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SS&C Technologies Releases Q4 and Full Year 2024 Earnings Results

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Q4 2024 GAAP revenue $1,529.7 million, up 8.4%, Fully Diluted GAAP Earnings Per Share $0.98, up 27.3%

Record Adjusted revenue $1,530.7 million, up 8.4%, Adjusted Diluted Earnings Per Share $1.58, up 25.4%

WINDSOR, Conn., Feb. 6, 2025 /PRNewswire/ — SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment, financial and healthcare software and software-enabled services, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions, except per share data):

2024

2023

Change

2024

2023

Change

GAAP Results

Revenue

$1,529.7

$1,411.6

8.4 %

$5,882.0

$5,502.8

6.9 %

Operating income

357.9

334.2

7.1 %

1,343.5

1,208.9

11.1 %

Operating income margin

23.4 %

23.7 %

-30 bps

22.8 %

22.0 %

80 bps

Diluted earnings per share attributable to
SS&C

$0.98

$0.77

27.3 %

$3.00

$2.39

25.5 %

Net income attributable to SS&C

248.2

194.4

27.7 %

760.5

607.1

25.3 %

Adjusted Non-GAAP Results (defined in Notes 1 – 4 below)

Adjusted revenue

$1,530.7

$1,412.3

8.4 %

$5,885.7

$5,505.8

6.9 %

Adjusted operating income attributable to
SS&C

581.9

545.2

6.7 %

2,212.4

2,041.4

8.4 %

Adjusted operating income margin

38.0 %

38.6 %

-60 bps

37.6 %

37.1 %

50 bps

Adjusted diluted earnings per share
attributable to SS&C (1)

$1.58

$1.26

25.4 %

$5.41

$4.65

16.3 %

Adjusted consolidated EBITDA attributable
to SS&C

599.1

562.5

6.5 %

2,281.0

2,107.7

8.2 %

Adjusted consolidated EBITDA margin

39.1 %

39.8 %

-70 bps

38.8 %

38.3 %

50 bps

(1) Reflects non-GAAP tax rates of 15.1% and 23.1% for the three and twelve months ended December 31, 2024, respectively. See Note 4 for more information.

Fourth Quarter and Full Year 2024 Highlights:

Q4 2024 GAAP Revenue growth and Adjusted Revenue growth were 8.4 percent.Q4 Adjusted Organic Revenue Growth was 7.0 percent, Financial Services Recurring Revenue Growth was 7.4 percent.SS&C generated net cash from operating activities of $1,388.6 million for the twelve months ended December 31, 2024, up 14.3 percent compared to the same period in 2023.Q4 2024 we bought back 4.9 million shares for $365.7 million, at an average price of $74.46 per share.We paid down $195.0 million in debt in Q4 2024, bringing our net leverage ratio to 2.89 times consolidated EBITDA attributable to SS&C.SS&C reported GAAP net income attributable to SS&C of $248.2 million for Q4 2024, up 27.7 percent and adjusted consolidated EBITDA attributable to SS&C of $599.1 million for Q4 2024, up 6.5 percent.GAAP operating income margin for Q4 2024 was 23.4 percent. Adjusted consolidated EBITDA margin for Q4 2024 was 39.1 percent.

“SS&C ended 2024 with 7.0% Q4 organic revenue growth and record adjusted consolidated EBITDA of $599 million,” says Bill Stone, Chairman and Chief Executive Officer. “We continue to add to our capabilities, integrate our offerings, and unlock cross-sell benefits. Our wins—including lift-outs, geographic expansion, the Battea and FPS Trust acquisitions—span across the world and excite us about 2025.”

Operating Cash Flow

SS&C generated net cash from operating activities of $1,388.6 million for the twelve months ended December 31, 2024, compared to $1,215.1 million for the same period in 2023, a 14.3% increase.  SS&C ended the fourth quarter with $567.1 million in cash and cash equivalents and $7,048.7 million in gross debt.  SS&C’s net debt balance as defined in our credit agreement, which excludes cash and cash equivalents of $155.2 million held at DomaniRx, LLC was $6,636.8 million as of December 31, 2024.  SS&C’s consolidated net leverage ratio as defined in our credit agreement stood at 2.89 times consolidated EBITDA attributable to SS&C as of December 31, 2024. SS&C’s net secured leverage ratio stood at 1.69 times consolidated EBITDA attributable to SS&C as of December 31, 2024.

