SSNC
$29.23
SS&C Technologies
($.12)
(.41%)
Earnings Details
3rd Quarter September 2016
Thursday, October 27, 2016 4:05:00 PM
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Summary

SS&C Technologies Guides Revenue In-line

SS&C Technologies (SSNC) reported 3rd Quarter September 2016 earnings of $0.38 per share on revenue of $383.3 million. The consensus earnings estimate was $0.35 per share on revenue of $388.5 million. Revenue grew 36.5% on a year-over-year basis.

The company said it expects fourth quarter revenue of $394.0 million to $403.0 million. The current consensus revenue estimate is $397.6 million for the quarter ending December 31, 2016.

SS&C Technologies Holdings Inc provides software and software-enabled services including SaaS to the financial services industry.

Results
Reported Earnings
$0.38
Earnings Whisper
-
Consensus Estimate
$0.35
Reported Revenue
$383.3 Mil
Revenue Estimate
$388.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

SS&C Technologies Reports Q3 2016 Results

Q3 GAAP revenue $383.3 million, Fully Diluted GAAP Earnings Per Share $0.19, Adjusted revenue $391.9 million, Adjusted Diluted Earnings Per Share $0.42

SS&C Technologies Holdings, Inc. (SSNC), a global provider of investment and financial software-enabled services and software, today announced its financial results for the third quarter ended September 30, 2016.

http://photos.prnewswire.com/prnvar/20150410/197838LOGO

GAAP Results

SS&C reported GAAP revenue of $383.3 million for the third quarter of 2016, compared to $280.9 million in the third quarter of 2015, a 36.5 percent increase. GAAP operating income for the third quarter of 2016 was $76.9 million, or 20.0 percent of revenue. This represents an increase of over 400 percent compared to $15.0 million, or 5.3 percent of revenue, in 2015's third quarter. GAAP net income for the third quarter of 2016 was $38.7 million compared to a $34.6 million GAAP net loss in the third quarter of 2015. On a fully diluted GAAP basis, earnings per share in the third quarter of 2016 were $0.19.

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

Adjusted revenue in the third quarter of 2016 was $391.9 million, up 25.8 percent compared to $311.4 million in the third quarter of 2015. Adjusted operating income in the third quarter of 2016 was $150.5 million, or 38.4 percent of adjusted revenue. This represents a 20.1 percent increase compared to adjusted operating income of $125.3 million, or 40.2 percent of adjusted revenue, in the third quarter of 2015.

Adjusted net income for the third quarter of 2016 was $87.5 million, up 27.5 percent compared to $68.6 million in 2015's third quarter. Adjusted diluted earnings per share in the third quarter of 2016 were $0.42 per share, up 23.5 percent compared to $0.34 per share in the third quarter of 2015.

Highlights:

--
SS&C adjusted revenue for Q3 2016 was $391.9 million, our 18
(th) straight quarter with record adjusted revenue.
--
SS&C paid off $113.2 million in debt in Q3 2016, and $528.6
million since acquiring Advent over one year ago.
--
Our net debt to consolidated EBITDA leverage ratio has been
reduced to 4.08x.

"SS&C is pleased to report record adjusted revenues of $391.9 million for Q3 2016, and adjusted diluted earnings per share of $0.42 cents," says Bill Stone, Chairman and Chief Executive Officer. "Our business has grown sharply over the past year and our last twelve months' consolidated EBTIDA is over $600 million. We have integrated the people and products from Advent, Varden, Primatics and Citi Alternative Investor Services. At SS&C, we change. Our research and development spend, acquisitions and onboarding talent encourages creativity and critical thinking. This enables us to service our clients' demands in a complex and evolving regulatory environment."

Annual Run Rate Basis

Annual Run Rate Basis (ARRB) recurring revenue, defined as adjusted recurring revenue on an annualized basis, was $1,441.3 million based on adjusted recurring revenue $360.3 million for the third quarter of 2016. This represents an increase of 25.1 percent from $288.0 million and $1,152.2 million run-rate in the same period in 2015 and an increase of 1.2 percent from $356.1 million for the second quarter of 2016, an annual run rate of $1,424.3 million. We believe ARRB of our recurring revenue is a good indicator of visibility into future revenue.

