Hi, everyone. Thank you for joining us for our 2021 Analyst Day. I'm Justine Stone, Head of Investor Relations for SS&C, and we've got a great program for you here today. I just wanted to get started and read the Safe Harbor statement. Please note that various remarks we make today about future expectations, plans and prospects, including the financial outlook we provide, constitue forward-looking statements for the purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of the various important factors, risk factors on our most recent annual report on Form 10-K, which is on file with the SEC and can also be accessed on our website. These forward-looking statements represent our expectations only as of today, November 10t, 2021. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. We'll be referring to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP financial measures can be located on our investor relations section of our website at ssctech.com. I have a slide up of all of our, you know, impressive speakers that you'll be hearing from today. We'll have Bill, Rahul, and Patrick and Anthony, our CTO, kinda give a general overview of our business, financial overview, strategy and our technology strategy. We'll have a short break and then the rest of the business unit leaders will present their respective business units. Without further ado, I welcome up Bill Stone, our Chairman and CEO. Thanks, Justine, and thanks everybody for coming out this morning. As many of you have commented already, it's kinda nice to do something that is sort of the old normal. I'm not quite sure what the new normal is, but this seems a little bit like the old normal. I'm just gonna give some brief remarks around what we're doing and why we're doing it, and where we think we're going over the next several years. I think that the team that you're going to hear from today is the best in the business. You know, we're more than willing to be compared to our competitors, old ones, new ones, newly public ones, and any of the others. We are proud of what we've done, and we intend to continue to execute. Who are we? How'd this happen? You know, I started this company in 1986. In 1986, we did $86,000 in revenue. 2021, we'll do over $5 billion, I think. You know, it's not Google, it's not Apple. It's made me a few bucks and a few other people. It is something that we have focused on pretty completely, if I can get back. We, you know, we have almost 25,000 people worldwide. You know, we train and continuously collaborate to bring additional solutions and capabilities to our clients. You know, it's expertise. If you're gonna do derivative mortgage-backed securities, you better know what prospective and retrospective is. A lot of people that you buy stuff from don't have a clue. We focus on the functionality and wanna make sure that our clients have pure, straight-through processing, right? That you don't have workarounds. I think there's a new company out there now called Clearwater Analytics, right? I think the difference between us is it's the functionality is there. If you need syndicated bank loans or you need interest derivatives, you know, if you need performance, compliance, risk, there's all kinds of things that all of you are insatiable in your needs. What we try to do is make sure you have access to your data, and you have the ability to move quickly with confidence, right? You move quickly when you have confidence in the data, and you hesitate if you don't believe the data. We focus hard on making sure things are reconciled, things are accurate, and things are delivered on time. You know, we have over 20,000, I think, customers now. 20,000 around the world. We have offices throughout Europe, throughout Asia, and throughout North America, and we're proud of what we've been able to do. You know, the largest companies in the world use our stuff and are demanding just like you. We continue to focus on that. Our strategy is pretty simple. You know, the first thing is excellent customer service. People call us, they get answers. They don't get put on hold. They don't get transferred to another country, right? We believe, if I could stay here for a second, that excellent customer service is the key to all things good. Second thing is you gotta deliver solutions. You know, people come to us to get solutions. They don't come to get us to get more problems. They bring us their problems. Our job is to solve them. We bring together the top people in the country and in the world to come up with the most creative ideas, the most cost-effective, the easiest to implement. That's what we do as a business. You know, we're accountants in general. My background is with Peat Marwick. Hopefully, they call it KPMG now. I'm dating myself, right? Our President, Rahul Kanwar, was with Eisner, another CPA firm. That's expertise, and then we marry it to technology. All of the people that you talk to today have an understanding of the technology and the ability to deliver massive amounts of data in a concise way on time. The key to having all this data we have is that you get analytics. You get the ability to push analytics through to our clients in lots of different ways with lots of different data. We're pretty impressed with what we've been able to do and what we'll be able to continue to do with the analytical frameworks and the things that we're doing in order to produce new products and new services that are quite valuable to our clients. I think the top 20 asset managers already use our analytics on being able to sell into additional mutual fund companies, and I think that's something that we'll be able to do completely. You know, because having that technology allows you to go through those reams and reams of data and be able to deliver something that is pretty valuable to our clients. You know, we think being flexible. You know, some people say, well, we're SaaS. One size fits all. You know, if you're AXA Investment Managers or you're Capital Group or you're Fidelity or you're Janus Henderson or you're Millennium or you're Soros, you're different. Generally, that's what makes you successful. You know, cookie cutters start to go down in their ability to have performance, their ability to differentiate. We need to be able to meet that flexibility requirement so that people can be different and offer different ways in which to deliver performance. You know, everything is getting digitized now. It's not gonna change, right? Things are gonna go faster. You know, it used to be Moore's Law was compute power doubled every 18 months. Now, in certain technologies, compute power doubles every 90 days. When do you get on the train? 90 days later, you're 50% effective. 180 days later, you're only 33% effective. All right? You gotta get on the train, and you gotta know when to get off the train. Not simple. You need partners that study this all the time, and that's what we do. That's why we can execute, right? You gotta be able to execute. You know, you can have all the talent in the world, but if you fumble, it's not good. If you drop the pass, right? If you can't remember the play, if you don't know what your role is. That's what we do as a company. We're consultative, we listen, we try to come up with solutions, and then we deliver. We're independent, right? As I tell people all the time, don't use your fund administrator and your prime broker, your fund administrator and your custodian. You know, if someone's gonna rob me, they're gonna have to collude. It's not just gonna be one company, it's gonna have to be two, you know? That usually doesn't happen, and that's the key thing in internal controls. It's what they'll tell you. Separation of duties, right? Don't have the people writing the checks reconcile the bank accounts, right? That's not a good practice. That's what we do as a company. You know, we have this world-class technology, and I stole this slide from Anthony Caiafa, who you'll hear from in a few. He can explain it a lot better than me. What it does is it shows what all the inputs and all the outputs and then what we do in the middle, right? that you have the ability to have information at your fingertips in a cybersecure way, you know, using microservices architectures and other architectures and, you know, artificial intelligence and machine learning and, you know, natural language processing and robotic process automation. All the buzzwords. There's more change happening in technology in the last five or six years since the mid-1980s. The mid-1980s is when Novell Networks first came out. PC Networks. That's really what we use now. It's a little different. They call it cloud, but it's just a request going out to a, you know, farm full of servers, getting your information and delivering it back. You know, when they first came out with the Internet, there wasn't any interface, so people didn't use it very much. Now people can't live without it. It used to be if you left your home and forgot your wallet, it was the end of the day. Now it's if you forget your iPhone, right? The world just changes and you have to stay adaptive to it, and you have to be able to do these things in a way that is delivered in a clear and concise ability. That's what we've done with all of our technology across all of the products and services. Sure, we have a lot of products and services. We have a lot of demands. Our clients are sophisticated. You know, they want answers, and they want answers kind of on demand. That's what we've been able to do as a company. You know, when you look at this, 40+ fund administrators, they run the same software we do. You get that one later. You know, nine out of top 10 prime brokers. You know, we do 95% of all the municipal bonds are structured on our software, $2 trillion in regulatory filings. You know, this is a big, sophisticated company with lots of solutions that our clients rely on. Most of them are critical. They have to do them if they're gonna be in this business. They don't have a choice. It's not a nice to have, right? It is the entree, and that's what we do, right? So we, you know, the top 20 largest asset managers, right, you know, do our distribution solutions, so they get statistics on who are buying what's the most important areas. That, that's something again, that we've done as a company for the last 30 years. I know these numbers probably are in the middle of your portfolios as far as statistics are concerned. We're pretty proud that we've had cash flow from operations since we went public in March 31st, 2010, grow at a 30% CAGR. That's over 10 years. Our stock performance at 23%, EPS 24%, adjusted revenue growth at 28%. That's not over a quarter. It's over a decade. You know, that again is what allows us to keep and continue to deliver solutions to our clients. You have to invest in your businesses in order to be able to grow your businesses. At SS&C, we invest and we invest heavily, both in our people, our process, and our technology. You know, the world's changed a lot. I don't know about you, but I didn't know what COVID was. You know. I do now. COVID, people work from home. You know, are we demanding everyone come back to our offices? No, we are not. Our workforce is the most important asset we have. We're gonna do what it takes to satisfy our workforce. Our workforce understands they're gonna do what they have to satisfy our clients. If we satisfy our workforce and satisfy our clients, something tells me good things will happen to our shareholders, and we're quite shareholder-friendly. 2020 was an odd year, very odd. You know, and we got through it. You know, we were able to move thousands and thousands of people to home. We were able to deliver to our clients and meet the objectives of our clients. A number of the large financial services companies that have operations in India said it was a disaster. It wasn't for us. Those are our people, our employees. We use very few contractors. The reason we use very few contractors is we want to pay our people. We want to be responsible for their bonuses. We want to be responsible for their equity awards. We wanna be responsible for their raises, not some third party that gets to decide. If you work with us, we don't triage. You work with a third party, Bill called. Bill who? Bill Gates? Bill Stone? Who? They don't know. They got all kinds of clients that they have to triage around. If I call Anthony, and I say, "Hey, Bill's on the phone," he knows what Bill it is, right? You know, so that is something again that drives the business forward and maintains a you know an entrepreneurial culture vis-a-vis a corporate bureaucracy. You know, M&A and SPACs and all this stuff you see has driven asset prices to heights never seen before. You gotta be careful about what you buy. You gotta be careful about what you do. You gotta think, right? You have to do your due diligence. You have to know. Again, that's something we pride ourselves on. You know, we have, as it says here, already signed 12 clients with $5 million+ in annual revenue. You know, we've become a place where $5 million is pretty normal for a deal. When I started, $5,000 was a year-old deal, right? There's a lot of change that happens over time. You know? Winning competitor business. We've taken 250 deals from our competitors since the beginning of 2020. You see all kinds of new startups with more assets. Our average deal size is up over 50%. Our deal count's up 25% since pre-COVID, 2018, 2019. Our lead volume from our website is up 30% from 2020. Those are trends that indicate that our business is strong and that we're going to be able to continue to execute. We understand it's about the numbers. Revenue growth, earnings per share growth, cash flow growth, you know, all in an environment of risk and compliance and ESG. You know, how do we get organic growth? As you see all the business unit managers, and Patrick and Rahul talk about this, is that, you know, we get it. I was trying to stay on the same slide. Everybody knows that the world's getting wealthier. That helps us. You know, more and more launches helps us. Larger launches helps us. You know, COVID caused a lot of our clients to reevaluate how they operate. Do they really have first-class infrastructure to go along with their first-class asset allocation or strategic asset allocation or stock picking or strategies for investment returns? You know, most of the people in charge of money management organizations are money managers. They're not generally technologists or accountants or compliance or HR or all the other ones. So they've all started to reevaluate, do we want people who are experts? You know, we hire 2,000 or 3,000 accountants a year. Our customers might hire two or three. We ought to get better at it, you know? We just think that all the trends in the businesses that we operate are going in our direction. You know, I think the technology has changed the platforms that we all use. You know, whether you're using a bot, whether you're using a something that checks, you know, every five seconds or every three seconds or instantaneously, you know, you have information overload, and it's our job to put it into concise buckets that you can use in ways that you wanna use it and allow you to actively go after it. Then we have the best sales force in the industry. The biggest and the best. They're aggressive, they're smart, they're capable, and they win. We think those things are important. We're gonna continue to think they're important, even as we get more and more woke. Of course, I try to wake in the morning. If I do that, then I can be woke, but I gotta wake first. We're pretty proud of our sales force, and I meet with our sales force every couple weeks. It's energizing. We've won a few deals. We're gonna win a few more. Oops, can't cut me yet, Rahul. I gotta talk about ESG for a minute. You know, we are pretty environmentally friendly. You know, we don't pollute. We take care of all of the used machines. We dispose them in a very environmentally responsible way. You know, we take care of our employees to a huge extent in every way we can. We have very good health plans, and we think we pay well. In today's world, everybody seems to be paying well, so it's great. It's great for the labor market. It's good to pay more. People earn it, you know? I don't ever feel bad about it. You know? I think that's something that we want to focus on. We wanna be an ethical company. We want you to know that's who you're working with. We're gonna do the right thing, no matter what it costs. You know, we engage with our customers across everything that we do. You know, we have more and more board oversight. It's not the greatest thing in the world, but it's something that's very important. You know, it's something to embrace, you know, and be able to articulate what we're doing and why we're doing it. Same thing about cybersecurity and your data. Protecting it, testing our resiliency. Those are the things we're doing as a company. I think over the next several years, you're going to see it increasingly play out in our numbers, and