SS&C Technologies Hldgs (NASDAQ:SSNC) held its first-quarter earnings conference call on Thursday. Below is the complete transcript from the call.

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Summary

SS&C Technologies Hldgs reported Q1 2026 adjusted revenue of $1.648 billion, a 9% increase, and adjusted diluted EPS of $1.69, a 14% increase, both records for the company.

The company is leveraging AI to enhance software development and operational efficiencies, with initiatives like the Blue Prism Work HQ platform and increased AI integration.

SS&C Technologies Hldgs raised its 2026 guidance, anticipating revenue between $6.664 billion and $6.824 billion and adjusted diluted EPS growth of approximately 12% at the midpoint.

The company returned $233 million to shareholders in Q1 through share repurchases and dividends, maintaining a strong focus on shareholder returns.

Management emphasized the strategic importance of AI and technology-enabled services, highlighting strong client relationships and market opportunities, particularly in the asset management and healthcare sectors.

Full Transcript

OPERATOR

Good day and thank you for standing by. Welcome to the SSC Technology's first quarter 2026 earnings call. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. I would now like to hand the conference over to your speaker today. Justine Stone, Head of Investor Relations.

Justine Stone (Head of Investor Relations)

Welcome and thank you for joining us for our Q1 2026 earnings call. I'm Justine Stone, Investor Relations for SS&C Technologies Hldgs. With me today is Bill Stone, Chairman and Chief Executive Officer Rahul Kanwar, President and Chief Operating Officer and Brian Schell, our Chief Financial Officer. Before we get started, we need to review the Safe Harbor Statement. Please note the various remarks we make about future expectation plans and prospects, including the financial outlook we provide, constitute forward looking statements for 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 as a result of various important factors, including those discussed in the 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, April 23, 2026. While the company may elect to update these forward looking statements, it specifically disclaims any obligation to do so. During today's call we will be referring to certain non GAAP financial measures. A reconciliation of these non GAAP financial 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.

Bill Stone (Chairman and Chief Executive Officer)

Thanks Justine and welcome everyone. The first quarter of 2026 included a war in Iran, tariffs galore, spiking oil prices and other macro headwinds. Nevertheless, we delivered strong first quarter results underscoring SS&C Technologies Hldgs's resilience based on our performance and visibility. Today we are raising 2026 guidance. We recently rang the NASDAQ closing Bell to celebrate SS&C Technologies Hldgs's 40 year anniversary of powering mission critical systems our financial services and healthcare clients rely on every day. Our business is built on deep domain expertise, strong trusted client relationships and constant innovation guided by what we call our Customer Zero strategies. These strengths position us well as our industry enters the next phase of technology transformation. Driven by AI, we are updating the name of our largest revenue line item to better reflect the deeply embedded technology framework powering our services business. Technology Enabled Services encompasses our proprietary data streams, domain expertise software, private cloud data center infrastructure with ISO and SOC certifications and the redundancy and multi layered cybersecurity measures required by our sophisticated client base. First quarter results were adjusted revenue of $1,648,000,000 up 9% and adjusted diluted earnings per share of $1.69, a 14% increase. We delivered adjusted consolidated EBITDA of 651 million, up 10% and an adjusted consolidated EBITDA margin of 39.5%. The dollar figures I just said are all Q1 records. Adjusted organic revenue growth was 5% with performance driven by GIDS which grew 10.4%, Globeop, which grew 6.7 and our recent acquisitions are executing ahead of expectation, strengthening our global capabilities and expanding our addressable markets. Intralinks grew 3.2% with positive leading indicators and an increasing adoption of its next generation AI enabled deal center platform. The resilience of our business is highlighted by the 581 billion assets under administration we have added to our fund administration business since Q1 of 2024. Across SSC, we are leveraging AI to enhance software development, increase our speed to market, accelerate implementations, improve customer experience and drive efficiencies. These initiatives support both revenue opportunities and cost leverage over time. All of our teams are partnering closely with Blue Prism to scale our AI operations in a governed and secure manner. For the three months ended March 31, 2026, cash from operating activities was $300 million, up 10% year over year. In Q1 we returned $233 million to shareholders which included 2.3 million shares repurchased for 168 million at an average price of 72.60 and 65 million in common stock dividends. Through share repurchases and our dividend policy, 98% of our allocated capital in Q1 was returned directly to our shareholders. At current levels, our conviction around share repurchase has strengthened and we are prioritizing repurchases. Absent high quality accretive acquisitions replacement, we remain bullish on our opportunities and continue to view AI as a structural tailwind for our business. Our platforms are deeply embedded in our clients day to day operation serving as systems of record and execution. That positioning makes SSZ a natural partner as clients look to advance their AI strategy, I mean their artificial intelligence intelligence strategies. I'll now turn it over to Rahul.

