Ss&c Technologies Holdings, Inc. · NASDAQ:SSNC
Ss&c Technologies — Q1 2022 Earnings Presentation
22 slides from Ss&c Technologies's earnings presentation, Apr 28, 2022
Slide 1: SS&C Technologies Q1 2022 Earnings Results
SS&C Technologies (NASDAQ:SSNC) Q1 2022 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 2022 Highlights
Q1 2022 organic growth was 4.3%, with strong performance from our Alternatives, Intralinks, and Advent business units. Q1 2022 Organic Growth excluding Healthcare was 5.9%. SS&C generated net cash from operating activities of $183.5 million for the three months ended March 31, 2022. Repurchased 2.3
Slide 4: SS&C + Blue Prism
SS&C + Blue Prism Blue Prism Revenue Growth We expect Blue Prism to maintain their historical revenue growth levels of 15-20% per year We will cross sell SS&C Blue Prism products and solutions to the broader SS&C customer base of 20,000 clients. Our combined portfolio addresses a broad cross section
Slide 5: Q1 2022 financial highlights
Q1 2022 financial highlights Metric Q1 2022 Q1 2021 $ +/- % +/- Adjusted Revenues ($M) $1,296.2 $1,235.4 $60.8 4.9% Adjusted Operating Income attributable to SS&C ($M) $498.7 $475.8 $22.9 4.8% Adjusted Consolidated EBITDA attributable to SS&C ($M) $514.9 $491.9 $23.0 4.7% Adjusted Consolidated EBITD
Slide 6: Debt review and capital allocation
Operating cash flow was $183.5 M for the three months ended March 31, 2022 Debt Raised $1,530 M in debt in March 2022 to fund the Blue Prism Acquisition, interest rate on new debt is SOFR + 2.25% with a 50bps SOFR floor. Net leverage ratio is 3.48x, secured net leverage ratio is 2.51x LTM consolidat
Slide 7: Consistent Leverage Reduction
Consistent Leverage Reduction Our covenant requirement is 6.25x net secured leverage as per our debt agreement Plan to reduce leverage to 3.0x by end of 2022
Slide 8: Organic Growth Calculations
Organic Growth Calculations 2022 Q1 2022 Total Adjusted Revenues ($M) 1,296.2 Fx ($M) 8.7 Acquisitions ($M) (17.4) Organic Revenues ($M) 1,287.5 Adjustments ($M) 0.9 Adjusted Organic Revenues ($M) 1,288.4 Organic Revenue Growth Rate (%) 4.3%
Slide 9: Adjusted Organic Growth by Business
Adjusted Organic Growth by Business Business 2021 Revenue Base Q1 2022 Growth Alternatives $1.1 B 10.7% Private markets growth was >18%, Hedge Fund growth was high single digits Advent $540 M 10.4% Black Diamond grew 19% DST Financial Services $1.8 B 0.9% Retirement grew 4%, GIDS was down 1.8% I&IM
Slide 10: Adjusted revenue and margins
Adjusted revenue and margins Adjusted revenue ($M) Adjusted consolidated EBITDA margin (%) Note: See appendix for reconciliation of non-GAAP financial measures
Slide 11: 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
Slide 12: 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 ($M) Adjusted diluted EPS attributable to SS&C Note: See appendix for reconciliation of non-GAAP financial measures
Slide 13: Alternative Assets under Administration ($B)
Alternative Assets under Administration ($B)
Slide 14: 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 15: Appendix: Disclosures relating to non-GAAP financial measures
Appendix Disclosures relating to non-GAAP financial measures
Slide 16: 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 atthe date of acquistion and b) amounts that would have been recognized if not for adjustments to d
Slide 17: 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 Intanable assets, stock-based compensation, purchase accounting adjustments for deferred ‘avenue and related costs, ASC 606 adoption impact and other ex
Slide 18: 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, deprecation and amortization. Consolidated EBITDA, defined under our Creat Agreement entered into in April 2018, as amended, i used in calc
Slide 19: Reconciliation of net income to EBITDA, consolidated EBITDA and adjusted consolidated EBITDA
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 20: Reconciliation of net income to adjusted net income attributable to SS&C
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 SRC represent net income and earnings per share attributabl
Slide 21: 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
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