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SSNC · SS&C Technologies Holdings

17 filings

10-K

SSNC 10-K Annual Reports

SS&C Technologies Holdings - 17 annual reports

Filing record · 2016–202610-K1210-Q328-K107

2025
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2025
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) reported full-year 2025 revenues of $6,272.2 million, up from $5,882.0 million in 2024, with software-enabled services revenues of $5,211.1 million (83.1% of total revenues) and license, maintenance and related revenues of $1,061.1 million. Net income was $798.7 million (net income attributable to SS&C common stockholders of $796.9 million), compared with $761.7 million in 2024. Diluted EPS was $3.15, versus $3.00 in 2024. Operating income rose to $1,436.7 million from $1,343.5 million, and cash provided by operating activities was $1,744.8 million, compared with $1,388.6 million in 2024. The company made several acquisitions in 2025, most notably Calastone Limited, acquired in October 2025 for approximately $1.03 billion in cash and financed largely through a $1,050.0 million incremental Term B-8 loan. Total indebtedness was $7,466.9 million at December 31, 2025, with $593.7 million available under the revolving credit facility. During 2025 the company repurchased $1,036.0 million of common stock and paid $253.8 million in dividends, and it declared a $0.27 quarterly dividend in February 2026. Management reported that the company was in compliance with all financial and non-financial covenants and that its internal control over financial reporting was effective as of December 31, 2025. The filing also highlights ongoing risks, including exposure to interest rates on variable-rate debt (a 100 basis point increase would raise annual interest expense by approximately $47.2 million), foreign currency exposure, the impact of artificial intelligence on its products and competitive position, and cybersecurity threats. William C. Stone, Chairman and CEO, beneficially owned approximately 14.4% of outstanding shares as of February 18, 2026.
Feb 26, 2026
2024-A
SS&C Technologies Holdings Annual Report (Amendment), Year Ended Dec 31, 2024
SS&C Technologies Holdings, Inc. reported total revenues of $5,882.0 million for 2024, up from $5,502.8 million in 2023, with operating income of $1,343.5 million versus $1,208.9 million a year earlier. Net income attributable to SS&C common stockholders was $760.5 million, compared with $607.1 million in 2023, and diluted earnings per share were $3.00 versus $2.39. Software-enabled services revenue was $4,840.3 million, while license, maintenance and related revenue was $1,041.7 million. Net cash provided by operating activities was $1,388.6 million, compared with $1,215.1 million in 2023. The company's balance sheet grew during the year, with total assets of $19,044.7 million and total debt (long-term plus current portion) of about $7.0 billion at year-end. Key 2024 transactions included the purchase of Battea-Class Action Services, LLC for $645.6 million net of cash acquired on September 27, 2024, funded in part by a $3,935.0 million Term B-8 loan and $750.0 million of 6.5% senior notes due 2032 issued in May 2024. Treasury stock purchases totaled $736.0 million and dividends paid were $244.9 million. PricewaterhouseCoopers LLP issued an unqualified opinion on the financial statements and on internal control over financial reporting as of December 31, 2024, identifying goodwill impairment testing for the health business reporting unit and the valuation of the Battea customer relationships intangible asset as critical audit matters. Management reported that internal control over financial reporting was effective as of December 31, 2024, excluding Battea, which represented 1% of total assets and less than 1% of total revenues. On February 14, 2025, the Board declared a quarterly cash dividend of $0.25 per share.
Mar 4, 2025
2024
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2024
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) reported revenues of $5,882.0 million for fiscal 2024, up from $5,502.8 million in 2023, with 73% of revenues from North America and 27% from outside North America. Software-enabled services revenues were $4,840.3 million, up 7.8%, and license, maintenance and related revenues were $1,041.7 million, up 2.7%. Net income was $761.7 million, compared with $608.6 million in 2023, and diluted EPS was $3.00 versus $2.39. Operating cash flow rose to $1,388.6 million from $1,215.1 million. Income tax expense fell to $132.0 million, with an effective tax rate of 14.8% versus 29.0% in 2023, which management attributed mainly to releases of uncertain tax positions and other discrete items. The company's largest 2024 acquisition was Battea-Class Action Services, LLC, acquired in September 2024 for approximately $671 million in cash. Total indebtedness was $7,045.0 million at December 31, 2024, and the company refinanced in May 2024 with $3,935.0 million of Term B-8 loans and $750.0 million of 6.5% senior notes due 2032. The company returned capital through $737.5 million of treasury stock purchases and $244.9 million in dividends during 2024, and it had $596.3 million available under its revolving credit facility at year end. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting as of December 31, 2024, with Battea excluded from the internal control assessment. The company reported approximately 26,800 full-time employees and 110 offices in 35 countries, and it disclosed average revenue retention rates above 95% over the last five years for its core enterprise products.
