SSNC - Earnings call transcript Q3 2021 | SS&C Technologies Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the SS&C Technologies Third Quarter 2021 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. to for call opening like Stone, to now Relations, Investor remarks. would turn over the Justine I

You may proceed.

Justine Stone

Justine Investor Hi, Patrick Officer; everyone. today Officer; QX Officer. I'm Rahul our Financial joining is Pedonti, us Head Welcome, and and and thank our XXXX you Bill Stone, Kanwar, earnings Chief Chief With President for and SS&C. Relations for Chairman for Stone, me of Executive call. Operating Chief

forward-looking note that we file the prospects, these expectations safe Private Factors Please the Actual the in as website. report on only Before the which statements we Securities under those on represent accessed of started, today, may harbor about statements XX, Form most today annual as of These a XXXX. to materially can Risk including we including forward-looking Harbor the for factors, our forward-looking XXXX. various outlook October and our recent results with differ remarks the by statements XX-K, indicated review various Litigation future get SEC on need financial those provide, plans and important Reform make also constitute provisions discussed be section of from of Safe purposes we our of statement. result expectations, the Act is

so. the update elect specifically these do to obligation company to may disclaims While forward-looking statements, any it

quarter, our of into these in measures website of which income, in call call, to are referring interest a by included the financial the which SS&C net located release, Investor turn interest financial beneficiary. be to A the entered in EBITDA, will will third non-GAAP Also During www.ssctech.com. is based Relations reconciliation to joint we SS&C. comparable which and Bill. the operating on income non-GAAP measures over discussed earnings the figures named DomaniRx primary today's GAAP we certain to today, EPS at we and today's I is attributable financial -- including now section in venture are majority LLC, All earnings ownership holder we retained measures.

Bill Stone

Thanks, joining. for Justine, and thanks, everyone,

the consolidated for X.X%; revenue, we on results $XXX year Adjusted adjusted and share, XX%. EBITDA $X.XXX the in track adjusted Our to billion and EBITDA. diluted was in over quarter earnings $X.XX up are with million, $X end up third per in are billion

Our adjusted XXX QX XX.X% up XXXX. the basis consolidated margin EBITDA grew to points from quarter, in

beat Our third organic quarter was QX's organic to X.X% adjusted revenue. we and gain as revenue continue momentum X.X%

top expectations our businesses growth. our alternatives, and line businesses Intralinks All outperformed drove of our the and software

wins were while organically The strong XX%. at power. capitalizing accelerated large to competitive have quarters improving XXX our digesting earnings acquisitions, points highlights over margins strong while and able business and growing on takeaways, basis markets. top line drive financial new We past we few Without SS&C's growth

We the have and through lower products. are automation to continue process and robotics automation. drive being pandemic maintained artificial cost across and capabilities our our through implemented businesses learning, efficiencies structure Machine intelligence

the buy controls, activities We whereby AI development provide XX, shares XXXX, and concepts are efforts year. and key repurchased development September SS&C [GoCentral]. hedge greater This committed We We current in are our continue XX% ended back $XXX.X first stock X secured for same capital operational average we more common million at cash debt X.X to or are but X.Xx to valuation, will at rolling product net enhancement paid million. in $XX.XX $XXX.X of that allocate enhance the share currently the around -- only last million have stands months ratio per generate allocation leveraging of to And of aggressively X is XXXX margin leverage we of stock. flexibility are called towards from various We for strategy. exceptions our months cash revenue, period million we price X.Xx remain and a the increased under X.XXx enhancing. shareholder-friendly not generated levered, types within for our operating portal, to QX leverage. buybacks. XXXX, up of These from an $XXX.X fund and now out anomalies, $XXX.X principles At new NAV transparency we strategic processes. total down services

is all running business on Our cylinders.

milestones, to LM strong technology lending organizations as as large The operating last stack. credit and with comes XX nonbank and investment Our months. Precision Several deals have and pipelines recent are of Precision XX model clients. residential products clients LM and exposure being commercial their loans. exceeding increasingly banks met complete the global the new have activities added lenders portfolio's review private most growth increased our XXX their complex in

are We report trends ESG market and on managers recently reporting ESG and solutions our for asset monitor exposure. to platform capitalizing launched on better

and I'll now in ESG provides investing investors discuss accurate ratings data, changer ESG and to detail. exposures. detailed Rahul to call the the Our turn game solution over understand sustainable to which quarter more a help

