SS&C (SSNC) Q3 2025 Earnings Call Transcript

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Date

Thursday, October 23, 2025 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

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Takeaways

Adjusted Revenue -- $1.569 billion in adjusted non-GAAP revenue for Q3 2025, a 7% increase versus Q3 2024, with adjusted organic revenue growth of 5.2% on a constant currency basis.

Adjusted Diluted EPS -- Adjusted diluted earnings per share was $1.57, up 17.2% year-over-year (adjusted non-GAAP).

Adjusted Consolidated EBITDA -- Adjusted consolidated EBITDA was $619 million, increasing 9.3% versus Q3 2024 (adjusted) with a margin expansion of 90 basis points to 39.5% compared to Q3 2024.

GAAP Net Income -- $210 million in net income for Q3 2025, with diluted EPS of $0.83.

Cash from Operating Activities -- $1.101 billion in cash from operating activities for the nine months ended September 30, 2025, representing 22% growth for 9M 2025 over the prior year.

Shareholder Returns -- $305 million returned to shareholders, including $240 million in share repurchases ($240 million for 2.8 million shares at an average price of $86.82) and $65.8 million in common stock dividends.

Dividend Increase -- Common stock dividend raised to $1.80, an 8% increase in the common stock dividend.

Adjusted Net Income -- Adjusted net income was $390 million, a 16.5% rise compared to Q3 2024, with a non-GAAP tax rate of 21.1%.

Quarterly Cash Flow Conversion -- Reached 115%, up from 99% a year ago.

Net Debt and Leverage -- Net debt at $6.2 billion with a net leverage ratio of 2.59 times LTM consolidated EBITDA.

Segment Performance -- GlobeOp delivered $37 million in incremental revenue; Global Investor & Distribution Solutions (GIDS) contributed $33 million in incremental adjusted revenue, supported by successful lift-outs in Australia and the U.S.

Acquisitions -- Curo Fund Services acquisition announced for local African market presence; Callistone acquisition closed with 250 new employees and expanded digital asset, ETF, and money market capabilities.

AI and Automation -- SS&C’s “customer zero” approach highlighted a UK healthcare client AI agent that automates radiology requests, saving over fifteen thousand radiologist hours annually.

Guidance Updates -- Q4 2025 adjusted revenue guided to $1.59-$1.63 billion with 4.5% organic revenue growth at the midpoint and adjusted EPS of $1.56-$1.62; full-year 2025 revenue guidance of $6.21-$6.25 billion, an increase of $37 million at the midpoint, with adjusted EPS of $6.02-$6.08 and cash from operations of $1.515-$1.575 billion.

Patia Contribution -- Expected Patia revenue of approximately $25 million in Q4 2025, up from $16 million in Q4 2024, according to President Kanwar.

Intralinks Update -- Pipeline improvement observed, though revenue lags by several weeks to months per President Kanwar’s statement.

Healthcare Segment -- Major clients Humana (NYSE: HUM) and Centene (NYSE: CNC).

Net Interest Expense -- $104 million in net interest expense, down $6 million versus Q3 2024, reflecting lower short-term rates.

Capital Expenditures Guidance -- 4.2%-4.6% of revenues expected for the year.

Summary

SS&C Technologies (NASDAQ:SSNC) reported record adjusted revenues and adjusted EBITDA for Q3 2025, citing strong growth in key segments, controlled expenses, and elevated shareholder returns. Management highlighted continued momentum from major lift-outs, execution of strategic M&A—specifically Callistone and Curo Fund Services—and advancing AI-driven automation as both a productivity and product driver. Updated full-year guidance raised revenue and EPS expectations, underlining improved performance and cash flow conversion, while Q4 commentary indicated stable retention rates and confidence in future contributions from recent investments. No material adverse impacts from the State Street insourcing were indicated, and segment margin developments were attributed to favorable mix and operational efficiency.

Chairman and CEO Stone said, "Tokenization is gaining meaningful traction amongst our clients, and we are pleased to offer a solution that supports their evolving digital asset strategies."

President Kanwar noted, "We continue to pay close attention to our cost structure, view intelligent automation and AI as both a revenue opportunity and a way to reduce repetitive tasks while enhancing career paths for our employees."

