers any activity, can could should we -- spend US regulations, like in demand next monitoring? out and then or for it's couple think of the that kind

Bill Stone

United a have in new new, in money you and to going obviously it's XXXX mean pot that more Financial administration a - Services much going as taxes active to to came a I going other Services. I'm PF Financial so be be different for the and States Well, -- things view a no out timeframe. as regulation in and than Form and XXXX

would effective there those new as in was will we to pretty new there and XXXX that cost what And from those meet it XXXX clients be -- tax similar I'm possible. it's regulations, expect so going - as be be, and will guessing requirements opportunities help will way be, it to our

Peter Heckmann

Got it, it. got

any Services more. in to X, Group There Man announced a could one they And with it your business operations sneak If be be outsourcing PIMCO, you that potentially just that on for and Okay. perhaps a were that on was be competing SS&C would or will radar? the focusing that's looked going process of industry. something think like joint companies, Financial Is Day by something of number fund DST? I venture do

Bill Stone

probably is of with RF I are a Well, I those sophisticated in of great companies guess bit places. those and lot a there every -- large think people and of one politics is little

together, when Nations. be the they get like So, all United might

on to view have what well we'll -- our we'll also aware, but our executing what with so hopefully, see in and plan happens now, rear happens see mirror. them that. -- with we're We're So

Peter Heckmann

enough. Thanks. I Bill. appreciate it, Fair

Operator

comes the Truist [Operator Securities. Young question next from Our Instructions] of from line Michael

open. Your line is

Michael Young

core kind helpful. with some I some pandemic could level, impacted year, coming Hey, give thanks the ask hopes conversations just just activity which a of XXXX? this people color to sort could they've on for question. was would that you on kind and there be XXXX of Just reopening and maybe to heavily trended color the wanted from clients refocus high year, be of businesses operating in how any as maybe backlog of on of

Bill Stone

a such think have that as them. now change from you well goes when up tenfold, the right, operate think that rapidity I remote, I a of crisis you change you have going companies And know, this, believed so Well, would it's could of from never to part know probably operate they remote. as

So guys we -- keeping all of to to There on at a and merger greatest important two on that asset, large going paramount. lot we strategy that, that be organizations and focus are we no going deploy how and execute have are of is our be guess going I a a things people think is and major banking that pandemic. And how them lot is obviously our safe use our and is recent on there's we obviously of Truist. you during you our change acquisition my --

what be to what to have So, when to there of you streamline out know, need that we And to need a prudent, as your is seems we making possible. we to be poor being sure big act is but there. security strategy. need And operations, -- this added cognizant is precipitous efficient is be we redundancy, impetus as think cyber to me Make a quickly, very deal. I

Michael Young

growth how just kind good revenue either up to cash follow with I to you're wanted a of desire managing kind to few and next or just versus of M&A to any my the how the flow? of second there business, piece markets of Is more are cash question, And up flow just opposed ramp your businesses. deal revenue as internally Okay. try eager I comments, highlighted, your on the you've stable growth think

Bill Stone

conversation what with company. our to I'm conversations Eamonn Patrick on knows about earnings, to cash. the but who probably our We're going has conversation any in revenue. that anybody talking would going me Rahul, about any anyone with is not is not you else And with with forget trying, forget Everybody conversation about or tell focus I -- we're We're or it's or Justine revenue. any growing any or exactly or knows, focus

Amazon and sure earn is he everybody revenue And growth. can't admires Bezos admirable, everybody you know, hole its, has it's everything, didn't got has Now an -- Jeff make but pigeon not apparently you to business. you what

to be So we need going not go we're We of and that prudent, in we're it. more not to -- Frankfurt be that think to could, we we're buy sure think money afford most couldn't but make -- don't probably York Google, we and we're and use New cash we to don't have a going than strong going be know, going nations, prudent, our people into feet coming we're you sure the and safe not of our you of back that London, would in we our places, ready. can XXX,XXX they're poor until and we're until other is probably to cash make because and them safe we space our and office -- Paris for that are XXX,XXX, offices up and -- and not that environment know, square and not have

It's I line. growth. difficult, Petrocchi on catch little of very been. deals to of a scale get been and to So, we revenue large And very, like and think are some doing trying the full Intralinks than ball job it, so, I kind meetings, strong that but -- we're Petrocchi and there has they've kind more in we're Funds working we're those a way a there, to the focused and don't win. pipeline and greater go operate opportunities the said, you our a in But Bisconti are person how business licenses to doing that's Bob we're at win has I getting repeat, and a Services Ken opportunities are are job very and great ever goal great when

Michael Young

Thank you.

