Good day, everyone, and welcome to the SS&C Technologies first quarter 2022 earnings call. Today's call is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. Thank you, and I would now like to turn the call over to Justine Stone, Head of Investor Relations. Please go ahead. Hi, everyone. Welcome, and thank you for joining us for our first-quarter 2022 earnings call. I'm Justine Stone, Investor Relations for SS&C Technologies. With me today is Bill Stone, Chairman and Chief Executive Officer; Rahul Kanwar, President and Chief Operating Officer; and Patrick Pedonti, our Chief Financial Officer. Before we get started, we need to review the safe harbor statement. Please note that various remarks we make today about future expectations, plans, and prospects, including the financial outlook we provide, constitute forward-looking statements for the purposes of the safe harbor provisions under Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factor section of our most recent annual report on Form 10-K, which is on file with the SEC and can also be accessed on our website. These forward-looking statements represent our expectations only as of today, April 28, 2022. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. During today's call, we will be referring to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP financial measures is included in today's earnings release, which is located in the investor relations section of our website at www.ssctech.com. Also, in the third quarter 2021, we entered into a joint venture named DomaniRx, LLC, which we are the majority interest holder and primary beneficiary. All earnings figures discussed today, including operating income, EBITDA, net income, and EPS, are attributable to SS&C based on the ownership interest retained by SS&C. I will now turn the call over to Bill. Thanks, everyone, for joining. Our results for the first quarter were $1.296 billion in adjusted revenue, up 4.9%, and $1.25 in adjusted diluted earnings per share, up 5.9%. Adjusted consolidated EBITDA was $514.9 million for the quarter, the highest first quarter in our 35-year history. Our EBITDA margin was 39.8%. Our first quarter adjusted organic revenue was up 4.3%. Our alternatives, Intralinks, and Advent businesses were the growth leaders for the quarter. Ex the impact of our healthcare business, our Q1 2022 organic growth in financial services, which is over 90% of our revenue, was 5.9%. SS&C generated net cash from operating activities of $183.5 million for the three months ended March 31, 2022. In the quarter, we bought back 2.3 million shares at an average price of $75.22 per share for a total of $170.9 million. We also used cash on hand to help fund the acquisition of Blue Prism and Hubwise, which both closed in March. Our consolidated net leverage ratio now stands at 3.48, and our net secured leverage ratio is 2.51. We expect to reduce our gross leverage to 3.0 by the end of the year while remaining active with our share repurchase program. These are exceptional numbers given the global uncertainty and resultant hesitancy of our customers. We're excited to add Blue Prism team and their automation capabilities into SS&C's arsenal. Blue Prism will continue growing revenues at 15%-20% with the potential to accelerate with its successful cross-sale initiatives. We estimate the enterprise-grade intelligent automation market to be in excess of $160 billion. Based off McKinsey's estimate, 30% of all roles can be automated. Companies across the world continue to struggle with the labor market, and we are in a great position to capitalize on this disruption. Currently, Blue Prism, like most fast-growing new technology companies, is operating at a loss. Through revenue growth and cost controls, we expect 15%-20% EBITDA margins exiting 2023 and 30%-40% EBITDA margins exiting 2024. I'll now turn the call over to Rahul to discuss the quarter in more detail. Thanks, Bill. We had a good quarter across the board, led by strong performance from Advent, Intralinks, and Alternatives Fund Administration. The alternatives business continues to strengthen from market-driven gains and internal development efforts. Investor allocations to hedge funds are at all-time highs, and assets under administration continue to grow despite market volatility. We remain focused on extending the depth and breadth of our technological capabilities. GoCentral and Treasury Management Solutions, both launched this quarter, have generated significant interest already. GoCentral, utilizing AI and RPA technology throughout, will contribute to our win rates going forward, as well as advancing the automation journey across all client operations. Our private markets and Advent teams have been closely partnering to enhance a holistic operating and technology model in support of hybrid and credit funds. This new offering marries Geneva's core technology capabilities and private markets administration services in a manner that offers clients flexible delivery models. In Q2, we expect to close our first combined deal and have several large prospects in the pipeline targeted for later this year. Intralinks remained strong in both M&A and alternatives coming off of 