Guidance assumes short-term interest rates remain at current levels, a non-GAAP tax rate of approximately 23%, and no significant seasonality or immediate growth impact from the Callistone acquisition.

Lift-outs in the GIDS segment, including one completed July 1 in Australia, were discussed as contributors to organic growth and future confidence.

The acquisition of Callistone brings a proprietary global funds network, new money market, ETF, and digital asset capabilities, and approximately 4,600 institutional clients.

Industry glossary

Lift-out: The process of transferring a team or group of clients, often with specialized capabilities, from one firm to another as part of a business expansion strategy.

Tokenization: The process of converting rights to an asset into a digital token on a blockchain platform to enable new forms of asset management and transfer.

AI Agent: Software powered by artificial intelligence designed to automate specific business or operational tasks, often through decision-making and process execution.

Customer Zero: A development approach where a company uses its own solutions internally before offering them to external customers, enabling robust testing and feature refinement in real-world settings.

Full Conference Call Transcript

William C. Stone: Before we get started, we need to review the safe harbor statement. Please note that various remarks we make today about future expectations, plans, prospects, including the financial outlook we provide, constitute forward-looking statements for the 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. Our results of various important factors, including those discussed in our Risk Factors section 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, October 23, 2025, while the company 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 Bill.

William C. Stone: Thanks, Justine, and welcome, everyone. Our third quarter results include record adjusted revenue of $5.1569 billion, up 7%, and adjusted diluted earnings per share of $1.57, a 17.2% increase. Delivered record adjusted consolidated EBITDA of $619 million, up 9.3%, resulting in a quarterly adjusted consolidated EBITDA margin of 39.5%. Our third quarter adjusted organic revenue growth was 5.2% with performance driven by GloVop with a 9.6% revenue growth in our global investor and distribution services. Our goods business with a 9% revenue growth. We saw strength across all alternative markets, and we are capitalizing on international opportunities.

In our goods business, we successfully completed a large lift-out in Australia on July 1, and announced an additional lift-out for a US life and pensions provider. For the nine months ended September 30, 2025, cash from operating activities was $1.101 billion, up 22% over the prior year. In Q3, we returned $305 million to shareholders, which included acquiring 2.8 million shares for $240 million at an average price of $86.82 and $65.8 million in common stock dividends. This quarter, we have raised our common stock dividend to $1.8, an 8% increase. SS&C's strong cash flow characteristics allow us to return capital to our shareholders in multiple ways.

We continue to believe our shares are undervalued and will continue to prioritize share repurchases. High-quality acquisitions that meet our financial criteria are also a key element of SS&C's capital allocation strategy. In September, we announced the acquisition of Curo Fund Services, a South African fund administration business. This acquisition deepens our relationship with two meaningful clients and gives SS&C a local presence in the African market. The Callistone acquisition closed on October 14, and the global team of 250 employees will join our goods business, reporting to Nick Wright. We are excited about Callistone's proprietary global funds network and the additional capabilities in money markets, ETFs, and digital assets they bring to the SS&C solution set.

Tokenization is gaining meaningful traction amongst our clients, and we are pleased to offer a solution that supports their evolving digital asset strategies. I will now turn the call over to Rahul to discuss the quarter in more detail.

Rahul Kanwar: Thanks, Bill. We had a strong third quarter with solid organic growth of 5.2% and improved margins. Across our business, we remain focused on taking care of our customers and deepening our product set and expertise, and we are pleased to see that focus translate into financial results. We continue to pay close attention to our cost structure, view intelligent automation and AI as both a revenue opportunity and a way to reduce repetitive tasks while enhancing career paths for our employees. We have seen the results of these efforts reflected in improved EBITDA margins to date, and expect this positive trend to continue.

GlobeOp had a good quarter with continued strength within our hedge fund client base, international wins in private markets, and benefits from the ongoing trend toward retail alternatives. Looking ahead, we view GlobeOp as a key benefit of emerging technologies and aim to dramatically enhance user interfaces and client experiences as meaningful competitive differentiators. Our global investor and distribution solutions business had an excellent quarter driven in part by successful lift-outs across the globe. We are encouraged by the potential these mandates unlock. SS&C continues to help accelerate the global transformation from traditional automation to AI-powered automation, selling purpose-built agents as a managed service.