we look forward to working with you over the next number of years and meeting with you again at the next Analyst Day. Rahul. Great. Thanks. Yep. As you can see, you know, and as Bill mentioned, 20,000 customers across the financial services and healthcare industries. Maybe we'll use the computer. You know, I think the couple of key things here. One, if you look at the businesses kinda in the middle of this, you know, many of these would be great standalone companies on their own. We've got the world's biggest fund administration business. We've got the leading hedge fund technology. We've got the biggest transfer agency business. There's any number of them. Right. Really what makes this incredibly special, and I think what you'll hear from many of the business unit heads that are gonna talk to you today, is how we collaborate and bring it all together to deliver solutions to customers so that the whole is really a lot better than the sum of the parts, right? That's the true value in this, and that's what we've done for a long, long, long time. There are also several things that are happening in the world today that are making this really much more positive for our business, right? One, everything's getting more and more complicated. More asset classes, more digital, more geographical regions that people wanna go invest in, regulators, you know, asking for more information, investors asking for more information. There's a lot of demands on our customers, right? When we say they rely on SS&C, that's truly how we think about it. There are things we're doing every day that they need to have to get to the next level in their businesses, and that's what we're doing for our customers. We'll talk about talent a little bit over the next few minutes. You know, what we do as a company is we deliver expertise and we deliver technology, right? That requires us to have the expertise and be able to have a sustainable process to develop that, and I think we've got some differentiating ways in which we do that. You gotta have scale. These are big customers with big problems. We need to solve them around the world. We need to be able to process tens of millions of trades every day. We need to be able to deliver thousands and thousands of data and analytics and all kinds of things that folks are using to run their portfolios every day. We're processing, you know, 1 billion claims in our healthcare business. Folks need to have data that comes out of that, analytics that come out of that, things that help them optimize what they are doing. That's really our business and, you know, as I think will become clear today, and has become clear, there's a lot of opportunity. You know, this is a little bit about how we're organized, and you're gonna hear directly from many of the people on this stage about, you know, some of their initiatives. Really the thing that I would highlight here is, you know, the talent. A little bit building on what Bill said, we really do think we have the best management team in the business, right? A lot of that comes from. There's a whole host of different kinds of experiences here. You know, some of these people came to us from acquisition, and they had seen how different businesses operated. You know, some of them have developed their careers within SS&C. They work well together, and they're responsible for building in their groups the kinds of talent that we need to be able to really take care of our customers and offer them a superior experience. Some of the ways in which we do that and some of the ways in which we make sure that this talent cycle keeps operating to our advantages, one, we're in financial centers around the world, right? We have access to labor markets around the world intentionally, right? As Bill said, we don't use a lot of contractors. We like to have employees that work for us, that are motivated and operate in the same ways that we do. Whether that's in London, whether that's here in Times Square, whether that's in Toronto, whether that's in Mumbai, we are in those markets, and our ability to have in the middle of what is a global, you know, talent process and a hot labor market, our ability to go out and hire thousands of people every year is truly a differentiating quality. It's the development of that talent, right? It's the training process, and we have a proprietary training company that does a lot of our employee training, and we'll talk a little bit about that. The ability to motivate them, give them interesting work to do, build things that, you know, engage people, right? They get to be creative. They get to advance in their careers. We pay pretty well, but we also have stock and equity through more than half of our company, right? There's a lot of things that tie people to SS&C and create this entrepreneurial culture that then translates into good customer service, good sales execution, lots of innovation. Little bit about how we're doing, you know, coming out of the pandemic. As we mentioned in every time I click, it goes forward one, then it comes back. At least we have the pattern down now. I think we're in a pretty good place. Part of the resilience in our business is we were able to pivot really quickly, right? In March 2020, we really moved 100% at home and did not have impact to customer deliverables or things like that. That's a little bit, and Anthony will talk a little bit about how we're set up, but that's a testament to the technology infrastructure and how automated we really are. What we've been able to do since, as kind of a path back to, you know, whatever that end state might be, is our offices are open around the world. We're leaving it up to employees as to, you know, how they use those offices. We're really encouraging them to be used as collaboration spaces. We want people to come in. We want that they have meetings. We want them to brainstorm and have ideas, and then we're flexible about as to where they want to work, as long as the work gets done. The work has been getting done. People have done a great job over a long period of time, and we're really happy about it. That flexibility gives us, you know, that recruiting advantage that we're talking about. We're in labor markets around the world. One of the first things people ask in an interview is, "What's your policy on hybrid and where we can work?" So on and so forth. We're fortunate to have a business that people can work anywhere they would like to. As long as they're somewhat committed, you know, they take it serious, they can do a great job and be very successful in their careers here. Talent's a big part of that, and our post-pandemic operating model is set up to maximize our opportunity to engage that talent. From a customer's point of view, you know, it's information. It's information all the time, wherever you want it, right? It's on your mobile device, it's on a web portal on a desktop. It's an API that some program you wrote internally in your organization needs to consume data. It may be direct access to data, it may be deep links directly into our databases. You know, however customers wanna get data, that's what we're doing. We're taking in inputs, we're taking in transactions, we're taking in all kinds of things. We're adding to it human expertise and machine expertise. We need to be able to deliver it back to them in a way that they would like to consume all the time. Right? That's the value in this. It's harder to do than it sounds, but that's really what this is all about. You know, a little bit, it isn't one size fits all, right? There's a. There are two things going here, push and pull, that's really healthy. One is you have to have scale, right? You have to have a network effect. You have to have thousands and thousands and thousands of customers populating your security master, right? And then you gotta be able to take the attributes of those that are common and spread that across your business so that as we get bigger and as we get more and more customers, the dataset keeps getting richer, right? That's a competitive advantage. At the same time, it's gotta be bespoke enough so that when you are, as Bill pointed out, Millennium or Soros or, you know, any of those other ones, you can have your own tags, you can have your own ways in which you process. You can have us configure and deliver those systems in a way that meet your requirements. I think that ability to kind of find that balance between those two things is something that we've been really good at for a long time. It's also systems that grow with you, right? So they're modular. You can sign on for fund administration services, and then open a data room or go out and use our regulatory services or our tax services. You know, maybe perhaps you wanna have distribution through a retail channel, and then our transfer agency business or our Black Diamond business. There's a lot of different ways in which you can interact with SS&C. What that really means is, for these customers, we are strategic. We're not a point solution, right? We don't deliver one thing or two things or three things. If you were to go through our top 100, 200 customers, you'll find they use seven, eight, 10 of our products, right? That's really all of this interoperating together to create an ecosystem that people want to buy into. When they buy into it, we get the opportunity to not only be a trusted partner, but also grow with them. How do we keep doing what we're doing and, you know, if anything, accelerate? It's, you know, a little bit. It isn't that complicated. We're well set up. We have great foundation. We have lots of things. It takes focus, right? It's a little bit like Bill talked about. We gotta pay attention to our customers. We try to take these things and turn them into systematized processes so that human beings can really excel at them, right? We've got a customer monitoring program. We meet with each customer on a, at least a 90-day kind of cadence. We write down what they tell us. If we have follow-up, that goes into a system. It gets aged, it gets tracked, it gets finished. It's used to improve our systems. We've been doing that for a dozen years, right? It's those kinds of discipline-type things that we really excel at, which then translates into great execution, right? That's what we're gonna keep doing. We've talked about talent, and that's one of the differentiators. The other one that, you know, Anthony will spend more time on, as will all the business unit heads, is people are truly building new products here. They get to be creative. They get to be excited about what they're doing. It's not the same thing every day. That makes it so that we get to hire the best, right? Because we are in labor markets, once again, around the world, we get to hire the best around the world, and those different points of view really improve our products. I think if we do those things, if we pay attention to our customers, we continue to focus on our employees, continue to build and improve the product set, then we've got a path to really great growth prospects over the long term. Just switching gears for a second. You know, we wanna talk to you about our, some of our sales initiatives. I think in particular, really the overriding theme here is that we are spending a lot more energy on the coordinated enterprise sale, right? When I mentioned that our customers use seven, 10 of our products, and we wanna make sure that the new customer, the next customer, whether that's an asset manager or an insurance company or a bank, deals with us in that consultative way so that we can present a solution. That's really you know, when we talk about our deals getting bigger, that's what's happening. What's happening is we get to take many more of our products and services and present them in this integrated way where it's not a point solution. We're an integral part of their operating infrastructure. That's what we've been working on. It requires expertise in the sales process. It requires more discipline. It requires more collateral. It requires making sure that the products and services interoperate in the way our customers would want us to. That's been what we've spent a lot of time and energy on over the last, you know, several years, and really coming to fruition in the kinds of things we're seeing in our sales pipeline. Deep training expertise, not just for, you know, our developers and our operational accountants and things like that, but also for our salespeople. We're using our own courses. We have our own courseware company. We're using that to build the kinds of things that we would wanna teach them to this time it worked out to talk to our clients about, and that's working really well. You know, I think just to conclude, across the company, we feel really good about our opportunity. We're already a trusted partner to 20,000+ people. We have a great set of products and services that are increasingly becoming integrated and becoming holistic solutions that we can sell at higher and higher price points. We're focused on taking care of our customers. We're focused on making sure that our employee base remains very, very strong, very engaged, and our recruitment processes and things like that are going extremely well. We're training our sales force in all the good things we're doing across the company so they can go talk to our customers. All of those things done reasonably well, we think, will lead to a pretty good outcome. Thanks. Okay, I'll try this now. So I'm gonna focus on our business model and how that business model drives growth on the top line and expanded operating margins and very predictable and high cash flow generation. I'll go back to the first slide. When we look at our business, you know, there's multiple ways to look at it, but there are these five major categories that have very distinct pricing characteristics. And these pricing characteristics result in, you know, very predictable revenue, stable, and it's got built-in growth drivers. Our alternative business, which is about, I think, it's about $1.6 billion in total. About 75% of it is our alternatives services business, which is priced based on assets under administration at our clients. And those clients are either billed quarterly or monthly. They've got built-in minimums in all their contracts, and growth drivers as their assets increase. There's also some fixed-fee license deals in there. Those tend to be typically three-year contracts with built-in escalators and price increases at the end of the contract. Very predictable revenue. Our institutional and traditional asset management business, it's about $1.9 billion. The vast majority of that is the transfer agency business. I think it's about $1.1 billion. That's priced, you know, basically by number of accounts that we're servicing and also transaction volume. There might be some special transactions that we do. In addition, there's also our institutional business that we sell traditional term license and perpetual licenses to the clients. Wealth management, which is about $600 million, that's also asset-based. It's typically a fee based on assets or number of accounts. Then our healthcare business, which is about $400 million, that's also a transactional-based business. Typically, it's either volumes of prescriptions or, under you know medical claims, it could be number of members that are serviced under the plan. That pricing model and our proprietary technology and the complexity of the business that we deliver drives very high margins. Think if you look at the chart, in 2008 we made three major acquisitions. We. DST, Intralinks, and Eze, and our margins were a little under 37% at that point. Over the next three years, with our revenue growth and cost control and consolidation of these businesses, we've drove margins up over 400 basis points. All that results in EPS drivers in our business. You know, over the last five years, I think Bill mentioned the last 10 years, but even over the last five years, we've had about 25% CAGR growth in our EPS. This year to date, September will be at about 19%. All this has been driven by revenue growth, a very disciplined acquisition strategy, cost controls, deleveraging our business and reducing our interest costs after the acquisitions, and most recently by reducing the share dilution with our stock buybacks. On a geographic distribution and currency, we also have a very stable business. The vast majority of our business is in the Americas, at about 77%. But 84% of our total business is denominated in US dollars. We have some foreign currency that affects our business, mostly the British pound and the euro and the Canadian dollars, but we're typically naturally hedged because the cost structure of that business is also in the local currency. The other thing we focus on in our business is cash flow. Bill gets a cash flow statement every Friday, and if I don't get it to him by noon, I get about two emails. You know, it's very important to our business. We have our finance department is very focused on collections, and our business unit