2021's record-breaking M&A environment. We continue to take market share and anticipate steady continuation of deal volume for the remainder of the year. As expected, healthcare revenue declined 15.5% in the quarter. We're investing heavily in Domani Rx, and we continue to move towards the development of a cloud-native, API-driven claims adjudication platform based off the vast experience of ourselves and the other two founding partners. With the upcoming launch of Domani Rx and the interest this new technology has generated, we expect a strong recovery in 2023. Now I will mention some key deals for Q1. A $5 billion broker-dealer chose Black Diamond due to our superior service and support model over competitors, as well as our trading and rebalancing functionality. An existing GIDS client, a top U.S. mutual fund, expanded their relationship with our Event Center solution. One of our largest mutual fund clients expanded its transfer agency BPO services. A $14 billion hedge fund and existing Geneva client chose our Eze OMS and FIXLink solutions. They viewed Eze and Geneva both as tier one platforms and found the two together to be an extremely powerful solution. A $1 billion AUA real assets fund chose a suite of SS&C private market services, including investor tax and fund services, because of our expertise in various asset types and fund structures. I will now turn it over to Patrick to run through the financials. Thank you. Results for the first quarter were GAAP revenues of $1.295 billion, GAAP net income of $172.1 million, and diluted GAAP EPS of $0.64. On an adjusted basis, revenue was $1.296 billion, including the impact of the adoption of the revenue standard 606 and for deferred revenue adjustments for prior acquisitions. Adjusted revenue was up 4.9%. Adjusted operating income attributable to SS&C increased 4.8% and adjusted EPS was $1.25, a 5.9% increase over Q1 2021. Overall, adjusted revenues increased $60.8 million or 4.9% in Q1. Our acquisitions contributed $17.4 million. Foreign exchange had an unfavorable impact of $8.7 million or 0.7% in the quarter. Adjusted organic revenue increase on a constant currency basis was 4.3%. We had strength across several product lines, including alternatives, Intralinks, and the Advent businesses. Adjusted operating income for the first quarter was $498.7 million, an increase of $22.9 million or 4.8% from the first quarter of 2021. Adjusted operating margins were flat at 38.5% in the first quarter as compared to the first quarter of 2021. Expenses increased 1.7% on a constant currency basis, and acquisitions added $17.6 million in expenses, and foreign currency decreased costs by $7.8 million. Consolidated EBITDA, which is defined in note three in our earnings release, was $514.9 million or 39.7% of revenue, an increase of $23 million or 4.7% from Q1 2021. Net interest expense for the quarter was $49.3 million and includes $2.6 million of non-cash amortized financing costs and OID. The average rate in the quarter for our credit facility and senior notes was 3.11% compared to 3.01% in the first quarter of 2021. We recorded a GAAP tax provision of $63.5 million or 27% of pre-tax income. Adjusted net income, which is defined in note 4 for earnings release, was $334.4 million, and adjusted EPS was $1.25. The effective tax rate used for adjusted net income was 26%. Diluted shares increased to 267.6 million from 267 in Q4 of 2021. The impact of option exercises and an increase in the average share price partially offset by share repurchases. On the balance sheet and cash flow, we ended the first quarter with $558 million of cash and cash equivalents and $7.6 billion of gross debt. SS&C's net debt, defined in our credit agreement, excludes cash and cash equivalents of $145 million held at the DomaniRx JV. The net debt was $7.2 billion as of March 31. Operating cash flow for the three months ended March was $183.5 million, a $2.2 million decrease compared to the same period in 2021. A couple highlights in the first quarter. Our net borrowings were $1.583 billion compared to net borrowings of $70 million in 2021 period. In the quarter, we paid $1.553 billion for the Blue Prism and Hubwise acquisition, net of cash acquired. To fund the Hubwise acquisition, we borrowed two incremental loans for a total of $1.53 billion that mature in March 2029 and bear interest at SOFR plus 2.25% with a 50 basis points SOFR floor. Treasury stock buybacks were $170.9 million for purchases of 2.3 million shares at an average price of $75.22. In July 2021, the board authorized up to $1 billion of stock buybacks, and to date, the program has totaled $333.7 million for purchase of 4.4 million shares. In the quarter, we declared and paid a $51.1 million common stock dividend, an increase of 24% from last year. We paid income taxes of $42 million compared to $42.5 million in the first quarter of 2021. Our accounts receivable DSO upticked a little bit in the quarter up to 52.7 days, compared to 49.5 days as of December 2021. Capital expenditures of capitalized software were $35.6 million, or approximately 2.7% of adjusted revenue. The spending was predominantly for internal use capitalized software and our IT infrastructure. Our