Rahul Kanwar (President and Chief Operating Officer)

Thanks Bill. We had a strong first quarter. Gids and Globeop built on last year's sales performance with additional new logo wins and continued upsell and cross sell activity across the business. Disciplined attention to our clients is generating new opportunities. SS&C Technologies Hldgs's pipelines are robust and as always, execution remains the priority. Our AI capabilities, including agents and workflow orchestration are accelerating how services are delivered. Our Customer Zero strategy is working as intended. Internal adoption of AgentIQ capabilities is driving product maturity, credibility and faster time to market. Deep product expertise is the prerequisite for harnessing these tools and we are well positioned. We serve the largest and most sophisticated firms in the world and as their businesses grow more complex, our platforms grow with them. We sit at the center of their operating models with deeply embedded workflows. These workflows form the natural foundation for further innovation. As Bill mentioned, we've renamed our largest revenue line to Technology Enabled Services. Our clients are buying services such as NAV computations, tax returns, regulatory filings, investor interactions, risk calculations and hundreds of others. These services are usually tied to contracts for services rather than software license agreements. Delivery requires deep domain knowledge, expertise, operating complex workflows refined over decades, the networks we operate across counterparties, and secure, resilient infrastructure. We estimate that software, largely in the form of subscriptions, represents 11% of this category. With that, I'll turn it over to Brian to walk through the financials.

Brian Schell (Chief Financial Officer)

Thanks Rahul and good day everyone. Unless noted otherwise, the quarterly comparisons are to Q1 2025 as disclosed in our press release. Our Q1 2026 GAAP results reflect revenues of $1.647 billion, net income of $226 million, and diluted earnings per share of $0.91. Our adjusted non GAAP results include revenues of $1.648 billion, an increase of 8.8%, adjusted diluted EPS at $1.69, a 14.2% increase. The adjusted revenue increase of $133 million was primarily driven by incremental revenue contributions from GIDS of $38 million, Globeop of $29 million and a favorable impact from foreign exchange of $22 million. As a result, adjusted organic revenue growth on a Constant currency basis was 5% and our core expenses increased 2.9%, or $27 million, which also excludes acquisition and impact of FX. Adjusted consolidated EBITDA was a first quarter record of $651 million, reflecting an increase of $59 million or 10%, and a margin of 39.5% 40 basis point expansion. Net interest expense for the quarter for Q1 2026 was $105 million flat year over year adjusted net income was $418 million up 11.1%. Our effective non GAAP tax rate was 22.5% this quarter. Note. For comparison purposes, we have recast the 2025 adjusted net income and EPS to reflect the full year effective tax rate of 22%. Also note the Q1 diluted share count share count is down $247.6 million from $254.9 million year over year primarily due to lower dilutive shares and continued impact of treasury share. Cash flow from operating activity growth of 10% was driven by growth in earnings. SSC ended the first quarter with $421 million in cash and cash equivalents and $7.5 billion in gross debt. SSC's net debt was $7.1 billion and our last 12 months consolidated EBITDA was $2.6 billion. Resulting net leverage ratio was 2.76 times as we look forward to the second quarter and full year of 2026 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 our long term growth and manage our expenses by controlling and aligning variable expenses, increasing productivity and leveraging technology to improve our operating margins and effectively investing in the business especially with respect to R and D sales and marketing. Specifically, we have assumed short term interest rates remain at current levels an effective tax rate of approximately 22.5% on an adjusted basis capital expenditures to be 4.4 to 4.8% of revenues and a stronger weighting to share repurchases versus debt reduction. 2Q26 we expect revenue to be in the range of 1.64 to $1.68 billion and 5.6% organic revenue growth at the midpoint adjusted net income in the range of 408 to $424 million interest expense excluding amortization, deferred financing costs and original issue discount in the range of 102 to $104 million and adjusted diluted EPS in the range of $1.64 to $1.70 for the full year 2026. We increased our expectations to revenue to be in the range of 6.664 to $6.824 billion and 5.3% organic revenue growth in the midpoint adjusted net income in the range of a dollar. Excuse me. Adjusted net income in the range of 1.665 to $1.765 billion. Adjusted dilute EPS in the range of $6.74 to $7.06, reflecting approximately 12% growth at the midpoint and maintaining our targeted annual EBITDA expansion of 50 basis points with a goal of 40% margin in Q4. And now back to Bill.

