Q2 2021 SS&C Technologies Holdings Inc Earnings Call
Ladies and gentlemen, this is the operator today's conference is scheduled to begin shortly at least 10 line and <unk>.
For your patients.
[music].
Good day, and thank you for standing by and welcome to the answers from C technologies second quarter.
2021earnings call at this time, all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During the session you will need to press star 1 on your telephone.
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I would now like to hand, the conference Oh, Great day.
Could you could eat Justine stone head of Investor Relations. Please go ahead ma'am.
Hi, everyone welcome and thank you for joining us for our second quarter 2021 earnings call I'm Justine Stone Investor Relations for FMC technologies with me today is Bill Stone chairman.
Executive Officer, Rahul Kanwar, President and Chief operating Officer, and Patrick <unk>, Our Chief Financial Officer before we get started we need to review the Safe Harbor statement. Please note that various remarks, we make today about future expectations plans and prospects, including the financial outlook. We provide constitute forward looking statements for the purposes of the safe Harbor provision.
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 can also be accessed on our website.
And these forward looking statements represent our expectations only as of today July 28th 2021 while the company may elect to update these forward looking statements. It specifically disclaims any obligation to do so.
During today's call, we'll be referring to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP financial measures.
Included in today's earnings release, which is located in the Investor Relations section of our website at Www Dot speed test Dot Com I will now turn the call over to Bill.
Yeah.
Thanks, Justin and thanks to everyone for joining our results from the first quarter of $1.261 billion in adjusted revenue.
Yes.
Yeah.
And the $1.24, and adjusted diluted earnings per share.
19, 2%.
We surpassed $500 million and adjusted EBITDA in the quarter for the first time coming in at $511 million.
For the 6 months.
Adjusted consolidated EBITDA was over $1 billion.
Our adjusted consolidated EBITDA margin grew to 45 per cent for the quarter.
Our second quarter adjusted organic revenue was up 7.2%.
With the highest organic revenue growth quarter.
Our guidance several years.
All of our businesses outperformed our expectations and our alternatives interlinked assistance Ehealth.
And DSP financial businesses drove the.
The strong top line growth.
<unk> generated net cash from operating activities of 562.
<unk> from 6 months ended June 32021.
Even though we paid $144 million from cash taxes.
Versus $35 million in 2020.
We repurchased 2 million shares of common stock in Q2, 'twenty 1 at an average price of $73.44 per.
For $143.6 million.
We paid down $183.1 billion in debt for the first 6 months of 2021.
And our leverage ratio.
Continues to come down.
As of Q2 at the end.
Q2, our secured net leverage ratio was 2.9 times and our total net.
Per share ratio is 3.1 times consolidated EBITDA.
We remain fully committed to a shareholder friendly capital allocation strategy.
We're excited about last week's announcements that SSC health, along with our minority partners Humana and anthem will form a joint venture to build the industry's most modern sophisticated.
Leverage pharmacy benefit management platform.
The newly formed entity day, mommy or ex <unk>.
See the future of <unk> through a cloud based API driven average.
Adjudication platform.
This venture is the latest step in accelerating growth at <unk> health.
As.
Theme other participating members, we will have the ability to offer.
Flexible tools advanced analytics, and customizable programs to increase transparency.
We expect that don't.
The Omani Rx members to have an unrivaled pharmacy experience from.
Mani Rx will generate interest in.
We compare in pharmacy claims processing and analytic services now.
Now.
The new technology will benefit book.
Demand me Rx and our existing <unk> business.
We believe the healthcare industry's transaction processing data analytics and information delivery to be significantly hampered.
Tampered by outdated technology.
Technology.
The customer experience as well as the payer provider experiences can be greatly enhanced.
With powerful flexible technologies.
The growth in lifesaving pharmaceuticals, and other prescription based medicines.
There are over $4.5 billion prescriptions filled in the U S per year as well as an agent.
<unk> population makes us an ideal time to.
To invest and deliver.
<unk> health has years of experience running large scale systems with.
With the ability and expertise to handle volume and large customers.
I'll now turn the call over to Ross, who will discuss the quarter in more detail.
Yes.
Thanks Bill.
We had a strong quarter driven by broad based performance across our business.
We continue to benefit from an increasing recognition by customers and prospects of the breadth and depth of our solutions and expertise. The changes we've made to our organization structure business leadership and sales management and our continued.
Because on the innovation and delivery are having a positive impact.
