SSNC
$32.18
SS&C Technologies
($.18)
(.56%)
Earnings Details
2nd Quarter June 2016
Wednesday, July 27, 2016 4:05:00 PM
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Summary

SS&C Technologies Narrows Guidance

SS&C Technologies (SSNC) reported 2nd Quarter June 2016 earnings of $0.35 per share on revenue of $373.1 million. The consensus earnings estimate was $0.32 per share on revenue of $376.5 million. Revenue grew 75.3% on a year-over-year basis.

The company said it expects third quarter revenue of $388.0 million to $394.0 million. The current consensus revenue estimate is $392.3 million for the quarter ending September 30, 2016. The company also said it now expects 2016 revenue of $1.511 billion to $1.524 billion. The company's previous guidance was revenue of $1.505 billion to $1.535 billion and the current consensus estimate is revenue of $1.51 billion for the year 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
$0.35
Earnings Whisper
-
Consensus Estimate
$0.32
Reported Revenue
$373.1 Mil
Revenue Estimate
$376.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

SS&C Technologies Reports Q2 2016 Results

Q2 GAAP revenue $373.1 million, Fully Diluted GAAP Earnings Per share $0.14, Adjusted revenue $384.4 million, Adjusted Diluted Earnings Per Share $0.39

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 second quarter ended June 30, 2016.

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

GAAP Results

SS&C reported GAAP revenue of $373.1 million for the second quarter of 2016, compared to $212.8 million in the second quarter of 2015, a 75.3 percent increase. GAAP operating income for the second quarter of 2016 was $66.0 million, or 17.7 percent of revenue. This represents a 13.2 percent increase compared to $58.4 million, or 27.4 percent of revenue, in 2015’s second quarter. GAAP net income for the second quarter of 2016 was $28.2 million compared to $39.1 million in the second quarter of 2015, a 27.9 percent decrease. On a fully diluted GAAP basis, earnings per share in the second quarter of 2016 were $0.14.

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

Adjusted revenue in the second quarter of 2016 was $384.4 million, up 80.4 percent compared to $213.1 million in the second quarter of 2015. Adjusted operating income in the second quarter of 2016 was $140.5 million, or 36.6 percent of adjusted revenue. This represents a 64.3 percent increase compared to adjusted operating income of $85.5 million, or 40.1 percent of adjusted revenue, in the second quarter of 2015.

Adjusted net income for the second quarter of 2016 was $79.4 million, up 35.3 percent compared to $58.7 million in 2015’s second quarter. Adjusted diluted earnings per share in the second quarter of 2016 were $0.39 per share, up 18.2 percent compared to $0.33 per share in the second quarter of 2015.

Highlights:

SS&C adjusted revenue for Q2 2016 was $384.4 million, our 13th straight quarter with record adjusted revenue.

Second quarter R&D spend contributed to new releases of SS&C’s CAMRA, Global Wealth Platform, Black Diamond, and SS&C Geneva, SS&C APX, SS&C Moxy, and SS&C TradeEx products.

SS&C paid off $125.5 million in debt in Q2 2016, and $415.3 million since acquiring Advent one year ago.

-- Our net debt to adjusted consolidated EBITDA leverage ratio has been reduced to 4.36x.

"SS&C once again delivers record adjusted revenues of $384.4 million for the second quarter of 2016, and we grew our adjusted consolidated EBITDA 65.0 percent to a record $147.5 million," says Bill Stone, Chairman and Chief Executive Officer. "After a full quarter of ownership, the Citi Alternative Investor Services group is adjusting nicely into SS&C’s fast-paced, sales-oriented culture. Great strides have already been made in the integration, including a significant upgrade of the Geneva Platform, and a revitalized focus on top line growth."

