Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the SSNC 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. The number one on your telephone keypad.
Thank you. I would now like to turn the call over to Justine Bone, Investor Relations for opening remarks. You may proceed.
Hi, everyone. Welcome and thank you for joining us for our Q3 2021 earnings call. I'm Justine Stone, Head of Investor Relations for SS and C. With me today is Bill Stone, Chairman and Chief Executive Officer Rahul Kanwar, President and Chief Operating Officer and Patrick Pedanti, our Chief Financial Officer. Before we get started, we need to review the Safe Harbor statement.
Please note that various remarks we make today about future 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 Factors section of our most recent annual report on Form 10 ks, 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 28, 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 will 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 Q3, we entered into a joint venture named Domane Rx LLC, which we are 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 and C based on the ownership interest retained by SS and C. I will now turn the call over to Bill.
Thanks, Justine, and thank everyone for joining. Our results for the Q3 are $1,266,000,000 in adjusted revenue, up 9.5 percent and $1.32 in adjusted diluted earnings per share, up 20%. Adjusted consolidated EBITDA was $530,000,000 and we are on track to end the year with over 2,000,000,000 EBITDA. Our adjusted consolidated EBITDA margin grew to 42.6% in the quarter, up 2 30 basis points from Q3 2020. Our 3rd quarter adjusted organic revenue was 8.2% as we continue to gain momentum and beat Q2 7.2 percent organic revenue.
All of our businesses outperformed our expectations and our alternatives, Interlinx 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 SSNC'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, 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 and C generated net cash from operating activities of $944,800,000 for the 9 months ended September 30, 2021, up 25% from the same period last year.
We repurchased 2,100,000 shares of common stock in Q3 2021 at an average price of $75.97 per share for 100 and $52,900,000 or $162,900,000 At our current valuation, we will continue to aggressively buy back stock. We paid down $317,800,000 in debt for the 1st 9 months of 2021 and our leverage ratio stands at 1 point 9.7 times secured and 2.96 times total leverage. We remain committed to a shareholder friendly flow allocation strategy and now that we are under 3.0 times 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 PrecisionLM, exceeding 100 clients. The growth comes as banks and non bank winners have increased their investment portfolios private credit lending activities and exposure to commercial and residential loan. PrecisionLM 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
and the investors they invest with.
Our functional depth continues to grow in lockstep with the steady addition of signed and live clients. Collaboration across SS and C teams combined with R and 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 look to SSNC 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. Now I will mention some key deals.
1 of the largest world's largest hedge funds and existing middle office client chose SSNC to run shadow accounting. A managed account platform chose SSNC Global for fund services, financial statements, bank loan servicing and reconciliation. A $30,000,000,000 plus hedge fund who had been running Access for over 20 years upgraded to Geneva and Geneva cloud delivery after 3 year evaluation. A 10,000,000,000 plus Canadian prime broker added Advant Sinkova to their technology stack, citing its scalability. A $50,000,000,000 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 as EMS and Market Trader to replace their current solution. A top U. S. Insurance company Transfer Agency Digital Investor and Chorus.
I'll now turn it over to Patrick to run through the financials.
Thanks, Raul. Results for the Q3 of 2021 were GAAP revenues of 1,264,400,000 GAAP net income of $184,400,000 and diluted EPS of $0.69 Adjusted revenues were $1,266,300,000 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 percent and adjusted EPS was 1 $0.32 a 20% increase over Q3 2020. Overall, adjusted revenue increased $110,100,000 or 9.5 percent over Q3 2020.
Our acquisitions contributed $10,000,000 in the quarter. Foreign exchange had favorable impact of $10,400,000 or 0.9 percent 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, Advanced Software, Retirement Business, Alps, our brokerage business and the Intralinks business. Adjusted operating income for the Q3 was $524,100,000 an increase of $75,300,000 or 16.8% over the Q3 of 2020.
