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DATE

Thursday, April 23, 2026 at 5 p.m. ET

CALL PARTICIPANTS

  • Chairman and Chief Executive Officer — William C. Stone
  • President and Chief Operating Officer — Rahul Kanwar
  • Chief Financial Officer — Brian Norman Schell
  • Investor Relations — Justine Stone

TAKEAWAYS

  • Adjusted Revenue -- $1.648 billion, up 9%, with organic revenue growth of 5%, driven mainly by Global Investor & Distribution Solutions (GIDS) at 10.4% and GlobeOp at 6.7%.
  • Adjusted Diluted Earnings Per Share -- $1.69, a 14% increase, with a GAAP diluted EPS of $0.91.
  • Adjusted Consolidated EBITDA -- $651 million, up 10%, with a margin of 39.5%, representing a 40 basis point expansion.
  • Adjusted Net Income -- $418 million, reflecting 11.1% growth.
  • Cash Flow from Operations -- $300 million, up 10% year over year, driven by earnings growth.
  • Capital Return to Shareholders -- $233 million in Q1, including $168 million in share repurchases (2.3 million shares at $72.60 average price) and $65 million in dividends, totaling 98% of allocated capital for the quarter.
  • Net Leverage Ratio -- 2.76 times, based on $7.1 billion net debt and $2.6 billion trailing twelve months consolidated EBITDA.
  • Assets Under Administration (AUA) Growth -- $581 billion added since 2024 to the fund administration business.
  • Q2 2026 Guidance -- Revenue expected between $1.64 billion and $1.68 billion, organic revenue growth at the midpoint of 5.6%, adjusted net income $408 million to $424 million, adjusted diluted EPS $1.64 to $1.70, and interest expense $102 million to $104 million (excluding certain items).
  • 2026 Full-Year Guidance -- Revenue range of $6.664 billion to $6.824 billion, organic revenue growth at 5.3% midpoint, adjusted net income $1.665 billion to $1.765 billion, adjusted diluted EPS $6.74 to $7.06, and targeted annual EBITDA margin expansion of 50 basis points aiming for 40% in Q4.
  • Technology-Enabled Services -- Now the largest revenue line, comprising client-critical functions such as NAV computations, tax returns, and regulatory filings, with only 11% from software subscriptions.
  • GIDS Australian Expansion -- Over 3,000 staff in Australia and a major contract signed with Insignia, managing $321 billion in assets.
  • Intralinks Performance -- Grew 3.2%, with management citing "positive leading indicators and increasing adoption of its next-generation AI-enabled DealCentre platform."
  • Calastone Contribution -- Acquired for $1 billion, providing outperformance and some seasonal impact according to management.
  • AI and Digital Initiatives -- Close collaboration with Blue Prism and internal deployment of nearly 4,000 digital workers, with "maybe saved us a couple hundred million dollars a year" per CEO William C. Stone.

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RISKS

  • Chairman William C. Stone referenced "a war in Iran, tariffs galore, spiking oil prices, and other macro headwinds" as factors creating hesitancy and inflationary pressures in the environment.

SUMMARY

SS&C Technologies (SSNC 0.82%) raised its 2026 guidance after reporting record first-quarter results, supported by double-digit growth in adjusted EPS and EBITDA. Management recast its major revenue category as technology-enabled services to highlight recurring, workflow-driven business lines that are closely embedded in client operations. Company leaders prioritized capital returns by allocating 98% of Q1 capital to share repurchases and dividends and stated greater conviction toward repurchases absent "high-quality accretive acquisitions." Executives emphasized advancements in AI-driven automation, citing the deployment of digital workers and ongoing investments in infrastructure as critical drivers for both productivity and long-term competitive positioning.

  • President Rahul Kanwar articulated that "robust" pipelines and cross-sell activity in GIDS and GlobeOp segments are generating new client opportunities and underpinning revenue momentum.
  • Chairman William C. Stone confirmed the private credit business is insulated from short-term volatility due to closed-end fund structures with fees tied to committed capital, reducing sensitivity to market redemptions.
  • Management stated the company is fully prepared to facilitate asset tokenization and has already implemented solutions for clients in transition, supported by the Calastone acquisition.
  • The company highlighted sustained double-digit growth in the wealth segment, driven by trust accounting demand and recent client wins from the Morningstar Transact acquisition.
  • Management expects capital expenditures to represent 4.4%-4.8% of revenues and reiterated ongoing investment in R&D, sales, and infrastructure, while maintaining a focus on EBITDA margin expansion.
  • Executives described healthcare as a significant area of opportunity, referencing client adoption, regulatory complexity, and growing demand for new therapies such as GLP-1s.

