Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the SS&C Technologies third quarter 2021 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Thank you. I would now like to turn the call over to Justine Stone, Investor Relations, for opening remarks. You may proceed.
Hi, everyone. Welcome. Thank you for joining us for our Q3 2021 earnings call. I'm Justine Stone, Head of Investor Relations for SS&C. With me today is Bill Stone, Chairman and Chief Executive Officer, Rahul Kanwar, President and Chief Operating Officer, and Patrick Pedonti, our Chief Financial Officer. Before we get started, we need to review the safe harbor statement. Please note the various remarks we make today about future expectations, plans, and prospects, including the financial outlook we provide constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factor section of our most recent annual report on Form 10-K, which is on file with the SEC and can also be accessed on our website. These forward-looking statements represent our expectations only as of today, October 28th, 2021. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. During today's call, we'll be referring to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP financial measures is included in today's earnings release, which is located in the Investor Relations section of our website at www.ssctech.com.
Also, in the third quarter, we entered into a joint venture named DomaniRx, LLC, in which we are the majority interest holder and primary beneficiary. All earnings figures discussed today, including operating income, EBITDA, net income, and EPS, are attributable to SS&C based on the ownership interest retained by SS&C. I will now turn the call over to Bill.
Thanks, Justine. Thank everyone for joining. Our results for the third quarter are $1.266 billion in adjusted revenue, up 9.5%, and $1.32 in adjusted diluted earnings per share, up 20%. Adjusted consolidated EBITDA was $530 million, and we are on track to end the year with over $2 billion in EBITDA. Our adjusted consolidated EBITDA margin grew to 42.6% in the quarter, up 230 basis points from Q3 2020. Our third quarter adjusted organic revenue was 8.2% as we continue to gain momentum and beat Q2 7.2% organic revenue. All of our businesses outperformed our expectations and our alternatives, Intralinks, and software businesses drove the top-line growth. We have accelerated our new business wins and competitive takeaways while capitalizing on strong markets. The past few quarters highlight SS&C's financial power.
Without digesting large acquisitions, we were able to drive strong top-line growth organically while improving margins over 200 basis points and growing earnings at 20%. We have maintained our lower cost structure through the pandemic and continue to drive efficiencies through automation. Machine learning, robotics process automation, and artificial intelligence capabilities are being implemented across our businesses and products. We are currently rolling out our strategic development enhancement within the hedge fund services portal, whereby we are leveraging various AI principles and concepts to enhance controls, provide greater transparency around NAV anomalies, exceptions, and key operational processes. This new product is called GoCentral. These types of development efforts not only generate revenue, but are margin-enhancing. SS&C generated net cash from operating activities of $944.8 million for the nine months ended September 30th, 2021, up 25% from the same period last year.
We repurchased 2.1 million shares of common stock in Q3 2021 at an average price of $75.97 per share for $162.9 million. At our current valuation, we will continue to aggressively buy back stock. We paid down $317.8 million in debt for the first nine months of 2021, and our leverage ratio stands at 1.97x secured and 2.96x total leverage. We remain committed to a shareholder-friendly capital allocation strategy, and now that we are under 3.0x levered, we have increased flexibility to allocate more cash towards buybacks. Our business is running on all cylinders. Our pipelines are strong with increasingly complex global large deals as organizations review their complete operating model and technology stack.
Several of our products have met milestones, the most recent being Precision LM, exceeding 100 clients. The growth comes as banks and non-bank lenders have increased their investment portfolios, private credit lending activities, and exposure to commercial and residential loans. Precision LM added 20 new clients in the last 12 months. We are capitalizing on market trends and recently launched our ESG reporting solutions platform for asset managers to better monitor and report on ESG exposure. Our solution provides accurate and detailed ESG ratings data, which is a game changer to help investors understand sustainable investing and ESG exposures. I'll now turn the call over to Rahul to discuss the quarter in more detail.
Thanks, Bill. Most of our global offices have reopened, and we're seeing employees attending in increasing numbers on a voluntary basis. We're optimistic that the added opportunities for in-person collaboration, combined with the work -anywhere flexibility we're providing to our staff, will enhance innovation and execution. Our businesses are benefiting from the global trend towards outsourced technology and services. As firms evaluate their desired post-pandemic operational state, our fund administration, middle office, and Advent businesses are seeing greater demand. This trend also impacts private market alternatives, with firms looking at their operational capability and limited partners assessing the resilience and scalability of the managers they invest with. Our functional depth continues to grow in lockstep with the steady addition of signed and live clients. Collaboration across SS&C teams, combined with R&D investments, have resulted in a new generation of enterprise solutions.