Bill Stone (Chairman and Chief Executive Officer)

Thanks, Brian. Next week SSC will launch Blue Prism WorkHQ, our Agentic workflow orchestration platform designed to coordinate automation, AI agents and human decision making across enterprise workflows. Feedback from early adopters has been positive and we're excited to share more at our launch event which will be open to virtual attendees and registration right now is over 2,000 people. It's also available at blueprism.com or by reaching out to Justine with that I will now open it up to to questions.

OPERATOR

Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again, please limit yourself to one question and one follow up. One moment for questions. And our first question comes from Kevin McVeigh with UBS. You may proceed.

Kevin McVeigh (Equity Analyst)

Great, thanks so much. And really just exceptional results given the environment when Bill, I mean, you beat on everything. I mean, would the results have been even stronger if not for the environment that we're in? I mean, it just, I know the business pretty predictable, but is there anything that kind of held it back just given the environment?

Bill Stone (Chairman and Chief Executive Officer)

Well, you know, you get hesitancy, Kevin, as you well know, right? When you have, sure, you know, tariffs come flying out at billions and billions and billions and then you have war, you know, and then you have spiking oil prices which generally is going to increase inflation. So you know, there's a lot of macro headwinds. But you know, at the same time, you know, I think people need to have the technology to run their businesses. And you know, we just had a the GAIM conference, which is a big hedge fund conference in Cayman Islands and we had a bunch of our clients there and it was a spectacular event for us. They were happy, they were investing in us and buying more services and products and we're pretty bullish on 2026.

Kevin McVeigh (Equity Analyst)

The results speak to that. And then just maybe you remind us, because one question we get a lot is on the AUA growth, just in different market environments, it obviously continues to grow. And is that just client balances increasing or just the way they're running their Asset allocation. It's just again, just been another terrific part to the story.

Bill Stone (Chairman and Chief Executive Officer)

Well, as we said in the press releases or in our comments is that we grew AUA 581 billion since the first quarter of 2024. You know, I don't know where 581 billion would put you in the league tables, but probably pretty high, you know, and that's just our growth. So, you know, that's market appreciation, which, you know, obviously the Nasdaq and The S&P 500 hit new records I think this past week and the equity markets have been pretty, pretty robust. You know, we also have almost all of the large global macro funds and they have been getting increasing allocations from all of the, all of the different allocators and large scale pension funds and insurance companies that are investing in hedge fund solutions. And hedge funds have been stronger over the past couple quarters than they have been over the past couple years. Thank you.

OPERATOR

Thank you. Our next question comes from Dan Perlin with RBC Capital Markets. You may proceed.