Guidance

Q1 2025

FY 2025

Adjusted Revenue ($M)

$1,474.0 – $1,514.0

$6,085.0 – $6,245.0

Adjusted Net Income attributable to SS&C
($M)

$348.0 – $364.0

$1,431.0 – $1,531.0

Interest Expense1 ($M)

$104.0 – $106.0

$408.0 – $418.0

Adjusted Diluted Earnings per Share
attributable to SS&C

$1.37 – $1.43

$5.64 – $5.96

Cash from Operating Activities ($M)

–

$1,448.0 – $1,548.0

Capital Expenditures (% of revenue)

–

4.1% – 4.5%

Diluted Shares (M)

254.6 – 255.6

253.7 – 256.7

Effective Income Tax Rate (%)

23.0% – 25.0%

23.0% – 25.0%

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 2025 and FY 2025 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 2024 earnings call will take place at 5:00 p.m. eastern time today, February 6, 2025.  The call will discuss fourth quarter and full year 2024 results and 2025 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 2024 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: https://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 2025 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. More than 22,000 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,

2024

2023

2024

2023

Revenues:

Software-enabled services

$

1,254.0

$

1,145.5

$

4,840.3

$

4,488.3

License, maintenance and related

275.7

266.1

1,041.7

1,014.5

Total revenues

1,529.7

1,411.6

5,882.0

5,502.8

Cost of revenues:

Software-enabled services

669.1

594.6

2,618.8

2,472.0

License, maintenance and related

106.7

97.7

399.6

379.0

Total cost of revenues

775.8

692.3

3,018.4

2,851.0

Gross profit

753.9

719.3

2,863.6

2,651.8

Operating expenses:

Selling and marketing

156.6

139.3

584.2

550.9

Research and development

136.8

118.3

517.7

473.8

General and administrative

102.6

127.5

418.2

418.2

Total operating expenses

396.0

385.1

1,520.1

1,442.9

Operating income

357.9

334.2

1,343.5

1,208.9

Interest expense, net

(113.0)

(119.3)

(451.9)

(469.8)

Other (expense) income, net

(7.6)

5.4

8.9

20.7

Equity in earnings of unconsolidated affiliates, net

3.7

57.4

24.4

100.0

Loss on extinguishment of debt

(1.1)

(1.0)

(31.2)

(2.1)

Income before income taxes

239.9

276.7

893.7

857.7

(Benefit) provision for income taxes

(8.5)

81.8

132.0

249.1

Net income

248.4

194.9

761.7

608.6

Net income attributable to noncontrolling interest

(0.2)

(0.5)

(1.2)

(1.5)

Net income attributable to SS&C common stockholders

$

248.2

$

194.4

$

760.5

$

607.1

Basic earnings per share attributable to SS&C common stockholders

$

1.01

$

0.79

$

3.09

$

2.45

Diluted earnings per share attributable to SS&C common stockholders

$

0.98

$

0.77

$

3.00

$

2.39

Basic weighted-average number of common shares outstanding

246.0

246.7

246.4

248.3

Diluted weighted-average number of common and common equivalent
shares outstanding

254.5

252.1

253.8

254.5

Net income

$

248.4

$

194.9

$

761.7

$

608.6

Other comprehensive (loss) income, net of tax:

Foreign currency exchange translation adjustment

(229.2)

129.3

(115.1)

124.5

Change in defined benefit pension obligation

0.1

(0.7)

0.2

(0.7)

Total other comprehensive (loss) income, net of tax

(229.1)

128.6

(114.9)

123.8

Comprehensive income

19.3

323.5

646.8

732.4

Comprehensive income attributable to noncontrolling interest

(0.2)

(0.5)

(1.2)

(1.5)

Comprehensive income attributable to SS&C common stockholders

$

19.1

$

323.0

$

645.6

$

730.9

 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

December 31,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

567.1

$

432.2

Funds receivable and funds held on behalf of clients

3,162.2

2,615.6

Accounts receivable, net

902.0

799.4

Contract asset

47.6

36.1

Prepaid expenses and other current assets

179.8

165.8

Restricted cash

3.7

2.4

Total current assets

4,862.4

4,051.5

Property, plant and equipment, net

299.6

315.3

Operating lease right-of-use assets

190.6

221.4

Investments

177.4

184.7

Unconsolidated affiliates

328.4

345.2

Contract asset

110.2

99.7

Goodwill

9,218.1

8,969.5

Intangible and other assets, net

3,858.0

3,915.2

Total assets

$

19,044.7

$

18,102.5

Liabilities and Equity

Current liabilities:

Current portion of long-term debt

$

20.0

$

51.5

Client funds obligations

3,162.2

2,615.6

Accounts payable

70.2

80.3

Income taxes payable

23.0

22.3

Accrued employee compensation and benefits

311.5

270.2

Interest payable

31.6

29.4

Other accrued expenses

249.7

232.3

Deferred revenue

486.1

470.3

Total current liabilities

4,354.3

3,771.9

Long-term debt, net of current portion

6,989.6

6,668.5

Operating lease liabilities

175.1

199.1

Other long-term liabilities

191.1

248.7

Deferred income taxes

725.5

816.6

Total liabilities

12,435.6

11,704.8

SS&C stockholders’ equity

6,534.8

6,339.6

Noncontrolling interest

74.3

58.1

Total equity

6,609.1

6,397.7

Total liabilities and equity

$

19,044.7

$

18,102.5

 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Twelve Months Ended December 31,

