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TMCNet:  SS&C Technologies Reports Record Fourth Quarter and 2012 Results

[February 14, 2013]

SS&C Technologies Reports Record Fourth Quarter and 2012 Results

(GlobeNewswire - Canada Via Acquire Media NewsEdge) WINDSOR, Conn., Feb. 14, 2013 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2012.


Financial Highlights: Revenue increased 79.5% to $171.8 million in fourth quarter 2012 and 48.8% to $551.8 million for the full year 2012.GAAP net income increased 21.3% to $16.1 million in fourth quarter 2012 and diluted EPS for fourth quarter 2012 rose 18.8% to $0.19.Adjusted net income grew 49.8% to $35.0 million for fourth quarter 2012 and adjusted diluted EPS (defined below) rose 44.8% to $0.42 in the same period. Adjusted consolidated EBITDA (defined below) increased 77.2% to $70.1 million in fourth quarter 2012. For full year 2012, adjusted consolidated EBITDA increased 45.8% to $220.5 million.SS&C's Annual Run Rate Basis (ARRB) recurring revenue, defined as the addition of maintenance and software-enabled services revenue, was $157.2 million for the fourth quarter of 2012, an annual run-rate of $628.7 million. This represents an increase of 88.7% from $83.3 million and $333.2 million run-rate for the same period in 2011.

"We are pleased with the progress we have made integrating our GlobeOp and PORTIA acquisitions. Our technological capabilities combined with our global operations and accounting expertise is proving to be a winner," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "Our innovative cloud-based services continue to be a strategic focus. We are well into our fourth release of our portals and mobility apps and we have begun to roll out a new analytics solution. The power of this solution is its ability to gather accounting and operational information our clients need to make the best possible decision on their data – every time, in real-time. We are branding these integrated capabilities SS&C Investment Intelligence. We believe SS&C Investment Intelligence complements the investment process and leverages our client's investment intelligence. SS&C's independence, transparency and focus are driving larger opportunities and leading to increased revenues and profit margins. Further we have reduced our leverage from 4.2x at the close of our GlobeOp acquisition to 3.7x at the end of December." Results SS&C reported GAAP revenue of $171.8 million for the fourth quarter of 2012, up 79.5 percent compared to $95.7 million in the fourth quarter of 2011. Revenue for the year ended December 31, 2012 was $551.8 million, up 48.8 percent over $370.8 million in 2011. GAAP operating income for the fourth quarter of 2012 was $42.8 million, up 80.6 percent from $23.7 million in 2011's fourth quarter. GAAP operating income for the year ended December 31, 2012 was $123.2 million, up 31.4 percent from $93.8 million for 2011.

GAAP net income for the fourth quarter of 2012 was $16.1 million compared to net income of $13.3 million in the fourth quarter of 2011, an increase of 21.3 percent. GAAP net income for the year ended December 31, 2012 was $45.8 million, or 8.3 percent of revenue, compared to $51.0 million, or 13.8 percent of revenue, in 2011. On a fully diluted GAAP basis, earnings per share in the fourth quarter of 2012 was $0.19 compared to fully diluted GAAP earnings per share of $0.16 in the fourth quarter of 2011, an increase of 18.8 percent. On a fully diluted basis, GAAP earnings per share for the year ended December 31, 2012, was $0.55, a 12.7 percent decrease over 2011's $0.63 per share.

Adjusted revenue (a non-GAAP measure defined in note 1 to the attached Condensed Consolidated Financial Information) in the fourth quarter of 2012 was $172.0 million, up 79.8 percent compared to $95.7 million in the fourth quarter of 2011. Adjusted revenue for the year ended December 31, 2012 was $552.9 million, up 49.1 percent over $370.9 million for 2011. Adjusted operating income (a non-GAAP measure defined in note 2 to the attached Condensed Consolidated Financial Information) in the fourth quarter of 2012 was $66.1 million, or 38.4 percent of adjusted revenue. This represents a 72.3 percent increase compared to adjusted operating income of $38.4 million and 40.1 percent of adjusted revenue in the fourth quarter of 2011. Adjusted operating income for the year ended December 31, 2012 was $209.8 million, up 43.7 percent from adjusted operating income of $146.0 million in 2011.

