SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) Q1 2024 Earnings Call Transcript

William Stone: I really think that they continue to innovate on the primary virtual data room business. They add AI into that. They do really smart searches. They brought out a redacting agent to be able to help. You get so much data and so much paper in those data rooms. It’s important to have ways to be able to collate it and search it quickly. So that’s been pretty effective and it’s been very resilient. So I think we’re optimistic for all of 2024 and we don’t see things slowing down even after that.

Kevin McVeigh: The AUA, my math, it looks like it increased 3% sequentially. [indiscernible] is flat sequentially last year and almost double percentage increase sequentially over the last couple of quarters. Anything to call out there because, obviously, it hasn’t been a great market and seems like there’s been some real nice incremental growth there.

Rahul Kanwar: There’s been pretty broad-based growth across all of our alternatives, right? So in the hedge funds, we did see some market benefit, but we also saw the benefit of winning a number of new deals. Private markets, as Bill just said, continues to be really strong for us, and we’ve added a number of clients there. So the AUA doesn’t correlate always exactly with revenue because the yields are different depending on the kinds of funds and assets we win. But, overall, the trend is pretty positive.

Operator: That concludes our question-and-answer session. I’ll turn the call back over to Bill for closing remarks.

William Stone: Again, we appreciate all of you being on the call today. Again, we feel good about the first quarter and recognize that’s 25% of the year. So we’ve still got work to do and we’re hard at it. So we appreciate the support and see you in 90 days.

Operator: This concludes today’s conference call. Thank you for your participation and you may now disconnect.