These allow asset managers, banks, insurance companies, alternative managers, retirement and wealth management firms, and others to look to SS&C as a strategic partner that offers a comprehensive solution set to address several of their requirements. As a result, we're seeing larger deal sizes and greater appreciation for the ways in which we can deliver value to our customers. I will mention some key deals. One of the world's largest hedge funds and existing middle office client chose SS&C to run shadow accounting. A managed account platform chose SS&C Global for fund services, financial statements, bank loan servicing, and reconciliation. A $30+ billion hedge fund who had been running Access for over 20 years upgraded to Geneva and Geneva Cloud delivery after a three-year evaluation. A $10+ billion Canadian prime broker added Advent Syncova to their technology stack, citing its scalability.
A $50 billion AUA asset manager chose Black Diamond because of our partnership focus. A U.S.-based wealth manager sought a higher level of support and stability and chose a combination of SEMS and Market Trader to replace their current solution. A top U.S. insurance company chose Chorus, our latest automated workflow solution. An existing fund administration client expanded their relationship to include retail alternatives, Transfer Agency, Digital Investor, and Chorus. I'll now turn it over to Patrick to run through the financials.
Thanks, Rahul. Results for the third quarter 2021 were GAAP revenues of $1,264.4 million, GAAP net income of $184.4 million, and diluted EPS of $0.69. Adjusted revenues were $1,266.3 million, including the impact to the adoption of the revenue standard 606 and for acquired deferred revenue adjustments for acquisitions. Adjusted revenue was up 9.5%. Adjusted operating income increased 16.8%, and adjusted EPS was $1.32, a 20% increase over Q3 2020. Overall, adjusted revenue increased $110.1 million or 9.5% over Q3 2020. Our acquisitions contributed $10 million in the quarter. Foreign exchange had favorable impact of $10.4 million or 0.9% in the quarter.
Adjusted organic revenue increase on a constant currency basis was 8.2%. We had strength across several product lines, including alternative assets, Advent Software, retirement business, ALPS, our brokerage business, and the Intralinks business. Adjusted operating income for the third quarter was $524.1 million, an increase of $75.3 million or 16.8% over the third quarter of 2020. Adjusted operating margins increased from 38.8% in Q3 2020 to 41.4% in the third quarter of 2021, or a 260 basis points improvement, driven by strong revenue increase and cost controls. Expenses increased 2.2% on a constant currency basis. In addition, acquisitions added $9.6 million of expenses, and foreign currency increased costs by $8.4 million.
Adjusted consolidated EBITDA, which is defined in note three of our earnings release, was $538.9 million or 42.6% of adjusted revenue, an increase $72.6 million or 15.6% from Q3 2020. Adjusted consolidated EBITDA margins increased 230 basis points from the third quarter of 2020. Net interest expense for the third quarter was $50.2 million and includes $3.3 million of non-cash amortized financing costs and OID. The average rate in the quarter for our credit facility and our senior notes was 3.1%, compared to 3% in the third quarter of 2020.
A reduction in our debt balance would result in interest expense decreasing $4.5 million or 8.2%. During the third quarter, in connection with the legacy DST/ERISA matters and associated legal proceedings, we recorded an expense of $43.4 million to other income and expense. Due to the inherent uncertainties associated with the resolution of this litigation, the ultimate resolution of, and any potential exposure related to this matter is somewhat uncertain at this time. We recorded a GAAP tax provision in the quarter of $60.6 million, or 24.7% of pre-tax income, and expect the GAAP tax provision to be approximately 26% for the full year. Adjusted net income was $352.9 million, adjusted EPS was $1.32, and the effective tax rate used for adjusted net income was also 26%. Diluted shares decreased from 266.5 million from 267.6 million in the second quarter.
The impact of share repurchases was partially offset by an increase in the average share price and option exercises. On the balance sheet and cash flow, we entered the third quarter with $351.1 million in cash and cash equivalents and $6.2 billion of gross debt. SS&C's net debt, as defined by our credit agreement, which excludes any cash and cash equivalents of $138 million held at the DomaniRx JV, was $6 billion as of September 30th. Cash flow for the nine months ended September 30th was $944.9 million, a $189.8 million or 25% increase compared to the same period in 2020. A couple highlights for the nine months. We've purchased treasury stock buybacks of $487.9 million for purchases of 6.8 million shares at an average price of $71.74 per share.