Adjusted net income (a non-GAAP measure defined in note 4 to the attached Condensed Consolidated Financial Information) for the fourth quarter of 2012 was $35.0 million, up 49.8 percent compared to $23.3 million in 2011's fourth quarter. Adjusted net income for the year ended December 31, 2012 was $117.4 million, up 35.8 percent compared to $86.5 million for 2011. Adjusted diluted earnings per share (a non-GAAP measure defined in note 4 to the attached Condensed Consolidated Financial Information) in the fourth quarter of 2012 was $0.42 per share, up 44.8 percent compared to $0.29 per share in the fourth quarter of 2011. Adjusted diluted earnings per share for the year ended December 31, 2012 was $1.42, up 32.7 percent compared to $1.07 for 2011.

Annual Run Rate Basis Annual Run Rate Basis (ARRB) recurring revenue, defined as the sum of maintenance and software-enabled services revenue on an annualized basis, was $628.7 million based on maintenance and software-enabled services revenue of $157.2 million for the fourth quarter of 2012. This represents an increase of 88.7 percent from $83.3 million and $333.2 million run-rate in the same period in 2011 and an increase of 4.0 percent from $151.1 million for the third quarter of 2012, an annual run rate of $604.5 million. We believe ARRB of our recurring revenue is a good indicator of visibility into future revenue.

Operating Cash Flow SS&C ended the quarter with $86.2 million in cash, and $1,021.0 million in gross debt for a net debt balance of $934.8 million. SS&C generated net cash from operating activities of $134.4 million for the year ended December 31, 2012, compared to $110.4 million for the same period in 2011, an increase of 21.8 percent.

Guidance                                                                                  Q1 2013FY 2013 Adjusted Revenue ($M) $171.0 – $175.0 $710.0 – $720.0 Adjusted Net Income ($M) $35.5 – $36.8 $152.0 – $156.0 Cash from Operating Activities ($M) N/A $168.0 – $175.0 Capital Expenditures (% of revenue) N/A 2.4% – 2.8% Diluted Shares (M) 83.8 – 84.2 84.8 – 85.3 Effective Income Tax Rate (%) 30% 30%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 Q4 and Full Year 2012 earnings call will take place at 5:00 p.m. eastern time today, February 14, 2013. The call will discuss Q4 and Full Year 2012 results and our guidance and business outlook. Interested parties may dial 877-312-8798 (U.S. and Canada) or 253-237-1193 (International) and request the "SS&C Technologies Fourth Quarter and 2012 Earnings Conference Call," conference ID # 88030505. A replay will be available after 8:00 p.m. eastern time on February 14, 2013, until midnight on February 21, 2013. The dial-in number is 855-859-2056 (U.S. and Canada) 404-537-3406 (International); access code # 88030505. The call will also be available for replay on SS&C's website after February 14, 2013; access: http://investor.ssctech.com/results.cfm.

This press release contains forward-looking statements relating to, among other things, our financial guidance for the first quarter and full year for 2013. 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, and those risks described in the Company's publicly available filings with the Securities and Exchange Commission. 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 5,500 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 $26 trillion in assets.

Follow SS&C on Twitter, Linkedin and Facebook.  The SS&C Technologies logo is available at www.globenewswire.com/newsroom/prs/ pkgid=8587  SS&C Technologies Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Operation(in thousands, except per share data)            Three Months EndedYear Ended  December 31, 2012December 31, 2011December 31, 2012December 31, 2011 Revenues:         Software-enabled services $ 131,408 $ 63,489 $ 406,477 $ 246,007 Software licenses 7,003 6,166 22,466 23,507 Maintenance 25,767 19,807 93,760 78,266 Professional services 7,577 6,233 29,139 23,048 Total revenues 171,755 95,695 551,842 370,828           Cost of revenues:         Software-enabled services 78,274 33,034 234,214 126,921 Software licenses 1,727 1,736 6,336 6,825 Maintenance  11,056 8,797 40,394 34,993 Professional services 5,170 4,110 18,973 15,549 Total cost of revenues 96,227 47,677 299,917 184,288           Gross profit 75,528 48,018 251,925 186,540           Operating expenses:         Selling and marketing 9,230 7,676 33,858 28,892 Research and development 13,301 9,297 45,779 35,650 General and administrative 10,270 7,360 34,797 28,221 Transaction costs (47) -- 14,275 -- Total operating expenses 32,754 24,333 128,709 92,763           Operating income 42,774 23,685 123,216 93,777           Interest expense, net (13,741) (2,812) (32,501) (14,628) Other (expense) income, net  350 (603) (15,875) (423) Loss on extinguishment of debt  -- (1,906) (4,355) (4,787)           Income before income taxes 29,383 18,364 70,485 73,939 Provision for income taxes  13,301 5,104 24,665 22,918           Net income $ 16,082 $ 13,260 $ 45,820 $ 51,021           Basic earnings per share $ 0.20 $ 0.17 $ 0.59 $ 0.67           Basic weighted average number of common shares outstanding 78,912 77,470 78,321 76,482           Diluted earnings per share $ 0.19 $ 0.16 $ 0.55 $ 0.63           Diluted weighted average number of common and common equivalent shares outstanding 83,354 81,194 82,888 80,709           See Notes to Condensed Consolidated Financial Information.

