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SSNC · SS&C Technologies Holdings

50 filings

10-Q

SSNC 10-Q Quarterly Reports

SS&C Technologies Holdings - 50 quarterly reports

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

SSNC filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 107 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Aug ’19Aug ’19
  3. Deal closed8-K · Mar ’22Mar ’22
  4. Deal closed8-K · Oct ’25Oct ’25
  1. 2026-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2026

    SS&C Technologies Holdings, Inc. reported total revenues of $1,695.7 million for the three months ended June 30, 2026, up from $1,536.8 million a year earlier, and $3,342.8 million for the six months, up from $3,050.7 million. Revenues increased $158.9 million for the quarter, including $117.6 million of organic growth, $35.9 million from acquisitions and $5.4 million from favorable foreign currency translation. Operating income rose to $417.1 million for the quarter from $344.5 million, and diluted EPS was $0.97 versus $0.72 a year earlier. Net income attributable to SS&C common stockholders was $234.8 million for the quarter and $460.9 million for the six months. Cash flow and capital return remained substantial. Net cash provided by operating activities was $716.4 million for the six months, versus $645.1 million a year earlier. The company repurchased 8.7 million shares for $607.9 million in the six months, paid $129.3 million in dividends, and reported total debt of $7,577.2 million carrying value at June 30, 2026, with a consolidated net secured leverage ratio of 1.70. Cash and cash equivalents were $434.8 million, and the company stated it was in compliance with all financial and non-financial covenants. The balance sheet shows total assets of $20,608.6 million and total equity of $6,710.5 million at June 30, 2026. Goodwill was $9,930.0 million and intangible and other assets were $3,873.8 million. The company reported a $75.0 million mandatory capital contribution at DomaniRx, LLC, of which $14.9 million was received from joint venture partners in the quarter, and stated it has no material pending litigation.

    Jul 30, 2026
  2. 2026-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2026

    SS&C Technologies Holdings, Inc. reported first-quarter 2026 total revenues of $1,647.1 million, up from $1,513.9 million in the prior-year period, an increase the company attributes primarily to $75.9 million of organic growth, led by the SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses, along with $34.9 million from acquisitions and a $22.4 million favorable currency impact. Operating income rose to $398.2 million from $357.9 million, and net income attributable to SS&C common stockholders was $226.1 million, or $0.91 per diluted share, compared with $213.0 million, or $0.84 per diluted share, a year earlier. Gross margin was 48.7% versus 49.3% in the prior-year period, and operating expenses were 24.5% of revenues versus 25.7%. Cash flow from operations was $299.7 million, compared with $272.2 million a year earlier. The company repurchased 2.3 million shares for approximately $168.5 million and paid $65.3 million in dividends. Total debt carrying value was $7,430.5 million at March 31, 2026, and the Revolving Credit Facility had $513.3 million available. Management stated the company was in compliance with all financial and non-financial covenants, and the reported maximum consolidated net secured leverage ratio was 1.69 against a 6.25x covenant requirement. Total assets declined to $20,327.7 million from $20,711.7 million at December 31, 2025, largely reflecting lower client-related funds balances and foreign currency translation effects. Client funds obligations fell to $3,617.5 million, and the effective tax rate increased to 25.3% from 18.4%, primarily due to lower recognition of windfall tax benefits from stock awards.

    Apr 30, 2026
  3. 2025-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2025

    SS&C Technologies Holdings, Inc. reported third-quarter 2025 total revenues of $1,568.0 million, up 7.0% from $1,465.8 million a year earlier, with organic growth of $76.4 million driven by the SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses. Operating income rose to $365.7 million from $325.1 million, and net income attributable to SS&C common stockholders was $210.0 million, or $0.83 per diluted share, compared with $164.4 million, or $0.65 per diluted share, in the prior-year quarter. For the nine months ended September 30, 2025, revenues were $4,618.7 million, up 6.1%, and net income attributable to common stockholders was $603.8 million, or $2.39 per diluted share. Cash flow from operations for the nine months was $1,101.3 million, versus $902.0 million a year earlier. The company repurchased $717.0 million of common stock during the nine months under its May 2025 program authorizing up to $1.5 billion, and paid $188.3 million in dividends. Total debt carrying value was $6,593.1 million at September 30, 2025, and the consolidated net secured leverage ratio was 1.45x against a 6.25x covenant requirement. On October 14, 2025, subsequent to quarter-end, SS&C acquired all outstanding stock of Colossus Topco Limited, parent of Calastone Limited, for approximately $1.03 billion in cash, funded with a combination of debt and cash, including $1.05 billion of incremental Term B-8 loans. The initial accounting for this acquisition is not yet complete.

    Oct 30, 2025
  4. 2025-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2025

    SS&C Technologies Holdings, Inc. reported total revenues of $1,536.8 million for the three months ended June 30, 2025, up from $1,451.5 million a year earlier, an increase the company attributes primarily to $50.9 million of organic growth, $20.9 million from acquisitions and $13.5 million from favorable foreign currency translation. Operating income rose to $344.5 million from $327.6 million, and net income attributable to SS&C common stockholders was $180.8 million, compared with $190.3 million. Diluted earnings per share were $0.72 versus $0.75. For the six months ended June 30, 2025, total revenues were $3,050.7 million, net income attributable to common stockholders was $393.8 million, and diluted EPS was $1.55. Net cash provided by operating activities was $645.1 million for the six months. The company's balance sheet shows total assets of $18,984.2 million and long-term debt, net of current portion, of $6,803.4 million at June 30, 2025. Cash and cash equivalents were $480.3 million. During the first half, SS&C repurchased $476.5 million of common stock and paid $122.5 million in dividends. Management reports covenant compliance, with a consolidated net secured leverage ratio of 1.55x against a 6.25x requirement for the revolving credit facility. Subsequent to quarter-end, SS&C announced on July 21, 2025 a definitive agreement to acquire Colossus Topco Limited, parent of Calastone Limited, for approximately £766 million (about US $1.03 billion), with closing expected in the fourth quarter of 2025 subject to regulatory approvals. The company also stated it intends to borrow on an uncommitted basis to fund the cash consideration. The company is evaluating the impact of the One Big Beautiful Bill Act, enacted July 4, 2025.

    Jul 30, 2025
  5. 2025-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2025

    SS&C Technologies Holdings, Inc. reported first-quarter 2025 total revenues of $1,513.9 million, up from $1,435.0 million in the prior-year period, an increase of 5.5%. The company attributed the growth primarily to an increase of $72.8 million in organic revenue, led by its SS&C GlobeOp fund administration, Wealth and Investment Technologies, Global Investor and Distribution Solutions, and virtual data room businesses, plus $13.0 million from acquisitions, partly offset by $6.9 million of unfavorable foreign currency translation. Operating income rose to $357.9 million from $332.9 million, and net income attributable to SS&C common stockholders increased to $213.0 million from $157.6 million. Diluted earnings per share were $0.84 compared with $0.62 a year earlier. The effective tax rate fell to 18.4% from 29.7%, which the company attributed mainly to higher recognition of windfall tax benefits from stock awards. Cash flow from operations was $272.2 million, compared with $180.5 million in the prior-year quarter. Capital returns were significant: the company repurchased 2.4 million shares for approximately $206.9 million and paid $61.6 million in dividends, at $0.25 per share. Total debt was $6,857.0 million before unamortized issuance costs and discounts, versus $7,009.6 million at December 31, 2024, reflecting $175.0 million of debt repayments during the quarter. The company stated that it was in compliance with all financial and non-financial covenants, and the Revolving Credit Facility's consolidated net secured leverage ratio was 1.57x against a 6.25x covenant maximum. Balance sheet totals grew sharply, with total assets of $20,404.9 million and total liabilities of $13,545.1 million. Much of the change reflects client funds: funds receivable and funds held on behalf of clients and the matching client funds obligations each rose to $4,560.4 million from $3,162.2 million. Management stated that cash on hand, operating cash flows and available credit should be sufficient to meet obligations for at least the next twelve months.

    Apr 30, 2025
  6. 2024-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2024

    SS&C Technologies Holdings, Inc. reported third-quarter 2024 total revenues of $1,465.8 million, up from $1,365.9 million a year earlier, with net income attributable to SS&C common stockholders of $164.4 million compared with $156.0 million. For the nine months ended September 30, 2024, total revenues were $4,352.3 million versus $4,091.2 million, and net income attributable to common stockholders was $512.3 million versus $412.7 million. Management attributes the three-month revenue increase primarily to organic growth of $87.5 million, led by the SS&C GlobeOp fund administration, Global Investor and Distribution Solutions, Wealth and Investment Technologies and virtual data room businesses, with acquisitions and favorable currency translation contributing the rest. The company's balance sheet grew substantially during the period, with total assets of $18,438.4 million at September 30, 2024, and total debt of $7,202.7 million, up from $6,720.0 million at December 31, 2023. Debt rose after a May 2024 refinancing that included $3,935.0 million of incremental term B-8 loans and $750.0 million of 6.5% senior notes due 2032, and a September 2024 incremental term A-9 borrowing of $800.0 million used partly to finance the $671 million cash acquisition of Battea-Class Action Services, LLC. Operating cash flow for the nine months was $902.0 million, while cash paid for acquisitions was $646.9 million and $369.3 million was spent on share repurchases. Management stated it was in compliance with all financial and non-financial covenants as of September 30, 2024, and reported a 1.74x consolidated net secured leverage ratio against a 6.25x covenant requirement. The company also disclosed that it has been exploring a sale of certain real estate assets with a carrying value of approximately $49 million, with an estimated loss of approximately $35 million if held-for-sale criteria were met.

