$SSNC
SS&C Technologies Holdings Inc

2016 Q4 Form 10-Q Financial Statement

#000156459016027978 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $400.9M $383.3M $300.9M
YoY Change 33.25% 36.46% 49.9%
Cost Of Revenue $205.3M $208.0M $158.7M
YoY Change 29.36% 36.96% 50.28%
Gross Profit $195.6M $175.3M $142.2M
YoY Change 37.56% 35.84% 49.52%
Gross Profit Margin 48.79% 45.73% 47.26%
Selling, General & Admin $62.60M $60.70M $58.00M
YoY Change 7.93% -20.85% 125.68%
% of Gross Profit 32.0% 34.63% 40.78%
Research & Development $37.70M $37.70M $35.90M
YoY Change 5.01% 0.83% 127.22%
% of Gross Profit 19.27% 21.51% 25.24%
Depreciation & Amortization $57.80M $57.50M $50.00M
YoY Change 15.6% 18.07% 97.63%
% of Gross Profit 29.55% 32.81% 35.16%
Operating Expenses $100.3M $98.40M $93.90M
YoY Change 6.82% -13.74% 126.27%
Operating Profit $95.31M $76.90M $48.30M
YoY Change 97.32% 414.33% -9.88%
Interest Expense -$30.90M -$31.60M -$33.70M
YoY Change -8.31% -196.8% 491.23%
% of Operating Profit -32.42% -41.09% -69.77%
Other Income/Expense, Net $2.600M $2.700M -$1.400M
YoY Change -285.71% -61.17% -170.0%
Pretax Income $67.00M $47.90M $13.20M
YoY Change 407.58% -216.38% -73.49%
Income Tax $10.00M $9.200M $1.100M
% Of Pretax Income 14.93% 19.21% 8.33%
Net Earnings $57.02M $38.75M $12.10M
YoY Change 371.34% -211.95% -66.95%
Net Earnings / Revenue 14.22% 10.11% 4.02%
Basic Earnings Per Share $0.28 $0.19 $0.06
Diluted Earnings Per Share $0.28 $0.19 $0.06
COMMON SHARES
Basic Shares Outstanding 202.8M 201.1M 97.25M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.0M $102.0M $434.0M
YoY Change -72.81% -79.76% 294.55%
Cash & Equivalents $117.6M $101.8M $434.2M
Short-Term Investments
Other Short-Term Assets $56.00M $74.00M $71.00M
YoY Change -21.13% 13.85% 129.03%
Inventory
Prepaid Expenses
Receivables $241.0M $237.5M $170.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $415.0M $413.9M $675.1M
YoY Change -38.52% -42.83% 187.05%
LONG-TERM ASSETS
Property, Plant & Equipment $80.00M $71.13M $67.14M
YoY Change 19.15% -1.25% 23.7%
Goodwill $3.653B $3.616B $3.549B
YoY Change 2.92% 3.26% 125.6%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $2.000M $2.000M
YoY Change 0.0% 100.0% 100.0%
Total Long-Term Assets $5.292B $5.209B $5.127B
YoY Change 3.21% 3.07% 152.45%
TOTAL ASSETS
Total Short-Term Assets $415.0M $413.9M $675.1M
Total Long-Term Assets $5.292B $5.209B $5.127B
Total Assets $5.707B $5.622B $5.802B
YoY Change -1.64% -2.68% 156.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.00M $16.48M $11.96M
YoY Change 33.81% 7.07% -0.39%
Accrued Expenses $179.3M $138.2M $149.0M
YoY Change 20.31% 255.46% 385.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $126.0M $29.81M $32.28M
YoY Change 290.32% -9.66% 57.7%
Total Short-Term Liabilities $561.0M $415.8M $416.7M
YoY Change 34.62% 23.07% 117.5%
LONG-TERM LIABILITIES
Long-Term Debt $2.375B $2.460B $2.719B
YoY Change -12.65% -12.0% 353.73%
Other Long-Term Liabilities $59.00M $61.97M $51.43M
YoY Change 14.71% 6.05% 94.49%
Total Long-Term Liabilities $2.434B $2.522B $2.771B
YoY Change -12.15% -11.63% 342.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $561.0M $415.8M $416.7M
Total Long-Term Liabilities $2.434B $2.522B $2.771B
Total Liabilities $3.448B $3.397B $3.697B
YoY Change -6.73% -8.23% 302.05%
SHAREHOLDERS EQUITY
Retained Earnings $492.3M $448.0M $411.5M
YoY Change 19.65% 8.84% -0.63%
Common Stock $1.923B $1.908B $1.795B
YoY Change 7.14% 9.14% 85.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.00M $18.00M $17.99M
YoY Change 0.08% 0.07% 0.0%
Treasury Stock Shares $1.573M $1.573M
Shareholders Equity $2.259B $2.225B $2.105B
YoY Change
Total Liabilities & Shareholders Equity $5.707B $5.622B $5.802B
YoY Change -1.64% -2.68% 156.04%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $57.02M $38.75M $12.10M
YoY Change 371.34% -211.95% -66.95%
Depreciation, Depletion And Amortization $57.80M $57.50M $50.00M
YoY Change 15.6% 18.07% 97.63%
Cash From Operating Activities $181.4M $97.70M $110.0M
YoY Change 64.91% 390.95% 24.72%
INVESTING ACTIVITIES
Capital Expenditures -$12.50M -$8.100M -$5.100M
YoY Change 145.1% 52.83% 27.5%
Acquisitions
YoY Change
Other Investing Activities -$147.3M $8.100M -$114.4M
YoY Change 28.76% -100.31% 31.65%
Cash From Investing Activities -$159.9M $0.00 -$119.4M
YoY Change 33.92% -100.0% 31.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.300M -91.80M -58.10M
YoY Change -96.04% -103.88% -250.13%
NET CHANGE
Cash From Operating Activities 181.4M 97.70M 110.0M
Cash From Investing Activities -159.9M 0.000 -119.4M
Cash From Financing Activities -2.300M -91.80M -58.10M
Net Change In Cash 19.20M 5.900M -67.50M
YoY Change -128.44% -102.64% -286.98%
FREE CASH FLOW
Cash From Operating Activities $181.4M $97.70M $110.0M
Capital Expenditures -$12.50M -$8.100M -$5.100M
Free Cash Flow $193.9M $105.8M $115.1M
YoY Change 68.46% 319.84% 24.84%

