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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Adjusted income $ 1,150.0 million, up 164.7%, adjusted diluted earnings per share $ 0.91, up 71.7%"data-reactid =" 12 ">Adjusted income $ 1,150.0 million, up 164.7%, adjusted diluted earnings per share $ 0.91, up 71.7%
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "WINDSOR, Conn., April 30, 2019 / PRNewswire / – & nbsp; SS & C Technologies Holdings, Inc. (SSNC), a global provider of software and investment-enabled software and services, today announced its financial results for the first quarter ended March 31, 2019. & nbsp; "data-reactid =" 13 ">WINDSOR, Conn., April 30, 2019 / PRNewswire / – SS & C Technologies Holdings, Inc. (SSNC), a global provider of software and investment software and financial services, today announced its financial results for the first quarter ended March 31 2019.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "GAAP Results"data-reactid =" 25 ">GAAP Results
Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" SS & C has reported a GAAP income of $ 1,137.2 million for the first quarter of 2019, up 169.5% over $ 421.9 million in the first quarter of 2018. & nbsp; GAAP operating income for the first quarter of 2019 was $ 202.0 million, or 17.8% of GAAP revenue, versus $ 86.9 millionor 20.6% of GAAP revenue in the first quarter of 2018, representing an increase of 132.5%. & nbsp; "data-reactid =" 26 "> GAAP revenues presented by SS & C rose to $ 1,137.2 million for the first quarter of 2019, up 169.5% over $ 421.9 million in the first quarter of 2018. GAAP operating income for the first quarter of 2019 was $ 202.0 million, or 17.8% of GAAP revenue, versus $ 86.9 millionor 20.6% of GAAP revenue in the first quarter of 2018, representing an increase of 132.5%.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "GAAP net income for the first quarter of 2019 was $ 80.8 million, up 57.5% compared to $ 51.3 million in the first quarter of 2018. & nbsp; On a fully diluted GAAP basis, earnings per share for the first quarter of 2019 $ 0.31 per share, up 29.2% from $ 0.24 GAAP diluted earnings per share in the first quarter of 2018. GAAP net income for the first quarter of 2019 was $ 80.8 million, up 57.5% compared to $ 51.3 million in the first quarter of 2018. On a diluted basis under GAAP, earnings per share for the first quarter of 2019 were $ 0.31 per share, up 29.2% from $ 0.24 net earnings per share on a fully diluted basis under GAAP in the first quarter of 2018.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Non-GAAP Adjusted Results (defined in Notes 1 to 4 below)"data-reactid =" 28 ">Non-GAAP Adjusted Results (defined in Notes 1 to 4 below)
<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The adjusted income has been $ 1,150.0 million for the first quarter of 2019, up 164.7% from $ 434.5 million in the first quarter of 2018. & nbsp; Adjusted operating income for the first quarter of 2019 $ 420.9 million, or 36.6% of adjusted sales, $ 171.9 millionor 39.6% of adjusted sales in the first quarter of 2018, representing an increase of 144.9%. & nbsp; "data-reactid =" 29 "> Adjusted income has been $ 1,150.0 million for the first quarter of 2019, up 164.7% from $ 434.5 million in the first quarter of 2018. The adjusted operating income for the first quarter of 2019 was $ 420.9 million, or 36.6% of adjusted sales, $ 171.9 millionor 39.6% of adjusted sales in the first quarter of 2018, representing an increase of 144.9%.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Adjusted net income for the first quarter of 2019 has been $ 239.4 million, up 108.5% compared to $ 114.8 million in the first quarter of 2018. & nbsp; Adjusted diluted earnings per share for the first quarter of 2019 was $ 0.91 per share, up 71.7% over $ 0.53 per share in the first quarter of 2018. Adjusted net income for the first quarter of 2019 was $ 239.4 million, up 108.5% compared to $ 114.8 million in the first quarter of 2018. Adjusted diluted earnings per share for the first quarter of 2019 were $ 0.91 per share, up 71.7% over $ 0.53 per share in the first quarter of 2018.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Highlights of the first quarter:"data-reactid =" 31 ">Highlights of the first quarter:
- Adjusted consolidated EBITDA increased by 148.1% to $ 443.4 million in the first quarter of 2019. The adjusted EBITDA margin was 38.6% for the quarter.
- Cash flow from operations increased 96.6% $ 137.4 million for the three months ended March 31, 2019.