Rahul Kanwar

execution. Thanks, of offices in our collaboration, our reopened, basis. will in-person with work the providing combined numbers a that employees flexibility seeing on increasing opportunities we're staff We're attending we're have for anywhere Bill. voluntary innovation Most optimistic to global enhance and the and added

outsourced Our services. from towards businesses the benefiting are technology and global trend

private they partners at desired administration, greater their limited This advent of businesses are resilience middle scalability evaluate demand. and managers the with state, operational alternatives with. seeing assessing their post-pandemic impacts also the trend fund firms and capability firms office market invest our operational As and looking

Our as in new to a combined managers, and across continues grow in firms requirements. investments insurance strategic others comprehensive enterprise R&D of banks, depth look to companies, with SS&C and resulted have solution alternative managers, to of clients. solutions. Collaboration a to teams, that wealth a These asset address generation management their the lockstep live offers steady of with addition functional signed SS&C partner retirement several allow set and

we can ways value deliver our which larger we're customers. result, in greater seeing for and a appreciation As deal sizes to the

mention some Now, I will key deals.

chose and reconciliation. existing funds client shadow of A our and A fund A chose current hedge asset A top manager middle-office Eze been Chorus their over XX alternatives, statements, -- Patrick stability expanded I'll delivery latest agency, GlobeOp account chose run Diamond company Syncova it fund stack, saw accounting. solution. through relationship market the and $XX to solution. $XX to servicing Geneva One loan billion-plus over of for include financial digital world's technology Canadian wealth replace retail SS&C chose U.S.-based services, its the and of who client to hedge our Geneva managed A running $XX added fund bank platform to focus. Black SS&C insurance for largest and existing automated to because run level a had administration and billion-plus after and their scalability. their transfer Chorus. prime A AUA investor Advent higher An citing years turn valuation. X-year combination the financials. U.S. broker EMS cloud chose Axys of to billion workflow upgraded now to manager trader support largest partnership

Patrick Pedonti

$X,XXX.X Overall, operating Rahul. the adoption and revenue deferred over adjusted for $X.XX. or adjustments income adjusted acquired GAAP net quarter XX% increased EPS XX.X% were were GAAP of Adjusted of was X.X%, of including increased X.X% with third and Thanks, revenues Adjusted adjusted was million $XXX.X for standard the revenue the for XXXX revenue QX the income million up QX revenues XXX Results EPS a increase of and $X.XX, revenue $XXX.X million, diluted acquisitions. XXXX. impact $X,XXX.X XXXX. over million,

in Our acquisitions $XX million contributed the quarter.

currency assets, Foreign XXXX third $XX.X an third X.X% of constant including on revenue million, constant several was of quarter XXXX retirement business. was XXX of basis alternative business, to -- revenue cost from margins Expenses a XX.X% third million XX.X% points operating the business increase increased a strong increased had increase organic driven or operating the in We $XX.X software, on million increase the XX.X% quarter. $XXX.X quarter Advent Adjusted adjusted the a in exchange favorable controls. Adjusted improvement, currency ALPS, strength across or lines, by impact Adjusted margins brokerage and for and had income of XXXX. our in quarter or increased X.X% basis X.X%. Intralinks the operating XX.X% basis. over QX product

interest million EBITDA, the QX from XXXX. release, in million. $XXX.X million interest third Note million decreasing $X.X credit A increased of includes of $X.X earnings noncash quarter was and added in rate OID. was adjusted of million and quarter X.X%. our costs EBITDA $X.X XX.X% expenses by amortized currency consolidated our costs balance X.X% acquisitions revenue is Adjusted Net debt for of in reduction our compared XX.X% XXXX. in the to financing X The or in increased the our $X.X margins was or addition, senior million notes X% quarter of facility defined average XXXX. and Adjusted or from which million In points and expense consolidated foreign resulted and for the of basis third $XX.X increased quarter third $XX.X expense XXX