Adjusted operating margins increased from 38.8 percent in Q3 2020 to 41.4% in the Q3 of 2021 for a 260 basis points improvement, driven by strong revenue increase in cost controls. Expenses increased 2.2% on a constant currency basis. In addition, acquisitions added $9,600,000 of expenses and foreign currency increased costs by $8,400,000 Adjusted consolidated EBITDA, which was defined in note 3 of our earnings release was $538,900,000 or 42.6 percent of adjusted revenue, and increased $72,600,000 or 15.6 percent from Q3 2020. Adjusted consolidated EBITDA margins increased 230 basis points from the Q3 of 2020. Net interest expense for the Q3 was $50,200,000 and includes $3,300,000 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 Q3 of 2020. A reduction in our debt balance resulted in interest expense decreasing $4,500,000 or 8.2 percent. During the Q3, in connection with the legacy DST ERISA matters and associated legal proceedings, we recorded an expense of 43,400,000 to other income and expense. Due to the inherent uncertainties associated with the resolution of this litigation, the ultimate resolution We recorded a GAAP tax provision in the quarter of $60,600,000 or 24.7 percent of pre tax income and expect the GAAP tax provision to be approximately 26% for the full year. Adjusted net income was $352,900,000 adjusted EPS was $1.32 and the effective tax rate used for adjusted net income was also 26%.
Diluted shares increased to 266 point decrease from 266,500,000 from $267,600,000 in the 2nd quarter. The impact of share repurchases was partially offset set by an increase in the average share price and option exercises. On the balance sheet and cash flow, we ended the Q3 with $351,100,000 in cash and cash equivalents and $6,200,000,000 of gross debt. SSNC's net debt as defined by our credit agreement, which excludes any cash and cash equivalents of $138,000,000 held at the DemonteRx JV was $6,000,000,000 as of September 30. Cash flow for the 9 months ended September 30 was $1,134,700,000 or 25% increase compared to the same period in 2020.
Couple of highlights for the 9 months. We've purchased treasury stock buybacks of 400 and $87,900,000 for purchases of 6,800,000 shares at an average price of 71 $0.74 per share. In July 2021, the Board authorized a new stock repurchase program for up to $1,000,000,000 of stock buybacks. The program to date treasury stock buybacks of 162,000,000 for Pursuit 2,100,000 shares at an average price of $75.97 Net debt payments were $317,800,000 compared to $330,000,000 in the same period of 2020. We declared and paid $122,800,000 of common stock dividends, an increase of 22.9% the prior year.
In the 9 months, we paid $173,200,000 of interest compared to $212,700,000 in 2020. In income taxes, we've paid $230,800,000 compared to $182,500,000 in the same period in 2020. Capital expenditures and capitalized software were 96 $200,000 or 2.6 percent of year to date adjusted revenue compared to $80,000,000 or 2.3% year to date in Q3 of 2020. Our LTM EBITDA, which is used for covenant compliance, was $2,019,500,000 as of September 2021 and includes 1,800,000 acquired EBITDA and cost savings related to acquisition. And based on net debt of $6,000,000,000 our total leverage was 2.96 times and our secured leverage ratio was 1.97.
On outlook for the Q4, I'll cover a couple of assumptions first. We'll continue to focus on delivering quality client service and 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. And adjusted organic growth for the year will be in the range of 4.8% to 5.9%. Adjusted organic growth for the 4th quarter will be in the range of 1.1% to 5.3%.
Interest rates on our term loan will be approximately the 1 month LIBOR plus the spread, which is currently 175 bps. 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 1, and we're seeing increased employee benefit cost.
We'll continue to invest in
our business long term and capital expenditures will be approximately 2.8%. And we'll continue to allocate free cash flow to both stock buybacks and some debt pay down. For the Q4 of 2021, we expect revenue in the range of $1,225,000,000 to $1,275,000,000 adjusted net income in the range of $311,000,000 to 334,000,000 And for the full year, the range for revenue will be $4,988,000,000 to $5,038,000,000 adjusted net income in the range of $1,312,000,000 to 1,335,000,000 and diluted shares in the range of 266,900,000 to 267,400,000 And for the full year, we expect cash from operating activities to be in the range of 1,365,000,000 to $1,385,000,000 And 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 Hopefully, we can surprise you positively. Alternative assets under administration increased another 80,000,000,000 in Q3 for a total increase of $480,000,000,000 since the Q1 of 2020. We now have $2,200,000,000,000 in assets under administration and we were 100 of 1,000,000,000 ahead of our next competitor.
