SS&C Technologies Releases Q2 2024 Earnings Results, Announces $1 Billion Common Stock Repurchase Program

Financial Performance - Q2 2024 GAAP revenue increased by 6.5% to $1,451.5 million compared to Q2 2023 [2][3] - Adjusted revenue for Q2 2024 also grew by 6.5% to $1,452.4 million [2][3] - GAAP operating income margin improved to 22.6% in Q2 2024, up 140 basis points from Q2 2023 [2][3] - Adjusted consolidated EBITDA margin reached 38.5% in Q2 2024, a 170 basis point increase [2][3] - GAAP net income attributable to SS&C surged 45.6% to $190.3 million in Q2 2024 [2][3] Share Repurchase and Capital Allocation - The company repurchased 3.7 million shares for $227.0 million in Q2 2024, marking the highest quarterly buyback in its history [3] - SS&C announced a new $1 billion common stock repurchase program, renewing its capital allocation strategy [10] - The repurchase program allows for open market purchases, privately negotiated transactions, and Rule 10b5-1 plans [11] Operational Highlights - Adjusted organic revenue growth was 6.4% in Q2 2024, with financial services recurring revenue growing 7.7% [3] - The company generated $565.4 million in operating cash flow for the first six months of 2024, a 3.2% decrease from the same period in 2023 [9] - SS&C ended Q2 2024 with $462.7 million in cash and cash equivalents and $6,653.1 million in gross debt [9] Guidance and Future Outlook - For Q3 2024, the company expects adjusted revenue between $1,420.0 million and $1,460.0 million [12] - Full-year 2024 guidance projects adjusted revenue in the range of $5,706.2 million to $5,866.2 million [12] - Adjusted diluted earnings per share for FY 2024 are forecasted between $4.98 and $5.22 [12] Industry and Market Position - SS&C serves approximately 20,000 financial services and healthcare organizations globally, ranging from large corporations to small and mid-market firms [15] - The company's software-enabled services revenue reached $1,192.4 million in Q2 2024, representing the majority of total revenue [16] - SS&C maintains a strong position in the financial services software market, with recurring revenue growth indicating stable demand [3]