SS&C Technologies Reports Record Revenue for Q2 2017

Q2 GAAP revenue $411.0 million, up 10.2 percent, Fully Diluted GAAP Earnings Per Share $0.24, up 71.4 percent

Adjusted revenue $414.1 million, up 7.7 percent, Adjusted Diluted Earnings Per Share $0.46, up 17.9 percent

WINDSOR, Conn., July 27, 2017 /CNW/ -- SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment and financial software-enabled services and software, today announced its financial results for the second quarter ended June 30, 2017. 

GAAP Results

SS&C reported GAAP revenue of $411.0 million for the second quarter of 2017, up 10.2 percent compared to $373.1 million in the second quarter of 2016. GAAP operating income for the second quarter of 2017 was $90.0 million, or 21.9 percent of GAAP revenue compared to $66.0 million, or 17.7 percent of GAAP revenue in 2016's second quarter, representing a 36.3 percent increase.  

GAAP net income for the second quarter of 2017 was $51.2 million, up 81.3 percent compared to $28.2 million in 2016's second quarter. On a fully diluted GAAP basis, earnings per share in the second quarter of 2017 were $0.24 per share, up 71.4 percent compared to $0.14 per share on a fully diluted GAAP basis in the second quarter of 2016.

Adjusted Non-GAAP Results (defined in Notes 1-4 below)

Adjusted revenue was $414.1 million for the second quarter of 2017, up 7.7 percent compared to $384.4 million in the second quarter of 2016. Adjusted operating income for the second quarter of 2017 was $157.3 million, or 38.0 percent of adjusted revenue compared to $140.5 million, or 36.6 percent of adjusted revenue in 2016's second quarter, representing a 12.0 percent increase.

Adjusted net income for the second quarter of 2017 was $96.2 million, up 21.1 percent compared to $79.4 million in 2016's second quarter. Adjusted diluted earnings per share in the second quarter of 2017 were $0.46 per share, up 17.9 percent compared to $0.39 per share in the second quarter of 2016.

Highlights:

  • SS&C adjusted revenue for Q2 2017 was $414.1 million, up 7.7 percent from Q2 2016 adjusted revenue of $384.4 million.
  • Adjusted diluted earnings per share were $0.46 for Q2 2017, increasing 17.9 percent from Q2 2016's $0.39 adjusted diluted earnings per share.
  • For the first six months of 2017, net cash provided by operating activities was $193.8 million, an increase of 39.1 percent.
  • SS&C paid off $208.4 million of debt for the first six months of 2017, bringing our net debt to consolidated EBITDA leverage ratio to 3.45x.

"Q2 2017 marks our 21st straight quarter of revenue growth, growing adjusted revenue 7.7 percent, and, in the first six months we generated $193.8 million in cash flow up 39.1 percent," says Bill Stone, Chairman and Chief Executive Officer of SS&C Technologies. "SS&C's continuous investment in our 8,200 strong workforce and a relentless focus on customer service, delivers a superior customer experience.  We have become one of the world's largest financial technology companies and our investments have strengthened our competitive advantage. We have been honored to receive numerous industry awards for technology and service over the past several years, and this quarter SS&C was named to Forbes' America's Best Midsized Employers.

Looking forward we will continue to explore opportunities to reinvent the way we capture, process and deliver investment information.  The various consumers of our output rely on us to stay abreast of new financial instruments, tax and financial reporting requirements, and changing investment strategies.  SS&C's clients understand our commitment and, during Q2 we spent over $39 million in research and development."

Annual Run Rate Basis

Annual Run Rate Basis (ARRB) recurring revenue, defined as adjusted recurring revenue on an annualized basis, was $1,549.7 million based on adjusted recurring revenue $387.4 million for the second quarter of 2017. This represents an increase of 8.8 percent from $356.1 million and $1,424.3 million run-rate in the same period in 2016 and an increase of 0.1 percent from $387.2 million for the first quarter of 2017, an annual run rate of $1,548.9 million. We believe ARRB of our recurring revenue is a good indicator of visibility into future revenue.