Mar 3, 2025
2023
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2023
SS&C Technologies Holdings, Inc. reported total revenues of $5,502.8 million for 2023, up from $5,283.0 million in 2022, and net income of $608.6 million versus $649.0 million in 2022. Software-enabled services revenues were $4,488.3 million (81.6% of total), while license, maintenance and related revenues were $1,014.5 million. Operating income was $1,208.9 million, and Consolidated EBITDA as defined under the Credit Agreement was $2,110.6 million. Diluted EPS was $2.39, compared with $2.48 in 2022. The company stated that 73% of 2023 revenues came from clients in North America and 27% from outside North America, and that its largest client accounted for less than 5% of revenues. The balance sheet carries substantial leverage. Total debt was $6,755.1 million at December 31, 2023, and interest expense rose to $476.3 million from $312.2 million in 2022, which the company attributed to higher average interest rates. Cash flow from operations was $1,215.1 million. In 2023 the company used cash to repurchase $471.6 million of common stock, pay down $374.7 million of debt, and pay $220.9 million in dividends. Cash, cash equivalents and restricted cash including amounts held on behalf of clients was $2,998.6 million, a large part of which relates to client funds obligations of $2,615.6 million. The filing also covers the October 2023 acquisition of the Iress Managed Funds Administration Business for approximately $32.5 million in cash, and the settlement of the DST ERISA litigation, which was dismissed with prejudice in the fourth quarter of 2023. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting, and identified goodwill impairment testing for the health business reporting unit as a critical audit matter.
Feb 28, 2024
2022
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2022
SS&C Technologies Holdings, Inc. reported total revenues of $5,283.0 million for 2022, up from $5,051.0 million in 2021, with 75% of revenues from North America and 25% from outside North America. Software-enabled services revenues were $4,273.9 million (80.9% of total), while license, maintenance and related revenues rose to $1,009.1 million, driven largely by acquisitions. Net income attributable to SS&C common stockholders was $650.2 million, down from $800.0 million in 2021, and diluted EPS was $2.48 versus $2.99. Operating income was $1,142.9 million, compared with $1,242.3 million in 2021, as total operating expenses rose to $1,372.4 million, including acquisition effects. The company's largest acquisition in the year was Blue Prism Group Plc, purchased for approximately $1.6 billion in cash in March 2022 and financed through an incremental term loan. Total indebtedness at December 31, 2022 was $7,129.9 million, with $597.5 million available under the revolving credit facility after its amendment to $600.0 million. Cash provided by operating activities was $1,134.3 million, and the company paid $203.1 million in dividends and repurchased $476.1 million of common stock during 2022. The filing describes SS&C as the largest hedge fund and private equity administrator and largest mutual fund transfer agent, serving over 20,000 clients with about 27,600 full-time employees. The company reported a 25.9% effective tax rate for 2022 and noted that management concluded internal control over financial reporting was effective as of December 31, 2022, excluding Blue Prism. Management also disclosed a $51.5 million accrued liability related to the DST ERISA litigation.
Feb 28, 2023
2021
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2021
SS&C Technologies Holdings, Inc. reported total revenues of $5,051.0 million for the year ended December 31, 2021, up from $4,667.9 million in 2020, with software-enabled services revenues of $4,256.1 million (84% of total revenues) and license, maintenance and related revenues of $794.9 million. Net income attributable to SS&C common stockholders was $800.0 million, or $2.99 diluted earnings per share, compared with $625.2 million in 2020. Operating income rose to $1,242.3 million from $985.8 million, and cash provided by operating activities was $1,429.0 million. The company describes itself as the world's largest hedge fund and private equity administrator and the largest mutual fund transfer agent, serving financial services and healthcare clients. The balance sheet carries substantial leverage: total indebtedness was $5,979.7 million at December 31, 2021, with $3,974.5 million of variable-rate debt tied to LIBOR, and annual interest payments were estimated at $184.5 million. Management ended the year with $837.1 million remaining under its $1 billion share repurchase authorization, and paid $174.0 million in dividends during 2021. Consolidated EBITDA under the credit agreement was $2,068.1 million, against a maximum covenant net secured leverage ratio of 6.25x and an actual ratio of 1.72x. Key events include the 2021 acquisition of Capita Life & Pensions Services (Ireland) Limited and a pending acquisition of Blue Prism Group plc for approximately $1.7 billion, expected to close in the first or second quarter of 2022 and funded with cash on hand and debt. The filing also discloses ongoing DST ERISA litigation, including a $43.4 million legal accrual recorded in the third quarter of 2021, and management's assessment that internal control over financial reporting was effective as of December 31, 2021.