Operating Cash Flow

SS&C generated net cash from operating activities of $237.0 million for the nine months ended September 30, 2016, compared to $120.6 million for the same period in 2015, representing a 96.6 percent increase. SS&C ended the quarter with $101.8 million in cash and cash equivalents, and $2,551.5 million in gross debt, for a net debt balance of $2,449.7 million. SS&C's leverage ratio as defined in our credit agreement stood at 4.08 times consolidated EBITDA as of September 30, 2016.

Guidance

Q4 2016
FY 2016
Adjusted Revenue ($M)
$394.0 - $403.0 $1,513.4 - $1,522.4
Adjusted Net Income ($M)
$89.4 - $92.4
$331.8 - $334.8
Cash from Operating Activities
($M)
-
$380.0 - $390.0
Capital Expenditures (% of
-
2.5% -
revenue)
2.8%
Diluted Shares (M)
207.8 -
205.9 -
208.2
206.1
Effective Income Tax Rate (%)
-
27% - 29%

Non-GAAP Financial Measures

Adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See the accompanying notes to the attached Condensed Consolidated Financial Information for the reconciliations and definitions for each of these non-GAAP measures and the reasons our management believes these measures provide useful information to investors regarding our financial condition and results of operations.

Earnings Call and Press Release

SS&C's Q3 2016 earnings call will take place at 5:00 p.m. eastern time today, October 27, 2016. The call will discuss Q3 2016 results and our guidance and business outlook. Interested parties may dial 877-312-8798 (US and Canada) or 253-237-1193 (International), and request the "SS&C Technologies Third Quarter 2016 Conference Call"; conference ID#93683809. A replay will be available after 8:00 p.m. eastern time on October 27, 2016, until midnight on November 3, 2016. The dial-in number is 855-859-2056 (US and Canada) or 404-537-3406 (International); access code #93683809. The call will also be available for replay on SS&C's website after October 27, 2016; access: http://investor.ssctech.com/results.cfm.

Certain information contained in this press release relating to, among other things, our financial guidance for the fourth quarter and full year of 2016 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "estimates", "projects", "forecasts", "may" 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, the Company's ability to finalize large client contracts, fluctuations in customer demand for the Company's products and services, intensity of competition from application vendors, delays in product development, the Company's ability to control expenses, terrorist activities, exposure to litigation, the Company's ability to integrate acquired businesses, the effect of the acquisitions on customer demand for the Company's products and services, the market price of the Company's stock prevailing from time to time, the Company's cash flow from operations, general economic conditions, and those risks discussed in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission and can also be accessed on our website. The Company cautions investors that it may not update any or all of the foregoing forward-looking statements.

About SS&C Technologies

SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $44 trillion in assets.

Follow SS&C on Twitter, Linkedin and Facebook.

SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operation
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2016
2015
2016
2015
Revenues:
Software-enabled services
$248,772
$180,744
$699,091
$484,434
Maintenance and term licenses
106,925
80,097
305,437
159,049
Total recurring revenues
355,697
260,841
1,004,528
643,483
Perpetual licenses
4,389
6,508
14,643
22,526
Professional services
23,218
13,545
61,341
33,388
Total non-recurring revenues
27,607
20,053
75,984
55,914
Total revenues
383,304
280,894
1,080,512
699,397
Cost of revenues:
Software-enabled services
143,074
96,151
403,045
273,301
Maintenance and term licenses
45,458
43,391
138,864
69,896
Total recurring cost of revenues
188,532
139,542
541,909
343,197
Perpetual licenses
608
1,036
1,749
3,081
Professional services
18,887
11,286
51,532
27,396
Total non-recurring cost of revenues
19,495
12,322
53,281
30,477
Total cost of revenues
208,027
151,864
595,190
373,674
Gross profit
175,277
129,030
485,322
325,723
Operating expenses:
Selling and marketing
27,328
37,082
85,724
64,400
Research and development
37,701
37,389
114,975
74,517
General and administrative
33,345
39,607
91,239
70,370
Total operating expenses
98,374
114,078
291,938
209,287
Operating income
76,903
14,952
193,384
116,436
Interest expense, net
(31,648)
(32,645)
(97,583)
(43,664)
Other income, net
2,655
6,953
820
5,282
Loss on extinguishment of debt
-
(30,417)
-
(30,417)
Income (loss) before income taxes
47,910
(41,157)
96,621
47,637
Provision (benefit) for income taxes
9,163
(6,547)
22,648
16,873
Net income (loss)
$38,747
$(34,610)
$73,973
$30,764
Basic earnings (loss) per share
$0.19
$(0.18)
$0.37
$0.17
Basic weighted average number of common shares
201,782
193,706
199,365
177,772
outstanding
Diluted earnings (loss) per share
$0.19
$(0.18)
$0.36
$0.16
Diluted weighted average number of common and common
206,635
193,706
205,334
186,470
equivalent shares outstanding
Net income (loss)
$38,747
$(34,610)
$73,973
$30,764
Other comprehensive loss, net of tax:
Foreign currency exchange translation adjustment
(12,060)
(38,005)
(29,532)
(51,416)
Total comprehensive loss, net of tax
(12,060)
(38,005)
(29,532)
(51,416)
Comprehensive income (loss)
$26,687
$(72,615)
$44,441
$(20,652)

