$SSNC
SS&C Technologies Holdings Inc

2014 Q4 Form 10-Q Financial Statement

#000119312514398144 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $200.7M $192.6M $179.5M
YoY Change 9.98% 7.29% 8.42%
Cost Of Revenue $105.6M $101.4M $96.20M
YoY Change 7.32% 5.39% 2.62%
Gross Profit $95.12M $91.22M $83.31M
YoY Change 13.07% 9.49% 15.99%
Gross Profit Margin 47.38% 47.36% 46.41%
Selling, General & Admin $25.70M $22.92M $22.33M
YoY Change 11.74% 2.63% 8.19%
% of Gross Profit 27.02% 25.12% 26.8%
Research & Development $15.80M $13.94M $13.12M
YoY Change 18.8% 6.24% -0.58%
% of Gross Profit 16.61% 15.28% 15.74%
Depreciation & Amortization $25.30M $24.70M $24.70M
YoY Change -0.39% 0.0% 0.0%
% of Gross Profit 26.6% 27.08% 29.65%
Operating Expenses $41.50M $36.85M $35.45M
YoY Change 14.33% 3.97% 2.51%
Operating Profit $53.60M $54.36M $47.86M
YoY Change 12.09% 13.58% 28.51%
Interest Expense -$5.700M $6.071M $9.036M
YoY Change -86.2% -32.81% -34.17%
% of Operating Profit -10.64% 11.17% 18.88%
Other Income/Expense, Net $2.000M $1.532M -$110.0K
YoY Change -94.19% -1492.73% -93.92%
Pretax Income $49.80M $49.82M $38.72M
YoY Change 21.46% 28.68% 78.33%
Income Tax $13.20M $8.997M -$4.748M
% Of Pretax Income 26.51% 18.06% -12.26%
Net Earnings $36.61M $40.83M $43.47M
YoY Change 36.18% -6.07% 146.76%
Net Earnings / Revenue 18.24% 21.2% 24.21%
Basic Earnings Per Share $0.44 $0.49 $0.53
Diluted Earnings Per Share $0.42 $0.47 $0.51
COMMON SHARES
Basic Shares Outstanding 83.67M shares 83.53M shares 81.78M shares
Diluted Shares Outstanding 87.39M shares 86.07M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.0M $75.00M $82.00M
YoY Change 30.95% -8.54% 2.5%
Cash & Equivalents $109.6M $75.08M $81.58M
Short-Term Investments
Other Short-Term Assets $31.00M $33.00M $49.00M
YoY Change -31.11% -32.65% 32.43%
Inventory
Prepaid Expenses
Receivables $94.36M $90.12M $85.87M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $235.2M $198.9M $217.4M
YoY Change 6.33% -8.53% 4.02%
LONG-TERM ASSETS
Property, Plant & Equipment $54.28M $53.51M $53.32M
YoY Change 4.99% 0.36% 4.54%
Goodwill $1.573B $1.524B $1.543B
YoY Change 2.07% -1.23%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $2.000M $1.000M
YoY Change 0.0% 100.0% -75.0%
Total Long-Term Assets $2.031B $1.971B $2.075B
YoY Change -1.13% -5.03% -4.45%
TOTAL ASSETS
Total Short-Term Assets $235.2M $198.9M $217.4M
Total Long-Term Assets $2.031B $1.971B $2.075B
Total Assets $2.266B $2.170B $2.293B
YoY Change -0.4% -5.36% -3.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.00M $9.606M $17.30M
YoY Change 43.45% -44.47% 147.11%
Accrued Expenses $30.67M $23.45M $28.68M
YoY Change 17.82% -18.24% -47.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.47M $21.64M $21.78M
YoY Change -11.81% -0.65% -5.3%
Total Short-Term Liabilities $191.6M $147.3M $161.6M
YoY Change 14.73% -8.86% 14.6%
LONG-TERM LIABILITIES
Long-Term Debt $599.3M $580.0M $814.0M
YoY Change -20.24% -28.75% -22.25%
Other Long-Term Liabilities $26.45M $18.62M $12.57M
YoY Change 77.34% 48.12% -21.44%
Total Long-Term Liabilities $625.7M $18.62M $12.57M
YoY Change -18.34% 48.12% -98.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $191.6M $147.3M $161.6M
Total Long-Term Liabilities $625.7M $18.62M $12.57M
Total Liabilities $919.5M $841.8M $1.097B
YoY Change -11.89% -23.25% -17.16%
SHAREHOLDERS EQUITY
Retained Earnings $414.1M $388.0M $266.6M
YoY Change 41.11% 45.54%
Common Stock $965.7M $950.0M $903.2M
YoY Change 5.58% 5.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.99M $17.99M $5.819M
YoY Change 165.97% 209.09%
Treasury Stock Shares $786.4K 786.0K shares 488.0K shares
Shareholders Equity $1.347B $1.328B $1.196B
YoY Change
Total Liabilities & Shareholders Equity $2.266B $2.170B $2.293B
YoY Change -0.4% -5.36% -3.7%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $36.61M $40.83M $43.47M
YoY Change 36.18% -6.07% 146.76%
Depreciation, Depletion And Amortization $25.30M $24.70M $24.70M
YoY Change -0.39% 0.0% 0.0%
Cash From Operating Activities $88.20M $71.50M $84.30M
YoY Change 63.33% -15.18% 237.2%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$3.400M -$3.300M
YoY Change 42.86% 3.03% -25.0%
Acquisitions
YoY Change
Other Investing Activities -$86.90M $0.00 $0.00
YoY Change 2248.65% -100.0%
Cash From Investing Activities -$90.80M -$3.400M -$3.300M
YoY Change 1296.92% 3.03% -70.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.70M -64.60M -59.90M
YoY Change -186.0% 7.85% -15.87%
NET CHANGE
Cash From Operating Activities 88.20M 71.50M 84.30M
Cash From Investing Activities -90.80M -3.400M -3.300M
Cash From Financing Activities 38.70M -64.60M -59.90M
Net Change In Cash 36.10M 3.500M 21.10M
YoY Change 1344.0% -83.41% -136.7%
FREE CASH FLOW
Cash From Operating Activities $88.20M $71.50M $84.30M
Capital Expenditures -$4.000M -$3.400M -$3.300M
Free Cash Flow $92.20M $74.90M $87.60M
YoY Change 62.32% -14.5% 197.96%

