SSNC
$58.18
SS&C Technologies
($1.07)
(1.81%)
Earnings Details
1st Quarter March 2019
Tuesday, April 30, 2019 4:08:00 PM
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Summary

SS&C Technologies Beats

SS&C Technologies (SSNC) reported 1st Quarter March 2019 earnings of $0.90 per share on revenue of $1.1 billion. The consensus earnings estimate was $0.87 per share on revenue of $1.2 billion. The Earnings Whisper number was $0.89 per share. Revenue grew 169.5% on a year-over-year basis.

The company said it expects second quarter revenue of $1.138 billion to $1.168 billion. The current consensus revenue estimate is $1.17 billion for the quarter ending June 30, 2019. The company also said it expects 2019 revenue of $4.675 billion to $4.765 billion. The company's previous guidance was revenue of $4.69 billion to $4.79 billion and the current consensus estimate is revenue of $4.74 billion for the year ending December 31, 2019.

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

Results
Reported Earnings
$0.90
Earnings Whisper
$0.89
Consensus Estimate
$0.87
Reported Revenue
$1.14 Bil
Revenue Estimate
$1.15 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

SS&C Technologies Reports Q1 2019 Earnings Results

WINDSOR, Conn., April 30, 2019 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment and financial software-enabled services and software, today announced its financial results for the first quarter ended March 31, 2019

SS&C Technologies (PRNewsfoto/SS&C)

GAAP Results

SS&C reported GAAP revenue of $1,137.2 million for the first quarter of 2019, up 169.5 percent compared to $421.9 million in the first quarter of 2018.  GAAP operating income for the first quarter of 2019 was $202.0 million, or 17.8 percent of GAAP revenue, compared to $86.9 million, or 20.6 percent of GAAP revenue, in 2018's first quarter, representing a 132.5 percent increase.  

GAAP net income for the first quarter of 2019 was $80.8 million, up 57.5 percent compared to $51.3 million in 2018's first quarter.  On a fully diluted GAAP basis, earnings per share in the first quarter of 2019 were $0.31 per share, up 29.2 percent compared to $0.24 earnings per share on a fully diluted GAAP basis in the first quarter of 2018. 

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

Adjusted revenue was $1,150.0 million for the first quarter of 2019, up 164.7 percent compared to $434.5 million in the first quarter of 2018.  Adjusted operating income for the first quarter of 2019 was $420.9 million, or 36.6 percent of adjusted revenue, compared to $171.9 million, or 39.6 percent of adjusted revenue, in 2018's first quarter, representing a 144.9 percent increase.  

Adjusted net income for the first quarter of 2019 was $239.4 million, up 108.5 percent compared to $114.8 million in 2018's first quarter.  Adjusted diluted earnings per share in the first quarter of 2019 were $0.91 per share, up 71.7 percent compared to $0.53 per share in the first quarter of 2018. 

First Quarter Highlights:

  • Adjusted consolidated EBITDA increased 148.1 percent to $443.4 million in Q1 2019. Adjusted consolidated EBITDA margin was 38.6 percent for the quarter.
  • Cash flow provided by operations increased 96.6 percent to $137.4 million for the three months ended March 31, 2019.
  • One year after acquiring DST Systems, we have implemented $265.0 million in cost synergies, nearly 90.0 percent of our $300.0 million three year goal.
  • Paid down $1,084.3 million in debt since acquiring DST Systems, bringing our leverage ratio to 4.40 times consolidated EBITDA as of March 31, 2019.
  • On March 28, 2019 SS&C issued $2.0 billion in fixed unsecured senior notes, with an interest rate of 5.500% per annum, eliminating $1.99 billion of our variable rate debt.

"SS&C delivered record revenue and record earnings in Q1 2019, with $1,150.0 million in adjusted revenue and $0.91 in adjusted diluted earnings per share," says Bill Stone, Chairman and Chief Executive Officer. "We are delighted with progress made in our 2018 acquisitions: DST, Eze and Intralinks. Product integrations, pipeline growth, and collaboration between business units are all advances. We continue to build software and cross sell our products and services.  We are optimistic we will accelerate revenue in the back half of this year."

Operating Cash Flow

SS&C generated net cash from operating activities of $137.4 million for the three months ended March 31, 2019, compared to $69.9 million for the same period in 2018, representing a 96.6 percent increase.  SS&C ended the first quarter with $154.6 million in cash and cash equivalents and $8,216.1 million in gross debt, for a net debt balance of $8,061.5 millionSS&C's consolidated net leverage ratio as defined in our credit agreement stood at 4.40 times consolidated EBITDA as of March 31, 2019.

