01—Abstract
Summary
Summary of the 8-K filed October 24, 2024. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) reported third-quarter 2024 results on October 24, 2024.
GAAP revenue was $1,465.8 milliona, up 7.3%, and GAAP diluted earnings per share attributable to SS&C were $0.65, up 6.6%. Adjusted revenue was a record $1,466.8 million, up 7.3%, and adjusted diluted EPS was $1.29, up 10.3%. Adjusted organic revenue growth was 6.4%, and Financial Services recurring revenue growth was 7.2%.
GAAP operating income margin was 22.2% and adjusted consolidated EBITDA margin was 38.6%. For the nine months ended September 30, 2024, net cash from operating activities was $902.0 millionb, up 9.1% from $826.7 million. The company completed its acquisition of Battea-Class Action Services on September 27, 2024 for a purchase price of approximately $670 million.
In the quarter, it repurchased 1.2 million shares for $89.4 millionc at an average price of $72.72. As of September 30, 2024, the company reported $694.7 million in cash and cash equivalents and $7,243.1 million in gross debt. Its consolidated net leverage ratio under its credit agreement was 2.94 times consolidated EBITDA attributable to SS&C, and its net secured leverage ratio was 1.74 times.
For the fourth quarter of 2024, the company guided to adjusted revenue of $1,460.0 million to $1,500.0 milliond and adjusted diluted EPS of $1.29 to $1.35. For full-year 2024, guidance calls for adjusted revenue of $5,815.0 million to $5,855.0 million, adjusted diluted EPS of $5.12 to $5.18, and cash from operating activities of $1,330.0 million to $1,370.0 million.
02—Key points
Key Highlights
- Q3 2024 GAAP revenue of $1,465.8 million, up 7.3%; GAAP diluted EPS of $0.65, up 6.6%
- Record adjusted revenue of $1,466.8 million, up 7.3%; adjusted diluted EPS of $1.29, up 10.3%
- Adjusted organic revenue growth of 6.4% and Financial Services recurring revenue growth of 7.2%
- Acquired Battea-Class Action Services on September 27, 2024 for approximately $670 million
- Repurchased 1.2 million shares for $89.4 million in Q3 2024 at an average price of $72.72
- Net leverage ratio of 2.94 times and net secured leverage ratio of 1.74 times as of September 30, 2024
- FY 2024 guidance: adjusted revenue of $5,815.0 million to $5,855.0 million and adjusted diluted EPS of $5.12 to $5.18
03—Questions
Frequently Asked Questions
How did SS&C perform in the third quarter of 2024?
GAAP revenue was $1,465.8 million, up 7.3%, and GAAP net income attributable to SS&C was $164.4 million, up 5.4%. Adjusted consolidated EBITDA attributable to SS&C was $566.2 million, up 6.0%, and GAAP operating income margin was 22.2%.
What acquisition did SS&C complete recently?
SS&C completed its acquisition of Battea-Class Action Services on September 27, 2024 for a purchase price of approximately $670 million.
What is SS&C's guidance for the fourth quarter and full year 2024?
For Q4 2024, the company guided to adjusted revenue of $1,460.0 million to $1,500.0 million and adjusted diluted EPS of $1.29 to $1.35. For FY 2024, it guided to adjusted revenue of $5,815.0 million to $5,855.0 million, adjusted diluted EPS of $5.12 to $5.18, and cash from operating activities of $1,330.0 million to $1,370.0 million.
How much debt and leverage does SS&C carry?
As of September 30, 2024, SS&C reported $7,243.1 million in gross debt and $694.7 million in cash and cash equivalents. Its consolidated net leverage ratio under its credit agreement was 2.94 times consolidated EBITDA attributable to SS&C, and its net secured leverage ratio was 1.74 times.
How much did SS&C return to shareholders in the quarter?
In Q3 2024, SS&C repurchased 1.2 million shares for $89.4 million at an average price of $72.72 per share and paid $62.8 million in common stock dividends for the three months ended September 30, 2024.
04—Continue