2024

2023

Cash flow from operating activities:

Net income

$

761.7

$

608.6

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

680.1

670.4

Equity in earnings of unconsolidated affiliates, net

(24.4)

(100.0)

Distributions received from unconsolidated affiliates

13.1

21.2

Stock-based compensation expense

203.3

159.5

Net gains on investments

(1.7)

(2.2)

Amortization and write-offs of loan origination costs and original issue discounts

8.4

13.5

Loss on extinguishment of debt

31.2

2.1

Loss on sale or disposition of property and equipment

1.6

11.7

Deferred income taxes

(115.4)

(82.9)

Provision for credit losses

15.4

11.4

Changes in operating assets and liabilities, excluding effects from acquisitions:

Accounts receivable

(119.1)

(23.1)

Prepaid expenses and other assets

(20.7)

(2.3)

Contract assets

(25.1)

22.5

Accounts payable

(10.7)

33.0

Accrued expenses and other liabilities

(16.5)

(106.0)

Income taxes prepaid and payable

(13.8)

(38.2)

Deferred revenue

21.2

15.9

Net cash provided by operating activities

1,388.6

1,215.1

Cash flow from investing activities:

Cash paid for business acquisitions, net of cash acquired and asset acquisitions

(647.1)

(34.1)

Additions to property and equipment

(61.4)

(56.6)

Proceeds from sale of property and equipment

4.8

0.1

Additions to capitalized software

(194.3)

(194.9)

Investments in securities

(0.1)

(0.6)

Proceeds from sales / maturities of investments

6.9

8.0

Distributions received from (contributions to) unconsolidated affiliates

25.3

(0.3)

Collection of other non-current receivables

10.2

10.0

Net cash used in investing activities

(855.7)

(268.4)

Cash flow from financing activities:

Cash received from debt borrowings, net of original issue discount

5,545.0

375.0

Repayments of debt

(5,255.1)

(749.7)

Payment of deferred financing fees

(39.4)

—

Net increase in client funds obligations

235.8

1,669.7

Proceeds from exercise of stock options

355.1

115.4

Withholding taxes paid related to equity award net share settlement

(26.2)

(5.1)

Purchases of common stock for treasury

(737.5)

(471.6)

Dividends paid on common stock

(244.9)

(220.9)

Proceeds from noncontrolling interests

14.9

—

Net cash (used in) provided by financing activities

(152.3)

712.8

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(8.7)

1.5

Net increase in cash, cash equivalents and restricted cash

371.9

1,661.0

Cash, cash equivalents and restricted cash, beginning of period

2,998.6

1,337.6

Cash, cash equivalents and restricted cash and cash equivalents, end of period

$

3,370.5

$

2,998.6

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:

Cash and cash equivalents

$

567.1

$

432.2

Restricted cash and cash equivalents

3.7

2.4

Restricted cash and cash equivalents included in funds receivable and funds held on behalf of
clients

2,799.7

2,564.0

$

3,370.5

$

2,998.6

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)

2024

2023

2024

2023

Revenues

$

1,529.7

$

1,411.6

$

5,882.0

$

5,502.8

ASC 606 adoption impact

—

(0.9)

(2.2)

(3.4)

Purchase accounting adjustments impact on revenue

1.0

1.6

5.9

6.4

Adjusted revenues

$

1,530.7

$

1,412.3

$

5,885.7

$

5,505.8

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)

2024

2023

2024

2023

Software-enabled services

$

1,254.0

$

1,145.5

$

4,840.3

$

4,488.3

License, maintenance and related

275.7

266.1

1,041.7

1,014.5

Total revenues

$

1,529.7

$

1,411.6

$

5,882.0

$

5,502.8

Software-enabled services

$

1,254.9

$

1,146.2

$

4,844.0

$

4,491.6

License, maintenance and related

275.8

266.1

1,041.7

1,014.2

Total adjusted revenues

$

1,530.7

$

1,412.3

$

5,885.7

$

5,505.8

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)

2024

2023

2024

2023

Operating income

$

357.9

$

334.2

$

1,343.5

$

1,208.9

Amortization of intangible assets

157.5

151.3

606.6

596.6

Stock-based compensation

55.4

41.9

203.3

159.4

Purchase accounting adjustments (1)

2.1

3.8

11.6

15.8

ASC 606 adoption impact

0.1

(0.8)

