All right. Hi, everyone. I am Justine Stone, Head of Investor Relations for SS&C. Thank you for joining us this afternoon, both in person and on the webcast. It's great to see so many familiar faces in the audience, as well as some new ones. One small but important item before we can begin, the customary safe harbor disclosures, which you can see right behind me here. We'll be making some forward-looking statements today, so just take a quick look at those. I won't read the whole thing. But we have a great program for you this afternoon. We're excited to introduce you to our executive leadership team, who will walk you through some of our strategic priorities, our technology initiatives, our markets, and our financials. We'll reserve all Q&As for the end of the formal presentations, and we'll take Q&A both from the live audience as well as from the webcast. Also, for those who are here attending in person, we have a great kind of set of demo stations going on. To the left of me, we have DomaniRx, we have Black Diamond, Blue Prism, and Intralinks station setup. So when you get a chance, make sure to take a look at those. There will be a brief break in the middle of the presentations for everyone to stretch their legs, get a coffee, and whatever you may need. And then we'll conclude the presentations with Q&A, and I invite everyone to stay for a cocktail reception when we're done here. So with that, I think we are ready to kick things off. Oh, here's pictures of everyone, so you can point them out of a crowd or pick them out of a crowd. But please join me in welcoming to the stage SS&C's Chairman and CEO, Bill Stone. Thanks, Justine. Well, let me reiterate what Justine said, is that we really appreciate all of you taking some time out of your schedules to come chat with us. I'm gonna kinda just go over SS&C at a pretty high level. We have an awful lot of our smart people here. Some not so smart, but an awful lot of smart ones. So we're pretty happy about that. And I think you'll have an opportunity to ask any questions that you want, and you'll get to understand, you know, why we believe that we have a really great future with lots of opportunity. You know, when you look at us, it's like, you know, "Why'd you buy this, and why'd you buy that? You're such a dumbass," and all that stuff, and I'm always smiling, going, "Yeah, really? And what are you worth?" You know? So, don't think I'm not competitive, because I am. And, you know, we do things like Blue Prism because we believe in AI, and we believe in RPA, and we believe in machine learning, and we believe in natural language processing, and we also don't think you can dabble. If you're really gonna lead, and lead in these things, you've got to spend money, and you've gotta get the best people, and you've gotta back them up, and so, you know, that's what we do. And same thing, you have all probably read about that we bought Battea, which is a class action administrator, kind of, pay. They take the payments and pay it out to the institutional shareholders. It's a great, great business, and we'll get into that a little bit more in a minute. But those are the things, again, that we do, and we do quickly, and we, it's funny about us, is we like to make money. You know, I, I know you can really get, get Wall Street happy if you lose a whole lot of money and then give them back half of it, so we, we'd prefer to give you back several times what you invest in us, and, and, and that's what we try to do. So you can see we have a broad range of products and services. We like to think of it as a toolbox. We like to think of it as, you know, pieces to the puzzle. So things like Innovest, which we bought in the middle of COVID. You know, we get to use InnoTrust. We get to take InnoTrust and put it with Black Diamond and create a product called Trust Suite, so that RIAs can now offer trust services without having to buy a very large trust system. You know, so it's something that we move a lot quicker than a lot of our competitors. You know, and as you look at us, you know, we're $5.5 billion in revenue, and we're gonna generate about $1.3 billion-$1.4 billion in operating cash flow, and probably $2.2 billion-$2.3 billion in EBITDA. So it's a pretty big place with a lot of opportunities. If I go the right way, it'll be better. So these are some of the things that we're gonna try to touch on today, right? That we really do manage our costs, and our costs primarily are our people, and we like to pay them well. And even during the Great Resignation and stuff like that, we kept paying people well, and then we try to get them cash faster. So we split our bonuses up into three, I think three or four payments a year, so that everything doesn't come after the year-end, and when people might need the money during the year. Stuff like that, we do all the time. You know, we think that things being faster, you know, in your world, more complex in your world and more scrutiny, you know, that's usually all good for us. So whether it was Form PF that came out or now going to T+1 for settlements, all that kind of stuff, people need to have people that understand technology and can deliver it in a way that they want to see it. You know, again, we bring a lot of products to bear. You'll hear about Genesis today. You're gonna hear about DomaniRx. You're gonna hear about a number of other of our products and services that we've brought out over the near term, and we think that's gonna give us additional momentum. You know, we also have new initiatives on really trying to move product into individual clients and services into individual clients. You know, obviously, the digital worker process that we have in Blue Prism, you know, we've deployed, I think, 1,700, and that is really reducing our need to hire as many people, and allows us to take some of the drudgery work and put it into bots, you know. So that's been pretty effective, and we also, you know, are pretty focused on capital allocation. You know, besides the acquisitions we do, we spend a ton of money on R&D. You know, and since we have such a big services component of our business, you know, probably 80%, maybe a little more, you know, we get two bites of the apple. We sell our technology. I think there's 40-50 fund administrators that run Geneva. Almost every large, sophisticated fund administrator runs Geneva, and we own it, and we run it, too, and we think, arrogant as we are, we run it better than anyone else, given that we have the source code, so you can kinda see, even though we're spending $470 million in 2020, and we're gonna spend about $700 million this year, you know, on our software businesses, you know, really, you know, the software we sell is the software we use in our services businesses, so we're getting two bites out of our investment in R&D, and that's why our margins have been and will continue to be quite strong. We still win. We win all the time. We win the biggest, most sophisticated ones, and when we lose them, we don't lose them for very long because people get frustrated and come back to see us. Now, that's not true every time, but a lot of times we are able to show them how we can do things in an automated fashion, and other people are doing it in a manual fashion. And then they say, "No, we're not doing it in a manual fashion. We use Excel." I rest my case. I keep going the wrong way. Story of my damn life. So in client relationships, you know, we're trying to continue to improve our retentions. You know, we realize that allows us to have an easier path to higher organic revenue growth. You know, and you've all taught me, I pray to the organic revenue growth God, even though sometimes he's not the nicest dude in the world, but we do that. We pray to probably her and try to make sure that we focus on retaining our clients and that our customer satisfaction is high. Our ability to cross-sell and upsell into them is tied to their satisfaction levels, and so we focus on that, and I think we continue to make progress. I think, you know, we hopefully in the next quarter or two will also give you net revenue retention, as well as gross retention levels. So I think it's something that, you know, when you have as many products and services as we do, it's somewhat more of a monumental task of pulling all those numbers together and you know that. I'm very sensitive to our finance and accounting group, so we don't ever wanna overwork them, for God's sakes. You know how that goes. Right, Brian? Okay. You know, I talked a little bit about our digital worker process. You know, we have some clients that are you know might have you know in a fund might have, you know, 1100 LPs, 1200 LPs, and to proofread those statements, you know, on a monthly basis, it would take two or three days, two or three people. So we put a digital worker on that process, and it takes three or four hours. You know, they don't take breaks. I've never had a digital worker bitch at me yet, you know? They don't ask for raises. We don't give them any vacation, mean as we are, and they don't even get holidays off. So, you know, it really is a productivity enhancer, you know, but you have to define what it's gonna do, and you have to have a really smart person making that definition. Otherwise, what happens is that you had not such a bright person design the process, and then you have not such a bright digital worker. So I think that's something that has become something that we're all focused on, is making sure we, you know, really pay attention to building the right specs and not going so fast as to be sloppy. You know, because I, I think, you know, digital workers do things very, very well, very, very fast, and if they're doing it very, very poor, they do it very, very fast. So we prefer they do it well and do it fast. It's amazing how we think that way. So we, we think that, you know, you know, as we keep going through this process, you know, Blue Prism gets better, we get better, we know more, more people get trained, and, and, and you really get an opportunity. And I, I think that's something that's gonna pay benefit, benefits for the next 10 or 15 years, and probably long after that. I keep going the wrong way. I swear to God. They switched the button. So, so we look at capital allocation. You know, we have been an acquisitive company for probably, you know, maybe 33-34 years of our 38 years of existence. You know, I think we've bought 78 companies. I know it's more than 75, and they've ranged from DST at $5.4 billion to Advent at $2.7 billion, to Eze at about $1.45 billion, I think, and Intralinks at $1.5 billion, GlobeOp at $800 million. You know, so we've bought a lot of companies, but you know, we generally bought them when, you know, we were talking about times EBITDA. Now, people that follow us pay times revenue. We still prefer times EBITDA. And also when interest rates were quite a bit lower than, you know, in some ways where they are today. So when you can buy these companies and generate 40% EBITDA margins, and you're paying, you know, 4% or 5% interest rates, you know, you can do that math. It works really, really well. When it starts to become 10, 12 times revenue, then it gets a little more daunting and I much prefer to protect your cash and mine, rather than try to go out and stick our neck out too far. We raised the dividend again 4%, I think a little over 4% this year. We pay $1 a share out in cash dividends. I think we generate about $5 a share in cash. So we are very well covered on that. You know, we do think our stock is undervalued, and we're buying it. We bought a ton in the second quarter. We've continued to buy in the third quarter. You know, as we do acquisitions, the window kinda closes on us for buybacks for a while, but we're still aggressively buying our stock and we believe we will continue. You know, unless we can find some more acquisitions that really meet our criteria, and then we'll drive hard to do those. And again, when we go up against PE, we think we can outbid them. You know, as I tell them, they don't get as good as synergies as we do. You know, so I think it's something that is a valuable way of looking at these companies and continuing to comb the various markets and various products and services that we're interested in. We hired Ezra Bailin about seven, eight months ago, and he's done a good job for us. And, you know, Battea, he shepherded him to us, so that was very good for us. I went the right way. That's pretty good. Battea is a, you know, class action services. You know, a lot of you might get them, too, in your personal portfolios. You know, I don't know about all of you, but I generally toss them in the trash because it's too much of a pain in the neck. But with Battea, you know, they have a great service. They do it for you, and it's like found money. You know, when you have found money, most people are pretty excited about getting it. You know, some other great traits about Battea are, they don't have any receivables. So when they collect, when the court dishes out the money, Battea collects the money and then takes their 15% and then sends the rest of the money on to the institutional investor. That's a pretty good model, you know. So, we think it's really gonna fit well with our client base. Peter Hansen, who's a principal shareholder, individual shareholder in Battea, has really been a good mentor for us on this. You know, Mike McCreesh, who's here, is the CEO, and we're really excited to bring him into our fold. We think there's a lot of stuff left internationally. We think there's a lot of things where we can get more clients. People wanna know if, you know, how many of our clients are Battea's clients or vice versa. You know, Battea's got about eight, nine hundred clients. We've got 20,000 clients. If you do the math, at most, it could be 5%. So we think there's a 95% greenfields, you know, not that everybody buys securities in our class actions, but there's plenty that we have. I think, as you will see, as we go through all the different presentations today, that, you know, we have something like 14,000 funds that we do fund administration on. You know, we have something like $50 trillion in assets that we do various accounting procedures and processes. You know, so I think you'll see a lot of things that we're able to cross-sell and upsell with Battea. You know, I think this pretty interesting slide that, you know, I know everybody says that we can't grow, but we've gone from $1.7 billion- $5.8 billion, from 17%- 24%. That's a 19% CAGR, you know, and EBITDA is growing at an 18% CAGR. I think those are reasonable numbers, and I can assure you from my portfolio, it's worked out. But all down the way, from operating cash flow, alternative assets under administration, you know, and then also managing our leverage. You know, I have a lot of people that tell me, "You know, you could go private again if you wanted to." I said, "Oh, really?" "Oh, yeah. Yeah, we think so." "Good." "You know, you'd be about eleven times levered." I said, "Look, I can run this place eleven times levered, but I'm taking my equity out." So, you know, again, we're prudent, right? We're prudent. We know how to take risk, I think. We try