With SS&C as customer zero, we can leverage millions of daily use cases to build deep and comprehensive solution sets, which provide for both internal efficiency and external revenue opportunities. As one example, we sold an AI agent to a UK-based healthcare organization to automate MRI, CT, and ultrasound request processing, saving over fifteen thousand radiologist hours annually. This frees clinical capacity, reduces outsourcing costs, and addresses a global hospital challenge, as well as points to the utility of these AI agents in a wide range of applications. With that, I will turn it over to Brian to walk through the financials.

Brian Norman Schell: Thanks, Rahul, and good day, everyone. Unless noted otherwise, the quarterly comparisons are Q3 2024. As disclosed in our press release, our Q3 2025 GAAP results reflect revenues of $1.568 billion, net income of $210 million, and diluted earnings per share of $0.83. Our adjusted non-GAAP results include revenues of $1.569 billion, an increase of 7%, and adjusted diluted EPS of $1.57, a 17.2% increase. Adjusted revenue increase of $102 million was primarily driven by incremental revenue contributions from GlobeOp of $37 million, GIDS of $33 million, acquisitions of $17 million, and a favorable impact from foreign exchange of $9 million.

As a result, adjusted organic revenue growth on a constant currency basis was 5.2%, and core expenses increased 4.1% or $37 million. Adjusted consolidated EBITDA was $619 million, reflecting an increase of $53 million or 9.3% and margin expansion of 90 basis points to 39.5%. Note EBITDA of $619 million is a quarterly record high for SS&C.

Brian Norman Schell: Net interest expense for the quarter was $104 million, a decrease of $6 million, primarily reflecting lower short-term interest rates. Adjusted net income was $390 million, up 16.5%, and adjusted diluted EPS was $1.57, an increase of 17.2%. Our effective non-GAAP tax rate was 21.1%. Note for comparison purposes, we have recast the 2024 adjusted net income to reflect the full-year effective tax rate of 23.1%. Also note that diluted share count is down year-over-year, to 252.6 million from 254.1 million, primarily as a result of share repurchases. Cash flow from operating activities grew 22%, which was primarily driven by growth in earnings. Our quarterly cash flow conversion was 115%, up from 99% last year.

Our year-to-date cash flow conversion is 98% versus 89% last year. SS&C ended the third quarter with $388 million in cash and cash equivalents, and $6.6 billion in gross debt. SS&C's net debt was $6.2 billion, and our LTM consolidated EBITDA was $2.4 billion, resulting in a net leverage ratio of 2.59 times. As we look forward to the fourth quarter and the remainder of the year with respect to guidance, we will continue to focus on client service and assume that retention rates will be in the range of our most recent results.

We will continue to manage our business to support long-term growth and manage our expenses by controlling and aligning variable expenses, increasing productivity to improve our operating margins, and effectively investing in the business through marketing, sales, and R&D. Specifically, we have assumed short-term interest rates to remain at current levels, an effective tax rate of approximately 23% on an adjusted basis, and capital expenditures to be 4.2% to 4.6% of revenues and revenues of approximately $20 million for the Callistone acquisition. For the fourth quarter, we expect revenue to be in the range of $1.59 to $1.63 billion and 4.5% organic revenue growth at the midpoint.

Adjusted net income in the range of $394 to $410 million, interest expense excluding amortization of deferred financing costs and original issue discount in the range of $106 to $108 million. Diluted shares in the range of 251.5 to 252.5 million and adjusted diluted EPS in the range of $1.56 to $1.62. For the full year 2025, we are raising our line guidance by $37 million at the midpoint and now expect revenue to be in the range of $6.21 to $6.25 billion and 4.6% revenue growth at the midpoint. For the full year 2025, we are also raising the midpoint of our earnings guidance. Specifically, we expect adjusted net income in the range of $1.522 to $1.538 billion.

Adjusted diluted EPS in the range of $6.02 to $6.08, up 11¢ at the midpoint. And cash from operating activities to be in the range of $1.515 to $1.575 billion. Our 2025 guidance reflects our record results thus far in 2025, and we look forward to continued execution during Q4. Back to Bill.

