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Actionable news in SSNC: SS&C Technologies Holdings, Inc.,

SS&C Technologies: Condensed Consolidated Balance Sheets

The following excerpt is from the company's SEC filing.

(In thousands)

(Unaudited)

June 30

December 31

ASSETS

Current assets:

Cash and cash equivalents

29,840

28,784

Short-term marketable securities

Accounts receivable, net

60,954

61,870

Deferred taxes, current

33,790

28,275

Prepaid expenses and other

29,306

24,984

Current assets of discontinued operation

Total current assets

153,993

151,211

Property and equipment, net

23,482

27,995

Goodwill

200,542

202,290

Other inta ngibles, net

14,967

18,803

Long-term marketable securities

Deferred taxes, long-term

18,267

18,358

Other assets

11,670

13,245

Noncurrent assets of discontinued operation

Total assets

424,014

434,869

LIABILITIES AND STOCKHOLDERS DEFICIT

Current liabilities:

Accounts payable

12,041

Dividends payable

Accrued liabilities

44,845

36,541

Deferred revenues

191,282

197,144

Income taxes payable

Current portion of long-term debt

20,000

Current liabilities of discontinued operation

Total current liabilities

262,607

273,180

Deferred revenue, long-term

Long-term income taxes payable

Long-term debt

165,000

200,000

Other long-term liabilities

Noncurrent liabilities of discontinued operation

Total liabilities

454,268

499,656

Commitments and contingencies (See Note 13)

Stockholders deficit:

Common stock

Additional paid-in capital

86,215

61,455

Accumulated deficit

(118,637

(130,234

Accumulated other comprehensive income

Total stockholders deficit

(30,254

(64,787

Total liabilities and stockholders deficit

The accompanying notes are an integral part of these condensed consolidated financial statements.

ADVENT SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Six Months Ended June 30

Net revenues:

Recurring revenues

191,850

181,664

Non-recurring revenues

16,183

15,510

Total net revenues

208,033

197,174

Cost of revenues:

43,319

39,216

16,640

15,569

Amortization of developed technology

Total cost of revenues

63,119

58,273

Gross margin

144,914

138,901

Operating expenses:

Sales and marketing

36,988

38,029

Product development

38,099

34,843

General and administrative

22,702

21,270

Amortization of other intangibles

Transaction-related fees

13,956

Restructuring charges

Total operating expenses

122,488

97,835

Income from continuing operations

22,426

41,066

Interest and other income (expense), net

(2,759

(4,173

Income from continuing operations before income taxes

19,667

36,893

Provision for income taxes

13,331

Net income from continuing operations

11,637

23,562

Discontinued operation:

Net loss from discontinued operation (net of applicable taxes of $(26) and ($24), respectively)

11,598

23,525

Basic net income (loss) per share:

Continuing operations

Total operations

Diluted net income (loss) per share:

Weighted average shares used to compute net income (loss) per share:

52,655

51,314

55,151

53,486

Cash dividends declared per common share

Net income (loss) per share is based on actual calculated values and totals may not sum due to rounding.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Other comprehensive (loss) income, net of taxes

Foreign currency translation

(1,838

Total other comprehensive (loss) income, net of taxes

Comprehensive income

24,514

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities:

Adjustment to net income for discontinued operation net loss

Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:

Stock-based compensation

13,384

15,312

Excess tax benefit from stock-based compensation

(8,514

(6,841

Loss on disposal of fixed assets

Depreciation and amortization

13,198

10,814

Amortization of debt issuance costs

Reduction of doubtful accounts

Reduction of sales reserves

Deferred income taxes

Effect of statement of operations adjustments

21,675

27,382

Changes in operating assets and liabilities:

Prepaid and other assets

(3,222

(5,985

(7,282

(7,271

(10,219

Effect of changes in operating assets and liabilities

(5,961

(7,630

Net cash provided by operating activities from continuing operations

27,351

43,314

Cash flows from investing activities:

Purchases of property and equipment

(4,154

(4,370

Capitalized software development costs

Change in restricted cash

Purchases of marketable securities

(2,000

Sales and maturities of marketable securities

11,185

Net cash provided by (used in) investing activities from continuing operations

(5,506

Cash flows from financing activities:

Proceeds from common stock issued from exercises of stock options

Proceeds from common stock issued under the employee stock purchase plan

Excess tax benefits from stock-based compensation

Withholding taxes related to equity award net share settlement

(6,038

(5,127

Repayment of debt

(35,000

(25,000

Repurchase of common stock

(12,411

Payment of cash dividend

(6,750

Net cash used in financing activities from continuing operations

(29,532

(30,063

Net cash transferred to discontinued operation

Effect of exchange rate changes on cash and cash equivalents

Net change in cash and cash equivalents from continuing operations

Cash and cash equivalents of continuing operations at beginning of period

33,828

Cash and cash equivalents of continuing operations at end of period

41,332

Supplemental disclosure of cash flow information:

Noncash investing activities:

Capital expenditures included in accounts payable

Cash flows from discontinued operation of MicroEdge, Inc.:

Net cash used in operating activities

Net cash transferred from continuing operations

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1Basis of Presentation

The condensed consolidated financial statements include the accounts of Advent Software, Inc. and its subsidiaries (collectively Advent or the Company). All inter-company amounts and transactions have been eliminated.