Operating Cash Flow

SS&C generated net cash from operating activities of $193.8 million for the six months ended June 30, 2017, compared to $139.3 million for the same period in 2016, representing a 39.1 percent increase.  SS&C ended the quarter with $90.4 million in cash and cash equivalents and $2,351.2 million in gross debt, for a net debt balance of $2,260.8 million.  SS&C's leverage ratio as defined in our credit agreement stood at 3.45 times consolidated EBITDA as of June 30, 2017.

Guidance




Q3 2017


FY 2017



Adjusted Revenue ($M)


$420.0 – $428.0


$1,669.0 – $1,689.0



Adjusted Net Income ($M)


$103.5 – $108.0


$403.0 – $413.0



Cash from Operating Activities ($M)



$485.0  – $500.0



Capital Expenditures (% of revenue)



2.8% – 3.2%



Diluted Shares (M)


212.4 – 213.0


211.3 – 212.1



Effective Income Tax Rate (%)


28%


28%









SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K.  SS&C is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition transactions and integration, foreign exchange rate changes, as well as other non-cash and other adjustments as defined under the Company's Credit agreement, that are difficult to predict in advance in order to include in a GAAP estimate.

Non-GAAP Financial Measures

Adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See the accompanying notes to the attached Condensed Consolidated Financial Information for the reconciliations and definitions for each of these non-GAAP measures and the reasons our management believes these measures provide useful information to investors regarding our financial condition and results of operations.

Earnings Call and Press Release

SS&C's Q2 2017 earnings call will take place at 5:00 p.m. eastern time today, July 27, 2017. The call will discuss Q2 2017 results and our guidance and business outlook. Interested parties may dial 877-312-8798 (US and Canada) or 253-237-1193 (International), and request the "SS&C Technologies Second Quarter 2017 Conference Call"; conference ID #3714534. A replay will be available after 8:00 p.m. eastern time on July 27, 2017, until midnight on August 3, 2017. The dial-in number is 855-859-2056 (US and Canada) or 404-537-3406 (International); access code #3714534. The call will also be available for replay on SS&C's website after July 27, 2017; access: http://investor.ssctech.com/results.cfm.

Certain information contained in this press release relating to, among other things, our financial guidance for the third quarter and full year of 2017 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "estimates", "projects", "forecasts", "may", "assume", "anticipates", "intend", "will", "continue", "opportunity", "predict", "potential", "future", "guarantee", "likely", "target", "indicate", "would", "could" and "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management's best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the state of the economy and the financial services industry, the Company's ability to finalize large client contracts, fluctuations in customer demand for the Company's products and services, intensity of competition from application vendors, delays in product development, the Company's ability to control expenses, terrorist activities, exposure to litigation, the Company's ability to integrate acquired businesses, the effect of the acquisitions on customer demand for the Company's products and services, the market price of the Company's stock prevailing from time to time, the Company's cash flow from operations, general economic conditions, and those risks discussed in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission and can also be accessed on our website. The Company cautions investors that it may not update any or all of the foregoing forward-looking statements.

About SS&C Technologies

SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 11,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $44 trillion in assets.

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SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)




Three Months Ended June 30,



Six Months Ended June 30,




2017



2016



2017



2016


Revenues:

















Software-enabled services


$

272,518



$

244,672



$

548,970



$

450,319


Maintenance and term licenses



113,614




103,392




224,171




198,512


Total recurring revenues



386,132




348,064




773,141




648,831


Perpetual licenses



3,822




5,039




6,650




10,254


Professional services



21,026




19,974




38,888




38,123


Total non-recurring revenues



24,848




25,013




45,538




48,377


Total revenues



410,980




373,077




818,679




697,208


Cost of revenues:

















Software-enabled services



158,888




146,243




312,894




259,971


Maintenance and term licenses



47,280




46,460




94,265




93,406


Total recurring cost of revenues



206,168




192,703




407,159




353,377


Perpetual licenses



650




643




1,215




1,141


Professional services



16,874




17,133




32,777




32,645


Total non-recurring cost of revenues



17,524




17,776




33,992




33,786


Total cost of revenues



223,692




210,479




441,151




387,163


Gross profit



187,288




162,598




377,528




310,045


Operating expenses:

