Feb 25, 2022
2020
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2020
SS&C Technologies Holdings, Inc. reported total revenues of $4,667.9 million for the year ended December 31, 2020, up from $4,632.9 million in 2019. Software-enabled services revenues were $3,891.3 million, or 83% of total revenues, and the company describes itself as the world's largest hedge fund and private equity administrator and the largest mutual fund transfer agent. Net income rose to $625.2 million from $438.5 million in 2019, and diluted earnings per share were $2.35 versus $1.66. Operating income was $985.8 million, and cash provided by operating activities was $1,184.7 million. The company's balance sheet carried total debt of $6,496.0 million at year-end, including $4,485.9 million of variable-rate senior secured credit facilities and $2,000.0 million of 5.5% senior notes due 2027. Management reported organic revenue declines in 2020 attributed in part to COVID-19 weakness, offset by acquisitions including Captricity, Innovest and Millennium. Cash and cash equivalents, including restricted cash and funds held on behalf of clients, were $1,337.9 million at year-end. The company paid $136.1 million in dividends and repurchased $227.7 million of common stock during 2020. The filing also discloses ongoing ERISA-related litigation and arbitrations involving DST Systems, Inc., with an agreed $27 million settlement in principle for the putative class claims that remained subject to court approval. Management stated that it had not yet determined the extent to which these matters would affect its financial position or results of operations. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion, identified goodwill impairment testing for the health business reporting unit as a critical audit matter, and concluded that internal control over financial reporting was effective.
Feb 25, 2021
2019
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2019
SS&C Technologies Holdings, Inc. reported total revenues of $4,632.9 million for 2019, up from $3,421.1 million in 2018, with software-enabled services revenues of $3,869.2 million, or 83.5% of total revenues. Operating income rose to $914.4 million from $429.1 million, and net income increased to $438.5 million from $103.2 million. Diluted earnings per share were $1.66 versus $0.42 in 2018. The company attributes much of the revenue growth to acquisitions, including DST Systems, Eze Software, Intralinks and, in late 2019, Algorithmics and Investrack. Cash provided by operating activities was $1,328.3 million in 2019, compared with $640.1 million in 2018. Leverage remains significant. Total debt was $7,224.3 million at December 31, 2019, including $5,198.7 million of variable-rate senior secured credit facility debt and $2.0 billion of 5.5% Senior Notes due 2027 issued in March 2019. Annual interest payments were estimated at approximately $324.0 million. In January 2020 the company reduced the term loan margin from LIBOR plus 2.25% to LIBOR plus 1.75%. The company also disclosed a plan, approved February 24, 2020, to reduce headcount by approximately 670 employees, with about $30.0 million of severance expected in the first quarter of 2020. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting, and identified goodwill impairment testing for the DST reporting unit as a critical audit matter. Goodwill was $7,959.9 million at year-end. Management stated it has not yet determined the effect of the pending ERISA-related litigation involving DST, and the 10-K notes 427 individual arbitration demands filed through February 11, 2020.
Feb 28, 2020
2018
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2018
SS&C Technologies Holdings, Inc. reported revenues of $3,421.1 million for the year ended December 31, 2018, up from $1,675.3 million in 2017, driven largely by the acquisitions of DST Systems, Inc. (April 2018), CACEIS North America, Eze Software and Intralinks Holdings, Inc. The company generated 97% of total revenues from contractually recurring revenues, with software-enabled services representing 81.8% of revenues in 2018. Net income fell to $103.2 million from $328.9 million in 2017, and diluted EPS was $0.42 versus $1.55, with operating income of $429.1 million compared with $396.9 million. Transaction expenses of $97.8 million and a $43.3 million loss on extinguishment of debt weighed on results, and cost of revenues rose to 60.0% of revenues from 52.9%. The balance sheet changed substantially. Total assets rose to $16,107.5 million from $5,539.5 million, and total indebtedness reached $8,347.3 million at December 31, 2018, including $8,319.1 million of variable-rate debt tied to LIBOR. The acquisitions were funded with about $8.7 billion of debt proceeds, including the Credit Agreement, and approximately $1.4 billion of net proceeds from a common stock offering. Operating cash flow was $640.1 million, compared with $471.8 million in 2017. Cash dividends paid totaled $70.9 million, and a quarterly dividend of $0.10 per share was declared on February 12, 2019. The filing also discloses material risks, including the leverage from acquisition debt, cybersecurity exposure, and a pending ERISA class action and related individual and arbitration claims tied to DST's 401(k) plan. Management states it does not believe any litigation would have a material adverse effect on the company. Stock-based compensation was $96.9 million, and the company reported that internal controls were effective as of December 31, 2018.