Our EBITDA margins were up 2 30 basis points and we were 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 10, Virtual Analyst Day. Please see our events on our Investor Relations webpage to register and reach out to Justine for additional information.
To ask a question, simply press star then the number 1 on your telephone keypad. We do ask to please limit to one question and one 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 a little crack and then Rahul and Patrick, you guys can chime in. But since the pandemic, we're not leasing near as much space as we did in the end of 2020. And I believe that will continue into 2022. And we also have had less aggressive hiring than we have had In the past, not that we aren't hiring, we are. But we have probably had some pickup because of The number of people we had versus what we had expected.
So I think those are 2 big things and I think that our pricing discipline has helped us And I believe it will continue. Rahul?
Phil, I agree with all of that. And I think the things that I would add are, We've also had an opportunity to spend a fair amount of energy on R and D. So Bill talked about machine learning and Some of the other things we're doing and that has resulted in productivity. And we expect those productivity gains to continue.
So just to clarify, is the current level of margins that you're generating in the neighborhood of what we should expect on a What we should expect on a go forward basis subject to any kind of seasonality?
I think that's right. I mean, again, right, it's we've always been around 40 and I think the latest print is 4.6. And So I would say it's going to be somewhere between 40 and 44 and 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. And so I would think that our margins It will depend on some of the ability to which we have proven that we can close big deals, but And we have proven that we can get them live, but the difference between getting them live in say the Q3 and getting them live in the 4th quarter Can often impact margin in the 10 basis point to 20 basis point range.
That's helpful.
And as my follow-up, Bill, in terms of just the capital allocation strategy, now that you're kind of below the 3 times leverage ratio. You talked about having additional flexibility. If we were to translate that into Practically, what does that mean? Is that that you're going to primarily now focus on share repurchase at this point? Or is there You're willing to take leverage down further?
Is there kind of 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?
Yes. If you look at our what we expect in cash flow, which is around $1,350,000,000 I think and I think that share counts Patrick quoted were $2.66 to $0.67 You're talking about $5 a share in cash. And so obviously on a finance basis, buying back shares is a lot better than paying off 2% debt. No, at the same time, we would like to deploy That $4,000,000,000 we have a 2% debt to faster growing assets and obviously with better margins. And so we're constantly on the lookout to try to do that.
And No, I would tell you that primarily our lookout right now is that we have a lot of faith in our development teams. We have a lot of excitement around DemaniRx. We think the things like GoCentral and other things that we are bringing out are indicative of our development capability. And I would say that we will continue to drive cash towards those things. But 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. I 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 pop therapy 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'm not I hope to pay our people more. So And I know that our clients like to have continuity with the talented people that we have on their accounts. So I think they also understand that there will have to be some revenue adjustments to them, some price increases. So 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. But I wouldn't say it's going to be I mean, if inflation goes wild, then that's a lot different. But if inflation stays 2%, 3%, 4%, then I think it will be Could be a little bit of a tailwind, but it's not going to be massive.
Okay, that's helpful. And then maybe just a 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, etcetera, deals or any update there just kind of on pipeline and progress there.
Yes, I believe we are. We're also organizations And we have a number of very successful lift 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, we risk in ESG and other things. And so, 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. First, I just want to dig into the 3rd quarter organic. Could you talk about just the factors that drove that acceleration from the Q2 to Q3? 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 4th quarter setup 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 Q3 and then, how
Again, we do believe we have some momentum. And again, as we said in our remarks as well as in our press release, our software businesses, Intralinks businesses have been particularly strong and we would expect all three of those to continue Again, as we add the tens of 1,000,000,000 of dollars to Our AUA, those revenues start to flow into our financial statements and obviously
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 is really fostered this collaboration within SSNC, where there's a large banks or whatever prospects they might have. And 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, but if you have enough, I think that helps us drive sustainable growth.