- One year after the acquisition of DST Systems, we set up $ 265.0 million In terms of cost synergies, almost 90.0% of our $ 300.0 million three-year goal.
- refunded $ 1,084.3 million since the acquisition of DST Systems, bringing our leverage ratio to 4.40 times consolidated EBITDA as of March 31, 2019.
- Sure March 28, 2019 SS & C issued $ 2.0 billion unsecured fixed rate Senior Notes at an interest rate of 5.500% per annum, eliminating $ 1.99 billion of our variable rate debt.
Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" "SS & C has generated record revenues and revenues . in the first quarter of 2019, with $ 1,150.0 million in adjusted income and $ 0.91 adjusted diluted earnings per share ", declares Bill Stone, President and Chief Executive Officer. "We are very pleased with the progress made in our acquisitions in 2018: DST, Eze and Intralinks, product integration, pipeline growth and business unit collaboration are advancements." We continue to develop software and services. sell our products and services. & nbsp; We are optimistic, we will accelerate revenue in the second half of this year. "" data-reactid = "38"> "SS & C achieved revenue and profit record in the first quarter of 2019, with $ 1,150.0 million in adjusted income and $ 0.91 adjusted diluted earnings per share ", declares Bill Stone, President and Chief Executive Officer. "We are very pleased with the progress made in our acquisitions in 2018: DST, Eze and Intralinks, and product integrations, pipeline growth and collaboration between operating units are all advances, and we continue to develop software and sell our products. products and services.We are optimistic will accelerate revenue in the second half of this year. "
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Cash flow from operations"data-reactid =" 39 ">Cash flow from operations
Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" SS & C generated net cash flow from the operations of $ 137.4 million for the three months ended March 31, 2019, compared to $ 69.9 million for the same period in 2018, representing an increase of 96.6%. & nbsp; SS & amp; C finished the first quarter with $ 154.6 million in cash and cash equivalents and $ 8,216.1 million gross debt, for a net balance of $ 8,061.5 million. & nbsp; The consolidated net leverage ratio of SS & C as defined in our credit agreement was 4.40 times the consolidated EBITDA as of March 31, 2019. "data-reactid =" 40 "> Cash net generated by SS & C from the operations of $ 137.4 million for the three months ended March 31, 2019, compared to $ 69.9 million for the same period in 2018, representing an increase of 96.6%. SS & C ended the first quarter with $ 154.6 million in cash and cash equivalents and $ 8,216.1 million gross debt, for a net balance of $ 8,061.5 million. SS & C's consolidated net leverage ratio, as defined in our credit agreement, was 4.40 times consolidated EBITDA as at March 31, 2019.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Orientation "data-reactid =" 41 ">Orientation
Q2 2019 |
2019 |
|||||||||
Adjusted income ($ M) |
$ 1,138.0 – $ 1,168.0 |
$ 4,675.0 – $ 4,765.0 |
||||||||
Adjusted net income ($ M) |
$ 234.8 – $ 251.5 |
$ 992.0 – $ 1,042.0 |
||||||||
Cash Flows from Operating Activities ($ M) |
– |
$ 1,095.0 – $ 1,135.0 |
||||||||
Capital expenditures (% of revenues) |
– |
2.6% – 3.0% |
||||||||
Diluted shares (M) |
269.2 – 268.0 |
268.8 – 266.8 |
||||||||
Effective tax rate (%) |
26% |
26% |
SS & C does not reconcile the guidance for Adjusted Revenues and Adjusted Net Earnings with comparable GAAP measures, based on the unreasonable effort exception in Item 10 (e) (1) (i) (B) of the SK Regulation. SS & C is unable, without unreasonable efforts, to anticipate certain elements necessary to develop comparable and meaningful financial measures in accordance with GAAP. These items include acquisition and integration transactions, changes in foreign exchange rates, and other non-cash and other adjustments as defined in the Company's credit agreement, which are difficult to predict in order to be able to included in a GAAP estimate. The unavailable information could have a significant impact on the financial results for the second quarter of 2019 and the accounting standards for the 2019 financial year.
