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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 10-Q 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2020

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from        to        

Commission File Number 001-34675

 

SS&C TECHNOLOGIES HOLDINGS, INC.

(Exact name of Registrant as specified in its charter) 

 

 

Delaware

 

71-0987913

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

80 Lamberton Road

Windsor, CT 06095

(Address of principal executive offices, including zip code)

860-298-4500

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  (Do not check if a smaller reporting company)

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $0.01 per share

SSNC

The Nasdaq Global Select Market

There were 255,964,649 shares of the registrant’s common stock outstanding as of October 28, 2020.

 

 

 


SS&C TECHNOLOGIES HOLDINGS, INC.

INDEX

 

 

 

Page
Number

 

 

 

PART 1. FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements (unaudited)

 

3

 

 

 

Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

 

4

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

 

5

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

18

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

27

 

 

 

Item 4. Controls and Procedures

 

28

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

29

 

 

 

Item 1A. Risk Factors

 

29

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

29

 

 

 

Item 6. Exhibits

 

30

 

 

 

EXHIBIT INDEX

 

30

 

 

 

SIGNATURE

 

31

 

 

 

SS&C Technologies Holdings, Inc., or “SS&C Holdings,” is our top-level holding company. SS&C Technologies, Inc., or “SS&C,” is our primary operating company and a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. “We,” “us,” “our” and the “Company” mean SS&C Technologies Holdings, Inc. and its consolidated subsidiaries, including SS&C.

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. 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. The important factors discussed under the caption “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on February 28, 2020, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. We do not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

 

 

 

2


PART I

Item 1.

Financial Statements

SS&C TECHNOLOGIES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share data) (Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

184.5

 

 

$

152.8

 

Funds receivable and funds held on behalf of clients

 

 

781.5

 

 

 

1,729.9

 

Accounts receivable, net of allowance for doubtful accounts of $16.3 and $13.2, respectively

 

 

647.8

 

 

 

669.7

 

Contract asset

 

 

19.6

 

 

 

20.0

 

Prepaid expenses and other current assets

 

 

182.3

 

 

 

204.5

 

Restricted cash and cash equivalents

 

 

6.0

 

 

 

9.0

 

Total current assets

 

 

1,821.7

 

 

 

2,785.9

 

Property, plant and equipment, net (Note 2)

 

 

420.5

 

 

 

466.4

 

Operating lease right-of-use assets

 

 

353.2

 

 

 

375.3

 

Investments (Note 3)

 

 

184.2

 

 

 

160.1

 

Unconsolidated affiliates (Note 4)

 

 

224.1

 

 

 

234.8

 

Contract asset

 

 

84.7

 

 

 

78.6

 

Goodwill (Note 6)

 

 

7,984.2

 

 

 

7,959.9

 

Intangible and other assets, net of accumulated amortization of $2,480.7 and $2,022.0, respectively

 

 

4,402.8

 

 

 

4,680.1

 

Total assets

 

$

15,475.4

 

 

$

16,741.1

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt (Note 7)

 

$

77.8

 

 

$

76.3

 

Client funds obligations

 

 

781.5

 

 

 

1,729.9

 

Accounts payable

 

 

28.4

 

 

 

36.9

 

Income taxes payable

 

 

8.9

 

 

 

13.3

 

Accrued employee compensation and benefits

 

 

248.3

 

 

 

290.6

 

Interest payable

 

 

0.1

 

 

 

27.6

 

Other accrued expenses

 

 

274.0

 

 

 

268.4

 

Deferred revenues

 

 

319.9

 

 

 

333.2

 

Total current liabilities

 

 

1,738.9

 

 

 

2,776.2

 

Long-term debt, net of current portion (Note 7)

 

 

6,766.5

 

 

 

7,077.8

 

Operating lease liabilities

 

 

327.2

 

 

 

348.6

 

Other long-term liabilities

 

 

302.2

 

 

 

333.7

 

Deferred income taxes

 

 

957.3

 

 

 

1,088.7

 

Total liabilities

 

 

10,092.1

 

 

 

11,625.0

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Stockholders’ equity (Note 8):

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value per share, 5.0 million shares authorized; no shares issued

 

 

 

 

 

 

Class A non-voting common stock, $0.01 par value per share, 5.0 million shares authorized;

   no shares issued

 

 

 

 

 

 

Common stock, $0.01 par value per share, 400.0 million shares authorized;  262.1 million shares

   and 257.6 million shares issued, respectively, and 255.9 million shares and 254.6 million shares

   outstanding, respectively

 

 

2.6

 

