Technology
SS&C Technologies Releases Q4 and Full Year 2023 Earnings Results
Published
3 years agoon
By
Q4 2023 GAAP revenue $1,411.6 million, up 5.5%, Fully Diluted GAAP Earnings Per Share $0.77, down 4.9%
Record Adjusted revenue $1,412.3 million, up 5.5%, Adjusted Diluted Earnings Per Share $1.26, up 8.6%
WINDSOR, Conn., Feb. 13, 2024 /PRNewswire/ — SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment, financial and healthcare software-enabled services and software, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions, except per share data):
2023
2022
Change
2023
2022
Change
GAAP Results
Revenue
$1,411.6
$1,338.3
5.5 %
$5,502.8
$5,283.0
4.2 %
Operating income
334.2
301.3
10.9 %
1,208.9
1,142.9
5.8 %
Operating income margin
23.7 %
22.5 %
120 bps
22.0 %
21.6 %
40 bps
Diluted earnings per share attributable to SS&C
$0.77
$0.81
(4.9) %
$2.39
$2.48
(3.6) %
Net income attributable to SS&C
194.4
207.5
(6.3) %
607.1
650.2
(6.6) %
Adjusted Non-GAAP Results (defined in Notes 1 – 4 below)
Adjusted revenue
$1,412.3
$1,339.1
5.5 %
$5,505.8
$5,287.3
4.1 %
Adjusted operating income attributable to SS&C
545.2
502.1
8.6 %
2,041.4
1,942.3
5.1 %
Adjusted operating income margin
38.6 %
37.5 %
110 bps
37.1 %
36.7 %
40 bps
Adjusted diluted earnings per share attributable to SS&C
$1.26
$1.16
8.6 %
$4.61
$4.65
(0.9) %
Adjusted consolidated EBITDA attributable to SS&C
562.5
518.6
8.5 %
2,107.7
2,006.1
5.1 %
Adjusted consolidated EBITDA margin
39.8 %
38.7 %
110 bps
38.3 %
37.9 %
40 bps
Fourth Quarter and Full Year 2023 Highlights:
Q4 2023 GAAP Revenue growth and Adjusted Revenue growth were 5.5 percent.SS&C generated net cash from operating activities of $1,215.1 million for the twelve months ended December 31, 2023, up 7.1 percent compared to the same time period in 2022.Q4 2023 we bought back 2.4 million shares for $130.7 million, at an average price of $54.74 per share.We paid down $150.2 million in debt in Q4 2023, bringing our net leverage ratio to 3.05 times consolidated EBITDA attributable to SS&C.SS&C reported GAAP net income attributable to SS&C of $194.4 million, down 6.3 percent and record adjusted consolidated EBITDA attributable to SS&C of $562.5 million for Q4 2023, up 8.5 percent.GAAP operating income margin for Q4 2023 was 23.7 percent. Adjusted consolidated EBITDA margin for Q4 2023 was 39.8 percent.
“SS&C exited 2023 with record adjusted revenue and record adjusted consolidated EBITDA, and we believe we have momentum to start the year,” says Bill Stone, Chairman and Chief Executive Officer. “We are seeing opportunities across the financial services industry, and anticipate market conditions to strengthen. And with DomaniRX successfully launching on January 1, 2024, we are seeing opportunities in healthcare.”
Operating Cash Flow
SS&C generated net cash from operating activities of $1,215.1 million for the twelve months ended December 31, 2023, compared to $1,134.3 million for the same period in 2022, a 7.1% increase. SS&C ended the fourth quarter with $432.2 million in cash and cash equivalents and $6,756.4 million in gross debt. SS&C’s net debt balance as defined in our credit agreement, which excludes cash and cash equivalents of $100.2 million held at DomaniRx, LLC was $6,424.4 million as of December 31, 2023. SS&C’s consolidated net leverage ratio as defined in our credit agreement stood at 3.05 times consolidated EBITDA attributable to SS&C as of December 31, 2023. SS&C’s net secured leverage ratio stood at 2.10 times consolidated EBITDA attributable to SS&C as of December 31, 2023.
Guidance
Q1 2024
FY 2024
Adjusted Revenue ($M)
$1,396.7 – $1,436.7
$5,667.7 – $5,867.7
Adjusted Net Income attributable to SS&C ($M)
$300.5 – $316.5
$1,221.4 – $1,321.4
Interest Expense1 ($M)
$112.6 – $114.6
$437.9 – $447.9
Adjusted Diluted Earnings per Share attributable to SS&C
$1.19 – $1.25
$4.85 – $5.15
Cash from Operating Activities ($M)
–
$1,292.0 – $1,392.0
Capital Expenditures (% of revenue)
–
4.3% – 4.7%
Diluted Shares (M)
253.2 – 254.2
252.7 – 255.7
Effective Income Tax Rate (%)
26 %
26 %
1Interest expense is net of deferred financing cost amortization and original issue discount
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. The unavailable information could have a significant impact on Q1 2024 and FY 2024 GAAP financial results.