    Oct 30, 2024
  7. 2024-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2024

    SS&C Technologies Holdings, Inc. reported second-quarter 2024 total revenues of $1,451.5 million, up from $1,362.6 million a year earlier, with software-enabled services revenues of $1,192.4 million and license, maintenance and related revenues of $259.1 million. Operating income rose to $327.6 million from $288.2 million, and net income attributable to SS&C common stockholders was $190.3 million, or $0.75 per diluted share, compared with $130.7 million, or $0.51 per diluted share, in the prior-year quarter. The quarter's effective tax rate of 6.7% was lowered by $40.8 million of releases of uncertain tax positions and $5.7 million of tax refunds, both tied to closed audits. The balance sheet was reshaped by a May 9, 2024 refinancing. The company borrowed $3,935.0 million of incremental Term B-8 loans and issued $750.0 million of 6.5% senior notes due 2032, using the proceeds to repay its existing term loans. Total debt stood at $6,614.1 million at June 30, 2024, and the Term B-8 loans carried a weighted-average interest rate of 7.34%. The company also recorded a $27.7 million loss on extinguishment of debt in the quarter. Total assets declined to $16,905.2 million from $18,102.5 million, largely because funds receivable and client funds obligations both fell. Capital returns continued during the first half of 2024. SS&C repurchased 4.5 million shares for $281.0 million, paid $119.8 million in dividends of $0.24 per share in each of March and June, and a new $1 billion repurchase program was authorized in July 2024. Net cash provided by operating activities was $565.4 million for the six months ended June 30, 2024, and the company stated that its cash, operating cash flows and Credit Agreement availability should be sufficient for at least the next twelve months.

    Aug 1, 2024
  8. 2024-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2024

    SS&C Technologies Holdings, Inc. reported first-quarter 2024 total revenues of $1,435.0 million, up from $1,362.7 million in the prior-year quarter, with the filing attributing the $72.3 million increase primarily to $63.8 million of organic growth driven by the SS&C GlobeOp fund administration and virtual data room services businesses. Net income attributable to SS&C common stockholders rose to $157.6 million from $126.0 million, and diluted earnings per share were $0.62 versus $0.49. Operating income increased to $332.9 million from $280.1 million, while general and administrative expenses grew 13.8% to $112.5 million. Interest expense, net increased to $116.0 million from $111.9 million, reflecting a higher average interest rate on debt of 6.86% compared with 6.21%. Cash flow was weaker than the prior year: net cash provided by operating activities was $180.5 million versus $254.8 million, and the company repurchased $52.9 million of stock and paid $59.7 million in dividends during the quarter. Total debt stood at $6,644.3 million gross before discounts and issuance costs, including $4,675.2 million of senior secured credit facilities and $2,000.0 million of 5.5% senior notes due 2027. The company stated its intent to refinance $3,515.3 million of Term Loans B-3, B-4 and B-5 that mature on April 16, 2025, though it provided no assurance that such financing would be available on acceptable terms or at all. Management reported compliance with all financial and non-financial covenants as of March 31, 2024, with a consolidated net secured leverage ratio of 2.02x against a 6.25x covenant maximum. For investors, the key considerations are the near-term maturity of the large term loan tranches, the higher interest burden, and the cash flow decline, balanced against revenue and profit growth and continued shareholder returns. Total assets were $17,386.8 million at March 31, 2024, and total equity was $6,492.7 million.

    May 1, 2024
  9. 2023-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2023

    SS&C Technologies Holdings, Inc. reported third-quarter 2023 total revenues of $1,365.9 million, up from $1,321.0 million in the prior-year quarter, with software-enabled services revenues of $1,122.1 million and license, maintenance and related revenues of $243.8 million. Net income was $156.6 million for the quarter, compared with $159.8 million a year earlier, and diluted earnings per share were $0.61 in both periods. For the nine months, revenues were $4,091.2 million and net income was $413.7 million. Interest expense, net rose to $120.6 million for the quarter from $86.0 million, reflecting a higher average interest rate on debt of 6.87% versus 4.55% a year earlier. The balance sheet shows total assets of $16,180.0 million and long-term debt, net of current portion, of $6,738.7 million at September 30, 2023. Net cash provided by operating activities was $826.7 million for the nine months, while the company repurchased $341.0 million of common stock for treasury and paid $160.9 million in dividends. Management stated that cash on hand, operating cash flows and available credit should provide sufficient liquidity for at least the next twelve months, and the company was in compliance with all financial and non-financial covenants. Legal matters centered on the DST ERISA litigation. The court granted final approval of a global settlement on October 25, 2023, under which DST, Ruane and Goldfarb will pay a total of $124,625,000, with DST's share approximately $55.1 million, of which $51.0 million remained accrued at September 30, 2023. The company also disclosed the October 1, 2023 acquisition of the managed funds administration business of OneVue for approximately $32.5 million in cash.

    Nov 1, 2023
  10. 2023-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2023

    SS&C Technologies Holdings, Inc. reported second-quarter 2023 total revenues of $1,362.6 million, up 2.6% from $1,328.7 million a year earlier, with organic growth driven by SS&C GlobeOp fund administration, virtual data room services, Global Investor and Distribution Solutions, Blue Prism and Geneva. Operating income rose to $288.2 million from $245.6 million, while net income attributable to SS&C common stockholders was $130.7 million, or $0.51 per diluted share, versus $110.6 million, or $0.42, a year earlier. Second-quarter operating expenses fell 6.8% to $352.9 million, and the filing attributes the decline mainly to shifting resources toward organic growth and a stock-based compensation adjustment for performance awards. Interest expense, net more than doubled in the quarter to $118.0 million from $67.7 million, as the average interest rate on debt rose to 6.59% from 3.45%. For the six months, net cash provided by operating activities was $584.2 million, and the company returned capital through $244.1 million of treasury stock purchases and $101.2 million of dividends. Total debt was $6,917.0 million net of unamortized issuance costs at June 30, 2023, and the company stated it was in compliance with all financial and non-financial covenants. A new $1 billion share repurchase program was authorized in July 2023. The filing also details a pending settlement of the DST ERISA litigation. Under a proposed settlement filed July 14, 2023, DST, Ruane and Goldfarb would pay a total of $124,625,000, with DST's share of approximately $55.1 million, which the company does not expect to pay before the fourth quarter of 2023 subject to court approval. The company recorded $3.6 million of expense in the second quarter related to these matters.

    Aug 1, 2023
  11. 2023-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2023

    SS&C Technologies Holdings, Inc. reported first-quarter 2023 total revenues of $1,362.7 million, up from $1,295.0 million in the prior-year quarter, with the filing attributing the increase primarily to 2022 acquisitions contributing $63.2 million and organic revenue growth of $24.2 million, partially offset by a $19.7 million unfavorable foreign currency impact. Operating income was $280.1 million versus $291.8 million a year earlier, while net income attributable to SS&C common stockholders declined to $126.0 million from $172.1 million. Diluted earnings per share were $0.49 compared with $0.64. Interest expense, net more than doubled to $111.9 million from $49.3 million, reflecting a higher average interest rate of 6.21% versus 3.11% and higher average debt balances. Cash flow from operations was $254.8 million, up from $183.5 million, while financing activities used $755.3 million, mainly due to a $541.9 million net decrease in client funds obligations, $133.3 million of treasury stock purchases and $50.7 million of dividends. Cash and cash equivalents were $433.3 million at March 31, 2023, and total debt was $7,039.0 million before the unamortized issue discount and debt costs. Management stated that cash on hand, operating cash flows and credit facility availability should be sufficient for at least the next twelve months, and that the company was in compliance with all financial and non-financial covenants. Legal exposure centers on the DST ERISA matters, for which the company has recorded an accrued liability of $51.5 million. Settlement discussions with the Department of Labor and arbitration claimants remain ongoing, with several appeals pending before the Second and Eighth Circuits. The company stated it continues to vigorously defend these matters.

    May 3, 2023
  12. 2022-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2022

    SS&C Technologies Holdings, Inc. reported third-quarter 2022 total revenues of $1,321.0 million, up from $1,264.4 million in the prior-year quarter, and net income of $159.8 million versus $184.7 million a year earlier. Diluted EPS was $0.61 compared with $0.69. For the nine months, revenues rose to $3,944.7 million from $3,756.8 million, while net income fell to $441.4 million from $549.4 million. The company attributed the quarterly revenue increase mainly to acquisitions, including Blue Prism and Hubwise in March 2022, MineralWare in May 2022, O'Shares in June 2022 and Tier1 in August 2022, along with organic growth in the SS&C GlobeOp fund administration and virtual data room businesses. Foreign currency translation was an unfavorable factor, and operating expenses rose 12.6% in the quarter. Balance sheet leverage increased substantially. Long-term debt, net of current portion, was $7,183.7 million at September 30, 2022, compared with $5,901.5 million at December 31, 2021, largely reflecting the Incremental Term Loans used to finance the $1.6 billion cash acquisition of Blue Prism. Total stockholders' equity declined to $5,783.5 million from $6,223.2 million, driven by a $508.3 million accumulated other comprehensive loss from foreign currency translation. Net cash provided by operating activities was $764.6 million for the nine months, and the company repurchased $385.4 million of common stock and paid $153.4 million in dividends during that period. The company stated that it was in compliance with all financial and non-financial covenants and had a consolidated net secured leverage ratio of 2.52x against a 6.25x covenant maximum. Litigation related to DST's ERISA matters remains pending. The company recorded a $43.4 million accrual in the third quarter of 2021, and appeals in the Ferguson, Canfield, Mendon and arbitration matters remain unresolved. Management stated that it continues to vigorously defend these matters and does not believe any material losses are probable under other pending claims.

    Nov 3, 2022
  13. 2022-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2022

    SS&C Technologies Holdings, Inc. reported second-quarter 2022 total revenues of $1,328.7 million, up from $1,259.0 million in the prior-year quarter, with net income attributable to SS&C common stockholders of $110.6 million versus $189.8 million a year earlier. Diluted EPS was $0.42 compared with $0.71. The decline in profit reflected higher operating expenses of $378.7 million (up from $282.1 million), which the filing attributes largely to acquisitions, along with higher interest expense of $67.7 million and other expense, net of $20.4 million driven mainly by foreign currency translation losses. For the six months, revenues were $2,623.7 million and net income was $281.6 million. The balance sheet expanded substantially during the period, mainly because of the March 2022 acquisition of Blue Prism Group plc for approximately $1.6 billion in cash, financed through incremental term loans. Long-term debt, net of current portion, rose to $7,234.5 million from $5,901.5 million at December 31, 2021, and goodwill increased to $8,866.8 million. Cash flow from operations was $447.5 million for the six months, versus $562.3 million a year earlier, and cash used in investing activities was $1,673.6 million. The company paid quarterly dividends of $0.20 per share and repurchased $170.9 million of stock during the six months, and its Board authorized a new $1 billion repurchase program in July 2022. The filing also details ongoing ERISA-related litigation involving DST Systems, Inc., including arbitration awards on appeal before the Eighth Circuit, and states the company is vigorously defending these matters. Management stated that it is not involved in any litigation expected to have a material adverse effect, and reported that the latest covenant ratio was 2.48 against a maximum of 6.25x.