See Notes to Condensed Consolidated Financial Information.

SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30,
December 31,
2016
2015
ASSETS
Current assets:
Cash and cash equivalents
$101,800
$434,159
Accounts receivable, net
237,495
169,951
Prepaid expenses and other current assets
32,720
27,511
Prepaid income taxes
39,776
40,627
Restricted cash
2,116
2,818
Total current assets
413,907
675,066
Property, plant and equipment, net
71,128
67,143
Deferred income taxes
2,071
2,199
Goodwill
3,616,060
3,549,212
Intangible and other assets, net
1,519,294
1,508,622
Total assets
$5,622,460
$5,802,242
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$29,813
$32,281
Accounts payable
16,480
11,957
Income taxes payable
-
1,428
Accrued employee compensation and
benefits
74,006
83,894
Interest payable
13,259
28,903
Other accrued expenses
50,979
36,231
Deferred revenue
231,285
222,024
Total current liabilities
415,822
416,718
Long-term debt, net of current portion
2,460,457
2,719,070
Other long-term liabilities
61,968
51,434
Deferred income taxes
459,025
509,574
Total liabilities
3,397,272
3,696,796
Total stockholders' equity
2,225,188
2,105,446
Total liabilities and stockholders'
equity
$5,622,460
$5,802,242

See Notes to Condensed Consolidated Financial Information.

SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
For the Nine Months Ended September
30,
2016
2015
Cash flow from operating activities:
Net income
$73,973
$30,764
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
170,910
100,840
Stock-based compensation expense
40,402
31,435
Income tax benefit related to exercise of
stock options
(44,975)
(11,141)
Amortization and write-offs of loan
origination costs
7,994
5,473
Loss on extinguishment of debt
-
3,954
Loss on sale or disposition of property and
equipment
159
339
Deferred income taxes
(39,712)
(27,030)
Provision for doubtful accounts
2,684
601
Changes in operating assets and liabilities,
excluding effects from acquisitions:
Accounts receivable
(14,603)
(5,234)
Prepaid expenses and other assets
(2,595)
(5,109)
Accounts payable
2,610
(1,755)
Accrued expenses
(18,429)
(28,437)
Income taxes prepaid and payable
44,840
(1,125)
Deferred revenue
13,758
26,992
Net cash provided by operating activities
237,016
120,567
Cash flow from investing activities:
Additions to property and equipment
(18,870)
(9,462)
Proceeds from sale of property and equipment
69
56
Cash paid for business acquisitions, net of
cash acquired
(309,432)
(2,614,785)
Additions to capitalized software
(6,137)
(3,370)
Purchase of long-term investment
(1,000)
-
Net changes in restricted cash
700
-
Net cash used in investing activities
(334,670)
(2,627,561)
Cash flow from financing activities:
Cash received from debt borrowings, net of
original issue discount
-
3,068,075
Repayments of debt
(268,550)
(823,448)
Proceeds from exercise of stock options
34,767
10,618
Withholding taxes related to equity award net
share settlement
(7,051)
-
Income tax benefit related to exercise of
stock options
44,975
11,141
Proceeds from common stock issuance, net
-
717,802
Purchase of common stock for treasury
(13)
-
Payment of fees related to refinancing
activities
(503)
(45,781)
Dividends paid on common stock
(37,452)
(33,216)
Net cash (used in) provided by financing
activities
(233,827)
2,905,191
Effect of exchange rate changes on cash and
cash equivalents
(878)
(3,964)
Net (decrease) increase in cash and cash
equivalents
(332,359)
394,233
Cash and cash equivalents, beginning of
period
434,159
109,577
Cash and cash equivalents, end of period
$101,800
$503,810

See Notes to Condensed Consolidated Financial Information.