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dei Trading Symbol
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SSNC
dei Entity Registrant Name
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SS&C Technologies Holdings Inc
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-09-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87125000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83127000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.14
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26 pure
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
164265000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3998000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
274726 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
116000 shares
us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
The applicable interest rates were reduced to either LIBOR plus 2.0% or the base rate plus 1.0%.
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1255159 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
171871 shares
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
27000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
13715000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
636000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5302000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
72286000
us-gaap Gross Profit
GrossProfit
262015000
us-gaap Cost Of Services
CostOfServices
256709000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8554000
us-gaap Interest Expense Debt
InterestExpenseDebt
3300000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
305115000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
400000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-158930000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-672000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
11661000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
787000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
174000000
us-gaap Licenses Revenue
LicensesRevenue
26561000
us-gaap Technology Services Revenue
TechnologyServicesRevenue
23542000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
10735000
us-gaap Operating Income Loss
OperatingIncomeLoss
146777000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
440215000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
127826000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-22234000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
395000
us-gaap Maintenance Revenue
MaintenanceRevenue
76812000
us-gaap Net Income Loss
NetIncomeLoss
94520000
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
2688000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-22234000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11223000
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
10700000
us-gaap Sales Revenue Net
SalesRevenueNet
567130000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11879000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-983000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-637000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38095000
us-gaap Maintenance Costs
MaintenanceCosts
29998000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11200000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-4664000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-17415000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
672000
us-gaap Technology Services Costs
TechnologyServicesCosts
15859000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9390000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
35682000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-13557000
us-gaap Interest Expense
InterestExpense
19738000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
41461000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16070000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
74493000
us-gaap License Costs
LicenseCosts
2549000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1100000
us-gaap Operating Expenses
OperatingExpenses
115238000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4397000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
10735000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33306000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1168000
ssnc Millennium Actions Arbitration Proceeding Claim Amount
MillenniumActionsArbitrationProceedingClaimAmount
160000000
ssnc Millennium Actions Indemnity Amount Claimed By Investment Managers
MillenniumActionsIndemnityAmountClaimedByInvestmentManagers
26500000
ssnc Maximum Date Of Potential Payment Of Contingent Consideration Liabilities Recorded At Fair Value
MaximumDateOfPotentialPaymentOfContingentConsiderationLiabilitiesRecordedAtFairValue
2014-09-30
ssnc Payment Of Fees Related To Refinancing Activities
PaymentOfFeesRelatedToRefinancingActivities
512000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86068000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.12 pure
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4284000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81784000 shares
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
65273000
CY2013Q3 us-gaap Gross Profit
GrossProfit
83310000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-110000
CY2013Q3 us-gaap Licenses Revenue
LicensesRevenue
8184000
CY2013Q3 us-gaap Technology Services Revenue
TechnologyServicesRevenue
7020000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
47864000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
138123000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38718000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
21807000
CY2013Q3 us-gaap Maintenance Revenue
MaintenanceRevenue
26178000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
43466000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
21807000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
179505000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11480000
CY2013Q3 us-gaap Maintenance Costs
MaintenanceCosts
10150000
CY2013Q3 us-gaap Cost Of Services
CostOfServices
79875000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
96195000
CY2013Q3 us-gaap Technology Services Costs
TechnologyServicesCosts
4884000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10849000
CY2013Q3 us-gaap Interest Expense
InterestExpense
9036000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13117000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1975000
CY2013Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
1100000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
35446000
CY2013Q3 us-gaap License Costs
LicenseCosts
1286000
CY2013Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
300000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4748000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87392000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.18 pure
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3860000 shares
CY2014Q3 us-gaap Interest Expense
InterestExpense
6071000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13935000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2784000
CY2014Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
1100000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
36852000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83532000 shares
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8977000
CY2014Q3 us-gaap Gross Profit
GrossProfit
91215000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1532000
CY2014Q3 us-gaap Licenses Revenue
LicensesRevenue
9196000
CY2014Q3 us-gaap Technology Services Revenue
TechnologyServicesRevenue
8522000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
54363000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
149285000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
49824000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-31850000
CY2014Q3 us-gaap Maintenance Revenue
MaintenanceRevenue
25595000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
40827000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-31850000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
192598000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11336000
CY2014Q3 us-gaap Maintenance Costs
MaintenanceCosts
9990000
CY2014Q3 us-gaap Cost Of Services
CostOfServices
84978000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
101383000
CY2014Q3 us-gaap Technology Services Costs
TechnologyServicesCosts
5523000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11581000
CY2014Q3 us-gaap License Costs
LicenseCosts
892000
CY2014Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
300000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8997000

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