Adjusted revenue, adjusted operating income, Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See accompanying notes for reconciliations and definitions of each of these non-GAAP measures and the reasons why our management believes that these measures provide useful information to investors regarding our financial position and results. 39; operation.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Call for results and press release"data-reactid =" 52 ">Call for results and press release
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The call of the first quarter 2019 results of SS & C will take place at 17:00. Eastern Time aujourd & # 39; hui, April 30, 2019. & nbsp; This call will focus on the results of the first quarter of 2019, as well as our forecasts and business prospects. & nbsp; Interested parties can call 844-343-4183 (United States and Canada) or 647-689-5128 (International) and request the "SS & C Technologies First Quarter 2019 Teleconference"; conference number 1798633. & nbsp; A replay will be available after 22:00. Eastern Time sure April 30, 2019until midnight May 7, 2019. & nbsp; The number is 800-585-8367 or 416-621-4642; access code # 1798633. & nbsp; The call will also be available to be replayed on the SS & C website after April 30, 2019; access: http://investor.ssctech.com/results.cfm"data-reactid =" 53 "> The call for SS & C results for the first quarter of 2019 will be held at 17:00. Eastern Time aujourd & # 39; hui, April 30, 2019. This call will focus on the results of the first quarter of 2019, as well as our forecasts and business prospects. Interested parties can call 844-343-4183 (United States and Canada) or 647-689-5128 (International), and request the "SS & C Technologies First Quarter 2019 Teleconference"; conference number 1798633. A replay will be available after 22:00. Eastern Time sure April 30, 2019until midnight May 7, 2019. The dial-in number is 800-585-8367 or 416-621-4642; access code # 1798633. The call will also be available to be replayed on the SS & C website after April 30, 2019; access: http://investor.ssctech.com/results.cfm.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Certain information contained in this press release relating to, among other things, the Company's financial forecasts for the second quarter and fiscal year 2019 constitute forward-looking statements for the purposes of the Safe Harbor provisions of the 1995 Act. Litigation Reform Act. & Nbsp; Forward-looking statements include statements regarding plans, objectives, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions and other statements that are not statements of historical fact.& nbsp; Without limiting the foregoing, the words "believes," "plans," "plans," "plans," "estimates," "plans," "forecasts," "may," "assumes," "has," intention "," go "," continue "," opportunity "," expect "," potential "," future "," guarantee "," likely "," target "," indicate "," would "," could " & "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words.& nbsp; Such statements reflect The direction& nbsp;We advise you to rely on known factors, but subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. & nbsp; These risks and uncertainties include, but are not limited to, the state of the economy, the financial services industry and other business segments in which the Company's customers practice their business. activities, the Company's ability to realize the expected benefits of its acquisitions, including DST Systems, Inc., & nbsp; effect of customer consolidation on the demand for the company's products and services, the increasing concentration of the company's activities on the hedge fund industry, product variability resulting from securities market activities, the ability to retain and attract customers, fluctuations in customer demand for the Company's products and services, intensity of competition for the Company's products and services, exposure to litigation and other claims, terrorist and other catastrophic events, disruptions, attacks or failures affecting the company's software – activated services, risks related to the Company's foreign operations, confidentiality concerns related to the collection and storage of personal information, changes in regulations and increased monitoring regulators, & nbsp; the company's ability to protect its intellectual property assets and litigation over intellectual property rights, product development delays, investment decisions regarding cash balances, regulatory and tax risks, risks related to the Company's joint ventures, changes