Dan Perlin (Equity Analyst)

Thanks. And good evening everyone. I had a question around private credit. Obviously it's incredibly topical these days. I think that falls into your globe op operations. So I'm wondering from what you can tell and what you see and hear specifically around potential redemptions, how does that impact your business? Do you see that as any kind of perceived risk? And to the extent the assets do get redeemed, what kind of recapture rate do you historically see in other areas of your portfolio?

Bill Stone (Chairman and Chief Executive Officer)

Like a lot of things in the news, some of these maybe fears might be a little bit overblown, but I think we've got some structural things that do protect us. In any event, the primary one being most of our, you know, by far the vast majority of our private credit funds are closed end fund structures, which generally means that our fees are predicated on things that are, you know, fairly static. Whether that's committed capital or you know, some volume based metric like number of investments or investors or something like that. So we're not, you know, we're pretty immune from day to day fluctuations and that's probably the biggest one. But to be honest, most of our big clients that are private credit managers still continue to grow with us.

Dan Perlin (Equity Analyst)

Yep, that's great color on gids. Another really strong performance here. I'm just trying to think through the cadence throughout the year. I feel like in the past you talked about first half obviously being kind of in the high single digits or maybe even better, certainly given the 1Q performance. And then you got more difficult comps Heading into the back half. Does that still hold true that you're expecting kind of a mid single digit in the back half embedded, or are things changing in and around, let's say the Australian market, that's giving you maybe more conviction that that might actually prove to be too conservative. Thank you.

Bill Stone (Chairman and Chief Executive Officer)

I think that, you know, we are making great strides. You know, you mentioned Australia, which we're up to over 3,000 people in Australia. And you know, we obviously, everyone knows we signed Insignia, which has about $321 billion in assets. But the superannuation market in Australia is 4 trillion. So there's a lot of room to grow. And we're the new kid on the block and you know, we're really working hard to satisfy our clients there and then grow our market share. And so we're very optimistic about that. We also have some tremendous opportunities in North America and in Europe. And I think that, you know, if I was a betting man, and sometimes I am, I would guess that Gids is going to do very well in 2026. That's great. Thank you so much. And great results.

OPERATOR

Thank you. Our next question comes from Jeff Schmidt with William Blair. You may proceed.

Jeff Schmidt (Equity Analyst)

Hi, good afternoon. What segments do you think have the most risk from AI? In what segments do you feel most confident you're protected against disintermediation?

Bill Stone (Chairman and Chief Executive Officer)

I don't, you know, we have some, you know, very pointed software businesses that are not large but you know, they're in, you know, all total maybe $100 million in revenue. But you know, we are so embedded in the things that we do that we don't really look at AI as a threat. You know, yes, there can have some disruption. You know, the Internet had disruption and client server had disruption. And you know, lots of things have disruption, but people still have to get their work done. They still have to file a tax return, they still have to file their pews and their annual statements. And it's not just in the United States, it's everywhere around the world. And so we do that everywhere, whether it's the Australian Stock Exchange and they have some rules about short sales that you have to give them notification. And the Ministry of Finance in Tokyo has all kinds of requirements and OSPE up in Ottawa, you know, and we have several of those regulatory bodies here in the United States as well. So, you know, we are very steeped in that. And it's, you know, it's pretty, it's pretty detailed, it's pretty arcane and the regulators can change it whenever they want.

Jeff Schmidt (Equity Analyst)

Okay, thank you and then share buybacks were lower than they've been since I think 23 or 24. Is there potential for you to get more aggressive there with the stock down? I guess so much over the last few months?

Bill Stone (Chairman and Chief Executive Officer)

However much cash we generate, that tends to be our favorite investment. Yeah, I think we bought 168 million in Q1, you know, so while, you know, Q1 is, you know, we have our bonuses paid, we have taxes, we have, you know, so we have other uses for our cash. But yeah, we're quite bullish. Okay, great. Thank you.