to measure it, try to understand it, and then we try to move fast when we have an opportunity that is gonna really pay dividends for us. You know, and I think that's been the secret for SS&C. I know sometimes we're a little boring, but, you know, I don't let cash burn a hole in my pocket. You know, Wall Street, with all the different bankers and helpers that come to see me all the time, you know, they look at that golden goose, and I say, "We have time to rip that golden goose and get those golden eggs out of there!" And they look at those golden eggs and say, "Wow! Beautiful golden eggs." And I say, "Looks like a dead goose," right? Because you've got to build the next golden egg, right? You can't just stop. You've got to keep going. And I think that's something, again, that we have tried to do as a company, is to recognize that it's not always springtime. You know, and when it is wintertime, you know, bundle up. You know, we don't need to go out and prove we can spend more money than anybody else, you know, so we don't. And I think that's, again, something that has served us well. And given that you've heard me for about 20 minutes, you know, I just want, again, to reiterate that we're focused. We work at it, you know, we like to win, and you know, I really appreciate that I have a partner in this, like Rahul Kanwar, who I'll introduce now. Thanks, Bill. That's how it goes. So, you know, Bill, Bill obviously set the stage for the kinds of things we do. A couple things on just, you know, the markets that we're in, right? We're mostly financial services, and then we've got a healthcare business that we have really high hopes for. Both of those markets we view as being really good for us. Lots of growth, lots of activity, plenty of new products and services we can offer. And in general, our customers, really across the world, are sophisticated. We do very mission-critical kinds of things for them. So, you know, that contributes to the high retention rate that Bill had up on the screen. But it also means that if we can do a really good job for them, because it's so important, they're willing to pay us more, they're willing to buy more things from us, and that's really what we do. So just kinda looking at, you know, the depth and breadth, and we've got a healthcare business, where we're doing pharmacy claims and medical claims. We've got, you know, the leading or one of the leading M&A diligence providers and virtual data rooms. We've got some of the, Bill talked about Geneva and a few other products like that, but we've got some of the leading asset management, investment workflow, front office, middle office, back office software in our Wealth and Investment Technologies business. We've got intelligent automation and analytics that we have, once again, really high hopes for, and that includes the Blue Prism company that we acquired, but also our regulatory tech business, which we think, you know, has a lot of opportunity. We've got the world's biggest independent transfer agency business in GIDS, along with a host of other capabilities, and the world's biggest fund administrator, right? And that's our GlobeOp business. So if you kinda, you know, go across to that, once again, really good markets, leading products, and lots of opportunity. So, you know, some of those products, and, you know, once again, Bill had a slide up on R&D and our investment in R&D. We take it really, really serious. I think there's a couple things that jump out, and these are some of our products and services. But a couple things that jump out are, one, we're integrating capabilities, right? So we've got maybe a hundred different things we do, and when it makes sense to bring them together to be able to offer a larger product or service or solution for a customer, that's what we're trying to do. So Black Diamond and Innovest, Trust Suite, that's one example. Genesis, which really reflects, you know, the latest and greatest that we have in our new platform for asset managers. We've got, y ou know, the other thing that I would point out on this page is, we're not afraid to take on large projects. We make sure we complete them. We make sure they're market-tested, validated, we can get revenue off of them. DomaniRx is one example of that, where, you know, multiple years of development, hundreds of thousands of development hours, we went live in January of this year, and it's been incredibly successful. Eclipse is another example where, once again, when we acquired the Eze business, you know, it was sort of development underway. Now we have a thriving business. That's kinda, you know. And maybe one final point I'd make on R&D is, we are embracing AI, but unlike some of what we see in the marketplace, we're trying to do it in a way where we can. It's practical, we can implement it reasonably quickly, and we can turn it into revenue pretty quickly. As an example, in our Intralinks Deal Center product, we now have an AI tool that can digest the thousands and thousands of documents that go into a data room, and you can converse with in a natural language query format and say, you know, "Tell me about this company, tell me about risk factors, tell me about growth rates, tell me about who the peer group is," or anything else that you want to do. And what it might do is take a diligence process that might have taken you a couple days to try to figure out what's in there and turn that into a couple hours. And those are the kinds of things that contribute to better win rates. You know, similarly, in our Blue Prism product, in the next generation of our Blue Prism product, we're using Generative AI to once again, on a chat prompt, be able to say, "Design my workflow to do this," or, "Add this step to my process." You know, the same way you would talk to somebody, as opposed to going out and trying to figure out how to put it into the code, right? Makes it easier to use. We think that translates to bigger deployments. So we've got great capabilities. We're in great markets. We need to make sure continuously that we're investing in the sales process, right? And that's what we've always tried to do, it's what we're trying to do. There, there's a lot of things on here. There's really a couple of, you know, themes. One, it's all about people, right? That's not just true for salespeople. It's true for, you know, really all of the professional functions that we have. But we're investing heavily in our sales force. We're making sure we're hiring the right people. We're making sure we're training the right people. We're spending a lot of time on both training, but also direct access to our senior executives and our subject matter experts. And then we're making sure we're supporting them, right? We get into sometimes these complicated, what can be longer sales cycles, and there's a lot of information. There's a lot of information that customers have that they give us, that we have to digest. There's a lot of information and a lot of things they would like to see about our capabilities. A sales force well-supported by the experts. They show up, they show up prepared, they impress and, in a lot of cases, you know, are able to demonstrate things that are different than what that customer or prospect has today. That's one of our advantages. It's what we try to do. The other part of this is process. We are continuously taking a look at our process for collecting leads, how coordinated we are across the different parts of the company, who's going in to do that initial fact-finding, what's our process for, you know, proofs of concept and other things? So really, the steps that turn a prospect into revenue, and then, you know, the final point, accelerating sales and implementation timelines, done well, that translates to a contract getting signed faster, right? And then done well, using things like Blue Prism and other automation capabilities, we can implement faster, right? And all of that means the revenue shows up faster and we've got a happier customer that is taking advantage of really what they wanted to take advantage of when they selected us. We have 20,000-plus customers, right? We think we already have access to the best names in the markets that we're in. And a big part of our opportunity set is right now, while some of them are really big customers for us, we represent a really small portion of their budgets and what they spend money on with, you know, others or in-house. And so a big opportunity for us is to make sure that we're listening to them, we're disciplined about collecting feedback, we're disciplined about monitoring satisfaction levels, we're disciplined about making sure projects get done. And, you know, really, one of the big things we have done in the last couple of years is, we've made sure that that feedback, right, whether it comes through our account managers, whether it comes through our sales teams, makes its way back into the products, so that the product roadmap and how we figure out what we're going to build next, or how we figure out, you know, where kind of the investment needs to be, is driven by, "Let's go make that customer even happier," right? Or "Let's. This is another capability that they need." And if we keep doing that, you know, the things at the bottom, which are all kind of the good things, the rewards, right? They pay us more, they buy more things from us, they act as great references and send us their friends. Those are all good things that happen, right? And it all kind of comes back to high levels of execution, paying a lot of attention. So just looking forward, you know, and this is an effort that we have spent a fair amount of energy on, and we're probably gonna continue to. Taking those 20,000 customers, taking the hundred plus products and services, making sure that where it makes sense, and it doesn't make sense, you know, everywhere, but where it makes sense, we've got a holistic coverage model, and that we are approaching that customer as really a relationship where we have an opportunity to deploy a solution, right? So, so much more what's good for the entire enterprise, bringing all of SS&C to bear, making sure our, the right experts are in the room, making sure we've got good touch points and match-ups and relationships, we think translates to, and we've seen early signs of it already, translates to better win rates, more satisfied customers, and for us, more of an ability to make sure that we're successful in deploying our products. So, some of that is, you know, a little more targeted in terms of, here's a sector or an industry or a type of client or a type of fund or a fund structure that we have these four capabilities for, and just making sure that that story is backed up by great integrations, great implementations, lots of references, right? And that's - we're just gonna keep trying to do that. You know, Bill talked about some of these things, and I have as well. We're in really good markets. We have lots of great products and services. We've got a good sales process, right? We think all of that should translate into win rates, and it does. But, you know, those prospects, when they're sitting across from you, and they're looking right at you, they're trying to assess a couple of different things, right? And that's really how we try to set ourselves up. They're trying to assess the expertise and knowledge of the people that are gonna b in particular, the people that are gonna be on their teams, people that they're gonna interact with every day. They're trying to assess, is this a solution that they're gonna buy that's just gonna stay static, or are we gonna invest in it, and we're gonna keep evolving and enhancing? They're trying to figure out how that technology matches up with others in the marketplace. Many of them, as I've said, are extremely complicated, right? So whether you're deep in the structured loans, or you're deep in credit derivatives, or you have millions and millions of transactions every day because you're high frequency and you need to do trade compression in order to get a system to handle whatever that is, they wanna make sure that you have some expertise in that specific problem that they're trying to solve, and that you're gonna back it up with a commitment to client service, right? That's really how we're organized. It's what we try to do every single time, and this is who does it, right? It really does come back to our strengths. Some of our, you know, most important things that we have are the, the technology, but it's but it's the people that built those systems, it's the people that maintain those systems, it's the people that take care of our customers. So we try really hard to make sure we take care of our people, right? And, and what that means has evolved, right? But, but today, what that means, flexible work, right? So lots of flexibility to balance kinda where you work from. And, and then being SS&C, we have lots of metrics to make sure the work gets done, right? So that's, that's. Those things go together. We, we pay a lot of attention to compensation, to benefits. There's maybe 70%-73% of our employees around the world, 27,000 people around the world, have equity in the company, right? So we're really trying to, and this comes from Bill, goes through the place, we're really trying to have an ownership culture. You know, we tell people all the time, "Act like it's your own money." And so that's a part of what we're trying to do. You know, I think the final point on this is the work is interesting, right? If the work's not interesting, you can pay people really well, and they'll likely will stick around for some period of time, but the best ones will get bored, right? And they'll go do something else. But if what you can do is take things like Blue Prism and other automation efforts that we have, and take the routine, the repetitive, the mundane out of it a little, right? And in effect, elevate the job to be more analytical, make sure that you're solving problems, make sure that you're making a difference, that translates into a far more rewarding cycle. And that's a big part of what we're trying to do. With that, I will turn it over to Anthony Caiafa, our Chief Technology Officer, take you through his organization. Thank you. Make sure I know this button works. Nope, wrong way. Hey, everybody. So, one thing I wanna walk everybody through is the size of the SS&C technology and engineering department. So, you know, we have 5,500 technologists plus globally across the world, right? And we're roughly working with 500 million plus lines of code throughout all of the different products, repositories, internal services, external services, et c. One big initiative that we focus on is building out global standards, global design practices, and global architectures, where we could standardize that across the entire firm, because it allows and it helps us to get product out faster, because we're continuously deploying code, and it helps us get, you know, different services and different features out to market. It additionally helps us reduce costs, right? If we have multiple teams across the globe working on similar platforms, we're not putting together all these disparate systems and trying to