Mar 1, 2019
2017
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2017
SS&C Technologies Holdings, Inc. reported 2017 revenues of $1,675.3 million, up from $1,481.4 million in 2016, with net income of $328.9 million (diluted EPS of $1.55) compared with $131.0 million in 2016. Contractually recurring revenues were $1,577.7 million, representing 94% of total revenues. Operating income rose to $396.9 million from $288.7 million, and the company reported a $88.0 million provisional tax benefit from the Tax Cuts and Jobs Act, which contributed to a income tax benefit of $46.2 million for the year. Cash provided by operating activities was $470.4 million, and total debt was $2,092.2 million at December 31, 2017. The most significant pending development is the agreement announced January 11, 2018 to acquire DST Systems, Inc. for an enterprise value of approximately $5.4 billion, consisting of $84 per share in cash plus assumed debt. The filing states the closing is expected by the third quarter of 2018, subject to DST stockholder approval and regulatory clearances, and that the company plans to fund it and refinance existing debt of both companies through a combination of debt and equity. The filing states the acquisition will have a material impact on the company's financial position, results of operations and cash flows, and that interest expense is expected to increase substantially. During 2017 the company acquired CommonWealth Fund Services for approximately $16.4 million, and it paid $54.4 million in dividends. Cash and cash equivalents were $64.1 million at year end, and the company reported a 2.04x consolidated net senior secured leverage ratio against a 5.00x covenant maximum.
Feb 28, 2018
2016
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2016
SS&C Technologies Holdings, Inc. reported revenues of $1,481.4 million for the year ended December 31, 2016, up from $1,000.3 million in 2015, with the increase driven largely by acquisitions including Citigroup's Alternative Investor Services business, Wells Fargo's Global Fund Services business, and Conifer Financial Services, along with Advent Software, Inc., Varden and Primatics. Contractually recurring revenues were $1,371.5 million, representing 93% of total revenues. Operating income rose to $288.7 million and net income to $131.0 million (diluted EPS of $0.64), compared with $42.9 million in 2015, which had included a $30.4 million loss on extinguishment of debt. Cash provided by operating activities was $418.4 million. The company's balance sheet carries substantial leverage: total indebtedness was $2,559.6 million at year-end, with $1,959.6 million at variable rates, and a 1% change in interest rates would change annual interest expense by approximately $19.6 million. Cash and cash equivalents fell to $117.6 million from $434.2 million, reflecting acquisition spending of $457.5 million, debt repayments of $383.4 million and dividends of $50.1 million. The company reported it was in compliance with its financial and non-financial covenants, with a net senior secured leverage ratio of 2.96x against a 5.25x maximum. Investors should weigh the company's growth through acquisitions and recurring revenue base against its high debt load, rising interest expense of $129.9 million, and a concentration of its revenue exposure to hedge fund clients following recent acquisitions. The filing also notes international revenues were 27% of total revenues in 2016, and that the company expects to adopt the new revenue recognition standard effective January 1, 2018.