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 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 fourth quarter and full year 2023 earnings call will take place at 5:00 p.m. eastern time today, February 13, 2024. The call will discuss fourth quarter and full year 2023 results and 2024 guidance. Interested parties may dial 888-210-4650 (US and Canada) or 646-960-0327 (International), and request the “SS&C Technologies Fourth Quarter and Full Year 2023 Earnings Conference Call”; conference ID #4673675. In connection with the earnings call, a presentation will be available on SS&C’s website at www.ssctech.com. The call will be available for replay via the webcast on SS&C’s website; access: http://investor.ssctech.com/financials/quarterly-results/default.aspx
Certain information contained in this press release relating to, among other things, the Company’s financial guidance for the first quarter and full year of 2024 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions, and other statements that are other than statements of historical facts. Without limiting the foregoing, the words “believes”, “anticipates”, “plans”, “expects”, “estimates”, “projects”, “forecasts”, “may”, “assume”, “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 and other industries in which the Company’s clients operate, the Company’s ability to realize anticipated benefits from its acquisitions, including DST Systems, Inc., the effect of customer consolidation on demand for the Company’s products and services, the increasing focus of the Company’s business on the hedge fund industry, the variability of revenue as a result of activity in the securities markets, the ability to retain and attract clients, fluctuations in customer demand for the Company’s products and services, the intensity of competition with respect to the Company’s products and services, the exposure to litigation and other claims, terrorist activities and other catastrophic events, disruptions, attacks or failures affecting the Company’s software-enabled services, risks associated with the Company’s foreign operations, privacy concerns relating to the collection and storage of personal information, evolving regulations and increased scrutiny from regulators, the Company’s ability to protect intellectual property assets and litigation regarding intellectual property rights, delays in product development, investment decisions concerning cash balances, regulatory and tax risks, risks associated with the Company’s joint ventures, changes in accounting standards, risks related to the Company’s substantial indebtedness, the market price of the Company’s stock prevailing from time to time, and the risks discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission and can also be accessed on our website. Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
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SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(in millions, except per share data)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Revenues:
Software-enabled services
$
1,145.5
$
1,068.2
$
4,488.3
$
4,273.9
License, maintenance and related
266.1
270.1
1,014.5
1,009.1
Total revenues
1,411.6
1,338.3
5,502.8
5,283.0
Cost of revenues:
Software-enabled services
594.6
603.2
2,472.0
2,414.8
License, maintenance and related
97.7
87.7
379.0
352.9
Total cost of revenues
692.3
690.9
2,851.0
2,767.7
Gross profit
719.3
647.4
2,651.8
2,515.3
Operating expenses:
Selling and marketing
139.3
129.0
550.9
500.1
Research and development
118.3
115.5
473.8
447.3
General and administrative
127.5
101.6
418.2
425.0
Total operating expenses
385.1
346.1
1,442.9
1,372.4
Operating income
334.2
301.3
1,208.9
1,142.9
Interest expense, net
(119.3)
(104.9)
(469.8)
(307.9)
Other income, net
5.4
49.1
20.7
20.8
Equity in earnings of unconsolidated affiliates, net
57.4
28.5
100.0
25.8
Loss on extinguishment of debt
(1.0)
(1.4)
(2.1)
(5.5)
Income before income taxes
276.7
272.6
857.7
876.1
Provision for income taxes
81.8
65.0
249.1
227.1
Net income
194.9
207.6
608.6
649.0
Net (income) loss attributable to noncontrolling interest
(0.5)
(0.1)
(1.5)
1.2
Net income attributable to SS&C common stockholders
$
194.4
$
207.5
$
607.1
$
650.2
Basic earnings per share attributable to SS&C common stockholders
$
0.79
$
0.83
$
2.45
$
2.56
Diluted earnings per share attributable to SS&C common stockholders
$
0.77
$
0.81
$
2.39
$
2.48
Basic weighted-average number of common shares outstanding
246.7
251.4
248.3
254.0
Diluted weighted-average number of common and common equivalent shares outstanding
252.1
256.4
254.5
262.0
Net income
$
194.9
$
207.6
$
608.6
$
649.0
Other comprehensive income (loss), net of tax:
Change in unrealized gain on interest rate swaps
—
—
—
4.8
Foreign currency exchange translation adjustment