Annual Run Rate Basis

Annual Run Rate Basis (ARRB) recurring revenue, defined as adjusted recurring revenue on an annualized basis, was $1,424.3 million based on adjusted recurring revenue $356.1 million for the second quarter of 2016. This represents an increase of 88.0 percent from $189.4 million and $757.6 million run-rate in the same period in 2015 and an increase of 12.8 percent from $315.7 million for the first quarter of 2016, an annual run rate of $1,262.9 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 $139.3 million for the six months ended June 30, 2016, compared to $100.7 million for the same period in 2015, representing a 38.3 percent increase. SS&C ended the quarter with $95.2 million in cash and cash equivalents, and $2,664.7 million in gross debt, for a net debt balance of $2,569.5 million. SS&C’s leverage ratio as defined in our credit agreement stood at 4.36 times consolidated EBITDA as of June 30, 2016.

Guidance

Q3 2016
FY 2016
Adjusted Revenue ($M)
$388.0 - $394.0 $1,511.0 - $1,524.0
Adjusted Net Income ($M)
$82.5 - $85.0
$326.0 - $334.0
Cash from Operating Activities ($M) -
$380.0 - $395.0
Capital Expenditures (% of revenue) -
2.5% - 2.8%
Diluted Shares (M)
206.0 - 206.4
205.2 - 205.9
Effective Income Tax Rate (%)
-
28%

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 Q2 2016 earnings call will take place at 5:00 p.m. eastern time today, July 27, 2016. The call will discuss Q2 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 Second Quarter 2016 Conference Call"; conference ID#46494657. A replay will be available after 8:00 p.m. eastern time on July 27, 2016, until midnight on August 3, 2016. The dial-in number is 855-859-2056 (US and Canada) or 404-537-3406 (International); access code #46494657. The call will also be available for replay on SS&C’s website after July 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 third 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 June 30,
Six Months Ended June 30,
2016
2015
2016
2015
Revenues:
Software-enabled services
$
244,672
$
150,123
$
450,319
$
303,690
Maintenance and term licenses
103,392
38,978
198,512
78,952
Total recurring revenues
348,064
189,101
648,831
382,642
Perpetual licenses
5,039
12,948
10,254
16,018
Professional services
19,974
10,719
38,123
19,843
Total non-recurring revenues
25,013
23,667
48,377
35,861
Total revenues
373,077
212,768
697,208
418,503
Cost of revenues:
Software-enabled services
146,243
88,548
259,971
177,150
Maintenance and term licenses
46,460
12,338
93,406
26,505
Total recurring cost of revenues
192,703
100,886
353,377
203,655
Perpetual licenses
643
1,021
1,141
2,045
Professional services
17,133
7,596
32,645
16,110
Total non-recurring cost of revenues
17,776
8,617
33,786
18,155
Total cost of revenues
210,479
109,503
387,163
221,810
Gross profit
162,598
103,265
310,045
196,693
Operating expenses:
Selling and marketing
28,535
13,931
58,396
27,318
Research and development
40,827
17,520
77,274
37,128
General and administrative
27,199
13,463
57,894
30,763
Total operating expenses
96,561
44,914
193,564
95,209
Operating income
66,037
58,351
116,481
101,484
Interest expense, net
(32,846)
(5,419)
(65,935)
(11,019)
Other income (expense), net
12
(164)
(1,835)
(1,671)
Income before income taxes
33,203
52,768
48,711
88,794
Provision for income taxes
4,982
13,640
13,485
23,420
Net income
$
28,221
$
39,128
$
35,226
$
65,374
Basic earnings per share
$
0.14
$
0.23
$
0.18
$
0.39
Basic weighted average number of common shares
198,765
170,810
198,143
169,674
outstanding
Diluted earnings per share
$
0.14
$
0.22
$
0.17
$
0.37
Diluted weighted average number of common and common
204,916
179,104
204,596
177,974
equivalent shares outstanding
Net income
$
28,221
$
39,128
$
35,226
$
65,374
Other comprehensive (loss) income, net of tax:
Foreign currency exchange translation adjustment
(26,793)
22,808
(17,472)
(13,411)
Total comprehensive (loss) income, net of tax
(26,793)
22,808
(17,472)
(13,411)
Comprehensive income
$
1,428
$
61,936
$
17,754
$
51,963

See Notes to Condensed Consolidated Financial Information.