 

 

2.6

 

Additional paid-in capital

 

 

4,464.7

 

 

 

4,266.9

 

Accumulated other comprehensive loss

 

 

(301.7

)

 

 

(253.0

)

Retained earnings

 

 

1,505.9

 

 

 

1,177.9

 

 

 

 

5,671.5

 

 

 

5,194.4

 

Less: cost of common stock in treasury, 6.1 and 2.9 million shares, respectively

 

 

(288.2

)

 

 

(78.3

)

Total stockholders’ equity

 

 

5,383.3

 

 

 

5,116.1

 

Total liabilities and stockholders’ equity

 

$

15,475.4

 

 

$

16,741.1

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


SS&C TECHNOLOGIES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions, except per share data) (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software-enabled services

 

$

958.4

 

 

$

960.0

 

 

$

2,892.9

 

 

$

2,894.7

 

License, maintenance and related

 

 

194.4

 

 

 

184.2

 

 

 

571.6

 

 

 

534.7

 

Total revenues

 

 

1,152.8

 

 

 

1,144.2

 

 

 

3,464.5

 

 

 

3,429.4

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software-enabled services

 

 

551.6

 

 

 

567.9

 

 

 

1,685.0

 

 

 

1,727.9

 

License, maintenance and related

 

 

77.3

 

 

 

74.8

 

 

 

236.3

 

 

 

225.8

 

Total cost of revenues

 

 

628.9

 

 

 

642.7

 

 

 

1,921.3

 

 

 

1,953.7

 

Gross profit

 

 

523.9

 

 

 

501.5

 

 

 

1,543.2

 

 

 

1,475.7

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

85.2

 

 

 

88.0

 

 

 

260.9

 

 

 

261.3

 

Research and development

 

 

97.0

 

 

 

94.9

 

 

 

298.7

 

 

 

283.3

 

General and administrative

 

 

84.7

 

 

 

91.0

 

 

 

266.5

 

 

 

278.0

 

Total operating expenses

 

 

266.9

 

 

 

273.9

 

 

 

826.1

 

 

 

822.6

 

Operating income

 

 

257.0

 

 

 

227.6

 

 

 

717.1

 

 

 

653.1

 

Interest expense, net

 

 

(54.7

)

 

 

(98.5

)

 

 

(192.6

)

 

 

(304.4

)

Other income (expense), net

 

 

15.1

 

 

 

(10.3

)

 

 

18.8

 

 

 

27.1

 

Equity in earnings of unconsolidated affiliates, net

 

 

0.2

 

 

 

(0.1

)

 

 

(0.1

)

 

 

2.1

 

Gain (loss) on extinguishment of debt

 

 

0.4

 

 

 

 

 

 

(2.2

)

 

 

(7.1

)

Income before income taxes

 

 

218.0

 

 

 

118.7

 

 

 

541.0

 

 

 

370.8

 

Provision for income taxes

 

 

58.6

 

 

 

23.7

 

 

 

112.9

 

 

 

73.9

 

Net income

 

$

159.4

 

 

$

95.0

 

 

$

428.1

 

 

$

296.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.62

 

 

$

0.38

 

 

$

1.67

 

 

$

1.17

 

Diluted earnings per share

 

$

0.60

 

 

$

0.36

 

 

$

1.61

 

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of common shares outstanding

 

 

256.7

 

 

 

253.3

 

 

 

256.3

 

 

 

252.7

 

Diluted weighted average number of common and common equivalent shares outstanding

 

 

266.7

 

 

 

262.7

 

 

 

266.0

 

 

 

264.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

159.4

 

 

$

95.0

 

 

$

428.1

 

 

$

296.9

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized loss on interest rate swaps

 

 

(0.1

)

 

 

(0.5

)

 

 

(2.8

)

 

 

(3.3

)

Foreign currency exchange translation adjustment

 

 

70.7

 

 

 

(62.6

)

 

 

(45.9

)

 

 

(31.8

)

Total other comprehensive income (loss), net of tax

 

 

70.6

 

 

 

(63.1

)

 

 

(48.7

)

 

 

(35.1

)

Comprehensive income

 

$

230.0

 

 

$

31.9

 

 

$

379.4

 

 

$

261.8

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

4


SS&C TECHNOLOGIES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) (Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

428.1

 

 

$

296.9

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

544.1

 

 

 

582.8

 

Equity in earnings of unconsolidated affiliates, net

 

 

0.1

 

 

 

(2.1

)

Cash distributions received from unconsolidated affiliates

 

 

8.0

 

 

 