In July 2021, the board authorized a new stock repurchase program for up to $1 billion of stock buybacks. The program to date, treasury stock buybacks of $162 million for purchase of 2.1 million shares at an average price of $75.97. Net debt payments were $317.8 million, compared to $330 million in the same period 2020. We declared and paid $122.8 million of common stock dividends, an increase of 22.9% the prior year. In the nine months, we've paid $173.2 million of interest compared to $212.7 million in 2020. In income taxes, we've paid $230.8 million, compared to $182.5 million in the same period in 2020. Capital expenditures and capitalized software were $96.2 million, or 2.6% of year-to-date adjusted revenue, compared to $80 million, or 2.3% year-to-date in Q3 of 2020.
Our LTM EBITDA, which is used for covenant compliance, was $2,019.5 million as of September 2021, and includes $1.8 million of acquired EBITDA and cost saving related to acquisition. Based on net debt of $6 billion, our total leverage was 2.96 x, and our secured leverage ratio was 1.97x. On outlook for the fourth quarter, I'll cover a couple assumptions first. We'll continue to focus on delivering quality client service, we expect our retention rates will continue in the range of our most recent results. We'll expect foreign currency exchange to be at approximately current levels. Adjusted organic growth for the year will be in the range of 4.8%-5.9%. Adjusted organic growth for the fourth quarter will be in the range of 1.1%-5.3%.
Interest rates on our term loan will be approximately the one-month LIBOR plus the spread, which is currently 175 basis points. We expect expenses to increase sequentially, due in part to the impact of higher personnel costs as a result of our annual merit increases, which took effect October 1st. We're seeing increased employee benefit costs. We'll continue to invest in our business long-term. Capital expenditures will be approximately 2.8%. We'll continue to allocate free cash flow to both stock buybacks and some debt paydown. For the fourth quarter of 2021, we expect revenue in the range of $1,225 million-$1,275 million. Adjusted net income in the range of $311 million-$334 million. Diluted shares in the range of 266.2 million-266.7 million.
For the full year, the range for revenue will be $4.988 billion-$5.038 billion. Adjusted net income in the range of $1.312 billion-$1.335 billion, and diluted shares in the range of 266.9 million-267.4 million. For the full year, we expect cash from operating activities to be in the range of $1.365 billion-$1.385 billion. Now I'll turn it over back to Bill for final comments.
Bill, are you there? You might be muted.
Thanks, Patrick. We are proud of the progress we've made this year. All of our businesses are gaining momentum, capitalizing on opportunities, and continuously improving. Organic growth was up 8.2%, and we expect around 5.5% for the full year. Hopefully, we can surprise you positively. Alternative assets under administration increased another $80 billion in Q3, for a total increase of $480 billion since the first quarter of 2020. We now have $2.2 trillion in assets under administration, and we are hundreds of billions ahead of our next competitor. Our EBITDA margins were up 230 basis points, and we are operating at our highest margins since the large acquisitions we made in 2018. We have a number of strong leaders and an abundance of opportunity, which we will showcase on November 10th, Virtual Analyst Day.
Please see our events on our investor relations webpage to register and reach out to Justine for additional information. I'll now open it for questions.
The floor is now open for your questions. To ask a question, simply press star, then the number one on your telephone keypad. We do ask to please limit to one question and 1 follow-up question. Thank you. Your first question comes from Surinder Thind of Jefferies.
Congratulations on the quarter, gentlemen. My first question is related to just the margin profile. There was a significant increase in the margins quarter-over-quarter, and then we had a similar increase last quarter. On the call, you talked a little bit about automation being one of the drivers. Is there any additional color that you can provide in terms of what might be a normalized level? When I look at the gross margins for your software services-enabled business, it seems that's where you're realizing most of the savings.
Well, I'll give it a little crack, then Rahul and Patrick, you guys can chime in. Since the pandemic, we're not leasing near as much space as we did in the end of 2020. I believe that will continue into 2022. We also have had less aggressive hiring than we have had in the past. Not that we aren't hiring. We are. We have probably had some pickup because of the number of people we had versus what we had expected. I think those are two big things, and I think that our pricing discipline has helped us, and I believe it will continue. Rahul?
Bill, I agree with all of that. I think the things that I would add are we've also had an opportunity to spend a fair amount of energy on R&D. Bill talked about machine learning and some of the other things we're doing. That has resulted in productivity. All right? We expect those productivity gains to continue.