William C. Stone: Thanks, Brian. SS&C's record adjusted revenues and adjusted EBITDA this quarter attest to our strong and long-term financial and operating strength. The 22% increase to $1.1 billion in operating cash flow through three quarters gives us the flexibility to pursue growth opportunities as we continue to pay down debt and repurchase shares. We also look forward to hosting almost a thousand clients and prospects at our annual Deliver conference beginning this Sunday in Phoenix, Arizona. This year's conference will feature the latest and greatest SS&C's offerings, and we will have our Chief Technology Officer there, Anthony Kiappa, who will talk about all of our AI advancements within SS&C and the market.

Our keynote speaker is Victor Kahani, founder and CIO of Elm Wealth and a cofounder of Long Term Capital Management. So we appreciate all of you being here on the call. And I will now open it to questions.

Operator: Thanks, Bill. And at this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. Once again, star one. We ask that you please limit your questions to one primary and one follow-up. Then if you do have additional questions after that, you can rejoin the queue. And we will pause just a moment to compile the Q&A roster. Alright. Looks like our first question today comes from the line of Dan Perlin with RBC Capital Markets. Dan, please go ahead.

Dan Perlin: Thanks. Good evening, everyone, and nice quarter here. I just wanted to try and get a sense around the 4Q organic guide around 4.5%, kind of keeping in mind that Patia is contributing to that organic growth. So just wondering, can you tell us at least directionally what the contribution of Patia would be in that four and a half percent? And is that just kind of a conservative jumping-off point? It felt like it should be contributing, I think, more meaningfully in the fourth quarter.

Rahul Kanwar: Yeah. I think that the one thing that I would just highlight is Q4 of the year before was by far our strongest quarter. So, you know, we think that's a reasonable jumping-off point. It's not overly conservative, but also, you know, it's something that, hopefully, we can positively improve on. And Patia's contribution, you know, I think we did about $16 million in Q4 last year. We expect to do about $25 million in Q4 this year.

Dan Perlin: Got it. Okay. That's great. And then just, secondly, I mean, GIDS had a very successful organic quarter. I wanted to make sure I understood maybe the mechanics behind that a little bit. I think the contribution to that organic growth was driven by this lift-out, but maybe if you could provide a little more detail around that, that would be great. Thank you.

William C. Stone: Yeah. That was a big jump. We had a big lift-out in Sydney, Australia, that we completed on July 1, so we had a half a year of that, and we also sold other large lift-outs as well. And we have a pipeline, so we're pretty confident in Q4 for GIDS and 2026.

Dan Perlin: Got it. Thank you very much.

Operator: Alright. Thank you, Dan. And our next question comes from the line of Jeff Schmitt with William Blair. Jeff, please go ahead.

Jeffrey Schmitt: Hi, thank you. On the Curo Fund Services deal, could you discuss what attracted you to that business and how much revenue is that generating? I guess why is that going to be held under GIDS if it's a fund administration business?

William C. Stone: The African market is still quite a bit behind European and US markets in fund administration. And a lot of where you find these kinds of companies is in the life and pensions area. So the two large clients we have are very large insurers, and they jointly owned. So that's why it's going into GIDS.

Jeffrey Schmitt: Okay. Yeah. And did you mention how much revenue that's generating?

William C. Stone: It's negligible. It's $15 million or so, I think.

Jeffrey Schmitt: Okay. And then you had talked in recent quarters just about implementing Agenic AI in Blue Prism. I think that had sort of been more bot-based automation in the past. So could you give us an update on where you stand there and what other businesses are you developing that for?

William C. Stone: Well, we call ourselves customer zero. So we're doing it across our entire business. You know, as we have been leaders in most of the technologies that have come out over the several years, we are now infusing all of those technologies with AI agents and making them smarter and faster. And again, with the 27,000 people we have and literally thousands of experts, we believe that we bring the functional expertise to make really smart agents. You know, you can use the greatest technology, but if you do not know what the hell you are talking about, they are not going to be particularly good agents. We think we have the largest, most sophisticated clients because we deliver.

And I think that's what you're going to find with our delivery of AI agents.

Jeffrey Schmitt: Okay. Thank you.

Operator: Thank you, Jeff. And our next question comes from the line of Alexei Gogolev with JPMorgan. Alexei, please go ahead.

Alexei Gogolev: Hi, Bill. It's clearly a competitive market out there. Could you elaborate on the potential impact from the lost business that State Street insourced the FPDR? Will that impact on revenue be felt in 2026 or in Q4 of this year?