OPERATOR

Thank you. Our next question comes from Surrender Thin with Jeffrey cma Proceed.

Surrender Thin

Thank you, Bill. Can you maybe expand upon the Blue Prism offering and the new platform offering? I guess it's something you guys have been working on for a while now. Is the idea here that it's a game changer where maybe we begin to see a material inflection in the growth rate within that segment or how should we think about the rollout, the cadence, the initial feedback that you've been getting here?

Bill Stone (Chairman and Chief Executive Officer)

Well, again, we're very vertical as a company. And so when we go out and talk with people at large scale places like you guys at Jefferies and others, everyone is really studying the market and trying to figure out how do we implement this in the best way with governance. My talks at these different conferences, I'm always saying, look, AI is not just a gas pedal. Somebody better have a break and you better understand what you're doing. And if you don't, you can get hurt. And I think it's pretty important that you have a company that's really primarily. We're a bunch of accountants and systems people, you know, so we understand what controls are. You know, we're kind of, you know, a little nerdy when it comes to internal controls. We think they're important. You know, we really think some silly people ought to reconcile their checking accounts, you know, so we reconcile all of our customers checking accounts. So I think that's what you're going to be able to use AI for is different things that are primarily mundane. It will get increasingly sophisticated over time. But it's very difficult to replace human judgment, to replace human trust. And then also years of delivery and the ability to attack problems and solve them. Thanks. That's all. And then maybe turning to the expense side of the equation here, I think you talked about maybe some investments in R and D and sales can maybe provide a bit more color on the scale of those investments that you're thinking at this point. And then maybe how do we think about the potential impact on the range of outcomes on the margin for that? I think the Target is the 50 basis points. But is that kind of fully loaded with all of the investments? Is there some flexibility there that maybe there's a bit more, a bit less? Any color there would be? Well, you know, I think there's a lot of opportunities for us to drive margin, you know, and what we've done over the last number of years is try to plow money back into our infrastructure and our ability to deliver, you know, new services and new products quickly and efficiently. And that's expensive. And so we've been able to maintain our margins at really close to 40%. And I think I've spoken for a few years that if we want to move it up to 41 or 42, you know, that's certainly within our grasp, but I don't know if that's enough money to, you know, take away from R and D or. Or other initiatives that we have going on. So we have a lot of flexibility. I think last year we generated, you know, about $7 a share in cash. You know, so we have a lot of flexibility with buying back shares, looking at acquisitions and paying down debt. So, you know, we have opportunities to use our cash, and it's nice to have plenty of it. Thank you.

OPERATOR

Thank you. Our next question comes from Peter Heckman with DA Davidson. You may proceed.

Peter Heckman

Good afternoon. Thanks for taking the question. I wanted to talk about the emerging developments around tokenization of different asset classes. Where do you see the pain points for your customers?

Bill Stone (Chairman and Chief Executive Officer)

And how do you view SSNC's preparedness to have some portion of different asset classes being tokenized and processed versus some of your competitors? So, you know, like a lot of these things, we're really viewing the technology itself as an enabler. Right. And so we want to make sure. And look. That's true for the broader AI question too. Right. We want to make sure it helps us get whatever our clients are looking to have happen, happen faster so we're fully prepared. We have customers that are tokenized today. We have customers that are in the process of becoming tokenized. We're helping them get on the right digital platforms and chains. We're maintaining the IDs, we're doing all the work that's associated with it. And the primary impact that we've seen is in those instances. And we're talking about still a pretty limited subset of examples that we have. You know, the onboarding process for investors is obviously simpler, but the rest of the work stays exactly the same. Right. But we're fully prepared to help, to be part of the process and help them any way we can. And Callistone is a big part of that for us, which we spent a billion dollars acquiring. So as usual with things that we believe in, we don't dabble, we go get it and then we deliver it to our clients. And we have several very happy clients with our Calistone acquisition already. That's great. That's great. Acquired or revenue from acquisition is a little bit higher than what we were thinking. Did Calistone outperform in the quarter or is there a bit of seasonality for them to the first quarter?

