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August 2, 2022

SS&C latest Hartford-area company to announce stock repurchase program

SS&C fintech windsor Photo | LoopNet.com SS&C's Windsor headquarters.
By Andrew Larson

Windsor-based SS&C Technologies Holdings Inc. said its board of directors has authorized a $1 billion stock repurchase program.

The program will allow the company, which provides services and software for the financial services and healthcare industries, to repurchase up to $1 billion of its outstanding shares of common stock.

The timing and amount of shares repurchased will be determined by company management based on market conditions and other factors, Monday’s announcement said.

"We have confidence in SS&C's business model, and believe the current share price undervalues SS&C's financial strength and future prospects," Chairman and CEO Bill Stone said. "We will use our free cash flow to opportunistically repurchase stock and pay down debt, while maintaining the flexibility to pursue high-quality acquisitions."

The announcement came at the heels of SS&C's announcement of its financial results for the second quarter last week.

SS&C generated net cash from operating activities of $264.0 million for the three months that ended June 30. It also paid down $234.7 million in debt.

Meanwhile, SS&C generated net cash from operating activities of $447.5 million for the six months that ended June 30, a 20.4% decrease from the same period in 2021.
 
Area companies, including The Hartford, have repurchased billions of dollars of their own shares in recent months, part of a nationwide trend.

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