129.3
200.4
124.5
(311.6)
Change in defined benefit pension obligation
(0.7)
(0.2)
(0.7)
(1.3)
Total other comprehensive income (loss), net of tax
128.6
200.2
123.8
(308.1)
Comprehensive income
323.5
407.8
732.4
340.9
Comprehensive (income) loss attributable to noncontrolling interest
(0.5)
(0.1)
(1.5)
1.2
Comprehensive income attributable to SS&C common stockholders
$
323.0
$
407.7
$
730.9
$
342.1
SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
December 31,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
432.2
$
440.1
Funds receivable and funds held on behalf of clients
2,615.6
966.3
Accounts receivable, net
799.4
778.6
Contract asset
36.1
42.3
Prepaid expenses and other current assets
165.8
193.8
Restricted cash
2.4
3.3
Total current assets
4,051.5
2,424.4
Property, plant and equipment, net
315.3
343.9
Operating lease right-of-use assets
221.4
260.6
Investments
184.7
193.9
Unconsolidated affiliates
345.2
266.9
Contract asset
99.7
115.9
Goodwill
8,969.5
8,863.0
Intangible and other assets, net
3,915.2
4,184.7
Total assets
$
18,102.5
$
16,653.3
Liabilities, Redeemable Noncontrolling Interest and Equity
Current liabilities:
Current portion of long-term debt
$
51.5
$
55.7
Client funds obligations
2,615.6
966.3
Accounts payable
80.3
49.5
Income taxes payable
22.3
34.3
Accrued employee compensation and benefits
270.2
235.8
Interest payable
29.4
28.4
Other accrued expenses
232.3
356.1
Deferred revenue
470.3
464.7
Total current liabilities
3,771.9
2,190.8
Long-term debt, net of current portion
6,668.5
7,023.9
Operating lease liabilities
199.1
237.0
Other long-term liabilities
248.7
225.8
Deferred income taxes
816.6
872.9
Total liabilities
11,704.8
10,550.4
Redeemable noncontrolling interest
—
2.1
SS&C stockholders’ equity
6,339.6
6,044.2
Noncontrolling interest
58.1
56.6
Total equity
6,397.7
6,100.8
Total liabilities, redeemable noncontrolling interest and equity
$
18,102.5
$
16,653.3
SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Twelve Months Ended December 31,
2023
2022
Cash flow from operating activities:
Net income
$
608.6
$
649.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
670.4
671.6
Equity in earnings of unconsolidated affiliates, net
(100.0)
(25.8)
Distributions received from unconsolidated affiliates
21.2
2.3
Stock-based compensation expense
159.5
124.8
Net gains on investments
(2.2)
(26.1)
Amortization and write-offs of loan origination costs and original issue discounts
13.5
13.9
Loss on extinguishment of debt
2.1
5.5
Loss on sale or disposition of property and equipment
11.7
0.6
Deferred income taxes
(82.9)
(77.0)
Provision for credit losses
11.4
10.6
Changes in operating assets and liabilities, excluding effects from acquisitions:
Accounts receivable
(23.1)
(38.1)
Prepaid expenses and other assets
(2.3)
17.7
Contract assets
22.5
(52.1)
Accounts payable
33.0
7.6
Accrued expenses and other liabilities
(106.0)
(135.5)
Income taxes prepaid and payable
(38.2)
27.0
Deferred revenue
15.9
(41.7)
Net cash provided by operating activities
1,215.1
1,134.3
Cash flow from investing activities:
Cash paid for business acquisitions, net of cash acquired and asset acquisitions
(34.1)
(1,636.2)
Additions to property and equipment
(56.6)
(63.4)
Proceeds from sale of property and equipment
0.1
11.4
Additions to capitalized software
(194.9)
(144.9)
Investments in securities
(0.6)
(10.0)
Proceeds from sales / maturities of investments
8.0
9.5
(Contributions to) distributions received from unconsolidated affiliates
(0.3)
66.2
Collection of other non-current receivables
10.0
9.8
Net cash used in investing activities
(268.4)
(1,757.6)
Cash flow from financing activities:
Cash received from debt borrowings, net of original issue discount
375.0
1,727.1
Repayments of debt
(749.7)
(599.8)
Payment of deferred financing fees
—
(14.7)
Net increase (decrease) in client funds obligations
1,669.7
(1,709.0)
Proceeds from exercise of stock options
115.4
91.8
Withholding taxes paid related to equity award net share settlement
(5.1)
(0.7)
Purchases of common stock for treasury
(471.6)
(476.1)
Dividends paid on common stock
(220.9)
(203.1)
Net cash provided by (used in) financing activities
712.8
(1,184.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
1.5
(26.0)
Net increase (decrease) in cash, cash equivalents and restricted cash
1,661.0
(1,833.8)
Cash, cash equivalents and restricted cash, beginning of period
1,337.6
3,171.4
Cash, cash equivalents and restricted cash and cash equivalents, end of period
$
2,998.6
$
1,337.6
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:
Cash and cash equivalents
$
432.2
$
440.1
Restricted cash and cash equivalents
2.4
3.3
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients
2,564.0
894.2
$
2,998.6
$
1,337.6
SS&C Technologies Holdings, Inc. and Subsidiaries