Brian Schell (Chief Financial Officer)

Yeah, they did. This is Brian. They continued to perform well and so that was a strong quarter by them. Yes. Okay, thank you very much.

OPERATOR

Thank you. Our next question comes from Alexei Gokalev with JPMorgan. You may proceed.

Bella Kamajan

Hi, this is Bella Kamajan for Alexei. Thanks for taking our question. So just looking at Intralink's sequential improvement, would you say that's driven more by the market or by share gains? And are there any metrics such as win rates, room volumes or retention that you feel best evidence that.

Bill Stone (Chairman and Chief Executive Officer)

I think it's a little bit of, you know, one, there's maybe three or four things. One, the market has come back a little and it's helping us and you're starting to see that show up in the numbers. But we're seeing it even more in kind of the early indicators that we have of what it might be, you know, a quarter, two quarters from now. I think we have also invested a fair amount in the product itself. Some of that is building out services, capability around the data rooms and things like that. Some of that is putting more AI enabled modules within the data room itself and that's helped us gain some market share.

Bella Kamajan

Understood. And looking at healthcare, that segment posted a nice turnaround this quarter. How sustainable do you view this growth throughout 2026 and what are the largest points of excitement that give you optimism throughout this year?

Bill Stone (Chairman and Chief Executive Officer)

Well, you know, I think the biggest thing we like about health care is how big the market is. It is really enormous. And as more medicines and therapies come out, you know, the more people are going to use those. And so, you know, GLP1s obviously are a big deal and, and the government's, I think, going to use Humana, which is one of our great clients, to administer that program for the government. So we're excited about that. We have Domane making some inroads at places, you know, it's you know, it's big healthcare places, you know, and so, you know, it does not move, you know, with extreme rapidity. You know, they are very, very testing oriented and very detailed at the same time. There's tremendous opportunities similar as financial technology. A lot of it that runs Wall street is decades old. So if you can get people to take the leap to change. A lot of people in their 40s don't want to change systems because they want to wait until they retire. Keep thinking that's 20 years, 20 years away, let's go, you know, but that's very difficult for people and people had a big aversion to risk. So. But we think there's a lot of opportunity in healthcare and we think that we could be a winner. Great, that's very helpful. Thanks for taking our questions.

OPERATOR

Thank you. Our next question comes from James Fossett with Morgan Stanley. You may proceed.

James Fossett (Equity Analyst)

Thanks very much. A lot of our questions have been answered, but wanted to quickly touch on the wealth business and just wondering if you can help us unpack a little bit of what was driving the growth there. And I guess really kind of what we want to be cognizant of is going into Q2. Is there any deal slippage there into Q2 or any tough license comps we should be aware of from the first quarter.

Bill Stone (Chairman and Chief Executive Officer)

Our wealth business primarily is Black diamond and some other products that we have embedded around that, you know, whether that's Selentica or Tier 1 or our InnoTrust. So we have made great strides with Black Diamond Trust Suite, where a lot of the RIAs, as their customers get older, they're going to move their assets into their kids and they're often going to do it through trust. You're going to have to be able to do trust accounting or you're going to lose your best customers. So that's been a nice tailwind for us. Plus we did the Morningstar transaction, I guess about a little more than a year ago and that gave us 600, 700 more RIAs. And so black diamond continues to execute. It's got a lot of very strong and satisfied clients. We would guess it's going to continue to grow in excess of double digits. Got it.

James Fossett (Equity Analyst)

And then I wanted to ask just it's a topic that's increasingly been coming up with investors, not just about ssnc but generally, but wanted to ask about your AI efforts specifically and how do you think about kind of what you're doing there and how much may be aimed at external revenue generation or AI driven products versus internal Productivity. And are we getting much benefit internally today versus what you may be able to charge or monetize later? Just love to hear from, just love to hear from you how you're thinking about that as an enabler.