SS&C Technologies Holdings, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Information
Note 1. Reconciliation of Revenues to Adjusted Revenues
Adjusted revenues represents revenues adjusted for one-time purchase accounting adjustments to fair value deferred revenue acquired in business combinations. Adjusted revenues are presented because we use this measure to evaluate performance of our business
against prior periods and believe it is a useful indicator of the underlying performance of the Company. Adjusted 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. Below is a reconciliation
between adjusted revenues and revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues.
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)
2016
2015
2016
2015
Revenues
$383,304
$280,894
$1,080,512
$699,397
Purchase accounting adjustments to
8,562
30,532
38,880
31,231
deferred revenue
Adjusted revenues
$391,866
$311,426
$1,119,392
$730,628

The following is a breakdown of recurring and non-recurring revenues and adjusted recurring and non-recurring revenues.

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)
2016
2015
2016
2015
Software-enabled services
$248,772
$180,744
$699,091
$484,434
Maintenance and term licenses
106,925
80,097
305,437
159,049
Total recurring revenues
355,697
260,841
1,004,528
643,483
Perpetual licenses
4,389
6,508
14,643
22,526
Professional services
23,218
13,545
61,341
33,388
Total non-recurring revenues
27,607
20,053
75,984
55,914
Total revenues
$383,304
$280,894
$1,080,512
$699,397
Software-enabled services
$248,809
$180,744
$699,358
$484,434
Maintenance and term licenses
111,527
107,296
332,801
186,947
Total adjusted recurring revenues
360,336
288,040
1,032,159
671,381
Perpetual licenses
4,389
6,508
14,643
22,526
Professional services
27,141
16,878
72,590
36,721
Total adjusted non-recurring revenues
31,530
23,386
87,233
59,247
Total adjusted revenues
$391,866
$311,426
$1,119,392
$730,628
Note 2. Reconciliation of Operating Income to Adjusted Operating Income
Adjusted operating income represents operating income adjusted for amortization of acquisition-related intangible assets, stock-based compensation, purchase accounting adjustments for deferred revenue and other expenses. Adjusted operating income is presented because we use
this measure to evaluate performance of our business and believe it is a useful indicator of the underlying performance of the Company.
Adjusted operating income is not a recognized term under GAAP.
Adjusted operating income does not represent operating income, as that term
is defined under GAAP, and should not be considered as an alternative to operating income as an indicator of our operating performance. Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures.
The following is a reconciliation
between adjusted operating income and operating income, the GAAP measure we believe to be most directly comparable to adjusted operating income.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands)
2016
2015
2016
2015
Operating income
$76,903
$14,952
$193,384
$116,436
Amortization of intangible assets
51,539
43,289
153,214
87,782
Stock-based compensation
12,489
23,121
40,402
31,435
Capital-based taxes
1,000
-
1,472
(636)
Unusual or non-recurring charges (1)
2,966
16,672
7,885
25,251
Purchase accounting adjustments (2)
5,573
27,274
29,831
27,973
Adjusted operating income
$150,470
$125,308
$426,188
$288,241
(1)
Unusual or non-recurring charges
include proceeds from legal and
other settlements, severance
expenses, transaction costs and
other one-time expenses, such as
expenses associated with
facilities consolidations and
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 and (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.
Note 3. Reconciliation of Net Income (Loss) to EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA
EBITDA represents net income (loss) before interest expense, income taxes, depreciation and amortization. Consolidated EBITDA, defined under our Credit Agreement entered into in July 2015, is used in calculating covenant compliance, and is EBITDA adjusted for certain items. Consolidated EBITDA is calculated by subtracting from or adding to
EBITDA items of income or expense described below. Adjusted consolidated EBITDA is calculated by subtracting acquired EBITDA from consolidated EBITDA. EBITDA, consolidated EBITDA and adjusted consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of
an entity's debt capacity and its ability to service debt. EBITDA, consolidated EBITDA and adjusted consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance. The
following is a reconciliation of EBITDA, consolidated EBITDA and adjusted consolidated EBITDA to net income.
Three Months Ended
Nine Months Ended
