Q1 2024 GAAP revenue $1,435.0 million, up 5.3%, Fully Diluted GAAP Earnings Per Share $0.62, up 26.5% Record Adjusted revenue $1,435.8 million, up 5.3%, Adjusted Diluted Earnings Per Share $1.28, up 12.3%  WINDSOR, Conn., April 25, 2024 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), a global provider of investment, financial and healthcare software and software-enabled services, today announced its financial results for the first quarter ended March 31, 2024. Three Months Ended March 31, (in millions, except per share data): 2024 2023 Change GAAP Results Revenue $1,435.0 $1,362.7 5.3 % Operating income 332.9 280.1 18.9 % Operating income margin 23.2 % 20.6 % 260 bps Diluted earnings per share attributable to SS&C $0.62 $0.49 26.5 % Net income attributable to SS&C 157.6 126.0 25.1 % Adjusted Non-GAAP Results (defined in Notes 1 - 4 below) Adjusted revenue $1,435.8 $1,363.4 5.3 % Adjusted operating income attributable to SS&C 540.0 493.0 9.5 % Adjusted operating income margin 37.6 % 36.2 % 140 bps Adjusted diluted earnings per share attributable to SS&C $1.28 $1.14 12.3 % Adjusted consolidated EBITDA attributable to SS&C 556.8 509.0 9.4 % Adjusted consolidated EBITDA margin 38.8 % 37.3 % 150 bps   First Quarter 2024 Highlights: Q1 2024 GAAP Revenue growth and Adjusted Revenue growth were 5.3 percent. Q1 2024 we bought back 0.8 million shares for $52.9 million, at an average price of $63.24 per share. We paid down $79.9 million in debt in Q1 2024, bringing our net leverage ratio to 2.95 times consolidated EBITDA attributable to SS&C. SS&C reported GAAP net income attributable to SS&C of $157.6 million, up 25.1 percent and adjusted consolidated EBITDA attributable to SS&C of $556.8 million for Q1 2024, up 9.4 percent. GAAP operating income margin for Q1 2024 was 23.2 percent. Adjusted consolidated EBITDA margin for Q1 2024 was 38.8 percent. SS&C hosted our inaugural Deliver Europe in April, hosting over 250 clients at the Fairmount Windsor Park, United Kingdom. "SS&C started off the year strong, with record adjusted revenues, and organic growth coming in at 4.7 percent" says Bill Stone, Chairman and Chief Executive Officer. "We were able to capitalize on stronger market conditions, and our growth was driven by Intralinks and Alternatives. We continue to deploy intelligent automation and generative AI throughout SS&C, and we are seeing real benefits in client service and productivity." Operating Cash Flow SS&C generated net cash from operating activities of $180.5 million for the three months ended March 31, 2024, compared to $254.8 million for the same period in 2023, a 29.2% decrease.  SS&C ended the first quarter with $412.5 million in cash and cash equivalents and $6,679.0 million in gross debt.  SS&C's net debt balance as defined in our credit agreement, which excludes cash and cash equivalents of $95.1 million held at DomaniRx, LLC was $6,361.6 million as of March 31, 2024.  SS&C's consolidated net leverage ratio as defined in our credit agreement stood at 2.95 times consolidated EBITDA attributable to SS&C as of March 31, 2024. SS&C's net secured leverage ratio stood at 2.02 times consolidated EBITDA attributable to SS&C as of March 31, 2024. Guidance Q2 2024 FY 2024 Adjusted Revenue ($M) $1,412.1 – $1,452.1 $5,694.6 – $5,854.6   Adjusted Net Income attributable to SS&C ($M) $295.7 – $311.7 $1,242.3 – $1,322.3 Interest Expense1 ($M) $112.1 - $114.1 $436.7 - $444.7 Adjusted Diluted Earnings per Share attributable to SS&C $1.16 – $1.22 $4.93 – $5.17 Cash from Operating Activities ($M) – $1,302.0 – $1,382.0 Capital Expenditures (% of revenue) – 4.3% – 4.7% Diluted Shares (M) 253.7 – 254.7 252.2 – 255.3 Effective Income Tax Rate (%) 26 % 26 % 1 Interest expense is net of deferred financing cost amortization and original issue discount SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K.  SS&C is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures.  These items include acquisition transactions and integration, foreign exchange rate changes, as well as other non-cash and other adjustments as defined under the Company's Credit agreement, that are difficult to predict in advance in order to include in a GAAP estimate.  The unavailable information could have a significant impact on Q2 2024 and FY 2024 GAAP financial results. 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 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 first quarter 2024 earnings call will take place at 5:00 p.m. eastern time today, April 25, 2024.  The call will discuss first quarter 2024 results.  