    Aug 4, 2022
  14. 2022-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2022

    SS&C Technologies Holdings, Inc. reported first-quarter 2022 total revenues of $1,295.0 million, up from $1,233.4 million in the prior-year period. Software-enabled services revenue rose to $1,085.2 million from $1,043.4 million, and license, maintenance and related revenue rose to $209.8 million from $190.0 million. The filing states that the revenue increase was driven by $52.8 million in organic growth, with acquisitions (Blue Prism, Hubwise and Capita) contributing $17.4 million and foreign currency translation reducing revenue by $8.6 million. Operating income was $291.8 million versus $269.1 million a year earlier, while net income attributable to SS&C common stockholders was $172.1 million, compared with $174.9 million. Diluted earnings per share were $0.64 versus $0.65. The quarter was dominated by the acquisition of Blue Prism Group plc for approximately $1.6 billion in cash, completed March 16, 2022, and the purchase of Hubwise Holdings Limited for approximately $75.0 million on March 25, 2022. The Blue Prism deal was financed with $1,530.0 million of new Term B-6 and Term B-7 incremental term loans. Total debt rose to $7,520.4 million at March 31, 2022 from $5,948.9 million at December 31, 2021, and goodwill increased to $9,055.2 million from $8,045.5 million. Net cash provided by operating activities was $183.5 million, while investing activities used $1,583.5 million, mainly for acquisitions. The filing also discloses ongoing ERISA litigation tied to DST Systems matters, including arbitration awards entered against DST, an Eighth Circuit appeal scheduled for oral argument the week of June 13-17, 2022, and a Department of Labor suit. The company continued its share repurchases, buying 2.3 million shares for $170.9 million in the quarter, and paid a $0.20 per share quarterly dividend totaling $51.1 million. Management stated it was in compliance with all financial and non-financial covenants and reported a consolidated net secured leverage ratio of 2.51x against a 6.25x covenant requirement.

    May 5, 2022
  15. 2021-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2021

    SS&C Technologies Holdings, Inc. reported third-quarter 2021 total revenues of $1,264.4 million, up from $1,152.8 million a year earlier, with software-enabled services revenue of $1,069.9 million and license, maintenance and related revenue of $194.5 million. Operating income rose to $340.1 million from $257.0 million, and net income attributable to SS&C common stockholders was $184.4 million, or $0.69 per diluted share, versus $0.60 a year earlier. For the nine months, revenues were $3,756.8 million and net income attributable to common stockholders was $549.1 million, or $2.05 per diluted share. The quarter's results were weighed on by a $43.4 million accrued liability and expense recorded in Other (expense) income, net related to the DST ERISA litigation, which the company says it continues to vigorously defend. Other (expense) income, net was a expense of $44.9 million for the quarter. Management also noted that the Western District of Missouri had confirmed 70 arbitration awards against DST, with those judgments subject to appeal, and that the ultimate resolution of these matters remains uncertain. Capital allocation was active: the company repurchased $487.9 million of common stock during the nine months, paid $122.8 million in dividends, and in July 2021 its board authorized a new repurchase program of up to $1 billion. Cash flow from operations was $944.9 million for the nine months. The company also consolidated DomaniRx, LLC, a variable interest entity in which it holds an 80.2% interest, recording a $57.2 million noncontrolling interest at formation. Total debt carrying value was $6,140.7 million at September 30, 2021, with a covenant net secured leverage ratio of 1.97x against a 6.25x maximum.

    Nov 5, 2021
  16. 2021-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2021

    SS&C Technologies Holdings, Inc. reported a strong second quarter of 2021, with total revenues of $1,259.0 million, up 10.6% from $1,138.1 million in the prior-year quarter, and net income of $189.8 million, or $0.71 per diluted share, compared with $169.5 million and $0.64 a year earlier. For the six months, revenues rose 7.8% to $2,492.4 million and net income reached $364.7 million. The company attributed growth to organic revenue increases across several product lines, contributions from acquisitions including Capita (acquired March 1, 2021), and favorable foreign currency translation. Operating income increased to $312.9 million in the quarter from $241.3 million. Balance sheet and cash flow figures are dominated by client funds. Funds receivable and funds held on behalf of clients, along with the matching client funds obligations, rose to $2,921.3 million from $1,227.4 million at year-end 2020. Total debt was $6,270.1 million, including $4,304.5 million of senior secured credit facilities and $2,000.0 million of 5.5% senior notes due 2027. Net cash provided by operating activities was $562.3 million for the six months. The company repurchased $325.0 million of its common stock in the first half and paid $82.1 million in dividends. In July 2021, the Board authorized a new repurchase program of up to $1 billion. The filing also discloses ongoing ERISA-related litigation involving DST Systems, including putative class claims, individual arbitrations (576 demands for arbitration through July 15, 2021), and a Department of Labor action. The company stated it has not yet determined the extent to which these matters will affect its financial position or results of operations. In a subsequent event, on July 15, 2021, SS&C entered a joint venture, DomaniRx, LLC, with Anthem and Humana, in which it holds an 80.2% interest.

    Aug 4, 2021
  17. 2021-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2021

    SS&C Technologies Holdings, Inc. reported first-quarter 2021 total revenues of $1,233.4 million, up from $1,173.6 million in the prior-year quarter, with software-enabled services revenues of $1,043.4 million and license, maintenance and related revenues of $190.0 million. Operating income rose to $269.1 million from $218.8 million, and net income was $174.9 million, or $0.65 per diluted share, compared with $99.2 million, or $0.37 per diluted share, a year earlier. The filing attributes the revenue increase primarily to $25.1 million of organic growth, along with $18.6 million from acquisitions and a $16.1 million favorable foreign currency effect. Interest expense, net fell to $51.4 million from $77.4 million, which the company ties to lower average interest rates and lower average debt balances. Cash flow from operations was $185.7 million for the quarter, compared with $147.7 million a year earlier. Financing activities provided $653.7 million, driven mainly by a $777.0 million net increase in client funds obligations, and the company repurchased 2.7 million shares for approximately $181.4 million and paid $41.2 million in dividends. Total debt was $6,516.3 million at March 31, 2021, including $2,000.0 million of 5.5% senior notes due 2027 and $4,432.0 million of senior secured credit facility term loans. The company reported a consolidated net secured leverage ratio of 2.29x against a covenant maximum of 6.25x. The filing's legal section describes ongoing ERISA litigation and arbitrations involving DST, a subsidiary acquired by the company. A proposed $27 million settlement of the putative class claims remains subject to Court approval, and the company states it has not yet determined the extent to which these matters will affect its financial position or results of operations. Management also states that, to date, COVID-19 has had no direct material negative effect on business and results of operations, while noting the situation remains dynamic.

    May 5, 2021
  18. 2020-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2020

    SS&C Technologies Holdings, Inc. reported third-quarter 2020 results with total revenues of $1,152.8 million, up from $1,144.2 million in the prior-year quarter, and net income of $159.4 million, compared with $95.0 million a year earlier. Diluted EPS was $0.60 versus $0.36. Growth was driven mainly by acquisitions, which contributed $29.9 million of revenue in the quarter, while organic revenues decreased $27.8 million. Management said COVID-19 had caused some client delays and weakness in certain products, though it had experienced no direct material negative effects to date and described the situation as dynamic. Profitability improved. Operating income rose to $257.0 million from $227.6 million, and net interest expense fell to $54.7 million from $98.5 million, reflecting lower average interest rates and lower debt balances. For the nine months, net cash from operating activities was $755.1 million, roughly flat year over year. The company repurchased $219.8 million of common stock and paid $99.9 million in dividends. Total debt, net of unamortized discount and issuance costs, was $6,844.3 million at September 30, 2020, down from $7,154.1 million at December 31, 2019. The Senior Secured Credit Agreement covenant ratio was 2.52x against a 6.75x maximum. The filing also discloses ERISA litigation related to DST's 401(k) plan. The parties reached a $27 million settlement in principle for the putative class claims, subject to conditions and court approval. The company states it is not probable that a loss has been incurred as of September 30, 2020, and it continues to vigorously defend these matters, including 486 individual arbitration demands.

    Nov 4, 2020
  19. 2020-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2020

    SS&C Technologies Holdings, Inc. reported total revenues of $1,138.1 million for the three months ended June 30, 2020, down from $1,148.0 million a year earlier, and $2,311.7 million for the six months, up from $2,285.2 million. The filing attributes the quarterly decline to a decrease in organic revenues of $27.8 million and a $7.2 million unfavorable foreign currency impact, partly offset by acquisitions that contributed $25.1 million. Net income was $169.5 million for the quarter (diluted EPS $0.64) versus $121.1 million a year ago, and $268.7 million for the six months (diluted EPS $1.01). Operating income rose to $241.3 million for the quarter from $223.5 million, and net interest expense fell to $60.5 million from $104.3 million, reflecting lower average interest rates and lower average debt balances. The balance sheet shows total assets of $15,572.9 million and total debt of $6,902.5 million (before current and long-term classification, after $63.0 million of unamortized issuance costs and discounts) at June 30, 2020. Cash and cash equivalents were $261.9 million. The company says it expects cash on hand, operating cash flow and its credit facility to provide sufficient liquidity for at least the next twelve months. Operating cash flow was $555.7 million for the six months, and the company repaid $503.3 million of debt, paid $64.0 million in dividends and repurchased $27.9 million of stock. The filing notes that COVID-19 has caused some client delays and weakness in certain products, and that its impact on future results is uncertain. The company completed two acquisitions in 2020, Captricity for approximately $15.3 million and Innovest Systems for approximately $99.4 million in cash plus 0.4 million shares. In July 2020 the board renewed and increased the stock repurchase authorization to $750 million. Legal proceedings relating to DST's 401(k) plan under ERISA remain pending, and the company states it has not yet determined their effect on its financial position or results of operations.