at ultimate During income The an XX%. average to uncertainties other We increase Due XXX.X decreased GAAP with was approximately from litigation, this somewhat or and legal of the tax the $XX.X million for of XX% DST adjusted and full option shares any second GAAP this quarter, income income, exercises. the adjusted $XXX.X the $X.XX, expense. of quarter. in tax price Adjusted the offset in share resolution an million EPS to of be in and we with Diluted and a related recorded associated income and partially time. resolution million net million third provision XXX.X this and -- quarter and was rate the million expect effective the the XX.X% repurchases matter associated provision legacy from also proceedings, the by increased share ERISA matters of the expense was net was connection $XX.X to to inherent recorded to for the used is in tax exposure year. impact uncertain pretax potential

net purchased flow, $XXX Board the and September highlights $XXX.X with we an months months, income million or in taxes, year. $XXX.X July in agreement, per X million held billion interest million, treasury period at program buybacks. of X.X% In million expense of an of year-to-date new and DomaniRx date, $XX.XX which We've $XXX.X billion adjusted at increase the or of shares XX stock $XXX.X Net On In quarter compared sheet gross we've to defined we of or of million our Cash same declared cash $XXX to and XXXX. average $XXX.X purchase compared $XX by were average or for revenue the compared third $XXX.X period paid XXXX. $XXX.X cash million of the at of cash compared In X stock the credit of Capital stock program the in $XX.XX. dividends, $XXX.X to equivalents includes stock September as $X cash in compared ended X.X capitalized price period for $XXX and shares XXXX. X.X same the the year-to-date payments was purchases SS&C's to and X.X% software million of of buybacks The ended of $XXX.X million the balance to million buybacks same common the share. a XXXX. price XX% prior -- million XXXX, million paid and as the expenditures XX.X% authorized in million million an million of equivalents paid was QX $XX.X to billion JV debt. in of $X up XXXX. debt months. stock treasury to for $X.X any million increase million A couple for of We of debt, of $XXX.X flow were X excludes million in cash XX. repurchase

as And used acquisition. quarter, includes related debt fourth Our of cover which and our for the based a billion, savings first. acquired LTM million million for secured XXXX $X,XXX.X of couple and leverage On assumptions X.XXx compliance, EBITDA, net on EBITDA outlook was was $X.X of X.XXx. of was $X cost ratio a September is and I'll covenant total our to leverage

adjusted quality delivering LIBOR Interest most our results. will of for our fourth plus on organic will exchange be our the service, year be the in be is growth So be range retention we current approximately approximately for we'll of expect continue to at which growth in continue the expect X-month X.X% the foreign focus will will and client And to Adjusted X.X%. X.X%. in rates levels. currency organic We'll to term X.X% of quarter bps. range the XXX on loan spread, range currently rates to the recent the

year, cash as costs costs. term in be $XXX expect range in due part range for some to billion in over capital billion expenditures Adjusted full to shares range the in range shares million the our invest $X.XXX approximately But to $X.XXX to higher result to $X.XXX revenue $X.XXX $X.XXX merit quarter million million we'll a for Bill increases, billion to we XXX.X October XXX.X of to sequentially to billion. in to benefit flow back X, impact we're X.X%. range business the of revenue And took We the million. $X.XXX debt now increased in stock And million. full net to $X.XXX of continue will operating for be range the I'll income And and diluted employee paydown. increase We'll in continue will expect of the of of seeing which billion, of expenses both billion the $XXX $X.XXX the personnel turn allocate XXX.X free expect to Diluted billion. and the billion income be comments. to adjusted fourth year, to and annual our for the of effect million. for net XXXX, from buybacks and in cash it long final activities to XXX.X range of we And the

Bill Stone

of We're progress year. made proud the Patrick. Thanks, this we've

surprise are X.X%, momentum, year. on and we Alternative was administration continuously a XXX and hundreds billion We for full ahead our next of increased of gaining of improving. total XXXX. have we’re X.X% assets the in the positively. expect for billion up trillion increase assets billions around our Organic Hopefully, since businesses opportunities X.X in we under All quarter and capitalizing growth you QX XX first under another now administration, competitor. of can of

the in basis And since at made Our XXXX. we’re acquisitions we margins up our points. were EBITDA margins highest operating XXX large

events and We Relations an opportunity, I'll information. Investor register see have and of Day. to webpage to leaders will we abundance it on showcase open Analyst a Justine Please number additional questions. November our now Virtual of on strong which for XX out reach our for

