ss&c technologies (nasdaq:ssnc)...12/15/2016 $88.5 mil $110 billion aua strong in family office,...
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SS&C Technologies (NASDAQ:SSNC)
Needham & Co. Growth Conference
January 11, 2017
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Safe Harbor Statement
2
This presentation contains forward-looking statements, as defined by federal and state securities laws, which are made
pursuant to the safe harbor provisions of 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 or products, underlying assumptions, and other statements which are other than statements of
historical facts. In some cases, you can identify forward-looking statements by terminology such as ''may,'' ''will,'' ''should,''
“hope,'' "expects,'' ''intends,'' ''plans,'' ''anticipates,'' "contemplates," ''believes,'' ''estimates,'' ''predicts,'' ''projects,''
''potential,'' ''continue,'' and other similar terminology or the negative of these terms. From time to time, we may publish or
otherwise make available forward-looking statements of this nature. All such forward-looking statements, whether written
or oral, and whether made by us or on our behalf, are expressly qualified by the cautionary statements described on this
message including those set forth below. All statements contained in this presentation are made only as of the date of this
presentation. In addition, except to the extent required by applicable securities laws, we undertake no obligation to update
or revise any forward-looking statements to reflect events, circumstances, or new information after the date of the
information or to reflect the occurrence or likelihood of unanticipated events, and we disclaim any such obligation.
Forward-looking statements are only predictions that relate to future events or our future performance and are subject to
known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, outcomes, levels
of activity, performance, developments, or achievements to be materially different from any future results, outcomes,
levels of activity, performance, developments, or achievements expressed, anticipated, or implied by these forward-
looking statements. Other factors that could affect actual results, outcomes, levels of activity, performance, developments
or achievements can be found under the heading “Risk Factors” in SS&C Technologies Holdings, Inc.’s Form 10-K. As a
result, we cannot guarantee future results, outcomes, levels of activity, performance, developments, or achievements, and
there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved
or accomplished.
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Leading provider of mission-critical
cloud-based software for financial
services providers with a flexible,
on-demand delivery model
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SS&C Summary
About
• Founded in 1986, 8,000+ employees,
85 offices worldwide,
• NASDAQ: SSNC (since Q1 2010)
Clients,
Revenues
• 10,000+ clients
• 92% LTM contractually recurring revenues
2016
Guidance
• Adjusted Revenue for 2016 of $1,513.4 million - $1,522.4 million
• Adjusted Diluted EPS of $1.61 – $1.63
• Cash from Operating Activities of $380.0 to $390.0
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Global Operations –73 offices, 7,500+ Employees
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Average 20+ Years of Experience
Experienced Management Team
WILLIAM C. STONE | Chairman & Chief Executive Officer
NORMAND A. BOULANGER | Chief Operating Officer
PATRICK J. PEDONTI | Chief Financial Officer
PAUL G. IGOE | General Counsel
RAHUL KANWAR | Managing Director of Alternative Assets
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Broad Solutions Footprint
Private
Equity
Asset
Managers
Fund
of Funds
Real
Estate