Our fund administration business is seeing increased fundraising momentum across strategies, and a robust pipeline of existing and new clients.
The expertise customer focus and dedication of our professional teams combined with market, leading technology and solution.
<unk> for our unique assets that helped us outperform in the context of a healthy fundraising and new launch environment. During the quarter, we combined our real assets and private equity groups. The newly launched Sfm's equal about private markets group under the leadership of by cash Mall day is well positioned to help our fast growing private equity and real assets customers with their operations.
<unk> accounting and technology needs.
In June we announced the restructure of the former DSD financial services products and service offerings, the new organizational structure will accelerate technology innovation and strategic product development and rapidly evolving markets and enhance the overall customer experience.
Simplifying our management.
<unk> structure, increasing focus on product areas and end markets and the high confidence we have in executive leadership in each of these areas are all important factors that led to this change.
I will mention some key deals for Q2, the wealth management arm of a large UK customer chose essence, he gets to undergo a transformation program advanced technologies.
Technology, including <unk> and Genesis was a major component is the client looks to develop their future model strategies.
<unk> 15 billion AUM.
Asset manager chose a suite of advent products to be delivered via the cloud.
A $30 billion.
AUM alternative investment firm chose <unk> Fund administration.
Services after a comprehensive due diligence process.
Our northeast Medicare provider chose assistance Ehealth PPO services.
And impact investing firm launched in 2020 chose <unk> Fund administration and loan services I will now turn it over to Patrick to run through the financials.
True.
Results for the second quarter 2021 were GAAP revenues of 1.259 billion.
GAAP net income of $189.8 million.
And diluted EPS of <unk> 71 cents.
Adjusted revenues were $1.261 million.
Thanks, Joe said revenue was up 10, 5% adjusted operating income.
Income increased 15, 3%.
And it just <unk> diluted EPS was $1.24, a 19, 2% increase over Q2.2020.
Overall adjusted revenue increased 120.
$2 million.
Our acquisitions contributed 17.8 million.
Foreign exchange had a favorable impact of $26.4 million or 2.3% in the quarter.
Adjusted organic revenue increase on a constant currency basis was 7.2%.
We had strength across several product lines.
Including alternative assets.
Advent our retirement services.
<unk> Investor distribution, our Alps asset management business health care and intra links business.
This was offset by weakness.
And the as business due to lower trading volumes.
Adjusted operating income for the second quarter was $495.8 million, an increase of $65.7 million or 15, 3%.
From the second quarter of 2020.
Adjusted operating margins increased from 30.
37, 7% in the second quarter of 2020.
The 39, 3%.
In the second quarter of 2021.
So it's driven by cost controls and expense controls.
Expense, Inc. Expenses increased 2.5% on a constant currency basis.
Acquisitions added $14.9 million in expenses and foreign currency increased costs by $21.7 million.
Adjusted EBITDA was $511.1 million or 45 per cent of adjusted revenue and increased $62.7 million or 14%.
From 2 to 2020.
Net interest expense for the quarter was 51 million and.
It includes $3.3 million of non cash.
Amortized financing costs and OID.
The average interest rate in the quarter.
For our amended credit facility, including the senior notes.
<unk> was 3 point O 2 per cent compared to 3.19% in the second quarter of 2020.
And resulted in net interest expense decrease of $9.5 million.
We recorded a GAAP tax provision of $76.7 million or 28, 8% of pretax income.
We expect the GAAP tax provision to be approximately 26 per cent for the full year.
Adjusted net income.
Defined in note 4 of the earnings release was 331 million and adjusted EPS was $1.24.
And the effective tax rate for adjusted net income was 26 per.
Diluted shares decreased 267, 6 million from $285.5 million Inc.
Q1, the impact of share repurchases was partially offset by an increase in the average share price.
And option exercises.
On the balance sheet and cash flow as of.
30th we had approximately $247 million of cash.
And approximately $6.3 million of gross debt for a net debt position of approximately $6.1 billion.
Operating cash flow for the 6 months ended June 2021 was $562.3 million.
A $6.6.
June an increase compared to the same period of 2020.
Year over year operating cash flow was impacted by tax payments, which were deferred in the into the back half of the year in 2020.
Highlights for the 6 months on cash.
Flow we.
Net treasury buybacks of $325 million for purchases of 4.7 million shares.
At an average price of $69.79.
Yeah.
In addition, the board renewed its stock.
Milk program for another year for a total of $1 billion.