INDUSTRY GLOSSARY

  • GIDS (Global Investor & Distribution Solutions): SS&C's business unit providing investor servicing, distribution, and associated technology solutions, with significant presence in fund administration and transfer agency.
  • GlobeOp: SS&C's hedge fund and private markets administration platform, focused on complex fund accounting, reporting, and operations services.
  • AUA (Assets Under Administration): Total client assets managed and administered through SS&C's fund services platforms, distinct from assets under management as it excludes discretionary control.
  • Blue Prism: Robotic process automation (RPA) and AI platform acquired by SS&C, now central to automation and digital workforce initiatives.
  • Calastone: Recently acquired SS&C company providing global fund transaction network solutions, specializing in mutual fund trading, settlement, and tokenization capabilities.
  • AgenTek: Internal SS&C technology referenced for driving automation and digital agent-based workflow orchestration in core services.
  • DealCentre: Intralinks' next-generation AI-enabled virtual data room platform for complex, high-security document sharing and deal processes.
  • Black Diamond: SS&C's wealth management platform supporting reporting, portfolio management, and integrated workflows for RIAs and trust services.
  • MontyRx: New AI-powered system referenced as part of innovation efforts within SS&C, designed to automate healthcare administration activities.

Full Conference Call Transcript

Justine Stone: Welcome, and thank you for joining us for our Q1 2026 earnings call. I am Investor Relations for SS&C Technologies Holdings, Inc. With me today are William C. Stone, Chairman and Chief Executive Officer; Rahul Kanwar, President and Chief Operating Officer; and Brian Norman Schell, our Chief Financial Officer. Before we get started, we need to review the Safe Harbor statement. Please note, various remarks we make today about future expectations, plans, and prospects, including the financial outlook we provide, constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors of our most recent Annual Report on Form 10-K, which is on file with the SEC and can also be accessed on our website. These forward-looking statements represent our expectations only as of today, 04/23/2026. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. During today's call, we will be referring to certain non-GAAP financial measures.

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

William C. Stone: Justine, and welcome, everyone. The 2026 environment included a war in Iran, tariffs galore, spiking oil prices, and other macro headwinds. Nevertheless, we delivered strong first quarter results underscoring SS&C Technologies Holdings, Inc.'s resilience. Based on our performance and visibility today, we are raising 2026 guidance. We recently rang the Nasdaq closing bell to celebrate SS&C Technologies Holdings, Inc.'s 40-year anniversary of powering mission-critical systems our financial services and health care clients rely on every day. Our business is built on deep domain expertise, strong trusted client relations, and constant innovation guided by what we call our customer zero strategies. These strengths position us well as our industry enters the next phase of technology transformation driven by AI.

We are updating the name of our largest revenue line item to better reflect the deeply embedded technology framework powering our services business. Technology-enabled services encompasses our proprietary data streams, domain expertise, software, private cloud, data center infrastructure with ISO and SOC certifications, and the redundancy and multilayered cybersecurity measures required by our sophisticated client base. First quarter results were adjusted revenue of $1.648 billion, up 9%, and adjusted diluted earnings per share of $1.69, a 14% increase. We delivered adjusted consolidated EBITDA of $651 million, up 10%, and an adjusted consolidated EBITDA margin of 39.5%. The dollar figures I just said are all Q1 records.

Adjusted organic revenue growth was 5%, with performance driven by GIDS, which grew 10.4%, GlobeOp, which grew 6.7%, and our recent acquisitions are executing ahead of expectation, strengthening our global capabilities and expanding our addressable markets. Intralinks grew 3.2% with positive leading indicators and increasing adoption of its next-generation AI-enabled DealCentre platform. The resilience of our business is highlighted by the $581 billion of assets under administration we have added to our fund administration business since 2024. Across SS&C Technologies Holdings, Inc., we are leveraging AI to enhance software development, increase our speed to market, accelerate implementations, improve customer experience, and drive efficiency. These initiatives support both revenue opportunities and cost leverage over time.