    Aug 5, 2020
  20. 2020-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2020

    SS&C Technologies Holdings, Inc. reported first-quarter 2020 total revenues of $1,173.6 million, up from $1,137.2 million in the prior-year period, with software-enabled services revenues of $989.5 million and license, maintenance and related revenues of $184.1 million. Operating income was $218.8 million versus $202.0 million, and net income was $99.2 million, or $0.37 per diluted share, compared with $80.8 million, or $0.31 per diluted share, a year earlier. Comprehensive loss was $(53.9) million, driven by a $150.7 million foreign currency translation adjustment. The filing states that the company has not yet experienced direct material negative effects from COVID-19 to date, though it notes the situation is dynamic and could have material negative effects, and that it borrowed $246.0 million under its revolving credit facility as a precautionary measure, leaving no further availability under that facility. Cash, cash equivalents and restricted cash, including amounts held on behalf of clients, were $1,339.0 million at March 31, 2020, down $450.4 million from December 31, 2019, largely reflecting a $670.7 million net decrease in client funds obligations. Total debt was $7,306.3 million before unamortized discounts and issuance costs were netted, and the company reported a consolidated net secured leverage ratio of 2.67x against a 6.75x covenant requirement. Total stockholders' equity was $5,087.6 million at quarter-end. Net cash provided by operating activities was $147.7 million. The filing also discloses pending legal matters tied to DST's 401(k) plan and ERISA claims, which the company says it is vigorously defending and has not yet determined the effect of on its financial position. A subsequent event reported an April 30, 2020 agreement to acquire Innovest Systems for $120.0 million total consideration, expected to close in the second quarter of 2020.

    May 7, 2020
  21. 2019-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2019

    SS&C Technologies Holdings, Inc. reported third-quarter 2019 total revenues of $1,144.2 million, up from $992.4 million a year earlier, and net income of $95.0 million versus $57.0 million. Diluted EPS was $0.36 compared with $0.23. The filing attributes the revenue increase primarily to acquisitions, including Eze Software Group and Intralinks, which together contributed $147.8 million in revenues. For the nine months, revenues rose to $3,429.4 million from $2,310.1 million, with net income of $296.9 million versus $44.5 million, reflecting the full-period effect of the DST, CACEIS, Eze and Intralinks acquisitions. Interest expense, net was $98.5 million for the quarter and $304.4 million for the nine months, up from the prior year due to acquisition borrowings. The balance sheet shows total debt-related obligations reduced over the period, with long-term debt, net of current portion, falling to $7,571.3 million from $8,168.5 million at December 31, 2018. Net cash provided by operating activities was $755.0 million for the nine months, compared with $322.4 million a year earlier. In March 2019 the company issued $2.0 billion of 5.5% Senior Notes due 2027 and used the proceeds to repay part of the Term B-3 Loan. The Board authorized a $500 million stock repurchase program in August 2019, under which 1.3 million shares were bought for approximately $60.3 million in the third quarter. The filing discloses ERISA-related litigation tied to DST's 401(k) plan, including a putative class action, individual complaints, 406 individual arbitration demands and a Department of Labor action filed October 8, 2019. Management states it is vigorously defending these matters and that the amount of any potential loss cannot be reasonably estimated. The company also reported a multi-year $250.0 million license agreement signed in the third quarter of 2019, with a $48.0 million up-front payment received and $202.0 million due in the fourth quarter of 2019.

    Nov 7, 2019
  22. 2019-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2019

    SS&C Technologies Holdings, Inc. reported a substantial increase in scale for the three and six months ended June 30, 2019, driven primarily by acquisitions. Total revenues were $1,148.0 million for the quarter versus $895.8 million a year earlier, and $2,285.2 million for the six months versus $1,317.7 million. The filing attributes the revenue increase mainly to acquisitions of DST Systems, CACEIS North America, Eze Software Group and Intralinks Holdings, which together contributed $945.0 million of six-month revenue. Net income was $121.1 million for the quarter ($0.45 diluted EPS) compared with a net loss of $63.7 million a year earlier, and $201.9 million for the six months ($0.76 diluted EPS) versus a net loss of $12.5 million. Operating income rose to $223.5 million for the quarter from a $50.7 million loss, with the prior-year quarter burdened by $91.1 million of transaction expenses. Leverage and interest costs remain significant. Total long-term debt and current portion stood at about $7.84 billion at June 30, 2019, down from $8.26 billion at year-end 2018, after the company issued $2.0 billion of 5.5% Senior Notes due 2027 in March 2019 and used the proceeds to repay part of the Term B-3 Loan. Net interest expense was $104.3 million for the quarter and $205.9 million for the six months. The company reported a consolidated net secured leverage ratio of 3.13x against a 7.25x covenant requirement, and stated that cash on hand, operating cash flows and revolver availability should suffice for at least the next twelve months. The filing also discloses ongoing legal matters tied to DST's 401(k) plan, including the Ferguson putative class action, a Department of Labor investigation, and 377 individual arbitration demands through July 26, 2019, which management has not yet determined to have a material effect on financial position or results. Management concluded disclosure controls were effective as of June 30, 2019.

    Aug 7, 2019
  23. 2019-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2019

    SS&C Technologies Holdings, Inc. reported first-quarter 2019 results in its Form 10-Q filed May 8, 2019, with revenues of $1,137.2 million for the three months ended March 31, 2019, compared with $421.9 million a year earlier. The company states the increase was primarily due to acquisitions, including DST Systems, CACEIS North America, Eze Software Group and Intralinks Holdings, which together contributed $703.4 million in revenues. Net income was $80.8 million, or $0.31 diluted earnings per share, versus $51.3 million, or $0.24 per diluted share, in the prior-year quarter. Gross profit was $475.3 million and operating income was $202.0 million, compared with $86.9 million a year earlier. The balance sheet and cash flow reflect a heavier debt load. Long-term debt, net of current portion, was $8,030.3 million at March 31, 2019. On March 28, 2019, SS&C issued $2.0 billion of 5.5% Senior Notes due 2027, with proceeds used to repay part of the Term B-3 Loan. Interest expense, net, rose to $101.6 million from $25.3 million, which the company attributes to acquisition-related borrowings and higher average interest rates. Net cash provided by operating activities was $137.4 million, compared with $69.9 million in the prior year period. The company paid a quarterly dividend of $0.10 per share, totaling $25.2 million. The filing also discloses a subsequent event: on April 29, 2019, the company announced that a Cook County, Illinois jury found Clearwater Analytics liable for trade secret theft and awarded SS&C approximately $44.0 million in damages, $28 million of which were punitive. The judgment remains subject to post-trial motions and appeal and is not reflected in the financial statements. The filing also describes an ERISA-related lawsuit and related arbitration demands involving DST, which the company says it intends to defend vigorously and has not yet determined the effect of.

    May 8, 2019
  24. 2018-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2018

    SS&C Technologies Holdings, Inc. reported a sharply larger revenue base for the quarter ended September 30, 2018, driven by its April 16, 2018 acquisition of DST Systems, Inc. Total revenues were $992.4 million for the three months ended September 30, 2018, up from $418.2 million, and $2,310.1 million for the nine months, up from $1,236.9 million. Net income was $57.0 million for the quarter versus $64.2 million a year earlier, and $44.5 million for the nine months versus $163.5 million, with the nine-month result affected by $96.4 million of transaction expenses and a $44.4 million loss on extinguishment of debt. Diluted EPS was $0.23 for the quarter and $0.19 for the nine months. The balance sheet changed substantially. Goodwill rose to $6,507.6 million from $3,707.8 million, and total debt, net of discount, reached $6,686.1 million, including $6,729.1 million of senior secured credit facilities. Cash and cash equivalents were $732.2 million at September 30, 2018. Net cash provided by operating activities was $322.4 million for the nine months. The company also disclosed a pending acquisition of Intralinks Holdings for $1.5 billion, expected to close in the fourth quarter of 2018, and the completed acquisition of Eze Software for approximately $1.45 billion on October 1, 2018. Investors should note the ongoing DST-related Employee Retirement Income Security Act litigation, including a putative class action and 253 individual arbitration demands through September 30, 2018, which the company says it intends to defend vigorously and has not yet assessed for financial effect. The company also disclosed that its effective tax rate for 2018 is forecast to be between 15% and 17%, and that revenue recognition changed under ASC 606 adopted January 1, 2018.

    Nov 7, 2018
  25. 2018-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2018

    SS&C Technologies Holdings, Inc. reported a sharply larger business for the quarter and six months ended June 30, 2018, following its April 16, 2018 acquisition of DST Systems, Inc. for approximately $5.1 billion in cash. Total revenues were $895.8 million for the three months ended June 30, 2018, versus $411.0 million a year earlier, and $1,317.7 million for the six months, versus $818.7 million. The company recorded a net loss of $63.7 million for the quarter and a net loss of $12.5 million for the six months, compared with net income of $51.1 million and $99.3 million in the prior-year periods. The filing attributes the swing largely to $91.1 million of transaction expenses, $44.4 million of loss on extinguishment of debt, $54.3 million of DST-related severance, and a tax benefit of $99.9 million for the quarter. The balance sheet and capital structure changed substantially. Total assets rose to $13,673.5 million from $5,539.5 million at December 31, 2017, goodwill increased to $6,530.4 million, and total debt, net of issuance costs, reached $6,910.3 million. Funding came from $7.4 billion of borrowings under an amended credit agreement and net proceeds of approximately $1.4 billion from an April 2018 common stock offering. Cash and cash equivalents were $785.1 million at June 30, 2018. Operating cash flow was $119.7 million for the six months, which the company says was negatively affected by $135.0 million of one-time payments related to the DST acquisition. The filing also discloses a pending acquisition of Eze Software from TPG Capital for $1.45 billion in cash, expected to close by the fourth quarter of 2018 and funded with cash on hand and term loan debt. Management also adopted ASC 606 on January 1, 2018, which shifted the timing of term license revenue recognition and increased retained earnings by $65.8 million at adoption.