Advent has prepared these condensed consolidated financial statements in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) applicable to interim financial information. Certain information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted in these interim statements pursuant to such SEC rules and regulations. These interim financial statements should be read in conjunction with the audited financial statements and related notes included in Advents Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Interim results are not necessarily indicative of the results to be expected for the full year, and no representation is made thereto.

These condensed consolidated financial statements include, in the opinion of management, all adjustments necessary to state fairly the financial position, results of continuing operations and cash flows for each interim period shown. All such adjustments occur in the ordinary course of business and are of a normal, recurring nature.

Recent Accounting Pronouncements

With the exception of the below, there have been no recent accounting pronouncements or changes in accounting pronouncements during fiscal year 2015, as compared to the recent accounting pronouncements described in Advents Annual Report on Form 10-K for the fiscal year ended December 31, 2014, that are of significance, or potential significance, to the Companys condensed consolidated financial statements.

In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09,

Revenue from Contracts with Customers (Topic 606).

ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles (GAAP) when it becomes effective. On April 1, 2015, the Financial Accounting Standards Board (FASB) proposed a one year deferral of the effective date to December 15, 2017 and early application would be permitted, but not before the original effective date of December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt the standard. The Company is evaluating the impact of the adoption of ASU 2014-09 on its condensed consolidated financial statements.

In January 2015 the FASB issued ASU No. 2015-01,

Income StatementExtraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.

This update eliminates from GAAP the concept of an extraordinary item. As a result, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; and (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. ASU 2015-01 is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Early adoption is permitted. Advent expects to adopt this new standard effective January 1, 2016 and does not expect the adoption to have a material impact on the Companys condensed consolidated financial statements.

In February 2015, the FASB issued ASU No. 2015-02,

Consolidation (Topic 810): Amendments to the Consolidation Analysis.

ASU 2015-02 is a new consolidation standard to improve targeted areas of the consolidation guidance and reduce the number of consolidation models. ASU 2015-02 is effective for public entities for the annual reporting period ending after December 15, 2015, and for annual and interim periods thereafter, which means that it will be effective for Advents fiscal year beginning January 1, 2016. Early adoption is permitted. The Company expects to adopt this new standard effective January 1, 2016 and does not expect the adoption to have a material impact on the Companys condensed consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03,

InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.

ASU 2015-03 requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability. The new guidance does not affect entities recognition and measurement of debt issuance costs. Previously, entities were required to present debt issuance costs as deferred charges in the asset section of the statement of financial position. ASU 2015-03 is effective for public entities for fiscal years, and interim periods

within those fiscal years, beginning after December 15, 2015, which means that it will be effective for Advents fiscal year beginning January 1, 2016. Early adoption is permitted. The Company expects to adopt this new standard effective January 1, 2016 and does not expect the adoption to have a material impact on the Companys condensed consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-05,

IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Customers Accounting for Fees Paid in a Cloud Computing Arrangement.

ASU 2015-05 provides explicit guidance to help companies evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The new guidance clarifies that if a cloud computing arrangement includes a software license, the customer should account for the license consistent with its accounting for other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for public entities for the annual reporting period, including interim periods within those annual periods, beginning after December 15, 2015, which means that it will be effective for Advents fiscal year beginning January 1, 2016. An entity can elect to adopt the amendments either prospectively for all arrangements entered into or materially modified after the effective date, or retrospectively. Early adoption is permitted. The Company expects to adopt this new standard effective January 1, 2016 and does not expect the adoption to have a material impact on the Companys condensed consolidated financial statements.

Note 2Financial Statement Detail

Recurring and non-recurring revenues

The following is a summary of recurring and non-recurring revenues (in thousands):

Term license revenues

103,682

96,304

Perpetual maintenance revenues

30,291

32,712

Assets under administration revenues

Other recurring revenues

53,627

48,652

Total recurring revenues

Professional services and other revenues

15,248

14,536

Perpetual license fees

Total non-recurring revenues

Prepaid expenses and other

The following is a summary of prepaid expenses and other (in thousands):

Prepaid contract expense

10,047

Deferred commissions

Debt issuance costs

Tenant improvement allowance

10,280

Total prepaid expenses and other

Other assets

The following is a summary of other assets (in thousands):

Deposits

Long-term deferred commissions

Prepaid contract expense, long-term

Total other assets

Deposits...


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