LTM consolidated EBITDA that we use for covenant compliance was $2,063.5 million as of March 2022. Based on a net debt of $7.2 billion, our total leverage ratio was 3.48, and our secured leverage ratio was 2.51. Our outlook for the remainder of the year, I'll first cover a few assumptions we've made. We'll continue focusing on our client service and our retention rates. Our client retention rates will continue to be in the range of most recent results. We have assumed foreign currency exchange will be at current levels for the remainder of the year, and that will impact revenue negatively by approximately $43 million in Q3 through Q4. Our recent acquisitions of Blue Prism and Hubwise will contribute approximately $203 million of revenue for the remainder of the year. On that basis, adjusted organic growth for the year will be in the range of 2.4%-5.6%. Adjusted organic growth in Q2 in the range of 1.7%-4.8%. On interest rates, we have assumed that near term, LIBOR will be about 70 bps. The spread on our credit agreement is 175 bps and 225 bps on a new facility that we put in place for the Blue Prism acquisition. We expect LIBOR rates to increase approximately 100 basis points through the rest of the year. This will impact our expected interest cost by about $0.06 compared to previous guidance. Blue Prism will impact EPS, a dilution of about $0.09 for the year, including the impact of the new debt facility. We expect staff costs to increase due to continued wage inflation and impact Q2 operating results. We will manage our expenses in the second half of the year by controlling variable expenses and maintaining our operating margins. We'll continue to use our free cash flow to pay down debt and stock buybacks. We've assumed a tax rate of 26% on an adjusted basis for the year. In summary, for the second quarter of 2022, we expect revenue in the range of $1.328 -1.368 billion. Diluted shares in the range of 267.2 million-266.7 million. Adjusted EPS in the range of $1.13-$1.19. For the full year of 2022, we expect revenue in the range of $5.35 -5.51 billion. Diluted shares in the range of 268 million-266.4 million. Adjusted EPS in the range of $4.99-$5.21. We expect cash from operating activities to be in the range of $1.315 -1.375 billion. I'll turn it over back to Bill for final comments. Thanks, Patrick. As Patrick just mentioned, we're guiding organic revenue growth at 4% for the year and reducing our EPS guidance due to dilution from Blue Prism and the interest rate increases. The start of 2022 has been a challenging environment for our clients. Uncertainty and instability in the world and the labor force have made our clients and prospects more hesitant to sign deals. This uncertainty can also be a catalyst for change, a need for operational stability from a reliable, trusted provider. We are aggressively investing in our sales force and R&D efforts to capture this opportunity. GoCentral, Singularity, Genesis, Aloha, Treasury Management, and others are rolling out now. Costs will be controlled through reduced incremental hiring, utilizing AI and automation, including Blue Prism's digital workers to accomplish this, and a reduction in our global real estate footprint. I'll now open it up for questions. Thank you. As a reminder, everyone, if you would like to ask a question, please press star one on your telephone keypad. Please limit yourself to one question and one follow-up question. If you would like to ask additional questions, please feel free to re-queue. Once again, everyone, that is star one. All right, we'll take our first question from Alex Kramm with UBS. Yeah, hey. Good evening, everyone. Maybe just starting on the DST side here. Growth of 0.9% this quarter decelerates quarter-over-quarter. I heard you on the selling environment, and obviously there's a lot of uncertainty in the world. I would also say that, you know, coming into this year, we still had traditional asset managers, I think, do very well on the back of multi-year highs in equity markets, et cetera. I think your customer base is actually doing fairly well. Just wondering what in particular are you seeing at DST and in this environment, if we can see that growth rate kind of tick up again in that business? Thanks. Well, I'll give it a shot, Alex, and I'll have Rahul comment. You know, we continue to roll out additional capabilities in our DST businesses, and we have lots of large opportunities. You know, it comes down to you know not only closing those opportunities but also then getting those clients live. There's a bunch of pent-up revenue that hopefully will start to roll into those financial statements in the second half of 2022. You know, they're large scale organizations while we have teams working on it, we also rely on the clients to help us in that process. These uncertainties are not helping them move more quickly. I don't know, Rahul, do you have any other color? Well, the one thing I'd add also is, you know, these customers are some of our biggest customers across the company. The DST relationships are strategic for us, and they frequently buy from us in other areas, including alternatives, admin, and others. Obviously, that's not reflected