Just to clarify, is the current level of margins that you're generating in the neighborhood of what we should expect on a go-forward basis, subject to any kind of seasonality?
I think that's right. We've always been around 40%, and I think the latest print's 40.6%. I would say it's going to be somewhere between 40% and 44%. It will fluctuate based on investments we make, and we tend not to be particularly aggressive about capitalizing software and stuff like that. I think we will continue to not be particularly aggressive on that. I would think that our margins will depend on some of the ability to which we have proven that we can close big deals, and we have proven that we can get them live. The difference between getting them live in, say, the third quarter and getting them live in the fourth quarter, can often impact margin in the 10 - 20 basis point range.
That's helpful. As my follow-up, Bill, in terms of just the capital allocation strategy, now that you're kind of below the 3 x leverage ratio, you talked about having additional flexibility. If we were to translate that into practically, what does that mean? Is that you're going to primarily now focus on share repurchases at this point? Or is there, you're willing to take leverage down further? Is there a level that you're not willing to go below when it comes to leverage? Just any color you can provide there, in terms of while you wait for the right acquisition?
Surinder, if you look at what we expect in cash flow, which is around $1.35 billion, I think. I think the share counts Patrick quoted were 266 million-267 million. You're talking about $5 a share in cash. Obviously on a finance basis, buying back shares is a lot better than paying off 2% debt. At the same time, we would like to deploy that $4 billion we have in 2% debt to faster-growing assets and obviously with better margins. We're constantly on the lookout to try to do that. I would tell you that primarily our lookout right now is that we have a lot of faith in our development teams, but we have a lot of excitement around DomaniRx. We think that things like GoCentral and other things that we are bringing out are indicative of our development capability.
I would say that we will continue to drive cash towards those things. I think, on the surface, we would probably be a little more aggressive in stock buybacks than we would be in debt repayment.
That's helpful. Thank you, Bill.
Your next question comes from Michael Young of Truist Securities.
Hey, thanks for taking the question. Wanted to ask kind of a follow-up on the margin profile question, and just think about it in the context of some of the macro drivers, mainly inflation. Net-net, does that kind of help you guys on the pricing side and being able to push pricing higher, more so than it impacts on the cost side? Any thoughts there would be helpful.
Hey, I think that's a great question. I think that, obviously in inflationary times and all of your organizations are in similar issues with the increasing wages, which I hope to pay our people more, and I know that our clients like to have continuity with the talented people that we have on their accounts. I think they also understand that there will have to be some revenue adjustments to them, some price increases. Net net, I think you're right. We might be able to get 50 basis points, maybe 100 basis points more on the revenue side than on the expense side. If inflation goes wild, then that's a lot different. If inflation stays 2%, 3%, 4%, then I think it could be a little bit of a tailwind, but it's not going to be massive.
Okay, that's helpful. Maybe just the second, just on kind of general sales pipeline as we're kind of getting back to normal, maybe post-pandemic, more in-person sales ability, et cetera, deals or any update there, just kind of on pipeline and progress there?
Yeah, I believe we are. We're also organizations and we have a number of very successful list outs that we have done that we are going to turn into a pitch book on how we could maybe take some of your people as well as these accounting processes and reporting processes, risk processes, compliance processes, and try to be able to really streamline these large financial institutions, middle and back offices, and also, obviously risk and ESG and other things. We're pretty optimistic about our opportunity to continue to go upscale.
Hey, guys. Thanks for taking my questions and congrats on a good quarter here. I just want to dig into the third quarter organic. Could you talk about just the factors that drove that acceleration from the second quarter to third quarter? Patrick, I know you mentioned strength in a few products, but if we could dig into that a little bit more, you're thinking about the fourth quarter set up from an organic growth perspective based on those factors, because it does seem like you have some pretty good momentum here. Just curious to get your thoughts around third quarter.
Again, we do believe we have some momentum and, again, as we said in our remarks as well as in our press release. Our Intralinks businesses have been particularly strong and we would expect all three of those to continue. Again, as we add the tens of billions of dollars to our AUA, those revenues start to flow into our financial statements.
I think I'd echo all of that. I'd also say that some of what we've done in the last 18 months or so has really fostered this collaboration within SS&C, whereas our large banks or whatever prospects they might have. That's resulted in the opportunities that we have in front of us have larger ticket sizes, and sometimes they take a little longer to sell. If you have enough, I think that helps us drive sustainable growth.
Got it. That's helpful. Not to front run the Analyst Day, but it does seem like then on the top line, it seems like based on your comments, Rahul, that you have better visibility based on some of the investments you've made. Just to help people think about the longer-term outlook for the business. Thanks.