leaders are very focused on collections, and that results in very high cash flows. Over the last five years, we've averaged about 111% of adjusted net income in operating cash flow. It's pretty consistent year- by- year. There's some years that we've had a little different effect. In 2018, we had those major acquisitions, and we had some cash flow related to those acquisitions. In 2019, we had a payment for a major royalty agreement that improved cash flow. Overall, cash flow is very consistent year-t o- year and very consistent on a quarterly basis. We also, you know, with that cash flow, you know, we work very diligently to invest that cash flow to return value to shareholders. Our number one priority typically is acquisitions. We've got a very disciplined acquisition strategy. Our focus is that, you know, those acquisitions return value to shareholders. We also focus on paying down our debt to delever and de-risk our business. You know, we've instituted a dividend a few years back, and our target is to have about a 1% yield on our dividend. Most recently, in the last couple of years, we've been accelerating our stock buyback. As we've reduced our debt leverage, we've returned more capital through stock buybacks to our investors. Quick view of our deleveraging history. You know, we did a couple major acquisitions in 2012, 2015, and 2018, and we immediately focus on deleveraging our business. We've taken our leverage, you know, post-acquisition from about 4x-5x to as fast as possible down below 3x. On our margin improvement target, we typically target about a 50 bp operating margin improvement in our business annually. Over the next couple of years, we see certain areas that we can target to improve our cost structure. We currently have a large facilities footprint. We spend about $145 million. This year we started reducing our footprint as we've had kind of a flexible work schedule, home and work for our employees. We think we can reduce it about 15% or 20% over the next couple of years and further in the subsequent years as some of our leases expire, and we can consolidate our facilities. Also in travel expense, I think, you know, as people have come to realize, I think, video technology can start replacing travel, and we think we can start re-reducing our travel expenses from what it was post-pandemic. We also target every year productivity improvements. That's measured by revenue per employee. We typically have a 2%-4% target of productivity improvement. This year- to- date, we're at about 3.5% as we've seen our revenue accelerate. We look at other areas for cost control like vendor consolidation, IT infrastructure, and various other spending controls. I think most of you are pretty familiar with our full-year guidance, but I think what's important is to look at how our business has been accelerating this year. All right. From the guidance we initially gave at the beginning of the year to the guidance we just recently gave after the third quarter. At the midpoint of that guidance, we're seeing a 4.9% improvement in our revenue, about $233 million, 7.8% increase in EPS, and a 10% increase in diluted EPS. As you know, we're carefully managing our business for revenue growth, cost controls, and cash flow generation, and we're clearly seeing our business accelerate this year. I think I'll turn it over to Anthony. Thank you. That's all right. Technical difficulties. Thanks. So today I'm gonna cover a couple of things throughout the engineering update for SS&C. The theme for kind of what I'm gonna cover today is gonna focus on a lot of the new technology and innovation that's going on within the groups. Without a good foundation and a strong foundation to empower all of the engineering teams, it's pretty difficult to achieve, you know, good innovation and a lot of the new products that we push out. Some of the key things that we'll cover are really gonna be the culture for SS&C, some organizational structures that happen, and then a lot of the investments in technology and security that we've done over the past couple of years. You know, first and foremost, you know, our engineering organization, everybody has a few core principles that they focus on every day, and that's deliver scalable, stable, and secure software to all of our customers. Modernize and standardize and automate everything, right? We want every engineer at SS&C to have a voice so that they are heard, and then there's, you know, you're not just avoiding anything, but you're always looking at where we could improve, where we can make things better, and where we could make things faster. Our organization overall is designed for innovation, right? The picture shows that every BU has a divisional BU CIO. Now those CIOs are responsible for all of the technology implementation, the innovation, hiring the engineers, training the engineers and kind of bringing them into the SS&C family of tech. Some of the big things that we do within that is we have a lot of cross-collaboration. There's a lot of tools that have been deployed, a lot of communication and collaboration platforms, and we also have a program that we call Global Pods that give the engineers the ability to communicate with one another, join like different technology groups. Like you could pick Kubernetes or Java or COBOL or some of these other languages that everybody has interest in, and they could come together, build, focus on building standards, best practices, and just really share, reuse, and learn from one another and build a really good foundation and really good community of engineers throughout the organization. At the top level, we have a centralized IT enterprise engineering organization, and they really focus on building out Infrastructure as a Service, our PaaS platform. They help all the different BUs and all the different tech folks with overall architecture and design of all of their platforms. They help with security oversight, so they make sure that when we are developing, we're developing everything as secure as it possibly can. They do a lot of the shared services and the common services that all of the developers need, right? It cuts down on time of the developers having to focus on building some operational expertise 'cause we have an organization that does all of that for them, and they do it globally. It has really given us the ability to push a lot of new developer tooling and everything at a much wider base. One of those big things for us, one of the big foundations, is an infrastructure that we've invested a lot of money and a lot of time in over the past couple of years. SS&C owns and operates data centers. We own and operate them globally. One big component of our data centers is this private cloud. We've had engineers that have built a system where the initial focus has been how do we make infrastructure abstracted to a point where it could be as developer-friendly as possible? How do we make sure that everybody that interacts with this infrastructure can move quickly, build quickly, and not have to wait for the resources that they need to build new applications? This infrastructure is feature-rich user interface and user experience. Everything is fully API-driven, so when an engineer comes in, they will always interact with the top layer and the bottom layer is all managed by the infrastructure team, and nobody has to worry about waiting for resources, waiting for servers. It is a full cloud platform that we drop in all of our data centers around the world now. The infrastructure is extremely consistent, so it makes it very easy to deploy a new data center. It takes days instead of months. This infrastructure is by the end of Q3 of 2022 will be SOC 2 compliant, which will be huge for a lot of the software that's deployed onto this platform. Another area that I think is really important is our security. Now this is kind of how we did in 2021. The security organization goes through thousands of DDQs a year, and that's answering all the different RFPs, all the different questions, all the different security questionnaires that come in from all the organizations. We have daily threat briefings. We do global testing. We have BISOs that are aligned to every different business unit. We have hundreds of penetration tests that go on all year long. We have red team, blue team exercises, which essentially means that red teams are bad actors and blue teams are good actors that are trying to defend all different portions of the infrastructure. Next slide, we'll talk about kind of a lot of the tooling that we're using. You know, the big thing here is that we have a security group that goes through 3 million+ lines of code in 2021. They're constantly looking at the code, constantly looking at everything that's going on to ensure that everything that we've been doing is secure. Our information security practice is using the state-of-the-art tooling that exists out on the market today, right? We have a global SOC SIEM that is 24/7, 365 days a year, eyes on glass. We have individuals that are sitting. Now they're sitting remote, but you know, originally were sitting in secure rooms that we have within our facilities and within our data centers, and they're watching all of the threat intel feeds that are coming in from the outside. A lot of the other components that you see here is one big piece. In 2021, we've automated our compliance and GRC tooling. That has been a big focus area. On top of that, we have quite a bit of other, you know, state-of-the-art tools that everyone is using now in the industry. Mandiant FireEye and GitHub does all of our code scanning, and again, our code is being scanned all day long, every day. Proofpoint for exterior protection. The nice part about this is that we've simplified our stack, right? The simplification of the stack gives us the ability to see all alarms, all alerts, and everything that gets fed out of our technology environment. Here is just an overview of some of the new products that are being pushed. You know, a big theme that you'll see here is that all of the infrastructure previous to this and the security, it's all embedded in everything that you see here. A big thing that you'll notice is everything here is cloud native. We're using AI and machine learning across the board for everything. Everything is microservices-based. We are using, you know, all of the latest Kubernetes containers, Kafka, all of the different big data systems and all of the, you know, orchestration components that every organization's using today. That's how we build the foundation of all of the technology here at SS&C. As it's scalable and secure, we have the ability to deploy it as much and as far as we need to. Now everyone gets a break. Thanks, everyone. We're gonna take a quick 10-minute break to get the rest of our speakers mic'd up, and then we will dive into our business unit head presentations. We will open it up to Q&A at the end of all of the presentations, both virtually and in person. Thank you. With evolving industry trends and rapid market changes, we developed innovative robust solutions that work to shape the future of... Hi, everyone. If you could take your seats, we're gonna get started again. We're gonna go through several of, you know, our biggest and most exciting business units that we have. You know, we ask that you save all your questions for the end of the session, and we'll be taking questions both virtually through the webcast platform and from our live audience. I'd like to introduce Ken Fullerton, who heads up our SS&C GlobeOp Hedge Fund Services. Thank you. Good morning, everyone. My name is Ken Fullerton, and I oversee the hedge fund administration business within SS&C. To begin with, SS&C is the world's largest fund administrator, with over $2.2 trillion in assets under administration, of which the hedge fund component is a little shy of $1.4 trillion and contributes about $800 million in annualized revenue. We have a very diverse client base, with over 1,300 unique clients covering various investment strategies, asset classes, geographical locations, and fund structures. Everything from commingled funds, managed accounts, private clients, asset allocators, and managed account platform providers. The last 12 months, we've seen some healthy growth in both AUA and revenue. We've also witnessed a change in the complexion of our client base. Hedge fund managers, private fund managers are now offering hybrid funds, so essentially an amalgamation of the two fund structures, combining the typical hedge and the typical private equity funds. We've seen managers who historically would only offer commingled funds now offer managed accounts in response to investor demand. We have managers who are now venturing into different asset classes and investment types. This has all been precipitated by the managers' pursuit to attract new capital and retain existing capital. I should do that, right. Some of the key differentiators that we feel are competitive advantages for us are noted here. I'll just touch upon a couple. As Rahul said, we own and operate our own technology. You know, more and more our clients and their investors are demanding information more frequently and more transparently. We have the capability to provide that information based upon the technology platform that we operate. It also enables us to remain more nimble in responding to client requests, the increasing investor demands, and the ever-changing regulatory landscape. We have over 5,000 global professionals, and we tend to be, as Rahul said, in the large financial centers around the globe. The combination of that allows us to provide a true follow the sun operating model and a highly customized high-touch service for our clients, resulting in a high level of client satisfaction. Some of the trends. The graph on the left is the SS&C Forward Redemption Indicator. We publish this monthly, and it represents our clients' investors forward redemption notices into the funds on the SS&C platform. It generally serves as an indicator of the level of confidence in their allocations towards the hedge asset class. You can see over the past 12-15 months that sentiment has been largely positive. The graph on the right illustrates the assets under administration growth. Again, you know, part of that is obviously due to, as I just mentioned, a more positive bias towards the hedge asset class. But certainly a reflection of significant organic growth, new clients coming on the platform, performance-based AUA growth, and existing clients launching new funds on the platform. Again, you know, a strong indicator of client satisfaction. Managers are continually under fee pressure, whether it be from wage inflation, the development of custom portfolios in response to investor demand, the increased regulatory burdens or just overall pressure from investors to lower fees. Managers are continually you know evaluating, reevaluating, and making decisions about services and the function that they currently perform in-house and looking to leverage other providers such as SS&C. Some of the areas of increased interest in terms of outsourcing are around treasury, middle back-office solutions and technology services. Managers you know have been compelled to find alpha in areas that were often overlooked, which has brought treasury operations to the forefront. Managers need to know at any given time where they stand with cash resources, margin and collateral commitments, security financing. If they do this effectively, they do this effectively leveraging SS&C's capabilities, they can transform an operational burden into operational alpha. Middle back-office solutions. You know, clearly SS&C is well equipped to handle the large outsourcing mandates around investment accounting and operations, but also very flexible and equipped to handle some of the more bespoke one-off type of services, whether it be around loan administration, collateral management, regulatory filings, and many, many more. Around technology services, you know, consistent with the theme of just, you know, being cost conscious, expense conscious, managers are looking to address the technology spends, right? Particularly in non-core competency facing technologies, risk management. They're looking to derive scale, leverage expertise around the deployment and the management of technology. Again, SS&C is well positioned to support these increasing trends. Part of it is our continued investment in technology. Some examples and, you know, folks mentioned it before around artificial intelligence. We've developed our own proprietary natural language processing tool that reads structured and unstructured data from third-party portals, emails, and digitizes that into an easier, digestible or consumable format. We use that across various operations. You know, our loan operations team uses to read thousands and thousands of agent notices on a monthly basis. Again, digitizing that into a much easier consumable fashion within the underlying applications. We also use it in the fund -of-f unds business as