Endowment/
Pension Funds
Hedge
Funds
Managed
Accounts
Banks
Insurance
Companies
Wealth
Managers
Registered
Investment
Advisors
Family
Offices
| Software
| Outsource
| SaaS
• Portfolio Management
• Reconciliation Valuation
• Performance and Attribution Reporting
• Risk Management
• Regulatory Solutions
• Investor Services
• Training
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Business Distribution
2015 Revenue Business Distribution by End Market*Business
Alternative Assets Hedge Funds
Fund of Funds
Private Equity
Fund Administration
Institutional and
Investment
Management
Institutional Asset Management
Insurance
REITs
Pension Funds
Advisory Wealth Management
RIAs
Targeted Solutions Property Management
Municipal Finance
Financial Modeling
Money Market processing
Training
Research Management
49%
31%
9%8%
Institutional and
Investment
Management
Alternative
Assets
Targeted Solutions
*Includes FY 2015 Advent Revenue
Advisory
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Industry Dynamics
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The SS&C Solution
Fund Administration / Operations
Financial Technology
SS&C is a leading provider of financial software and services, and
offers best-in-class solutions to the investment management industry
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$57$61
$66 $69$73
$79$84
$90
2012 2013 2014 2015 2016 2017 2018 2019
Total Worldwide Banking and Securities IT Spending by
Software Segment (US$Bn)
Source: Gartner
Attractive Industry Dynamics
Market Drivers
GLOBALIZING WEALTH INFORMATION
ANYTIME, ANYWHERE
INCREASING
REGULATORY BURDENS
CLOUD CAPABILITIES
Alternative Asset Growth (US$tn)
$1$3
$4
$7
$0.5
$0.8
$1.4
$2.5
$1.0
$2.0
$2.9
$4.6
2004 2007 2013 2020 E
PE RE HF + FoF
$2.5
$5.3
$7.9
$13.6
Source: PwC
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Company $ AUA % of Total
1 State Street 1,840.31 23.3%
2 SS&C GlobeOp 1,243.00 15.7%
3 CITCO Fund Services 1,048.75 13.3%
4 BNY Mellon 980.17 12.4%
5 Northern Trust 776.18 9.8%
6 SEI 410.50 5.2%
7 MUFG Investor Services 342.00 4.3%
8 Morgan Stanley Fund Services 239.16 3.0%
9 RBC Investor & Treasury Services 152.27 1.9%
10 Deutsche Bank Fund Services 136.42 1.7%
Top 10 7,168.65 90%
Total 7,932.00 100%
Alternatives Administrator Ranking
June 2016 (AUA $bil)* SS&C started a fund
administration business in
2002, and has since grown
organically and through
acquisition to be the 2nd largest
fund administrator in the world
Two large acquisitions include
GlobeOp in 2012 and Citi
Alternative Investor Services in
2016
*Source: eVestment Alternative Administration Survey 2016
Market In Transition – Fund Administration
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Company
1 Tata Consultancy Services (TCS)
2 FIS
3 Cognizant Technology Solutions
4 Fiserv, Inc.
5 NTT DATA
6 Infosys Limited
7 NCR Corporation
8 Total System Services, Inc. (TSYS)
9 Nomura Research Institute, Ltd.
10 Diebold, Incorporated
Rank Company
1 Fiserv, Inc.
2 FIS
3 Sungard
4 NCR Corporation
5 First Data Corporation
6 Unisys
7 Diebold, Inc
8 Reuters Group
9 Total System Services
10 DST Systems
*Source: IDC Financial Insights: The FinTech Rankings categorize and evaluate technology providers based on calendar year revenues from
financial institutions for hardware, software and/or services
20 SS&C Technologies54 Advent Software
55 SS&C Technologies
Top Companies by Revenue
in Fintech 2006*
Top Companies by Revenue
in Fintech 2016*
Market In Transition – Financial Technology
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Investing in Innovation
CHALKE, INC. SHEPRO BRAUN
QUANTRA
THE SAVID
GROUP
HEDGEWARE,
INC. DIGITAL VISIONSREAL-TIME USA
DBC
OMR SYSTEMS
NEOVISION
HYPERSYSTEMS
ZOOLOGIC
NORTHPORT MICRODESIGN
SERVICES
MAXIMIS
TRADEWARE
THENEXTROUND,
INC.