Twelve Months
September 30,
September 30,
Ended
September 30,
(in thousands)
2016
2015
2016
2015
2016
Net income (loss)
$38,747
$(34,610)
$73,973
$30,764
$86,071
Interest expense, net
31,648
32,645
97,583
43,664
131,276
Income tax provision (benefit)
9,163
(6,547)
22,648
16,873
23,755
Depreciation and amortization
57,470
48,737
170,910
100,840
220,904
EBITDA
137,028
40,225
365,114
192,141
462,006
Stock-based compensation
12,489
23,121
40,402
31,435
53,046
Capital-based taxes
1,000
-
1,472
(636)
2,936
Acquired EBITDA and cost savings (1)
-
1,482
5,814
92,717
14,670
Unusual or non-recurring charges (2)
311
9,719
7,065
19,969
13,244
Loss on extinguishment of debt
-
30,417
-
30,417
-
Purchase accounting adjustments (3)
5,573
27,274
29,831
27,973
51,785
Other (4)
269
78
1,822
220
2,452
Consolidated EBITDA
$156,670
$132,316
$451,520
$394,236
$600,139
Less:
acquired EBITDA
-
(1,482)
(5,814)
(92,717)
(14,670)
Adjusted Consolidated EBITDA
$156,670
$130,834
$445,706
$301,519
$585,469
(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)
Unusual or non-recurring charges
include foreign currency gains and
losses, proceeds from legal and
other settlements, severance
expenses, transaction costs and
other one-time expenses, such as
expenses associated with the
facilities consolidations,
acquisitions and the sale of fixed
assets.
(3)
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 and (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.
(4)
Other includes the non-cash portion
of straight-line rent expense.
Note 4. Reconciliation of Net Income (Loss) to Adjusted Net Income and Diluted Earnings (Loss) Per Share to Adjusted Diluted Earnings Per Share
Adjusted net income and adjusted diluted earnings per share represent net income (loss) and earnings (loss) per share before amortization of intangible assets and deferred financing costs, stock-based compensation, capital-based taxes and other unusual and non-recurring items. Adjusted
net income and adjusted diluted earnings per share are not recognized terms under GAAP, do not represent net income (loss) or diluted earnings (loss) per share, as those terms are defined under GAAP, and should not be considered as alternatives to net income (loss) or diluted earnings
(loss) per share as indicators of our operating performance. Adjusted net income and adjusted diluted earnings per share are important to management and investors because they represent our operational performance exclusive of the effects of amortization of intangible assets and deferred
financing costs, stock-based compensation, capital-based taxes, other unusual and non-recurring items, purchase accounting adjustments, and loss on extinguishment of debt that are not operational in nature or comparable to those of our competitors. The following is a reconciliation
between adjusted net income and adjusted diluted earnings per share and net income (loss) and diluted earnings (loss) per share.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share data)
2016
2015
2016
2015
GAAP - Net income (loss)
$38,747
$(34,610)
$73,973
$30,764
Plus: Amortization of intangible assets
51,539
43,289
153,214
87,782
Plus: Amortization of deferred financing costs and original issue discount
2,682
2,599
7,994
5,473
Plus: Stock-based compensation
12,489
23,121
40,402
31,435
Plus: Capital-based taxes
1,000
-
1,472
(636)
Plus: Unusual and non-recurring items (1)
311
9,719
7,065
19,969
Plus: Loss on extinguishment of debt
-
30,417
-
30,417
Plus: Purchase accounting adjustments (2)
5,573
27,274
29,831
27,973
Income tax effect (3)
(24,858)
(33,220)
(71,600)
(53,140)
Adjusted net income
$87,483
$68,589
$242,351
$180,037
Adjusted diluted earnings (loss) per share
$0.42
$0.34
$1.18
$0.97
GAAP diluted earnings per share
$0.19
$(0.18)
$0.36
$0.16
Diluted weighted-average shares outstanding
206,635
202,624
205,334
186,470
(1)
Unusual or non-recurring charges
include foreign currency gains and
losses, proceeds from legal and
other settlements, severance
expenses, transaction costs and
other one-time expenses, such as
expenses associated with the
facilities consolidations,
acquisitions and the sale of fixed
assets.
(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 and (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.
(3)
An estimated normalized effective
tax rate of 28% has been used to
adjust the provision for income
taxes for the purpose of computing
adjusted net income.

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SOURCE SS&C

SOURCE: SS&C

For more information, Patrick Pedonti, Chief Financial Officer, Tel: +1-860-298-4738,
E-mail: InvestorRelations@sscinc.com; Justine Stone, Investor Relations, Tel:
+1-212-367-4705, E-mail: InvestorRelations@sscinc.com, http://www.ssctech.com