well in a similar fashion. We've employed machine learning, you know, across various operational departments, reconciliation, trade processing, wire processing. Utilizing that technology, and it allows us to identify the historical patterns and trends, and offer recommendations and in many cases, corrective actions for those defective transactions that we may receive. These two technologies really, you know, form the basis of a new technology initiative within the fund service group. We refer to it as GoCentral, and Bill referred to it last week on the earnings call. GoCentral is designed to provide operational efficiencies, improve timeliness of processing by providing more transparency around the NAV production cycle and NAV anomalies, and overall reducing operational exceptions. In addition, we've also enhanced how we interact with our clients' clients, the investors. We've deployed self-service features and capabilities in our investor-facing application called GoBook Investor. Again, designed to, you know, aimed at facilitating a more seamless transaction processing on behalf of the investors, you know, specifically around capital activity, facilitating the ease of getting into and out of the fund, right? I think, you know, when I think about the competitive advantages and the trends we're seeing both within SS&C and, of course, the industry at large, coupled with our continued investment into the people, the process, the technology, you know, it makes us feel quite comfortable and quite frankly, enthusiastic about the outlook of the business. With that, I'm gonna turn it over to Bhagesh, who's gonna cover the private markets section. Thank you. Hi. Nice to meet you all. My name's Bhagesh Malde, from the Private Markets business at SS&C. Just take you through a little bit of what's been happening in my business over the last year. In the middle of the year, we combined our Real Assets business with our Private Equity business. We did that for several reasons. One is that our clients were organizing themselves in a similar fashion, bringing those businesses together. The Real Assets business, which we started four years ago, had gained a lot of momentum in the marketplace and had its own reputation, and we felt it was a good time to bring those two together to achieve more scale. What the combination gave us is a stronger combined management team, a far greater global reach, and bigger scale as well. We saw more and more clients over the last year buying combined services across Private Equity and Real Assets. You can see the stats on the business here. Revenue growth continues to be good in 2021. Private Equity business is growing at a double-digit percentage growth rate, and the Real Assets business at about double that rate. What we've achieved this year is created more scale. We've really focused on expanding our bench of talent in Europe and Asia. Both of those markets are growing at around 20% revenue growth for us, and we think there's a lot more to gain from those regions. We've had a lot more competitors appear in the marketplace, a lot of them diversifying outside of hedge funds into the private market space. What we've been doing is more and more added more and more product to differentiate ourselves from our competitors. I wanna talk about that in a second. A little bit on the industry trends. These graphs are from PitchBook, and they represent half a year of 2021, so don't be deceived by the last column there. Debt funds, real estate funds, and other real assets funds are all set to equal or exceed the capital that was raised in 2020. Private Equity, you can see, is having a fantastic year and is set to exceed its record of 2019. The backdrop for my business is very strong from an industry trend perspective. However, even in 2020, where it was a little bit depressed, it didn't affect our pipeline at all. Our pipeline increased in 2020. Quite often, what happens is when our clients experience some pressure, they tend to outsource more and look at more efficient options like SS&C. I have a lot of confidence for the next several years that no matter what happens with fundraising, my opportunity space will keep increasing. You know, I think that's sort of only compounded by the fact that managers are getting more and more competitive with each other in servicing their clients, the end investors. The desire to improve the in-investor information leads them into our arms, where we have lots of technology solutions that could really help them. The other trends at the bottom of this slide, you know, ESG requirements, data integration, retail alternatives, and expansion into other asset classes also falls into SS&C's favor. We have, as you just heard from Ken Fullerton, very strong hedge fund servicing business. When complex hybrid clients come to us looking for tailor-made solutions, we're probably the best provider in the marketplace to combine elements from our hedge fund platform with our strong capabilities in private markets and create a world-class solution for our clients. That's an expansion area we're seeing. More and more of the clients are pushing out into retail alternatives. There again, harnessing the energy of SS&C, we tap into Nick Wright's business, where we're the biggest transfer agent in the world. We can really provide that comprehensive solution to clients that are going after the retail client base from a traditional perspective, where they only focused on institutions. Talk a little bit about the key initiatives I have for this year and beyond. Business is good, right? We wanna do more and more. I talked about differentiating ourselves from our competitors, and we're expanding our product set. We're introducing new solutions like data analytics, drawing upon the treasure chest that we have inside SS&C in terms of capabilities, and really harnessing that towards the private markets audience. We've expanded into middle office services for private markets clients, where we go down below the fund structures just above the investment level. Again, something that our competitors don't do. We try and give our clients an edge over their competitors by improving the information they can give to their investors and by making their middle office and back office more efficient. When you combine all of those capabilities that we have, it makes us, you know, pretty much the best provider in the market right now. For us, I think the simple task was to increase distribution. We've been doing that with Eamonn Greaves and the global sales force that Bill mentioned by really expanding the number of salespeople focused on the private markets industry. That's really helped us greatly increase the size of our pipeline. We're very optimistic about 2022, so we're adding more salespeople in Europe and Asia, which are our fastest-growing markets as well. I think the combination of real assets and private equity also has been able to create more scale for us. We've got deeper management bench in all regions. The technology capabilities that we have inside the firm have really allowed us to do more straight-through processing, reduce risks for our clients, and give us an edge in the marketplace. You know, also in that same vein, we've looked intelligently at areas that we can functionalize in a smart way, and we found more and more opportunities to do that. Partly, we do that by learning from our colleagues on the hedge fund side and bring more frequent processing into the private market space, where traditionally that didn't happen. The third element here is innovation. I talked about the expansion into the retail alternative space and, you know, most industry pundits predict that element is gonna increase to $2 trillion by 2025. An example of that is Blackstone, who raised 25% of their capital from the retail market. We see more and more of our clients trying to emulate that, and we have ready-made solutions to allow them to do that. Another area where we've been benefiting is by working with our colleagues in SS&C and Intralinks. We've been approaching the market in a joint fashion. We cross-sell to each other's client base. We've been learning how to do that this year, and that's part of the expanded agenda for 2022 as well. In terms of international expansion, I mentioned already we see a big opportunity in Asia and Europe. Those are small regions for us today, and they sort of mirror overall SS&C penetration of those regions. But I also said they are the fastest-growing markets for me. I think our competitors are softer in those regions. We're much stronger, so we've been building our management teams and our distribution capabilities in those regions. Anything we see, the greatest growth opportunity space we see is also in the credit space. Again, it's another area where we distinguish ourselves from our competitors by combining the solutions that we have within the firm, primarily from Ken's hedge fund servicing group and loan servicing groups as well. In terms of what we're focusing on, also for next year, we see a big increase in the secondaries market in the private markets client base. A lot of the leaders in that industry are talking about launching large secondary platforms, and we're positioning ourselves to address those. I'm out of time. Thank you. Gonna hand over to Nick Wright. Good job, buddy. Good morning. Nick Wright, Head of Global Investor and Distribution Solutions. You may have sensed a slightly different accent, so hopefully that still works with everybody. We'll go through this. The business line, along with, you're gonna hear from Kevin after me, came out of the legacy DST business. Traditionally, transfer agency, but has evolved more into generally servicing the end investor. Whether it's an end investor investing in a mutual fund or a wealth management practice or a platform, that's the business we're in. We do that in lots of different ways, and I'll talk you through how we do that. We have a great set of clients. You know, Bill talked earlier about the largest asset managers in the U.S. globally, and they are our clients, and we're fortunate enough to have them as clients. A number of those clients are actually the same firms that a number of you work for right now. We've had really good momentum recently in terms of managing to renew those clients. You heard Patrick talk about the revenue and how that flows in. You know, just this morning, we've had one of our largest clients renew with us for another 10 years. That's the revenue that sticks with us, and we'll talk about that as we come forward. Some real momentum in that space. In terms of where we are now as a business, one, obviously, you wanna retain the clients you've got. Secondly, you wanna gain new clients, but you also wanna move up the value chain. A whole lot of what we're talking about, now we've got those relationships, it's working, it's working well, is how can we bring, you know, the massive breadth of product that we have in the broad organization into play. The industry trends, you'll see here market share. We called out U.K. and U.S. because they're where we've got most. We are the dominant player in that transfer agency space. It's critical business for us. We invest lots. I'll talk about some of that we do on the technology side and how we do that, but also in the people. You know, we employ a lot of people. We've got the market-leading expertise all around the world in doing that and driving it forward and taking it to the next level. We'll continue to invest in that. There are a couple of trends, right, in this space. You know, a number of you will invest in mutual funds, and then you may say, "Well, actually, I wanna put it in a brokerage product. I'm gonna go via a brokerage platform, or I'm gonna put it into a retirement product." Kevin will talk about some of those things. Globally, those end investors are shifting where they're going. You know, we're in a great position that it doesn't matter to us where they go. Whether they stay in a unit trust in the U.K. or move into a Lux SICAV or go via a wealth manager or via an insurance product or via a superannuation business in Australia, we've got all bases covered. The fundamentals are the same. It's about making sure that end investor, when you interact, that you're getting the service you want, and that's what we're focused on. Yes, all of us are focused on servicing our clients. Critically, we're focused on serving our clients' clients, and that's where, you know, I spend most of my energy as we look to do that. Then Bhagesh talked about consolidation in the industry, right? Lots of that in the last, what, week. I think we've seen three large traditional asset managers announce they're in talks to acquire alternative managers. You know, we are with my world, Ken's world, Bhagesh's world, we're uniquely positioned to cover all of that. Exciting trends ahead. In terms of. Hold on. I was arrogantly thinking I'd have this control over these slides, but we're all as bad as each other, I guess. Just call out four main initiatives we're working on. Like the rest of us, we could have put up 20 different things on here that we're working on, but these are four pretty consistent themes. One's around technology. You'll have seen when Anthony spoke, you know, one of the initiatives was called Lyric, and that's our initiative to modernize the technology. Not modernize 'cause it doesn't work, right? You talk to our clients, they love the functionality. They love the resilience of it. They love that it's always works. Modernize it and get it onto more modern technology, so we can globalize it more, so we can be true 24/7 as we move forward, so we can future-proof. Two years ago, we wouldn't have known what the world was gonna look like right now. Right now, we don't know what it's gonna look like in a year's time, let alone five years' time. What we can do is build the technology and the solutions, and we've got every base covered. That's really what we're looking to do there. We touch on the digital capabilities. Digital's critical to us, and we've got leading edge doing all the things you'd expect with, be it selfie onboarding or all of those sort of things. Equally, being omni-channel, and what we mean by omni-channel is let's make sure there are still people out there who want to send in a letter. There are still people out there who want to pick up the phone. You know, we got a team of people with roughly 6 million pieces of post a year we get in. We process that. Now that's one of the few things that, of course, we needed people to work through the pandemic and come into our office. You know, our teams have done a fantastic job around that. We're answering roughly 2.5 million phone calls a year. It's evolving into web chat, those sort of things. However that end investor wants to engage with us, whenever they want to engage with us, that's what we're doing, and that's what we'll continue to do and build it out. Geographical expansion, similar to Bhagesh's point. You know, we called out U.S., U.K., we've got great capabilities elsewhere in Europe and North America, but we wanna build out more, and we'll look to do that, especially in Asia Pacific. We've looked at Australia, other places, and we'll build that out as we go. Excited about that. Integration, Rahul called it out as a theme earlier. Lots of what we're doing across the business lines as we talk to asset managers, wealth managers, what we're looking to do there. The example here where we talk about the $200 million in your deck is really where my world is working with Karen and Steve's world around providing an end-to-end proposition for wealth managers. We provide all the front office technology, we provide all the digital interface for advisors and the investors, and we provide all the back-end processing support around that. We're also in Christy Bremner's technology organization, we've partnered together. We're talking to a very large multinational where we've signed up to do work with them across multiple different things. Then that consolidation with the alternative space. Lots and lots we're doing in that space. Then the last one I call out here is really around the life and pension propositions. This is really around insurance, and this was a key area for us. You know, Patrick touched on his slides earlier about, you know, we are still acquisitive, and we've integrated lots of acquisitions. Capita is a good example of that. It's given us extra capability, and we're really seeing that build out in terms of how we move forward from here. Lots of exciting things. We're pretty proud of the business right now. I'm gonna pause there. I'm not allowed to answer your questions, but I'm delighted to take any later. With that, if I can see him, I'm handing over to Kevin. Thank you. Good morning. I'm Kevin Rafferty, General Manager of Retirement Solutions. I wanted to spend a little bit of time talking about how excited we are about our business. It's been an amazing couple of years of growth, and we really see some of the trends that are going on in the