Operator

Instructions]. [Operator

question Thind first of Surinder from Your Jefferies. comes

Surinder Thind

in we the quarter, is to quarter. significant Congratulations gentlemen. related a question first My similar increase the was profile. increase a then quarter-over-quarter. the There margin on last had margins just And

On you gross there talked level? might margins provide software little realizing be in the most any look the about being drivers. terms Is bit call, I it additional color automation that for what normalized the you When a one the services-enabled your can savings. of seems of you're at a business, that's where of

Bill Stone

little what had hiring, you people had we believe end have had a have not leasing less give hiring then have that had versus and since we And and not because into than I I'll we but past, in chime as had we number probably much we Rahul also that aren't aggressive Well, the continue of the XXXX, we some we are, we near in as of pickup pandemic, expected. of space the and we're can crack the did XXXX. guys Patrick, will But in.

those think continue. think are us, And that X pricing I discipline it helped and things. I has I So our will Rahul? believe big

Rahul Kanwar

agree things R&D. with I add And I think the all Bill, are: a that energy also fair spend of had on that. I an amount of opportunity we've to would

in productivity, continue. we're and some right? resulted and has expect gains that those So Bill learning we machine of things the to doing, talked productivity other about And

Surinder Thind

kind level to to So the of we of that subject on just expect you're go-forward in current basis, should of what a seasonality? generating clarify, neighborhood is the margins any

Bill Stone

fluctuate it we continue be aggressive capitalizing right. to and somewhere would be the to based will always I latest we XX.X, I XX. between and say again, so and be so around And like going not we've that. investments mean, And stuff I I that, and make. right, will that's think particularly it's XX tend on to we aggressive been I on think particularly about software not -- it's XX, think

so difference XX our can live that can and point we some that but we them live, fourth big will them the third the ability -- to often range. which we have the And have in margin say, but proven depend in get basis think to margins point quarter live the I we quarter them the would and basis XX on -- proven can close of getting that in, between impact getting deals,

Surinder Thind

take we you on focus going is you're That's Bill, of to comes capital further? it helpful. does you provide kind If Is that acquisition. And share color talked repurchases of additional for mean? as flexibility. -- that a follow-up, that willing not my of of the you're there Just in in strategy this there leverage leverage? when Xx Or to that just can point? having now below there at to any you ratio, practically, level the into primarily terms kind down go Is that allocation now why the willing terms you're leverage translate to to wait below were you're right about what

Bill Stone

Surinder, look the which at in Patrick $X.XXX that $X counts quoted if at flow, share I cash. what our around a share you're cash were million, you is if in million, billion, expect talking and think Yes. about I look XXX -- you XXX we -- think

a shares back paying than is X% better basis, obviously, buying finance a lot debt. off so And on

like Now with faster-growing to $X to deploy we assets have at X% the margins. same would obviously, time, and we better that in debt billion

would that now have our we're that. of And things like we think, we but primarily cash And But development lookout those continue would lot have we bringing in are indicative and to than things. I are we the would little to lookout a aggressive be lot be constantly the that our think debt do surface, on around a faith will more of towards you that say would buybacks in capability. that of to things I is in teams, we we DomaniRx. right our a out development so I probably on tell And try We other repayment. [GoCentral] excitement that stock drive

Operator

Truist comes Michael Young of question next from Your Securities.

Michael Young

the margin kind pricing Any Wanted does thoughts on the you the push to to cost macro question inflation. help than a context it of it side? follow-up on just and some so drivers, about the pricing guys side of profile ask on helpful. that kind the Net-net, able mainly more be would of there and impacts in being higher of think

Bill Stone

I that's a question. think great

that, of are with similar wages, organizations times like the your the obviously, not we so all issues hope -- that to talented people continuity I have with I I'm people think and pay accounts. and inflationary our more, increasing -- on clients know that which I have our to their

there think So will them, have some also understand be adjustments price some revenue to I they increases. that to

think mean, X%, the be X%, -- -- I think the goes a wouldn't it's say we maybe to if you're I if a stays get be basis will net-net, But XXX side might bit could wild, it be different. side. on basis of a X%, than revenue little going to I be not points going I inflation inflation massive. and lot So but But right, to able more that's then it's points, XX on expense be tailwind,