All of our teams are partnering closely with Blue Prism to scale our AI operations in a governed and secure manner. For the three months ended 03/31/2026, cash from operating activities was $300 million, up 10% year over year. In Q1, we returned $233 million to shareholders, which included 2.3 million shares repurchased for $168 million at an average price of $72.60 and $65 million in common stock dividends. Through share repurchases and our dividend policy, 98% of our allocated capital in Q1 was returned directly to our shareholders. At current levels, our conviction around share repurchase has strengthened, and we are prioritizing repurchases absent high-quality accretive acquisitions.

We remain bullish on our opportunities and continue to see AI as a structural tailwind for our business. Our platforms are deeply embedded in our clients' day-to-day operations, serving as systems of record and execution. That positioning makes SS&C Technologies Holdings, Inc. a natural partner as clients look to advance their AI strategies. I will now turn it over to Rahul.

Rahul Kanwar: Bill, we had a strong first quarter. GIDS and GlobeOp built on last year's sales performance with additional new logo wins and continued upsell and cross-sell activity. Across the business, disciplined attention to our clients is generating new opportunities. SS&C Technologies Holdings, Inc.'s pipelines are robust, and as always, execution remains the priority. Our AI capabilities, including agents and workflow orchestration, are accelerating how services are delivered. Our customer zero strategy is working as intended. Internal adoption of AgenTek capabilities is driving product maturity, credibility, and faster time to market. Deep product expertise is the prerequisite for harnessing these tools, and we are well positioned.

We serve the largest and most sophisticated firms in the world, and as their businesses grow more complex, our platforms grow with them. We sit at the center of their operating models with deeply embedded workflows. These workflows form the natural foundation for further innovation. As Bill mentioned, we have renamed our largest revenue line to technology-enabled services. Our clients are buying services such as NAV computations, tax returns, regulatory filings, investor interactions, risk calculations, and hundreds of others. These services are usually tied to contracts for services rather than software license agreements. Delivery requires deep domain knowledge, expertise operating complex workflows refined over decades, the networks we operate across counterparties, and secure, resilient infrastructure.

We estimate that software, largely in the form of subscriptions, represents 11% of this category. With that, I will turn it over to Brian to walk through the financials.

Brian Norman Schell: Thanks, Rahul. Good day, everyone. Unless noted otherwise, the quarterly comparisons are to Q1 2025. As disclosed in our press release, our Q1 2026 GAAP results reflect revenues of $1.647 billion, net income of $226 million, and diluted earnings per share of $0.91. Our adjusted non-GAAP results include revenues of $1.648 billion, an increase of 0.8%, and adjusted diluted EPS of $1.69, a 14.2% increase. The adjusted revenue increase of $133 million was primarily driven by incremental revenue contributions from GIDS of $38 million, GlobeOp of $29 million, and a favorable impact from foreign exchange of $22 million.

As a result, adjusted organic revenue growth on a constant currency basis was 5%, and our core expenses increased 2.9%, or $27 million, which also excludes acquisition impact and FX. Adjusted consolidated EBITDA was a first quarter record of $651 million, reflecting an increase of $59 million, or 10%, and a margin of 39.5%, a 40 basis point expansion. Net interest expense for the quarter was $105 million, flat year over year. Adjusted net income was $418 million, up 11.1%. Our effective non-GAAP tax rate was 22.5% this quarter. Note for comparison purposes, we have recast the 2025 adjusted net income and EPS to reflect the full-year effective tax rate of 22%.

Also note, the Q1 diluted share count is down to 247.6 million from 254.9 million year over year, primarily due to lower dilutive shares and the continued impact of treasury share activity. Cash flow from operating activities growth of 10% was driven by growth in earnings. SS&C Technologies Holdings, Inc. ended the first quarter with $421 million in cash and cash equivalents and $7.5 billion in gross debt. Net debt was $7.1 billion, and our last twelve months consolidated EBITDA was $2.6 billion. The resulting net leverage ratio was 2.76 times.

As we look forward to the second quarter and full year 2026, with respect to guidance, we will continue to focus on client service and assume retention rates to be in the range of our most recent results. We will continue to manage our business to support our long-term growth, and manage our expenses by controlling and aligning variable expenses, increasing productivity, leveraging technology to improve our operating margins, and effectively investing in the business, especially with respect to R&D, sales, and marketing.

Specifically, we have assumed short-term interest rates remain at current levels, an effective tax rate of approximately 22.5% on an adjusted basis, capital expenditures to be 4.4% to 4.8% of revenues, and a stronger weighting to share repurchases versus debt reduction. For Q2 2026, we expect revenue to be in the range of $1.64 billion to $1.68 billion and 5.6% organic revenue growth at the midpoint, adjusted net income in the range of $408 million to $424 million, interest expense excluding amortization of deferred financing costs and original issue discount in the range of $102 million to $104 million, and adjusted diluted EPS in the range of $1.64 to $1.70.