Selling and marketing



30,121




28,535




60,363




58,396


Research and development



39,079




40,827




77,528




77,274


General and administrative



28,103




27,199




59,935




57,894


Total operating expenses



97,303




96,561




197,826




193,564


Operating income



89,985




66,037




179,702




116,481


Interest expense, net



(26,295)




(32,846)




(55,315)




(65,935)


Other (expense) income, net



(1,197)




12




(1,268)




(1,835)


Loss on extinguishment of debt









(2,326)





Income before income taxes



62,493




33,203




120,793




48,711


Provision for income taxes



11,342




4,982




21,495




13,485


Net income


$

51,151



$

28,221



$

99,298



$

35,226



















Basic earnings per share


$

0.25



$

0.14



$

0.49



$

0.18


Diluted earnings per share


$

0.24



$

0.14



$

0.47



$

0.17



















Basic weighted average number of common shares outstanding



204,550




198,765




203,966




198,143


Diluted weighted average number of common and common equivalent shares outstanding



211,299




204,916




210,478




204,596



















Cash dividends declared and paid per common share


$

0.0625



$

0.0625



$

0.1250



$

0.1250



















Net income


$

51,151



$

28,221



$

99,298



$

35,226


Other comprehensive income (loss), net of tax:

















Foreign currency exchange translation adjustment



20,966




(26,793)




31,745




(17,472)


Total comprehensive income (loss), net of tax



20,966




(26,793)




31,745




(17,472)


Comprehensive income


$

72,117



$

1,428



$

131,043



$

17,754



See Notes to Condensed Consolidated Financial Information.

 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)




June 30,



December 31,




2017



2016


ASSETS









Current assets:









Cash and cash equivalents


$

90,370



$

117,558


Accounts receivable, net



235,811




241,307


Prepaid expenses and other current assets



32,875




31,119


Prepaid income taxes



18,032




23,012


Restricted cash



1,880




2,116


Total current assets



378,968




415,112


Property, plant and equipment, net



100,908




80,395


Deferred income taxes



2,136




2,410


Goodwill



3,676,586




3,652,733


Intangible and other assets, net



1,459,803




1,556,321


Total assets


$

5,618,401



$

5,706,971


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Current portion of long-term debt


$

37,183



$

126,144


Accounts payable



32,668




16,490


Income taxes payable






3,473


Accrued employee compensation and benefits



60,846




104,118


Interest payable



16,156




21,470


Other accrued expenses



43,044




53,708


Deferred revenue



234,077




235,222


Total current liabilities



423,974




560,625


Long-term debt, net of current portion



2,261,791




2,374,986


Other long-term liabilities



81,770




59,227


Deferred income taxes



432,688




453,555


Total liabilities



3,200,223




3,448,393


Total stockholders' equity



2,418,178




2,258,578


Total liabilities and stockholders' equity


$

5,618,401



$

5,706,971



See Notes to Condensed Consolidated Financial Information.

 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)




Six Months Ended June 30,




2017



2016


Cash flow from operating activities:









Net income


$

99,298



$

35,226


Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation and amortization



117,213




113,440


Stock-based compensation expense



21,278




27,913


Income tax benefit related to exercise of stock options






(23,760)


Amortization and write-offs of loan origination costs



5,281




5,312


Loss on extinguishment of debt



963





Loss on sale or disposition of property and equipment



12




150


Deferred income taxes



(14,970)




(24,056)


Provision for doubtful accounts



3,218




1,257


Changes in operating assets and liabilities, excluding effects from acquisitions:









Accounts receivable



3,411




(13,458)


Prepaid expenses and other assets



(1,326)




(1,516)


Accounts payable



14,895




7,870


Accrued expenses



(54,543)




(25,851)


Income taxes prepaid and payable



2,562




23,757


Deferred revenue



(3,471)




13,052


Net cash provided by operating activities



193,821




139,336


Cash flow from investing activities:









Additions to property and equipment



(19,368)




(13,593)


Proceeds from sale of property and equipment



1




43


Cash paid for business acquisitions, net of cash acquired



1,805




(317,554)


Additions to capitalized software



(5,636)




(3,306)


Purchase of long-term investment






(1,000)


Net cash used in investing activities



(23,198)




(335,410)


Cash flow from financing activities:









Cash received from debt borrowings



45,000





Repayments of debt



(253,400)