in the DST financial services line, but it does speak to the value of the relationship. Fair point. Thank you for that. Then maybe just on the margin real quick. Clearly margins flat year over year. I think last quarter you already talked about some inflationary pressure. I think you brought this up again today. Just wondering, are things a little bit tougher than you expected given the, you know, the big resignation that everybody talks about or, and how do you think it's gonna continue to impact or, how are you gonna navigate that environment? Well, I think that, you know, that's a great question, Alex. We are instituting all kinds of things to improve our retention and be able to create an environment where, you know, we are an employer of choice. But there's wage inflation and that, you know, the overall power has really moved from capital to labor. While I don't think that's necessarily a bad thing, I think, you know, for the short term, you know, adjusting your sights on, you know, going for price increases and being able to move inflationary costs, you know, through to the revenue side, I think is what we're working on. Being sensitive to our employees and making sure that we remain a employer of choice. All right, great. I'll jump back in the queue. Thank you. All right. We'll take our next question from Andrew Schmidt with Citi. Hey, guys. Thank you for taking my questions. Good to see the resiliency here. First, a set of questions on Blue Prism. Just back of the envelope, it looks like this should be approaching 100% or 1%, 1 point accretive on a pro forma basis when we think about just total growth. Just wanna make sure I have that correct. Then if you could talk a little bit about just the opportunity to plug Blue Prism into the SS&C direct sales force, because it seems like that's one of the big revenue opportunities. Just timeframe and process there, that would be helpful. Thanks a lot. Rahul, you wanna take that? Yes. Uh- Maybe Patrick can comment on the first one. Yeah Accretive built in. Yep. I think your question was around revenue, right? How much does it add to revenue growth? That's right, on a pro forma basis. Yeah. Yeah. You know, I think what we have in our financials for this year and our forecast is the first quarter had about $10.8 million, and that just represents a half a month. Then for the remainder of the year I think we're estimating somewhere around $196 million of revenue for the second, third, and fourth quarters. Right. I think. I guess the- To the second- Yeah. Yeah, sorry. Yeah, I was gonna say, I guess the question is more around just, you know, combined company growth rates. It seems like it should. Obviously, this is accretive, but the growth. But it seems like it should be approaching that kind of 100 basis point accretion when, you know, obviously, when we have this in the base in 2023. Just wanna make sure that's the right ballpark. You know, I think if you think about it, right? It's roughly we're getting $200 million in 10 months, right? So let's call it $230 million or something like that. If you know at a 20% growth rate, that's $46 million, which would be pretty close to 1%. So that's how we would think about it as well. Great. Perfect. Thank you for that. Yeah, just- I think to the second part of the question. Yeah. Yeah, to the second part of the question, you know, we're actually pretty excited about the opportunity. We obviously have 18,000 clients, most of whom, I'd say virtually all of them, are candidates to have greater automation and to have digital workers, right? That cross-sell component is pretty important to us. We also have a wealth of direct applications ourselves, whether in our outsourcing business, where we're performing many of the tasks that, you know, folks would look to have digital workers do. We're working hard, and our teams are working hard on coming up with applications for if you're a hedge fund or an insurance company, here's something we might be able to do for you using this technology. Rolling that out, we think will be pretty powerful. That's all underway. Perfect. Appreciate that. When we think about just the core business, Intralinks, from a growth perspective was a real surprise from my perspective, given the M&A volumes out there. It seems like a lot of that is due to share gain. Maybe you could talk a little about just the drivers there and how you see that playing out for the full year from a growth perspective. Thanks. Well, we have a great business in Intralinks, you know, and they continue to find pockets of growth throughout their client base and new clients. You know, they've done a lot of things with helping the alternatives industry with portals and other things along those lines, information delivery. You know, obviously, they continue to be very strong in the VDR market and M&A in general. We expect similar growth for the rest of the year. Perfect. Thanks, Bill, Raul, and Patrick. Appreciate the comments. Nope. We'll take our next question from Peter Heckmann with D.A. Davidson. Thanks for taking the question. Can you just remind us of some of the dynamics in the healthcare business, the decline in revenue, the timing of any customer