Disclosures Relating to Non-GAAP Financial Measures
Note 1. 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 deferred revenue and retained earnings related to the adoption of ASC 606. Adjusted revenues 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 our business. Adjusted revenues is 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 presented by other companies. Below is a reconciliation of adjusted revenues to revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2023
2022
2023
2022
Revenues
$
1,411.6
$
1,338.3
$
5,502.8
$
5,283.0
ASC 606 adoption impact
(0.9)
(0.7)
(3.4)
(2.3)
Purchase accounting adjustments impact on revenue
1.6
1.5
6.4
6.6
Adjusted revenues
$
1,412.3
$
1,339.1
$
5,505.8
$
5,287.3
The following is a breakdown of software-enabled services and license, maintenance and related revenues and adjusted software-enabled services and license, maintenance and related revenues.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2023
2022
2023
2022
Software-enabled services
$
1,145.5
$
1,068.2
$
4,488.3
$
4,273.9
License, maintenance and related
266.1
270.1
1,014.5
1,009.1
Total revenues
$
1,411.6
$
1,338.3
$
5,502.8
$
5,283.0
Software-enabled services
$
1,146.2
$
1,069.1
$
4,491.6
$
4,278.4
License, maintenance and related
266.1
270.0
1,014.2
1,008.9
Total adjusted revenues
$
1,412.3
$
1,339.1
$
5,505.8
$
5,287.3
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, ASC 606 adoption impact 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 our underlying performance. 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 by other companies. 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,
Twelve Months Ended
December 31,
(in millions)
2023
2022
2023
2022
Operating income
$
334.2
$
301.3
$
1,208.9
$
1,142.9
Amortization of intangible assets
151.3
158.1
596.6
595.4
Stock-based compensation
41.9
31.6
159.4
124.8
Purchase accounting adjustments (1)
3.8
5.1
15.8
20.7
ASC 606 adoption impact
(0.8)
(0.6)
(3.1)
(1.9)
Acquisition related (2)
1.2
5.7
9.0
34.1
Facilities and workforce restructuring
14.3
6.8
56.8
32.3
Other (3)
0.1
(5.4)
0.9
(4.9)
Adjusted operating income
$
546.0
$
502.6
$
2,044.3
$
1,943.4
Adjusted operating income attributable to noncontrolling interest (4)
(0.8)
(0.5)
(2.9)
(1.1)
Adjusted operating income attributable to SS&C common stockholders
$
545.2
$
502.1
$
2,041.4
$
1,942.3
(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 acquisition, (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 and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition.
(2)
Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.
(3)
Other includes additional 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.
(4)
In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted operating income attributable to noncontrolling interest represents adjusted operating income based on the ownership interest retained by the respective noncontrolling parties.
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 April 2018, 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 (as defined below) 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. These measures are not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation of EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA to net income.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2023
2022
2023
2022
Net income
$
194.9
$
207.6
$
608.6
$
649.0
Interest expense, net
119.3
104.9
469.8
307.9
Provision for income taxes
81.8
65.0
249.1
227.1
Depreciation and amortization
170.0
177.4
670.4
671.6
EBITDA
566.0
554.9
1,997.9
1,855.6
Stock-based compensation
41.9
31.6
159.4
124.8
Acquired EBITDA and cost savings (1)
—
—
—
4.2
Loss on extinguishment of debt
1.0
1.4
2.1
5.5
Equity in earnings of unconsolidated affiliates, net
(57.4)
(28.5)
(100.0)
(25.8)
Purchase accounting adjustments (2)
2.6
2.2
9.3
9.4
ASC 606 adoption impact
(0.8)
(0.6)
(3.1)
(1.9)
Foreign currency translation (gains) losses
(3.9)
(10.8)
(0.2)
11.2
Investment gains
(5.3)
(43.1)
(19.0)
(38.7)
Facilities and workforce restructuring
14.3
6.8
56.8
32.3
Acquisition related (3)
1.2
11.8
(0.1)
41.5
Other (4)
3.7
(6.6)
7.5
(6.7)
Consolidated EBITDA
$
563.3
$
519.1
$
2,110.6
$
2,011.4
Acquired EBITDA and cost savings (1)
—
—
—
(4.2)
Adjusted Consolidated EBITDA
$
563.3
$
519.1
$
2,110.6
$
2,007.2
Adjusted Consolidated EBITDA attributable to noncontrolling interest (5)
(0.8)
(0.5)
(2.9)
(1.1)
Adjusted Consolidated EBITDA attributable to SS&C common stockholders
$
562.5
$
518.6
$
2,107.7
$
2,006.1
(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 (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 and (c) an adjustment to increase or decrease rent expense by the amount that would have been recognized if lease obligations were not adjusted to fair value at the date of acquisitions.