Net debt payments were $183.1 million compared to payments of $257.3 million in same period in 2020.
We declared and paid $82.1 million of common stock dividends compared to $64 million.
<unk> 5 share an increase of 28, 3%.
This year, we paid interest of $97.8 million compared to $133.1 million in 2020.
Year to date, we've paid income taxes of $144.2 million compared to $34.7 million.
Last year in 2020.
Our accounts receivable DSO was 58 days compared to 53.3 days at June 2020.
Capital expenditures and capitalized software was $59.6 million or 2.4%.
Adjusted revenue compared to $51.9 million or 2.2% from it.
Adjusted revenue in 2020.
Spending was predominantly for capitalized software and IP infrastructure.
Option exercise proceeds were $88.8 million.
Of the $2.1 million shares compared to $82.8 million for 2.8 million shares last year.
Yeah.
Our LTM consolidated EBITDA that we use for cash.
Covenant compliance was 1 billion 905.
48 million as.
As of June 'twenty 'twenty 1.
Based on net debt of approximately $6.1 billion, our total leverage ratio was 3.12 times.
Our secured leverage ratio was 2 point O 9 times as of June 30th.
So our outlook for the year.
I'll go over a few assumptions first.
Well, we will continue to focus on client service.
We expect our retention rates to continue in the range of our most recent results.
We expect foreign currency exchange to be approximately at current levels.
For Q3 and for the remainder of the year.
We expect.
The impact of DST Health unit pre acquisition client services to impact revenue.
By approximately $10 million.
So the back half of the year.
Adjusted organic growth for the year, we expect in the range of 3.3 per cent.
The 5 point O per cent.
Adjusted organic growth for Q3 in the range of 2.9%.
The $6.4 per cent.
Interest rates on our long term credit facility will approximately be 1 month LIBOR plus a spread.
Which is currently hardest 75 bps.
We will continue to manage expenses.
During this period of controlling our variable expenses.
But we expect staff cost to increase due to continued wage inflation.
We will continue investing in our business for long term and capital expenditures will be approximately 2.8 per cent of revenue.
We will continue.
Allocate free cash flow to both debt pay down and stock buyback.
And we expect the GAAP tax rate to be about 26%.
On both an adjusted basis on a GAAP basis.
For the third quarter, we expect revenues to be in the range of $1.205 million.
The 1.
$245 million.
Adjusted net income in the range of 309 million to $325 million.
And diluted shares in the range of $268.1 million to $268.6 million.
For the full year of 2021, we expect revenue in the range of 4 billion 920.
1 million.
The 5 billion $1 billion.
Adjusted net income in the range of $1.258 billion to $1.295 billion.
Volume and diluted shares in the range of 267.9 billion to $268.4 million.
And for the full.
Full year, we expect cash from operating activities to be in the range of $1.305 billion.
$2.1.345 billion.
And I'll turn it back over to Bill for final comments.
Thanks, Patrick and I'd like to thank all of our employees for their dedication and hard work they put in each and.
Every day.
We're working with various parts of our organization to ensure a productive return to the office policy.
We expect to begin our transition this fall.
We appreciate you are shareholders and we remain steadfast in our mission to be the finest technology and service provider with a global financial services.
<unk> industry.
In the United States Health care industry.
We grew organically 7.2%, we've added 400 billion to our alternatives platform in 18 months, we generated over 1 billion and adjusted consolidated EBITDA in 6 months.
When we announced the money.
Our new platform joint venture.
I'll now open it up for questions.
Thank you, ladies and gentlemen, if you would like to ask a question you May Press Star then the number 1 on your telephone once again your meat breast star 1 to ask a question and as a reminder, please limit your question to 1.
Alright, and 1 follow up question, if you need to ask additional questions. You May press Star 1 again to go back into the queue. Thank you. Please standby, while we compile the Q&A Boston.
Your first question comes from the line of Alex Kramm from UBS. Your line is open Yeah, Hey, good evening, everyone I'm just maybe on the.
1 and gere sides, I guess, moving a chance to flesh out there and there's no new JV and then a little bit more detail. So maybe first of all can you just tell us how the health care business did this quarter and then maybe describe the path of how this JV is going to impact your existing health care business.
In terms of the the the growth outlook, how it should accelerate over over the next 2 years, so a little bit more color. So we can kind of complete the picture a little bit more.
Sure so.
Our health care business group.
Approximately about 10% right Patrick.
The healthiness.
12%, 12% and then if you.