losses, and whether that would be fully reflected in the run rate number for the first quarter? Just remind us how the JV works. If I remember correctly, you own a majority, so you're consolidating that with revenue and then have a minority interest coming out. Well, from your comments, it sounds like, you know, we're gonna start to see that joint venture start to ramp. Would that be from new customers or increased volumes or both? Yeah. The Domani is 80% owned by us and 10% owned by each of our partners. That's right on how we do the accounting on that. You know, we have a lot of interest in Domani and the platform that we're building is pretty much on track. We hope to roll that out to one of our partners on the first of January of 2023, and then the second one on the first of January of 2024. We also have tremendous interest in others coming in as customers into Domani or as partners. We expect revenue to ramp nicely in 2023 through, you know, the next five or 10 years. We're excited about it. We think it's the first really, you know, cloud-based claims adjudication process in the PBM world and we're excited about where we are. Got it. Then just as regards the decline in revenue this quarter, can you remind me, but was that a loss of one large customer, or was it an aggregate of several? If you could just remind me when that actual deconversion happened. Did that happen January 1st? It happened January 1st. Several, right? It's a total of about $70 -80 million, and one of them represents about half. Got it. Okay. Do you think on the O'Shares acquisition, do you feel like that should close by the end of the summer? I think it's scheduled, right now, it's a little unpredictable 'cause there's some re-approval requirements, but I think it's scheduled for the end of June. Okay. I appreciate it. We'll take our next question from James Faucette with Morgan Stanley. Hey, this is Jonathan on for James. Thanks for taking my question. You had alluded to driving price increases to offset wage inflation. If I think back to the Analyst Day from last year, I think you had talked about, call it 100 basis points of pricing uplift to drive growth. How are these sort of price increase conversations going with customers, and is that enough to sort of offset the magnitude of wage inflation that you're seeing? Well, I mean, I think it's, you know, it's a process and I think the process is well underway and, you know, obviously, you know, inflation has ticked up, you know, almost month after month for the last five or six months. You know, we're planning on raising our prices to be able to cover, you know, our increased costs, and I think our customers understand that that's what's happening across the board for almost all of their vendors and we're no different. You know, we have a very talented labor force and we're gonna make sure that we take care of them and continue to be a very strong and trusted partner. Got it. A follow-up on the RPA opportunity. You know, how are you thinking about the headcount or the magnitude of investment required to service the broader RPA platform that you have inclusive of Blue Prism? We have a large development organization. We have many talented RPA developers as well as AI and NLP and machine learning. We have a big staff and Blue Prism complements it great. We think that in general, we're gonna be able to deploy hundreds of digital workers and hopefully over the next two or three years, thousands of them, which will allow us to grow and not add the headcount likely would have if we didn't have such technologies. I think that's the whole holy grail of doing this acquisition, is to bring that high-powered technology that allows you to substitute digital workers for human workers. You know, it doesn't replace human workers per se in total, but it certainly augments them in a very strong way. Appreciate the color, Bill. Thank you. We'll take our next question from Kevin McVeigh with Credit Suisse. Great. Thanks so much. Is there any way to think about what the potential revenue opportunity is across your existing client base for Blue Prism? I think, Rahul, you obviously have 18,000 clients. You know, over time, is there any way to think about what the revenue contribution can be, you know, again, across the existing client base? Yeah, you wanna take that? Yeah, sure, Bill. Thanks. So, you know, it's a huge market, right? As a multiple of the, you know, $200 and change that Blue Prism does, we anticipate that just in our current client base, you know, we probably have three, four, five times that amount of opportunity. Some of the consultants out there are representing this as a $150 billion or more market, right? Potentially as much as 30% of, as Bill noted, of all the line jobs that are done lend themselves to this kind of technology. We're just trying, you know. We're obviously mindful of the size of the market, and at the same time, we have to focus on specific things that we can do better than anybody else. Blue Prism already has a number of those among the customers that they have deployed, and we're working with them on building out additional use cases and applications. It's helpful. It seems like the revenue