SS&C Technologies Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30,
December 31,
2016
2015
ASSETS
Current assets:
Cash and cash equivalents
$
95,222
$
434,159
Accounts receivable, net
239,428
169,951
Prepaid expenses and other current assets
32,598
27,511
Prepaid income taxes
39,319
40,627
Restricted cash
2,818
2,818
Total current assets
409,385
675,066
Property, plant and equipment, net
69,557
67,143
Deferred income taxes
2,018
2,199
Goodwill
3,636,495
3,549,212
Intangible and other assets, net
1,571,384
1,508,622
Total assets
$
5,688,839
$
5,802,242
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
30,878
$
32,281
Accounts payable
20,033
11,957
Income taxes payable
--
1,428
Accrued employee compensation and benefits
55,836
83,894
Interest payable
22,386
28,903
Other accrued expenses
45,964
36,231
Deferred revenue
238,785
222,024
Total current liabilities
413,882
416,718
Long-term debt, net of current portion
2,569,971
2,719,070
Other long-term liabilities
61,915
51,434
Deferred income taxes
478,641
509,574
Total liabilities
3,524,409
3,696,796
Total stockholders’ equity
2,164,430
2,105,446
Total liabilities and stockholders’ equity
$
5,688,839
$
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 Six Months Ended June 30,
2016
2015
Cash flow from operating activities:
Net income
$
35,226
$
65,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
113,440
52,103
Stock-based compensation expense
27,913
8,314
Income tax benefit related to exercise of stock options
(23,760)
(5,065)
Amortization and write-offs of loan origination costs
5,312
2,874
Loss on sale or disposition of property and equipment
150
209
Deferred income taxes
(24,056)
(7,395)
Provision for doubtful accounts
1,257
299
Changes in operating assets and liabilities, excluding effects from acquisitions:
Accounts receivable
(13,458)
(1,804)
Prepaid expenses and other assets
(1,516)
2,488
Accounts payable
7,870
(2,405)
Accrued expenses
(25,851)
(20,186)
Income taxes prepaid and payable
23,757
11,064
Deferred revenue
13,052
(5,148)
Net cash provided by operating activities
139,336
100,722
Cash flow from investing activities:
Additions to property and equipment
(13,593)
(5,750)
Proceeds from sale of property and equipment
43
--
Cash paid for business acquisitions, net of cash acquired
(317,554)
(7,863)
Additions to capitalized software
(3,306)
(1,792)
Purchase of long-term investment
(1,000)
--
Net cash used in investing activities
(335,410)
(15,405)
Cash flow from financing activities:
Repayments of debt
(155,325)
(174,000)
Proceeds from exercise of stock options
19,212
8,735
Withholding taxes related to equity award net share settlement
(4,615)
--
Income tax benefit related to exercise of stock options
23,760
5,065
Proceeds from common stock issuance, net
--
717,866
Purchase of common stock for treasury
(10)
--
Payment of fees related to refinancing activities
(223)
--
Dividends paid on common stock
(24,790)
(21,101)
Net cash (used in) provided by financing activities
(141,991)
536,565
Effect of exchange rate changes on cash and cash equivalents
(872)
(1,651)
Net (decrease) increase in cash and cash equivalents
(338,937)
620,231
Cash and cash equivalents, beginning of period
434,159
109,577
Cash and cash equivalents, end of period
$
95,222
$
729,808