(1.9)

(3.1)

Acquisition related (2)

0.5

1.2

3.2

9.0

Facilities and workforce restructuring

8.0

14.3

41.6

56.8

Other (3)

1.4

0.1

8.6

0.9

Adjusted operating income

$

582.9

$

546.0

$

2,216.5

$

2,044.3

Adjusted operating income attributable to noncontrolling interest (4)

(1.0)

(0.8)

(4.1)

(2.9)

Adjusted operating income attributable to SS&C common
stockholders

$

581.9

$

545.2

$

2,212.4

$

2,041.4

(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)

2024

2023

2024

2023

Net income

$

248.4

$

194.9

$

761.7

$

608.6

Interest expense, net

113.0

119.3

451.9

469.8

Provision for income taxes

(8.5)

81.8

132.0

249.1

Depreciation and amortization

175.8

170.0

680.1

670.4

EBITDA

528.7

566.0

2,025.7

1,997.9

Stock-based compensation

55.4

41.9

203.3

159.4

Acquired EBITDA and cost savings (1)

—

—

19.4

—

Loss on extinguishment of debt

1.1

1.0

31.2

2.1

Equity in earnings of unconsolidated affiliates, net

(3.7)

(57.4)

(24.4)

(100.0)

Purchase accounting adjustments (2)

1.1

2.6

6.8

9.3

ASC 606 adoption impact

0.1

(0.8)

(1.9)

(3.1)

Foreign currency translation losses (gains)

6.6

(3.9)

8.2

(0.2)

Investment gains (3)

(2.3)

(5.3)

(19.6)

(19.0)

Facilities and workforce restructuring

7.8

14.3

41.4

56.8

Acquisition related (4)

0.6

1.2

3.3

(0.1)

Other (5)

4.7

3.7

11.1

7.5

Consolidated EBITDA

$

600.1

$

563.3

$

2,304.5

$

2,110.6

Acquired EBITDA and cost savings (1)

—

—

(19.4)

—

Adjusted Consolidated EBITDA

$

600.1

$

563.3

$

2,285.1

$

2,110.6

Adjusted Consolidated EBITDA attributable to noncontrolling interest (6)

(1.0)

(0.8)

(4.1)

(2.9)

Adjusted Consolidated EBITDA attributable to SS&C common
stockholders

$

599.1

$

562.5

$

2,281.0

$

2,107.7

(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)

Investment gains includes unrealized fair value adjustments of investments and dividend income received on investments.

(4)

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

(5)

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. 

(6)

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)

2024

2023

2024

2023

GAAP – Net income

$

248.4

$

194.9

$

761.7

$

608.6

Amortization of intangible assets

157.5

151.3

606.6

596.6

Amortization of deferred financing costs and original issue discount

1.7

3.3

8.4

13.5

Stock-based compensation

55.4

41.9

203.3

159.4

Loss on extinguishment of debt

1.1

1.0

31.2

2.1

Purchase accounting adjustments (1)

2.1

3.8

11.6

15.8

ASC 606 adoption impact

0.1

(0.8)

(1.9)

(3.1)

Equity in earnings of unconsolidated affiliates, net

(3.7)

(57.4)

(24.4)

(100.0)

Foreign currency translation losses (gains)

6.6

(3.9)

8.2

(0.2)

Investment losses (gains) (2)

0.9

(3.1)

(1.6)

(2.2)

Facilities and workforce restructuring

7.8

14.3

41.4

56.8

Acquisition related (3)

0.6

1.2

3.3

(0.1)

Other (4)

4.9

3.9

11.2

8.6

Income tax effect (5)

(80.2)

(30.7)

(281.9)

(168.2)

Adjusted net income

$

403.2

$

319.7

$

1,377.1

$

1,187.6

Adjusted net income attributable to noncontrolling interest (6)

(1.4)

(1.2)

(5.0)

(3.5)

Adjusted net income attributable to SS&C common stockholders

$

401.8

$

318.5

$

1,372.1

$

1,184.1

Adjusted diluted earnings per share attributable to SS&C common
stockholders

$

1.58

$

1.26

$

5.41

$

4.65

GAAP diluted earnings per share attributable to SS&C common
stockholders

$

0.98

$

0.77

$

3.00

$

2.39

Diluted weighted-average shares outstanding

254.5

252.1

253.8

254.5

(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)

Investment gains includes unrealized fair value adjustments of investments.  In prior periods, investment gains also included dividend income received on investments.  Prior period amounts have been revised for consistent presentation.