For the full year 2026, we increased our expectations to revenue in the range of $6.664 billion to $6.824 billion and 5.3% organic revenue growth at the midpoint, adjusted net income in the range of $1.665 billion to $1.765 billion, and adjusted diluted EPS in the range of $6.74 to $7.06, reflecting approximately 12% growth at the midpoint, and maintaining our targeted annual EBITDA expansion of 50 basis points, with a goal of a 40% margin in Q4. And now back to Bill.

William C. Stone: Thanks, Brian. Next week, SS&C Technologies Holdings, Inc. will launch [inaudible]. It is also available at blueprism.com or by reaching out to Justine. We will now open the call for questions.

Operator: Thank you. As a reminder, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please limit yourself to one question and one follow-up. One moment for questions. Our first question comes from Kevin Damien McVeigh with UBS. You may proceed.

Kevin Damien McVeigh: Great, thanks so much, and really just exceptional results given the environment we are in. Bill, you beat on everything. Would the results have been even stronger if not for the environment that we are in? I know the business is pretty predictable, but is there anything that kind of held it back just given the environment?

William C. Stone: Well, you know, you get hesitancy, Kevin, as you well know, when you have tariffs come flying out, and then you have war, and then you have spiking oil prices, which generally is going to increase inflation. So there are a lot of macro headwinds. At the same time, people need to have the technology to run their businesses. We just had the GAIN conference, which is a big hedge fund conference in the Cayman Islands, and we had a bunch of our clients there. It was a spectacular event for us. They were happy, they were investing in us, and buying more services and products. We are pretty bullish on 2026.

Kevin Damien McVeigh: The results speak to that. And then maybe remind us, because the one question we get a lot is on the AUA growth in different market environments. It obviously continues to grow. Is that just client balances increasing or the way they are running their asset allocation? It has been another terrific part of the story.

William C. Stone: As we said in our comments, we grew AUA by $581 billion since 2024. I do not know where $581 billion would put you in the league tables—probably pretty high—and that is just our growth. There is market appreciation as well. The Nasdaq and the S&P 500 hit new records this past week, and the equity markets have been pretty robust. We also have almost all of the large global macro funds, and they have been getting increasing allocations from allocators and large-scale pensions to insurance companies. They are investing in hedge fund solutions, and hedge funds have been stronger over the past couple of quarters than they had been over the past couple of years.

Operator: Thank you. Our next question comes from Daniel Rock Perlin with RBC Capital Markets. You may proceed.

Daniel Rock Perlin: Thanks, and good evening, everyone. I had a question around private credit. Obviously, it is incredibly topical these days. I think that falls into your GlobeOp operations. From what you can tell and what you see and hear, specifically around potential redemptions, how does that impact your business? Do you see that as any kind of perceived risk, and to the extent the assets do get redeemed, what kind of recapture rate do you historically see in other areas of your portfolio? And then on GIDS, another really strong performance here—how should we think about the cadence throughout the year, given tougher comps in the back half and developments in Australia?

Rahul Kanwar: Like a lot of things in the news, some of these fears might be a little bit overblown, but we have structural things that protect us. The primary one is that the vast majority of our private credit funds are closed-end fund structures, which generally means our fees are predicated on things that are fairly static—committed capital or volume-based metrics like number of investments or investors. So we are pretty immune from day-to-day fluctuations. Most of our big clients that are private credit managers still continue to grow with us.

William C. Stone: On GIDS, we are making great strides. You mentioned Australia—we are up to over 3 thousand people there, and we signed Insignia, which has about $321 billion in assets. The superannuation market in Australia is about $4 trillion, so there is a lot of room to grow. We are the new kid on the block, and we are working hard to satisfy our clients there and grow our market share. We also have tremendous opportunities in North America and Europe. If I was a betting man, I would guess that GIDS is going to do very well in 2026.

Operator: Thank you. Our next question comes from Jeffrey Paul Schmitt with William Blair. You may proceed.

Jeffrey Paul Schmitt: Hi, good afternoon. What segments do you think have the most risk from AI, and what segments do you feel most confident are protected against disintermediation? And then, share buybacks were lower than they have been since 2023 or 2024. Is there potential for you to get more aggressive there with the stock down so much over the last few months?