    Aug 9, 2018
  26. 2018-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2018

    SS&C Technologies Holdings, Inc. reported first-quarter 2018 results with total revenues of $421.9 million, up from $407.7 million in the prior-year quarter, and net income of $51.3 million compared with $48.1 million. Software-enabled services revenue rose to $294.8 million from $276.5 million, while license, maintenance and related revenue fell to $127.1 million from $131.2 million. The company attributed the license decline mainly to lower professional services demand and the effect of adopting ASC 606, which it adopted January 1, 2018 using the modified retrospective method. Under ASC 606, the company recorded a $65.8 million increase to retained earnings as of January 1, 2018 and reduced first-quarter revenue by $11.8 million. Cash flow from operations was $69.9 million, and cash, cash equivalents and restricted cash ended the quarter at $74.6 million. Total debt was $2,030.9 million at March 31, 2018. The most significant subsequent event was the April 16, 2018 acquisition of DST Systems, Inc. for approximately $5.0 billion in cash, financed with approximately $7.4 billion of borrowings under a new senior secured credit agreement and proceeds from an April 2018 public offering of 30,262,250 shares at $47.50 per share, which the filing says yielded net proceeds of approximately $1.4 billion. The company also redeemed its $600.0 million 5.875% Senior Notes in connection with the DST acquisition, and the filing states that the company's debt obligations will rise substantially as a result. For investors, the filing shifts the company's profile materially: leverage increases sharply after the DST deal, and the filing notes expected annual interest payments of approximately $317.8 million following the transaction. Management stated that cash on hand, operating cash flows and available credit should provide liquidity for at least the next twelve months.

    May 10, 2018
  27. 2017-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2017

    SS&C Technologies Holdings, Inc. reported third-quarter 2017 results with total revenues of $418.3 million, up from $383.3 million in the prior-year quarter, and net income of $64.2 million, versus $38.7 million a year earlier. For the nine months ended September 30, 2017, total revenues were $1.24 billion and net income was $163.5 million. Recurring revenues made up most of the top line, at $395.0 million for the quarter. Growth was driven mainly by acquisitions (Wells Fargo's Global Fund Services business and Conifer Financial Services, closed in Q4 2016) and by organic growth in fund administration services, partly offset by client losses tied to the Citigroup Alternative Investor Services acquisition. Profitability improved meaningfully. Operating income for the quarter was $103.9 million, compared with $76.9 million a year earlier, and diluted EPS was $0.30 versus $0.19. Net cash provided by operating activities was $307.1 million for the nine months, and cash, cash equivalents and restricted cash ended the period at $103.9 million. The company repaid $337.8 million of debt during the nine months, and total debt stood at $2.27 billion, including $1,666.8 million of variable-rate senior secured credit facilities. In March 2017, the company amended its credit agreement to reduce interest rate margins, which lowered net interest expense to $26.3 million for the quarter from $31.6 million a year earlier. The filing also notes a planned adoption of the new revenue recognition standard (ASU 2014-09) in the first quarter of fiscal 2018 using the modified retrospective approach. The company expects this to require upfront recognition of the license component of term license arrangements, a change from the current ratable recognition. Management also disclosed a subsequent event: the October 13, 2017 purchase of CommonWealth Fund Services Ltd., a Canadian fund administrator, for approximately $16.4 million.

    Nov 2, 2017
  28. 2017-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2017

    SS&C Technologies Holdings, Inc. reported second-quarter 2017 results with total revenues of $410.98 million for the three months ended June 30, 2017, up from $373.08 million a year earlier, and $818.68 million for the six months, up from $697.21 million. Operating income for the quarter was $89.99 million versus $66.04 million in the prior-year quarter, and net income was $51.15 million compared with $28.22 million. Diluted earnings per share were $0.24 for the quarter and $0.47 for the six months. The filing attributes revenue growth mainly to acquisitions (GFS, Conifer and, in the first quarter of 2016, Citigroup AIS), along with organic growth in fund administration services demand, partly offset by foreign currency translation. The balance sheet shows total debt of $2.30 billion net of unamortized discount and issuance costs at June 30, 2017, down from $2.50 billion at December 31, 2016, reflecting $208.4 million of net debt repayments during the six months. Cash, cash equivalents and restricted cash ended the period at $92.3 million. In March 2017 the company amended its senior secured credit agreement, lowering the margins on Term Loan A and Term Loan B, which reduced interest expense to $26.3 million for the quarter from $32.8 million a year earlier, and it recorded a $2.3 million loss on extinguishment of debt. The company reported compliance with its financial covenants, with an actual net senior secured leverage ratio of 2.54x against a 5.25x maximum, and paid quarterly dividends of $0.0625 per share. Management expects cash on hand, operating cash flows and available credit facility capacity to meet obligations for at least the next twelve months. The company also disclosed an expected consolidated effective tax rate of 20% to 22% for 2017 and noted that it intends to adopt the new revenue recognition standard (ASU 2014-09) on January 1, 2018 using the modified retrospective approach, expecting the license component of term license arrangements will no longer be recognized ratably over the contract term.

    Aug 4, 2017
  29. 2017-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2017

    SS&C Technologies Holdings, Inc. reported first-quarter 2017 total revenues of $407.7 million, up from $324.1 million in the first quarter of 2016, with recurring revenues of $387.0 million and non-recurring revenues of $20.7 million. The filing attributes the increase mainly to the acquisitions of Wells Fargo's Global Fund Services business, Conifer Financial Services and Citigroup Alternative Investor Services, which together contributed $58.1 million in revenues, plus organic growth of $26.4 million, of which about $17.2 million reflected the fair value adjustment for acquired deferred revenue. Net income was $48.1 million, or $0.23 per diluted share, compared with $7.0 million, or $0.03 per diluted share, a year earlier. Operating income rose to $89.7 million from $50.4 million, and net cash provided by operating activities was $56.5 million. The balance sheet shows total assets of $5.66 billion and total debt of $2.44 billion net of unamortized discount and issuance costs, with cash and cash equivalents of $108.8 million at March 31, 2017. On March 2, 2017, the company amended its senior secured credit agreement, reducing the margins on Term Loan A to LIBOR plus 1.75% and on Term Loan B to LIBOR plus 2.25%, and setting the LIBOR floor at 0%. The company recorded a $2.3 million loss on extinguishment of debt in connection with the amendment. The reported net senior secured leverage ratio was 2.80x against a covenant maximum of 5.25x, and the company stated it was in compliance with its financial and non-financial covenants. The company paid a quarterly dividend of $0.0625 per share totaling $12.7 million in March 2017. Management expects the effective tax rate for 2017 to be between 20% and 22%, and the company intends to adopt the new revenue recognition standard effective January 1, 2018 using the modified retrospective approach.

    May 5, 2017
  30. 2016-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2016

    SS&C Technologies Holdings, Inc. reported third-quarter 2016 total revenues of $383.3 million, up from $280.9 million in the prior-year period, and nine-month revenues of $1.08 billion versus $699.4 million. The filing attributes the growth primarily to acquisitions: Citigroup's Alternative Investor Services business (purchased March 11, 2016 for approximately $310.2 million), Primatics, Varden and Advent. Net income was $38.7 million for the quarter (diluted EPS $0.19) and $74.0 million for the nine months (diluted EPS $0.36), compared with a net loss of $34.6 million in the third quarter of 2015, which included a $30.4 million loss on extinguishment of debt. Operating income rose to $76.9 million for the quarter from $15.0 million a year earlier. Recurring revenues made up $355.7 million of the quarter's total. The balance sheet shows cash and cash equivalents falling to $101.8 million at September 30, 2016 from $434.2 million at December 31, 2015, reflecting acquisition payments, $268.6 million of debt repayments in the nine months, dividends and capital spending. Total debt carrying amount was $2.49 billion, including $1.95 billion of senior secured credit facilities and $600.0 million of 5.875% senior notes due 2023. Operating cash flow for the nine months was $237.0 million. The company stated it was in compliance with its covenants, with an actual net senior secured leverage ratio of 3.08x against a 5.50x maximum. The company also disclosed a pending acquisition of Wells Fargo Global Fund Services, announced September 14, 2016 and expected to close in the fourth quarter of 2016, subject to regulatory approvals. Management stated it expects cash on hand, operating cash flow and revolver availability to meet liquidity needs for at least the next twelve months.

    Nov 7, 2016
  31. 2016-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2016

    SS&C Technologies Holdings, Inc. reported second-quarter 2016 total revenues of $373.1 million, up from $212.8 million in the prior-year quarter, with net income of $28.2 million versus $39.1 million a year earlier. The growth was driven primarily by acquisitions, most notably Citigroup's Alternative Investor Services business (Citigroup AIS), purchased March 11, 2016 for approximately $321.0 million in cash, along with Primatics, Varden and Advent. Recurring revenues rose to $348.1 million for the quarter from $189.1 million, and the company now presents revenue as recurring and non-recurring streams. Management attributed the increase in revenues to the acquisitions as well as higher demand for fund administration services, partially offset by the absence of installment payments under a perpetual IP license and a $1.9 million unfavorable foreign currency impact. Higher costs and interest expense weighed on profitability. Net interest expense rose to $32.8 million for the quarter from $5.4 million, reflecting borrowings taken to finance the Advent acquisition in 2015. Diluted EPS was $0.14 for the quarter versus $0.22 a year earlier, and the effective tax rate was 15% for the quarter and 28% for the six months. Cash and cash equivalents fell to $95.2 million at June 30, 2016 from $434.2 million at December 31, 2015, as the company used cash for the Citigroup AIS acquisition, debt repayments of $155.3 million for the six months, and quarterly dividends. Total debt stood at $2,664.7 million, including $2,064.7 million of variable-rate senior secured credit facilities, and the company stated it was in compliance with its covenants, with a net senior secured leverage ratio of 3.35x against a 5.50x maximum. The company also completed a two-for-one stock split effected as a stock dividend on June 24, 2016, with all share and per share amounts restated. Shares outstanding were 200,276,386 at June 30, 2016. Management expects cash on hand, operating cash flows and its revolving credit facility to meet liquidity needs for at least the next twelve months. The filing also disclosed that the Millennium Actions against GlobeOp subsidiaries have been settled or resolved in favor of GlobeOp and the litigation is concluded.