(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)

For the twelve-month period ending December 31, 2024, we revised the effective tax rate used to adjust the provision for income taxes for the purpose of computing adjusted net income to 23.1%.  The change in this effective tax rate is attributable to increased deductions related to equity awards, implementation of prudent tax planning strategies, and the mix of earnings in our business jurisdictions.  As a result, an effective tax rate of 15.1% for the three months ended December 31, 2024 has been used to adjust the provision for income taxes for the purpose of computing adjusted net income. An effective tax rate of approximately 26% has been used to adjust the provision for income taxes for the purpose of computing adjusted net income for the three and twelve months ended December 31, 2023.

(6)

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.

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Warhound Launches with $200 Million to Rebuild America’s Military Working Dog Supply, Using Advanced Genetics and Defense Technology

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Company will produce genetically enhanced working dogs that leverage cybernetics technology to improve health and performance while ending reliance on foreign suppliers

DALLAS and COSTA MESA, Calif., Oct. 23, 2026 /PRNewswire/ — Warhound, a new defense technology company conceived by American technology entrepreneurs Ben Lamm and Palmer Luckey emerged from stealth with a $200 million seed round. Warhound will rebuild America’s domestic supply of elite working dogs for U.S. military forces, law-enforcement, emergency first response teams—a critical national security resource that the U.S. has long relied on foreign countries to provide. Led by CEO David Spirk, the company will reduce dependence on a shrinking European supply chain and strengthen America’s ability to protect its own people, infrastructure, and national security interests.

Warhound is modernizing America’s working-dog program by delivering a vertically integrated program, combining Colossal’s enhanced genetics platform and secure biobanking capabilities of America’s top-performing dog arsenal, controlled delivery through cloning with best-in-class training and animal care. Through a partnership, all dogs will be equipped by Anduril’s advanced cybernetic Augments, software, and battlefield situational awareness. The company is backed by In-Q-Tel, Sequoia Capital, ARK Invest, Franklin Templeton, 8VC, USIT, Bob Nelsen, Breyer Capital, CAZ Investments, Neogenesis, Builders VC, and Lux Capital among others. Based in Texas, Warhound will operate under the guidance of the American Humane Society which will certify its training programs and support the reunification of retired military working dogs with their former handlers and adoption protocols.

“Palmer, Ben and the Warhound team are exceptional. Sequoia is proud to back them,” said Shaun Maguire, Partner at Sequoia Capital.

Warhound is bringing together Colossal’s breakthroughs in genetics, cloning, and animal biology with Anduril’s advanced defense technology to fundamentally change how America produces, trains, and protects its military working dogs. Colossal’s science will help produce healthier dogs with characteristics suited to demanding missions, while Anduril’s technology will give dogs and their handlers greater awareness and protection in the field.

“Every day, we ask dogs to put their lives on the line to protect ours. They detect explosives, protect our troops, and run toward dangers that most people are trained to run away from. Yet we’re still relying on outdated approaches to breeding and training these extraordinary animals, with too many never making it through the process. We have an opportunity to fundamentally change that. Colossal has spent years pioneering breakthroughs in genetics, cloning, and animal biology, and now we’re applying that science to give these dogs the best possible chance at a long, healthy life and a successful mission. If we’re going to ask man’s best friend to protect America, we owe it to them to use every tool at our disposal to protect them, too,” said Ben Lamm.

Since the Army established the K-9 Corps in 1942, military working dogs have served alongside America’s armed forces for more than 84 years—detecting threats, protecting service members and supporting missions worldwide. That program has evolved in The United States Department of War’s (DOW) Military Working Dog Program, which currently includes 2,200+ working dog teams that are operationally critical for detection and patrol work, and a critical part of the defense infrastructure of the country. More than 80% of U.S. military working dogs are currently acquired from Europe, creating a critical interdependency on foreign nations for an asset the Pentagon itself calls irreplaceable. That dependency is compounding: after a rigorous, roughly three-year acquisition-and-training pipeline, less than half of the dogs procured are ultimately deemed fit for service, meaning the U.S. must source and train roughly 200 dogs today to field 100 working animals tomorrow.

“Man’s best friend deserves man’s best tech,” said Palmer Luckey. 

David Spirk has been named the CEO of Warhound. As a veteran of the United States Marine Corps, he worked as an intelligence specialist with multiple deployments and ultimately served as the Deputy Associate Director of National Intelligence for Afghanistan and Pakistan at the Office of the Director of National Intelligence representing the Intelligence Community at the White House and on Capital Hill. He has an extensive background in the U.S. military, intelligence community, and federal data governance, specifically focused on scaling algorithmic warfare and creating data driven advantages. More recently, he was a Senior Counselor at Palantir Technologies where he focused on expanding the company’s software footprints across the U.S. government, allied international partners, and commercial sectors. Previously, he was appointed the First Chief Data Officer (CDO) for the Department of War, where he worked on accelerating the military’s data-driven capabilities and was the first CDO for the U.S. Special Operations Command (USSOCOM).