plug things together. We're just focusing on building out that standard component. The nice piece of that, additionally, also, it helps all of these engineers, it's quite a few, collaboratively work together in a lot of these development environments. Wanted to highlight some of the numbers here, right? Again, 5,500 global technologists across the world, about $700 million in R&D budget. We're supporting 2,300+ internal and external services and applications. Those are the ones that are powering the customers in the front end, but also powering customers behind the scenes. We have a private cloud, which I'll go into later, that's hosting about 60,000-plus virtual machines across the world, across 65 different data centers that we're operating in. We store roughly about 80 PB of customer data, and we see 35 billion API calls a month. And we're managing 750 billion connections, network connections that are coming into our environment. The scale that the engineers and the teams are working on, it's an enormous scale. And while they're doing it all while building out modern architectures, building out scalable systems, and getting products out to the market very quickly. You'll hear, you heard Bill mention it, you heard Rahul mention about AI, and you hear the other teams mention different components of where they're working in AI. Here's a peek on some of the things that we're doing, but as you could imagine, what needs to happen behind the scenes to power all of this infrastructure, to power all of these LLMs, to manage all of the data flow, to keep everything secure. It is, it's a really nice, tightly built technology stack, right? So we will have, whether we're improving developer time with code generation that's looking into our different repositories, or we have LLMs that are built, that are focused on detecting wire fraud, all of these different pieces, again, are built on simple, simplified architectures that all of the teams can go across. So, while we're doing that, one of the biggest things that we're always thinking about is the security of these pieces. So one thing that was worth highlighting for us is we built out a service called TARVOS. It's an internal service for now, but what it does is it focuses on the auditing of all the data that comes in, and it helps us build guardrails around the data. We could build all different types of safety, whether it's protecting against prompt injection or doing data redaction against sensitive information. And it allows us to essentially filter all LLM requests through a proxy, which is what TARVOS is, and then really protect the customer data, and then our internal data. Our big focus for that is security, 'cause we want the developers to move fast. We want them to keep building. We want them to not have to worry about, you know, making any mistakes. This helps them remove all of that worry, right? And it also really heavily assists with a lot of the hallucination problems that you'll see inside of the AI services. So this service is has been very beneficial for all of us. One thing to mention is that as we've been building infrastructure, we've had 36 years of being able to build infrastructure. We know financial services, we know healthcare, we know how to build out large, scalable technology stacks. So one thing that we're have been focused on releasing on is SS&C-managed IT services. So we're helping firms manage their IT department from the top of the stack all the way down. So whether it's desktop as a service, whether we're managing your infrastructure in our private cloud, whether we're hosting you in our data centers, whether we're helping you with BC/DR, or we're helping you with cybersecurity services, we're now bundling this up and selling it to customers. One area that we've had a significant investment in has been our private cloud. Within our private cloud, we're hosting all of the different applications that you'll hear about today, plus a lot of the other back-end services that power all of those applications. Just going over some of the numbers, we're seeing 20,000+ changes a day in firewalls. We have thousands of products, thousands of users that are running in here. We have 100-gig circuits that are uplinking everything. We've built this for. We initially started building this internally, so we could remove, you know, developers' time to have to worry about, you know, managing infrastructure. We have things like Kubernetes as a Service, Database as a Service, Kafka as a Service. So a lot of those technology and more modern technology components we've baked into this private cloud. It has entire GPU environments for folks to train models, and it has really changed the way that our developers and our customers have been interacting with a lot of our technology. It's globally deployed, so concentration domestically, but we have them across Canada, Amsterdam, Australia, and there's a few new ones launching in the U.K. this year. One area that we should mention is our security. We've spent a significant amount of time focusing on how we've reformed our security and our security framework within SS&C. So, if you see over to the left, we're processing quite a bit of whether it's identity jobs, which is all happening through Blue Prism, or between the incidents, the amount of tests that we're doing, and we've changed everything in our security space to infrastructure as code. So it's a little bit further away from the policy side of how most security firms kind of look at it, and we focus heavily on the engineer being able to build security through code. We pick our partners pretty wisely. We do heavy vetting on all of them, and these partners will change from time to time as security evolves and as things become more intelligent out there. But we have built this architecture, and it's. We're very comfortable with where we're sitting with it, and our partners are constantly working with us, and we're constantly evolving their platforms as well. That's it for me. Thank you, Anthony. We're gonna take a quick 10-minute break. That came quickly, and then we're gonna dive into the business units for them to present after. So take a look at the demo stations, grab a bite to eat, grab a water, and we'll meet back in about 10 to 15 minutes. Great! We're gonna get started with our business unit presentations, and we'll start with Bhagesh, who will go over SS&C GlobeOp. Thanks, Justine. Just a quick intro. My name is Bhagesh Malde. Joined the firm seven years ago. I run the GlobeOp Business unit, which is primarily our fund administration business. Prior to SS&C, ran similar businesses at State Street and JP Morgan. And just before we came on, myself and my fellow business leaders, we all voted, and they unanimously agreed that I have the best business, right? So, and I'm sure they're gonna confirm that when they come on later on. So just a simple introduction to the GlobeOp Business. Rahul and Bill mentioned we're the biggest global fund administrator. Multitude of people, 7,000 people across the globe. Considerably bigger than any of our competitors. But really, I think what's important is we go across all of the asset classes. A customer comes to us, and they start out as a hedge fund, then they wanna launch a private equity fund, or they wanna go into private credit or beyond into natural resources. We have the capability of servicing all of them, and so we are that true one-stop shop for our clients. We tend to attract the biggest and most complex clients in the industry. So even if somebody starts with another administrator, they work their way up towards us. So we're proud of the business that we've got. And as you can see, this was actually a unique year for the business 'cause we grew more than we grew last year, but we actually added no people in terms of overall headcount. We added a number of digital workers, over 600 digital workers between last year and this year, and we've been able to increase our capacity without adding headcount. So that's significantly different to any other competitor in the industry. And so when it comes to the war for talent, we've been able to, w e have some natural attrition going on, and we certainly weed out the low performers, but we've been able to go out and hire the best people in the industry, but overall, not increase our headcount. I think what's also important is the geographic growth that we've had in our business. We've set up new locations. I'll talk a little bit about that later on. The competitive strengths that you see here and the client logos that we put just underneath, I'll just give you a few examples that bring out those competitive strengths. So, Lighthouse, large hedge fund client, they started fund administration with us, then moved on to us providing BPO services to them. We then lifted out key people from them. Now we offer them a managed IT service as well, and that's an area that Anthony and I collaborate on together to provide that world-class IT infrastructure that this client can leverage. We plan to expand that product out across our marketplace of clients. Ares, obviously well-known, private credit-focused, private markets fund. We support their middle office globally, and we do fund administration for them as well. We recently got mandate from them for their Asia business. They're in acquisitive mode out there, and new firms that they buy will come onto our platform. Affinius was a spin-out of USAA. It's a real estate-focused manager. We lifted out 60+ people last year, and we're the exclusive provider of fund administration services to them. Right now, we're helping them expand into Europe. Elliott Management, well-known activist hedge fund. We got a mandate from them to service a complex array of mid-tier entities that they have. They have over 1,000 SPVs globally, and we're providing the accounting services for those, but more importantly, we're extracting data from those layers of SPVs and giving that back to Elliott. ADIA, sovereign wealth fund from Abu Dhabi. We established presence last year in Abu Dhabi, and we've gained mandates from ADIA, and we're helping them transform their operation. We're very confident about the footprint in Abu Dhabi and where that's gonna take us into the Middle East. Point72 and Millennium are just two examples of the dominance that we have in the multi-manager sector of hedge fund space. So we service six out of the top 10 multi-managers, and we attract new ones every quarter. And that's because with the depth of experience that we have and the technology infrastructure that we have, we can support those complex hedge funds, as they move into high-frequency trading, many of them doing millions of trades a month. We don't have many competitors that can offer that service to them. So as they get bigger and more complex, they tend to gravitate to SS&C. This slide gives you an overview of the landscape in the market, and you can see that, the industry is over $22 trillion, as measured as of last year. We expect that to grow at sort of 7%-10% rate for the next several years. What you see, if you add up the slices of the pie, is the private markets, private equity, real estate, private debt, some of the other categories here, add up to about 75%-80% of the market overall, and that also reflects the investment we've been making in our private markets business. Our private markets business is just over 30% of our total fund admin business, which has been growing at a faster rate, really, given what's happening in the marketplace. Most forecasters expect alternatives industry to grow at 7%-10% for the next five years. One area where we've seen an explosion of growth is in the democratization of alternatives, with a lot of our clients offering retail offerings to the retail market. And again, where you switch from institutional investor base to a retail investor base is not something many of my competitors can offer. So the capabilities we have, we tend to attract all of that business. The biggest trend that I see from my client base is looking for more technology solutions from their administrator. They want to extract data from the investments that they're making and use those in the investment-making process. And again, the capabilities of SS&C tend to put us, you know, head and shoulders above our competitors. Here what you see are some of the priorities that we have in the business. We've expanded into Abu Dhabi. We've expanded into the Indian market, which is growing at a very rapid rate. We've expanded and put more boots on the ground in Australia. Again, deep pools of capital, heavily investing in alternatives. We established a solutions group that can go and help clients figure out what they need, and that, that's been a real source of business for us, where we go in and consult, and then we have so many solutions available, clients tend to buy from us. I mentioned the expansion into managed IT services. We think that's a great future product for us. Biggest investment we've made across the board is our next-generation platform, which is a data-focused platform. So we have lots and lots of tools to extract data, and we've put them into a common platform, and as clients are looking for more data, we can provide that enhanced service to them. I think that's been especially useful to us as we've seen a rapid growth in hybrid funds that are investing in liquid areas, but also illiquid areas. Those tend to pose big problems to other administrators. And finally, Bill mentioned the Battea acquisition. We hope to close that deal soon. The cross-sell benefits to our firm both ways, selling our products and services into their client base, but also taking our existing client base and offering those services, which are pretty compelling as well. And I wanna thank you. Do you fancy introducing him? Oh. Hello, let me just move this mic up to a normal person's height. Right. Hello, everyone. My name is Nick Wright, based in the U.K., and, yeah, apparently the number two most important business line here. So look, if you think of Bhagesh's world as service in alternatives, think of my world as servicing. I'll help you, Nick. Well... Click the slide. Yeah. You got it? You want it? I think you need. The green button. That's it. There we go. So, my name is Nick Wright. So think of my world as servicing non-alternatives, so asset managers, wealth managers, insurance companies, brokerage houses, the full range of services. So we grew up. You heard, Rahul talk about transfer agency. So the business pretty much grew up as a transfer agent servicing regulated funds. Increasingly, we're evolving it from that into broader services to those clients, whether that's accounting, middle office, other types of services. But still, the bulk of it is around servicing end investors. And you'll see, and we announced, I think six months ago, that we've brought the traditional GIDS business, and that's Global Investor and Distribution Solutions, and our retirement business together. Why have we brought them together? 