SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) Q3 2023 Earnings Call Transcript

Rahul Kanwar: And just to add to kind of the second part of that, there is a fair amount of overlap internally on the compute that we’re using in the data centers and operational processes. So the businesses are helping each other.

Surinder Thind: Got it. Okay. That’s it from me. Thank you.

Operator: Thank you. We’ll take a follow-up question now from Peter Heckmann at D.A. Davidson.

Peter Heckmann: I apologize if I missed it. Did you provide an updated target date for the first big conversion on Domani?

William Stone: Yes. We’re going to convert — we have a big drug discount card business that we’re going to convert beginning in the first quarter of 2024, and that’s tens of millions of lives.

Peter Heckmann: Okay. 2024. And then just in regards to some of the carryover investments from DST. Can you just remind us what’s left in the unconsolidated affiliates and as well some of the investments? I think I would have expected that investment number to be falling a little bit and moving into the cash column, but still have a number of fairly illiquid investments in that category.

Brian Schell: Yes, there’s still more there. I would say the most illiquid is a lot of real estate that we are continuing to market and take a look at. That’s a tough market right now, and particularly in some of the properties with respect to office buildings located in downtown centers. There’s still some investments that are actually yielding positive results, but we’re not pulling those into earnings on an active basis, even though it is a positive number. So I would say there’s still a bit of balance sheet hang that we are doing a reasonably good job of keeping cash flow neutral. But is it quite covering everything that’s out there? Maybe not, but it’s getting close. So we are winding it down. Those real estate assets are probably going to take some time that are still sitting out there.

Peter Heckmann: Okay. I appreciate it.

Operator: Thank you. And gentlemen, it appears we have no further questions this afternoon. Mr. Stone, I’d like to turn things back to you, sir, for any closing comments.

William Stone: Well, again, we appreciate all of you being on. We appreciate the questions we got, and we appreciate where we stand, and we look forward to talking to you after the end of the year. Thanks.

Operator: Thank you, Mr. Stone. Ladies and gentlemen, that will conclude the SS&C Technologies Q3 2023 Earnings Call. Again, I would like to thank you all so much for joining us and wish you all a great day. Goodbye.