(155,325)


Proceeds from exercise of stock options



35,855




19,212


Withholding taxes related to equity award net share settlement



(3,057)




(4,615)


Income tax benefit related to exercise of stock options






23,760


Purchase of common stock for treasury






(11)


Payment of fees related to refinancing activities






(222)


Dividends paid on common stock



(25,521)




(24,790)


Net cash used in financing activities



(201,123)




(141,991)


Effect of exchange rate changes on cash, cash equivalents and restricted cash



3,076




(872)


Net decrease in cash, cash equivalents and restricted cash



(27,424)




(338,937)


Cash, cash equivalents and restricted cash, beginning of period



119,674




436,977


Cash, cash equivalents and restricted cash, end of period


$

92,250



$

98,040



See Notes to Condensed Consolidated Financial Information.

 

SS&C Technologies Holdings, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Information

Note 1. Reconciliation of Revenues to Adjusted Revenues

Adjusted revenues represents revenues adjusted for one-time purchase accounting adjustments to fair value deferred revenue acquired in business combinations. Adjusted revenues are presented because we use this measure to evaluate performance of our business against prior periods and believe it is a useful indicator of the underlying performance of the Company. Adjusted revenues are not a recognized term under generally accepted accounting principles (GAAP). Adjusted revenues does not represent revenues, as that term is defined under GAAP, and should not be considered as an alternative to revenues as an indicator of our operating performance. Adjusted revenues as presented herein is not necessarily comparable to similarly titled measures. Below is a reconciliation between adjusted revenues and revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues. 

 



Three Months Ended June 30,



Six Months Ended June 30,


(in thousands)


2017



2016



2017



2016


Revenues


$

410,980



$

373,077



$

818,679



$

697,208


Purchase accounting adjustments to deferred revenue



3,107




11,335




4,927




30,318


Adjusted revenues


$

414,087



$

384,412



$

823,606



$

727,526


 

The following is a breakdown of recurring and non-recurring revenues and adjusted recurring and non-recurring revenues.

 



Three Months Ended June 30,



Six Months Ended June 30,


(in thousands)


2017



2016



2017



2016


Software-enabled services


$

272,518



$

244,672



$

548,970



$

450,319


Maintenance and term licenses



113,614




103,392




224,171




198,512


Total recurring revenues



386,132




348,064




773,141




648,831


Perpetual licenses



3,822




5,039




6,650




10,254


Professional services



21,026




19,974




38,888




38,123


Total non-recurring revenues



24,848




25,013




45,538




48,377


Total revenues


$

410,980



$

373,077



$

818,679



$

697,208



















Software-enabled services


$

272,518



$

244,763



$

548,970



$

450,549


Maintenance and term licenses



114,916




111,324




225,679




221,274


Total adjusted recurring revenues



387,434




356,087




774,649




671,823


Perpetual licenses



3,822




5,039




6,650




10,254


Professional services



22,831




23,286




42,307




45,449


Total adjusted non-recurring revenues



26,653




28,325




48,957




55,703


Total adjusted revenues


$

414,087



$

384,412



$

823,606



$

727,526


 

Note 2. Reconciliation of Operating Income to Adjusted Operating Income

Adjusted operating income represents operating income adjusted for amortization of intangible assets, stock-based compensation, purchase accounting adjustments for deferred revenue and related costs and other expenses. Adjusted operating income is presented because we use this measure to evaluate performance of our business and believe it is a useful indicator of the underlying performance of the Company.  Adjusted operating income is not a recognized term under GAAP.  Adjusted operating income does not represent operating income, as that term is defined under GAAP, and should not be considered as an alternative to operating income as an indicator of our operating performance. Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures.  The following is a reconciliation between adjusted operating income and operating income, the GAAP measure we believe to be most directly comparable to adjusted operating income.

 



Three Months Ended June 30,



Six Months Ended June 30,


(in thousands)


2017



2016



2017



2016


Operating income


$

89,985



$

66,037



$

179,702



$

116,481


Amortization of intangible assets



52,742




51,995




105,150




101,675


Stock-based compensation



10,378




12,566




21,278




27,913


Capital-based taxes



375







750




472


Purchase accounting adjustments (1)



2,653




8,630




3,005




24,258


Other (2)



1,212




1,301




2,896




4,919


Adjusted operating income


$

157,345



$

140,529



$

312,781



$

275,718


 

(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 acquisitions 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.