in accounting standards, the risks associated with the Company's substantial debt risk, the prevailing market price of the Company's shares from time to time, and the risks described in the "Factors" section. risk "of the Company's latest annual report on Form 10-K and the Quarterly Report on Form 10-Q, which is filed with the Securities and Exchange Commission and is also available on our website. & nbsp; Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we assume no obligation to update or revise such statements."data-reactid =" 54 ">Certain information contained in this press release relating to, among other things, the Company's financial forecasts for the second quarter and fiscal year 2019 constitute forward-looking statements for the purposes of the Safe Harbor provisions of the 1995 Act. the Private Securities Litigation Reform Act. Forward-looking statements include statements regarding plans, objectives, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions and other statements that are not statements of historical fact. Without limiting the foregoing, the words "believes," "plans," "plans," "plans," "estimates," "plans," "forecasts," "may," "assumes," "has," intention "," go "," continue "," opportunity "," expect "," potential "," future "," guarantee "," likely "," target "," indicate "," would "," could " and "should" and similar The terms are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect The direction The best judgment based on factors that are currently known, but subject to risks and uncertainties, could result in a significant difference between actual and anticipated results. These risks and uncertainties include, but are not limited to, the state of the economy, the financial services industry and other business segments in which the Company's customers practice their business. activities, the ability of the Company to realize the expected benefits of its acquisitions, including DST Systems, Inc., the effects of customer consolidation on the demand for the Company's products and services, and the increasing concentration of its business on the hedge fund industry, product variability resulting from securities market activities, the ability to retain and attract customers, fluctuations in customer demand for the company's products and services; Intensity of competition regarding the products and services of the company, the risk of litigation and other claims, terrorist activities and other catastrophic events, eg rturbations, attacks or failures affecting the company's software-enabled services, risks associated with the company's overseas operations, privacy concerns related to the collection and storage of personal information, regulatory developments and the increased vigilance of regulators, the ability of the company to protect intellectual property assets and intellectual property rights litigation, delays in product development, investment decisions regarding cash balances, risks the Company's joint ventures, changes in accounting standards, risks related to its significant indebtedness, the market price of the Company's shares prevailing from time to time, and the risks described in the section "Factors of risk "of the last annual report on company form 10-K and the quarterly report on Form 10-Q, which are archived by the Securities and Exchange Commission and can also be found on our website. Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we assume no obligation to update or revise such statements.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "About SS & C Technologies"data-reactid =" 55 ">About SS & C technologies
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SS & C is a global supplier of investments and services and software compatible with financial software for the global financial services and healthcare sectors. & nbsp; Founded in 1986, SS & C is headquartered in Windsor, Connecticut and has offices around the world. & nbsp; Financial services and health care companies, from the world's largest institutions to local businesses, manage and report on their investments using SS & C products and services; & nbsp; "data-reactid =" 56 "> SS & C is a global provider of software and investment software and services for the financial services and healthcare industries, founded in 1986, with SS & C its headquarters Windsor, Connecticut and has offices around the world. Financial and health care organizations, from the largest global institutions to local businesses, manage and report on their investments using SS & C products and services.