Adjusted for the pre acquisition termination it was 18%.
Yeah.
So you you know Alex we think this is a very transaction processing information delivery business.
And we think we're world class that so.
We're excited about the opportunity we think we have really.
Flight.
Minority partners with Us joint venture partners.
And as we said in our remarks today are in the press release says, there's 4 and a half billion prescriptions.
Build in the United States annually and we process approximately.
Absolutely.
$4 million to $500 million of those so we think it's a big opportunity to get larger and larger market share. We think new technologies is going to change.
The experience 4 that the the individual.
Customer and then also for the payer provider and I think.
Getting there.
Emissions back to those places.
With.
Some sense of.
Real time.
Processing, I think will allow them to make better decisions and then create.
More than.
Enlightened kind of health care.
In Korea, and then also provide us with great growth opportunities and I think that's what we're looking forward to is is to be able debt.
You know really go from.
4 to 500 million in and the number of claims that we process too.
Well in excess of $1 billion.
Okay Fair enough and then maybe.
Secondarily I'm just any any quick comments on M&A, it's been quiet, you've obviously looked at a lot of assets.
Like there is something in the capital market space that that may be on the block. So I know you always look, but I'm curious about your current appetite and and and and how you how you think the.
Pricing environment is looking right now.
Well, yeah, we are always looking.
And we did you.
Oh, and sometimes we get outbid and you know when we get outbid, we think people overpaid.
And so that's kind of our view of it.
There's a lot of things for sale right now.
Prices are still.
Nosebleed levels.
And when you add 400 billion in.
And assets to our platform in 18 months, you know that that creates a lot of revenue.
And it creates a lot of opportunity for additional revenue.
And I've said on this call many times that if we do.
Big acquisitions, it's going to take a lot of management time and and and.
In our in our estimation.
Management time, when it's focused on organic revenue growth organic revenue growth goes up and I think.
Q2 is.
Another example of that.
Fair enough. Thank you.
Thank you. Your next question comes from the line of Peter Heckmann with Davidson. Your line is open.
Good afternoon, everyone. Thanks for taking my question wanted to ask on the fund administration business.
There's a very notable year over year grows and as you point out great asset.
Accumulation in the last 18 months.
If I captured that correctly it was up about 19% year over year, what would you estimate would be the growth of the market the underlying market in that same time period in China.
It isn't a figure out how much of share and how much is it just higher allocations to alternative assets.
I think you'd be probably may be the best at it.
I can understand that debt.
Yes.
I think what I, what I would say is I don't.
Really have in there.
A lot of great data on the underlying market and how fast it's growing but but but you know what is pretty indicative to us is how we're doing in terms of the competitive takeaways.
Right and if you kind of look at R. R.
And you know the 400 billion and kind of where it comes from et cetera.
Theres, a pretty big portion.
There isn't all that comes from competitors I mentioned in my remarks, a $30 billion funds that were taken from somebody else in the market. So so that would suggest that in addition to the lift we're getting just because the market is getting better you know people are recognizing our technology investments and our staff and some of the leadership we've put in.
And some of the changes we've made like combining private equity and real assets and things like that and that's having an impact.
No that's great that's great and then I didn't hear you call I heard you mentioned interlinked.
Yes, 1 of the things that contribute to organic growth from the quarter, but I guess my suspicion is is it with good.
M&A activity and it all goes back Ipos out there that does that business go to maybe put up.
Yeah, mid teens or higher type growth is that on the right track.
Yeah, the interlink business grew about 18% in the quarter.
Great.
We're at about 14 year to date.
Place in quarter 1.
That's a that's helpful I'll get back in the queue I appreciate it.
Yeah.
Thank you. Your next question is from the line of Andrew Schmidt from Citi. Your line is open.
Yes.
Hey, guys. Thanks for taking my questions can see the step up in growth here.
I wanted to ask you you know.
I think last couple questions. It seems pretty clear that the volume based revenue stepping up pretty significantly but on the sort of the deal closing and sales cycles side could you talk about your observations in the second quarter. It seems like things are improving but love to hear your thoughts on.
Sales cycle in terms of just appetite for closing deals versus maybe the prior quarter.
Yeah.
Well I think that you know, we have pretty full pipelines and and we're getting an awful lot of.
An awful lot of inquiries into into us from all over the world.
Particularly as far east as Ben has been.
Quite active.
And then again, Ryan I mean, all the central banks are flooding from the world money and so you.