(3)
Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.
(4)
Other includes additional 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.
(5)
In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted Consolidated EBITDA attributable to noncontrolling interest represents adjusted Consolidated EBITDA based on the ownership interest retained by the respective noncontrolling parties.
Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share Attributable to SS&C 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 attributable to SS&C before amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments and other items. We consider adjusted net income and adjusted diluted earnings per share attributable to SS&C to be 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, purchase accounting adjustments, loss on extinguishment of debt and other items, that are not operational in nature or comparable to those of our competitors. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP. Adjusted net income and adjusted diluted earnings per share 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 attributable to SS&C as presented herein are not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted net income and adjusted diluted earnings per share attributable to SS&C to net income and diluted earnings per share attributable to SS&C, the GAAP measures we believe to be most directly comparable to adjusted net income and adjusted diluted earnings per share.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions, except per share data)
2023
2022
2023
2022
GAAP – Net income
$
194.9
$
207.6
$
608.6
$
649.0
Amortization of intangible assets
151.3
158.1
596.6
595.4
Amortization of deferred financing costs and original issue discount
3.3
3.7
13.5
13.9
Stock-based compensation
41.9
31.6
159.4
124.8
Loss on extinguishment of debt
1.0
1.4
2.1
5.5
Purchase accounting adjustments (1)
3.8
5.1
15.8
20.7
ASC 606 adoption impact
(0.8)
(0.6)
(3.1)
(1.9)
Equity in earnings of unconsolidated affiliates, net
(57.4)
(28.5)
(100.0)
(25.8)
Foreign currency translation (gains) losses
(3.9)
(10.8)
(0.2)
11.2
Investment gains
(5.3)
(43.1)
(19.0)
(38.7)
Facilities and workforce restructuring
14.3
6.8
56.8
32.4
Acquisition related (2)
1.2
11.8
(0.1)
41.5
Other (3)
3.9
(6.6)
8.6
(5.6)
Income tax effect (4)
(30.1)
(39.4)
(163.9)
(201.8)
Adjusted net income
$
318.1
$
297.1
$
1,175.1
$
1,220.6
Adjusted net income attributable to noncontrolling interest (5)
(0.8)
(0.5)
(2.9)
(1.1)
Adjusted net income attributable to SS&C common stockholders
$
317.3
$
296.6
$
1,172.2
$
1,219.5
Adjusted diluted earnings per share attributable to SS&C common stockholders
$
1.26
$
1.16
$
4.61
$
4.65
GAAP diluted earnings per share attributable to SS&C common stockholders
$
0.77
$
0.81
$
2.39
$
2.48
Diluted weighted-average shares outstanding
252.1
256.4
254.5
262.0
(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 acquisition, (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 and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition.
(2)
Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.
(3)
Other includes additional 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.
(4)
An estimated normalized effective tax rate of approximately 26% for the three and twelve months ended December 31, 2023 and 2022 has been used to adjust the provision for income taxes for the purpose of computing adjusted net income.
(5)
In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted net income attributable to noncontrolling interest represents adjusted net income based on the ownership interest retained by the respective noncontrolling parties.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ssc-technologies-releases-q4-and-full-year-2023-earnings-results-302061075.html
SOURCE SS&C
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New GASA Research: 71% of Adults Surveyed Across 13 Asian Markets Encountered Scams, with Estimated Losses of US$136.5 Billion
Published
12 minutes agoon
October 22, 2026By
Research highlights a gap between confidence in recognizing scams and actual outcomes ahead of the Global Anti-Scam Summit Asia 2026
BANGKOK, Oct. 22, 2026 /PRNewswire/ — New research from the Global Anti-Scam Alliance (GASA), developed in collaboration with Gogolook, the developer of Whoscall, reveals the scale and impact of scams across Asia. Among adults surveyed in 13 Asian markets, 71% encountered a scam in the past year. The study estimates that consumers across those markets lost a combined US$136.5 billion to scams over the same period.
The State of Scams in Asia 2026 report, based on a survey of 17,460 adults, also identifies a gap between confidence and outcomes. While 66% of respondents said they were confident in their ability to recognize scams, 62% of those who encountered one interacted with it. Among respondents who interacted with a scam, 26% lost money.