Michael Young

of on more et seeing strength and Or larger then of in-person maybe post pandemic Okay. as Are general land there a deals? just or That's second of And we're cetera. kind update sales of kind ability, pipeline any progress normal, getting opportunities kind pipeline maybe to helpful. there? you to on kind back just sales just

Bill Stone

things. organizations. people other processes back how that we very large it and take done we higher can really engaging obviously, we higher We're pitch and we turn on are and able risk we have compliance and these processes, back, that well other I And a accounting exceptionally of we risk have to some do try reporting lift-outs these middle offices. are. financial and going in be processes, things your we number also believe streamline and maybe and to as of well trading And also, and do as successful into could ESG so compliance Yes. a book levels processes have at front to that institutions, and to we

pretty about upscale. to And optimistic so we're opportunity go our to continue

Operator

of Schmidt next comes from Your question Citi. Andrew

Andrew Schmidt

acceleration helpful. want drove third to about thinking it those dig the momentum quarter, into First, perspective a bit have Really third could based how I be mentioned nice in quarter, revenue the quarter? you acceleration in like then you that a about see pretty the strength the more, but does into factors? good here. would we dig talk growth growth the just from just performance. momentum know third in little in fourth few second just growth. the an to products, that you you Patrick, setup that on the organic on the Do you're quarter I Because if seem quarter have that And some based organic factors

around and then So just curious quarter, to how thoughts get the fourth third your to relate performance. quarter those factors

Bill Stone

dollars again, release, we And and the some tailwind have to our and those obviously, our X to businesses those in Advent, as as all add press think revenues as financial And of our particularly Well, AUA, could statements, that? as our remarks that Intralinks strong, as you in well well. expect again, as do businesses fund businesses, start have would of some particular, to our well we administration that in we add pattern. we software momentum. been as believe strong billions Rahul, our or we to that's I tens flow again, into our of said and continue

Rahul Kanwar

more really I'd when and No, have. that in some I resulted of And asset of might go large prospects opportunities is banks services to say the talk teams ticket that within months-or-so XX the integrated larger have managers this in our collaboration have us, all done integrated last SS&C, large or we whatever more front that's of are or also in are we've products much much they they sizes. where I'd what fostered our echo and think that.

you them, little a sell, they that, additive And enough revenue we the us of think that sometimes pretty longer to to that's if sustainable take process. helps drive have growth. but And

Andrew Schmidt

front-run helpful. that you but based Day, on the pretty factors the and the seems the like on good And something longer-term comments initiatives. say, some or your Rahul, the it. based efficiency have comments, made. of on constructive to front on for longer-term on the pretty runway the investments on seem help Is it on scale then are margin or an Got visibility based your based top -- people Analyst And like based of providing just in some there That's those terms both visibility better not line, it the to about of intermediate algorithm outlook you've the should I you might business? consider think does

Bill Stone

and constantly that more quarter we I studying will all you. of we Yes. granular over and we're or And next being X, start the well how to I deliver little think to a information longer received believe try community. the might be, little to by be viewpoint you and we analyst a think bit give I of think are going that where investing things

Operator

comes Heckmann of Your from next D.A. question Peter Davidson.

Peter Heckmann

the -- talk I just outsourcing Malta, the of what first Is win changes to business. for really bit smaller be your up a is primarily little where if that's time? of wanted you how other it kind continues And I fund and require you're But some about? share. of And Or the gain on I to fund AUA? any you're mid-tier administration. domicile to Can funds gaining about know share? don't how in going administrators? does contracts in, we transition gaining there's know company gather share? going dynamics continue and The from new what to thinking this mix to a there follow continue think, on should

Bill Stone

far, fund our other by fund innovative release, the And always in But software administrators. envelope. somewhat, our we're we we're as administrator the in most own always believe business and use XX do the on we're current world. administration pushing I Well, the fund

then larger of So it like we excitement. and will installing often, difficulty be to the the demonstrate create will financial first first institutions kinds And large-scale have adopt releases the to and in products [GoCentral], systems. more

on that And do our force, is And Rahul? they you add the strong and of a very things And marketing we sometimes more what there's do. targeted, we depth and sales interested training have more capable. audience of do deliver. of whole because and a to get we behind releases, that, so they few breadth is increasingly, training, a the like our and series very don't we the Can