William C. Stone: I mean, it will have a small impact, but we still believe our WIP business will still grow, and that was kind of an ancillary business anyway. And, you know, it's not something that we were investing in to see if we could do more distribution of spider-like products. So while, you know, we do not ever like to lose revenue, but at the same time, it was not our focus. It's not really going to hurt us much, and we look forward to taking those resources that we had there and applying them to things that we think can grow faster.

Alexei Gogolev: Thank you, Bill. And then, Brian, with GIDS and GlobeOp's growth performing quite well this quarter, how much does that revenue mix shift change margin outlook? I think you should have suggested that Q3 2024 SS&C had strong performance of Intralinks, and significant license sales boosted WIP business, and both of those have visibly higher margins than GIDS and GlobeOp. Can you elaborate on margin impact this quarter?

Brian Norman Schell: Yeah. No. I think what you saw is you saw the strength of the margin impact actually, obviously, with the GlobeOp obviously already has very strong margins above the consolidated average. And you saw an incremental contribution from them. I think that some of the things that GIDS has been doing is continuing to try and work on their margin as well. But I would say more broadly, because of the different growth areas, we're continuing to see positive signs from the rest of the business. So why you have been able to continue to see actually a margin uptake, right, from overall. Right?

So we're projecting that, you know, a greater than 50 basis point margin improvement in EBITDA, which has always been our kind of our general target, and so that mix shift hasn't affected our overall plans on a consolidated level.

William C. Stone: And at 39.5%, you could compare us to any of our peers. We perform admirably relatively.

Alexei Gogolev: Thank you, Bill. Thanks, Brian.

Operator: Thank you, Alexei. And our next question comes from the line of Peter Heckmann with D.A. Davidson. Peter? Please go ahead.

Peter Heckmann: Hey. Good afternoon, everyone. I wanted to focus on Callistone a little bit. Two things there. Talk a little bit about how their existing operations complement your existing UK operations for advisory firms and wealth management firms. And then number two is remind us, is there any significant seasonality of revenue? I remember there was some seasonality to the first quarter for year-end statement taking that? Can't remember if that was correct.

William C. Stone: So we're excited about Callistone. Jason Hammerson has built a great business, got 250 people. And I believe they have about 4,600 clients, fund companies, and other asset managers, and wealth managers around the world, and it really has a powerful tokenization process. It has very powerful ETFs, and many of you know that it looks like dual share class ETFs have been approved, and that's going to be another boon to the ETF market, which is pretty strong in the United States. And the mutual fund industry where Callistone is also real strong is still strong in Asia and in Europe.

So we really like the synergies we get with the Callistone acquisition, and we look forward to building on our distribution networks together.

Peter Heckmann: Okay. And then on the seasonality revenue, anything significant there to call out?

William C. Stone: I do not think so. I think, you know, Pete, it's a great company, but relative size is not going to impact our growth rates, and there's no seasonality in any one quarter that's going to make much of a difference.

Peter Heckmann: Really going to stand out. Okay. That's all I have for now. I'll get back in the queue. I appreciate it.

William C. Stone: Alright. Thank you, Peter.

Operator: And our next question comes from the line of Patrick O'Shaughnessy with Raymond James. Patrick, please go ahead.

Patrick Shaughnessy: Hey. Good afternoon. So it sounds like at least anecdotally that the M&A pipeline is starting to pick up. But obviously, that really hasn't translated to improved growth for Intralinks quite yet. What are you seeing out there in terms of the pipeline for Intralinks and the competitive landscape?

Rahul Kanwar: Yeah. I think it's a little bit like you just pointed out. We are seeing the early indicators of the pipeline. So the opportunities that we're talking to and the data rooms that are getting opened, we're seeing those numbers improve. Generally, revenue lags, you know, several weeks to maybe a few months from there, but we are starting to see some positive signs.

Patrick Shaughnessy: Got it. Appreciate that. And then the healthcare business, two consecutive quarters of positive year-over-year growth. What's your confidence level that business has positively inflected in a sustainable way?

William C. Stone: Well, I think, Patrick, that one of the things people should keep in mind is, you know, we built DomaneRx while we ran this healthcare business, and we had a million hours in that development. So, you know, the Domane runs at or our healthcare business runs at 30-35% margins. You know, it's lumpy. You know, you get $1,020,000,000 deals sometimes way bigger than that. And we have a great client in Humana that we continue to build out further, and we have another great client in Centene, and so we have opportunities, and it's just, you know, selling into large banks, large insurance companies, large asset managers. Sometimes I think they're nimble when I sell into large healthcare organizations.