Operator

the from comes Chris line from next Piper from Our question -- Sandler. of Donat

Your line open. is

Christopher Donat

question Do Redemptions XXXX. we for SS&C? record one Thanks ask on to the Redemption competitive mostly changing market or keeping for that's afternoon. taking forces question. lowest wanted the you my that that was that's is Indicator about from -- January leaving in Bill, see there from the landscape think Good anything I and since GlobeOp number

Bill Stone

funds. people chip amount being blue a in bonds going real -- in look into see it heavy at, at of probably you for it's what's private that of really private have I heavy, bonds I return, equity -- funds, estate, and market. the mean But for government they're our if we not are hedge said, starving starving dose for that the of you assets that that think corporate for sure. income roster credit or of and think I mean, I happening and finding

house real that's investment equity communication estate our their And historically with to they the -- an the customers paramount. that other like investors have industry, when and or or have industry Indicator very think I that remained why think they alternate I think And customers, event with as life stay another investors. don't industry SS&C alternate with So to to something again, put our their learned have they communicate their as particular that either intact. redeem an if that's And or that they has low. the able as put a people buying retiring money. private is that help place money, Redemption well communicate And well is and tend industry place well something the as and in their to to their positioned hedge reason the ones, I a fund

Christopher Donat

one low the get Okay, expect usage you to new normal? you level would less quarter, increase question are thanks the those you that of and travel fourth usage of the about the through for do contractors and as over of expect fourth kind contractor And course to the of Or then, in travel remainder years, some to stay well quarter Patrick, XXXX? that and less of there things commented things was guidance two that. for

Patrick Pedonti

through moved Yeah. we contract contractors The fact the that employees. in-house the India is reduction to

assumed not not travel, then be So, quarter, for the to that back fourth QX than and pre-pandemic of be we've expenses lot gradually and levels. a XXXX. that think and QX travel a increasing third will be start I a in on of most different but And won't problem heck basically

we've So the assumption of made. it's kind

Christopher Donat

very Patrick. Thanks it. Got much,

Operator

James Faucette line Stanley. the next Our from Morgan comes question from of

Your line is open

James Faucette

Hey, thanks.

Just quick to questions on for me a questions couple previous answers. follow up of and

some that I DST, incremental improvement touch just or of you working. on can a I'm you work on think you're all. if on DST First that, around comment wondering made first

Patrick Pedonti

to I'll Rahul. a But lot give Well, XX then it like made made of lot a owners have take changes. of changes, again, seconds we and flight

in, our is he And they're Rafferty over And You at year end Solutions know he's us. June based in and Nick the business. in Kevin London. Retirement and took great it he's running job last of us. Wright done a for both He's came with doing and doing John for great, job a great Eli

-- a have our on We that business. focus

into people sales have and on [Indiscernible] talked intensity the as have top a a quite made some of changes, of focus and Healthcare Dargati business. prospects. up we slotted others and increased running Eamonn bought number and we've various top-flight Danny that -- our and So, level about our Tori that how Danny, to of Rob it show off. business anything to and they operate, DelMastro through and are that maybe August believe took pay global Rahul? prepare Would we we really last Danny up in else, them you we DST or over, have a and lot changes of think various be we made will year September has I I might reporting maybe how executives taken a our and how now Stone and know of other and so we Mike we bunch wares is the sales forces