'Cause fundamentally, they're all about servicing end investors. Not just the end investors, but their advisors and, distributors, anybody who's focused on that end investor. So a lot of what we do is helping our clients grow. How can they retain investors? How can they gain new investors? What tools can we give them to grow, whether they launch new products, whether they try and attract new investors into their products, et cetera. We are providing, to some clients, just technology. We're providing to a broader range of clients, technology plus outsourcing, and then increasingly, the full range of the SS&C product range. So working with Bhagesh's team, Anthony's team, Karen, Steve, across everything we do, so. So in terms of the market trends, and you see the markets we're in, we've got strength, and you'll see on the charts on the right-hand side, we're pretty much in strong market position wherever we are. But we've got huge opportunities across that by launching new products. So, you know, how can we support broader ranges of funds? How can we build new solutions? How can we get into new market segments? How can we close the gap on looking at ETFs, get into that space? Then we're looking at new markets. You know, where we do. We heard Bhagesh touch on Australia. We're also looking at Australia. We've grown down there. We did the acquisition from Iress down there. You'll see that makes us the number one player in Australia, but also broader Asia, continental Europe, South America, South Africa. So the desire for our range of services really stretches globally. And then the broader point about how do we offer new solutions and services. So that's where we join up across all the business lines, so we can provide the full front to back piece. I'd say we've got an unparalleled client list, but the point here is, you know, a number of people will say, "Well, one of the risks to your business is you're servicing regulated funds, and our US Mutual Funds, as an example, are they gonna survive? Are they not? Is there a trend to ETFs?" Maybe, but the point is, that end investor isn't going anywhere. They may change what they invest in, which is why these different channels of asset manager, banks, insurance, retirement, wealth, superannuation specific to Australia but global trends. Those end investors are just moving between those different channels. Our business is around servicing those end investors, and as you look at those names, you know, they're some of our largest clients that we have across SS&C. They're also very long-tenured clients, and they're also typically on long-term contracts. Now, that gives us the growth, and if you look across asset management and banks, you'll see a bit of a who's who of the firms in that space. Great relationships, as Rahul and Bill touched on, but how can we cross-sell? How can we bring other services to those organizations? Across insurance, retirement, wealth, superannuation, that's really the growth engine in terms of bringing in new names. So you look at some of those names there, they're the more recent clients that we've brought on board. But as we touched on, and when you think about those secular trends, one of the ones we called out was that transfer of wealth. That transfer of wealth is exactly what we're talking about, that the wealth is just moving into different products and through different channels. It's not leaving the market, because people are still looking to invest their wealth. And then as you look at strategic priorities for us, some of what you've heard already, I've touched on geographic expansion, that's really important to us. You know, we, by having that geographic footprint, we can truly offer 24/7. So if you think about a global model and the world becoming more of a global place, and our clients want 24/7. They don't want, when we've got a couple of thousand people answering phones from end investors, you know, they don't want to think, "Oh, I better call by 5:30 PM or the phone line, or I've got to call at 9:00 AM" They want to be able to call twenty-four hours a day. As we're global, there's no point in us having a Western working week. We've got to have a global working week, which is seven days. We're rolling out, which Anthony and his team are working on, a new contact center technology and solution, which will enable us to do that, and we'll look to do that more and more as we go forward. You know, I think I've rolled out 660 digital workers, so, slightly behind the number one most important business line, but pretty close. And exactly what Bhagesh said is the benefit we get. It creates capacity. It also means we can improve service. It also means we can do things quicker. It also means we can attract and retain talent, because people are doing fun things, right? And that's been a big, big success for us. And then look, like, and you heard it, of Bill's mantra, we like to innovate. We like to build new things. So for me, that's all about the things we touched on. How do we help our clients grow? So, you know, how can we create a customer book of records so they can see where their customers are truly invested in? How can we provide data and analytics, and working with Rob and team on that? We're playing around with using the metaverse for investor education. You know, how can we help our clients around that? We've built, using AI, an advice assistant, where we take a lot of the work away from the client, so they can focus on attracting the assets in. We can get them on board their channels quickly enough. So lots going on. Excited about where we are. Maybe next time we'll be here, I can be the number one and most important business line. But with that, and prepare yourself for this, Bhagesh, can I introduce Karen Geiger and Steve Leivent? All right, now we're gonna have the awkwardness of sharing one mic at two different heights, but we will try. I'm Karen Geiger. Steve Leivent. Boy, the duet later is gonna be really awkward, right? So Steve Leivent, you know, both of us came here through the acquisition of Advent in 2015, so, you know, coming up on nine years now, and we run the Wealth and Investment Technologies business. You know, if you're wondering what that business is, it basically is a roll-up of our technology assets, largely focused on the investment life cycle and, you know, comprises of businesses like Advent and Eze and Innovest, and most recently, the I&IM business. I think one of the things that is important about the way that we're running the business right now is, we're not running them like the legacy names that I just, you know, rattled off. We're basically running them, you know, really, you know, in structured, focused market segments, and so the thing we think that this is important is basically, you know, some of our competitors try to bring a one-size-fits-all tool to serve multiple markets. We think that, you know, by taking the tools that were built to service, you know, the hedge fund market or the wealth management market or the asset management market, and wrapping it with people in sales and implementation and service and R&D, that really understand those end markets and how our clients ultimately make a living, is one of the things that's gonna make us very successful, and so you're gonna hear that a bit about the way that we're focused and really the trends and strategy in each of those markets. We highlighted a handful of products here. You know, as you can imagine, this business ultimately, I think, is made up of something like thirty of the seventy-eight acquisitions that Bill mentioned before. We have dozens of products, but these are the ones that we're seeing the most traction with today, the ones we're leading with, and the ones that we're gonna be primarily talking about today. All right, so I'm gonna start with wealth, and just for context, we gave you a little bit of a, you know, sort of market size and what we think the total opportunity is in each one of these markets, so you have sort of a relative understanding of you know as we talk about these, you know, how big the opportunity is. Starting first and foremost with wealth, Black Diamond is the product that we lead with, right? It is the product that, you know, originally grew up in the independent advisor space. The advantage there is, you know, that's a rapidly growing market, perhaps one of the fastest growing in the wealth segment. And we've created basically a great brand, a great reputation, and it's one that we plan on continuing to lead in. What we then did is, as Bill mentioned, with the 2020 acquisition of Innovest, we realized that advisors that were sitting in trust companies and banks also had a need for great solutions, and really, you know, only thing was missing was that back-end accounting and trust custody platform. And so what we've done is we've connected Black Diamond with the InnoTrust product we call Trust Suite, and we've really had a lot of success selling into the bank and trust space, and we think, you know, as Bill mentioned, it's about $1.5 billion total addressable market. We think it's gonna be a big one for us over the next couple of years, partly because the incumbents in that space are aging, and we feel like we have a real opportunity to win market share as firms are looking for the platform to run, you know, for the next generation of their business. Going back to the independent space, those competitors are struggling as well. You know, what we see is lots of leadership turnover, some acquisitions, and so there's a lot of things happening in the market that is causing you know, larger and larger firms to come and look at our solutions. So we think it is a great opportunity for us. And lastly, we have a great back sell opportunity. We have about 2,500 firms that we serve in our wealth offering today. We can sell them our CRM solutions. We can sell them Accord, which is you know, basically alternatives aggregation delivered out of fund services business. And we're pretty excited about you know, selling them managed models delivered by our ALPS business as well. Okay, I will talk about our alternatives business. So in this space, we operate all the way from the very high end of the market, so think like a Millennium or a Point72, down to the lower end of the market, where you might be dealing with a new startup hedge fund, so in this space, at that high end of the market, we lead with Geneva as our fund accounting solution, coupled with our Eze OMS solution for the front office capabilities, and the trends that we're seeing in that space is just growth and complexity, so firms are diversifying into different strategies. We're seeing a rise in loan strategies, in firms launching private equity and private credit funds, and the structures are getting more complex as a result. You'll have structures that have characteristics of both open-ended and closed-ended funds. Bhagesh talked about the same trend that he sees in his fund administration business, and why Geneva is well-positioned in this space, is that it was purpose-built to handle any type of asset class, in any currency, in any type of structure. So if a firm is looking for a system that can do any of these various permutations of strategies and structures, that's where we're really well-positioned, and we continue to be the market leader, and with Geneva being the system behind our Global Fund Administration business, the largest fund administrator in the world, we have thousands of our own internal employees using this system every day that's feeding into our product roadmap. So there's really no use case that we haven't seen, and we continue to heavily invest in R&D on that product. At the lower end of the market, we lead with our Eclipse platform. That is a cloud-native front-to-back solution. Its original mission was in the long-short equity hedge fund space, but we're also seeing that market evolve as well and get more complex, where firms are wanting to diversify into fixed income and derivatives. Even if they're not trading those types of assets on day one, they are looking for a system that they can grow with. And what we've done to address that need is that we've actually combined the Geneva and the Eclipse product development teams. They're one team now, and that's enabled us to take the Geneva accounting calculation engine and use that behind the scenes in Eclipse. So this is an active project that's going on right now. It's gonna be completely invisible to an Eclipse end user. They're thinking they're just using this, you know, modern cloud-native solution, which they are, but we've unlocked the ability for them to have the capabilities for all the asset class coverage that Geneva has. So that's gonna be rolling out over the next year. I'll move on to the investment management space. So of the four markets that we're gonna be talking about today, I would say it's probably the most crowded in terms of competitive landscape, where there's both established providers as well as newer startups that are looking to get into this market. But we do see an opportunity here as well, in the sense that firms are really looking to displace aging tech, and in many cases, wanting to consolidate platforms across their business lines. So for example, they might have an investment arm and a wealth arm, and they're wanting a single platform that can cover both. And we're really well-positioned there. How we're tackling that is we're taking our best-of-breed applications that have come out of Advent, Eze, and most recently, Innovest, and we're transforming those applications into a single cloud-based platform that we're calling Genesis. So you heard Bill talk about that. It is a modern data platform. It offers a lot of modularity and optionality to cover everything from portfolio management to trading, accounting, reconciliation, and operations, and we also offer managed services for firms that wanna outsource pieces of that. So that is coming to life, and it is an area that we're very invested in. Want to point out that you might have heard us talk about the Aloha product, which is a new product that was built in our I&IM division. That product is now being merged with this Genesis platform, so the tech is remaining, but we are simplifying it and having a single platform, single brand, that this is gonna be taken to market under. Sure. All right, last but not least, our insurance business. So it's obviously the foundation of SS&C, really the, you know, the original business here. And it's one that we intend to, you know, to continue competing in and winning. And really, what the storyline here is, you know, Singularity is the platform for insurance that is gonna modernize the way that, you know, these large, complex portfolios for insurance companies are ultimately managed. We have lots and lots of clients today running CAMRA. They've been on CAMRA, in some cases, for multiple decades. We think the Singularity platform is going to be the thing that allows us to retain those relationships for many more decades, and then we're planning on leveraging those relationships and successful implementations to extend into the relationships we have in our health business. And the interesting part is, what we are seeing is as firms make the shift into a platform like Singularity, they're often, almost always, signing up for managed services as well. And so the benefit