SS&C Technologies Sets New Records with 8.4% Adjusted Revenue Growth and $1.58 EPS
SS&C Technologies, a leading provider of financial services technology solutions, has announced its fourth quarter and full year 2024 earnings results, setting new records for adjusted revenue growth and earnings per share.
According to the company's conference call transcript on February 6, 2025, SS&C reported a record $1.531 million in adjusted revenue for the fourth quarter, representing an 8.4% increase from the same period last year. This growth was driven by continued strength in GlobeOp, the company's wealth and investment technology business, as well as its Global Investor Distribution systems businesses and services.
The company's earnings also set a new record with adjusted diluted earnings per share (EPS) of $1.58, a 25.4% increase from the same period last year. Additionally, SS&C reported a quarterly adjusted consolidated EBITDA margin of 39.1%, demonstrating its ability to maintain profitability despite growing revenue.
SS&C's GlobeOp business saw significant growth in the fourth quarter, with new business wins and continued strength in wealth-focused software like Black Diamond and GIDS. The company's Health business also finished the quarter above expectations, driven by two deals that were pushed from the third quarter into the fourth quarter.
The recurring revenue growth rate for SS&C's Financial Services segment was 7.4% for the fourth quarter and 7.2% for the full year 2024, demonstrating the company's ability to generate consistent and predictable revenue streams.
SS&C's cash flow performance was also impressive, with $486.6 million in cash from operating activities in the fourth quarter, a 25.3% increase from the same period last year. The company's cash flow conversion percentage was 101%, indicating its ability to generate strong cash flows from operations.
In addition to its financial performance, SS&C also announced an initial strategic lift-out agreement with Insignia Financial to deliver superannuation member administrative services in Australia. The company is bullish about its opportunity in Australia, where it has a 5% market share of the 22 million superannuation fund accounts.
"We're pleased with our performance in the fourth quarter and full year 2024," said Bill Stone, Chairman and Chief Executive Officer of SS&C Technologies. "Our ability to set new records for adjusted revenue growth and earnings per share is a testament to the strength of our business and our focus on delivering innovative technology solutions to our customers."
SS&C's President and Chief Operating Officer, Rahul Kanwar, added, "We had another strong quarter with organic revenue growth of 7%, reflecting the underlying strength of our business. Our Wealth and Investment Technologies grew 6.8% for the quarter, and our Fund Administration business saw many new business wins in 2024."