industry as something that's really gonna continue to build upon our ability to execute and to grow the revenue of the business. I mean, how can't you be excited about a business that all of the major products in the industry are based off of IRS tax codes? You have 401(k)s, 403(b)s, 457(b)s, so it's extremely exciting. you know, in all seriousness, I mean, when you really step back and look at our business, over the last couple of years, our team has worked really hard on positioning us for growth. What that then allowed us to do is to sell some of the big deals that we've sold over the last 18 months because we had referenceable clients, which not only was important for our business, but just generally referenceable relationships across SS&C, and we were able to leverage, you know, both Bill and Rahul in some of these large opportunities that we were working on. You know, as consumers, you know, we've come to expect personalization, personalized cost-effective solutions in our daily lives, and that's no different in the workplace savings programs that exist today. Our focus is on providing the engine to power workplace savings and help millions of Americans pursue a more secure retirement. When you start to look at our business and what we do, we help facilitate the processing experience for participants. I think Nick mentioned that, it's the end investor, and in our case, that's the plan participant, you if you own a 401(k), plan sponsors, the advisors, during each phase of the retirement life cycle. We also then get involved, including working with the participants as they move into that decumulation phase, which is related to when they start to take their money out, and then we help them to make decisions to ensure that their assets are gonna last for a lifetime. You know, we're really excited about the types of things that are going on in the business. We had a big year in 2020. We had a very successful and strong year on execution in 2021. The growth, the number of participants, the metrics of the business continue to grow in an exciting way. Our real competitive advantage in the space is that the breadth of our solution far outweighs any of the competitors in the space. I'll touch on that in a moment and why that's important. When you look at it goes beyond record keeping into tools for the advisor, communication tools for the participants. It's also tied into our robust financial wellness platform and some of the work that we're doing with kids on taking that product into international markets as well. There we go. From a trends perspective, I mean, you know, this is a business that really does base a lot of its activities and the things that have gone on, especially in the last couple of years, off of the trends and the regulatory environment. If you look at the industry itself, you know, up until 2019, the last major legislation that affected and drove the industry from a retirement perspective was in 2006. Then in 2019, the SECURE Act came out and allowed us to really become more flexible with multi-employer plans and pooled employer plans. What that drove was the opening of 401(k)s for smaller businesses. The new legislation that's coming out in SECURE Act 2.0 is gonna take that further because it's gonna deal with automatic enrollments into that same size client. If you really look at it's small businesses and who participates in the marketplace. That's when you're gonna see not only the assets get driven up in the marketplace, but also the number of participants and people that can participate in whether it's a 401(k) if you're, you know, in a corporate environment or a 403(b) or 457(b) if you're more in a government or not-for-profit type organization. I wanted to spend a minute just kinda talking about, you know, the growth that we've had over the course of the last year. We've signed five new recordkeeping clients in the past eight, call it 18 months. It's gonna grow the revenue of the business significantly as we bring those plans onto the business. More importantly, what it's done with those relationships is it's allowed us to continue to invest in a significant way in our products. Each of the clients that we signed up has allowed us to put additional revenue in those deals that then helped us fund hiring new developers, hiring new support people. I'll talk about one of the examples in a minute, where we lifted out a number of their employees to become part of our team to then support the business overall. When we really look at the digital solutions and the capabilities that we're providing into the marketplace, it really touches on everything, the participant, the plan sponsor, and the advisors. It's really growing in a significant way in terms of our investment in that area. As I mentioned earlier, we're working on a project with Nick's team on global financial wellness to be able to expand the breadth of that product offering as well. The other thing that's important about the industry is around, again, this is tied to some of the legislation and some of the flexibility that this has allowed, but it's getting into what we reference as decumulation or retirement income solutions. We've always had a solution around retirement income, but it really hasn't had as much uptake as the growth that's now taking place and the number of prospects that we have that we're working with on those sizable deals. That's all tied to the decumulation phase when you get to retirement, and you really look at it from a baby boomer perspective and the demographics and how that's getting driven into the marketplace and why that's important to us. One of the other things we did just to make sure we could deal with that is we created a partnership with and created an industry utility with Income America, and then partnered with Nationwide and Lincoln Financial as the insurers, as well as American Century and Prime Capital to help us really drive the products out into the industry. We see that potential growth is gonna be significant over the next couple of years. The other part of the business, and this again is tied to what's happening with the expansion of 401(k)s, and it also, to some extent, is what's happening in the marketplace as it relates to, you know, everybody's changing jobs and you're, you know, as a... I stay away from the great resignation, but the great migration maybe to different jobs. That's really driving our rollover business, and you see it starting to see a significant amount of activity in that area for us as well. Now, our product today is designed to really deal with the end participant. We have partners that focus on that, but it's really driven by what a specific participant will do and move from a business. It's a $20 million business for us, you know, but it's not the significant size of the business when you start to look at what other activity starts to take place in that space. We're expanding our solution to be able to handle the and work with the advisor-driven marketplace, which is really gonna help the growth of that particular product area. In this case study, I wanted to share this because it ties into a couple of the large deals that we signed last year, and very similar in the same respect that it really was driven from our ability to provide referenceable clients that had similar experiences, but quite frankly, not quite as large as these two particular deals that I'll mention here in a minute. This one specifically is in the public sector space and is an organization that was running a platform in-house from one of our major competitors. Their cost controls were out of whack, their ability to upgrade the technology was kinda strained, and they were really struggling with what they were gonna do to be able to move their business forward. They had an initiative to rebrand the business, focus in a much broader way, and so we engaged with them, spent about two weeks with them, really a deep dive, understanding some of the things that we could do. Out of that came a need to not only take advantage of the capability, the breadth of the capability that we offer beyond just recordkeeping, but also then the amount of money that they've helped to fund additional development for our product area. This was a great opportunity for us. We're in the middle of implementing the solution right now. Things are going really well. It's something that we're really happy about. We have one that's of similar size that we're working with. It's an insurance company, and they're the same kind of thing. They had a legacy platform. They wanted to expand into the advisor-driven market, and they needed a solution that had breadth and capability for us to be able to help them with, and we were able to do that. Excited about the business. It continues to grow and, we're really looking forward to the next several years. With that, I will turn it over to Karen and Steve. All right, you wanna drive or? Sure. All right. Hi, all. Good morning, everyone. If you can't tell the difference, I'm Steve Leivent. I'm Karen Geiger, and we are the Co-General Managers of the Advent business. We figured we'd start off by giving you a little bit of an overview of what the Advent business looks like today. At a high level, you know, we support 4,300 clients, a little over $500 million in total revenue. We're really, you know, focused on three primary segments of financial services. You know, in short, we provide the accounting systems, the trading systems, and the ability to communicate with end clients, and we do that for the wealth management segment, asset managers, and of course, you know, the alternative manager market. Black Diamond, it's really the tip of the spear of our wealth management-focused business. It's, you know, we consider it the leading platform for advisors to be able to engage with their clients. AIS might be a new term that you haven't heard. It is, an acronym for Advent, the Advent Investment Suite. Really, Advent's original mission and you know what that is, it's a rebranded capability sold as a suite, which is basically APX and Moxy, our accounting and trading system for SMA managers and long-only asset managers. Geneva is our platform that is targeted to the alternatives managers market. The last one that you see there, Genesis, is actually a newer platform. It's a cloud-native platform upon which we're building a lot of our new capabilities, particularly targeted at the asset management market. It's also gonna be providing the technological underpinnings for our modernization efforts of many of our legacy systems. Good deal. We figured we'd break up a little bit of the market landscape into sort of, you know, two main buckets. The first one and the chart you're looking at on the left, it's data that we lifted from the 2021 Cerulli Report. Basically what it is, you know, talking about is the growth of the independent advisor and you know, what we've seen in that marketplace. You know, the summary here is that, we've seen assets controlled by independent advisors grow at a little over 8% on a compound basis over the last two decades. Today there are around 30,000 independent advisors, 17,000 that are, you know, ultimately regulated by the SEC, and another... I'm sorry, 13,000 regulated by the SEC, and another 17,000 that are state regulated. You know, there's a lot of tailwinds to our business focused on advisory. Within those tailwinds, we're seeing a bunch of other trends, right? Probably no surprise that we're seeing a lot of M&A in the space. There's some private capital that has entered into the market and is really aggregating smaller independent advisors to create a national brand. You know, we're really focused on creating or maintaining our relationships with the leaders in this space because we think that this is a trend that's gonna continue for the next several years. We're also seeing the role of the advisor shift from, you know, what used to be primarily money management to sort of focused on the holistic needs of their clients and everything related to financial decisions. A lot of our development that goes into our products are really around that shifting responsibility. We'll, you know, touch on a little bit of that later. Third major trend is we're starting to see some large enterprises, you know, national banks, wirehouses that would've historically built solutions for their advisor base, and they're starting to come to us to talk about what we can offer. I think that, you know, that's really a trend of they're seeing the success in the independent market and we're one of the leaders in that space. If you need to bring something to your advisor base quickly, in order to retain them, they're looking more frequently to Advent. We're seeing this disruption of sort of the wholesaling model. Every large asset manager is looking at options for digital distribution. What makes us excited about that is, we think it's another opportunity for a standalone revenue stream, you know, given the size of the client base that we now serve today. You know, all of this, you know, really sums up to say we're pretty bullish on the advisory business and our opportunity to continue to win business and to continue to grow here. We think our reputation will help. Today, we support a little over half of the top 100 advisory firms, as ranked by Barron's, in 2021. Okay, I'll cover some of the trends that we're seeing on the asset management and alternatives side. Very similar to what Ken talked about, continuing to see the impact of fee pressure on profitability even as there are record highs in assets under management in the firms. We actually see this as an opportunity for us, and something that we're well-positioned to capitalize on because what firms are doing in the face of this is turning to technology solutions and evaluating outsourcing. From an outsourcing perspective, we've seen this trend really accelerate since the onset of the pandemic. For our business, these firms are still looking to license technology from us, but they're wanting that delivered as a service, and that service can be on a spectrum. It can be just the hosting of the software. You know, we don't wanna have our own servers anymore. You take the software, and you manage it, monitor, and upgrade it. Or it can go all the way through to business process outsourcing. We're seeing a lot of demand. It's growing demand for Advent to take on some of the tasks that are not in the firm's core competency. That could be data management, handling the daily custodial or prime broker downloads. Could be reconciliation. It could be handling exceptions. We see a lot of momentum, and that's a growing area of our business. On the technology side, we also see this as a trend that's accelerated over the course of the pandemic, where there's a lot of digitization happening around workflows that used to be more manual in nature and even pre-pandemic, maybe paper-based, and now email-based, where we're seeing, especially the front office users. They are looking to be able to self-service the data that they know is already in their systems, but they may not have ready access to it. Not only do they want the access to the data, but they want analytics. They want a seamless user interface where they can interact with the data, gain insights to help them make better decisions and to better support their customers. You'll see us responding to that trend in the new offerings that we're bringing to market. Let's go to the next slide and talk about some of those initiatives that we are investing in that align with the trends that we're seeing. The first one is pretty broad. Cloud is almost not worth mentioning anymore because it is the presumed default. Even the largest institutions that we interact with, you know, a few years ago, were not ready for that, but now it's cloud first. Everything that we are building new, we are doing on one of our cloud-native platforms, of which we have two main ones. The first is Black Diamond, that was always cloud native, and the second is the Genesis platform that I mentioned. The first capability that we went to market with on the Genesis platform is a rebalancing and order creation tool that we call Genesis Portfolio Management. That's been in the market for a few years, and now we are starting to build that platform out more, and the next application that we're going to bring to market is an insights solution, also aimed at front office users to have those analytics, gain those insights to help with decision support and client servicing. The next initiative is really to continue to invest in our Geneva product to really maintain this gold standard that we have. We have a lot of momentum. Just in the past year, we added two of the top 20 hedge funds, and our win rates are really strong with Geneva, and often that's in conjunction with our Eze business. It's the Geneva for accounting, it's Eze for OMS. We expect that momentum to continue, and we invest a lot in R&D for Geneva. You know, really what allows us to continue to win. We've seen competitors come and go, but where