Bill Stone (Chairman and Chief Executive Officer)

Well, you know, James, in 2022 we bought Blue Prism. And Blue Prism got us deep into robotic process automation, machine learning, natural language processing, you know. So with that, we have deployed, you know, close to 4,000 digital workers. And now what we're doing is improving them by adding, turning them pretty much into AI agents. So we're doing this throughout our business and we feel like the deployment of all these digital workers has maybe saved us a couple hundred million dollars a year. Now you say, well, why isn't that all dropping into margin improvement? Well, I don't know if you're aware, but getting compute and larger data infrastructure is not cheap. And so even though we've done all that, we've maintained our margins and we've gone in and we've built the Monty RX and we've built a number of other new systems that we're rolling out now. And so we're pretty comfortable with what we're doing. And Rahul's running a number of projects in the AI space. And maybe you could talk about that, Rahul. Thanks, Beth.

Rahul Kanwar (President and Chief Operating Officer)

So, you know, it's the speed of software development. We are seeing a positive impact there. We're also seeing, you know, we have deep domain expertise, right. So it's 40 years of processing things in very, very complicated, very regulated ways. We're very deeply embedded in our customers and their operating models. So taking that, taking sort of that knowledge and turning that into skills. Right. And having those skills be things that AI agents can run, we think is a massive opportunity. So, you know, not to kind of give too much away from our event next week, but I think one of the things we're going to do is preview some of what we built already in a very short period of time. And we're pretty excited about what else we're going to be able to do. And it's taken, you know, it has a lot of enthusiasm by the earliest adopters that we have. We have rolled this out to. So there's, there's real opportunity here and it's orchestrating it like the delivery, pricing and having the right teams install it and train our clients. We're excited about it. That's great color. Thanks, guys.

OPERATOR

Thank you. Our next question comes from Patrick o' Shaughnessy with Raymond James. You may proceed.

Patrick o' Shaughnessy

Hey, good evening. How are you thinking about the application of blockchain technology from the perspective of services that your GIDS business provides, such as transfer agency. Is there any disintermediation risk that you're thinking about?

Bill Stone (Chairman and Chief Executive Officer)

I think it's mostly an opportunity, you know, at least one. You know, just in terms of context right now, the number of examples we're seeing of folks that are interested in sort of blockchain and tokenization, still fairly small. Like I said, we've got a few up and running. We've got a few that are doing it. But in the examples we have and the data we have, not only are we a big part of enabling them, which is a revenue stream for us, but it simplifies our work, which is a cost opportunity for us. And the rest of our work, which is probably 95% of the work being done, stays exactly the same or grows a little bit. So net net, we think it's actually beneficial.

Patrick o' Shaughnessy

Got it. That's helpful. Thank you. And then globe op organic growth, 6.7% in the quarter, down from 9.6% last quarter. Anything to read into that or just kind of the natural ebbs and flows of the business?

Bill Stone (Chairman and Chief Executive Officer)

Yeah, I think, you know, it just depends on, you know, when you win some of these very large global macros. You've got to get those assets live, you know, and then we, you know, we get paid when they're not live, but, you know, we're getting paid like maybe an eighth. So if we're getting, say, 2 million, then when we get them live, we get 16 million. So it just depends, timing wise, on how that works. And then sometimes there's some renewals where. Where Globot might get a pickup in a particular quarter based on a renewal. All right, thank you.

OPERATOR

Thank you. I would now like to turn the call back over to Bill Stone for any closing remarks.

Bill Stone (Chairman and Chief Executive Officer)

Well, hey, we really believe we had a strong quarter. We believe we have really a lot of momentum. We believe we're bringing out stuff that's going to give us more momentum. And we. We look forward to talking to you at the end of the second quarter. So thanks for dialing in, and thanks for your questions, and we'll talk to you in about 90 days, I guess.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.