    Aug 5, 2016
  32. 2016-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2016

    SS&C Technologies Holdings, Inc. reported first-quarter 2016 total revenues of $324.1 million, up from $205.7 million in the prior-year quarter, a 58% increase that the company attributes primarily to acquisitions, including Citigroup's Alternative Investor Services business, which it bought on March 11, 2016 for approximately $321.0 million in cash. Recurring revenues rose to $300.8 million from $193.5 million. Net income fell to $7.0 million, or $0.07 per diluted share, from $26.2 million, or $0.30 per diluted share, as interest expense rose to $33.1 million from $5.6 million and the effective tax rate was 55% versus 27%. Operating income increased to $50.4 million from $43.1 million, and Consolidated EBITDA, as defined under the Credit Agreement, was $146.3 million compared with $83.1 million. Operating expenses rose to $97.0 million from $50.3 million, with the company citing $5.0 million of charges for eliminating redundant positions at acquired businesses and a $5.5 million increase in stock-based compensation. Cash and cash equivalents fell to $101.8 million from $434.2 million at year-end 2015, reflecting the acquisition, debt repayments of $29.8 million, and dividends of $12.4 million. Total debt was $2.79 billion, including $2.19 billion of variable-rate senior secured credit facilities and $600.0 million of 5.875% senior notes due 2023. The filing also notes that the Millennium Actions against GlobeOp subsidiaries have substantively been resolved, with only an arbitration cost-allocation issue remaining, and that the company was in compliance with its financial and non-financial covenants as of March 31, 2016. The consolidated net senior secured leverage ratio was 3.57x against a covenant maximum of 5.50x. The company expects its expected full-year 2016 effective tax rate to be between 19% and 21%.

    May 9, 2016
  33. 2015-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2015

    SS&C Technologies Holdings, Inc. reported third-quarter 2015 total revenues of $280.9 million, up from $192.6 million a year earlier, with recurring revenues of $260.8 million. The company's results were heavily shaped by its July 8, 2015 acquisition of Advent Software, Inc. for approximately $2.6 billion in cash, along with the acquisition of Varden Technologies for approximately $25.3 million on September 1, 2015. Revenues from Advent and Varden since their acquisition dates totaled $72.2 million through September 30, 2015. The company posted a third-quarter net loss of $34.6 million (basic loss per share of $0.36), compared with net income of $40.8 million in the prior-year quarter, driven by higher operating expenses, $32.6 million of net interest expense, and a $30.4 million loss on extinguishment of debt tied to the refinancing of its prior credit facility. To fund the Advent acquisition and refinancing, the company entered into a credit agreement with senior secured term loans and a $150 million revolving facility, and issued $600.0 million of 5.875% senior notes due 2023. It also completed a June 2015 public offering of 12,075,000 shares at $61.50 per share, with net proceeds of approximately $717.9 million. Total debt at September 30, 2015 was $2.83 billion on a carrying basis, and total assets rose to $5.78 billion from $2.27 billion at year-end 2014. Cash and cash equivalents increased to $503.8 million. The company stated it was in compliance with its financial and non-financial covenants as of September 30, 2015, and reported a maximum net senior secured leverage ratio of 3.39x for the twelve months ended that date. For the nine months, the company reported net income of $30.8 million on revenues of $699.4 million, and net cash provided by operating activities of $120.6 million. Management also disclosed pending acquisitions: Primatics Financial for approximately $122 million, expected to close in the fourth quarter of 2015, and Citigroup's Alternative Investor Services business for $425 million, expected to close in the first quarter of 2016. The filing also discusses ongoing Millennium Actions litigation involving subsidiary GlobeOp, where a July 31, 2015 partial final award dismissed the claims of the Master Fund's liquidators against GlobeOp.

    Nov 9, 2015
  34. 2015-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2015

    SS&C Technologies Holdings, Inc. reported second-quarter 2015 total revenues of $212.8 million, up from $188.7 million in the prior-year quarter, with net income of $39.1 million ($0.44 diluted EPS) versus $27.2 million ($0.31 diluted EPS). For the six months, revenues were $418.5 million and net income was $65.4 million. The increase was driven primarily by the DST Global Solutions (DSTGS) acquisition completed in Q4 2014 and continued demand for fund administration services from alternative investment managers, partially offset by unfavorable foreign currency translation. Operating income rose to $58.4 million in the quarter from $45.4 million. The balance sheet changed significantly during the first half of 2015. In June 2015 the company completed a public offering of 12,075,000 common shares at $61.50 per share, with net proceeds of approximately $717.9 million. Cash and cash equivalents rose to $729.8 million from $109.6 million at year-end 2014, and the company repaid $174.0 million of debt, leaving a credit facility balance of $471.0 million at June 30, 2015. Stockholders' equity increased to $2.12 billion from $1.35 billion. The most significant subsequent event was the July 8, 2015 acquisition of Advent Software, Inc. for approximately $2.6 billion in cash ($44.25 per share). The company financed the deal with $2.63 billion of new senior secured credit facilities and $600.0 million of 5.875% senior notes due 2023, and it expects about $45 million in annual run-rate pre-tax cost synergies within three years. The company also disclosed an unresolved UK arbitration tied to its subsidiary GlobeOp, for which the amount of any potential loss cannot be reasonably estimated.

    Jul 29, 2015
  35. 2015-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2015

    SS&C Technologies Holdings, Inc. reported first-quarter 2015 total revenues of $205.7 million, up from $185.8 million a year earlier, with the filing attributing the increase primarily to revenues from DST Global Solutions (DSTGS), acquired in the fourth quarter of 2014, and continued demand for fund administration services. Net income was $26.2 million compared with $26.4 million in the prior-year quarter, and diluted earnings per share were $0.30 in both periods. Operating income declined to $43.1 million from $47.0 million, as operating expenses rose 35% to $50.3 million, driven by DSTGS costs, redundant-position elimination costs, and $2.6 million of professional fees tied to the pending acquisition of Advent Software, Inc. The balance sheet shows cash of $88.3 million at March 31, 2015, down from $109.6 million at year-end 2014, and total debt of $595.3 million net of unamortized original issue discount, after $44.0 million in debt repayments. Operating cash flow was $31.2 million, and the company paid $10.5 million in quarterly dividends of $0.125 per share. Stockholders' equity was $1.34 billion, and the credit facility carried a weighted-average interest rate of 2.94%. The company reported an effective tax rate of 27% versus 33% a year earlier, and a consolidated net senior secured leverage ratio of 1.48x against a 4.75x covenant maximum. The filing also describes a definitive agreement, entered in February 2015, to acquire Advent Software for an enterprise value of approximately $2.7 billion in cash, or $44.25 per share plus assumed debt, with closing expected in the second or third quarter of 2015. SS&C plans to fund the deal and refinancing with $3.0 billion of debt financing, cash on hand and approximately $400 million of equity. Separately, the GlobeOp-related U.S. class action (Millennium Actions) was concluded through a 2014 settlement, while a UK arbitration remains pending, and the company says it cannot predict its outcome or reasonably estimate any potential loss.

    May 1, 2015
  36. 2014-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2014

    SS&C Technologies Holdings, Inc. reported third-quarter 2014 total revenues of $192.6 million, up from $179.5 million in the year-earlier quarter, with software-enabled services revenues of $149.3 million the largest contributor. Net income for the three months ended September 30, 2014 was $40.8 million, or $0.47 diluted earnings per share, compared with $43.5 million, or $0.51 per diluted share, in the prior-year period. For the nine months, revenues were $567.1 million and net income was $94.5 million. Management attributed revenue growth primarily to continued demand for fund administration services from alternative investment managers, plus contributions from Prime Management Limited, acquired in October 2013. Operating income rose to $54.4 million in the quarter from $47.9 million, while the effective tax rate increased to 18% from a benefit-driven (12%) in the prior-year quarter. Balance sheet and cash flow reflect continued debt reduction. Total debt principal under the credit facility fell to $608.0 million at September 30, 2014 from $782.0 million at December 31, 2013, supported by $164.3 million of operating cash flow for the nine months and $174.0 million of debt repayments. Cash was $75.1 million at quarter end. The company repurchased 274,726 shares for approximately $11.2 million during the nine months under a $100 million program authorized in October 2013, and it reported compliance with its credit agreement covenants, with a net senior secured leverage ratio of 1.71x against a 4.75x maximum. The filing also discloses ongoing litigation tied to the GlobeOp subsidiary. The U.S. Class Action related to the Millennium Funds was settled and dismissed, with GlobeOp's insurers funding the settlement amount. The UK Arbitration remains pending, with the Master Fund's liquidators seeking damages alleged to exceed $160 million; the company says it believes it has strong defenses and that any potential loss cannot be reasonably estimated.

    Nov 5, 2014
  37. 2014-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2014

    SS&C Technologies Holdings, Inc. reported revenues of $188.7 million for the three months ended June 30, 2014, up from $177.5 million a year earlier, and $374.5 million for the six months, up from $350.7 million. Software-enabled services remained the largest revenue source at $145.5 million in the quarter. Net income was $27.2 million for the quarter ($0.31 diluted EPS) and $53.7 million for the six months ($0.62 diluted EPS). The filing attributes revenue growth mainly to continued demand for fund administration services from alternative investment managers, plus contributions from Prime Management Limited, acquired in October 2013. Operating expenses rose 16% in the quarter to $41.1 million, driven by heavier investment in the sales force and higher general and administrative costs, which included legal expenses tied to an IP infringement lawsuit that was settled during the period. Interest expense, net fell to $6.6 million in the quarter from $11.8 million, reflecting lower average debt after repayments of the credit facility and lower interest rates from repricings. Total debt was $675.0 million under the credit facility at June 30, 2014, down from $782.0 million at December 31, 2013, and the company stated it was in compliance with its covenants, with an actual net senior secured leverage ratio of 1.97x against a 4.75x maximum. The filing also describes the Millennium Actions tied to the GlobeOp subsidiary. A settlement of the U.S. Class Action was approved by the court on July 7, 2014, and is expected to become final on or about August 6, 2014, with GlobeOp's insurers funding the entire settlement amount contributed by GlobeOp. The UK Arbitration remains pending, with a hearing scheduled to reconvene in September 2014, and the company cannot predict its outcome or estimate any potential loss.

