SS&C Technologies Holdings, Inc. reported significant financial performance improvements in its third quarter and the first nine months of 2024, as detailed in its latest 10-Q filing. For Q3 2024, total revenues reached $1,465.8 million, marking a 7.3% increase from $1,365.9 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $4,352.3 million, up 6.4% from $4,091.2 million in the same period last year. The revenue growth was primarily driven by an organic increase of $87.5 million in Q3, with acquisitions contributing an additional $7.7 million.
Gross profit for Q3 2024 was $704.2 million, compared to $654.4 million in Q3 2023, while gross profit for the nine-month period increased to $2,109.7 million from $1,932.5 million. Operating income also saw an uptick, reaching $325.1 million in Q3 2024, up from $306.4 million in Q3 2023, and $985.6 million for the nine months, compared to $874.7 million in the prior year.
Net income attributable to SS&C common stockholders for Q3 2024 was $164.4 million, an increase from $156.0 million in Q3 2023. For the nine months, net income rose to $512.3 million from $412.7 million. Basic earnings per share for Q3 2024 were $0.67, up from $0.63 in Q3 2023, and $2.08 for the nine months, compared to $1.66 in the previous year.
The company’s total assets increased to $18,438.4 million as of September 30, 2024, from $18,102.5 million at the end of 2023. Cash and cash equivalents rose significantly to $694.7 million, up from $432.2 million. However, long-term debt increased to $7,155.6 million from $6,668.5 million, reflecting the company’s financing activities, including the acquisition of Battea-Class Action Services, LLC for approximately $671 million in cash.
SS&C's operating expenses for Q3 2024 increased by 8.9% to $382.8 million, driven by organic growth and acquisition-related costs. The company also repurchased 1.2 million shares for approximately $88.3 million during Q3 2024, as part of a broader stock repurchase program authorized in July 2024.
Overall, SS&C Technologies demonstrated robust revenue growth and profitability improvements, supported by strategic acquisitions and effective cost management, while navigating increased debt levels associated with its expansion efforts.
About SS&C Technologies Holdings Inc
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