Rahul Kanwar

a ground. So of lot that covers

recognized make out pace I the and which at rate just think and maybe with couple in things private the for On seeing at accelerating. they're just happen than get we're their are of things. additive more business years, the the They just in types we also pace. as if estate, we services said for outsourcing. doing a are to them our it other of particularly marketplace, funds private that as And the markets that embrace quarters, more be but own to that and Bill of pointed out, we change funds able is investments new bigger get in we've embracing not that several some real are now sure, of equity for larger

So the larger I acceptance greater in players. think seeing acceptance, we're

very to in We and together. have large we prestigious be start-ups. strong a those the raise continue base then of things very, add to that client and And new assets all funds continues work and

Peter Heckmann

pricing you how change there pricing of basis? overall, has complex might can in on comment Okay. the the raise a would net Maybe on years? trended assets as much Has but the and think follow-up. more been help the last illiquid assets couple as in you more just a And

Rahul Kanwar

more services Pricing to has sell manager is with. been into pretty stable we that we're with speaking products have the changes thing and any baseline the that individual

kind larger, services is it is the pretty size to was. deal same of prices overall of So but the comparable kinds what for

Operator

from Company. next & Needham Mayank question Tandon Your comes of

Mayank Tandon

curious, the like Is as growth bit a also trend Bill, you'll in past, mid-single-digit comments supplement just that organic term? I wondering, the growing better? you've obviously, look to was the faster decision-making think Or improving. and just M&A. Analyst Day, I 'XX is, you around out that for and line right as mean you reverts about But and now. SS&C that sustainable? just is beyond, trend you're look you and with growth given potentially into growth at out then think your little by it longer bit sounds is do little say, demand, talked I a this but that maybe about talk What

Bill Stone

trend. Well, Mayank, we the like current

previous in something got enthrall close I've $X EBITDA. in revenue to million we we when us. to billion like -- in as and $X.X But billion in said back probably Going $X.X seasons before, capital $X.X deployed doesn't XXXX, in billion

to you how in to that you do If would have who knows try XXXX, pay. much

and $X.XX, when $X.XX we about money, we we somewhere our saying communities, all very things. do so our also the well of those like and pretty to want $X. understand $X.XX And feel all we're and we and have year, did $X.XX, $X.XX, like -- something assets we now gathered and pay are still citizens to $X.XX, that close going make and But And around trying good to we everybody to last shown. again, earnings in to we're we that discipline to good we're

focus I to is so think same. that the And stay going

what the banks, faster issuers. grow to our fund client companies, we're then it's depth biggest mutual size funds, particular, most opportunity base, is offering. current the the and breadth hedge our the of of think And in because I biggest complex the largest the of

out a wire X you if capacity and stick wire. say, in your another pull double server, you I want to As in

analytics drive going right? across want investing better on to retrospective of so or a into an complexity You And world, mortgage-backed basis, increasing world of deep I different get prospective number complexity to derivative the the securities the you change. for isn't information think a do accounting book, to

All of are insatiable. you

So bright that you have all future to long think do you deliver is us. that and our size And to our expertise, our stuff do does think as we for make as is what we look and we sure and want. I keep I strength the that

Mayank Tandon

longer-term I how update of in but looking your curious the that maybe health the question. I in core runway, past latest about caught core, as on quick Right. know that's it you've just business? to the how to in There maybe faring of on of health. is Any a in what don't part side. an Competition, your that the terms at be anything Versus -- Bill, as seems on on of talked updates potentially on plenty thoughts no terms the the is I health business. on positioning? think follow-up

Bill Stone

I have us, that I customers. your And we and PBM out think, hot billion. believe management. big Well, pretty And is it large-scale, capabilities our particular, excitement getting platform stages. convene We're mean, partners the obviously us commands. in And and And nose a business with and Mayank, we bright I announced area, formative adding Humana, we the we expect opportunity the product DomaniRx, the capitalized sophisticated over and that new care care and pharmacy health last next done is perform sophisticated some And benefit the getting for pretty building will on others think Domani. us. have Anthem think $X health well of care with I a are several and with technology, now you years. our we grindstone the that's the really and a team with in new in to monetize still health And how very providers it's for ultimately that, quarter, to