    Aug 6, 2014
  38. 2014-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2014

    SS&C Technologies Holdings, Inc. reported first-quarter 2014 total revenues of $185.8 million, up from $173.2 million in the first quarter of 2013 (a 7% increase, per the filing). Software-enabled services revenues rose to $145.4 million from $135.7 million, driven primarily by continued demand for fund administration services from alternative investment managers and by the Prime Management Limited acquisition, which contributed $2.3 million in revenue. Operating income was $47.0 million versus $42.0 million a year earlier, and net income was $26.4 million, or $0.30 per diluted share, compared with $21.4 million, or $0.26 per diluted share, in the prior-year quarter. Net interest expense fell to $7.1 million from $12.5 million, reflecting lower average debt following repayments and repricings of the credit facility. Cash decreased to $78.4 million at March 31, 2014 from $84.5 million at December 31, 2013, as $45.0 million of debt repayments and $2.8 million of capital expenditures outweighed $38.6 million of operating cash flow. Total debt under the credit facility was $737.0 million at quarter-end, down from $782.0 million, and the company reported compliance with its financial and non-financial covenants, with an actual net senior secured leverage ratio of 2.2x against a 5.0x maximum. The effective tax rate rose to 33% from 28%, largely due to a one-time $2.5 million charge tied to New York tax law changes. The company also repurchased 90,226 shares for approximately $3.5 million under its $100 million buyback authorization. The filing discloses ongoing litigation involving subsidiary GlobeOp related to the Millennium Funds. A settlement of the U.S. Class Action was presented for court approval, with a hearing scheduled for July 7, 2014, and GlobeOp's insurers have agreed to fund the entire settlement amount contributed by GlobeOp. The UK Arbitration remains pending, and the company states that the amount of any potential loss cannot be reasonably estimated at this time.

    May 7, 2014
  39. 2013-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2013

    SS&C Technologies Holdings, Inc. reported third-quarter 2013 results with total revenues of $179.5 million, up from $165.6 million a year earlier, and nine-month revenues of $530.2 million versus $380.1 million in 2012. Net income for the quarter was $43.5 million ($0.51 diluted EPS), compared with $17.6 million ($0.21 diluted EPS) in the prior-year quarter. The filing notes that the third-quarter effective tax rate was negative (a benefit of $4.7 million) due to discrete items, including recognition of previously unrecognized tax benefits of approximately $7.3 million. For the nine months, nine-month revenue growth was driven largely by the GlobeOp and PORTIA Business acquisitions, which contributed $119.2 million in revenues, alongside continued demand from alternative investment managers. Debt declined during the period, with the credit facility balance falling to $844.0 million at September 30, 2013 from $1,021.0 million at December 31, 2012, after $177.0 million in repayments. In June 2013 the company repriced its term B-1 and B-2 loans, lowering the LIBOR margin to 2.75% and the LIBOR floor to 0.75%. Cash was $81.6 million at quarter end, and the company reported a consolidated net senior secured leverage ratio of 2.67x against a 5.00x covenant maximum. Litigation remains a key risk. GlobeOp, a subsidiary, faces the Anwar class action and derivative actions tied to the Fairfield Greenwich funds, which reached a settlement agreement in August 2013 subject to court approval and funded by insurers. GlobeOp also faces the Millennium Actions, where claims include a class action asserting $844.0 million and a UK arbitration claim exceeding $160.0 million; the company states it cannot predict the outcome and that the full potential loss cannot be reasonably estimated.

    Nov 6, 2013
  40. 2013-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2013

    SS&C Technologies Holdings, Inc. reported second-quarter 2013 total revenues of $177.5 million, up from $120.9 million a year earlier, and six-month revenues of $350.7 million versus $214.5 million. The filing attributes the increase primarily to the GlobeOp and PORTIA Business acquisitions, which contributed $46.7 million and $121.9 million of revenue for the three and six months ended June 30, 2013, respectively, along with continued demand for hedge fund and private equity services. Operating income rose to $45.3 million for the quarter from $21.1 million, and net income was $26.1 million, or $0.31 per diluted share, compared with a net loss of $5.8 million in the prior-year quarter, which included $9.4 million of transaction costs. Interest expense increased to $11.8 million for the quarter and $24.3 million for the six months, reflecting the higher debt balance from the 2012 credit facility. Total debt stood at $910.8 million net of unamortized discount at June 30, 2013, and cash fell to $60.6 million. Net cash provided by operating activities was $70.0 million for the six months. In June 2013 the company repriced its term B-1 and B-2 loans at lower LIBOR margins of 2.75%, and the company reported compliance with its credit agreement covenants, with an actual net senior secured leverage ratio of 3.10x against a 5.50x maximum. The filing also discloses ongoing litigation at subsidiary GlobeOp, including the Anwar and derivative actions, which parties agreed in June 2013 to resolve through a binding memorandum of understanding with insurers funding the settlements subject to court approval, and the Millennium Actions, where the company states the amount of any potential loss cannot be reasonably estimated at this time and a UK arbitration hearing on the merits began in July 2013.

    Aug 9, 2013
  41. 2013-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2013

    SS&C Technologies Holdings, Inc. reported first-quarter 2013 total revenues of $173.2 million, up from $93.7 million in the first quarter of 2012. The filing attributes the increase primarily to revenues from the GlobeOp and PORTIA Business acquisitions, which contributed $73.8 million, along with continued demand for hedge fund and private equity services. Net income was $21.4 million, or $0.26 diluted earnings per share, compared with $17.9 million, or $0.22 diluted, a year earlier. Interest expense, net rose to $12.5 million from $0.5 million, reflecting the higher debt balance from the 2012 credit facility. Gross profit was $75.8 million, and the effective tax rate was 28% versus 30% in the prior-year period. The balance sheet shows cash of $68.8 million at March 31, 2013, down from $86.2 million at year-end 2012, and total debt of $967.5 million net of unamortized original issue discount, with a credit facility balance of $976.0 million. Debt repayments of $45.0 million were the main use of cash in the quarter. Consolidated EBITDA, as defined in the credit agreement, was $68.7 million for the quarter, and the net senior secured leverage ratio was 3.42x against a 5.50x covenant maximum. The filing also discloses ongoing litigation at subsidiary GlobeOp related to Fairfield Greenwich and Millennium fund matters, with the company stating it cannot predict outcomes and is vigorously contesting the claims. The Millennium arbitration hearing is scheduled to begin in London on July 15, 2013. The company is also seeking a repricing amendment to reduce the interest rate on approximately $700.1 million of term loans, which is subject to market conditions.

    May 7, 2013
  42. 2012-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2012

    SS&C Technologies Holdings, Inc. reported third-quarter 2012 results in this Form 10-Q for the quarter ended September 30, 2012. Total revenues for the three months rose to $165.6 million from $94.3 million, and for the nine months to $380.1 million from $275.1 million. The filing attributes the increase primarily to acquisitions, including GlobeOp, the PORTIA Business, and Gravity, which added $71.0 million to quarterly revenues. Operating income for the quarter was $37.2 million versus $24.1 million a year earlier, and net income was $17.6 million, or $0.21 diluted EPS, compared with $14.9 million, or $0.18, in the prior-year quarter. Gross margin for the quarter declined to 43% from 51%, and the company cited higher cost of software-enabled services tied to acquisitions and amortization. The balance sheet changed substantially. Goodwill rose to $1.53 billion from $931.6 million, and long-term debt reached $1.05 billion from $100.0 million, primarily due to a credit facility that carried $1.08 billion in principal at a weighted-average interest rate of 4.42%. The company used these borrowings largely to fund the $834.3 million GlobeOp acquisition and the $170.0 million PORTIA Business purchase. Cash was $80.3 million at September 30, 2012. Management stated it was in compliance with its credit agreement covenants and reported a net senior secured leverage ratio of 4.02x against a 5.50x maximum. The filing also discloses ongoing litigation against GlobeOp, including the Anwar Action, the Pierce and Ferber Actions, and the Millennium Actions. The Millennium class action asserts claims of $844 million, and a separate Millennium claim against GlobeOp asserts $160 million. Management stated it cannot predict the outcome of these matters and believes GlobeOp has strong defenses. Investors should weigh the sharply higher debt load and integration of acquired businesses against the revenue growth reported.

    Nov 8, 2012
  43. 2012-Q2-A

    SS&C Technologies Holdings Quarterly Report (Amendment) for Q2 Ended Jun 30, 2012

    This filing is Amendment No. 1 on Form 10-Q/A to SS&C Technologies Holdings, Inc.'s Quarterly Report for the period ended June 30, 2012, dated August 20, 2012. Its sole stated purpose is to furnish the interactive data file in XBRL as Exhibit 101 to the original Form 10-Q, which the filing says was filed on August 9, 2012. The filing states that no other changes were made to the Form 10-Q, that it speaks as of the original filing date, and that it does not update any disclosures in the original report. The filing reports 78,946,023 shares of common stock outstanding as of August 8, 2012. The registrant checked the box for accelerated filer and reported that it is not a shell company. It identifies Patrick J. Pedonti, Senior Vice President and Chief Financial Officer, as the signing principal financial and accounting officer. The amendment states that the XBRL exhibit covers the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2012 and 2011, the condensed consolidated balance sheets at June 30, 2012 and December 31, 2011, the condensed consolidated statements of cash flows for the six months ended June 30, 2012 and 2011, and the notes to the condensed consolidated financial statements. The Exhibit Index lists two credit agreement amendments: a First Amendment dated May 9, 2012 with Bank of America, N.A. as agent, and a First Amendment dated May 23, 2012 with Deutsche Bank AG New York Branch as administrative agent. Both are incorporated by reference to prior Form 8-K filings. The Exhibit Index also lists Section 302 and Section 906 certifications, which the filing says were previously filed with the original Form 10-Q.

    Aug 20, 2012
  44. 2012-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2012

    SS&C Technologies Holdings, Inc. reported a substantially larger business in the second quarter of 2012, driven by acquisitions. Total revenues for the three months ended June 30, 2012 were $120.85 million, up from $91.80 million, with the filing attributing $27.2 million of the increase to acquired businesses including GlobeOp and the PORTIA Business. The company swung to a net loss of $5.76 million for the quarter, compared with net income of $13.03 million a year earlier, reflecting $9.42 million of transaction costs, $18.54 million of other expense (largely foreign currency losses and losses on the GlobeOp-related foreign currency contracts), and a $4.36 million loss on extinguishment of debt. For the six months ended June 30, 2012, net income was $12.12 million on revenues of $214.53 million. The balance sheet changed materially. The company acquired GlobeOp Financial Services S.A. for approximately $834.3 million and the PORTIA Business for approximately $170.0 million, and funded these largely with a new credit agreement. Long-term debt rose to $1.09 billion from $100 million at year-end 2011, with total debt of $1.16 billion under the credit facility at June 30, 2012. Goodwill increased to $1.51 billion and intangible and other assets to $598.5 million. Cash was $134.5 million at quarter-end, and the company stated it was in compliance with its financial and non-financial covenants, reporting a net senior secured leverage ratio of 4.20x against a 5.50x maximum. The filing also highlights litigation at GlobeOp, which is a defendant in the Anwar, Pierce and Ferber, and Millennium actions. The Millennium class action asserts claims of $844 million, though the company states it believes GlobeOp has strong defenses and is vigorously contesting these matters. The company expects its effective tax rate for 2012 to be between 41% and 43%.