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 June 30,
Six Months Ended June 30,
(in thousands)
2016
2015
2016
2015
Revenues
$
373,077
$
212,768
$
697,208
$
418,503
Purchase accounting adjustments to deferred revenue
11,335
302
30,318
699
Adjusted revenues
$
384,412
$
213,070
$
727,526
$
419,202
The following is a breakdown of recurring and non-recurring revenues and adjusted recurring and non-recurring revenues.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2016
2015
2016
2015
Software-enabled services
$
244,672
$
150,123
$
450,319
$
303,690
Maintenance and term licenses
103,392
38,978
198,512
78,952
Total recurring revenues
348,064
189,101
648,831
382,642
Perpetual licenses
5,039
12,948
10,254
16,018
Professional services
19,974
10,719
38,123
19,843
Total non-recurring revenues
25,013
23,667
48,377
35,861
Total revenues
$
373,077
$
212,768
$
697,208
$
418,503
Software-enabled services
$
244,763
$
150,123
$
450,549
$
303,690
Maintenance and term licenses
111,324
39,280
221,274
79,651
Total adjusted recurring revenues
356,087
189,403
671,823
383,341
Perpetual licenses
5,039
12,948
10,254
16,018
Professional services
23,286
10,719
45,449
19,843
Total adjusted non-recurring revenues
28,325
23,667
55,703
35,861
Total adjusted revenues
$
384,412
$
213,070
$
727,526
$
419,202
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 June 30,
Six Months Ended June 30,
(in thousands)
2016
2015
2016
2015
Operating income
$
66,037
$
58,351
$
116,481
$
101,484
Amortization of intangible assets
51,995
22,312
101,675
44,493
Stock-based compensation
12,566
4,208
27,913
8,314
Capital-based taxes
--
(636)
472
(636)
Unusual or non-recurring charges (1)
1,301
994
4,919
8,579
Purchase accounting adjustments (2)
8,630
302
24,258
699
Adjusted operating income
$
140,529
$
85,531
$
275,718
$
162,933
(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 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 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
Six Months Ended
Twelve
June 30,
June 30,
Months Ended
June 30,
(in thousands)
2016
2015
2016
2015
2016
Net income
$
28,221
$
39,128
$
35,226
$
65,374
$
12,714
Interest expense, net
32,846
5,419
65,935
11,019
162,690
Income tax provision
4,982
13,640
13,485
23,420
8,045
Depreciation and amortization
58,167
26,107
113,440
52,103
212,171
EBITDA
124,216
84,294
228,086
151,916
395,620
Stock-based compensation
12,566
4,208
27,913
8,314
63,678
Capital-based taxes
--
(636)
472
(636)
1,936
Acquired EBITDA and cost savings (1)
1,046
389
5,814
2,156
28,468
Unusual or non-recurring charges (2)
1,289
1,158
6,754
10,250
22,652
Purchase accounting adjustments (3)
8,630
302
24,258
699
73,486
Other (4)
769
47
1,553
142
2,940
Consolidated EBITDA
$
148,516
$
89,762
$
294,850
$
172,841
$
588,780
Less:
acquired EBITDA
(1,046)
(389)
(5,814)
(2,156)
(28,468)
Adjusted Consolidated EBITDA
$
147,470
$
89,373
$
289,036
$
170,685
$
560,312
(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 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, 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 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 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 and diluted earnings per share.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share data)
2016
2015
2016
2015
GAAP - Net income
$
28,221
$
39,128
$
35,226
$
65,374
Plus: Amortization of intangible assets
51,995
22,312
101,675
44,493
Plus: Amortization of deferred financing costs and
2,659
1,439
5,312
2,874
original issue discount
Plus: Stock-based compensation
12,566
4,208
27,913
8,314
Plus: Capital-based taxes
--
(636)
472
(636)
Plus: Unusual and non-recurring items (1)
1,289
1,158
6,754
10,250
Plus: Purchase accounting adjustments (2)
8,630
302
24,258
699
Income tax effect (3)
(25,914)
(9,194)
(46,742)
(19,920)
Adjusted net income
$
79,446
$
58,717
$
154,868
$
111,448
Adjusted diluted earnings per share
$
0.39
$
0.33
$
0.76
$
0.63
GAAP diluted earnings per share
$
0.14
$
0.22
$
0.17
$
0.37
Diluted weighted-average shares outstanding
204,916
179,104
204,596
177,974
(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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