Ss&c Technologies Holdings, Inc. · NASDAQ:SSNC
Ss&c Technologies — Q1 2023 Earnings Presentation
20 slides from Ss&c Technologies's earnings presentation, Apr 27, 2023
Slide 1: SS&C Technologies Q1 2023 Earnings Results
SS&C Technologies (NASDAQ:SSNC) Q1 2023 Earnings Results
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements, as defined by federal and state securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans,
Slide 3: Q1 2023 Highlights
Q1 2023 GAAP and Adjusted Revenue Growth was 5.2 percent. SS&C generated net cash from operating activities of $254.8 million for the three months ended March 31, 2023, up 38.9 percent over the same period 2022. Q1 2023 we bought back 2.3 million shares for $134.7 million, at an average price of $59
Slide 4: Q1 2023 financial highlights
Q1 2023 financial highlights Metric Q1 2023 Q1 2022 $ +/- % +/- Adjusted Revenues ($M) $1,363.4 $1,296.2 $67.2 5.2% Adjusted Operating Income attributable to SS&C ($M) $493.0 $498.7 ($5.7) (1.1%) Adjusted Consolidated EBITDA attributable to SS&C ($M) $509.0 $514.9 ($5.9) (1.1%) Adjusted Consolidated
Slide 5: Debt review and capital allocation
Operating cash flow was $254.8 million for the three months ended March 31, 2023, up 38.9% over the same period 2022. Debt Net leverage ratio is 3.38x, secured net leverage ratio is 2.39x LTM consolidated EBITDA attributable to SS&C of $2,005.3 million. Paid down $44.6 million in debt in Q1 2023. Sh
Slide 6: Organic Growth Calculations
Organic Growth Calculations 2023 Q1 2023 Total Adjusted Revenues ($M) 1,363.4 Fx ($M) 19.9 Acquisitions ($M) (64.0) Organic Revenues ($M) 1,319.3 Adjustments ($M) 1.4 Adjusted Organic Revenues ($M) 1,320.7 Organic Revenue Growth Rate (%) 1.9%
Slide 7: Adjusted Organic Growth by Business
Adjusted Organic Growth by Business Business 2022 Revenue Base Q1 2023 Alternatives $1.25 B 6.6% Private Markets grew over 20% Advent $575 M (5.2%) Tough comp on a big license renewal in Q1 2022 GIDS $1.1 B 3.6% Retirement $170 M 8.3% I&IM $285 M 9.7% Healthcare $300 M (8.2%) Eze/Financial Markets $
Slide 8: Adjusted revenue and margins
Adjusted revenue and margins Adjusted revenue ($M) Adjusted consolidated EBITDA margin (%) Note: See appendix for reconciliation of non-GAAP financial measures
Slide 9: Revenue retention rates
Quarterly retention rate is based on a rolling prior twelve months. Yearly retention is the average of four quarters. Acquisitions are not included in retention rate calculation until one year post-acquisition. Revenue retention rates Note: Retention rates calculated for financial services businesse
Slide 10: Adjusted net income and adjusted diluted EPS attributable to SS&C
Adjusted net income and adjusted diluted EPS attributable to SS&C Adjusted net income attributable to SS&C ($M) Adjusted diluted EPS attributable to SS&C Note: See appendix for reconciliation of non-GAAP financial measures
Slide 11: Alternative Assets under Administration ($B)
Alternative Assets under Administration ($B)
Slide 12: Guidance
Guidance 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 cert
Slide 13: Appendix: Disclosures relating to non-GAAP financial measures
Appendix Disclosures relating to non-GAAP financial measures
Slide 14: Reconciliation of revenues to adjusted revenues
Reconciliation of revenues to adjusted revenues Adjusted revenues represents revenues adjusted to include a) amounts that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition and b) amounts that would have been recognized if not for adjustments to
Slide 15: Reconciliation of operating income to adjusted operating income
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, ASC 606 adoption impact and other ex
Slide 16: Reconciliation of net income to EBITDA, consolidated EBITDA and adjusted consolidated EBITDA
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 April 2018, as amended, is used in c
Slide 17: Reconciliation of net income to EBITDA (continued)
Reconciliation of net income to EBITDA, consolidated EBITDA and adjusted consolidated EBITDA 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 con
Slide 18: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income attributable to SS&C and diluted earnings per share to adjusted diluted earnings per share attributable to SS&C Adjusted net income and adjusted diluted earnings per share attributable to SS&C represent net income and earnings per share attributabl
Slide 19: Reconciliation of net income to adjusted net income and diluted EPS
Reconciliation of net income to adjusted net income and diluted earnings per share to adjusted diluted earnings per share 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 a
Slide 20: Smart People. Superb Technology
SMART PEOPLE SUPERB TECHNOLOGY
SS&C Technologies Holdings — Q1 2023 Earnings Presentation on 6ix