Follow SS & C on Twitter, LinkedIn and Facebook.
SS & C Technologies Holdings, Inc. and its subsidiaries |
||||||||
Consolidated statements of comprehensive income condensed |
||||||||
(in millions, except per share data) |
||||||||
(not verified) |
||||||||
Three months ended March 31 |
||||||||
2019 |
2018 |
|||||||
income: |
||||||||
Services enabled by software |
$ |
972.0 |
$ |
294.8 |
||||
License, maintenance and related |
165.2 |
127.1 |
||||||
Total income |
1,137.2 |
421.9 |
||||||
Cost of income: |
||||||||
Services enabled by software |
586.9 |
167.4 |
||||||
License, maintenance and related |
75.0 |
62.1 |
||||||
Total cost of revenues |
661.9 |
229.5 |
||||||
Gross profit |
475.3 |
192.4 |
||||||
Operating expenses: |
||||||||
Sales and Marketing |
87.0 |
31.2 |
||||||
Research and development |
94.8 |
38.9 |
||||||
general and administrative |
91.5 |
32.0 |
||||||
Transaction fees |
– |
3.4 |
||||||
Total operating expenses |
273.3 |
105.5 |
||||||
Operating product |
202.0 |
86.9 |
||||||
Interest expense, net |
(101.6) |
(25.3) |
||||||
Other income, net |
3.5 |
0.4 |
||||||
Loss on extinguishment of debt |
(7.1) |
– |
||||||
Income before taxes |
96.8 |
62.0 |
||||||
Provision for income taxes |
16.0 |
10.7 |
||||||
Net revenue |
$ |
80.8 |
$ |
51.3 |
||||
Basic earnings per share |
$ |
0.32 |
$ |
0.25 |
||||
Diluted earnings per share |
$ |
0.31 |
$ |
0.24 |
||||
Weighted average number of common shares outstanding |
251.5 |
207.0 |
||||||
Diluted weighted average number of common and equivalent ordinary shares outstanding |
263.7 |
217.7 |
||||||
Cash dividends declared and paid per common share |
$ |
0.10 |
$ |
0.07 |
||||
Net revenue |
80.8 |
51.3 |
||||||
Other overall result, net of taxes: |
||||||||
Foreign currency translation difference |
41.8 |
5.3 |
||||||
Total comprehensive income, net of tax |
41.8 |
5.3 |
||||||
Overall income |
$ |
122.6 |
$ |
56.6 |
SS & C Technologies Holdings, Inc. and its subsidiaries |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in millions) |
||||||||
(not verified) |
||||||||
March, 31st, |
The 31st of December, |
|||||||
2019 |
2018 |
|||||||
ASSETS |
||||||||
Active in the short term: |
||||||||
Cash and cash equivalents |
$ |
154.6 |
$ |
166.7 |
||||
Funds Receivable and Funds Held on behalf of Clients |
954.8 |
1,014.7 |
||||||
Accounts receivable, net |
686.5 |
681.7 |
||||||
Contract asset |
12.7 |
18.5 |
||||||
Expenses paid in advance and other current assets |
150.1 |
154.5 |
||||||
Taxes on income paid in advance |
12.8 |
5.6 |
||||||
Restricted species |
5.6 |
6.4 |
||||||
Total current assets |
1,977.1 |
2,048.1 |
||||||
investments |
190.5 |
190.5 |
||||||
Non-consolidated affiliates |
239.3 |
239.3 |
||||||
Net property, plant and equipment |
516.5 |
553.2 |
||||||
Assets related to the right of use of operating lease |
372.9 |
– |
||||||
Deferred taxes |
5.5 |
4.8 |
||||||
Contract asset |
33.2 |
31.5 |
||||||
Good will |
7,882.4 |
7,858.0 |
||||||
Intangible and other fixed assets, net |
5,031.9 |
5 182.1 |
||||||
Total assets |
$ |
16,249.3 |
$ |
16107.5 |
||||
LIABILITIES AND SHAREHOLDERS 'EQUITY |
||||||||
Current liabilities: |
||||||||
Slice of long-term debt |
$ |
85.8 |
$ |
87.5 |
||||
Customer's money obligations |
954.8 |
1,014.7 |
||||||
Accounts payable |
41.8 |
41.4 |
||||||
Taxes payable on income |
– |
11.1 |
||||||
Compensation and benefits payable |
153.9 |
322.0 |
||||||
Interest payable |
2.4 |
0.2 |
||||||
Other expenses to pay |
262.7 |
199.2 |
||||||
Deferred revenue |
260.7 |
245.7 |
||||||
Total current liabilities |
1,762,1 |
1,921.8 |
||||||
Long-term debt, net of current portion |
8,030.3 |
8,168.5 |
||||||
Liabilities of operating leases |
348.6 |
– |
||||||
Other long-term liabilities |
204.4 |
235.5 |
||||||
Deferred taxes |
1,170.4 |
1,201.7 |
||||||
Total responsibilities |
11,515.8 |
11,527.5 |
||||||
Total equity of shareholders |
4,733.5 |
4,580.0 |
||||||
Total liabilities and equity |
$ |
16,249.3 |
$ |
16107.5 |
SS & C Technologies Holdings, Inc. and its subsidiaries |
||||||||
Consolidated Statements of Condensed Cash Flows |
||||||||
(in millions) |
||||||||
(not verified) |
||||||||
Three months ended March 31 |
||||||||
2019 |
2018 |
|||||||
Cash flow from operating activities: |
||||||||
Net revenue |
$ |
80.8 |
$ |
51.3 |
||||
Adjustments to reconcile net income to net cash generated by operating activities: |
||||||||
Depreciation and amortization |
202.8 |
61.4 |
||||||
Net unrealized gains on investments |
(7.7) |
– |
||||||
Cash Distributions Received from Unbundled Affiliates |
0.1 |
– |
||||||