William C. Stone: We have some very pointed software businesses that are not large—altogether maybe about $100 million in revenue. We are so embedded in the things that we do that we do not really look at AI as a threat. Yes, there can be disruption—the Internet had disruption, client-server had disruption—but people still have to get their work done. They still have to file tax returns, quarterly and annual statements, and not just in the United States; it is everywhere around the world. We do that everywhere—whether it is the Australian Stock Exchange with rules about short sales, the Ministry of Finance in Tokyo, OSFI in Ottawa, and several regulatory bodies here in the United States as well.

We are very steeped in that. It is detailed and arcane, and regulators can change it whenever they want. On buybacks, however much cash we generate tends to be our favorite investment. We bought $168 million in Q1. Q1 has bonuses and taxes, so we have other uses for our cash, but we are quite bullish.

Operator: Thank you. Our next question comes from Surinder Singh Thind with Jefferies. You may proceed.

Surinder Singh Thind: Thank you. Bill, can you expand upon the Blue Prism offering and the new platform? Is this a game-changer where we might begin to see a material inflection in growth in that segment? How should we think about rollout, cadence, and initial feedback? And then on expenses—you talked about investments in R&D and sales. Can you provide more color on the scale of those investments and potential margin impact versus your 50 basis points expansion target?

William C. Stone: We are very vertical as a company. When we talk with large-scale firms like Jefferies and others, everyone is studying how to implement AI with governance. My talks at conferences always say AI is not just a gas pedal—somebody better have a brake. You better understand what you are doing, or you can get hurt. We are primarily a bunch of accountants and systems people. We understand controls. We are a little nerdy when it comes to internal controls. We think they are important. We reconcile all of our customers’ checking accounts.

AI will be used for things that are primarily mundane first; it will get increasingly sophisticated over time, but it is very difficult to replace human judgment, human trust, years of delivery, and the ability to attack problems and solve them. On investments, there are a lot of opportunities for us to drive margin. Over the last number of years, we have plowed money back into our infrastructure and our ability to deliver new services and products quickly and efficiently, and that is expensive. We have been able to maintain our margins really close to 40%. If we want to move it up to 41% or 42%, that is within our grasp.

But we are not going to take away from R&D or other initiatives we have going on. We have a lot of flexibility. Last year, we generated about $7 per share in cash. We have flexibility with buying back shares, looking at acquisitions, and paying down debt. It is nice to have plenty of cash.

Operator: Thank you. Our next question comes from Peter James Heckmann with D.A. Davidson. You may proceed.

Peter James Heckmann: Good afternoon. Thanks for taking the question. I wanted to talk about the emerging developments around tokenization of different asset classes. Where do you see the pain points for your customers, and how do you view SS&C Technologies Holdings, Inc.'s preparedness to have some portion of asset classes being tokenized and processed versus some of your competitors? And then, acquired revenue was a little higher than we were thinking. Did Calastone outperform in the quarter, or is there seasonality to the first quarter?

Rahul Kanwar: Like a lot of these things, we view the technology as an enabler. We want to make sure it helps us get whatever our clients are looking to have happen, happen faster. We are fully prepared. We have customers that are tokenized today and customers in the process of becoming tokenized. We are helping them get on the right digital platforms and chains. We are maintaining the IDs and doing all the associated work. The primary impact we have seen—in a still limited subset of examples—is that onboarding for investors is simpler. The rest of the work stays exactly the same.

We are fully prepared to be part of the process and help them any way we can, and Calastone is a big part of that for us.

William C. Stone: We spent $1 billion acquiring Calastone. As usual with things we believe in, we do not dabble. We go get it and deliver it to our clients. We have several very happy clients already with our Calastone acquisition.

Brian Norman Schell: They continue to perform well, and it was a strong quarter for them. There is some seasonality, but they also outperformed.

Operator: Thank you. Our next question comes from Analyst on for Alexei Mihaylovich Gogolev with J.P. Morgan. You may proceed.

Analyst: This is Bella Panaj on for Alexei. Thanks for taking our questions. Looking at Intralinks’ sequential improvement—would you say that was driven more by the market or by share gains? Are there any metrics such as win rates, room volumes, or retention that best evidence that? And then on health care, that segment posted a nice turnaround this quarter. How sustainable do you view this growth throughout 2026, and what are the largest points of excitement that give you optimism this year?