retention was up 90 basis points sequentially. Historically, there's been a little seasonality. Should it stay at 96.4% or, you know, how should we think about the revenue retention? I think you said stay around that level. Is that right? I just wanted to confirm that. Yeah. Pretty much. think it should stay around that. Yeah, yeah. Okay, great. Thank you. In the historical ranges, yeah, over the last couple of years. Yeah. Thank you, Patrick. All right. We'll take our next question from Alex Kramm with UBS. Oh, that was quick. Hello again. Just had a couple follow-ups here. One, on the interest expense, thanks, Patrick, for the color in terms of the rising interest rate environment, et cetera. Maybe to make it even easier for some of us, can you actually give us the kind of dollar amounts of interest expense that you expect for the next three quarters as you bake in that rate increase? Sure. I think including the new debt on Blue Prism, I think, which is about $36 million or $37 million for the year, you know, we expect about $250 million this year in total. Yeah, in terms of the ramp, I guess I don't know if you have any assumptions you wanna share given that. Well, I would think, I mean, yeah, I think right now. You know, the average interest rate on our original facility is probably around 2.45%. The new facility is 50 basis points higher than that because of the spread. I would say, you know, it goes up another 50 basis points in Q3 and another 50 basis points in Q4. Super helpful. Thanks for that. Just as we think about capital deployment here, are you assuming basically mostly, you know, pay off debts given the rising interest rate environment? Or do you still think there's appetite for buybacks as we step through the year? Yeah, and that's it. So, sorry, just one last quick one. Stock-based comp increased quarter-over-quarter. Is that a good any reason why the big step up? I think that was the second highest in company history. Is that a good run rate to think about for now? Well, first of all, Alex, I'll take part of this, Patrick, then turn it to you. Yeah. Yeah, I think we're gonna aggressively buy back our stock. You know, we still see it as, you know, financially quite a bit more effective than paying down debt. Although, you know, as interest rates continue to rise, then you know, we'll revisit that. Right now, you know, we're gonna generate $5 a share in cash, and our stock's trading at $70 or so, $69. Plus we pay a 1.2% dividend, I think. So I think economically, it makes a lot more sense to buy back stock. You know, rising interest rates could change that for sure. You know, we have tried to move a lot of the cash bonus programs into more equity bonus programs and have them as a complement to the cash and have cash be less of a driver of the bonus program. I would think that the equity stock-based compensation is probably pretty close to what it will be going forward. I think that, you know, again, it's a tough labor market out there and we're gonna do everything we can in order to reduce attrition as much as we can. I think we've done a pretty good job to date. All right. Helpful. Thanks again. We'll take our next question from Chris Bennett with Piper Sandler. Hey, good afternoon. Thanks for taking my questions. I had one for Rahul on the alternatives business, and it shows the 10.7% growth in alternatives in the first quarter in your slide deck. With the private markets growing over 18%, I'm just curious if you can comment on what's driving that strength in private markets, what you see for competition, and is this a lot of in-house opportunities shifting to SS&C? Sure. I think it's a little bit of, you know, all of that, but mostly it's a continuation of a trend where folks that had in-house operations, as they start new funds, they use us or somebody like us. We would say that the investment that we have made in technology and process over the last decade or so is market differentiating, right? We have a really strong business. We're the biggest provider of private market, and that's both private equity and real assets funds in the world. The capability keeps getting better. We're a natural place for many of these funds to come to. It's a combination of these are hot asset classes, you know, particularly in the private lending, private credit, and private equity, as well as real assets. Because they're hot asset classes, there's a lot of new launches, and then there's transfers of internal. You know, all of that leads to, I think, a growth trend that is both positive and we think sustainable. Okay. Got it. Bill, just on the healthcare business, your optimism for the future for this year for that, what's the best way for those of us on the outside to track progress there? Is that something we'll see a flurry of press releases, or will we need to wait till second quarter results or third quarter results? Just how should we try to keep an eye on that one and progress you're making? Yeah, I think, you know, as we sign new customers and new partners, we would have press releases. You know, people, you know, are kicking the tires on the technology and wanna make sure that, you know, we're gonna deliver on our milestones. You