SS&C Technologies Holdings Inc at Raymond James Institutional Investors Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : All right. Great intro. Thank you. What are some of SS&C's key initiatives as we kick off 2025?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : And you mentioned your R&D spend has gone up a lot in recent years and your sales and marketing has as well. Is that just kind of a different philosophy in terms of the amount of investment that you need to drive the sort of revenue results you want? Or how should we think about the growth in those expense areas?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : And then maybe drilling into the topic of organic revenue growth. You guys grew 6% constant currency in 2024, up from 3% in 2023. I think the midpoint of your guide for 2025 is around 5%. Can you maybe drill down to, are there some specific things that you're doing differently that are achieving those better results?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : All right. I think that touches on my next question, which is how integrated are SS&C's various businesses today? And does tighter

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : So in recent quarters, SS&C has, I think, provided more and helpful disclosures on your revenue components. And organizing that GIDS, for example. Is that kind of how you internally are managing the business and now externally, we are seeing things the same way that you guys are internally?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : Digging into fund administration, what inning do you think that we're in, in terms of private asset managers outsourcing the operations? And how well does SS&C compete for that business?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : Within fund admin, do you look at the competitive landscape as being different in the private asset space versus hedge fund? Or is it kind of the same companies that you're coming across? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:40PM, SSNC.OQ - SS&C Technologies Holdings Inc at Raymond James Institutional Investors Conference

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : And then it sounds like SS&C is looking to do more fund admin work with traditional asset managers who are existing transfer agency clients. Can you talk about what sort of traction you're seeing in that market segment?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : The announced in signal lift out in Australia is a pretty interesting deal for you guys. Are there a lot more opportunities out there like that? And why is SS&C positioned to capture deals with that nature?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : More broadly, how do you think about the growth opportunities for SS&C in North America versus the rest of the world? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:40PM, SSNC.OQ - SS&C Technologies Holdings Inc at Raymond James Institutional Investors Conference

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : So obviously, Gen AI, robotic process automation, Gen AI, particularly a big topic conversation these days. Can you talk about how you are deploying Gen AI and RPA within SS&C at your clients to either drive efficiencies or generate incremental revenue with your clients?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : As you're using Gen AI or RPA to take out cost internally and drive internal efficiencies, how do you think about the benefits of that accruing to your P&L versus you passing that on to your clients?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : And then maybe on the pricing topic more generally, can you talk to pricing contributor to your organic revenue growth at this point? Maybe how that compares to a few years ago? And are there more levers to pull there? Or do you feel like you have a pretty comprehensive pricing plan in place at this point?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : You guys recently announced that you're winding down your European transfer agency joint venture with State Street. I think it's a relatively small JV for you. But can you walk us through what that means operationally and financially for SS&C?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : At another conference recently, your Chairman and CEO, Bill Stone, said, we're just getting started in regards to your health care franchise. That business has sort of kind of wandered through the world in this ever since you guys acquired DST. It feels like maybe it started to turn the corner of late. So where do you think strategically you guys could go with health care? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:40PM, SSNC.OQ - SS&C Technologies Holdings Inc at Raymond James Institutional Investors Conference

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : Can you maybe walk through why SS&C is a good owner for that business. I think a lot of times people say financial services, Healthcare, it doesn't make sense to putting them together. What are the synergies that you guys see?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : Turning to M&A. Your balance sheet leverage has been pretty stable, around 3x for the last several quarters. How are you guys thinking about your capacity and your appetite for M&A right now and does a new antitrust philosophy and D.C change your thinking at all?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : You're picky, but I think you guys cast a relatively wide net in terms of the sort of business models that you look at. Good example is the recent Battea acquisition that you made. Can you talk about what that business is and what SS&C can bring to the table to cross-sell there?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : Going back to our earlier conversation about the investments that you guys are making in sales and marketing R&D. Do we think about that as changing your margin profile or your incremental margins going forward? Or are you able to do that and still demonstrate the sort of organic margin expansion that you historically have?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : All right. Why don't I pause and see if there's any questions in the audience. I don't see anybody raising their hand, so I'll keep going with one or two more. Your retention has been in the high 90s pretty consistently for several years. Is there an opportunity to take it even higher? Or is this kind of you're already running at full steam in that regard? And I guess, in addition, maybe potential better retention for your growth going forward, do you see it more as kind of cross-selling to existing clients? Or do you see it as adding new logos?

Question: Patrick O'Shaughnessy - Raymond James & Associates, Inc. - Analyst : All right. Terrific. I think that's a good place to end. Thank you, everybody, for joining us, and thank you, Rahul.