“Our long-term goal is simple: healthier dogs, better-prepared teams, and more service members and first responders coming home safely. Leading Warhound, and strengthening America’s working-dog capabilities, is an opportunity to apply my experience to a mission I care deeply about: protecting people and helping the animals who support them,” said David Spirk. “My focus is building a team that can turn scientific advances into capabilities that work in the field.”

Building Healthier, More Capable Working Dogs to Protect Both Dogs and People
The concept of Warhound was conceived years ago by Palmer and Ben after a discussion at Peter Diamandis’ Moonshots Summit. Military working-dog programs face a costly challenge: more than half of candidate dogs fail to complete training, while reliance on overseas breeders leaves the United States dependent on a constrained foreign supply chain. Warhound was created to improve that system—producing fewer dogs with a greater likelihood of remaining healthy, completing training, and succeeding in their missions.

Warhound dog-and-handler teams will also connect Anduril’s integrated capabilities—including eye and ear protection and Eagle Eye technology—will help safeguard working dogs, their handlers and the wider unit while supporting safer, more effective missions.

“For millennia, people have selectively bred dogs to be companions and helpmates. Modern biotechnology gives us a more precise way to shape some of their traits, thus improving both the work dogs do and their own health and well-being,” said Alta Charo, Warren P. Knowles Professor Emerita of Law and Bioethics at the University of Wisconsin–Madison. “The Warhound project offers the possibility of improving working dogs’ health and welfare while supporting the lifesaving work they do. But we still must look carefully at who benefits, what risks the animals bear, and how concern for animal welfare translates into practice through careful evaluation of the evidence, meaningful oversight, and responsibility for the dogs throughout their lives, including retirement. The American Humane Society brings valuable experience through its military working dog reunification efforts and Pups4Patriots program. That experience provides a foundation, but public trust has to be earned through the care we provide and the commitments we keep.”

Animal welfare is central to the program. By improving health, durability, and training success, Warhound will significantly reduce washouts, limit the number of dogs unnecessarily entering intensive training and enable safer, more effective missions. Technologies and therapeutics developed through the program will also be made available to all dogs and ultimately improve the health of all dogs, not only those serving alongside America’s service men and women. Together, these capabilities will establish a secure domestic supply of military working dogs while giving American service members healthier, more capable canine partners.

“Working dogs are extraordinary animals whose courage and loyalty save lives,” said Dr. Robin Ganzert, President and CEO of American Humane Society. “We owe these dogs a commitment to their well-being that matches their service to us. What excites me about Warhound is the opportunity to make health, welfare, and exceptional care fundamental to a working-dog program from the very beginning. Success means helping these dogs thrive throughout their lives—from training and active service to the loving, dignified retirement every canine hero deserves.”

Warhound is built to take today’s level of performance and make it better: using cutting edge engineering and technology, on American soil, from American companies, without the wait times, price volatility, or geopolitical exposure of a foreign supply chain.

About Warhound
Warhound is a Texas-based defense technology company building a secure domestic supply of healthier, more capable working dogs for the U.S. military, law enforcement and emergency responders. Conceived by Palmer Luckey and Ben Lamm, Warhound combines biotechnology licensed from Colossal Biosciences with advanced training and Anduril’s cybernetic augments and software. The company aims to reduce reliance on foreign suppliers, improve canine health and performance, and enhance safety for dogs and their handlers. Animal welfare is central to Warhound’s mission, with a commitment to lifelong care from birth through training, service and retirement. To follow along, please visit: warhound.com.

About Anduril
Anduril Industries is a defense technology company that builds autonomous systems and a common operating layer to give the United States and its allies a persistent advantage in sensing, decision-making, and force projection.

About the American Humane Society
The American Humane Society is the country’s first national humane organization and a global leader in animal welfare. Founded in 1877, American Humane has been at the forefront of protecting animals, rescuing them from cruelty, abuse, and natural disasters, and setting the gold standard in science-based welfare certifications. The organization oversees prominent programs including the iconic “No Animals Were Harmed®” film and television certification, the American Humane Certified™ farm and zoo standards, military working dog reunifications, and the Pups4Patriots™ service dog program. Learn more at americanhumane.org. 

About Colossal Biosciences
Colossal was founded by emerging technology and software entrepreneur Ben Lamm and world-renowned geneticist and serial biotech entrepreneur George Church, Ph.D., and is the first to apply CRISPR technology for the purposes of species de-extinction. Colossal creates innovative technologies for species restoration, critically endangered species protection and the repopulation of critical ecosystems that support the continuation of life on Earth. Colossal is accepting humanity’s duty to restore Earth to a healthier state, while also solving for the future economies and biological necessities of the human condition through cutting-edge science and technologies. To follow along, please visit: www.colossal.com.

