William Stone: Yes, I think that as we’ve said on a number of these calls that driving our margins up, we don’t find to be particularly difficult. We have great clients, we have great people and we continually look at productivity enhancements and Blue Prism has been a great addition to that, not only in us deploying 1,700 or 1,600 digital workers and — by the end of this year and then also having also allowed us to grow and not add FTEs into our workforce. So we’re pretty excited about that opportunity and even as a business itself, we have some talented people running that business and they have driven margins from a little bit negative when we acquired them in the second quarter of 2022 to probably going to end the fourth quarter at above 30% margins at Blue Prism, which is kind of a hallmark of SS&C is that, we manage our businesses, we drive high EBITDA, we pay down debt quickly, we’re buying back stock.
We’re pretty bullish. Wall street is not particularly bullish, but we’re pretty bullish.
Andrew Schmidt: Yes. Thank you very much, Bill.
Operator: Thank you. We go next now to Alex Kramm at UBS.
Alex Kramm: Yes. Hey, good evening everyone. Just wanted to go and look at the fourth quarter organic growth guidance. If my memory serves me right, I think last quarter the cadence that was implied was something more in the midst of digits for the fourth quarter. So little bit of a, I guess, downdraft in your expectation here by a 1.5 or so. So can you just maybe help us understand what has changed in the last three months relative to prior expectations and what the swing factors could be still into year end?
William Stone: Yes, Alex, I think primarily the swings are — there’s a lot of stuff going on in the world, right? And just like the licensed businesses get — people get skittish about major capital allocations. And so that was a little soft in Q3 and we’re hoping it rebounds in Q4, but we’re not trying to stick our neck out on license revenue. Like we said at the beginning, our recurring revenue growth in the third quarter was over 5% up. So that’s primarily all of our fund administration businesses and other recurring revenue businesses. And so we got maybe a little conservative here in Q4, but we’re trying to give you our best guess and then we’re trying to go out and continue to build the business.
Alex Kramm: Fair enough. And then maybe just more specifically, I don’t think the GIDS business has come up, but obviously that’s a very sizable business for you and an area of pain in the last few years, but seems to really be stable here in this 3% or so range. You feel pretty good about the outlook there and continue in this kind of environment at that range? Or is there still the ability to maybe even accelerate that into maybe something more in the mid-single digits? Or is that business just too mature and maybe the end markets are too tough that you’re happy with what you’re seeing?
Brian Schell: I think that, one, we’re happy with the progress, right? At the same time, we do believe there’s more opportunity. If you kind of think about the end markets. The end markets include wealth managers in Europe, wealth managers in Australia. We’re selling a comprehensive array of services and software. And as we think through our pipeline, that GIDS business has some of the biggest deals that we have as a company. So we’re, I think, reasonably optimistic that we can accelerate the growth rate from where we are currently.
