SS&C Q2 2024 Earnings Report
Key Takeaways
SS&C Technologies announced its Q2 2024 financial results, featuring a 6.5% increase in both GAAP and adjusted revenue. The company reported GAAP EPS of $0.75, a 47.1% increase, and adjusted EPS of $1.27, up by 17.6%. They also announced a $1 billion common stock repurchase program.
GAAP and Adjusted Revenue grew by 6.5 percent.
Adjusted Organic Revenue Growth was 6.4 percent, Financial Services Recurring Revenue Growth was 7.7 percent.
The company bought back 3.7 million shares for $227.0 million, at an average price of $62.17 per share.
GAAP net income attributable to SS&C was $190.3 million, up 45.6 percent and adjusted consolidated EBITDA attributable to SS&C of $558.9 million, up 11.2 percent.
SS&C
SS&C
SS&C Revenue by Segment
Forward Guidance
SS&C provided guidance for Q3 2024 and FY 2024.
Positive Outlook
- Q3 2024 Adjusted Revenue: $1,420.0 - $1,460.0 (millions)
- Q3 2024 Adjusted Net Income attributable to SS&C: $304.6 - $320.6 (millions)
- Q3 2024 Adjusted Diluted Earnings per Share attributable to SS&C: $1.21 - $1.27
- FY 2024 Adjusted Revenue: $5,706.2 - $5,866.2 (millions)
- FY 2024 Adjusted Net Income attributable to SS&C: $1,246.3 - $1,326.3 (millions)
Challenges Ahead
- Q3 2024 Interest Expense: $107.0 - $109.0 (millions)
- FY 2024 Interest Expense: $435.0 - $443.0 (millions)
- Q3 2024 Diluted Shares: 251.6 - 252.6 (millions)
- FY 2024 Diluted Shares: 250.9 – 253.9 (millions)
- FY 2024 Capital Expenditures: 4.1% - 4.5% of revenue
Revenue & Expenses
Visualization of income flow from segment revenue to net income