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Best Version Media Names Chris Laurence Next CEO; Kevin O’Brien Transitions to CRO

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Leadership investment strengthens companywide execution and sharpens focus on Publisher success and revenue growth

BROOKFIELD, Wis., Oct. 23, 2026 /PRNewswire/ — Best Version Media (BVM), a local media and marketing company serving more than 1,300 communities across the United States and Canada, today announced that Chris Laurence has joined the company as Chief Executive Officer. Kevin O’Brien, who previously served as CEO, will transition to Chief Revenue Officer, focusing on leading BVM’s sales field and accelerating revenue growth.

The appointments reflect BVM’s investment in leadership to support its next stage of growth. By establishing dedicated executive leadership for the broader organization and the sales field, BVM is strengthening its ability to execute across the business while supporting its independent Publishers and the local businesses they serve.

“Our growth has brought us to a point where leading the overall company and leading our sales field each deserve a dedicated focus,” said O’Brien. “This transition allows me to concentrate on working with our sales leaders and Publishers, strengthening the field, and helping more local businesses connect with their communities. I’m excited to partner with Chris as we build on BVM’s momentum.”

Laurence brings experience as CEO, CFO, and COO of public, private, and private equity-backed companies, where he has led growth, operational improvement, and technology transformation. Before moving into operating roles, he was a general partner at Brentwood Associates, a Los Angeles-based private equity firm.

“BVM has built a powerful combination of community storytelling, local relationships, and marketing solutions for small businesses,” said Laurence. “I look forward to working with Kevin and the entire team to build on that foundation, strengthen how we operate, and support the success of our Publishers and clients.”

As CEO, Laurence will lead BVM’s overall strategy and operations, working with the team to scale operations and support the success of our Publishers and the local businesses they serve. As CRO, O’Brien will focus on sales leadership, Publisher growth, and revenue generation. Together, they will help advance BVM’s print and digital offerings and position the company for continued growth.

About Best Version Media

Founded in 2007, Best Version Media (BVM) connects local businesses with customers through community magazines, targeted digital advertising, and online presence management tools. Serving more than 1,300 communities across the United States and Canada, BVM’s network of independent Publishers builds relationships with local businesses and brings community stories to life. BVM is a portfolio company of H.I.G. Capital. To learn more, visit www.bestversionmedia.com.

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Technology

Dow and Small Caps Climb Weekly While Nasdaq Slips on Megacap Earnings Charges

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VANCOUVER, BC, Oct. 23, 2026 /PRNewswire/ — Stock Preachers News Commentary – Stocks closed a volatile earnings week with a split verdict: the Dow gained 0.64% and the Russell 2000 jumped 2.07%, while the Nasdaq Composite fell 0.45% and the S&P 500 slipped 0.22%. The VIX rose to 19.40 and the VXN climbed to 28.13 as traders weighed a wave of third-quarter results. Gold dropped 3.47% and silver fell 4.90% on the week, while WTI crude rose 3.74% on Thursday alone. The 10-year Treasury yield eased 11 basis points to 4.99%. Active Companies from around the markets with current developments this week include: Meta Platforms, Inc. (Nasdaq: META), Texas Instruments Incorporated (Nasdaq: TXN), RTX (NYSE: RTX), IBM (NYSE: IBM), and First Citizens BancShares, Inc. (Nasdaq: FCNCA).

Large-cap benchmarks diverged sharply this week. The Dow closed at 52,337.54, up 0.64% for the week despite a 1% drop on Friday, while the S&P 500 ended at 7,642.22, down 0.22% weekly after touching a week high of 7,770.40. The Nasdaq Composite settled at 26,022.45, down 0.45% on the week, dragged by a rough stretch for megacap tech following a batch of earnings reports.

The Russell 2000 was the standout, closing at 2,777.63 for a 2.07% weekly gain, outperforming its large-cap peers as investors rotated toward smaller names. RSI readings show the Nasdaq at 38.9 and the S&P 500 at 43.5, both in cooler territory, while the Dow’s RSI of 54.1 reflects its relative strength this week.

Volatility ticked higher into the weekend, with the VIX up 0.96 points for the week to 19.40 and the VXN up a full point to 28.13. In commodities, natural gas spiked 8.66% on Thursday alone even as it remained down 0.65% for the week, while copper rose 2.44% daily. The dollar firmed slightly against the euro, with EUR/USD down 0.24% on the week to 1.12.

The full report also breaks down key support and resistance levels for each index, additional earnings movers, and sentiment heading into next week’s sessions.