Guidance



Q2 2019



FY 2019


Adjusted Revenue ($M)


$1,138.0$1,168.0



$4,675.0$4,765.0 


Adjusted Net Income ($M)


$234.8$251.5



$992.0$1,042.0


Cash from Operating Activities ($M)




$1,095.0$1,135.0


Capital Expenditures (% of revenue)




2.6% – 3.0%


Diluted Shares (M)


269.2 – 268.0



268.8 – 266.8


Effective Income Tax Rate (%)


26%



26%


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 Q2 2019 and FY 2019 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 Q1 2019 earnings call will take place at 5:00 p.m. eastern time today, April 30, 2019.  The call will discuss Q1 2019 results and our guidance and business outlook.  Interested parties may dial 844-343-4183 (US and Canada) or 647-689-5128 (International), and request the "SS&C Technologies First Quarter 2019 Conference Call"; conference ID #1798633.  A replay will be available after 10:00 p.m. eastern time on April 30, 2019, until midnight on May 7, 2019.  The replay dial-in number is 800-585-8367 or 416-621-4642; access code #1798633.  The call will also be available for replay on SS&C's website after April 30, 2019; access: http://investor.ssctech.com/results.cfm.

Certain information contained in this press release relating to, among other things, the Company's financial guidance for the second quarter and full year of 2019 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 investment and financial software-enabled services and software for the global financial services and healthcare industries.  Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world.  Financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.  

Follow SS&C on Twitter, LinkedIn and Facebook.

 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(in millions, except per share data)

(unaudited)




Three Months Ended March 31,




2019



2018


Revenues:









Software-enabled services


$

972.0



$

294.8


License, maintenance and related



165.2




127.1


Total revenues



1,137.2




421.9


Cost of revenues:









Software-enabled services



586.9




167.4


License, maintenance and related



75.0




62.1


Total cost of revenues



661.9




229.5


Gross profit



475.3




192.4


Operating expenses:









Selling and marketing



87.0




31.2


Research and development



94.8




38.9


General and administrative



91.5




32.0


Transaction expenses






3.4


Total operating expenses



273.3




105.5


Operating income



202.0




86.9


Interest expense, net



(101.6)




(25.3)


Other income, net



3.5




0.4


Loss on extinguishment of debt



(7.1)





Income before income taxes



96.8




62.0


Provision for income taxes



16.0




10.7


Net income


$

80.8



$

51.3











Basic earnings per share


$

0.32



$

0.25


Diluted earnings per share


$

0.31



$

0.24











Basic weighted average number of common shares outstanding



251.5




207.0


Diluted weighted average number of common and common equivalent shares outstanding



263.7




217.7











Cash dividends declared and paid per common share


$

0.10



$

0.07











Net income



80.8




51.3


Other comprehensive income, net of tax:









Foreign currency exchange translation adjustment



41.8




5.3


Total comprehensive income, net of tax



41.8




5.3


Comprehensive income


$

122.6



$

56.6


 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)




March 31,



December 31,




2019



2018


ASSETS









Current assets:









Cash and cash equivalents


$

154.6



$

166.7


Funds receivable and funds held on behalf of clients



954.8




1,014.7


Accounts receivable, net



686.5




681.7


Contract asset



12.7




18.5


Prepaid expenses and other current assets



150.1




154.5


Prepaid income taxes



12.8




5.6


Restricted cash



5.6




6.4


Total current assets



1,977.1




2,048.1


Investments



190.5




190.5


Unconsolidated affiliates



239.3




239.3


Property, plant and equipment, net



516.5




553.2


Operating lease right-of-use assets



372.9





Deferred income taxes



5.5




4.8


Contract asset



33.2




31.5


Goodwill



7,882.4




7,858.0


Intangible and other assets, net



5,031.9




5,182.1


Total assets


$

16,249.3



$

16,107.5


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Current portion of long-term debt


$

85.8



$

87.5


Client funds obligations



954.8




1,014.7


Accounts payable



41.8




41.4


Income taxes payable






11.1


Accrued employee compensation and benefits



153.9




322.0


Interest payable



2.4




0.2


Other accrued expenses



262.7




199.2


Deferred revenue



260.7




245.7


Total current liabilities



1,762.1




1,921.8


Long-term debt, net of current portion



8,030.3




8,168.5


Operating lease liabilities



348.6





Other long-term liabilities



204.4




235.5


Deferred income taxes



1,170.4




1,201.7


Total liabilities



11,515.8




11,527.5


Total stockholders' equity



4,733.5




4,580.0


Total liabilities and stockholders' equity


$

16,249.3



$

16,107.5


 

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)




Three Months Ended March 31,




2019



2018


Cash flow from operating activities:









Net income


$

80.8



$

51.3


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









Depreciation and amortization



202.8




61.4


Net unrealized gains on investments



(7.7)





Cash distributions received from unconsolidated affiliates



0.1





Stock-based compensation expense



20.4




12.7


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



4.3




2.6


Loss on sale or disposition of property and equipment



2.5





Deferred income taxes



(29.6)




(12.4)


Provision for doubtful accounts



0.6





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









Accounts receivable



(2.9)




(19.8)


Prepaid expenses and other assets



21.9





Contract assets



4.2




26.8


Accounts payable



3.6




(10.6)


Accrued expenses



(161.8)




(54.4)


Income taxes prepaid and payable



(16.6)




19.7


Deferred revenue



14.8




(7.4)