Patrick Shaughnessy: Alright. Understood. Thank you.

William C. Stone: Thanks, Patrick.

Operator: And our next question comes from the line of Kevin McVeigh with UBS. Kevin, please go ahead.

Kevin McVeigh: Great. Thanks so much and congratulations on terrific results. I think you came in $0.07 above the high end of the range. You know, including kind of this some seems like, obviously, work. I guess, where was the source of the upside just relative to where expectations were on the EPS?

William C. Stone: Well, again, we talked a little bit about the lift-out we did in Australia that lifted the GIDS business. And then we also have had very strong performance out of GlobeOp. And even though we had some weaker revenue performance on Intralinks, you know, they're still very profitable. You know, all of our businesses are doing well with opportunities, and we had, you know, in Q3, most of them hitting a pretty good stride, and we think in Q4, we are pretty good out of the gates. Right? It's, you know, it's certainly towards the October, which is, you know, one-third of the quarter, and it's also got Thanksgiving and Christmas in the fourth quarter.

So, you know, we're reasonably optimistic as you can tell.

Kevin McVeigh: Oh, you sound really encouraged. I guess, Bill, you mentioned tokenization a couple of times with Callistone. Is there an opportunity to kind of implement that technology across the other business lines similar to what you've done with Blue Prism?

William C. Stone: There's opportunity, and, you know, one of the great things we always talk about is that you have to get it right. So a lot of people dabbled in things like machine learning and natural language processing or robotic processing automation, and, you know, you buy a few licenses to UiPath or Automation Anywhere, and you don't have any substance. You know, SS&C spent $1.6 billion to buy Blue Prism so that we had 1,400 people that are steeped in these technologies.

And now with what we're doing with AI agents and being customer zero, you know, we get to add all kinds of capabilities in a very controlled manner so that we become your trusted source for AI, you know, in regulated and highly complex industries.

Kevin McVeigh: Thank you.

Operator: Thank you, Kevin. And our next question comes from the line of James Faucette with Morgan Stanley. James, please go ahead.

James Faucette: Thank you very much. Just wanted to ask a question on the general environment. Bill, you've had great insight previously into private credit flows, and there's been a lot of chatter about that market maybe beginning to show a little squishiness. Are you seeing anything from a flow perspective, or do you consider that a bit of noise right now?

William C. Stone: I think as more people get into it, James, that people need to learn and understand the vagaries of the private markets versus the public markets. But, you know, the smartest people in the industry are all over private credit and other new ways in which to develop returns that sometimes are not there in the public markets. So, you know, we've had a bunch of the biggest players in the industry are our clients, and we've had talks by a number of them. And, you know, they're talking 100, 200 basis points more in the private market than what they can get in the public markets.

And so as long as that's true, and there's nothing that's showing that it's not, I don't think it's going to slow down.

James Faucette: Appreciate that. And then wanted to ask on go-to-market. You've been more focused on selling some enterprise solutions that combine multiple products and services. Your organic results are still really strong, but anything you can share qualitatively or quantitatively on the impact of that initiative and how it may be impacting things like average deal size or even customer retention?

William C. Stone: Well, obviously, you work for a big investment bank and understand that you guys moving real quickly is kind of an oxymoron, right? And so I think what we see is that these larger and larger institutions, those top management wants to move fast. You know? And what they find is that, you know, that really is out of character for these large commercial and investment banks. And what they like about us is that, you know, we're still a pretty big place. We've got 27,000 people. We have 120 offices or 130 offices around the world.

And so we can bring you scale, and we still move pretty quickly relative to the, you know, gigantic banks, we've moved very quickly.

James Faucette: Appreciate that color. Thanks, Bill.

William C. Stone: Thank you, James.

Operator: And it looks like there are no further questions. So I will now turn the call back over to Bill Stone for closing remarks. Bill?

William C. Stone: Dan, thank you. So I think from a standpoint of our third quarter, we're happy to have performed well. We look forward to talking to you after the New Year. And, hopefully, we will surprise you positively. So have a good quarter. Thanks.

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