And that now now it's time to make Hay and I think I think we have.
Increasingly strong sales force.
And.
Increasingly strong management of that sales force and so I think we are.
<unk> the benefits.
The investments that we have made in order to in order to increase our.
Increase our revenue growth.
Got it and then you know.
This quarter, we've seen a number of product launches and take sort of technologies revamped some of it on the legacy <unk>.
S T side.
Is there anything changed about the approach to product development technology development things like that I would imagine part of it.
Yeah.
Is it sort of the management restructure on the DST side, but just curious if anything has changed in terms of your approach to organic technology development.
Things of that nature.
But again, we have hired a number of people in.
Obviously.
No technology in 2021 is a lot different than technology was even when we bought them.
P S T, which we closed in April <unk>, so well.
We're adding you know like micro services and artificial intelligence robotic process automation and machine.
Morning.
And we're also.
We're in a hurry.
You know.
Since he's in a hurry now in a hurry if it doesn't mean you can snap your fingers and.
You know in 1 day or even in 1 quarter and sometimes even in 1 year that you can change everything without taking so much risk that youre going.
Yeah.
Youre going to break the egg so you got to be a little bit why.
You know as I said right, we just passed $500 million in EBITDA in a quarter first time ever a $1 billion in the first 6 months.
First time ever.
So I think we are.
Increase.
Leasing the cadence and our software development capabilities.
And I think Thats why youre seeing a number of from new products come out with a lot of you know.
The features and functions that are.
Our clients and prospects have been asking for.
Who do you have anything to add to that.
But I think the only other thing I would add is.
Just coming back to that restructure point I think focusing.
Our business very very well.
In a very methodical way on kind of the end markets that they serve and making sure. Our technology teams are lined up against those end markets and are really paying attention.
If those customers want means that the pace of development is.
Faster right. So it's things we've always done we'd like to think we're doing it with a little more focus and intensity.
Perfect exactly what I was getting at thanks, a lot role Bill I appreciate the comments.
Yeah.
Thank you once again, if you would like to ask a question you May Press Star then the number 1 on your telephone and as a reminder, please limit your questions from 1 and 1 follow up question. Your next question comes from the line of Jackson Ader from Jpmorgan. Your line is open.
Great. Thank you.
My first question is actually back.
On the joint venture the health care joint venture I'm curious about.
About.
New platform and maybe with existing customers will this be.
Additive to the business that you have with existing customers or will it basically be more of a replacement from existing solutions to a new.
Platform over the next 4.5 years as this thing gets ramped up.
Okay.
You know I think that you know where are our business philosophy forever has been has been too.
We have a flexible delivery model.
So theres going to be different customers.
This delivered to them through the JV and there's going to be others that are going to want us to deliver this through SSC health.
We think in general this is going to be up.
Pretty nice tailwind to our growth in the in the health care business in and that you know.
I don't know if.
So if current SSC help customers will want to go into the JV or want to remain with US obviously, we're talking to all of them and trying to give them the options that they want.
But but it's pretty new and and everybody's pretty excited about it.
And were we.
We are optimistic that revenue growth.
Well willing Inc.
<unk> markedly.
Okay great.
Great. Thank you and then Rahul you mentioned I think in 1 of the 1 of the deals that you that you ran through debt.
1 of the advent of signings happened to be in the cloud and I was just curious.
Can we get a reset on.
We're kind of at your customers and investors preferences are at the moment in terms of.
And really I guess this relates to the to the last question is following health care joint venture where People's heads in terms of their preference for the cloud versus.
More on premise deployment.
Yeah, and I think this just building on what Bill just said right. What we're what we're trying to do is is to be flexible on delivery.
And making sure that whether they want to deploy on premise and on premise increasingly is on premise with a cloud provider that they have themselves or public cloud or wherever.
But the case may be or they want to buy it through through Austin have us run it on our private cloud, which we think is purpose built for our applications. So it has several benefits, but I would say that the majority of new deals 1 way or another are going on some kind of cloud type and that's really what we're doing our development.
On as well.
Okay, Alright, great. Thank you.
Thank you. Your next question comes from the line of Surinder think of Jefferies. Your line is open.
Hi, Bill Hi, Ro.
High level question from my perspective.
In terms.
It was just kind of strategy, where the Permian is when I kind of look back over the past year year and a half we think about kind of the management changes that have kind of occurred we kind of look at kind of the recent.
Reorganization kind of around D. S. Here at least in terms of the strategy. There. So can you talk about.