Net cash provided by operating activities



137.4




69.9


Cash flow from investing activities:









Additions to property and equipment



(16.3)




(7.2)


Cash paid for business acquisitions, net of cash acquired



3.2




(0.2)


Additions to capitalized software



(16.4)




(3.9)


Receipts from collections of loans made



2.6





Proceeds from sales / maturities of investments



10.8





Net cash used in investing activities



(16.1)




(11.3)


Cash flow from financing activities:









Cash received from debt borrowings



2,140.0




45.0


Repayments of debt



(2,278.4)




(106.3)


Net decrease in client funds obligations



(79.3)





Proceeds from exercise of stock options



45.1




29.1


Withholding taxes paid related to equity award net share settlement



(9.5)




(2.1)


Fees paid for debt extinguishment and refinancing activities



(4.6)





Dividends paid on common stock



(25.2)




(14.5)


Net cash used in financing activities



(211.9)




(48.8)


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



0.7




0.2


Net (decrease) increase in cash, cash equivalents and restricted cash



(89.9)




10.0


Cash, cash equivalents and restricted cash, beginning of period



1,113.3




64.6


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


$

1,023.4



$

74.6











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


Cash and cash equivalents


$

154.6



$

74.1


Restricted cash and cash equivalents



5.6




0.5


Funds receivable and funds held on behalf of clients



863.2







$

1,023.4



$

74.6


 

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 March 31,




(in millions)


2019



2018




Revenues


$

1,137.2



$

421.9




ASC 606 adoption impact



4.2




11.8




Purchase accounting adjustments impact on revenue



8.6




0.8




Adjusted revenues


$

1,150.0



$

434.5


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 March 31,




(in millions)


2019



2018




Software-enabled services


$

972.0



$

294.8




License, maintenance and related



165.2




127.1




Total revenues


$

1,137.2



$

421.9















Software-enabled services


$

980.8



$

294.8




License, maintenance and related



169.2




139.7




Total adjusted revenues


$

1,150.0



$

434.5


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 March 31,




(in millions)


2019



2018




Operating income


$

202.0



$

86.9




Amortization of intangible assets



170.8




54.6




Stock-based compensation



20.4




12.7




Purchase accounting adjustments (1)



17.5




0.6




ASC 606 adoption impact



4.2




11.9




Other (2)



6.0




5.2




Adjusted operating income


$

420.9



$

171.9




(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)

Other includes 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.  These include expenses and income related to currency transactions, facilities and workforce restructuring, legal settlements and business combinations.

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 March 31,



Twelve Months
Ended March 31,




(in millions)


2019



2018



2019




Net income


$

80.8



$

51.3



$

132.8




Interest expense, net



101.6




25.3




347.2




Provision for income taxes



16.0




10.7




27.2




Depreciation and amortization



202.8




61.4




659.9




EBITDA



401.2




148.7




1,167.1




Stock-based compensation



20.4




12.7




104.5




Acquired EBITDA and cost savings (1)



5.8







287.2




Loss on extinguishment of debt



7.1







50.4




Equity in earnings of unconsolidated affiliates, net









(2.1)




Purchase accounting adjustments (2)



8.0




0.6




25.1




ASC 606 adoption impact



4.2




11.9




32.6




Other (3)



2.5




4.8




168.3




Consolidated EBITDA


$

449.2



$

178.7



$

1,833.1




Less:  acquired EBITDA



(5.8)







(287.2)




Adjusted Consolidated EBITDA


$

443.4



$

178.7



$

1,545.9




(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 acquisition 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)

Other includes 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.  These include expenses and income related to foreign currency transactions, investment gains and losses, facilities and workforce restructuring, legal settlements, business combinations and other items.

Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share

Adjusted net income and adjusted diluted earnings per share represent net income and earnings per share 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 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 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 to net income and diluted earnings per share, the GAAP measures we believe to be most directly comparable to adjusted net income and adjusted diluted earnings per share.






Three Months Ended March 31,




(in millions, except per share data)


2019



2018




GAAP – Net income


$

80.8



$

51.3




Plus: Amortization of intangible assets



170.8




54.6




Plus: Amortization of deferred financing costs and original issue discount



4.3




2.6




Plus: Stock-based compensation



20.4




12.7




Plus: Loss on extinguishment of debt



7.1







Plus: Purchase accounting adjustments (1)



17.5




0.6




Plus: ASC 606 adoption impact



4.2




11.9




Plus: Other (2)



2.5




4.8




Income tax effect (3)



(68.2)




(23.7)




Adjusted net income


$

239.4



$

114.8




Adjusted diluted earnings per share


$

0.91



$

0.53




GAAP diluted earnings per share


$

0.31



$

0.24




Diluted weighted-average shares outstanding



263.7




217.7




(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)

Other includes 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.  These include expenses and income related to foreign currency transactions, investment gains and losses, facilities and workforce restructuring, legal settlements, business combinations and other items.

(3)

An estimated normalized effective tax rate of approximately 26% for the three months ended March 31, 2019 and 23% for the three months ended March 31, 2018, respectively, 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