The findings are being released ahead of the Global Anti-Scam Summit Asia 2026, taking place in Bangkok on 10–11 November. Following previous editions in Taiwan and Singapore, the summit will be held in Thailand for the first time, bringing together leaders from across sectors to strengthen the region’s response to evolving scams.
Phone calls and messages remain major points of exposure
Phone calls were the most common channel through which respondents encountered scams (56%), followed by text messages (50%) and instant messaging apps (40%). Shopping, investment and employment scams were the scam types respondents most commonly interacted with.
“Phone and text message scams remain a major challenge across Asia. In Thailand, Malaysia, Vietnam and Indonesia, more than six in ten respondents encountered scam calls. As scammers use AI-generated voices and increasingly convincing scripts, identifying suspicious numbers and warning users before they engage becomes even more important,” said Jeff Kuo, CEO of Gogolook. “Whoscall’s observations also suggest that scammers are adapting to tighter SIM registration and identity checks by using international and satellite numbers. That makes continued information sharing across markets essential.”
The harm extends beyond financial losses
The research estimates that consumers across the 13 markets lost US$136.5 billion to scams over the past 12 months. Among respondents who lost money, 51% said they had been scammed more than once.
The effects reached beyond the immediate financial loss. Among those who lost money, 72% reported an impact on their mental wellbeing, 77% experienced at least one emotional impact, and 58% experienced at least one financial impact affecting their everyday lives.
“One of the most striking findings is the gap between confidence and behavior. While 66% of respondents feel confident they can recognize scams, 62% of those who encountered one went on to interact with it. This shows why education is important but cannot be our only line of defense. We also need stronger safeguards that protect people throughout the scam journey.” said Brian D. Hanley, Director, Asia-Pacific Chapter, Global Anti-Scam Alliance (GASA).
Turning regional evidence into action
The findings will inform discussions at the Global Anti-Scam Summit Asia 2026, where representatives from government, law enforcement, financial services, technology, telecommunications, consumer protection and other sectors will explore ways to prevent and disrupt scams.
The research also points to public support for more proactive intervention. Across the markets surveyed, 71% supported allowing banks to block high-value transactions without a customer’s prior permission when they suspect a scam. Another 69% supported allowing telecom operators or messaging apps to block calls and messages they believe are malicious.
Reporting, however, does not always lead to recovery. While 85% of victims reported their scam experience, outcomes varied depending on where they reported it, and recovery and reimbursement remained limited.
Download the full State of Scams in Asia 2026 report here: https://gasa.org/knowledge-base/reports/state-of-scams-in-asia-2026
Registration for the Global Anti-Scam Summit Asia 2026 is open. For the programme and registration details, visit the summit website: https://gasa.org/global-anti-scam-summit-asia-2026
About the research
The State of Scams in Asia 2026 surveyed 17,460 adults across 13 Asian markets: China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Fieldwork was conducted between March 16 and April 13, 2026. The research was conducted by Opinium for the Global Anti-Scam Alliance and developed in collaboration with Gogolook, the developer of Whoscall.
About the Global Anti-Scam Alliance
The Global Anti-Scam Alliance (GASA) is a nonprofit organization bringing together policymakers, law enforcement, consumer authorities, NGOs, the financial sector, telecommunications operators, internet platforms, cybersecurity organizations and other stakeholders to share knowledge and develop solutions to protect consumers from scams.
GASA Website: https://gasa.org/
About Gogolook
Gogolook is a leading TrustTech company established in 2012. With “Build for Trust” as its core value, Gogolook has expanded its business from Asia to Europe and the Americas. As a foundation member of the Global Anti-Scam Alliance (GASA), Gogolook collaborates with law enforcement agencies and public-sector organizations, including the Taiwan National Police Agency, the Royal Thai Police, the Philippines Cybercrime Investigation and Coordinating Center, the Tokyo Metropolitan Police Department, and the Royal Malaysia Police. These partnerships support its commitment to building a scam-free environment.
Gogolook Website: https://www.gogolook.com/
About Whoscall
Whoscall, developed by Gogolook, is a caller ID and digital anti-scam app designed to protect users from scams across various channels, including phone calls, text messages, social media, and links. With over 100 million downloads globally, it features the most comprehensive database in East and Southeast Asia, covering more than 2.6 billion phone numbers.
Whoscall Website: https://web.whoscall.com/en
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SOURCE Gogolook
Technology
Voqalize Says Voice Is Becoming the Default Way People Use Software
Published
12 minutes agoon
October 22, 2026By
Voqalize is infrastructure for making software conversational. Existing applications, websites and AI agents can add a voice interface that listens, sees context, responds and acts, without being rebuilt.