Operator

Jackson question JPMorgan. Your Ader next of comes from

Jackson Ader

Street have billion And $X.X alley, interested? thoughts guys just seems right piece. former would were comments And administration or say. be first Brown the largest whether fund just curious was deal bought up accounting whether you your The Brothers also and one, your I that? the curious on your it should I'm and SS&C's any I topped had so on That like you deals. State alley, wouldn't

Bill Stone

been. would We have

maybe that baked I already. was that, think

hopefully, both fund clients, of And and little they hopefully are of administration an well. we bit them And wish not good so that large financial there's wants a the of to create get option. out them more a institution business,

Jackson Ader

Yes.

forward there explain organic that fourth growth look quarter. to out helps quarter big Bill, margins think that as the may we Okay. is go-lives in that be Understood. you happened And fall particular pulled thing then into one would XQ? third that mentioned from you Was of anything that things mentioned a this quarter the decel that -- the revenue helps I one to

Bill Stone

our make positive. we to going over we we there's think, I be ourselves. We skis. And again, to get sure don't Well, prefer a ahead don't it surprise, get be if want of to

very on has higher be sophisticated, by few a increasingly has, growth over it ability I So quarters, I organizations we hitting rate really been guidance. have the circumspect to and think aggressive to our least think have well. those. feel marketing and And on how last And at comfortable served us our get as sales

we've had. that we think I that's I And think emerging will for now, a have revenue. for but didn't nice, pipeline than bigger be is ever account Pipeline we you. that right

All sales You've close and force pretty again, excited strong about to we And pipeline. do. we're what got right. a really we can that have

Operator

Okay.

question of Stanley. James comes Morgan Faucette next Your from

Jonathan Lee

you This And And acquisition investment growth What there's of touched with activity types the you strategy the your I market? assets solutions thinking in been you mind, for? for assets higher What think in are this on of the markets seeing is are that earlier, capital are assets? Jonathan how James. flurry about around you management on in space. a growth-oriented around looking

Bill Stone

Less expensive ones market in there the right now. than are

start XXx for you pretty at it becomes XXx math, tough. the -- and when becomes looking it revenue, So

as teams when particularly you development so And we as have have. talented

when really a moderately the to have we some little and time a of But we it's So risk buy of get circumspect. only we don't ridiculous software trade-off functionality price. a then ridiculous at elapsed that is price, more if want developing completely the could

the like management We pretty think good. we sector. regtech. So We insurtech wealth I like think looks

administration businesses. bidding in the almost front will be We for always

that well. things. would growing strong we as buttress that presence a we to we Asia those and think also And have like in So

Jonathan Lee

And the mentioned development you sets there. that and you have skill teams

topic relates given seeing constrained to the are environment? those So it headwinds on the teams as hiring, any for hiring talent you of talent that and development finding

Bill Stone

Yes.

So is more. what people out pay have to figured we

Operator

Donat of Your comes Piper Chris Sandler. next question from

Christopher Donat

fourth another revenue. category ask just of guidance the and quarter to one Wanted on

How have you're or swing recognition timing X% remind much up revenue -- you with from can is the XX.X% especially can work quarter-to-quarter, affect revenue in revenue services you can that or a the your can your of factors a range us the besides guidance the because other down quarter. Just in what down of revenue retention onboarding? be the X% And pretty X% world? level, factors just predictable third up like to

Bill Stone

tax Well, than to that little difficult I licenses think the revenue that's other second And a thing quarter a a revenue good to the not administration more quarter. the X in of like and financial question, that quarter. second are like long almost is usually biggest all too. And not fourth come in the first things a general, is fourth I strong mind the increases. is and is comes for that fund my quarter statements, businesses services work quarter recurring would and particularly adjacent predict say particularly license work in our our things that quarter

So are and things, probably other comments. Rahul a those has some couple of

Rahul Kanwar

So And ahead and bigger difference during QX I we've midpoint think right? really course quarter. hit to we're be a and that seasonality administration. between is QX not I you of the do for that well we our off it the -- think for the tends year. QX It's fund those I sequentially, in license special -- for something the said anything our are big services like of ones. million, $XX of far the the actual guidance of the think, It's

Christopher Donat

running Rahul, client billion correctly. XX are make Okay. thought that And Axys software, said sure did legacy you years, other I is was just hedge how hear it. to And fund many for or then, $XX running Axys I right? there it that had heard clients want I out you Advent you Got a I wrong?