Yeah, I believe that next quarter or two, we will start being a little more granular, and try to give you a little bit longer viewpoint of where we think things are going and investing community.
Got it. Thank you very much, Bill. Appreciate it, guys.
Thanks.
Your next question.
Company continues to gain share. Can you talk a little bit about where you're gaining share and how you're gaining share? Is it primarily from the smaller and mid-tier sourcing for the first time, and what other dynamics should we be thinking about? I know there's some transition going on in, I think, the domicile of Malta. How does SS&C continue to win new contracts and continue to gather AUA?
We use our own software in our fund administration business, as do 40 other fund administrators. We're always on the current release, Advent and the first to demonstrate, and it will create excitement. Often larger financial institutions have more difficulty. They get behind on a few releases, and they don't do the training like we do the training. There's a whole series of things that we do. We have a very strong sales force, very capable. Do you add to that, Rahul?
Bill, that covers a lot of ground. I think maybe a couple other things. On some of the types of embracing outsourcing, they just happen to be doing it at their own pace. As Bill just pointed out, as we get bigger and we make more investments, and we get more recognized out in the marketplace, that pace of change for them add new funds, and all of those things work together.
Okay, maybe just as a follow-up. Has there been much change in pricing on a net basis? You would think as the more overall, but can you comment on how pricing has trended the last couple of years?
Pricing has been pretty stable with the thing that changes the base individual manager that we're speaking with. Overall deal size is larger, but the prices for kind of the same kinds of services is pretty comparable to what it was.
Next question comes from Mayank Tandon of Needham & Company.
Thank you. Good evening. Bill, just given your comments around demand, and it sounds like decision-making also is improving. You'll talk about this at the Analyst Day. Just wondering, is the trend line growth for SS&C potentially better? What I mean by that is, I think in the past you've talked about, say, mid-single-digit organic growth. How do you think growth reverts back to trend as you look out a little bit longer term?
Mayank, we like the current trends enthrall us. As I said before, when we deployed $8.4 billion in capital in 2018, we got something like $2.9 billion in revenue and probably close to $1 billion in EBITDA. If you try to do that in 2021. We feel pretty good about when we gathered assets and the discipline that we have shown. Again, we still like to make money. To also understand that we're good citizens in all of our communities and we pay well and all those things. Our earnings are $1.33, something like $2.92- $3.83, and last year we did $4.30, and now we're saying we're going to do somewhere around very close to $5. I think that focus is of what we're offering.
The size of our current client base, in particular, it's the largest hedge funds, with the biggest banks, the biggest mutual fund companies. If you want to double your capacity in a server, you pull out one wire and stick in another wire. I think the complexity of the world, the complexity investing world, the drive for increasing information that deliver to you is stuff that you want. I think as long as we do that and keep our size and our strengths and our expertise, I think the future does.
Follow up on the health. I don't think I caught anything in terms of an update on the health business. Any updates on that in terms of positioning, competition, how that's faring, and maybe your longer-term thoughts on how?
That's capitalized with $1 billion. PBM is a pretty hot area, pharmacy benefit management. Abilities of your technology. We have a really bright team that are building out our new platform for DomaniRx. We have, obviously. We expect others to convene with us. Large scale, sophisticated healthcare providers and healthcare plans. We believe that it is. Ultimately monetize that bank, I think is still in the formative stages. We're now our nose to the grindstone and getting the product done. I think the healthcare business will perform well over the next several years.
Got it. That's helpful. Thank you so much.
Great. Thanks for taking my questions, guys. The first one says State Street bought Brown Brothers, or the accounting and fund administration piece. I would say, I should say, and $3.5 billion wouldn't have topped your former largest deal. I'm just curious, your thoughts on the deal and whether you guys were.
I think that that was maybe baked already. Both of them are good clients, and we wish them well. Hopefully, there's another large fund administration business. They hopefully create a little bit more of an auction.
Yep. Okay. Understood. Sid mentioned that one of the things that helps margins is big go lives that happen to fall into a particular quarter. Was there anything in this third quarter that maybe?
Well, I think, again, we want to make sure we don't get ahead of ourselves. We don't get over our skis. For it to be positive. We have been circumspect on how aggressive to be on guidance. Last few quarters has served us well. I think as our sales and marketing organizations get increasingly sophisticated, our ability to really hit targets and feel very comfortable about hitting those, I think will be emerging for you. I think that right now we have pipeline. Again, we have a really strong sales force, and we're pretty excited about what we can do.