    Aug 9, 2012
  45. 2012-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2012

    SS&C Technologies Holdings, Inc. reported first-quarter 2012 results (quarter ended March 31, 2012) with total revenues of $93.7 million, up from $89.0 million a year earlier, and net income of $17.9 million, or $0.22 diluted EPS, versus $9.8 million and $0.12 a year earlier. Software-enabled services revenue rose to $64.6 million from $57.7 million, while software license revenue fell to $3.8 million from $6.6 million. Operating income was $22.1 million, down from $23.1 million, reflecting $4.2 million of transaction costs tied to the pending GlobeOp offer and the PORTIA Business acquisition. Interest expense declined to $0.5 million from $5.1 million after debt repayments and refinancing. The company's debt fell to $85.0 million at March 31, 2012 from $100.0 million at December 31, 2011, and cash rose to $41.9 million. On March 14, 2012 it entered a new Credit Agreement with term loans and a $142 million bridge facility, principally to fund the GlobeOp offer at 485 pence per share and to refinance its existing facility. As of May 9, 2012, valid acceptances covered 66,785,197 GlobeOp shares, about 62.0 percent of GlobeOp's issued share capital, and the offer remained open until May 14, 2012, with no certainty that the acquisition would be completed. After the quarter, on May 9, 2012, SS&C purchased the assets of the PORTIA Business from Thomson Reuters for approximately $170.0 million in cash, financed in part by a new $175.0 million senior secured term loan from Bank of America, N.A. The company also reported that it was in compliance with its financial covenants, with an actual total leverage ratio of 0.55x against a 3.25x maximum.

    May 10, 2012
  46. 2011-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2011

    SS&C Technologies Holdings, Inc. reported third-quarter 2011 total revenues of $94.3 million, up from $83.0 million a year earlier, an increase the filing attributes mainly to acquisitions (TOS, TSW, BXML and Ireland Fund Admin) and organic growth. Software-enabled services, at $63.3 million, was the largest and fastest-growing revenue line. Net income rose to $14.9 million, or $0.18 diluted EPS, from $9.9 million, or $0.13, a year earlier. Operating income was $24.1 million versus $19.6 million. For the nine months ended September 30, 2011, revenues were $275.1 million (up from $242.8 million) and net income was $37.8 million ($0.47 diluted EPS). Net interest expense fell sharply to $11.8 million from $23.8 million, reflecting lower debt after repayments, including the March 2011 redemption of $66.6 million of 11 3/4% senior subordinated notes. Total debt fell to $172.7 million from $290.8 million at December 31, 2010, and cash was $76.2 million. The company completed a follow-on equity offering in February 2011 with net proceeds of approximately $52.0 million, and made two acquisitions in 2011 (BenefitsXML for about $15.1 million and Ireland Fund Admin for about $5.9 million). The filing reports compliance with all senior credit facility covenants, a total leverage ratio of 0.96x against a 5.50x maximum, and that management is not party to any material litigation.

    Nov 14, 2011
  47. 2011-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2011

    SS&C Technologies Holdings, Inc. reported revenues of $91.8 million for the three months ended June 30, 2011, up from $81.6 million in the prior-year period, and $180.8 million for the six months, up from $159.8 million. The filing attributes the growth to acquisitions (TOS, TSW, BXML, and GIPS for the six-month period) and to organic growth, with software-enabled services the largest contributor. Net income was $13.0 million ($0.16 diluted EPS) for the quarter versus $4.4 million ($0.06) a year earlier, and $22.9 million ($0.29 diluted EPS) for the six months versus $13.4 million ($0.19). The balance sheet strengthened during the period. Total debt fell as the company redeemed $66.6 million of its 11 3/4% senior subordinated notes due 2013 at 102.9375% of principal, using proceeds from a February 2011 follow-on offering that netted approximately $52.0 million. Long-term debt, net of current portion, decreased to $202.3 million from $289.1 million at December 31, 2010, and cash and cash equivalents ended the period at $82.6 million. Management stated the company was in compliance with all covenants at June 30, 2011, and expects cash on hand and operating cash flow to fund obligations for at least the next twelve months. The company also completed the acquisition of BenefitsXML, Inc. (BXML) in March 2011 for approximately $15.1 million in cash, and reported six-month operating cash flow of $41.1 million. Management reported no material changes to risk factors from its 2010 Form 10-K and no material pending third-party litigation.

    Aug 12, 2011
  48. 2011-Q1

    SS&C Technologies Holdings Quarterly Report for Q1 Ended Mar 31, 2011

    SS&C Technologies Holdings, Inc. reported revenues of $89.0 million for the three months ended March 31, 2011, compared with $78.2 million in the same period of 2010, an increase of $10.8 million, or 14%. The filing attributes the increase primarily to $5.4 million of organic revenue growth and $4.4 million from acquisitions (GIPS, TOS, TSW and BXML), with $1.0 million from favorable foreign currency translation. Net income was $9.8 million, or $0.12 diluted earnings per share, compared with $9.0 million, or $0.14 diluted, a year earlier. Operating income rose to $23.1 million from $19.4 million. Net interest expense fell to $5.1 million from $9.0 million, though a $2.9 million loss on extinguishment of debt was recorded. The balance sheet and cash flows were shaped by capital actions in the quarter. The company completed a February 2011 follow-on offering with approximately $52.0 million of net proceeds to the Company, and used cash and offering proceeds to redeem $66.6 million of its 11 3/4% senior subordinated notes due 2013. Total debt fell to $224.5 million from $290.8 million at December 31, 2010. Cash and cash equivalents ended the quarter at $70.8 million. Net cash provided by operating activities was $12.1 million, and the company acquired BenefitsXML (BXML) for approximately $15.1 million in cash on March 10, 2011. The company stated it was in compliance with all covenants of its senior credit facilities at March 31, 2011, with a total leverage ratio of 1.34x against a 5.50x maximum and a consolidated EBITDA to net interest coverage ratio of 5.93x against a 2.25x minimum. Consolidated EBITDA for the twelve months ended March 31, 2011 was $145.4 million. Management expects its effective tax rate for 2011 to be between 33% and 34%, and states it believes cash on hand, operating cash flow and revolver availability will be sufficient for at least the next twelve months.

    May 13, 2011
  49. 2010-Q3

    SS&C Technologies Holdings Quarterly Report for Q3 Ended Sep 30, 2010

    SS&C Technologies Holdings, Inc. reported strong growth in the third quarter of 2010, with total revenues of $83.0 million compared to $68.9 million a year earlier, and net income of $9.9 million, or $0.13 diluted earnings per share, versus $5.6 million and $0.09 in the prior-year quarter. For the nine months ended September 30, 2010, revenues were $242.8 million, up from $199.9 million, and net income was $23.2 million. The filing attributes the revenue growth to acquisitions (TNR, Tradeware, GIPS and, in the nine-month period, Evare and MAXIMIS) as well as organic growth in software-enabled services and maintenance. The balance sheet and cash flow picture improved materially following the company's April 2010 initial public offering, which generated net proceeds of approximately $134.6 million. The company used part of those proceeds to redeem $71.75 million of its 11 3/4% senior subordinated notes due 2013 at 105.875% of principal, recording a $5.5 million loss on extinguishment of debt. Total debt, excluding capital leases, fell to $290.4 million at September 30, 2010 from $397.3 million at December 31, 2009 (the filing lists capital leases within total debt at $290,404 thousand), and cash and cash equivalents rose to $87.0 million. Net cash provided by operating activities was $47.6 million for the nine months. The filing states the company was in compliance with all financial and non-financial covenants at September 30, 2010, and reports a Consolidated EBITDA-based maximum total leverage ratio of 1.98x against a 5.50x requirement. Subsequent to quarter-end, on October 1, 2010, the company acquired thinkorswim Technologies, Inc. (MC Marketlink) from TD Ameritrade for approximately $5.2 million in cash. Management expects cash on hand, operating cash flow and revolver availability to meet obligations for at least the next twelve months.

    Nov 10, 2010
  50. 2010-Q2

    SS&C Technologies Holdings Quarterly Report for Q2 Ended Jun 30, 2010

    SS&C Technologies Holdings, Inc. reported second-quarter 2010 total revenues of $81.6 million, up from $67.3 million in the prior-year quarter, and net income of $4.4 million, or $0.06 per diluted share, versus $3.5 million in the prior-year quarter. For the six months ended June 30, 2010, revenues were $159.8 million and net income was $13.4 million, or $0.19 per diluted share. The filing attributes the revenue increase primarily to acquisitions (Evare, MAXIMIS, TNR, Tradeware and GIPS), with organic revenue growth also contributing, and notes that software-enabled services was the largest revenue category at $52.6 million in the quarter. The balance sheet strengthened significantly following the company's April 2010 initial public offering, which generated total net proceeds of approximately $134.6 million. Cash and cash equivalents rose to $88.9 million from $19.1 million at December 31, 2009. The company used IPO proceeds to redeem $71.75 million of its 11 3/4% senior subordinated notes due 2013 at 105.875% of principal, resulting in a $5.5 million loss on extinguishment of debt. Total debt, excluding capital leases, fell to $315.3 million at June 30, 2010 from $397.3 million at year-end 2009 (including capital leases), and the company reported compliance with all covenants. Investors should note the concentrated ownership following the IPO: the filing states that Carlyle-affiliated funds beneficially own approximately 61.4% of common stock and William C. Stone owns approximately 24.7%. Additionally, 58,224,433 shares are subject to a 180-day lock-up expiring after the IPO pricing on March 30, 2010, which could affect the stock price when released. The company also disclosed a covenant-compliant leverage ratio of 2.22x against a 5.50x maximum.

    Aug 9, 2010