Feb 28, 2017
2015
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2015
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) reported total revenues of $1,000.3 million for the year ended December 31, 2015, up from $767.9 million in 2014. Revenues were 92% contractually recurring, and the company generated 74% of revenues from North America and 26% from outside North America. Operating income was $164.7 million and net income was $42.9 million, compared with $200.4 million and $131.1 million in 2014. The year was dominated by the July 2015 acquisition of Advent Software, Inc. for approximately $2.6 billion in cash, funded with $3.1 billion of debt financing and $717.8 million of net proceeds from a June 2015 common stock offering. Total indebtedness at year-end was $2,820.0 million, and interest expense rose to $79.3 million from $27.2 million, with a $30.4 million loss on extinguishment of debt recorded in 2015. Cash flow from operations was $230.6 million in 2015, compared with $252.5 million in 2014. Cash and cash equivalents ended the year at $434.2 million. Management also reported a Consolidated EBITDA of $551.5 million under its senior credit facility, against a covenant maximum net senior secured leverage ratio of 5.50x and an actual ratio of 3.24x. The company has also agreed to acquire Citigroup's Alternative Investor Services business for $425 million, with closing expected in the first quarter of 2016. The filing notes that the company is exposed to concentration in the hedge fund industry following the Advent and GlobeOp acquisitions, to substantial leverage, and to foreign currency risk. William C. Stone, Chairman and CEO, beneficially owned approximately 16.8% of the outstanding common stock as of February 24, 2016. Quarterly dividends of $0.125 per share totaled $45.5 million in 2015.
Feb 29, 2016
2014
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2014
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) reported revenues of $767.9 million for fiscal 2014, up from $712.7 million in 2013, with net income of $131.1 million and diluted EPS of $1.50. Software-enabled services remained the core of the business at $592.5 million of revenue, and contractually recurring revenues (software-enabled services and maintenance) represented 90.9% of total revenues. Operating income rose to $200.4 million from $183.0 million, and cash provided by operating activities was $252.5 million. The company's gross margin reached 46.5% in 2014, and it generated 33% of revenues outside the United States. The company's balance sheet shows total assets of $2.29 billion, long-term debt of $638.9 million including current portion (down from $774.5 million), and stockholders' equity of $1.35 billion. The company repaid $212.0 million of debt during 2014, drew $75.0 million on its revolver to help fund the DST Global Solutions acquisition, and paid its first quarterly dividend of $0.125 per share in December 2014. Its covenant-defined net senior secured leverage ratio was 1.62x against a 4.75x maximum. The filing's dominant forward-looking item is the pending acquisition of Advent Software, Inc. for an enterprise value of approximately $2.7 billion in cash, or $44.25 per share plus assumed debt. The company plans to fund it with $3.0 billion of debt financing, cash on hand and approximately $400 million of equity, with closing expected in the second quarter of 2015 subject to Advent stockholder approval and regulatory clearances. Investors should also weigh the Millennium-related UK Arbitration against GlobeOp, for which the company states the amount of any potential loss cannot be reasonably estimated.
Feb 26, 2015
2013
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2013
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) reported revenues of $712.7 million for 2013, up from $551.8 million in 2012, with 92% of total revenues coming from contractually recurring software-enabled services and maintenance revenues. Operating income rose to $183.0 million from $123.2 million, and net income was $117.9 million, or $1.38 per diluted share, compared with $45.8 million, or $0.55 per diluted share, in 2012. Gross margin declined to 45.4% in 2013 from 50.3% in 2011, which the company attributes mainly to amortization of intangibles from the 2012 acquisitions of GlobeOp and the PORTIA Business. Cash provided by operating activities was $208.3 million, and the company repaid $239.0 million of debt during the year. Total debt was $774.5 million at December 31, 2013, down from $1,012.1 million a year earlier, and the company was in compliance with its credit agreement covenants, with an actual net senior secured leverage ratio of 2.38 times against a 5.50 times maximum. The company authorized a $100 million stock repurchase program in October 2013 and repurchased 23,900 shares in the fourth quarter. It has never paid cash dividends. The principal risk highlighted is litigation involving subsidiary GlobeOp, including the Millennium Actions, where the U.S. class action has a proposed settlement funded by GlobeOp's insurers and the UK arbitration remains pending with claims by the Master Fund exceeding $160 million. The Anwar and derivative actions related to the Fairfield Greenwich funds were settled and concluded. Other notable risks include hedge fund industry concentration, India operations, and the influence of Chairman and CEO William C. Stone, who beneficially owned approximately 20.1% of common stock.
