What is the company's 2025 outlook?

For full-year 2025, the company guided to adjusted revenue of $6,085.0 million to $6,245.0 million, adjusted net income attributable to SS&C of $1,431.0 million to $1,531.0 million, and adjusted diluted EPS of $5.64 to $5.96. Cash from operating activities is guided to $1,448.0 million to $1,548.0 million.

How is SS&C managing its debt and capital returns?

In Q4 2024 the company paid down $195.0 million of debt and bought back 4.9 million shares for $365.7 million. Gross debt at year-end was $7,048.7 million, and the consolidated net leverage ratio was 2.89 times, with a net secured leverage ratio of 1.69 times.

Why does the company present adjusted, non-GAAP measures?

Management says adjusted measures reflect operational performance excluding items such as amortization of intangible assets, stock-based compensation, purchase accounting adjustments, and other non-operational items. The company notes these measures are not recognized under GAAP and are not necessarily comparable to similarly titled measures from other companies.

Why are GAAP reconciliations missing from the 2025 guidance?

The company relies on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K. It states it cannot forecast without unreasonable effort items such as acquisition transactions and integration, foreign exchange rate changes, and other non-cash adjustments, which could significantly affect 2025 GAAP results.

SSNC 8-K: Earnings & Results

Q: How did SS&C perform in the fourth quarter of 2024?

GAAP revenue was $1,529.7 million, up 8.4%, and GAAP diluted EPS attributable to SS&C was $0.98, up 27.3%. Adjusted revenue was $1,530.7 million, up 8.4%, and adjusted diluted EPS was $1.58, up 25.4%. Q4 adjusted organic revenue growth was 7.0%.

01—Abstract

Summary

Summary of the 8-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) reported fourth-quarter and full-year 2024 results on February 6, 2025.

Q4 2024 GAAP revenue was $1,529.7 million^a, up 8.4%, and diluted GAAP EPS attributable to SS&C was $0.98, up 27.3%. Adjusted revenue was $1,530.7 million, up 8.4%, and adjusted diluted EPS was $1.58, up 25.4%. For the full year, GAAP revenue was $5,882.0 million, up 6.9%, and net cash from operating activities was $1,388.6 million, up 14.3% from 2023.

Q4 adjusted organic revenue growth was 7.0%, and adjusted consolidated EBITDA attributable to SS&C was $599.1 million^b, up 6.5%, with a 39.1% margin. Capital allocation and balance sheet items were also disclosed. The company repurchased 4.9 million shares for $365.7 million in Q4 2024 at an average price of $74.46, and paid down $195.0 million of debt in the quarter.

The consolidated net leverage ratio, as defined in the credit agreement, was 2.89 times consolidated EBITDA attributable to SS&C, and the net secured leverage ratio was 1.69 times. For 2025, the company guided to adjusted revenue of $6,085.0 million to $6,245.0 million^c and adjusted diluted EPS of $5.64 to $5.96 for the full year, with Q1 2025 adjusted diluted EPS guided to $1.37 to $1.43. Management stated it does not reconcile adjusted revenue or adjusted net income guidance to GAAP measures, citing the unreasonable efforts exception under Regulation S-K.

02—Key points

Key Highlights

Q4 2024 GAAP revenue of $1,529.7 million rose 8.4%; GAAP diluted EPS attributable to SS&C was $0.98, up 27.3%.
Q4 2024 adjusted diluted EPS was $1.58, up 25.4%, and adjusted consolidated EBITDA attributable to SS&C was $599.1 million, up 6.5%.
Full-year 2024 GAAP revenue was $5,882.0 million, up 6.9%, and GAAP operating income was $1,343.5 million, up 11.1%.
Net cash from operating activities for 2024 was $1,388.6 million, up 14.3% from 2023.
The company repurchased 4.9 million shares for $365.7 million in Q4 2024 and paid down $195.0 million of debt.
Consolidated net leverage ratio was 2.89 times consolidated EBITDA attributable to SS&C as of December 31, 2024.
FY 2025 guidance calls for adjusted revenue of $6,085.0 million to $6,245.0 million and adjusted diluted EPS of $5.64 to $5.96.

03—Questions

Frequently Asked Questions

How did SS&C perform in the fourth quarter of 2024?
GAAP revenue was $1,529.7 million, up 8.4%, and GAAP diluted EPS attributable to SS&C was $0.98, up 27.3%. Adjusted revenue was $1,530.7 million, up 8.4%, and adjusted diluted EPS was $1.58, up 25.4%. Q4 adjusted organic revenue growth was 7.0%.
What is the company's 2025 outlook?
For full-year 2025, the company guided to adjusted revenue of $6,085.0 million to $6,245.0 million, adjusted net income attributable to SS&C of $1,431.0 million to $1,531.0 million, and adjusted diluted EPS of $5.64 to $5.96. Cash from operating activities is guided to $1,448.0 million to $1,548.0 million.
How is SS&C managing its debt and capital returns?
In Q4 2024 the company paid down $195.0 million of debt and bought back 4.9 million shares for $365.7 million. Gross debt at year-end was $7,048.7 million, and the consolidated net leverage ratio was 2.89 times, with a net secured leverage ratio of 1.69 times.
Why does the company present adjusted, non-GAAP measures?
Management says adjusted measures reflect operational performance excluding items such as amortization of intangible assets, stock-based compensation, purchase accounting adjustments, and other non-operational items. The company notes these measures are not recognized under GAAP and are not necessarily comparable to similarly titled measures from other companies.
Why are GAAP reconciliations missing from the 2025 guidance?
The company relies on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K. It states it cannot forecast without unreasonable effort items such as acquisition transactions and integration, foreign exchange rate changes, and other non-cash adjustments, which could significantly affect 2025 GAAP results.

04—Continue

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