Stock-based compensation charge |
20.4 |
12.7 |
||||||
Depreciation and write-offs of original costs of loans and rebates originally granted |
4.3 |
2.6 |
||||||
Loss on sale or disposal of property, plant and equipment |
2.5 |
– |
||||||
Deferred taxes |
(29.6) |
(12.4) |
||||||
Allowance for doubtful debts |
0.6 |
– |
||||||
Changes in operating assets and liabilities excluding the effects of acquisitions: |
||||||||
Accounts receivable |
(2.9) |
(19.8) |
||||||
Expenses paid in advance and other assets |
21.9 |
– |
||||||
Contractual assets |
4.2 |
26.8 |
||||||
Accounts payable |
3.6 |
(10.6) |
||||||
Increased expenses |
(161.8) |
(54.4) |
||||||
Taxes on profits paid in advance and to be paid |
(16.6) |
19.7 |
||||||
Deferred revenue |
14.8 |
(7.4) |
||||||
Net cash provided by operating activities |
137.4 |
69.9 |
||||||
Cash flow from investing activities: |
||||||||
Additions to property, plant and equipment |
(16.3) |
(7.2) |
||||||
Cash paid for business acquisitions, net of cash acquired |
3.2 |
(0.2) |
||||||
Additions to capitalized software |
(16.4) |
(3.9) |
||||||
Revenue from recoveries of loans made |
2.6 |
– |
||||||
Revenue from sales / investment maturities |
10.8 |
– |
||||||
Net cash used in investing activities |
(16.1) |
(11.3) |
||||||
Cash flow from financing activities: |
||||||||
Cash received from loans |
2,140.0 |
45.0 |
||||||
Repayment of debt |
(2,278,4) |
(106.3) |
||||||
Net decrease in client money obligations |
(79.3) |
– |
||||||
Product of the exercise of stock options |
45.1 |
29.1 |
||||||
Source Deductions Paid Related to the Net Settlement of Shares |
(9.5) |
(2.1) |
||||||
Fees paid for extinguishing and refinancing activities |
(4.6) |
– |
||||||
Dividends paid on ordinary shares |
(25.2) |
(14.5) |
||||||
Net cash used in financing activities |
(211.9) |
(48.8) |
||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
0.7 |
0.2 |
||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
(89.9) |
10.0 |
||||||
Cash, cash equivalents and restricted cash at the beginning of the period |
1.113.3 |
64.6 |
||||||
Cash, cash equivalents and restricted cash and cash equivalents at the end of the period |
$ |
1,023.4 |
$ |
74.6 |
||||
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents: |
||||||||
Cash and cash equivalents |
$ |
154.6 |
$ |
74.1 |
||||
Restricted species and quasispecies |
5.6 |
0.5 |
||||||
Funds Receivable and Funds Held on behalf of Clients |
863.2 |
– |
||||||
$ |
1,023.4 |
$ |
74.6 |
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SS & C Technologies Holdings, Inc. and its subsidiaries
Disclosure of non-GAAP financial measures"data-reactid =" 68 ">SS & C Technologies Holdings, Inc. and its subsidiaries
Disclosure of non-GAAP financial measures
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Note 1. Reconciliation of Revenues and Adjusted Revenues"data-reactid =" 69 ">Note 1. Reconciliation of Revenues and Adjusted Revenues
Adjusted revenue represents adjusted revenue to include (a) amounts that would have been recorded if deferred revenue was not adjusted to fair value at the date of acquisition and (b) amounts that would have been accrued without adjustments to deferred revenue and retained earnings related to CSA adoption 606. Adjusted revenues are presented because we use this measure to measure the performance of our business compared to prior periods and we believe that it is a useful indicator of the underlying performance of our business. Adjusted revenue is not a recognized term under Generally Accepted Accounting Principles ("GAAP"). Adjusted products do not represent products, as defined in GAAP, and should not be considered as an alternative to products as an indicator of our operating performance. Adjusted revenues presented herein are not necessarily comparable to measures similarly presented by other companies. The following is a reconciliation of Adjusted Products to Revenue, the GAAP measure we believe is most directly comparable to Adjusted Products.
Three months ended March 31 |
||||||||||
(en millions) |
2019 |
2018 |
||||||||
Les revenus |
$ |
1 137,2 |
$ |
421,9 |
||||||
Impact de l'adoption de l'ASC 606 |
4.2 |
11.8 |
||||||||
Les ajustements de la comptabilité des achats ont un impact sur les revenus |
8.6 |
0.8 |
||||||||
Revenus ajustés |
$ |
1 150,0 |
$ |
434,5 |
Le tableau ci-dessous présente une ventilation des produits et services liés aux logiciels, des licences, de la maintenance et des produits connexes, ainsi que des services ajustés, des produits, des licences, de la maintenance et des produits, liés aux logiciels.