we are really strong is on our asset coverage, which is really difficult or impossible to replicate, and that technological scale that Geneva was built for, designed for from the start. Every year, we are continuing to develop and release enhancements into the market so that we can really maintain our position with Geneva. Okay. Third major initiative, like many of our peers in the organization, we're really focused on cross-sales. But not only cross-sales, integrations that create value for our customers. You know, as an example, for many years, we've been selling Eze OMS and Geneva side by side and really starting to bring those to market as a suite. But more recently, we've been focused on things like Tax Optimizer side by side with Geneva or RCI side by side with Black Diamond. If you're not familiar with RCI, it's a leading compliance toolset that was part of the DST acquisition. We're even going one step deeper in certain cases. We launched something called the SS&C Trust Suite earlier this year, that's powered by both Black Diamond and Innovest. We're really targeting you know, trust companies and banks, and we think we have a solution that should be able to displace some of the legacy technologies currently deployed in those organizations. I think for the last ones, we were gonna hopefully show you a little bit of technology. You wanna pick the first one? Yes. Thank you. The first is really just we thought pictures speak louder than words sometimes. The first is a just an example of how we are using technology to offer elevated and cost-effective service to our customers. We talked about this trend toward outsourcing, and this is our Advent Outsourcing Services console. It's a client-facing console that allows clients to see the status of the daily tasks, of the exceptions. It allows them to have that transparency and then the control that they want to continue to have, and they're gonna get that from us as a third-party provider. Lastly, the fifth initiative is really leveraging the existing Black Diamond client relationships and reputation to continue to go upmarket into those wirehouses and banks that I referenced earlier. What you're looking at here is some of our latest capabilities we call a client view. Basically, it is a single pane of glass that an advisor can use to get all the details that they might need about their client at their fingertips. Not only does it, you know, have native information that it's rendering from our platform, but we're pulling in content from other SS&C systems like Salentica and RCI, and even have the ability through APIs to pull in and render content from other leading advisor-focused systems like planning applications. I think that's it. I think we'll turn it over to Ken and Bob. Thank you, everyone. Good job. Hello, everyone. Good morning. This is Ken Bisconti. I'm Bob Petrocchi. We're in charge of leading the Intralinks business unit. How many folks here have worked with Intralinks, used our platform, logged in? Please do. Those hands could go up a little higher. For those of you who don't know us, we are a leading SaaS fintech provider for deal makers, banks- Alternative investment ... in the alternative investment ecosystem. We are a fintech. Bill said it was okay if we didn't wear ties today, so we appreciate that. Basically, we facilitate strategic transactions like mergers and acquisitions, capital raise, and investor reporting. We do it by securing and enabling the flow of information, and we do it at an extremely high volume. Our platform has transacted over $34 trillion worth of strategic initiatives. We have about 6.6 million users on the platform. At any particular time, we have about 16,000 deals running on the platform. Yes, it's a tremendous amount of volume, but you know, one of the things that we've taken very seriously and have done effectively over a long period of time is securing those transactions. High volume, but extremely secure. We also have a consistent track record of delivering profitable growth this year. We are forecasting to grow the business at over 20%, and north of $400 million. It doesn't happen without our 1,100 strong employees across 15 countries. We're a distributed business with a highly capable team of people doing a lot of great work. Bill, Rahul, and everyone has talked about customer interactions being top of mind for us. The way we interact with our customers in very active, very high pressure deal situations is extremely important. The other thing we're really excited about is the fact that we are starting to see a lot of synergies and go-to-market technology investments with the larger SS&C organization. Bhagesh's team and has been one of our strongest channels for our alternative investment offerings. As Bob mentioned, you know, our offerings have been cloud native since inception. The Intralinks brand is synonymous with virtual data rooms in the marketplace, but we've been building an expanded portfolio of offerings for all of our markets, for banks and corporates, for alternatives, for capital raising. Today, you know, about a third of our revenue is actually not related to M&A based use cases. Also in the M&A based use cases, we've been building an expanded suite of both vertical and horizontal solutions that bring some of our expertise and best practices to bear in verticals like energy or popular horizontal use cases like IPOs. We, you know, uniquely as one of the vendors serving this space, connect the ecosystem between banks, including advisory, with private markets and corporates. That integrated and interdependent ecosystem is one of the things that differentiates the Intralinks brand. A little about the markets that we serve. Banks, advisors, and strategic corporates are where we focus our business, but within that sector, we really focus on the entire deal life cycle, starting with deal sourcing and then roadshow, deal marketing, all the way to capital raising. A large chunk of our focus is on M&A due diligence and also right through to post-merger integration. What that brings us is a high degree of diversification. Even when the M&A markets ground to a halt in the middle of COVID, we were still able to grow the business by shifting our focus to areas that were, you know, hot and topical, bankruptcies and restructuring being one, secure data transformation, transfer with programs like PPP, was another. We're able to move that and pivot pretty quickly to it. COVID has also created a need for more virtual tools within the platform. The first thing we did was quickly integrate Zoom, and we'll continue to do that. We're also investing heavily in AI technologies all the way through the platform, really with the lens on just helping our deal makers be more productive and gain any competitive advantage they can and make sure that the deals are successful. We're also starting to see a much higher demand for managed services. People within the ecosystem are starting to look at what non-strategic functions within a deal process can we outsource to a trusted advisor. The first place where we're seeing a lot of traction is AI-enabled redaction services. We're testing out two or three other really exciting options, and the uptake has been great. If we think and pivot for a second to the market outlook. The first half year of the market or the first half of the year, the markets were extremely active, so all-time high in deal volume and deal value. Based on what we're seeing, that trend will continue. There's still a ton of dry powder in the private markets and a lot of debt raising, which is gonna be good for investors. Yeah, if we think about the private markets, that's been a space that we have been targeting and addressing for a number of years now. The private markets, of course, have been, you know, generating a lot of interest, and there's been a lot of, you know, investment flow towards private markets. For us, you know, we have a business besides deal execution, we've been the most popular platform for fundraising. We have about 750 GPs or so who actively use us for fundraising processes, and we have over 800 who use us for fund reporting processes. Those have been very popular because of some of the unique flexibility that we provide to GPs, especially in private equity and in a lot of the different requirements that their LPs demand. We have about 225,000 LPs that regularly log into the Intralinks platform, which has made us the most popular reporting mechanism in the private equity space. We have seen not only, you know, more interest in investment in this space, but LPs are demanding transparency and better insight, and they're looking for standardization like ILPA-based reporting, et cetera. We've been supporting that. We've also been building an integrated front office suite for GPs. We provide today fundraising, fund reporting, deal execution, portfolio monitoring. We've been bringing other technologies from other parts of SS&C business units like InvestorVision and eInvestor into our suite. We've been enhancing that. We also uniquely have been serving the ability to not only self-manage, but use external administration. Bhagesh's team, you know, has already brought about 200 new clients to the latest version of InvestorVision. We use both the Intralinks go-to-market as well as the fund admin teams to bring, you know, more people into the fold. We've been able to expand, you know, that portfolio. I think traditionally our platform had been known for providing data without giving folks really the power to use that data for actionable insights. A lot of the investments that we're making now are gonna help us propel that to even higher value proposition for our customers. Yes. We look at our key initiatives. The first thing that we hear from our clients is that a lot of their processes that they use today, even for M&A transactions and even fund reporting, tend to be fairly labor-intensive and, you know, not as modern as you might expect. The banks, advisors, corporates are all looking for better insights from us. They're looking for AI and ML technologies for things like document processing. Bob mentioned earlier redaction services that we provide. We use AI to look for things like Social Security numbers or unique PII and redact it from documents. Very valuable, especially in, you know, large due diligence use cases. Buy-side teams are looking for assisted review, again, from AI-based technology and natural language processing to help identify areas of concentration, you know, in customer segments where they might have to, you know, review thousands of documents to identify risks or opportunities. We've been using those technologies. We're also using RPA. Bill mentioned that earlier, so robotic process automation, we're using that for some of the very volume-intensive provisioning and also document, you know, movement that we do as well. A lot of innovative technologies focused on expanding our portfolio and modernizing the way that people work. Secondly, we focus on customer experience. For us, especially when we're doing 250 deals a week, people look at the end-to-end customer journeys. Like, their expectations today are set by consumer technologies. When they're coming to our SaaS platform, they're expecting frictionless journeys. They're expecting confidence in deal execution. We have over 250 people around the world today that do things like support and white glove service. We also do multilingual, multi-channel communication to our customers for both support for provisioning and cross-selling to them. We're working on expanding that. We're working on better insights and more proactive communication to them. Bob mentioned a little bit earlier, there's a demand in the marketplace for managed services. Bringing our best practices and our expertise in anything from TMT deals, FSS deals, et cetera, we know how to structure those, how to provision, how to organize them, and there's increasing demand for more services that we can provide and take off the banker's hands. The last initiative I would mention is tried and true for us, and that's investing aggressively in our go-to-market team. I mean, one of the things we are the most proud of is our go-to-market organization. We have about almost 300 sellers globally, worldwide, who are gonna do about 16,000 transactions this year. We look at that as an unbelievable opportunity. We have a process where we'll seed markets every year, and then the following year, if we see the right traction, we'll start to invest in it more. We will continue to do that. The other thing that's apparent to us is we have the ability to manage and leverage really a box-one marketing strategy. We're taking new products and running them through our existing sellers. We will continue to do that. We have an opportunity to take some of our offerings and drive deeper into our current territory. We have a lot of growth opportunity of looking at the market and how we're segmented. The other thing I would say that's increasingly important is the speed of execution for deals that everything is kind of at a very slow pace. There's a lot of conversations, then it goes to a fevered pitch. We have to be able to help transact quickly for our customers. We've spent much time thinking about that process and figuring out how to automate it. We've seen a lot more sophistication the way we're able to transact even through this year with the high transaction volume. We will continue to consolidate IT infrastructure and leverage the investments that Anthony and others had talked about earlier. Okay. I think we'll now transition to Danny and Tori on the health side. If I completely forgot how to use this, I'll be in good shape. I'm Dan Delm astro, and I run SS&C Health as well as DomaniRx for SS&C. Let's try this one. SS&C Health, we are a market-leading information technology and services company that calls on the target markets of commercial health plans and government programs. You can see in the right-hand side of the slide that we do over $375 million in revenue. We have over 200 customers on that revenue stream. In that revenue stream is a plethora of products that we offer. Full service PBM business, Medicare Advantage, PPO business and standalone businesses as well as things like fraud, waste and abuse, real-time claims, real-time benefits, and a plethora of real-time market segments that we sell to our customer base, depending on the suite of products that they ask for or demand for. We've got pretty much our whole base covered. We process 463 million pharmacy claims. The importance of that, and I'll come back to that a little bit later. The importance of those pharmacy claims is the fact that we can process Medicare, Medicaid, commercial, and exchange. Exchange meaning, as you probably know it, as Obamacare. We process all four of those, and we've been processing those things for years and years and years. All of our competitors. Well, there are some that process the same, and I'll talk about that a little bit later on through the program about the newbies that have jumped in this game three, four, five years ago, how they compare themselves with us or try to compare themselves with us. The next key initiatives that we focus on is sustainable growth with new logos. We are knocking on everybody's door all the time to try to get new logos, new customers, new health plans, new opportunities to grow our business. You'll see we have a reseller agreement that says, "ACG System with Johns Hopkins." We've had that for 20 years. We just renewed for 5 years. We're very, very proud of our relationship with Johns Hopkins. This ACG is an analytics program for population health, which is really, really important in the long-term health of our clients and our patients and our members. The enhanced product offerings, we are constantly building new technology. Digital platform, providing members with digital experience. Our latest and greatest, Domani Rx, is our formulary tool that we developed in-house, which will just do more things to give us an advantage in the marketplace of who we sell to. Our first enterprise client go live, which is something we've never done before. The three years since we've had this business, we bought from DST. Prior to them, when it was Argus, no one's ever had an enterprise client. What's an enterprise client? It's a client that allows us to process their medical claims and their pharmacy claims. First one ever, which tells a story about why SS&C Health is on the rise and why we're doing as well as we're doing, and the excitement that we're gonna share with you on the next slide. This is DomaniRx. DomaniRx, if you followed us, Mr. Stone announced that July 15th of 2021. It was the birth of a joint venture along with two of our partners, which I'll talk about in a second as well. DomaniRx is a platform, cloud-based, totally agnostic, plug-and-play technology and API-driven. The importance of that is the fact that people who wanna change platforms, change programs, who are having not necessarily total issues with their existing