SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) stock lost over 8.8% in the pre market session of May 1st, 2019 (as of 8:55 am GMT-4; Source: Google finance). Foreign exchange had an unfavorable impact of $2.7 million or 0.6% organic growth on a constant currency basis was 1.3% driven by the strength in the alternative business, term licenses were lower by $5.2 million to the timing of contract renewals in the quarter.
SSNC had approximately $155 million of cash and cash equivalents and approximately $8.2 million of gross debt for net debt possession of $8.1 billion. At the end of March, SSNC has closed on a $2 billion senior note offering and the company will use the net proceeds of approximately $1.99 billion to pay down the term debt facility. Operating cash flow for the three months of March was $137.4 million is 96.6% increase compared to the same period in 2018.
SSNC in the first quarter of FY 19 has reported the adjusted earnings per share of 91 cents, and adjusted revenue growth of 164.7 percent to $1.15 billion in the first quarter of FY 19. The acquisitions as of DST sales as an Intralinks have contributed $712.4 million in the first quarter. Adjusted operating income for the first quarter was $420.9 million, which is an increase of 144.9% for the first quarter of 2018. Adjusted consolidated EBITDA was 38.6% of adjusted revenue, which is an increase of 148% from Q1 ’18.
Meanwhile, the Baltimore, Maryland-based private equity firm chose SSNC by combining the private equity fund administration services with Intralinks private equity investor communications portal displacing a competitor. SSNC want to fund administration deal for 30 billion plus of global alternatives manager displacing a competitor.
SSNC’s large US based asset manager has extended their relationship with the company by purchasing the performance measurement and data management system and over, a turnkey asset manager chose SS&C Black Diamond as a reporting system for the 160 plus the eyes on their program. Further, US division of a top 10 global insurer entered into a two year engagement with SSNC to upgrade and expand their use of AWD one of the five largest US managers entered into an agreement to migrate their in-house AWD implementation onto SS&C’s private cloud, which is an 800 billion plus investment manager extended their use of Intralinks one space portal across their real estate business.