Trois mois terminés le 31 mars |
||||||||||
(en millions) |
2019 |
2018 |
||||||||
Services activés par logiciel |
$ |
972.0 |
$ |
294,8 |
||||||
Licence, maintenance et connexes |
165,2 |
127,1 |
||||||||
Revenus totaux |
$ |
1 137,2 |
$ |
421,9 |
||||||
Services activés par logiciel |
$ |
980,8 |
$ |
294,8 |
||||||
Licence, maintenance et connexes |
169,2 |
139,7 |
||||||||
Total des revenus ajustés |
$ |
1 150,0 |
$ |
434,5 |
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Note 2. Rapprochement du résultat opérationnel au résultat opérationnel ajusté "data-reactid =" 76 ">Note 2. Rapprochement du résultat opérationnel au résultat opérationnel ajusté
Le résultat opérationnel ajusté représente le résultat opérationnel ajusté de l'amortissement des immobilisations incorporelles, de la rémunération à base d'actions, des ajustements de la comptabilisation des achats pour les produits reportés et des coûts connexes, de l'impact de l'adoption de l'ASC 606 et d'autres charges. Le résultat opérationnel ajusté est présenté parce que nous utilisons cette mesure pour évaluer la performance de notre entreprise et pensons qu'elle constitue un indicateur utile de notre performance sous-jacente. Le résultat opérationnel ajusté n’est pas un terme reconnu en vertu des PCGR. Le résultat opérationnel ajusté ne représente pas le résultat opérationnel au sens défini par les principes comptables généralement reconnus (GAAP) et ne doit pas être considéré comme une alternative au résultat opérationnel en tant qu’indicateur de notre performance opérationnelle. Le résultat opérationnel ajusté tel qu’il est présenté ici n’est pas nécessairement comparable aux mesures intitulées de la même manière par d’autres sociétés. Nous présentons ci-après un rapprochement entre le résultat opérationnel ajusté et le résultat opérationnel, selon le référentiel comptable défini par les PCGR, comme étant le plus directement comparable au résultat opérationnel ajusté.
Trois mois terminés le 31 mars |
||||||||||
(en millions) |
2019 |
2018 |
||||||||
Produit d'exploitation |
$ |
202.0 |
$ |
86,9 |
||||||
Amortissement des immobilisations incorporelles |
170.8 |
54,6 |
||||||||
Rémunération à base d'actions |
20.4 |
12.7 |
||||||||
Ajustements de la comptabilité des achats (1) |
17,5 |
0.6 |
||||||||
Impact de l'adoption de l'ASC 606 |
4.2 |
11.9 |
||||||||
Autre (2) |
6.0 |
5.2 |
||||||||
Résultat opérationnel ajusté |
$ |
420,9 |
$ |
171,9 |
(1) |
Les ajustements selon la méthode des achats comprennent (a) un ajustement visant à augmenter les produits du montant qui aurait été comptabilisé si les produits reportés n’avaient pas été ajustés à la juste valeur à la date d’acquisition, (b) un ajustement visant à augmenter les frais de personnel et de commissions du montant qui: aurait été comptabilisé si les commissions payées d’avance et les frais de personnel reportés n’étaient pas ajustés à la juste valeur à la date des acquisitions et c) un ajustement visant à réduire l’amortissement du montant qui n’aurait pas été comptabilisé si les immobilisations corporelles n’avaient pas été comptabilisées. ajusté à la juste valeur à la date d’acquisition. |
(2) |
Le poste «Autres» comprend les charges et les produits qui peuvent être exclus du BAIIA consolidé, selon les termes de notre convention de crédit, une mesure financière utilisée dans le calcul de la conformité de nos engagements. Celles-ci comprennent les charges et les produits liés aux opérations en devises, à la restructuration des installations et des effectifs, aux règlements juridiques et aux regroupements d'entreprises. |
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Note 3. Rapprochement du résultat net et du BAIIA, du BAIIA consolidé et du BAIIA consolidé ajusté"data-reactid =" 82 ">Note 3. Rapprochement du résultat net et du BAIIA, du BAIIA consolidé et du BAIIA consolidé ajusté
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Le BAIIA représente le bénéfice net avant les intérêts débiteurs et les impôts sur les bénéfices , amortissements. & nbsp; Le BAIIA consolidé, défini dans notre convention de crédit conclue en April 2018dans sa version modifiée, & nbsp; est utilisé dans le calcul de la conformité aux clauses restrictives et est ajusté du BAIIA pour certains éléments. & nbsp; Le BAIIA consolidé est calculé en soustrayant ou en ajoutant au BAIIA les éléments de produit ou de charge décrits ci-dessous. Adjusted Consolidated EBITDA is calculated by subtracting acquired EBITDA (as defined below) from Consolidated EBITDA. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of an entity's debt capacity and its ability to service debt. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance. These measures are not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation of EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA to net income." data-reactid="83">EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Consolidated EBITDA, defined under our Credit Agreement entered into in April 2018, as amended, is used in calculating covenant compliance, and is EBITDA adjusted for certain items. Consolidated EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense described below. Adjusted Consolidated EBITDA is calculated by subtracting acquired EBITDA (as defined below) from Consolidated EBITDA. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of an entity's debt capacity and its ability to service debt. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance. These measures are not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation of EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA to net income.