BENGALURU, India, Oct. 22, 2026 /PRNewswire/ — Voqalize today said it gives existing applications, websites and AI agents a voice interface that can listen, see context, respond and act, without rebuilding the application. The company says teams can have it running in about an hour, either through Plug & Play, where Voqalize manages the AI agent and the voice experience, or through a developer integration into their own backend.
Imagine telling a clothing app: “I’ve got an outdoor wedding in Napa on the 20th. I need something under two hundred that goes with the shoes I bought in the spring.” The app pulls those shoes from your order history and lays out six options beside them. “Not the floral. Show me the second one in the navy.” It swaps the color and puts the shoes next to it. Then it adds: “You sent back a medium from this brand last time, so I picked the large. It arrives on the 17th.” You look it over and tap buy. That is the shift Voqalize is building for: voice not as input, but as an interface to software.
Fast facts
Apple’s iOS 27, released in September, lets Siri read what’s on a user’s screen and take actions inside appsGoogle reports that roughly one in five Gemini Live conversations now add a camera or screen share, with voice used in 63% of interactions across Gemini’s 1 billion-plus monthly usersA Censuswide survey of 700 business leaders and consumers for Voices, published Jan. 28, 2026, found that 55% of consumers say voice is their primary AI interface, while only 29% of companies have deployed customer-facing voice AI
Dictation Proved People Will Talk to Their Software
Dictation and notetaking apps are among the fastest-growing categories in consumer AI. Wispr, valued at $2 billion, and Granola, valued at $1.5 billion, have both built large user bases on a simple premise: people would rather talk than type, once the transcription is good enough. Wispr says the habit sticks. After six months, its average user writes 72% of their characters by voice.
The category is already moving past that original pitch. Wispr raised its most recent round on a case for going “beyond dictation.” Granola is expanding from a meeting notetaker into what it describes as a context layer for company AI. Superhuman acquired the notetaker Fathom in September. Talking to software stopped being the hard part. What people do with that voice next, and how directly it’s built into the products they already use, is where the category is headed.
“The next billion people coming online won’t type their way onto the internet. They’ll talk their way on, in whatever mix of languages they speak at home.” Sripathi Krishnan, Co-founder, Voqalize
Voice Is Moving From Typing Substitute to Default Interface
Voqalize’s argument is that voice is moving from a typing substitute into the default way people use an app: a running conversation, not a single dictated sentence, where the app listens, responds and can act on what’s on screen, with the interruptions and mid-task changes of direction that come with a real conversation. That mirrors a broader shift already underway on the phone line, where most current “voice AI” is still built around short, scripted calls that book an appointment or qualify a lead and then hang up. Apple’s iOS 27 and Google’s Gemini Live both point at the same shift: voice agents that can see a screen and act on it rather than just transcribe speech.
How Do You Add a Voice Interface to an Existing App?
An existing application or device connects through Voqalize rather than being rebuilt inside a new platform: Voqalize supplies the two-way voice channel and the ability to read and act on whatever is on screen. Businesses choose how much to hand over. With Plug & Play, Voqalize manages the AI agent and the voice experience. With a developer integration, businesses add Voqalize’s voice capabilities to their own backend while keeping control of their AI agent and workflows.
In some deployments, that voice is paired with a face on screen as well, so the person on the other end has something to talk to, not just a voice in the room. Sripathi Krishnan, the company’s co-founder, has argued that the harder part of that conversation may not be how fluently the agent talks, but how well it listens and knows when to stay quiet. Voqalize also works across Indic languages, because conversations in India often move between languages mid-sentence. A majority of Indian internet users already engage with content in Indic languages. Voice also makes software accessible across languages and across literacy and input constraints.
Building Toward Plug-and-Play Voice, Across Apps and Devices
Today, adding Voqalize to a product means connecting an existing application or device through a single interface, without rebuilding it inside a new platform. Voqalize says its near-term work is on extending that same one-connection model further, so that adding two-way voice to a new app, or to a device beyond the phone and the browser, becomes a plug-and-play step rather than a custom integration. That direction follows a broader move already visible in the industry: voice infrastructure is consolidating around shared frameworks instead of one-off builds, and AI tools are increasingly connecting to each other through standard connectors rather than custom code written for each pairing. Voqalize says it intends to be the layer that makes that same simplicity available for voice specifically, across whatever app or device a company is already building for.
“Soon people will judge an app by how well it understands them, the way you judge a shop by whether the person behind the counter gets what you mean.” Samkeet Jain, Co-founder, Voqalize
Voqalize is available today for teams adding a two-way voice interface to an existing product or AI agent. Early deployments include in-app assistants for mortgage servicing workflows, legal clause review, and authenticated banking support. Voqalize was also named one of the 30 products in YourStory’s Vibecode30 2026, a showcase of emerging AI-native builders in India.