Facts In Submission

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us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
3370000
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
1000000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-700000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-334670000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2627561000
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
3068075000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
823448000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
503000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
268550000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34767000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10618000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7051000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
45781000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
37452000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
33216000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-233827000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2905191000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-878000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3964000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-332359000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
394233000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
109577000
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
503810000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.15%;">The Company&#8217;s prior presentation of revenues on its Condensed Consolidated Statements of Comprehensive Income (Loss) displayed total <font style="color:#000000;">recurring</font> and total non-recurring revenues.&nbsp;&nbsp;The Company&#8217;s current presentation is expanded to illustrate the components of each type of revenue stream.&nbsp;&nbsp;These amounts were previously disclosed in footnote 5 of the Company&#8217;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015.</p></div>
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.16
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
CY2016Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
391865000
CY2015Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
384312000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1158376000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1160828000
CY2016Q3 ssnc Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber
24578277
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
45000000
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
11100000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.19
CY2016Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
45510000
CY2015Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
14281000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
101393000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
14791000
CY2016Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.23
CY2015Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.07
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.51
CY2016Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
61180000
CY2015Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
68649000
CY2016Q3 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
2490270000
CY2015Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
2751351000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
91533000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-4720000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-19965000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4853000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5969000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8698000
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
Board of Directors approved a two-for-one stock split to be effected in the form of a stock dividend.
CY2016Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12489000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23121000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
40402000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31435000
CY2015Q4 ssnc Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber
30278364
ssnc Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsGrantsInPeriodGross
1454300
ssnc Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsForfeituresInPeriod
1391958
ssnc Stock Issued During Period Shares Stock Options And Stock Appreciation Rights Exercised
StockIssuedDuringPeriodSharesStockOptionsAndStockAppreciationRightsExercised
5762429
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.08
CY2016Q3 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
201782000
ssnc Proceeds From Payments To Issuance Of Parent Common Stock
ProceedsFromPaymentsToIssuanceOfParentCommonStock
706345000
CY2015Q3 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
193706000
us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
199365000
us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
177772000
CY2016Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.22
CY2015Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.07
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.49
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.08
CY2016Q3 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
206635000
CY2015Q3 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
202624000
us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
205334000
us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
186470000
CY2016Q3 ssnc Goodwill Intangible And Other Assets Net
GoodwillIntangibleAndOtherAssetsNet
5135354000
CY2016Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
138244000
CY2015Q4 ssnc Goodwill Intangible And Other Assets Net
GoodwillIntangibleAndOtherAssetsNet
5057834000
CY2015Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
149028000
us-gaap Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
137462000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-25581000
ssnc Proceeds From Payments To Issuance Of Parent Common Stock
ProceedsFromPaymentsToIssuanceOfParentCommonStock
35226000
us-gaap Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
104471000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
14668000

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