Rahul Kanwar

just to really that and and do we're add focused execute only with some some all and overall I trying thing marching attention more to focus We're which innovation. is making things on the sure the just speed sales also addition only tangible development pace the there is to and in at -- Well, the product we it. that we're and to would

artificial of lot at hires below the a are do others. of senior for a new that that have can lot we've -- clients looking our digital, whether made machine you've even there's with we an technologies, we've executives that's folks Vidado things learning, our mentioned, bringing in or intelligence and been So, that in are acquisition which

force competitors to that themselves from and able sales we're tools our more differentiate that's to So, be helping. giving

James Faucette

you and the Got to will, I'm the kind adjust? you do clearly guardrails, strong prepared and current I got environment change more reputation of right that. built under talking established discipline to appreciate maybe then, and this And of, you it, it. and I do circumstances, how things -- what find started the off plays and generally, ultimately think your right start an Bill, you've current about and able the incredibly discipline SS&C, And have what acquisitions how then, look, be guess to time thinking out at do you advantage about of to to the right moves and things being take at ultimately when around of and environment if

Bill Stone

again you work, James, I businesses You buy. have we mean right. have to people it, the know can to find that -- you do -- just have ultimately it know we can

and investments to then at then them acquire -- can better if to know We we of businesses ultimately to get number making grow then -- have and help know -- have them. get -- can and -- see looked then different a

to We stay equity have private to industry. close the

divisions want improve to have margin We a really in they scale with rid or profile. that large of get institutions their can us close that ways venture to want stay joint financial to

are But So, there path it. revenue I is accretive think -- of it's that are the to it's a of deals, right. things mean I growth. acquisitions, drive kinds a the work, about -- very at lot number of having discipline that looking that it's those

know not -- You the is the turning on this additional our it's we -- to focus business, could focus businesses. buy isn't into do what not on

lot a We businesses. of have

clients. We XX,XXX have

up-sell opportunities, right. We have tremendous cross-sell and

to environment market be able team, developers product, product, right. best, product, raise this sell housing, deliver build We development tremendous prices, where have product, create to need the We right. to the right. need the We entire we're

XXXX, a So we when Administration AUA. have went into in we didn't Fund dollar in

largest a and where same we keep in depth as in lot Carl, the work up to and quality you like estate, trillion, private can $X and there and a know, and people with lot a through equity job has of and add Administrator, and great Chris places execute capability bunch just done Rahul at [ph] bring Fund got you the a marching of Moody others, have real and we Kanwar, Brigesh then in to breadth people Eisner and we $X.X also and that deploying Maldiv fast a great Now both fast, hedge we're you is of now that Madpak like we're billion XXXX. it's thing, Rene do and moving get and

James Faucette

much. Thanks you a Thank Bill. very lot,

Operator

next Thind comes Surinder Jefferies. the from question line from of Our

Your open. line is

Surinder Thind

guys. question the taking for Thanks

that impact that provide sense and maybe how the any maybe And you fits on into about pricing a there talk color focus then hold that in can thinking you would be and from of year bit helpful. following the little think strategy in perspective on we growth. the about Just annual should have up you around any Can pricing to terms a on that there is you it off about if is an this comment COVID increases revenues clients about how be basis? asked there

Bill Stone

you that want Rahul, one?

Rahul Kanwar

Yeah.

pretty reasonable customer to both has we earlier, the and So, thus and year constraints, it to going and been new it SS&C far, first but the to extent gone obviously mentioned pretty respect we've but we now and last and process year was a well. conversations that they've was last conversations the going hasn't well to I that than customer, to are in that the a and this time, it was the we're be that have that us, there had, that try as some are, going annual work, have been for really of different satisfaction make pricing --

Surinder Thind

DST us Got expected remind the can just I quick, in pre-acquisition? a that a terminated then you of just clients modeling guess it. were And for on question, the revenues impact XXXX

Rahul Kanwar

It's for the year. full -- million $XX it's

Surinder Thind

you. thank guys. Okay, Thanks

Operator

back at I time. Stone. over questions now will Mr. Bill the this to call further No turn

Bill Stone

-- and thoughtful And again, in for to May. everybody to you thanks execute. early I late Again, April we're look or talking for going you. and your -- to forward Thanks. Thank questions

Operator

call. conference for concludes Thank participating. you today's again This

You disconnect. may now