there is, it's not just the license, it is the license plus ongoing operations, which increases the ticket two to three times. With that? Okay. So our strategic priorities are mainly around bringing these businesses together that were previously operating in silos. So Advent, Eze, Innovest, I&IM, really thinking about that as one team, organized by function. So starting with sales, we've brought the sales team together. We now have a single global sales team organized by those market segments that we've been talking about. Then within those market segment focus teams, we have subteams that are focused just on new logo sales. So we have a real focus on growing top-line revenue through new logos and new wins. And we support those teams through our marketing engine, our influencer programs, and our inside sales team. On product transformation, we've talked a lot about this platform strategy. There's work behind that. There's development work where we're bringing together technology and transforming them from products into platforms. Our goal is to make sure that there's seamless access to data, and there's a seamless user experience across these platforms. Our go-to-market strategy is evolving in the sense where we have a real focus on branding and simplifying our story to the market. As Steve said, we have dozens of products. And we really want to simplify that, and quite frankly, eliminate some confusion that might have been in the market, where we have lots of products and clients are coming to us, and prospects are coming to us, wanting to understand what are the similarities and differences between these products, help us understand. What we want firms to be able to do is come to SS&C, and we take a consultative approach to say: What is the right platform for you based on your firm profile? And then lastly, you know, I talked about expanding new logos, but we really continue to have a focus on existing clients and maintaining excellence in client satisfaction, client retention, our ability to increase prices by adding value back to our customers, and then upselling them on new modules, new products, and our expanding menu of managed services. All right, and that's it, and I think next, we have Ken and Bob. Thank you. Thank you. Thank you. All right. Hello, everyone. This is Ken Bisconti, and Bob Petrocchi, and we are here to brief you on the SS&C Intralinks business. Briefing point number one: we really have a great business, really great, and we're excited to be at the helm. At the opening, Rahul talked a little about some of the advancements we've made with AI technology, and if you think of the markets that we serve, it's really a perfect space for it. Huge amounts of data that have to be piled through, compiled, and checked for accuracy, so we are really excited about the way we're positioned to go help our customers drive that transformation securely through their organizations, so a little about the business from a statistical standpoint. Last year, we did $496 million in revenue, 19% growth. So 19% growth is absolutely a solid number, but I think the thing that jumps off the page from our perspective is the fact that the M&A markets overall, the last few years, have been on a pretty steep decline, and we've still been able to grow the business. So how do we do that? And the answer is largely around our diversification process. So M&A is definitely a big part of our business, but we also have a significant presence in the alternative space. Most of the large banks across the world, globally, are using us to do secure document exchange externally. So anything that they wanna exchange with our platform is also a big part of the use case that we use. And our Genesis is the beginning of the business from our debt capital markets business. So diversified there for sure. We have 1,100 employees globally, and I think, you know, very impressive statistic that we have over 6.6 million users on our platform at any particular time. The business is highly transactional. Many of the transactions are multiple transactions from the same group of users, but we have a, you know, again, a globally distributed sales organization that is knocking out about 10,000 deals a year. So if you do the math, about 370 sellers doing 10,000 transactions a year, it's really, you know, really significant and impressive. So if you wrap all that up, you get a, you know, a very, very successful, award-winning provider of M&A technology. Yeah. It's a, it's a high-margin, multi-tenant, SaaS-based business, primarily a software-based business. We have focused on creating portfolios of offerings that fit our markets. So a Deal Center portfolio that you'll see, demoed in the kiosk that's focused on deal execution, and the full life cycle of deal execution, whether that's creating IPOs, you know, managing carve-outs, you know, creating, corporate bonds, syndicated loans, etc. We have a focused portfolio on deal execution. We also, on the alternative side, serve the entire fund, life cycle. So from fundraising to fund reporting, portfolio management, deal execution, and investor portals, we also serve that. This network that Bob talked about of over 6 million users is something that we use, you know, to our advantage, in that, you know, we have 500,000, over 500,000 LPs, that enjoy getting their fund reporting information through our investor portals. That drives demands on the 3,000 plus GPs out of 9,000 GPs that have over $1 billion dollar funds that, you know, come to the Intralinks platform because their LPs prefer it. We do about 1,000 fundraisers a year, you know, across these GPs, and again, you know, leverage this network effect across the millions of users that we have. These, you know, users enjoy and choose Intralinks, usually because of our technology, our white glove service and support, our security, and frankly, also our synergies with SS&C. We can provide not only software that you can manage yourself, but we also provide the ability to manage it for you. Just, you know, commenting on that, you know, there's a lot of questions around our portfolio, given the transactional nature of a lot of our business. You know, people always ask us, how do we manage, you know, in downturns in the market, and how dependent are we on deal count? You know, Brian will mention that about 75% of our business is through recurring revenues, whether subscriptions or recurring transactions from the same customers. We've seen over the last, you know, several years, we've been able to maintain double-digit growth despite double-digit declines in deal count, and we do that primarily because we're winning bigger deals, they're taking longer, they're more complex, and we've been growing our portfolio of offerings and services that we offer to them, and we're very excited by the opportunity that generative AI advances offer us. You'll see some in the kiosk if you, if you wanna see that. Rahul will mention some of those as well. Our portfolio is very well aligned to those AI, you know, technologies, and we see, you know, in the lower right chart, that many of our customers are embracing and expecting to invest more in those themselves. So if you think about the, y ou know, how do we grow the business? We think of the TAM in three different ways. The TAM that's largely addressed by VDR players today is around $2 billion. And I would say a lion's share of our $496 million from last year came specifically from that market. But there's a $30 billion TAM around advisory services. So we're not doing transactions, but we think we can start to take a little of the TAM as we go up the stack. So to Ken's point, if you look at our diligence platform, you think of how we're applying AI, it's driving us up the value chain within a transaction. Then the other thing that we've been able to do very well is sell adjacent services. I think everyone has a little bit of a different definition on managed services and adjacent services, but we've found that when we're selling more services to our current customers, it's received well, partially because we've had a very good long track record of people using the platform. Some of the areas that we've invested to learn about, prove, and now we're in the scaling phase, is around managed services, so redaction as a service. We can do it through AI, but some people like a different flavor, and they actually wanna use us to redact documents. Same thing with NDA management, and also translation is one of the three big use cases that we've been incubating, and we're starting to take into more of a, you know, a mainstream as we're presenting all our products. The next step of it is, it'll just be a component of all our contractual obligations. So if we can just grow every transaction 10 or 15%, obviously, it helps our overall equation from a growth perspective. Yeah, so we're very focused. In fact, tomorrow morning, we have an all hands call with our team just to guide them through the last four months of the year and making sure that we meet or exceed the targets that Bill's set for us. 4,000 deals in four months. Four thousand deals to go. But as we think about, you know, building new muscle in the business, there's really four areas, you know, across our business, that we're building new muscle that will help us not just in the short term, but in the longer term, you know, continue to deliver double-digit growth. The first of these is, we really believe that, that we can reimagine the way that deals are executed. Today, you know, these complex transactions are probably some of the last highly friction-filled, highly manual processes dependent on network relationships and people, and a lot of manual effort. We believe that through AI, as well as automating the entire deal life cycle, from deal pipeline management, deal roadshows, deal preparation, due diligence, signing and close, and all the way through post-merger integration, that provides great opportunity for us, and we've been able to monetize some of the AI that we've already put into our products, like the redaction that that Bob mentioned. That generates more content in our data rooms, which generates more money for us as well, and we believe that we have a path to monetizing the type of AI that we're adding into our portfolio. The second priority is around market expansion with some of the managed services that I talked about. So we incubated in North America, and, you know, we learned a lot about it, and now we're ready to go broadly, globally with the services. So we have to train our global sales organization, and again, just make it a natural extension to the services that we're already providing. So we've had, you know, good, really good traction in North America, and we will be in Europe in a strong way soon, and then, Asia after that. Yeah. We've done hundreds of those types of adjacent deal services. In fact, what we're doing later this quarter is including those services in all of our contracts, so our customers will already be contracted to be able to just turn them on, rather than a separate sales process. The third area is, you know, creating an integrated, full end-to-end, you know, front office suite for our GPs. Today, our GPs typically go to a myriad of small software vendors, separate one for fund reporting, a separate one for deal execution, a separate one for investor portals. We can provide all of that together in an integrated suite we call Fund Center. And uniquely, because we're part of SS&C, we also have the opportunity to offer to manage that for them. Part of our goal is not only to provide the best software in the market, but to arm Bhagesh's team, you know, with the best armament, you know, as we enter the administration business. And the last priority is around evolving our go-to-market to more of a digital experience. So we like to brag about the fact that we do 10,000 transactions across the globe every year. We really do have a focused sales organization, but what we're learning is, every buyer wants to interact differently. We're really evolving to something that's a more modern experience for a buyer. Similar to if you went on to Amazon Prime and bought a golf club, there would be advertising of golf club and golf balls, and we wanna really do more in-platform marketing for customers, give them the ability to use the platform to provision exchanges, to launch deals at any time that they want to. So we're trying to meet our users where they want. We still have a lot of people who want high touch, handholding, managed services, and we have other people on the other end of the spectrum who really just want low-touch self-service, so we're gonna be able to provide both in a very secure way with still the right tool sets to support and to make sure that we're adding the right type of value throughout the deal. Yeah. So we invite you to our kiosk later if you have interest in seeing some of the new AI tech in motion. And with that, we'll introduce Tori Dargahi, who leads our health business. Thanks, Ken. Thanks, Bob. I'm gonna just raise this a little bit, not too much. But, I appreciate you guys giving me the opportunity today to talk a little bit more about our health business. If you take a step back, our health business. I have to move this forward. Our health business processes high volumes of medical and pharmacy claims. So if you think about medical claims, doctor's visits, surgeon's visits, labs, X-rays, and then pharmacy claims, which essentially is just any prescription that's filled at a pharmacy. And why is that important? So, you know, if you think about it, there's a lot of different ways that you could obtain healthcare. I mean, if you just look in these five blocks here, you can go to a traditional hospital setting, an ER setting, a wellness clinic. I usually like the CVS Minute Clinics. They are quick and easy. But there's a lot of different opportunities for you to get healthcare. The downfall of that, and where a lot of healthcare entities are struggling, is that data is very fragmented and siloed, and there's also a lot of, you know, archaic technology. Where we come in is that we aggregate and convene large volumes of healthcare data. We cleanse it, sanitize it, and deliver it back to our clients. We deliver that information so they can actually make real-time insights, whether it's clinical insights, whether it's even where they want to make some of their investment bets. And a lot of people talk and ask us: Hey, where does SS&C Health fit in from a strategic perspective, right? We really think about it very similarly, and we see a lot of parallels to our fund services business, our insurance business, where again, we're capturing high volumes, lots of trades, lots of securities. We take that data, we're able to sanitize it, convene it, aggregate it, and deliver it back to clients. And again, just like in our fund services business, where we're not have investment bankers, et c, right? We've got technologists, we've got subject matter expertise and operational expertise. Same with our healthcare business. We don't have physicians, pharmacists, right? Again, we've got technologists, subject matter expertise, and operational expertise. So we really