know, knock on wood, we've done a pretty good job so far. I think, you know, more to come, you know. I think that, you know, these are large scale healthcare organizations, and so they're, you know, large chunks of revenue. I think, you know, I think we'll prove to have been wise to have gone down this path. Okay. Thank you. We'll take our next question from Andrew Schmidt with Citi. Hey, guys. Thanks for taking my follow-ups here. I wanted to ask about the opportunity to implement the Blue Prism digital workforce across SS&C client operations. Is there any way to size or think about that opportunity from a productivity perspective? Is that included in the Blue Prism margin ramp, or is this a separate opportunity? Thanks. Yeah, we would view it as a separate opportunity. I think Blue Prism has a lot of running room in being able to market its products out to our client base. You know, the productivity increases that we get inside SS&C, I think, will really inure to the business units where they deploy Blue Prism. You know, that was one of the strategic reasons for doing it, and I think it's gonna be something that really strengthens our business. That's helpful. Thank you, Bill. Just on the margin for the year, just taking out Blue Prism. Has that outlook changed at all relative to the prior outlook? We perhaps contemplating, you know, some incremental, you know, wage and cost pressure. Then, you know, how do you feel about just costs being stable from this point forward? Just from a 'Cause obviously we've seen some volatility and some big tick-ups. Curious if there's more to come or your comfort level there. Thanks a lot. Yeah, I mean, you know, we obviously don't have a crystal ball either, so depending on what happens, you know, in the marketplace, you know, we're gonna have to react and react in a way that is competitive. You know, right now we think we have done the right things and, you know, we have rearranged some of our compensation policies and we're trying to make sure that we're sensitive to our talented workforce. You know, right now we think we're in reasonable shape. Rather than have one bonus paid in the first quarter after the year, you know, we're gonna spread out some of that bonus so that we pay parts of it in Q2, parts of it in Q3, and then the majority of it in the first quarter of 2023. There's a number of changes that we're making and hopefully they're being well received by our workforce and that they know that, you know, they're foremost in our mind, and they're our biggest asset. Given that there aren't any more changes and interest rates or inflation don't keep going off the charts, I think we're in reasonable shape. Got it. Thank you very much, Bill. Appreciate it. Our next question comes from Patrick O'Shaughnessy with Raymond James. Please go ahead. Hey, good afternoon. Question about Blue Prism. How do you guys mechanically cross-sell Blue Prism to your client base? Is it the legacy SS&C salespeople who have this kinda added to their arsenal? Is it a team-based approach with the legacy Blue Prism people, or how's that gonna work? Well, it's both. You know, obviously, you know, we're training our current sales force and getting some use cases, right? You have to have like a digital worker that's called Reconciliation or a digital worker that's called Verifier. You know, some other, you know, where we take an expert and they work with an engineer and they create a digital worker, and that has a, you know, a rules-based, repetitive capability that we then deploy. You know, we have to have the use cases, we have to train our sales forces what that use case is, and we have to, you know, kind of, use both Blue Prism personnel as well as our own. We're pretty optimistic about it and it's something that everybody's interested in. You know, salespeople like to sell stuff that everybody wants to buy. I think we feel pretty strongly that the adoption will be you know swifter than usual, I think. Got it. That's helpful. Thank you. A question for Patrick. Your full year adjusted net income outlook decreased by, I believe it's $48 million at the midpoint relative to your previous outlook. The operating cash flow outlook decreased by $130 million at the midpoint. What's driving that differential? There's a couple things that are driving the differential. One is, I think Bill mentioned that we are now gonna institute, for some employees, a quarterly bonus. Instead of having an annual bonus for this year in the first quarter of 2023, we're gonna make some payments this year. That's affecting cash flow $6 -80 million. Then there were about $20 million or $25 million of deal costs related to Blue Prism acquisition and financing that are hitting the cash flow. Got it. Thank you very much. That concludes the question and answer session. I would like to turn the call back over to Bill Stone for any additional or closing remarks. Well, again, we appreciate you all being on the call today, and we look forward to executing over the next several months and talking to you at the end of the second quarter. Thanks a lot. Bye. That does conclude today's presentation. Thank you for your participation, and you may now disconnect.