Ss&c Technologies Holdings, Inc. · NASDAQ:SSNC
Ss&c Technologies — Q4 2021 Earnings Presentation
21 slides from Ss&c Technologies's earnings presentation, Feb 10, 2022
Slide 1: SS&C Technologies Q4 and FY 2021 Earnings Results
SS&C Technologies (NASDAQ:SSNC) Q4 and FY 2021 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: Q4 2021 Highlights
SS&C generated net cash from operating activities of $1,429.0 million for the twelve months ended December 31, 2021. We paid down $519.9 million in debt in 2021 to bring our consolidated net leverage ratio and net secured leverage ratio to 2.69x and 1.72x consolidated EBITDA attributable to SS&C, re
Slide 4: Q4 2021 financial highlights
Q4 2021 financial highlights Metric Q4 2021 Q4 2020 $ +/- % +/- Adjusted Revenues ($M) $1,296.2 $1,206.1 $90.1 7.5% Adjusted Operating Income attributable to SS&C ($M) $507.5 $458.8 $48.7 10.6% Adjusted Consolidated EBITDA attributable to SS&C ($M) $522.9 $475.8 $47.1 9.9% Adjusted Consolidated EBIT
Slide 5: Debt review and capital allocation
Operating cash flow was $1,429.0 M for the twelve months ended December 31, 2021 Debt Paid down $519.9 M in debt in 2021 Net leverage ratio is 2.69x, secured net leverage ratio is 1.72x LTM consolidated EBITDA attributable to SS&C of $2,066.1 M Shareholder Returns Increased our quarterly common stoc
Slide 6: Consistent Leverage Reduction
Consistent Leverage Reduction Reduced our consolidated net leverage ratio by 1.05x since Q1 2020 Our covenant requirement is 6.25x net secured leverage as per our debt agreement
Slide 7: Organic Growth Calculations 2021
Organic Growth Calculations 2021 1Adjustments include $3.8 M for out-of-pocket expense reimbursements, and $7.3 M for DST clients that terminated pre-acquisition. 2Adjustments include $5.6 M for DST clients that terminated pre-acquisition. 3Adjustments include $5.1 M for DST clients that terminated
Slide 8: Adjusted Organic Growth by Business
Adjusted Organic Growth by Business Business 2021 Revenue Q4 2021 FY 2021 Alternatives $1.1 B 12.9% 11.5% Software Businesses $1.0 B 6.3% 4.9% Advent growth was >10% for Q4 2021 and the year DST Financial Services $1.8 B 2.3% 2.6% Healthcare $370 M 0.6% 5.4% Eze $275 M 3.0% (0.7%) Tough comps from 2
Slide 9: Adjusted revenue and margins
Adjusted revenue and margins Note: See appendix for reconciliation of non-GAAP financial measures
Slide 10: Revenue retention rates
Quarterly retention rate is based on a rolling prior twelve months. Yearly retention is the average of four quarters. Acquisitions are not included in retention rate calculation until one year post-acquisition. Revenue retention rates
Slide 11: Adjusted net income and adjusted diluted EPS attributable to SS&C
Adjusted net income and adjusted diluted EPS attributable to SS&C Adjusted net income attributable to SS&C ($M) Adjusted diluted EPS attributable to SS&C Note: See appendix for reconciliation of non-GAAP financial measures
Slide 12: Alternative Assets under Administration ($B)
Alternative Assets under Administration ($B)
Slide 13: 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 14: Appendix: Disclosures relating to non-GAAP financial measures
Appendix Disclosures relating to non-GAAP financial measures
Slide 15: 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 16: 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 17: 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 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 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 19: Reconciliation of net income to adjusted net income and 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 20: 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 21: Slide 21
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