How you feel about positioning right now in kind of day.
The evolution of how you've kind of gotten to here to decide that this is the right approach at this point.
Is this kind of should we expect more changes that you guys are thinking about or are you guys pretty comfortable about where we are at this point and the ability to kind of.
It ultimately goes.
Those milestones and targets that you guys are reaching for us.
Well.
Serena.
That's a great question and that's also pretty much of a crystal ball question right I mean, I think that.
S S and see us.
Is it.
It's constantly changing.
Ranging in it it's constantly changing because our customers.
Our are constantly changing and if you look at.
What what Jefferies did 5 or 10 years ago compared to what Jefferies does today, it's a way different firm.
And a lot of the hedge funds that we deal with now are in all kinds of different strategies.
<unk> and all kinds of different.
All kinds of different asset classes.
Some are looking for permanent capital some are having long only strategies.
Same thing with our our large insurance companies that are now.
I'm sure you saw that.
The deal between Blackstone and AIG.
You know at $50 billion going to be $100 billion and so you know you have to have people that are nimble enough to take advantage of whats in the marketplace.
And you have to have people that have enough of a risk appetite.
Could take some chances.
And when when Youre going through executive.
Good managers.
What we're looking forward, we're looking for people that have.
Deep subject matter expertise.
Our personality that is inclusive and is.
It is open.
And then and then also debt that you know we take prudent.
Risks.
And if you don't take any risks is very difficult to.
To grow so I think we're very comfortable with with where we are today.
But I don't know where the world is going to be in 3 months or 6 months from 9 months.
I read things that other people apparently really know.
I just don't think those people are the brightest people on Earth.
A very good deal and then I'm going to ask you 1 more crystal ball question here.
Can you talk a little bit about kind of geography in how you guys are thinking about.
Europe, obviously theres more of a more of a global approach by the firm at this point, but just.
It seems like Europe is generally consistently lagged the U S. It's always been a bit more of a headwind.
The past couple of years.
How youre thinking about the evolution there in the marketplace versus North America.
But we think theres a lot of opportunity in Europe, and there's a lot of assets and there's there's a.
A much slower adoption for.
Our large scale outsourcing and there has been here in the U S but.
But we want some some nice mandates we think we're going to win some more mandates.
And theirs.
There is.
There's large geographies.
In Europe, where we don't have a <unk>.
Clearly a large presence that we think that we think we can.
And again, we want to do it in a.
In a prudent way and be able to.
You can make sure that debt we have the debt.
OE skills and abilities to to really capitalize.
And I think you know we have a number of initiatives going on.
In countries, like Germany, and France, and Italy, and Spain, and we have a pretty big presence in the U K.
So Mike.
I think we're I think we're reasonably comfortable with our.
With our footprint, there and I think we.
We're in execution mode.
Great.
That's it from me Bill Thank you.
Thank you once again, if you would like to ask a question you May press star 1 on your tenants.
We have a follow up question from the line of Alex Kramm with UBS. Your line is open.
Yes, Hello, again, just wanted to follow up with a couple of numbers questions. I don't think you mentioned the alternatives organic growth number.
<unk> be great to have that and then I guess secondarily also DST financial.
Telephone if you could disclose that and maybe expand a little bit on.
The selling environment for 4 for that business.
Any other.
Business line do you want to give us an update on in terms of growth rates for the quarter. Thanks.
Yeah, Alex I'll give you the numbers so long on the alternatives business.
It grew 12% in the quarter.
And now.
Now we're at 99, 3% year to date.
Hum.
D S T. The financial services part of that business grew 4.5 per cent of the quarter.
And is that a 2.2% year to date.
Okay, and any other ones like advent software businesses, sorry, [laughter] yeah sure.
The overall software business about you know both institutional and add back some of our other smaller software business grew 3.8 per cent per quarter.
Alright that she'll be it from me thanks again.
Right.
1 can you if you would like to ask the question any price I went on your telephone.
Yes.
Hey, guys I'm not seeing any questions in the queue I would like to turn the conference back to Mr. Bill Stone for closing remarks.
Yes.
So again.
Everybody for being on the call and we look forward to talking to you.
Towards the end of.
October Thanks, again stay safe stay healthy price.
Thank you. This concludes today's conference call. Thank you all for joining you may now disconnect.
[music].
Hum.
Okay.
Thanks.
[music].
Yes.
Yeah.
Okay.
Okay.