(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 currency transactions, facilities and workforce restructuring, legal settlements and business combinations, among other infrequently occurring transactions.

 

Note 3. Reconciliation of Net Income to EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA

EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Consolidated EBITDA, defined under our Credit Agreement entered into in July 2015, 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 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. The following is a reconciliation of EBITDA, consolidated EBITDA and adjusted consolidated EBITDA to net income.

 



Three Months Ended
June 30,



Six Months Ended
June 30,



Twelve
Months Ended
June 30,


(in thousands)


2017



2016



2017



2016



2017


Net income


$

51,151



$

28,221



$

99,298



$

35,226



$

195,068


Interest expense, net



26,295




32,846




55,315




65,935




117,834


Provision for income tax



11,342




4,982




21,495




13,485




40,630


Depreciation and amortization



58,656




58,167




117,213




113,440




232,456


EBITDA



147,444




124,216




293,321




228,086




585,988


Stock-based compensation



10,378




12,566




21,278




27,913




43,929


Capital-based taxes



375







750




472




1,760


Acquired EBITDA and cost savings (1)



81




1,046




889




5,814




6,274


Non-cash portion of straight-line rent expense



478




769




546




1,553




1,191


Loss on extinguishment of debt









2,326







2,326


Purchase accounting adjustments (2)



2,653




8,630




3,005




24,258




10,366


Other (3)



2,409




1,289




4,164




6,754




3,301


Consolidated EBITDA


$

163,818



$

148,516



$

326,279



$

294,850



$

655,135


Less:  acquired EBITDA



(81)




(1,046)




(889)




(5,814)




(6,274)


Adjusted Consolidated EBITDA


$

163,737



$

147,470



$

325,390



$

289,036



$

648,861




(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 acquisitions 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 currency transactions, facilities and workforce restructuring, legal settlements and business combinations, among other infrequently occurring transactions.

 

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, capital-based taxes and other unusual and non-recurring items. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP, 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 are 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, capital-based taxes, other unusual and non-recurring items, purchase accounting adjustments, and loss on extinguishment of debt that are not operational in nature or comparable to those of our competitors. The following is a reconciliation between adjusted net income and adjusted diluted earnings per share and net income and diluted earnings per share.

 



Three Months Ended June 30,



Six Months Ended June 30,


(in thousands, except per share data)


2017



2016



2017



2016


GAAP – Net income


$

51,151



$

28,221



$

99,298



$

35,226


Plus: Amortization of intangible assets



52,742




51,995




105,150




101,675


Plus: Amortization of deferred financing costs and original issue discount



2,625




2,659




5,281




5,312


Plus: Stock-based compensation



10,378




12,566




21,278




27,913


Plus: Capital-based taxes



375







750




472


Plus: Loss on extinguishment of debt









2,326





Plus: Purchase accounting adjustments (1)



2,653




8,630




3,005




24,258


Plus: Other (2)



2,409




1,289




4,164




6,754


Income tax effect (3)



(26,087)




(25,914)




(52,074)




(46,742)


Adjusted net income


$

96,246



$

79,446



$

189,178



$

154,868


Adjusted diluted earnings per share


$

0.46



$

0.39



$

0.90



$

0.76


GAAP diluted earnings per share


$

0.24



$

0.14



$

0.47



$

0.17


Diluted weighted-average shares outstanding



211,299




204,916




210,478




204,596




(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 acquisitions 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.

(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 currency transactions, facilities and workforce restructuring, legal settlements and business combinations, among other infrequently occurring transactions.

(3)

An estimated normalized effective tax rate of 28% has been used to adjust the provision for income taxes for the purpose of computing adjusted net income.

 

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SOURCE SS&C

For further information: Patrick Pedonti, Chief Financial Officer, Tel: +1-860-298-4738, E-mail: InvestorRelations@sscinc.com, or Justine Stone, Investor Relations, Tel: +1-212-367-4705, E-mail: InvestorRelations@sscinc.com, http://www.ssctech.com


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