2.3

 

Stock-based compensation expense

 

 

65.9

 

 

 

55.7

 

Net gains on investments

 

 

(17.3

)

 

 

(26.7

)

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

 

 

10.4

 

 

 

13.3

 

Loss on extinguishment of debt

 

 

1.3

 

 

 

 

Loss on sale or disposition of property and equipment

 

 

4.0

 

 

 

3.1

 

Deferred income taxes

 

 

(115.9

)

 

 

(73.6

)

Provision for doubtful accounts

 

 

6.0

 

 

 

4.0

 

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

 

 

 

 

 

 

 

 

Accounts receivable

 

 

20.0

 

 

 

19.1

 

Prepaid expenses and other assets

 

 

(86.2

)

 

 

24.7

 

Contract assets

 

 

(4.0

)

 

 

(28.1

)

Accounts payable

 

 

(9.5

)

 

 

11.4

 

Accrued expenses and other liabilities

 

 

(80.9

)

 

 

(123.6

)

Income taxes prepaid and payable

 

 

38.9

 

 

 

(27.0

)

Deferred revenue

 

 

(57.9

)

 

 

22.8

 

Net cash provided by operating activities

 

 

755.1

 

 

 

755.0

 

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Cash paid for business acquisitions, net of cash acquired

 

 

(113.5

)

 

 

3.2

 

Additions to property and equipment

 

 

(25.4

)

 

 

(48.0

)

Additions to capitalized software

 

 

(54.6

)

 

 

(51.1

)

Investments in securities

 

 

(60.8

)

 

 

(0.3

)

Proceeds from sales / maturities of investments

 

 

50.8

 

 

 

46.1

 

Distributions received from unconsolidated affiliates

 

 

 

 

 

2.1

 

Collection of other non-current receivables

 

 

7.6

 

 

 

7.7

 

Net cash used in investing activities

 

 

(195.9

)

 

 

(40.3

)

Cash flow from financing activities:

 

 

 

 

 

 

 

 

Cash received from debt borrowings

 

 

286.0

 

 

 

2,150.0

 

Repayments of debt

 

 

(616.3

)

 

 

(2,779.1

)

Fees paid for debt extinguishment and refinancing activities

 

 

 

 

 

(6.0

)

Net (decrease) increase in client funds obligations

 

 

(949.2

)

 

 

0.8

 

Proceeds from exercise of stock options

 

 

129.6

 

 

 

74.5

 

Withholding taxes paid related to equity award net share settlement

 

 

(8.1

)

 

 

(19.2

)

Purchases of common stock for treasury

 

 

(219.8

)

 

 

(60.3

)

Dividends paid on common stock

 

 

(99.9

)

 

 

(76.0

)

Net cash used in financing activities

 

 

(1,477.7

)

 

 

(715.3

)

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

 

 

(2.0

)

 

 

(1.8

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(920.5

)

 

 

(2.4

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

1,789.4

 

 

 

1,113.3

 

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

 

$

868.9

 

 

$

1,110.9

 

 

 

 

 

 

 

 

 

 

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

 

Cash and cash equivalents

 

$

184.5

 

 

$

157.5

 

Restricted cash and cash equivalents

 

 

6.0

 

 

 

7.0

 

Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients

 

 

678.4

 

 

 

946.4

 

 

 

$

868.9

 

 

$

1,110.9

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

5


SS&C TECHNOLOGIES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In millions) (Unaudited)

 

 

 

Three Months Ended September 30, 2020

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

of

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Issued

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Stock

 

 

Equity

 

Balance, at June 30, 2020

 

 

260.7

 

 

$

2.6

 

 

$

4,397.4

 

 

$

1,382.4

 

 

$

(372.3

)

 

$

(96.3

)

 

$

5,313.8

 

Net income

 

 

 

 

 

 

 

 

 

 

 

159.4

 

 

 

 

 

 

 

 

 

159.4

 

Foreign exchange translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70.7

 

 

 

 

 

 

70.7

 

Net change in interest rate swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

(0.1

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

21.3

 

 

 

 

 

 

 

 

 

 

 

 

21.3

 

Exercise of options, net of withholding taxes

 

 

1.4

 

 

 

 

 

 

46.0

 

 

 

 

 

 

 

 

 

 

 

 

46.0

 

Purchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(191.9

)

 

 

(191.9

)

Cash dividends declared - $0.14 per share

 

 

 

 

 

 

 

 

 

 

 

(35.9

)

 

 

 

 

 

 

 

 

(35.9

)

Balance, at September 30, 2020