All right. Thank you.
Okay, your next question comes from James Faucette of Morgan Stanley.
Hey, this is Jonathan in for James. Thanks for taking our questions. There's been a flurry of capital markets activity. With that in mind, I think you touched on this earlier, how are you thinking about your acquisition strategy around growth-oriented assets? What are you seeing in the market? What types of assets are you looking for?
Right now. When you start looking at 10x and 12 x revenue, it becomes for the math to have the elapsed time and risk of developing software if we could buy some of that functionality. But when it's a completely ridiculous price, then we get a little more circumspect. I think we like the wealth management sector. We will almost always be in the bidding for fund administration businesses. Those things, and we also think that we have a growing and strong presence.
You mentioned development teams and the skill sets that you have there. On the topic of hiring, are you seeing any headwinds as it relates to finding and hiring that talent for those development?
Yes. What we have figured out is to pay people more.
Piper Sandler.
Thanks for taking my questions. I wanted just to ask another one on the category of fourth quarter guidance and revenue, just because they're up, a range of down 3% to up 1% from the third quarter. Just can you remind us what the swing factors can be in your revenue besides the timing of services work you can have or other factors that can affect the revenue recognition quarter to quarter, especially with your 96.5% revenue retention level.
Usually our biggest license revenue quarter. In general, licenses are a little more difficult to predict than recurring revenue increases. Not a particularly strong quarter for adjacent services in our fund administration businesses, like tax work i n the first quarter and second quarter. Those are a couple things, and Rahul probably has some other comments.
I think you hit the big ones. It's the seasonality of the, sequentially, the difference between the midpoint of our guidance for Q4 and our actual for Q3 is something like $15 million, right? We're not really that far off, and I think well ahead of.
Okay. Got it. Then Rahul, I just want to make sure I heard you correctly. I thought you said you had a $30 billion hedge fund client that was running AC, or did I hear it wrong?
No, you heard it right. That's a great question. There exists within that client base, opportunities like that, and I think, and lots of value to that particular customer. We have others where some of these products that have been around for a while are very functional and people really like them. Invariably they start.
Okay. Understood. Thanks very much.
Your next question comes from Patrick O'Shaughnessy of Raymond James.
That compete against SS&C in certain areas, and those competitors are pitched as cloud native or they're SaaS-based. Curious about how comfortable you are with your competitive positioning, particularly on the software side of the business?
We are very competitive on the software side. In particular, to just name a few products would be our Singularity platform, our Geneva platform. Those are all best in class. I think, relative to, say, Enfusion or I think this quarter we added $110 million in revenue, which is about half of Clearwater's more than maybe double what Enfusion does. Competitively, I think they have some good technologists at both of those companies. They're going to find that being able to do syndicated bank loans, interest rate derivatives, compliance and risk, and other functional requirements like us. Plus we have a new product called Aloha that has IBOR and all kinds of other neat features in it. We're pretty proud of our development teams.
On the share repurchase front over the last several quarters. On a year-over-year basis, your fully diluted share count is essentially flat, as the impact of the repurchases has been offset by a lot of dilutions. Variables at play in terms of your capital allocation opportunities and the stock share price. At a high level, would you expect to start making a bigger dent in your diluted share count going forward?
I think the answer to that is yes. Although I think that one of the stated goals of our board and our comp committee is to make sure we have for our staff. That's a balancing act, and I think that we go from a few years back having $250 million in authorization than make a bigger dent in that. I think we will continue to be quite aggressive when it comes to buying back stock. We're just way bigger, Patrick. $3 billion in revenue. $3.5 billion . Things take time.
Gotcha. Appreciate it. Thank you.
Ben.
Thanks. Jump back in. Patrick, could we get the organic revenue growth by segment, fund administration to asset?
The fund administration business was up, I think, 14.8% organically in the quarter. 23.5% in the quarter. Our DST Financial Services segment was up 3.7%. Our core software business plus some other of the smaller products, but mostly Advent and our institutional businesses in this segment was up 6-
On that Intralinks number, how much of that was driven by M&A activity in the market that might be outside of your control, like more mission?
We're really proud of our team's execution. They're gaining market share, and I have that team.
Okay. All right. Thank you very much.
At this time, there are no further questions. I will now turn the floor back-
Again, thanks everybody for being on this call, and we look forward to talking to you after the fourth quarter. Please stay safe, and we'll see you next quarter.
Thank you for your participation.