Rahul Kanwar: It is a bit of both. The market has come back a little and is helping, and you are starting to see that show up in the numbers. We are seeing it even more in early indicators of what it might be a quarter or two from now. We have also invested a fair amount in the product itself—building out services capability around data rooms and adding more AI-enabled modules within the data room. That has helped us gain some market share.

William C. Stone: On health care, the market is enormous. As more medicines and therapies come out, more people will use those. GLP-1s are obviously a big deal, and the government, I think, is going to use Humana—which is one of our great clients—to administer that program. We are excited about that. We have Domani making some inroads at big health care places. Health care does not move with extreme rapidity—they are very testing-oriented and detailed. At the same time, there are tremendous opportunities, similar to financial technology. A lot of what runs Wall Street is decades old. If you can get people to take the leap to change, there is real opportunity. We think we can be a winner.

Operator: Thank you. Our next question comes from James Faucette with Morgan Stanley. You may proceed.

James Faucette: Thanks very much. A lot of our questions have been answered, but I wanted to quickly touch on the wealth business. Can you help unpack what drove growth there, and going into Q2, is there any deal slippage or tough license comps we should be aware of from Q1? And then, on AI efforts specifically, how do you think about what you are doing that is aimed at revenue generation versus internal productivity? Are you getting much internal benefit today versus what you may be able to monetize later?

William C. Stone: Our wealth business primarily is Black Diamond and other products embedded around that, whether that is Advent or Tier1 or InnoTrust. We have made great strides with Black Diamond Trust Suite. A lot of RIAs, as their customers get older, will move assets to their kids, often through trusts. You have to be able to do trust accounting or you will lose your best customer. That has been a nice tailwind. We also did the Morningstar Transact deal a little more than a year ago, and that gave us 600 to 700 more RIAs. Black Diamond continues to execute.

It has a lot of very strong and satisfied clients, and we would guess it is going to continue to grow in excess of double digits. On AI, in 2022, we bought Blue Prism, which got us deep into robotic process automation, machine learning, and natural language processing. We have deployed close to 4 thousand digital workers, and now we are improving them by turning them into AI agents. We feel like the deployment of these digital workers has maybe saved us a couple hundred million dollars a year. Why is that not all dropping into margin improvement? Compute and large data infrastructure are not cheap.

Even with that, we have maintained our margins and built MontyRx and a number of other new systems we are rolling out. Rahul is running a number of projects in the AI space.

Rahul Kanwar: It is the speed of software development—we are seeing a positive impact. We also have deep domain expertise—40 years of processing in very complicated, very regulated ways. We are deeply embedded in our customers and their operating models. Taking that knowledge and turning it into skills that AI agents can run is a massive opportunity. Without giving too much away from our event week, we will preview some of what we have built already in a very short period of time. We are excited about what else we will be able to do.

William C. Stone: There is a lot of enthusiasm from the earliest adopters we have rolled this out to. There is real opportunity here, and it is about orchestrating delivery, pricing, and having the right teams install it and train our clients. We are excited about it.

Operator: Thank you. Our next question comes from Patrick O'Shaughnessy with Raymond James. You may proceed.

Patrick O'Shaughnessy: Good evening. How are you thinking about the application of blockchain technology from the perspective of services that your GIDS business provides, such as transfer agency? Is there any disintermediation risk?

Rahul Kanwar: I think it is mostly an opportunity. The number of examples of folks interested in blockchain and tokenization is still fairly small. We have a few up and running and a few in process. In the examples we have, not only are we a big part of enabling them—which is a revenue stream for us—but it simplifies our work, which is a cost opportunity for us. The rest of our work—probably 95%—stays exactly the same or grows a little. Net-net, we think it is beneficial.

Patrick O'Shaughnessy: Got it, that is helpful. And GlobeOp organic growth was 6.7% in the quarter, down from 9.6% last quarter. Anything to read into that, or just natural ebbs and flows?

William C. Stone: It depends on timing. When you win some very large global macros, you have to get those assets onboarded. We get paid when they are not live, but at a lower rate; when they go live, the revenue steps up materially. It just depends on timing. Sometimes there are renewals where GlobeOp might get a pickup in a particular quarter based on a renewal.

Operator: Thank you. I would now like to turn the call back over to William C. Stone for any closing remarks.

William C. Stone: We believe we had a strong quarter. We have a lot of momentum and are bringing out offerings that will give us more momentum. We look forward to talking to you at the end of the second quarter. Thanks for dialing in, and thanks for your questions. We will talk to you in about 90 days.

Operator: Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.