GELLER
INVESTMENT
PARTNERSHIP
SERVICES
1995 1997 1998 1999 2001 2002 2004 2006
2007 2008 2009 2010
PORTIA
GLOBEOP
2012
EISNERFAST
FMC
2005
PRIME
MANAGEMENT
2013
DST GLOBAL
SOLUTIONS
2014
ADVENT
SOFTWARE
VARDEN
TECHNOLOGIES
2015
CITI AIS
SALENTICA
WELLS FARGO
GFS
CONIFER
2016
SS&C HAS COMPLETED 46 ACQUISITIONS TO DATE
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Acquisition Closed Price Rationale
Advent Software 7/6/2015 $2.7 bil
Ownership of fund administration platform, Geneva
Best-in-class portfolio accounting software solutions
Foothold in fast growing RIA market
Varden Technologies 9/2/2015 $25 mil
Tuck-in acquisition that provides advanced client
communications solutions
Leveragable across SS&C’s client base
Primatics Financial 11/16/2015 $116 mil About $50 million in revenue
Evolv, end-to-end loan risk and finance solution
Citi Fund Services 3/10/2016 $321 mil
Will make SS&C 2nd largest fund administrator
Private equity presence in Asia
Can bring margins to corporate average
Salentica 10/24/2016 -
Leading CRM solution for Advisory
Integrates with both Microsoft Dynamics CRM and Salesforce
CRM
Wells Fargo’s Global
Fund Services12/1/2016 -
$42 billion in AUA
Complex hedge fund strategies
Global offices and operating center in Minneapolis, MN
Conifer Financial
Services12/15/2016 $88.5 mil
$110 billion AUA
Strong in family office, endowments, foundations, and L.P.’s
Recognized as “global outperformer” in the 2016 Global
Custodian Hedge Fund Administration Survey
Recent M&A
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Combined $152 billion in assets under administration and 330 clients
Oppenheimer & Co., Athena Capital Advisors, Garda Capital Partners,
and New Silk Road Investments
Wells Fargo GFS expands our expertise in complex hedge funds, as
well as our presence in Asia-Pacific
Conifer Financial Services strengthens our market position on the West
Coast, and enhances our offering for foundations, endowments,
pensions, and outsourced CIO portfolios
Wells Fargo Global Fund Services and Conifer Financial Services
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Competition and Clients
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Alternative Asset
Fund Administration
Institutional and
Investment Management Advisory
SS&C is the only company that provides software and services solutions
across all three markets, and offers a flexible, on demand delivery model
Key Competitors by Market
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Diverse, Blue Chip Financial Services Clients
INSTITUTIONAL
ALTERNATIVE
INVESTMENTS
TREASURY,
BANKS & CUSTODY
ASSET
MANAGEMENT
OTHER
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Financials
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Revenue Distribution
92%
8%
89%
3%
3%2% 3%
LTM 9/30/16 Currency Exposure
$ AUD
$ CAD
$ USD
LTM 9/30/16 Business Distribution
Recurring
£ GBP
Other
Other: € EUR, RM, ฿ THB, $ SGD, ZAR,
¥ CNY, $ HKD
Non-Recurring
Recurring: Software Enabled Services, Maintenance,
Term license revenue
Non-Recurring: Perpetual license, professional service
revenue
80%
14%
6%
LTM 9/30/16 Geographic Distribution
Americas
EMEA
APAC
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High Margin Business Model
$136 $152$220
$292$320
$442
$607 E*
$329$371
$553
$713$768
$1,056
$1,518 E
41%41%
40%
41%42% 42%
40% E
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2010 2011 2012 2013 2014 2015 2016 E
Adjusted Consolidated Ebitda Adjusted Revenue EBITDA Margin
*Analyst Estimates
Strong Revenue
performance and high
margin business
model
Q3 Adjusted Revenue
increased 25.8% to
$391.9 million
compared to Q2 2015
Q3 2016 Adj. Con.