Three Months Ended March 31, |
Twelve Months |
|||||||||||||
(in millions) |
2019 |
2018 |
2019 |
|||||||||||
Net income |
$ |
80.8 |
$ |
51.3 |
$ |
132.8 |
||||||||
Interest expense, net |
101.6 |
25.3 |
347.2 |
|||||||||||
Provision for income taxes |
16.0 |
10.7 |
27.2 |
|||||||||||
Depreciation and amortization |
202.8 |
61.4 |
659.9 |
|||||||||||
EBITDA |
401.2 |
148.7 |
1,167.1 |
|||||||||||
Stock-based compensation |
20.4 |
12.7 |
104.5 |
|||||||||||
Acquired EBITDA and cost savings (1) |
5.8 |
– |
287.2 |
|||||||||||
Loss on extinguishment of debt |
7.1 |
– |
50.4 |
|||||||||||
Equity in earnings of unconsolidated affiliates, net |
– |
– |
(2.1) |
|||||||||||
Purchase accounting adjustments (2) |
8.0 |
0.6 |
25.1 |
|||||||||||
ASC 606 adoption impact |
4.2 |
11.9 |
32.6 |
|||||||||||
Other (3) |
2.5 |
4.8 |
168.3 |
|||||||||||
Consolidated EBITDA |
$ |
449.2 |
$ |
178.7 |
$ |
1,833.1 |
||||||||
Less: acquired EBITDA |
(5.8) |
– |
(287.2) |
|||||||||||
Adjusted Consolidated EBITDA |
$ |
443.4 |
$ |
178.7 |
$ |
1,545.9 |
(1) |
Acquired EBITDA reflects the EBITDA impact of significant businesses that were acquired during the period as if the acquisition occurred at the beginning of the period, as well as cost savings enacted in connection with acquisitions. |
(2) |
Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition and (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions. |
(3) |
Other includes expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance. These include expenses and income related to foreign currency transactions, investment gains and losses, facilities and workforce restructuring, legal settlements, business combinations and other items. |
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share" data-reactid="88">Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share
Adjusted net income and adjusted diluted earnings per share represent net income and earnings per share before amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments and other items. We consider adjusted net income and adjusted diluted earnings per share to be important to management and investors because they represent our operational performance exclusive of the effects of amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments, loss on extinguishment of debt and other items, that are not operational in nature or comparable to those of our competitors. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP. Adjusted net income and adjusted diluted earnings per share do not represent net income or diluted earnings per share, as those terms are defined under GAAP, and should not be considered as alternatives to net income or diluted earnings per share as indicators of our operating performance. Adjusted net income and adjusted diluted earnings per share as presented herein are not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted net income and adjusted diluted earnings per share to net income and diluted earnings per share, the GAAP measures we believe to be most directly comparable to adjusted net income and adjusted diluted earnings per share.
Three Months Ended March 31, |
||||||||||
(in millions, except per share data) |
2019 |
2018 |
||||||||
GAAP – Net income |
$ |
80.8 |
$ |
51.3 |
||||||
Plus: Amortization of intangible assets |
170.8 |
54.6 |
||||||||
Plus: Amortization of deferred financing costs and original issue discount |
4.3 |
2.6 |
||||||||
Plus: Stock-based compensation |
20.4 |
12.7 |
||||||||
Plus: Loss on extinguishment of debt |
7.1 |
– |
||||||||
Plus: Purchase accounting adjustments (1) |
17.5 |
0.6 |
||||||||
Plus: ASC 606 adoption impact |
4.2 |
11.9 |
||||||||
Plus: Other (2) |
2.5 |
4.8 |
||||||||
Income tax effect (3) |
(68.2) |
(23.7) |
||||||||
Adjusted net income |
$ |
239.4 |
$ |
114.8 |
||||||
Adjusted diluted earnings per share |
$ |
0.91 |
$ |
0.53 |
||||||
GAAP diluted earnings per share |
$ |
0.31 |
$ |
0.24 |
||||||
Diluted weighted-average shares outstanding |
263.7 |
217.7 |
(1) |
Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition, (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition. |
(2) |
Other includes expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance. These include expenses and income related to foreign currency transactions, investment gains and losses, facilities and workforce restructuring, legal settlements, business combinations and other items. |
(3) |
An estimated normalized effective tax rate of approximately 26% for the three months ended March 31, 2019 and 23% for the three months ended March 31, 2018, respectively, has been used to adjust the provision for income taxes for the purpose of computing adjusted net income. |
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