CONTINUED… Read this and more news for Meta Platforms, Inc. (Nasdaq: META), Texas Instruments Incorporated (Nasdaq: TXN), RTX (NYSE: RTX), IBM (NYSE: IBM), and First Citizens BancShares, Inc. (Nasdaq: FCNCA) at: https://stockpreachers.com/articles/small-caps-lead-big-tech-lags-as-earnings-season-shakes-the-tape/

In other industry developments and happenings in the market this week include:

Meta Platforms, Inc. (Nasdaq: META) Meta reported third-quarter revenue of $64.60 billion, up 26% year over year, but net income of $9.86 billion reflected a $9.89 billion charge tied to an agreement with 52 state attorneys general over teen mental health and social media litigation. Diluted EPS was $3.83, up 265% year over year; excluding the litigation charge, EPS would have been $7.40.

Operating margin fell to 20% from 40% a year earlier, while costs and expenses rose 68% to $51.61 billion. Capital expenditures, including finance lease payments, totaled $34.91 billion, and free cash flow was negative $2.12 billion for the quarter.

“We hit major milestones this quarter toward delivering personal superintelligence for everyone – including launching Muse and Muse Wonder, our first frontier model,” said Mark Zuckerberg, Meta founder and CEO. “Our investments are paying off, the core business is strong, and we’re seeing velocity across the board.” The company guided fourth-quarter revenue to a range of $73-76 billion and raised full-year 2026 total expense guidance to $175-179 billion. Read the release.

Texas Instruments Incorporated (Nasdaq: TXN) Texas Instruments reported third-quarter revenue of $6.06 billion, up 28% from a year earlier, with net income of $2.43 billion and earnings per share of $2.62. Operating profit rose 73% to $2.87 billion, and revenue increased 11% sequentially.

“Revenue increased 11% sequentially and 28% from the same quarter a year ago with continued broad growth in industrial, automotive and data center,” said Haviv Ilan, TI’s chairman, president and CEO. Trailing 12-month cash flow from operations was $9.9 billion, with free cash flow of $8.4 billion.

The company returned $5.8 billion to shareholders over the trailing 12 months and guided fourth-quarter revenue to a range of $5.80 billion to $6.30 billion, with earnings per share expected between $2.45 and $2.79. Read the release.

RTX (NYSE: RTX) RTX reported third-quarter sales of $25.0 billion, up 11% versus the prior year and 12% organically, with adjusted EPS of $2.26, up 33% from a year earlier. GAAP EPS was $1.89. Operating cash flow was $2.9 billion and free cash flow was $2.1 billion, with results including $0.25 of IEEPA cost recovery per share.

The company’s backlog reached a record $340 billion, including $176 billion commercial and $164 billion defense, after over $81 billion of new awards including Tomahawk and AMRAAM multi-year production contracts.

“Our strong execution and operational focus in the third quarter enabled RTX to deliver double-digit organic sales growth across commercial aerospace and defense,” said RTX Chairman and CEO Chris Calio. The company raised its full-year adjusted EPS outlook to $7.65-$7.75 and adjusted sales guidance to $97.0-$97.5 billion. Read the release.

IBM (NYSE: IBM) IBM reported third-quarter revenue of $17.1 billion, up 5% as reported and 6% at constant currency, with Software revenue up 8% and Infrastructure revenue up 4%. GAAP diluted earnings per share were $2.31, up 26% year over year, while operating (non-GAAP) EPS was $2.95, up 11%.

The company generated $4.0 billion in net cash from operating activities in the quarter and $3.0 billion in free cash flow, up $0.7 billion year over year. Year to date, free cash flow reached $7.8 billion.

“Disciplined execution throughout the quarter drove accelerated revenue growth and strong free cash flow,” said Arvind Krishna, IBM chairman, president and chief executive officer. IBM now expects full-year free cash flow to increase by more than $1 billion year over year, while continuing to guide constant currency revenue growth of four to five percent. Read the release.

First Citizens BancShares, Inc. (Nasdaq: FCNCA) First Citizens BancShares reported third-quarter net income of $606 million, down from $672 million in the linked quarter. Net income available to common stockholders was $577 million, or $51.23 per common share, a $63 million decrease from the prior quarter’s $640 million.

Net interest income rose to $1.70 billion, up $43 million from the linked quarter, while net interest margin declined 3 basis points to 3.07%. The company completed its BMO Branch Acquisition on September 4, 2026, assuming approximately $4.9 billion in deposits and acquiring approximately $650 million in loans.

“We returned $600 million to our stockholders through share repurchases and further optimized our balance sheet by repaying another $8.0 billion of the Purchase Money Note,” said Chairman and CEO Frank B. Holding, Jr. The board approved a new repurchase plan authorizing up to $1.2 billion of Class A common shares through 2027. Read the release.

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