see how we think about our healthcare business very similarly to how we look across the business and the firm. We process, like I said, pharmacy and medical claims at scale. Last year, we processed 500 million claims, which is not insignificant. A lot of the new health entrants come in, they've got maybe some modern technology, but they don't process at scale, and they don't process across all important lines of business. We process, again, across all lines of business, which is commercial, Medicare, Medicaid, and exchange. If you think about Medicare, where we're very poised to be successful, is that, you know, if there's some interesting sort of data out there. Every single day, 10,000 Americans turn 65, which is pretty significant. In 2010, there was 8 million Medicare enrollees. In 2024, we're on track for 34 Medicare enrollees. So we believe we've got the expertise, along with the modern technology, to really kind of take advantage of where we see the market moving and see that market growth. We do that with our own expertise, but we also process claims for Humana, which is a behemoth in the Medicare space. We've been processing their claims since two thousand and four. So we believe, again, we're able to kind of capture where we see the market going. From an operational perspective, very similar to what Ken and Bob were talking about, we've got clients that want us to meet them where they are. We're kind of moving away from that one size fits all, you know, from an operational perspective, and so we're able to. We need to meet our clients and give them that choice and customization. We do that very similarly to the rest of the business, whether it's front office, middle office, and back office. Similar to Nick, our healthcare business operates a contact center. We're, you know, open 24/7 The only day we don't do business or not open is Christmas Day. We're able to leverage the firm's investment into Blue Prism to really bring some operational efficiency, some capacity, in our contact centers. We've got about 85 digital workers, both in our operations and our call center. Again, the healthcare business has been able to leverage our investment in Blue Prism. We play in five strategic markets, high-impact markets. Our business plays in five strategic, high-impact markets, and our technology is really the enabler. So each one of these markets, and you can see some of the big names, the key names we have in here, GoodRx, you know, Humana, Mount Sinai, some big names. We are the back-end technology, again, providing data, and each one of these markets needs this data in a different way. So as an example, regional health plans, there's about 1,600 regional health plans across the U.S. They need this data really to be able to understand what are those communities that they're going to serve, and how do they tailor their message, how do they tailor their markets, how they tailor their benefits, and how do they make sure that they're really reaching across and having some of those strategic partnerships in their backyards? The integrated systems, in the last. I think these are health systems that own health plans. In the last, I would say, five years, we've seen about 40 of these partnerships. And again, they've really got to be able to balance both risk and delivery. So again, having that modern technology and all the different integrations points that we have, I think really kind of enable, you know, us to be successful in this market. There are two more that I want to touch on, the drug discount card and the, and the copay assistance. I think a lot of people in this room have probably gone up to get a prescription. You're offered a, you know, a drug discount card to help offset some of your copay. But the other market that we've really been able to see a significant uptick this year is the copay market. And copay assistance programs are really fueled by the drug manufacturers to really alleviate costs of high specialty drugs. And we believe that we've been very attractive to the pharma community for two reasons. One, we don't have any channel conflict, so we're not competing with them. We don't own health plans. We don't own, you know, health. You know, we're not a health insurance company, so we don't have any channel conflict, and, you know, so that's been a big component of why we believe that we've been really attractive. Second reason is that it's their data, so they've got transparency, and they can control their data. And I think that, again, has made us really attractive in this market. And then lastly is the provider space, which is, you know, health systems, hospitals. There's about 2,000 health systems across the United States. We've got an exclusive reseller arrangement with Johns Hopkins, which, as many of you know that name, it's a pretty well-known academic medical center. We've got an exclusive reseller arrangement. We've got with their population health analytics tool, which basically just says, "Hey," it identifies for hospitals who their highest-risk patients are for being admitted. We have about 600 licenses with in this space across the country, with some pretty big names: Kaiser, Mount Sinai, which is right here, near here, obviously, North Shore. So we're really proud of our Johns Hopkins relationship. It's 30 years strong and going. So as Rahul mentioned, you know, we start development projects, and we finish them. I would say, Rahul, it was 1 million development hours? You kind of shortchanged us a little bit, but who's counting? Yeah, it's okay. But our thesis statement back in 2021 when we formed Domani with our two minority partners, Humana and Anthem, which is now Elevance, they renamed, but for all intents and purposes, was really that the market was looking for kind of a scaled alternative. We knew that there was a lot of some new health entrants that had come into the market, but they didn't have the scale, and they didn't have the combined expertise that these, our three, you know, the founding members brought to bear. Obviously, SS&C's DNA and heritage is in technology, is what we brought to the table, and then Humana and Elevance brought some of that subject matter expertise around the healthcare market in general. And, between the three of us, we've got about 170 years of combined expertise in the healthcare market. DomaniRx launched January 1, 2024. We tested the heck out of it, 90,000 different test scenarios. Like I said, it was 1.1 million development hours. We went live. There's no wood up here, so I'm going to go out on a limb here, but we haven't had any defects, haven't had any outages. We feel really optimistic about our opportunities moving forward, and we know that there's a big market out there. And, you know, for those of you that, you know, know some things about the healthcare market, there's three major players, three major healthcare insurance companies, right? Aetna/CVS, Optum/UnitedHealth Group, and Cigna/ESI. And we're not here to compete with them. We actually believe that we can be a technology enabler, even for the Big Three. You know, they're very focused on providing care delivery, which is great, and which is all of us in this room need and want and, and need to have, but that's not where we're focused. Actually, we believe, like I said, that we can actually be a enabler for them and a partner as they're looking in their technology. Many of the, you know, many of the Big Three, based upon their acquisitions over the years, around four, five, six different systems, difficult to aggregate. They've got latency issues, so again, big opportunity, big market. We brought our first new clients on in July of twenty twenty-four seamlessly. We've got another release in September and another major release in January. Seth Markinson's back there. He led our development efforts with Domani, so nobody better to be able to give a Domani demo than Seth, so look forward to hopefully seeing some of you at our kiosk. Lastly, from a strategic priority standpoint, it's really simple. Our healthcare business is, it has to continue to take advantage of the breadth and the depth of the firm, whether it's our things that Anthony talked about from an infrastructure standpoint, from a technology, our world-best data centers, our world-class data centers, our private cloud, five thousand folks in IT, and the twenty thousand clients we have. Karen and Steve, you know, mentioned CVS, and you saw Cigna on their slide. So there's a lot of opportunity for our healthcare business to cross-sell, and there's a lot of opportunity within our healthcare org in our healthcare entities as well. Many of them have significant assets under management, that they're managing, that I believe there's a lot of opportunity for us to cross-sell, you know, within the business. And then lastly, you know, it's important that we're part of a winning culture. Bill said it best this morning at the opening bell that SS&C likes to win. I think he actually said always, is what he really said. SS&C likes to win always. But, you know, it's important that we are part of a winning culture. Winning breeds winning, and, you know, we, we believe that we've got the opportunity. We've got a, an opportunity ahead of us. We're optimistic about it, and we think the future is bright. So thank you. Oh, I'll, I'll now turn it over to Rob Stone, who will talk about intelligent automation and analytics. Hey, guys. My name's Rob Stone. I've been with the company my entire life, but I've been working for the company since 2010. I started as a salesperson in fund administration. Had some opportunities to take on sales leadership roles, including with a lot of the business unit leaders over here, including health and fund admin and insurance and transfer agency, you know, helping to drive the growth that they needed. So I have a lot of favors to call in, and they're coming now that I have my own business unit. So I'll talk a little bit about what the business is. I'll give you some stats. I'll talk about who our customers are and what we do for them, and talk a little bit about strategic priorities. I am the last business unit leader to present before I hand it to Brian Schell, who's our CFO. Bear with me for a few minutes. You know, I think. Well, let me just talk a little bit about the whole business, and then I'm going to zoom in on Blue Prism, which is really the intelligent automation suite. But intelligent automation and analytics sort of is made up of four major businesses, so there's some stats that show the scale. Intelligent automation, RPA, business process orchestration, AI, the fun stuff. Distribution solutions, where we provide intelligence to mutual fund product developers to understand where they should be selling through in terms of intermediaries. Regulatory solutions, which is, you know, helping financial services participants comply with global regulations like Form PF and FATC and, you know, 20, 30, 40 other ones around the world. And analytics, which is risk and performance for financial portfolios, which you probably remember as kinda, or know as Algorithmics. So, you know, around the business, it's 2,000 employees, 4,000 customers, $600 million in revenue. You know, the group was founded in 2012 with Dodd-Frank. We built Form PF as an application to help hedge funds comply with that regulation, and that's been a great business for us. But I wanna focus in on Blue Prism and intelligent automation. Almost everyone who talked before me, you know, talked about a vertical, right? Whether it's banks or insurance, asset management, alternatives, health, pharmacy, banking, right? Those are the major constituents of SS&C's client base across Wealth and Investment Technologies, GlobeOp, GIDS. I really represent the horizontal technologies, right? The horizontal capability of robotic process automation and other intelligent automation technologies that can be sold across those different types of clients and beyond, right? Which is exciting. I know I went last. I don't know if that means I'm the least important business, but I did notice that there was a $52 billion total addressable market figure, which is the biggest, and I do think that it represents an unbelievable amount of opportunity. So Blue Prism, you know, founded in 2001, is one of the pioneers in RPA. Think about RPA, where it just, you know, makes a machine do a task that a person typically would have done. Yeah, I think the combination of Blue Prism and this horizontal capability with the vertical expertise and the client base that these folks represent, you know, give us a real advantage. There's no other, you know, company like SS&C that's got a robotic process automation capability embedded in it. So, you know, I'm gonna partner up with these guys. I think, you know. Again, I started in this job two weeks ago from a sales role, but what I'm already, you know, what I've already think I've got conviction around is all of the digital workers that have been embedded in these folks' businesses. So how could you take those processes, package them up, and go sell them out to the end markets? So I think there's a bunch of avenues that we're gonna be able to explore, and I will be calling in all of those favors. Intelligent automation's an exciting space, right? Especially with AI. And if you haven't gone over to Leo and Pino's station, they've got some pretty sophisticated demos. And I think a lot of this stuff would be relevant to even your jobs. You know, I've heard stories about just internally at SS&C, taking a process of logging into an investor portal, going through multi-factor authentication, finding a file, you know, downloading it, finding the figure on that file, copying and pasting it, making sure it's correct, and it takes eight minutes. You put a digital worker in that, and then you know, it does it in real time. You extrapolate that out to all the people that are doing that process, and you can see how powerful that time savings is, as well as the uplift in sort of the interest, you know, interesting nature of the work. But it goes from basic to really sophisticated, and so the stuff that Pino's gonna show represents sort of our next-gen platform. Part of the challenge with any technology, but RPA included, is kind of the lead time it takes to get trained up on it, right? I think that's why you're seeing an increased rate of the deployment internally, is 'cause now we have our own center of excellence. But with AI and chat prompts, you're really cutting down that lead time in terms of deploying automation in various processes. So Pino's got some pretty cool things to show. And then the combination of various technologies that already existed within SS&C around business orchestration give us an opportunity to capitalize on a pretty dynamic market, where you're going from pretty simple to really sophisticated. We think we've got a big advantage. You know, these are some of the things we're doing, right? I think we wanna do bigger deals. I think the fact that we've already got 1,700 bots deployed at SS&C shows that you can do this at scale quickly. So that's gonna be kind of you know, kind tool in my sales arsenal as I go out to the market to do those deals. And