Feb 27, 2014
2012
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2012
SS&C Technologies Holdings, Inc. reported revenues of $551.8 million for fiscal 2012, up from $370.8 million in 2011, with the increase driven largely by the GlobeOp Financial Services S.A. and Thomson Reuters PORTIA Business acquisitions. Contractually recurring revenues (software-enabled services and maintenance) were $500.2 million, or 90.6% of total revenues. Net income fell to $45.8 million from $51.0 million in 2011, with diluted EPS of $0.55 versus $0.63, as transaction costs, a $14.3 million loss on foreign currency contracts tied to the GlobeOp offer, and higher amortization weighed on results. Operating income rose to $123.2 million from $93.8 million. Gross margin declined to 45.7% from 49.6% in 2010, reflecting amortization of acquired intangibles. The company's debt rose sharply to $1,012.1 million at year-end 2012 from $100.0 million, following a March 2012 credit agreement used to fund the GlobeOp acquisition ($834.4 million) and the PORTIA Business acquisition ($170.0 million). Cash from operating activities was $134.4 million, and the company reported cash and cash equivalents of $86.2 million. Management stated it was in compliance with the credit agreement's covenants, with a net senior secured leverage ratio of 3.65x against a 5.50x maximum. Carlyle affiliates held approximately 27.1% of common stock and chairman and CEO William C. Stone approximately 22.0% as of February 25, 2013. The filing also discloses pending litigation against GlobeOp, including the Anwar action and Walker actions related to Fairfield Greenwich funds, and the Millennium Actions, in which claims include $844 million in a putative class action and in excess of $160 million in arbitration. Management states it is vigorously contesting these matters and cannot predict their outcome.
Mar 1, 2013
2011
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2011
SS&C Technologies Holdings, Inc. (SSNC) reported revenues of $370.8 million for fiscal 2011, up from $328.9 million in 2010 and $270.9 million in 2009, with net income of $51.0 million, or $0.63 diluted EPS, versus $32.4 million in 2010. Contractually recurring revenues (software-enabled services and maintenance) were $324.3 million, or 87.4% of total revenues in 2011, and operating cash flow rose to $110.4 million from $75.6 million in 2010. Management attributes the revenue growth to $19.7 million in organic growth plus $18.7 million from acquisitions completed since 2010 and $3.5 million of favorable foreign currency translation. Operating income reached $93.8 million, a 25.3% operating margin. The balance sheet strengthened over the year. Total debt fell to $100.0 million at December 31, 2011, from $290.8 million at the prior year end, after the company repaid $291.1 million of debt, including redeeming its 11 3/4% senior subordinated notes, using a new $125 million Senior Credit Facility, a $52.0 million follow-on stock offering and operating cash flow. Cash was $40.3 million and stockholders' equity was $980.1 million. The company reports compliance with its financial covenants, with an actual total leverage ratio of 0.66x against a 3.25x maximum. Looking ahead, the filing discloses two significant pending transactions: a February 2012 proposal to acquire GlobeOp Financial Services at an aggregate equity value of approximately $940 million, and a February 28, 2012 agreement to acquire Thomson Reuters' PORTIA business for $170 million, financed by a $175 million senior secured term loan from Bank of America. Both remain subject to conditions, and there can be no certainty that a GlobeOp offer will be made. Investors should also note the concentrated ownership: Carlyle affiliates held about 36.6% and William C. Stone about 22.9% of common stock as of March 8, 2012.
Mar 12, 2012
2010
SS&C Technologies Holdings Annual Report, Year Ended Dec 31, 2010
SS&C Technologies Holdings, Inc. reported 2010 revenues of $328.9 million, up from $270.9 million in 2009 and $280.0 million in 2008. The filing states that 86% of 2010 revenues were contractually recurring (software-enabled services and maintenance), and that revenue retention rates on core enterprise contracts exceeded 90% in each of the last five years. Operating income was $79.8 million, net income was $32.4 million, and diluted EPS was $0.44. Cash provided by operating activities was $75.6 million, and cash and cash equivalents rose to $84.8 million at year-end. The company's balance sheet improved meaningfully during 2010. Total debt fell to $290.8 million from $397.3 million, following an IPO that generated $134.6 million in net proceeds and the partial redemption of $71.75 million of 11¾% senior subordinated notes. In February 2011, the company completed a follow-on offering of 11,000,000 shares at $17.60, of which it sold 2,000,000 shares and selling stockholders sold 9,000,000. The company also announced a redemption of $66.6 million of the notes and agreed to acquire BenefitsXML, Inc. for approximately $15.1 million in cash on March 10, 2011. Investors should note the concentration of ownership: as of March 9, 2011, Carlyle-affiliated funds beneficially owned approximately 46.4% of common stock and William C. Stone owned approximately 23.0%. Lock-up agreements covering approximately 66,143,147 shares are expected to expire on May 4, 2011. The filing also discloses that the company has never paid dividends and that its ability to pay them is limited by its holding-company structure and debt covenants.
Mar 11, 2011