         SS&C Technologies Holdings, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(in thousands)        December 31, 2012December 31, 2011ASSETS     Current assets:     Cash  $ 86,160 $ 40,318 Accounts receivable, net  91,690 47,201 Prepaid income taxes 9,651 788 Deferred income taxes 5,408 889 Prepaid expenses and other current assets 11,548 5,214 Restricted cash 2,460 1,149 Total current assets 206,917 95,559       Property and equipment, net 55,039 14,304       Deferred income taxes 1,459 1,111 Goodwill 1,566,607 931,639 Intangible and other assets, net  532,883 164,995       Total assets $ 2,362,905 $ 1,207,608      LIABILITIES AND STOCKHOLDERS' EQUITY     Current liabilities:     Current portion of long-term debt $ 22,248 $ --  Accounts payable 10,528 4,170 Income taxes payable 1,314 -- Accrued employee compensation and benefits 39,812 19,770 Other accrued expenses 22,650 14,058 Interest payable  -- 95 Deferred maintenance and other revenue 63,700 46,395 Total current liabilities 160,252 84,488       Long-term debt, net of current portion 989,890 100,000 Other long-term liabilities 17,102 14,081 Deferred income taxes 120,158 28,936 Total liabilities 1,287,402 227,505       Total stockholders' equity 1,075,503 980,103       Total liabilities and stockholders' equity $ 2,362,905 $ 1,207,608       See Notes to Condensed Consolidated Financial Information.

     SS&C Technologies Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(in thousands)         Year Ended  December 31, 2012December 31, 2011 Cash flow from operating activities:     Net income $ 45,820 $ 51,021 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 75,814 42,224 Stock-based compensation expense 5,590 13,493 Income tax benefit related to exercise of stock options (3,531) (4,934) Amortization of loan origination costs and original issue discount 9,215 4,485 Loss on sale or disposition of property and equipment 13 11 Deferred income taxes (6,350) (12,423) Provision for doubtful accounts 413 802 Changes in operating assets and liabilities, excluding effects from acquisitions:     Accounts receivable (14,051) (1,818) Prepaid expenses and other assets 7,579 (324) Accounts payable 1,835 278 Accrued expenses  3,015 4,076 Income taxes receivable and payable 5,039 9,115 Deferred maintenance and other revenues 4,021 4,401 Net cash provided by operating activities 134,422 110,407       Cash flow from investing activities:     Additions to property and equipment (17,187) (6,222) Proceeds from sale of property and equipment 374  -- Cash paid for business acquisitions, net of cash acquired (967,149) (20,577) Additions to capitalized software (1,105) (1,406) Other 87 (1,149) Net cash used in investing activities (984,980) (29,354)       Cash flow from financing activities:     Cash received from debt borrowings, net of costs  1,304,037 100,000 Repayment of debt  (425,600) (291,051) Proceeds from common stock issuance, net -- 51,971 Proceeds from exercise of stock options 14,354 8,788 Payment of contingent consideration (1,800) -- Income tax benefit related to exercise of stock options 3,531 4,934 Net cash provided by (used in) financing activities 894,522 (125,358)       Effect of exchange rate changes on cash 1,877 (220)       Net increase (decrease) in cash  45,841 (44,525) Cash, beginning of period 40,318 84,843 Cash, end of period $ 86,159 $ 40,318       See Notes to Condensed Consolidated Financial Information.