platform, but migration implementation to another platform is costly, time-consuming, very expensive, and it interferes with their members' experience. We're building this platform with plug-and-play technology that will allow anybody's health plan that wants to give us a chance to do business with DomaniRx, the opportunity to do it faster, quicker, for a lot less money and a lot less heartburn, so that the member experience, which is really, really important here. This was built around the member experience. Now, we partnered with a company named Humana, which is a payer, which is a Medicare giant. This was formulated in October 2019 with SS&C leadership and Humana leadership in Louisville, Kentucky. That's when the first content was discussed. We left that meeting. We had numerous ones after that fact where it was gonna be Humana and SS&C as the joint venture consortium. As we continued to try to get through this, we brought another partner on named Anthem, a giant in the Medicaid space and a giant in the commercial space. Now we have a giant in Medicare, a giant in commercial, a giant in Medicaid, and we have SS&C technology. Who builds software better than Bill Stone? What technology company in the health plan space builds software better than us? The answer is nobody. Nobody. Now, there's been a lot of companies that have jumped out in the last three or four or five years. They don't even have their own platforms. They jump on AWS, which is Amazon or Microsoft, and they rent space in the mainframe. We own space on the mainframe. We have SS&C private cloud technology. Along with the new technology that we are building, we feel no one can compete. We've been processing Remember, I go back to that slide about what we process? These newer people that come into this space with us, well, they're gonna process Medicare in a year or two, or well, they're gonna process Medicaid in a year or two. We've been processing this stuff from its inception. Who knows how to do it better than us? The answer is nobody. In the last five months, when Bill announced the DomaniRx JV was live and well, my phones were ringing off the hook with bankers and private equity groups, and everybody telling us how they're they want us to look at this company, and they want us to look at that company, and they're gonna give us an accelerator. We don't necessarily need that right now because we're pretty goddamn good at what we do. Bill Stone's been building software for 35 years, and you know what his track record has been. We're looking at everything. We're looking at all the options. For me personally, I spend my time in the C-suite with our customers, with our potential customers, with our competitors. The same questions all come about. What's going on with DomaniRx? Where are you guys? What are we doing? We'll be processing vanilla claims in 2022. We'll be testing in 2023. Our future is unbelievable for what we've developed, what we're starting to develop, what we're finishing to develop. More importantly, I think, is the fact that we've got two companies, not just DomaniRx. We've got SS&C Health that's beyond the same platform. Why is that an advantage to us? Because not every customer out there necessarily wants to be in bed with Anthem or Humana. Maybe they feel they compete with them like they do with the big three. We give them an option. The option is same platform, migrate your business to SS&C Health. We're not gonna compete with you. We're a technology and a software company. That's what we're building. That's what we're selling. Advantage, us again. I know we're running out of time here, so in closing, I'll leave you this one thing. I call on CEOs all the time. That's all I do. I try to preach the gospel of what we're building, where we're gonna be. When I leave that room, that question to that CEO is, can you afford to migrate your business to SS&C, to DomaniRx? But the real question is, can you afford not to? That's what you should be thinking about. Anyway, thank you for your time. I appreciate it. Thank you, Danny. We are going to set up for a Q&A session. We'll have Bill, Rahul, and Patrick up here on the stage. If you have direct questions for our business unit leaders, we can do that as well. Just give us a couple minutes to get that set up. If you are with us virtually, there is a question box on the bottom right of your screen, and you can ask a question through there, and we'll address it as they come in. Thank you, and just give us a couple minutes. All right. I wanted to open it up to questions from the audience, questions from our virtual audience. Is there anything? All right. Here we go. we go. We'll start with Alex. We have time for one more. Yep. All right, thank you. Alex Kramm, UBS. Couple of questions on the. You had a slide with that 5%+ organic growth rate over time, including the 100 basis points of pricing. First of all, is this? Should we understand this as medium-term guidance? What's medium-term? Or is this as you see the business going forward? Maybe more specifically, given some of the business that you talked about that you signed this year, is that also a good run- rate to think about for next year, 2022? Yeah, I think what we're saying is that we think that you know, we have some momentum, you know, which is obviously has been exhibited in the last couple of quarters. You know, we also have, as you heard from the business unit managers that there's a lot of tailwind that they have. We would think that over the medium term, say, 2022 and 2023, that we would be looking for, you know, mid-single- digits as a growth target, you know, with maybe, you know, 4%-7%, you know, 5%-8%, something like that as a target. Good. Thanks. Just one quick follow-up. One of the things, quite frankly, I was hoping for today, you have this great flywheel of alternatives, institutional, wealth, healthcare targeted how you break down your business. As we think about that, again, 5%+ that you just talked about, around that flywheel, how should we be thinking about the different businesses, how they're positioned for growth? I guess what I'm trying to say is what businesses are growing faster, what businesses are growing a little bit slower in terms of the medium-term outlook? As specific as you can be, obviously, will be helpful. Yeah. I think as you saw on the business units that presented today, that the hedge fund and alternatives business, both private markets and real estate, would look to grow, you know, in excess of 10%, right? As you know, I would say that the Intralinks businesses as well in that category, although there could be some more volatility given the M&A space that we have in there, but it looks pretty strong at present. I think also the Advent business, including Black Diamond, is also gonna grow, you know, high single- digits to maybe low double- digits. The slower growing businesses would be, you know, probably our transfer agency business would be in closer to the 3%, 4%, 5% growth business. Certain sections, like we think retirement is probably gonna grow a little bit higher than that. We would say that, you know, some of our targeted solutions are gonna be, you know, in the lower 3%-5%. I would say overall that almost all of our business will be on a growth trajectory over the next two or three years. We're hoping. I think that's how we get to the kind of the 5%-8% that Bill just talked about for the company as a whole. Thanks. We have a question submitted through the platform from Michael Young with Truist Securities. There was a lot of discussion about the value prop of SS&C relationships across multiple products and sectors, and over the past year we've heard more discussion of pricing power. In what segment, segments do you see the most ability to increase pricing, and how long does it take to achieve these increases? Well, we started an initiative 2.5 years ago on systematically going through our client base and, you know, kind of passing through what everyone sees as wage inflation and other cost drivers. You know, any of you that use, you know, Oracle or Microsoft or any other technology, you realize that we're kind of pikers when it comes to raising prices. They walk in and ask 20% from us, so, you know, we learn from that. We don't learn quickly enough, but I think we have pricing power across our different businesses. I think it is important that we add value so that most of what you've heard of today was everything that we're innovating on, so that when we want pricing increases, they also see that they're getting value increases as being partners with us. I think we have pricing power across our businesses. Sure. Hey, Jonathan Lee, Morgan Stanley. Given that I'm sitting next to Frank, I think it's fitting that I ask you about M&A. We've always known you to be sort of focused on outsourced R&D. How are you thinking about the M&A pipeline at the moment, especially with valuations where they are, and how are you thinking about balancing that with your internal R&D? Well, I think you know, we have done you know in our opinion a very good job with the acquisitions we've done, whether it's Advent or it's GlobeOp or it's DST, right? We have driven value and that's you know in our DNA. You know, when prices get to multiples of revenue rather than multiple of earnings or multiple of cash flow, then you better be a little circumspect or you're gonna be multiple of downward trajectory in most of the things you do. You know, we try not to buy things where they're priced to perfection. You know, if they're priced to perfection, it means that we have to be perfect, and we're not. You know, we are very good, and we are very capable, but. You know, I talked to a private equity guy that's doing a bunch of these roll-ups and, you know, has outbid us on a couple of things. You know, I just say, "Look, sometimes prices get to be at points where we don't wanna stomach it. You know, if you're willing to go a few rounds and outbid us, good. We think you overpaid." Right? You know, in our operation, you know, as you saw the compound annual growth rates we've had, you know, that's 10 years. That's years we've done a bunch of acquisitions. It's years we haven't done a bunch of acquisitions. I've said for 10 years that if we don't do big acquisitions, you'll watch our organic revenue growth go up. Because when we do big acquisitions, all the people you saw here today work on them. Because if you don't put your best people on those acquisitions, it gets ugly, and it gets ugly fast, right? We put really talented people, and if you put them all there, you can't put them on individual deals and that. You know, people say, "Well, can't you walk and chew gum?" I says, "Look, it's a little more difficult than walking and chewing gum." We wanna protect our franchise. We wanna protect our shareholders. We don't wanna have dips in our cash flow. We don't wanna have dips in our earnings. We don't wanna have dips in our revenue. I think that has proven to be pretty effective. You know, Patrick said earlier that I get a cash report every Friday. I have for 25 years. Cash doesn't lie. Not that any of our people would lie, but cash doesn't, right? When people aren't paying you, there's one of two reasons. They don't have any money, or they're mad at us, right? You know, we need to pay attention to that, and we need to react quickly. You know, I read something that somebody sent me from LinkedIn, a customer of ours, this morning on the way here. I quickly called him, and he quickly read me the Riot Act, which I quickly read to a couple other people. You know? I got that at, you know, 8:45 A.M. in the morning, and he got a response by noon. You know, that's SS&C. That's how we operate from top to bottom. You know, you pick up the phone, and you answer your client. You know, those are the people who pay us, so you know that's how we operate across. You know, on acquisitions, there's a few. We would like to buy things that, you know, places like Morgan Stanley wanna get rid of. Like, we'd love to buy your fund administration business, and we'd be such a great home, you know? But that's what we like to buy. We like to buy businesses where large organizations have decided they're not strategic. But what is strategic to them are those customers, because they do, you know, Morgan Stanley would do a lot with those different hedge funds or private equity funds, and so they're very concerned about who takes over, you know. Some of these companies that are, you know, seemingly growing really, really fast through acquisition, I don't think a Morgan Stanley would wanna stick their customers in there. You know, they want what you saw today, expertise, commitment, you know, training, development, innovation. That's what we look at in our acquisitions. If there aren't any more questions, we're gonna start the Q&A shortly. I think Alex has the most. I'll keep on going. Yeah, sorry to be boring on the financial side, but Patrick, maybe I didn't hear this all the way, but like on the margin comments, I think you talked about, what was it? $145 million in real estate, $65 million in T&E. First question on that, is that what you're incurring this year in 2021? Second question on that, I think you said in total about $50 million or so that you think you can take out there. What's the timeline in terms of taking out that $50 million on the real estate and the T&E side? Well, on the real estate side, you know, we started reducing our footprint this year. We didn't get much benefit this year because a lot of those reductions were implemented later in the year as some of those leases ran out or we could consolidate space. I would say that we would probably see about half of that savings in 2022 and the other half of that savings in 2023, of what we're 15%-20% of the $145 million. on the T&E side? On the T&E side, I mean it's obviously down this year, right? Because no one's traveling, so I think we'll see an increase this year, but from where we were in past years, we'll see approximately that reduction. I think we'll continue to get some productivity improvements that will also reduce costs. Anthony has committed to some infrastructure cost savings. Maybe I'll just ask one last one here from my end. On the competitive front, I don't know if that's come up a lot, but you obviously mentioned the, I think it was 250 wins, if I remember this correctly. I guess the good question is, it doesn't sound like you're losing a lot, but maybe you can just talk about a little bit where you're seeing the most competition. You talked about pricing earlier. It seems like you can take pricing, but what businesses do you see the most price pressure potentially? Maybe just a little bit more holistically on the competitive environment, you know, where are you winning the most? Where is the most competitive pressures? And where are the potential pricing pressures, if at all? Well, I mean, obviously, we have tough competitors around the world in all kinds of areas. You know, I would say that, you know, when you start looking at the businesses, if you looked at our fund administration businesses, both hedge and private assets, you know, we have you know, pretty stiff competition from the State Streets, the Bank of New York Mellon's, the JP Morgans, the Citcos. I would guess they are the four, maybe Northern Trust would be the fifth. You know, and you have some new ones like Sanne and Apex, and I think they're likely to merge, or at least they've announced it. You know, a lot of times these places that grow real fast and don't really reinvest in the business, you know, that's some of the 250, right? Is that, you know, satisfaction goes down, and if you don't watch it, then a lot of your talent is at risk. You know, that's really who we see in fund administration, and we think we have some pricing power, and Ken's one of the guys that have done a great job as far as doing that. You know, the Intralinks business, both in the VDR side and the other stuff that we do in the Intralinks, you know, we have competition from, you know, places like Datasite and Donnelley and a few others. You know, to me, it's distinctly obvious that Ken and Bob know what they're doing, and we're adding innovation across the thing. I think we're getting some pricing power throughout that, and we think that's gonna continue to grow, and we're gonna continue to take market share. You know, healthcare, you know, after Dan conquers the world, I think we should be able to have some pricing power in healthcare. I think, you know, more importantly is that, you know, we looked at every potential technology that was out there to acquire rather than to build. To say the prices were ridiculous was to be the understatement. You know? You know, we think we're really on the right path, and we're in a huge market that has every demographic possible going towards it. We're optimistic about that. That, you know, with the partners like, you know, Humana and Anthem, as long as you can manage it, right? You've got a couple of pretty big, pretty sophisticated, pretty probably