SS&C Technologies Holding Inc. (NASDAQ:SSNC) reported third-quarter results Tuesday after the market close, and shares were little changed as a result. But don't take that as an indication that SS&C didn't perform well.

Let's have a deeper look at what SS&C accomplished during the quarter:

SS&C Technologies results: The raw numbers

Metric

Q3 2015 Actuals

Q3 2014 Actuals

Growth (YOY)

Adjusted Revenue

 $311.4 million

 $192.6 million

 61.6%

Adjusted Net Income

 $68.6 million

 $53.3 million

 28.7%

Adjusted EPS

 $0.68

 $0.61

 11.5%

Data Source: SS&C Technologies Holdings.

What happened with SS&C Technologies this quarter?

  • Adjusted results exceeded SS&C's guidance for non-GAAP revenue of $305 million to $311 million, and non-GAAP net income of $61.9 million to $64.7 million. Analysts' consensus estimates called for adjusted revenue of $308.6 million, and adjusted earnings of $0.62 per share.
  • Adjusted consolidated EBITDA rose 59.3% to $130.8 million.
  • GAAP revenue -- which excludes $30.5 million in purchase accounting adjustments to deferred revenue from its now-closed acquisition of Advent -- rose 45.8% year over year to $280.9 million.
    • That includes a 47.3% increase in recurring subscription revenue to $260.8 million, and a 28.9% increase in non-recurring revenue to $20.1 million.
  • GAAP net loss was $34.6 million, or $0.36 per share, including items such as stock-based compensation, acquisition costs, and losses on debt extinguishment
  • Cash flow from operations was $19.9 million in Q3, and $120.6 million for the first nine months of 2015, compared with $164.3 million in the first nine months of 2014. This decrease was primarily due to $66.4 million in financing and acquisition costs related to Advent and other pending acquisitions.
  • The company completed the acquisition of Advent Software in early July.
  • It acquired Primatics Financial for $122 million in cash, expanding loan accounting and reporting technology and services.
  • It acquired Varden Technologies for an undisclosed sum, expanding client and advisor communication solutions for investment firms.
  • It also acquired Citigroup's Alternative Investor Services business for $425 million, including its Hedge Fund and Private Equity Fund Services.
  • Organic growth came in just under 3%.
  • Q3 ended with $503.8 million in cash and $2.9 million in gross debt.

What management had to say 
SS&C Technologies CEO Bill Stone stated:

SS&C's third quarter once again defines our company as a company that executes. [...] We are delivering new products and services through a world class sales and marketing organization. The opportunities presenting themselves today are larger and more lucrative than ever. SS&C has the talent, technology and will to win. We believe over the next several years we will demonstrate the superiority of our customer delivery model and our overall business model.

Looking forward 
For the current quarter, SS&C expects adjusted revenue of $312 million to $320 million (up around 63.7% at the midpoint), and adjusted net income of $68.4 million to $72.2 million. On a per-share basis, adjusted net income in Q4 should be roughly $0.67 to $0.71, up from $0.62 per share in the same year-ago period.

Finally, for the full year 2015, adjusted revenue should be $1.0426 billion to $1.0506 billion, with adjusted net income of $248.4 million to $252.2 million. Adjusted net income per share for fiscal 2015 should be in the range of $2.60 to $2.64. By comparison, analysts' consensus called for full-year adjusted revenue and earnings of $1.05 billion and $2.57 per share, respectively.

In the end, there were no big surprises from SS&C Technologies this quarter, but instead a solid, slightly better-than-expected performance from a company making measured progress toward its strategic goals. As SS&C selectively continues its habit of making complementary acquisitions, while at the same time maintaining steady organic growth, I suspect its share price will follow suit over the long term.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends SS&C; Technologies. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.