   SS&C Technologies Holdings, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Information Note 1. Reconciliation of Revenue to Adjusted Revenue Adjusted revenue represents revenue adjusted for one-time purchase accounting adjustments to fair value deferred revenue acquired in business combinations. Adjusted revenue is 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 revenue is not a recognized term under generally accepted accounting principles (GAAP). Adjusted revenue does not represent revenue, as that term is defined under GAAP, and should not be considered as an alternative to revenue as an indicator of our operating performance. Adjusted revenue as presented herein is not necessarily comparable to similarly titled measures. The following is a reconciliation between adjusted revenue and revenue, the GAAP measure we believe to be most directly comparable to adjusted revenue.

 Three Months Ended  December 31,Year Ended December 31, (in thousands)2012201120122011 Revenue $ 171,755 $ 95,695 $ 551,842 $ 370,828 Purchase accounting adjustments to deferred revenue 285 7 1,100 27 Adjusted revenue $ 172,040 $ 95,702 $ 552,942 $ 370,855Note 2. Reconciliation of Operating Income to Adjusted Operating Income Adjusted operating income represents operating income adjusted for amortization of acquisition-related intangible assets and purchase accounting adjustments for deferred revenue 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 December 31,Year Ended December 31, (in thousands)2012201120122011 Operating income  $ 42,774 $ 23,685 $ 123,216 $ 93,777 Amortization of intangible assets 21,373 9,418 65,118 36,826 Stock-based compensation 1,792 4,278 5,590 13,493 Capital-based taxes -- 200 (785) 354 Unusual or non-recurring charges (37) 863 15,754 1,932 Purchase accounting adjustments 233 (65) 894 (373) Other -- -- -- (30) Adjusted operating income $ 66,135 $ 38,379 $ 209,787 $ 145,979Note 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 March 2012, 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 between EBITDA, consolidated EBITDA and adjusted consolidated EBITDA and net income.

 Three Months Ended December 31,Year Ended December 31, (in thousands)2012201120122011 Net income $ 16,082 $ 13,260 $ 45,820  $51,021 Interest expense, net 13,741 4,718 36,856 19,415 Taxes 13,301 5,104 24,665 22,918 Depreciation and amortization 25,194 10,742 75,814 42,224 EBITDA 68,318 33,824 183,155 135,578 Stock-based compensation 1,792 4,278 5,590 13,493 Capital-based taxes -- 200 (785) 354 Acquired EBITDA and cost savings 40 -- 35,531 1,192 Unusual or non-recurring charges (387) 1,465 31,629 2,355 Purchase accounting adjustments 233 (65) 894 (373) Other 124 (147) (17) (183) Consolidated EBITDA 70,120 39,555 255,997 152,416 Less: acquired EBITDA (40) -- (35,531) (1,192) Adjusted Consolidated EBITDA $ 70,080 $ 39,555 $ 220,466 $ 151,224Note 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 and other unusual and non-recurring items 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 December 31,Year Ended December 31, (in thousands, except per share data)2012201120122011 GAAP – Net income $ 16,082 $ 13,260 $ 45,820 $ 51,021 Plus: Amortization of intangible assets 21,373 9,418 65,118 36,826 Plus: Amortization of deferred financing costs and original issue discount 1,401 356 3,360 1,656 Plus: Stock-based compensation 1,792 4,278 5,590 13,493 Plus: Capital-based taxes -- 200 (785) 354 Plus: Unusual and non-recurring items (387) 1,465 31,629 2,355 Plus: Loss on extinguishment of debt -- 1,906 4,355 4,787 Plus: Purchase accounting adjustments 233 (65) 894 (373) Plus: Other -- -- -- (30) Income tax effect (1) (5,527) (7,469) (38,561) (23,635) Adjusted net income $ 34,967 $ 23,349 $ 117,420 $ 86,454           Adjusted diluted earnings per share $ 0.42 $ 0.29 $ 1.42 $ 1.07           GAAP diluted earnings per share $ 0.19 $ 0.16 $ 0.55 $ 0.63           Diluted weighted-average shares outstanding  83,354 81,194 82,888 80,709           (1) An estimated normalized effective tax rate of 35% has been used to adjust the provision for income taxes for the purposes of computing adjusted net income.CONTACT: For more information Patrick Pedonti Chief Financial Officer Tel: +1-860-298-4738 E-mail: InvestorRelations@sscinc.com Source: SS&C Technologies 2013 GlobeNewswire, Inc.

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