SS&C posts Q1 revenue rise

Source: SS&C Technologies

SS&C Technologies Holdings (Nasdaq:SSNC), a global provider of investment and financial software-enabled services and software, today announced its financial results for the quarter that ended March 31, 2011.

"Celebrating our 25th year in business, I am pleased to report our record Q1 2011 revenue of $89.0 million, up 14 percent over Q1 2010. We believe revenue growth is an indication of the competitive strength of SS&C and its breadth and depth of software-enabled services and software," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies Holdings, Inc. "We continue to enhance our growth opportunities and execute on our commitment to technology and service leadership, including cloud computing, mobility and transparency."

Results
The Company reported quarterly revenue of $89.0 million for the first quarter of 2011, compared to $78.2 million in the first quarter of 2010, an increase of 13.9 percent.

GAAP operating income for the first quarter of 2011 was $23.1 million, or 26.0 percent of revenue, up from $19.4 million in 2010's first quarter, or 24.8 percent of revenue, operating income was up 19 percent over 2010's first quarter. Net income for the first quarter of 2011 was $9.8 million compared to $9.0 million in the first quarter of 2010.

On a fully diluted basis, earnings per share in the first quarter of 2011 were $0.12 compared to $0.14 in the first quarter of 2010.

Adjusted operating income (a non-GAAP measure defined in note 2 to the attached Condensed Consolidated Financial Information) in the first quarter of 2011 was $34.1 million, or 38.3 percent of revenue. This represents a 13.2 percent increase compared to $30.1 million and 38.5 percent of revenue in the first quarter of 2010.

Adjusted net income (a non-GAAP measure defined in note 4 to the attached Condensed Consolidated Financial Information) for the first quarter of 2011 was $19.2 million compared to $14.1 million in 2010's first quarter, a 35.8 percent increase.

Adjusted diluted earnings per share (a non-GAAP measure defined in note 4 to the attached Condensed Consolidated Financial Information) in the first quarter of 2011 were $0.24 compared to $0.22 in the first quarter of 2010.

Annual Run Rate Basis
Annual Run Rate Basis (ARRB) recurring revenue, defined as the addition of maintenance and software-enabled services revenue, was $77.2 million for the first quarter of 2011, an annual run-rate of $308.7 million. This represents an increase of 14.8 percent from $67.2 million and $268.8 million run-rate in the same period in 2010 and an increase of 3.3 percent from Q4 2010's $74.7 million and $298.9 million run-rate. We believe ARRB of our recurring revenue is a good indicator of visibility into future revenue.

Acquisition
In the first quarter of 2011, SS&C acquired Glastonbury, Connecticut-based BenefitsXML, a provider of enterprise software solutions for employee benefit service providers. BenefitsXML's Benefits Real Time Information Exchange (BRIX) employee benefits administration system is a multi-tenant, multi-channel customer self-service platform that lowers service costs and improves employee satisfaction for both employer and employee benefit service providers. The acquisition adds 19 new SS&C employees based in Glastonbury, Connecticut.

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