Rahul Kanwar

within positive and like and I of a great can be a XXx sort some But it have path. or base, others requirements pretty in for resulted opportunity products that invariably, these a and when been -- of that they really And client functional question, and very we've a And a right? value start that's they heard that. us we that investing pickup, happens, to that standpoint. customer. opportunities And you for think right. in got particular right, that No, have have people new exists, them of revenue while lots So where from But things these revenue natural upgrade, need and upgrade around are it a to them. for like there

Operator

James. O'Shaughnessy question next from comes of Patrick Raymond Your

Patrick O'Shaughnessy

positioning, areas, pitched couple about Curious they're SaaS-based. against of your competitors So those on comfortable are the side kind tableaus the of of touched and software of cloud particularly a there's been that recent native or IPOs on are as earlier, certain you firms but in business? as compete competitive how with SS&C

Bill Stone

a question, Patrick. that's great Yes,

about of [Infusion] I that or think our think, software $XXX in be I a to products few And think Eclipse in the than would platform, platform on And revenue. I or particular, all is relative Geneva best-in-class. what to, annual are competitive think it's added maybe does. more [Infusion] Clearwater's revenue, we we which [Clearwater], double say, Precision half Intralinks or are our side, name very platforms, just LM, I this our quarter, platform Singularity those million Eze

at product compliance functional other IBOR tip loans, bigger bank those think scale us. and to syndicated that to companies, it. find get think rate good to going really all of they risk But technologies interest able has kinds derivatives, is they're Aloha to and unique both some into start being we I requirements, bigger companies. and competitively, towards do and other So they that have when Plus of in have called new features I the going a

So the marketing. step our to we're pretty and and sales teams, gas we're on proud development the looking of on

Patrick O'Shaughnessy

last on quarters. obviously count on aggressive your And essentially like you the fully been But share diluted share the basis, is front have -- guys repurchase so a several year pretty then flat. over

impact As repurchases been offset compensation-related stock-based dilution. lot has the of a the dilution, of by

But your high price. share play at capital would making of to going a stock allocation you level, bigger count dent and a the diluted share variables forward? your there's at terms in start in obviously, So opportunities expect

Bill Stone

that, comes to And just quite now $X.X in $X so to think I $X from I like Patrick. that back, committee make a will act. we staff, so yes, $X $XXX things Well, were I answer We're to of We're And we for think think although I revenue that's take again, million, ago, few back the balancing aggressive be so think and in our time. is -- -- that. authorization, having waiting, the a and would I bigger it's make yes, years think it million our Board to goals continue our a then we mean, we stated to a buying years authorization, we I is revenue sure -- have dent million when equity in $XXX have billion. in adequate awards now. stock. go billion we one X our that of that billion comp in And

Operator

of Your JPMorgan. comes next Ader from question Jackson

Jackson Ader

we growth do organic -- Patrick, Intralinks, cetera? have fund the could revenue segment et we get administration, by as

Patrick Pedonti

quarter. QX, administration XX.X% was the fund In the XX.X% the in Yes, business sure. quarter. up, think, in Intralinks organically was up so I

segment, institutional smaller products, this businesses Financial up was but DST business software core the segment other Our Advent Services X.X%. plus mostly was then of the in up X.X% our our it quarter. And in some in

Jackson Ader

Okay. Awesome.

might quick outside that like your activity follow-up on M&A versus like the execution? of control was factors market driven market How number. by SS&C's own more be in of a that much that Just Intralinks

Bill Stone

of that of They're our team's team. proud really share. pleased innovating, they're with gaining and aspects market I believe execution. very the And We're all we're

Operator

over At there or back this turn no remarks. now will to for questions. further closing Bill any the floor I time, are additional Stone

Bill Stone

look being stay you And forward after thanks, this see lot. everybody, and for please call, on we Thanks a the quarter. quarter. to you and safe, Again, talking to we'll next fourth

Operator

event. and Ladies this gentlemen, concludes today's

your for You you participation. now disconnect. may Thank

SS&C Technologies (SSNC) 29 Oct 212021 Q3 Earnings call transcript