About Voqalize Voqalize is a voice AI platform that makes it easy for businesses to add two-way voice conversations to their applications and AI agents across 60+ Global and Indic languages. With Plug & Play, Voqalize manages the AI agent and voice experience for you. With our developer integration, businesses can add Voqalize’s voice capabilities to their own backend while keeping control of their AI agent and workflows. Go ahead and build your next voice-enabled applications with us on voqalize.com.
Media Contact: Samkeet Jain / +91 8147514179 / Samkeet@voqalize.com
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Technology
Sungrow Advances Integrated C&I Microgrid Solution to Southeast Asia
Published
12 minutes agoon
October 22, 2026By
KUALA LUMPUR, Malaysia, Oct. 22, 2026 /PRNewswire/ — As Southeast Asia’s manufacturing sector expands, businesses face growing pressure from rising electricity costs, power supply disruptions and increasingly complex energy demands. Sungrow, a globally leading PV inverter and energy storage system provider, has launched the Integrated C&I Microgrid Solution for Southeast Asia, bringing together PV inverters, energy storage systems, EV chargers, microgrid controllers and cloud platforms. The solution helps businesses access more economical, reliable, and cleaner power.
End-to-End Cost Optimization, Improving Overall Benefits by 12%
For businesses seeking to reduce energy costs without compromising power reliability, system sizing and energy dispatch are critical. Sungrow’s Integrated C&I Microgrid Solution is engineered to make clean energy a more cost-competitive choice for businesses.
Optimized System Sizing: 8,760-hour simulations and intelligent algorithms evaluate tens of thousands of system configurations to optimize the capacity of PV, storage and diesel generation, helping avoid overinvestment and undersized systems.Intelligent Energy Dispatch: PV generation and load forecasts are updated every five minutes. Based on these forecasts and real-time electricity prices, AI dynamically optimizes the dispatch of multiple energy sources, including PV, energy storage and diesel generation, helping businesses meet their energy needs at a lower cost. This boosts overall economic benefits by 12% and shortens project payback periods by 1–2 years.Flexible Market Participation: Open interfaces and support for major electricity market protocols enable participation in diverse market mechanisms and unlock additional revenue streams.
Industry-First Five-Layer Protection for Reliable Power
For factories and commercial facilities, power outages can halt equipment, disrupt production and prolong recovery. Reliable power for critical loads is essential to keeping operations running.
Sungrow’s Integrated C&I Microgrid Solution features an industry-first five-layer protection framework, with tailored control strategies for different levels of grid disturbance. It can withstand three times overload for 10 seconds and severe voltage disturbances, helping protect critical loads from supply disruptions. With seamless grid-to-off-grid switching with no interruption to loads and whole-site black-start capability in just 3 minutes, the solution helps ensure a reliable power supply and rapid recovery during grid disruptions.
Support Throughout the Project Lifecycle
From system design and deployment to long-term operation, Sungrow simplifies the entire project lifecycle with full-stack in-house technologies and global service support.
Simplified Design and Deployment: One-stop system design, plug-and-play installation and one-click cloud connection streamline the journey from planning to commissioning.Smarter Operations: Coordinated PV, storage, EV charging, microgrid control and cloud management enable flexible energy dispatch, unified cloud-based management and automatic fault alerts.Global Service Support: With more than 520 service locations, 24/7 technical support and global spare parts centers, Sungrow helps keep projects running reliably over the long term.
Real-World Applications: Powering Energy Independence
“Sungrow’s Integrated C&I Microgrid Solution has been deployed across multiple locations in Southeast Asia, addressing diverse energy challenges for businesses,” said Huang Wanfeng, director of the Smart Energy Products Department at Sungrow.
In the Solomon Islands, the Solomon Resort Hotel Microgrid enables reliable off-grid hotel operations while helping reduce annual CO₂ emissions by around 1,000 tonnes and fuel costs by an estimated USD 600,000–700,000. Meanwhile, in Indonesia, Sungrow’s microgrid solution helps address power supply challenges in industrial parks, reducing reliance on diesel generation.
With proven experience across diverse applications, Sungrow is committed to helping businesses across Southeast Asia build more reliable, cost-efficient and resilient energy systems.
Contact:
Luly Wang
luly.wang@sungrow-hq.com
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/sungrow-advances-integrated-ci-microgrid-solution-to-southeast-asia-302916312.html
SOURCE Sungrow Power
New GASA Research: 71% of Adults Surveyed Across 13 Asian Markets Encountered Scams, with Estimated Losses of US$136.5 Billion
Voqalize Says Voice Is Becoming the Default Way People Use Software
Sungrow Advances Integrated C&I Microgrid Solution to Southeast Asia
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