it's all about innovation here, so you know, I again suggest you go just take a look. It'll speak for itself. Again, doing bigger deals. We're looking at enterprise agreements, where firms can contract for larger estates, as we call it within the organization. Partnering further with the global systems integrators like Accenture and EY and the others to get them to help us deploy globally, and then going, you know, further around the world and opening new markets, so you know, I think that's where I'm at two weeks in. I think the future is bright. We've got a talented team. Obviously, you know, Bill and Rahul are supporting me and the group, and you know, we're excited to see how we can, you know, drive this to be a really big player in this space, so I'll pass it on to Brian Schell, our CFO. Hi, everyone. Good to see you all again. I'm gonna start off with an overview with four key categories: revenues, margins, cash flow, and capital allocation. The revenue base, you know, high quality, recurring revenues, core to our client operations, oftentimes tied to longer-term contracts and high retention rates. As we look at high level, as you look at the margins, we've talked about this a few times today, again, with the high margins reflecting our scale, the cost discipline, and heard it repeatedly, focus on productivity and efficiency. As we look at the free cash flows, you know, that's reflecting a very high conversion of net income to the cash flow, again, demonstrating operational efficiency, and importantly, it enables the strategic utilization for the balance sheet. And then finally, a proven capital allocation approach, and again, our goal is to maximize long-term shareholder value, and we try to use a framework to help lay that out to make it clear of what we're doing. So if we talk about each of these individually, one of the things that we have introduced this metric not too long ago is looking at the financial services recurring revenue. Again, we define that as something you can pretty much find in the face of the income statement of software-enabled services and maintenance fees for the financial services. It makes up about 85% of the revenue base. Again, that metric eliminates some of the fluctuations of licensing fees that we have to do with respect to 606. That sometimes makes that a little bit lumpy in any one particular quarter, and some of the over the last year or so, some of the decline in the healthcare revenue. So if you look at that core, we think it's a nice metric as far as some of that organic growth. And as you can see, as it's improved its rate, you can see the overall growth rate of organic revenues continuing to grow also. And then this point was made also a few times. Within the software-enabled services, you know, you do have asset-based revenues, you have transaction-based revenues. Those tend to be actually much more stable than what it just sounds on the surface, because those AUA-based revenues, again, are based on, you know, minimums and tiering, and you heard the Intralinks teams talk about how a lot of that transaction revenue is coming from a high repeat rate of clients. So for the next few slides, just again, just want to high level address the, o ops, may have gone too far. Oh, here we go. Is the revenue composition. You know, first and foremost, and I, I've said this, the revenue streams are stable, and they're supported by a, a, just a variety of, of pricing approaches, which I'll talk about here, right? 80% of them are, you know, contractually recurring. As you look at the slide here, you saw this slide a couple times. Rahul introduced the basis of this slide, and I've repeated it here, but of a little bit more description about how do you price the revenues? How does, where does that come from, from that standpoint, right? So there's several different pricing models across the page. There's fixed fees, there's subscriptions. You can see the AUA base, which we talked about, account base, license base, professional services, some are transaction-based. Again, we talked about how those tend to be stable with the tiering and the AUA, and the repeat customers there. And over time, we think there's gonna be some bundling opportunities as well, as we continue to bring and integrate the products and services together. So this provides a really nice layout of what about some of the composition within the revenues that we do have. Next, if you look at just a more traditional revenue distribution, you know, all we did was lay out here is our geographic revenues distribution and our currency exposure. You can see, to no surprise, the bulk of the revenues are derived out of the Americas, and the currency exposure is primarily U.S. dollar. So again, not a lot of surprise here, but you can see the major currencies there listed and broken out. Shifting to margins, you know, we just lay out here is a historic look at our EBITDA and EBITDA margins, what they look like over time. Again, it's a strong profile, reflects the scale, and especially with the investments that we make in the software solutions that are used across a client base, a large client base, right? You heard that multiple times within each of the business units of how they drive efficiency and what they're able to do, and what gives them a competitive advantage. It shows up right here, too, in the financials. You can see the dip in 2022. Again, highlighting that's, you know, that does reflect the wage inflation that, and Bill made this in some of his introductory remarks about that we were wanting to make sure we retained our people. We did see some of that wage inflation, which did hit the margins a little bit. It also reflects the initial onboarding of the Blue Prism business, which was operating at, I'll call it below, where the rest of the company was operating from margin. So that drove down the entire margin for the organization. But again, you can see them starting to creep back up. You've seen the improvement in last year, and you're seeing from our guide, an equal improvement again for 2024. A few words about productivity. The, you know, to help expand the margins, we work towards annual productivity targets. We've already noted our plans to continue the digital worker and RPA implementation across the businesses, including finance and accounting group in and of itself. The, you know, we do set efficiency goals and productivity goals for every single business unit and what they're trying to achieve every year, in addition to delivering, obviously, the revenue targets, and the earnings targets. And the other part on here that just highlighting is that we also look at our fixed cost base, right? I mean, every fixed cost can be variable over time, but give it enough time. So we've chosen a metric here with facilities cost. We have brought this cost down over the last several years, both in absolute terms, also on a relative basis, relative to headcount and relative to revenues. So we will continue to work through that and continue to drive those costs where we think we can get the most efficiency across the board. Next, I want to talk a little bit about the. I mentioned earlier about the cash flow, the cash flow conversion ratio. Look, producing strong cash flows is obviously key to support the capital that we want to reinvest in the business, as well as continue to drive value. We have a high net income to cash flow conversion percentage due to the low working capital needs that we typically have, and our cash collection process. We are on track to exceed 100% again this year. You see a little bit of that dip in 2022, reflecting the implementation of a mid-year bonus that we started to put in place. Bill mentioned that also early on. So we pulled some of that cash into a year from the year future. And some of the M&A expenses that we had associated with the Blue Prism transaction were adjusted out of the net income for adjusted earnings, so that shows up in a slightly lower conversion rate in that particular metric. As we then go to capital allocation, I've always. You know, I think this is where the proof is in the puddings of, you know, you say you do this, but what does it look like? What have you done? And so we laid out kind of the 2020 to 2022 timeframe, as well as 2023 to year- to- date. And again, I want to emphasize our goal is, again, is how are we driving that long-term shareholder value? What are you doing with the money? And beyond the, you know, funding the internal investment opportunities of our capital allocation framework, you know, it's listed on the right side of the chart here, that you see is, you know, is consider the multiple alternatives that, frankly, every company faces. You know, we look at the acquisitions, and our approach is to maintain that price discipline. Again, no surprise, you heard that in the introductory comments today. We want to be accretive to growth and pursue returns in excess of what we can achieve with our share buyback program. And speaking of share buyback, it's always been an important part of returning that capital back to shareholders. And market conditions, acquisition pipeline, existing leverage, leverage ratio, level of interest rates, again, that can help dictate and influence in any one particular year, how much share buyback actually occurs. And as you can see, the shift to a much greater percentage in share buyback, on the right side of the page there, as far as the 2023 through 2024 time frame. And in this rate environment, we still have continued to pursue some debt reduction. It still has a meaningful impact to EPS because the interest rate is still, at least prior to today, was for us, was still trading around. At least our variable rate was trading around 7.35%. So it's still a material benefit to reduce our overall levels of debt for an EPS accretion standpoint. And finally, we think it's still important to have a reasonable dividend payout, right? We think it widens the universe of investors who may require a dividend. It hasn't been a primary focus of where we should shift our capital to, but we do think it's an important part to continue to have a dividend there for our investors. I spent a little bit of time on debt, and this has been an important part of how we've supported the growth that we've experienced. And we have a history of deleveraging as we fund and then delever from the acquisition with the debt. You know, as a result, we've established real credibility with the debt capital markets, along with a strong credit profile, with, you know, so that we have really good access to the capital markets if we do need to raise funds. And I would say that we probably have the lowest cost of debt for a company in our rating, just given again, given our size, the reputation, and what we've been able to do. With today's 50 basis point rate cut, you know, we have about $3.9 billion of SOFR-based short-term-based rate funding. With the Term Loan B that we have outstanding as of the second quarter, that's probably - that's about, just doing the simple math of 50 basis points on the roughly $4 billion, you know, it's a $20 million pre-tax savings annually, right? You can tax effect that down to roughly $14 million, or you get close to $0.06 a share just from the rate cut from today. Again, we'll continue to see that. Hopefully, that rate environment continues to work in the favor, given the amount of debt that we have tied to short-term rates. We're excited about that trajectory. Then we mentioned the Battea transaction. We also expect to have that funding in place, most likely looking at kind of medium-term paper in a debt maturity level that's in a different year than where we have the rest of our debt stack, and that should be probably a sub six and a half percent rate. So again, the markets are attractive, and we continue to like to be able to tap into the debt capital markets. Speaking of acquisitions, here's a track record, which I just think is absolutely fascinating. So as you may or may not remember, I joined the company about a year ago, but this is one of the slides that is just... I just marvel at how well this leadership team has done with taking hold of a transaction and improving its operations, right? So we have a pre-ownership, and then I'll call it post-period ownership, of looking at what it's done to its overall EBITDA contribution, right? So if you look at some of the metrics here, and you look at what's happened over the last, I think, roughly nine years of some of the larger transactions that we've done, and you say: What's the takeaway from what has this organization done? Well, A, they pay a reasonable purchase price on the front end, right? When you look at those EBITDA multiples. And then when you look at it three years later, you see a demonstrated, materially improved earnings under this leadership team and what they've been able to do. The absolute EBITDA growth over those, just the, over that three-year period, excluding Blue Prism, because it's even much higher, has been 48% growth rate, if you just do a simple average of that. So that's a pretty strong track record of looking at, at transactions and how you add value by why is this transaction best in the hands of this leadership team and this company? So where does that leave us? So we're establishing the medium-term revenue guidance of 48% organic revenue growth, plus the additional, revenue growth from future M&A. You know, our organic growth, you've heard about it all day today. You've heard about it from the business units. You heard about it up front with strategic priorities of looking at new products, cross-sell, upsell, looking at price increases as part of that equation mix, looking into the new markets, and looking through some international expansion. You heard Nick talk a little bit about that, and then overall market growth. We think there's a lot of secular trends that are also positive in the markets that we're looking at. And as we look at some of those factors that have been involved in looking at M&A transaction and why does that make sense is, you know, is the revenue growth going to be accretive to SS&C? Is there a path to continue to grow margins and expand that and be additive to SS&C? Is there an opportunity to sell incremental services across this asset base and what we do within SS&C, and does it leverage our core competencies overall? And again, contributing to that profitable growth. I would say, looking at that and listening to the description earlier, you heard about Battea. I'd say it checks off every one of those boxes. So again, we're excited about that team joining SS&C. Just as a side note, our Q3 and 2024 guidance has not changed. And so we wanna make sure that there wasn't any anything different from that. As far as the key takeaways, and again, just wrapping this up here before we go to Q&A. Again, why am I excited about being here and being part of the SS&C leadership team is, look, we have a high level of recurring revenue growth, and again, they're propelled by diverse growth drivers, and we just operate a really strong business model. There's a proven track record of success, both operationally as well as allocating capital, and finally, you