EBITDA is $156.7
million, increased
19.7% since Q3 2015
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Adjusted net income
increased 27.5% to
$87.5 million in Q3
2016
Net cash from
operating activities
was $237.0 million for
ninemonths ended
September 30, 2016, a
96.6% increase
High Quality Earnings
$66
$86
$117
$169
$206
$254
$333 E
$76
$110
$134
$208
$253
$231
$385 E
$0
$50
$100
$150
$200
$250
$300
$350
$400
2010 2011 2012 2013 2014 2015 2016 E
Adjusted Net Income Operating Cash Flow
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Resilient during ‘08-’09 Economic Downturn
$113 $111
40% 41%
2008 2009
Advent Revenue ($MM)
Advent EBITDA ($MM) and Margin (%)
SS&C Revenue ($MM)
SS&C EBITDA ($MM) and Margin (%)
$280 $271
2008 2009
$238
$260
2008 2009
High level of revenue
visibility and flexible
cost base allowed for
SS&C and Advent
management to predict
revenue headwinds in
2009, and implement
cost control initiatives
to increase EBITDA
margin
$47
$62
20%
24%
2008 2009
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Proven History of Deleveraging
6.8x
3.0x
1.5x
4.2x
1.5x
5.4x
4.1x
LBO IPO Follow-on GlobeOp 3/31/2015 Pro Forma 9/30/2016(2) (3) (7)(5)(4)
Historical Leverage (1)
1. Reflected as net debt / consolidated EBITDA
2. Balance sheet data and LTM consolidated EBITDA as of 9/30/05, as adjusted to give effect to the debt incurred related to the leveraged buyout
3. Balance sheet data and LTM consolidated EBITDA as of 3/31/10
4. Balance sheet data and LTM consolidated EBITDA as of 12/31/10
5. Balance sheet data and LTM consolidated EBITDA as of 6/30/12
6. Balance sheet data and LTM consolidated EBITDA as of 3/31/15
7. Balance sheet data as of 3/31/15 and based on LTM 3/31/15 combined Acquisition Adj. EBITDA of $532MM, which includes anticipated synergies of approximately $45MM.
11/23/2005 - SS&C is
taken private by the
Carlyle Group and
SS&C management
for $1.05bn
3/31/2010 - SS&C
completes its IPO,
raising $135MM
2/9/2011 - SS&C
issues a follow-on
offering, raising
$52MM
3/14/2012 - SS&C
acquires GlobeOp for
$834MM after
acquiring PORTIA for
$170MM
Standalone at 3/31/15
(6)
Pro Forma for
Advent Acquisition
25
Standalone at
9/30/16
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$0.45 $0.54
$0.71
$0.99
$1.18
$1.33
$1.62 E
$0.00
$0.50
$1.00
$1.50
$2.00
2010 2011 2012 2013 2014 2015 2016 E
Q3 2016 adjusted
diluted EPS $0.42
24.0% CAGR since
SSNC’s 2010 IPO
Adjusted Diluted EPS Since 2010 IPO
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Q3 2016 Financial Highlights
Metric Q3 2016 Q3 2015 $ +/- % +/-
Adjusted Revenue ($mm) $391.9 $311.4 $80.5 25.8%
Adjusted Net Income ($mm) $87.5 $68.6 $18.9 27.5%
Operating Cash flow nine months ended
September 2016 ($mm)$237.0 $120.6 $116.4 96.6%
Adjusted Operating Income ($mm) $150.5 $125.3 $25.2 20.1%
Adjusted Consolidated EBITDA ($mm) $156.7 $130.8 $25.9 19.7%
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Q4 and Full Year 2016 Guidance
Metric Range ($mm)
Revenue $394.0 - $403.0
Adjusted Diluted EPS $0.43 - $0.44
Metric Range ($mm)
Revenue $1,513.4 - $1,522.4
Adjusted Diluted EPS $1.61 - $1.63
Cash from Operating activities $380.0 to $390.0
Full Year
2016
Guidance
Q4 2016
Guidance
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Organic revenue growth of 5%-10%, and acquisition growth of 5-10%
Disciplined acquisition strategy to provide further upside
EBITDA margins of 41-43% near term with potential for future growth
Operating cash flow to fund acquisitions, pay down debt, or pay
quarterly dividend
Capex consistent with historical levels of 2.0-3.0% of revenue
Target Operating Model
29