political organizations that have to be managed, you know? It takes a lot of skill and a lot of effort, and I think we've been working hard on that, and I know Rahul's worked hard on it throughout this thing. We went from unhappy clients in DST Health to where we have happy clients in SS&C Health, and it's because we paid attention, right? We paid attention. We answered the phone. We came up with solutions. We committed, and we delivered. I think same thing when you saw with Steve and Karen, that there's lots of opportunities in the Advent and Black Diamond business. The wealth management business is obviously a fast-growing business with, you know. You know, I think, Wells Fargo bought A.G. Edwards seven years ago, and a lot of the contracts with the A.G. Edwards brokers were seven years. What happens after seven years? They become RIAs, you know. That's traditional in the wirehouses becoming, you know, both consolidators and then fragmentators. You know, it's the same thing happens all the time, and I don't think that's gonna change. You know, again, across our businesses, the things we're doing, obviously what Kevin Rafferty was talking about in retirement or, you know, all the rest of them. I just think that there's so much opportunity, it's just execution. We got a few more questions in virtually. The first one is from Adam Brenner from Orville Capital. If you're able to grow mid-single digits revenue, how should we think about earnings growth, including capital allocation? Can SS&C target mid-teens earnings growth inclusive of buybacks? Well, we can target anything we want. The question is, can we hit it, you know? We ought to be able to. If we can get the five to 8% revenue growth, we ought to be able to grow, you know, somewhere in the teens on earnings per share, and we've obviously been able to do better than that. I think that we will continue. Our business is not going to be any different over the next five years than it was over the past five years. You know, hey, if COVID—there's more COVIDs or there's more epidemics and stuff like that, we have to deal with it. We don't deal with it in a vacuum. Every one of our competitors has to deal with it too. In my opinion, we'll deal with it better. I do believe we can get to mid-teens EPS growth over the short term and the medium term. Another question comes from Michael Young from Truist Securities. Can you talk more about the holistic international expansion opportunity that was mentioned in several segments? Is each segment driving their own expansion? Would M&A be a desired way to accelerate this? I think it's, you know, similar to what we talked about in the U.S. It's a similar approach. There's both a business-specific approach where, you know, Karen and Steve or Nick or any of the other business unit heads have their own sales teams in the regions, and they're going after customers, and that process works pretty well. But increasingly, we are collaborating and targeting some of the larger opportunities with a full suite of our products and services. It works the same way overseas as it does here in the U.S., and looking at acquisitions in those markets is absolutely a part of that. The platform that Anthony and the other business unit CTOs are doing allows us to have a platform that allows us to go across the world. Again, that's pretty valuable to our multinational clients. The next question comes from Michael Cestas from Turtle Creek. Bill mentioned margins typically range between 40%-44%. Today's presentation noted 50 basis points of expansion per year. If you continue to see organic margin expansion, would we ever see margins above 44%, or would SS&C look to increase investments to drive growth rather than continuously expand the margins? Well, I mean, that's the, you know, that's the wisdom, right? That's not the science, right? You wanna invest when you see opportunities that is more attractive than expanding your margins and giving back shareholders through buybacks and dividends than the opportunities you might have by investing. You know, we're not tossing nickels around like they're manhole covers. You know, if our people need money to invest in opportunities, yeah, we ask questions, and we ask good ones. But when they're prepared, they get money, you know? We're not at a dearth, right? I think Patrick's numbers showed about $1.035 billion, $1.037 billion in cash flow this year. You know, that's a lot of money that you can do a lot of things with. It gives us a lot of optionality. This question about what you would do, whether you'd expand your margins, you know, if we expand our margins above 44%, are we gonna get paid for it? I doubt it. You know, we would prefer to find ways in which to use that capability to, you know, to accelerate revenue growth. In a somewhat related question from Bryan Engler from Covis Investment Group, how do you expect your R&D investments to evolve over time? Where are you most focused on expanding your expertise, and are there projects that you would consider taking on even if that meant a temporary reduction in profit growth? Well, again, of course you would, depending on what the opportunity is. You know, if the opportunity is high enough, then you pour money into it. You know, but be circumspect. You know, large-scale development of software is one of the hardest things humans try to do. And everything that we try to do is not going to come out a success. We're gonna try to be wise, you know? Where we see great opportunity that needs great resource, well, we're lucky we have it and we will spend it. But again, we're going to be analytical and try to be wise about it and try to be as scientific as you can in an art business. I think that's our approach and, you know, it's no different than capital allocation. Why do more here? Why do more here? You know, our term facility is 175 basis points plus LIBOR. Is that right? Right. LIBOR right now is 21 basis points or something like that, right? We're paying 196 basis points for $4 billion. You know, I tell Rahul, "Let's take some risk." All right? 2% money. You know? You can't make money when you get 2%. You know, we have 40% margins. We ought to be able to make some money. You know, that's a, you know, kind of an awfully good backdrop on what we've been able to take advantage of. You know, we spent $8.5 billion in 2018. We got about $3 billion in revenue and about $1 billion in EBITDA. A little better. Try to do that now. That $8.5 billion will probably cost you $20 billion. You know? You know, we like to think that we're judicious when we do this, and we pounce when we think it's a really good idea. We're circumspect when we think it's stratospheric on the price. Next question is from Surinder Thind from Jefferies. What is the risk to your medium-term organic growth projections at this time? Is it all macroeconomic? How do you think about the upside versus the downside of your ranges? Well, obviously, things are not all macroeconomic. You know, we have to. We run a micro business, right? So we have to take care of our people, we have to take care of our customers, we have to have wise initiatives, and we have to execute on those initiatives. You know, from a macro standpoint, you know, I mean, it's been a pretty weird 18 months, 20 months. You know, is it gonna continue to be weird? Probably. You know? So I think, you know, you have to react under those circumstances and recognize that our workforce is our number one asset, and we have to take care of them and make sure we have safe environments, and we have to, you know, nurture the way back into the office if that's what we decide to do. You know, not demand. You know, what people have recognized is those people are very valuable in their own right, in their own room at home, and they can do a lot of work from that standpoint. You know? That really wasn't in our lexicon, you know, 24 months ago. It is now. You know, people were starting to say they really don't like to commute two hours each way. No kidding. Right? You couldn't do it before, but you can now. There's a lot of companies that will let you. You know, you gotta recognize that's the competitive marketplace, and we have to operate in that competitive marketplace. Next question is from Peter Heckmann from D.A. Davidson. With the fund administrators that have been using Geneva over the years, have any of them started to second source with another software provider, like for example, SimCorp? For those that second source, what portion of their AUA are they running on a challenger platform? I mean, Karen may have more, but I have not heard of anybody running a challenger platform on Geneva. You know, SimCorp is primarily on loan-only asset managers and primarily big pension funds. We don't really see them in this alternative space, and we don't see them at all in fund administrators that I know of. Yeah, I see Karen shaking her head as well. Yeah. It hasn't been something we've seen. Yeah. Another one from Peter Heckmann. This summer, the company announced they have moved about 50 insurance carrier customers to the new Singularity platform. Has SS&C won any net new customers with Singularity, or have the wins primarily stemmed from migrations from older platforms like our CAMRA platform? No, we've won a number of net new clients on Singularity that were not previously on CAMRA or Maximus or Foreshore or any other platform we have. You know, we have a lot of confidence that, you know, it's selling to big insurance companies, not exactly you're not gonna get much whiplash. I can assure you that. It's much more like one of those station wagons with the wood paneling. Right? It takes a little while to turn a corner. We've won a number of them. I think we're up over 60, 65, 70 Singularity clients now, and we have won some very large, very well-known names with $100 billion in assets and over. We think we'll do very well against Clearwater Analytics. From Patrick O'Shaughnessy from Raymond James. Could you please provide some commentary on the size, growth trajectory, and competitive landscape for Eze? Yeah, I'll take a shot at that. You know, I think as the size and competitive landscape is pretty similar to what we see in our alternatives business and maybe in our Geneva business. Karen talked a little bit in her presentation about how a lot of the Advent sales that we've had are in combination with Eze software. You know, Enfusion's a competitor. We compete against Bloomberg at times. There's a couple other order management systems, but our advantage is truly fully integrated with our fund administration offering and our back office offering. You know, if you're gonna set up a new firm, we can be really strategic and help you take on all of that infrastructure in one place. That's worked pretty well. We're Go ahead. Yeah, I was just gonna say from a growth standpoint, we would expect, you know, similar mid-single-digit growth for Eze. I think Eze development organization is bigger than Enfusion's organization. You know, when it comes to innovation, you know, it's not only having capable people, it's having enough capable people and really good management. That's what builds great technology because it's difficult, and you're dealing with prima donnas in a development sense that are very valuable everywhere, you know. It is something where it takes a lot of skill and a lot of management and patience. You know, you gotta lead, and I think that's something that we do pretty well. I think Eze win rate against Enfusion is 55-45, and I think they've had a lot of customer problems, and I think that we're going to take advantage. From Nishi Mani from ExodusPoint, "Are some of your smaller SaaS competitors using a grow-at-all-cost strategy to undercut you on price? How do you evaluate the trade-off between growth wins and pricing? Well, you know, again, we sell to people who are in highly regulated industries, right? That are also in generally very, very well-paid, you know. As I'm always explaining to people when the calls come to me or I'm making calls for our sales force, "Look, we're both in the transportation business. They're on a horse. We're in a jet. You know? Yep, you're gonna pay more, but you're gonna get there faster. There's gonna be fewer stops, and it's gonna be worth your while, and we're going to show you why this is very valuable." Occasionally, someone's gonna decide that, you know, "I got enough time. I'm getting on Old Betsy and riding across the country on that horse." You know? Not many people that are smart enough to run big asset managers and big hedge funds wanna ride a horse across country. You know, we don't look at it as a way where, you know. Yeah, we face pricing pressure from competitors from time to time, but, you know, it's a value proposition. You know, somebody making as much money as a lot of these hedge funds make, they ought to buy the best, right? Because that's what protects their franchise. I think that's where they see us pouring money into things that are gonna help them protect their franchise. From Andrew Schmidt at Citi, "Could you discuss what is driving the average deal sizes up recently? Is it larger client wins? Are clients consuming more products in the initial sale, or are there other factors? I think it's both of those things. It's primarily, you know, as you kinda saw throughout the course of the day, our various products and services are a lot more collaborative, a lot more integrated. We're going after big enterprise sales where we can offer multiple products and services. It's definitely we're doing more for those customers, and therefore, there's more revenue. But it's also, you know, this is now a big company compared to a lot of the people that we're competing against, and we have a lot of scale. Bigger and bigger organizations are looking at us as a viable strategic partner for them. It's both those things. Yeah, scale is not just the number of people, it's also geographic. You know, that we have these talented people like Nick in London or Jude in Sydney or Mr. Chow in Beijing or whomever, right? We have people all over the world that are a consistency, a quality, a capability, you know, backed by a publicly traded company with in some ways massive amounts of capital, at least for this space, that there's not stuff that we have to back away from. You know, we just have to choose between great opportunities. I think we'll close out with a couple more questions on capital allocation. From Surinder Thind at Jefferies, "Can you talk about your capital allocation strategy if it were to remain in a multi-year environment where valuations are elevated? Would you commit to larger dividends? Is there a minimum leverage ratio we like to maintain? And in that case, does all excess cash go to share repurchases? You know, again, I don't know that we have. It's not as formulaic for us as it apparently is for Surinder. Of course, he's not doing it. We are. You know, we're trying to allocate the money to the best way we think, right? Obviously, if you have a debt facility that is 175 basis points plus 21 basis points of LIBOR, and you have a stock that generates $5 a share in cash, and the stock's trading at 80, you know, it's obviously economically way better to buy back shares than it is to pay down that debt. At the same time, you know, right now I think we're at 2.96 on a total leverage basis. You know, so we're not in. You know, and I think our interest coverage ratio is maybe 10. Yeah. Something like that. You know, we're not in any way, shape, or form. You know, we are doing what we think is wise. We're not being forced by anyone, by any credit agency or anything like that. You know, as he rightly pointed out, most assets are at stratospheric pricing levels. You know, going into the M&A market right now seems to be a little dicey. You know, we're trying to be a little circumspect. The last question from Peter Heckmann at D.A. Davidson, "Given high M&A valuations, would SS&C ever consider divesting any of our businesses? Does he have a number? No, no number on here that I can see. You know, once again, right? I mean, we have a lot of great businesses, and we've got a lot of great managers and a lot of great capability. You know, as I say, you know, people probably would want you to divest the ones that are growing fastest. You know, why don't we divest all the ones that are growing fastest, and then Rahul and I and Patrick can sit there and break rocks for another few years. That doesn't sound very attractive to the three of us. We'll probably, you know, look at things, and, you know, if people come in with, you know, 20x revenue on something, I hope the wire is ready, you know. That's not likely to happen, and I think we can execute with what we have now, and we're happy with what we have. Certainly, you know, we have a number of very attractive assets in our portfolio. Thanks, everybody. All right. Thank you everyone for joining us. You know, if you have any questions or feedback or additional comments, please send me an email and we'll get back to you. Thank you.