know, the elevated revenue guidance that we're issuing today. With that, Bill? Hi, everyone. We're gonna give the team a couple of minutes to set up some chairs for our executive leadership team, so we can start to field Q&A questions. There will be people walking around with mics. Just raise your hand if you have a question. We also have some questions that have come in from the online audience, too, that we will address. Since we're looking for the microphones for the questions, we'll start with the ones that are online first. So the first one comes from Patrick O'Shaughnessy from Raymond James. It's about Battea. Does Battea operate on a subscription model at all? And how volatile have the results been historically? Very de minimis on a subscription basis, and year- over- year, it has not been particularly volatile. But quarter- over- quarter can be pretty volatile, you know, because it depends when the courts release the funds, you know, and you can't. So we will have a lot of commentary around Battea every quarter, you know, and it can be pretty remarkable how much money. Especially, you know, it's like courts, like anything in the courts, you know, they're just like the software business. The third month of the quarter is always the most, and December is by far the most. So fourth quarter will be the biggest month for Battea, and the other three quarters will be pretty much spread equally. We found the mics, but, so just raise your hand if you'd like to ask a question. The next online question comes from Colin Casey at Vulcan Value Partners: "How are you thinking about using GenAI for our call center functions? Anthony? Yeah. We've been embedding generative AI into a lot of the call center workflows, so they have the ability to identify the caller, be able to pull up their profiles ahead of time, and be able to pull up quite a bit of information. The end user, the caller itself, has the ability to really interact with the customer much faster and get, you know, end the calls quickly. It's nice. Great. Thank you for doing this. It's Kevin McVeigh from UBS. I think you outlined 4%-8% organic growth over three years. That feels like an acceleration from, I think, the last two was about 5% or so. Can you dimensionalize that a little bit? But is there any way to maybe think about what's driving that? Because it's off a higher base, number one, and then just, you know, given the efficiencies you're gonna have from a Gen AI perspective as well, any thoughts as to the margin impact of that? And just philosophically, is that reinvestment in the business or, you know, just obviously, it'll drive more cash flow, but just any thoughts around that, just given, you know, the optionality really you're creating? You wanna take that, Rahul? Sure, sure. You know, I think in general, we see that the markets that we're in are as healthy as they've ever been, and our products and services mix is continuously getting stronger. Right? So, as we integrate these capabilities that you've heard about for, like, the last couple hours, we can go into customers and sell bigger deals, implement them faster, and that's really where the confidence in the elevated revenue guidance comes from. A lot of that should fall to the bottom line, right? And we haven't gotten really precise yet in our future plans about how much and where, but in general, we're doing more with technology, and, you know, we think that ought to translate into better margins. We're not, you know, driving margins to where we don't get paid. It doesn't seem to make a lot of sense. Praying to the organic revenue god or goddess, we would probably pour more money back into things we thought would drive organic revenue higher. Maybe more salespeople, maybe more marketing, maybe larger development projects, you know, but still maintaining a margin profile of 38%-42% or 43% or something like that. You know, even when our margin dropped to, I think, 34.7% in the second quarter last year, you know, people say, "Is your. Is it gonna keep going down?" Now, that was the great resignation and making sure that you paid out in a way that you maintained the expertise that we had and the capability, and obviously, it quickly came back. Hi, Andrew Schmidt from Citi. Thanks for doing this. I really appreciate all the information. Two questions. I'll work on both, and The first one, there was this, you know, a strong focus on just, consistency in branding and, also product integration, and, you know, I guess, as you go through that work, does that create sort of opportunities to reevaluate the portfolio from a portfolio optimization perspective, sunsetting or divestitures, and things like that? That's the first question, and then, just the second question, just maybe more mechanical one: the 48% organic growth, how does that drop down to, EPS growth over the next three years, taking into account things that you were just talking about in terms of margin expansion, de-leveraging, buybacks, things like that? Thanks a lot. I'll take the first half of that, if I can remember what you said, but. Portfolio optimization. Yeah, you know, I've always been a better acquirer than I have been a seller, 'cause to be a seller means that you have to admit that somebody else can run that business better than you can. That's not good for my ego. But reality is that we have looked any number of times. We've had people come in and wanna buy different pieces of our business. Obviously, we have a number of real, you know, golden eggs, as they say, but, you know, you start pushing back, right? "Can we get through HSR?" Right? And what happened? "Oh, you want a two-year financing window. Oh, yeah, I bet that's really good. Oh, and you're a PE firm, so we have to be a minority." So you take one of these business units, and you tell the people that run it, "You're now gonna work for your biggest competitor." You know, and they go, "You know what this is? It's five of something." So you try to make sure that you don't blow a hole in your own business, you know, because some banker convinced you that this is gonna be the godsend of all godsends. So and again, we're interested, and you know, we've had very, very attractive offers. But as soon as you really start pushing on it, "Oh, we gotta talk to the lawyers. Oh, we gotta talk to the lawyers again. Maybe we ought to see if we can get some feedback from a regulator. Let's go see if some of the customers are gonna bitch that you merged with one of these companies." So it, it really does become: Can you get it done? How quickly can you get it done? And then, what kind of margin improvement are you gonna get because you got it done? You know. And then the, the second half was about, about what EPS happens with 48% revenue growth. Brian? Spend some time talking about that. So, this is a. I've talked to a few of you about what does it look like on the margin on incremental revenue? As you look at last year, you look at kind of some of the midpoint of projection where we are. It's, it's been historically around 45% of what we've seen as far as, you know, kind of the midpoint and then where we were last year, and we spent a lot of time talking about productivity. Now, Rahul has said that, you know, we haven't said explicitly, "Here's the incremental margin contribution, and we're gonna drive towards X%," based on the, I'll call it, revenue growth opportunities it might have that might pursue that. Actually, it might take a little bit more OpEx versus CapEx. So we always want to be cautious in making sure we build the appropriate amount of. We don't box ourselves in for having to say, "Well, we said we were gonna do this, but we really want to pursue that opportunity." So we wanna make sure there are lots. We wanna make sure that we're transparent as we can and say: Look, there are gonna be some operating expense, you know, opportunities for us that we're going to pursue, that's gonna grow that revenue. I would say that any of us up here would be disappointed if we don't see that translate into a seemingly higher earnings growth at the end of the day, right? So if you just take flat out the business model, and you grow by a 1% delta of revenue versus, you know, expenses, you're gonna see margin expansion of, call it, you know, 50-60 basis points in and of itself. Then you can take that incremental 50-60 basis points, you can tax effect it, roll to the bottom line of EPS. And again, all along the way, you have a complex formula of how much debt's gonna pay down, where is rates going. Now I do feel really good about where rates are going. Again, no. I lost a small minor bet about what the rate reduction was gonna be today. So that's why they don't pay me to be an economist, to forecast rates. But I think there is a lot of tailwinds for us. I think that's gonna continue to be positive for us. We're gonna continue to buy back shares, and we're gonna continue to put that formula together. That again, my limited tenure here of a year, that's exactly what this team has been doing. They're growing revenues, they're being more productive, we're paying down debt, we're buying back stock. It's a nice formula for a higher stock price. We're making sure you can't ask too many questions. The next question from the webcast audience comes from Adam Brenner at Oribel Capital, regarding healthcare. So how much growth should we expect from the healthcare business in 2025 and 2026? And, is Elevance coming on board to Domani in 2025? Tori, you wanna take that? Take more parts of it? Yeah. Sure. Yeah, I think we've stabilized our operations. I think, you know, we've answered a lot of questions, I think, to the analyst community last few years around, you know, some of the revenue that we've seen, revenue losses, right? And I think we've seen the fact that, you know, these are long deal cycles and, you know, I think we've had customers who have exited the markets in 2019 and 2020 that were no longer paying us any type of, you know, of like, fees to keep on our platform, etc. So we think we've stabilized the business. We think that there are... You know, there's opportunity for us to see an uptick in revenue. We know that we're gonna see a better year this year for healthcare for revenue, and we think 2025 and 2026 is when we'll really start to see the traction and the fruits of our labor. From an Elevance perspective, you know, we're working with them on their implementation plan. You know, they're still committed to Domani. They just funded the additional capital call, which we think that that was a really positive sign. So I think they've also showed signs of them moving less and less dependent on CVS. They've pulled some things in-house, like specialty pharmacy and mail order, which again, just signals that they're becoming less and less, you know, dependent on CVS, and we think that Domani is a great alternative for them, so. We had a, you know, our biggest client when we bought DST, and healthcare was Cigna. You know, and you're not gonna believe this, but after they spent $69 billion for ESI, I think they wanted to move their platform to ESI. So even though they were paying us $80 million-$90 million, they moved it to ESI anyway. They didn't even ask me if I wanted them to move or anything, but, you know, when they spend $69 billion, that's usually what happens. Surinder Thind from Jefferies. In terms of just the technology spend at this point, it seems like part of the strategy is to take a lot of the individual products and move them into more of a platform-type offering, and that's across almost all of the verticals here. Can you comment upon where we are in that journey, given that you guys have made so many acquisitions, and really what the end game here is and how we get there? I think in each one of the business units, if you know, if you cornered one of the people afterwards and talked to them, I think what they would tell you is that, "Here's where we compete against our competitors. Here's where we do very, very well. Here's where maybe we could do a little better." So if you took Wealth & Investment Technologies, you know what? I think Black Diamond is a pretty dominant player in the wealth space, but you know, they got some competitors. There's Orion, there's Tamarac, there's Addepar. So there's certain things that we would like to do with Black Diamond that would compete even stronger against them. One of the things you heard about was Trust Suite, so adding some of the capabilities we already have. So the idea is, you know, kinda do the old: Here's our capabilities, here's their capabilities, how do we run over them? You know, and I think, you know, we do this thing with. We call it our version of the Shark Tank, where each of the different business units can come and try to get a non-charge to their business unit, capital allocation, and we're up to $25 million to build something that they convince us to build. And one of them was. I can't even remember who the competitor was, but it was a killer. Such and such a killer, you know, and so we put a bunch of assets in there, and now we're going at it hard, and I think that might have been Genesis, is what we built. We get great reviews on Genesis, and we add all the capabilities that we had in Aloha. Now we get to target places like SimCorp, or we get to target, you know, places, you know, that are embedded in these, like Aladdin, or we get to go after other big-ticket software products that traditionally we haven't done as well as we'd like to do. What does it mean for CapEx? I don't think CapEx has changed a whole lot from where we have it now. I mean, probably. I'd have to say. Anthony. Yeah, can answer that better, but I think the one great thing about technology is generally the cost per terabyte or compute power almost always goes down. Yeah, our CapEx is pretty consistent, and as we, you know, as the businesses get bigger and as we need to and we have more buying power, our costs continue to go down, right? So the vendors are looking at us and, you know, our since our purchases are becoming larger and larger, right, the cost just continues to decrease. So our CapEx, it stays pretty flat. Right, and you saw that come out of the guidance. Last time, as we reduced it slightly relative to the revenue base, A, the revenues were growing at a nicer rate, but B, you're also seeing probably a little bit was more of a peak of the Domani spend that was required, that's not as much as required, obviously, as much on a go-forward basis. Another question from the webcast audience, from Colin Casey at Vulcan Value Partners. This is about the growth outlook. How much will price contribute to our organic revenue growth outlook? And then, what are our EBITDA margin expectations over the next three years? Again, I think pricing is gonna be probably 2%-3% of the overall growth rate, and I think that our margin, as I said before, will probably be between, you know, high 38% and 43% maybe. There's a cocktail waiting for you people over here. All right. Well, that looks like that's it. So, thank you guys all for coming. Please stay for cocktails and refreshments afterwards, and also visit the demonstrations that we've got set up, and thank you again for coming.