Interested parties may dial 888-210-4650 (US and Canada) or 646-960-0327 (International), and request the "SS&C Technologies First Quarter 2024 Earnings Conference Call"; conference ID #4673675.  In connection with the earnings call, a presentation will be available on SS&C's website at www.ssctech.com.  The call will be available for replay via the webcast on SS&C's website; access: https://investor.ssctech.com/financials/quarterly-results/default.aspx   Certain information contained in this press release relating to, among other things, the Company's financial guidance for the second quarter and full year of 2024 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions, and other statements that are other than statements of historical facts. 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, 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 and other industries in which the Company's clients operate, the Company's ability to realize anticipated benefits from its acquisitions, including DST Systems, Inc., the effect of customer consolidation on demand for the Company's products and services, the increasing focus of the Company's business on the hedge fund industry, the variability of revenue as a result of activity in the securities markets, the ability to retain and attract clients, fluctuations in customer demand for the Company's products and services, the intensity of competition with respect to the Company's products and services, the exposure to litigation and other claims, terrorist activities and other catastrophic events, disruptions, attacks or failures affecting the Company's software-enabled services, risks associated with the Company's foreign operations, privacy concerns relating to the collection and storage of personal information, evolving regulations and increased scrutiny from regulators, the Company's ability to protect intellectual property assets and litigation regarding intellectual property rights, delays in product development, investment decisions concerning cash balances, regulatory and tax risks, risks associated with the Company's joint ventures, changes in accounting standards, risks related to the Company's substantial indebtedness, the market price of the Company's stock prevailing from time to time, and the risks discussed in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission and can also be accessed on our website.  Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements. About SS&C Technologies SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. Follow SS&C on Twitter, LinkedIn and Facebook.   SS&C Technologies Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (in millions, except per share data) (unaudited) Three Months Ended March 31, 2024 2023 Revenues: Software-enabled services $ 1,187.7 $ 1,114.2 License, maintenance and related 247.3 248.5 Total revenues 1,435.0 1,362.7 Cost of revenues: Software-enabled services 633.8 631.0 License, maintenance and related 94.0 94.7 Total cost of revenues 727.8 725.7 Gross profit 707.2 637.0 Operating expenses: Selling and marketing 140.9 139.8 Research and development 120.9 118.2 General and administrative 112.5 98.9 Total operating expenses 374.3 356.9 Operating income 332.9 280.1 Interest expense, net (116.0) (111.9) Other income, net 6.6 5.4 Equity in earnings of unconsolidated affiliates, net 2.3 5.7 Loss on extinguishment of debt (1.1) (0.6) Income before income taxes 224.7 178.7 Provision for income taxes 66.7 52.5 Net income 158.0 126.2 Net income attributable to noncontrolling interest (0.4) (0.2) Net income attributable to SS&C common stockholders $ 157.6 $ 126.0 Basic earnings per share attributable to SS&C common stockholders $ 0.64 $ 0.50 Diluted earnings per share attributable to SS&C common stockholders $ 0.62 $ 0.49 Basic weighted-average number of common shares outstanding 247.0 250.4 Diluted weighted-average number of common and common equivalent shares outstanding 253.3 257.0 Net income $ 158.0 $ 126.2 Other comprehensive (loss) income, net of tax: Foreign currency exchange translation adjustment (47.6) 42.0 Change in defined benefit pension obligation — 0.1 Total other comprehensive (loss) income, net of tax (47.6) 42.1 Comprehensive income 110.4 168.3 Comprehensive income attributable to noncontrolling interest (0.4) (0.2) Comprehensive income attributable to SS&C common stockholders $ 110.0 $ 168.1   SS&C Technologies Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions) (unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 412.5 $ 432.2 Funds receivable and funds held on behalf of clients 2,027.0 2,615.6 Accounts receivable, net 879.9 799.4 Contract asset 43.2 36.1 Prepaid expenses and other current assets 142.8 165.8 Restricted cash 2.2