Got it. That's helpful. And not to front run the Analyst Day, but it does seem like And then on the top line, it seems like based on your comments, Raul, that you have pretty good visibility based on some of the or I should say better visibility based on some of the investments you've made, just to help people think about the longer term algorithm for the business. Thanks.
Yes. I believe that 1st quarter or 2, 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 comes
from the
line of John.
Your next question comes from the line of John. 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.
Don't know if how does SSD continue to win new contracts and continue to gather AUA?
Well, We use our own software in our fund administration business as do 40 other fund administrators. But we're always on the current release stopped in the first to demonstrate and it will create excitement. And then 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 and there's a whole series of things that we do And we have a very strong sales force, very capable. Can you add to that, Rahul?
So that covers a lot of ground. I think maybe a couple of other things. On some of the types of embracing outsourcing, they just happen to be doing it at their own pace. And as Bill just pointed out, as we get bigger and we make more investments that we get more recognized out in the marketplace that pace of change for them at 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? I mean, 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 individual manager that we're speaking with. So 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 and 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. I was just wondering is Trend line growth for SSNC potentially better.
What I mean by that is, I think in the past you've talked about the mid single digit organic growth and then supplement that with what do you think growth reverts back to trend as you look out a little bit longer term.
We like the current trends. It can throw us. But as I said before, when we deployed $400,000,000 in capital in 2018. We got something like $2,900,000,000 in revenue and probably close to $1,000,000,000 in EBITDA. If you try to do that in 20 21, we feel pretty good about when we gathered assets and the discipline that we have shown.
And again, trying to we still like to make money and To also understand that we're good citizens in all of our communities and we pay well and all those things, But our earnings are $1.33 $1.20 something like $2.92 $3.83 and last year we did $4.30 and now we're saying we're going to somewhere around very close to $5 So I think that focus is of what we're offering. And then the size of our current client base, in particular, it's the largest hedge funds, With the biggest banks, the biggest mutual fund company, if you want to double your capacity in a server, You pull out one wire and stick in another wire. You want to do derivative mortgage backed securities on I think the complexity of the world, the complexity investing world that drive for increasing information across the number of different delivered to you is stuff that you want. And I think as long as we do that and keep Our size and our strength and our expertise, I think the future does.
Follow-up On the health side, 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 core That's
capitalized with $1,000,000,000 and PBM is a Pretty hot area pharmacy benefit management facilities of your technology and we have a really bright team that are building out our new platform for Domane. And we have obviously And we expect others to convene with us, large scale sophisticated healthcare providers and healthcare And we believe that it is ultimately monetized that Mayank, I think is still in the formative stages. We're now our nose to the grinding stone and getting the product done. I think the healthcare business will performed 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. And I would say, I should say, and $3,500,000,000 wouldn't have topped your former largest deals. I'm just curious, your thoughts on the deal and whether you guys were
I think that that was maybe baked already. And so both of them are good clients and we wish them well. And hopefully, there's another large administration business. They hopefully create a little bit more of an auction.
Yes. Okay. Understood. And then, I should mention that one of the things that helps margins is The go lives that happened to fall into a particular quarter. Was there anything In this Q3 that may work you?
Well, I think, again, We want to make sure we don't get ahead of ourselves. We don't get over our key for it to be positive. So we have been last few quarters have served us well. And I think as our sales and marketing organizations get increasingly sophisticated, Our ability to really extend and feel very comfortable by hitting those. I think We'll be emerging for you.
And I think that right now we have pipeline that's and 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 on for James. Thanks for taking our questions. And there's been a flurry of capital markets activity around. And 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. So when you start looking at 10 times 12 times revenue, it becomes For the mass to have the elapsed time and risk of developing software if we could buy some of that functionality at But when it's a completely ridiculous price, then we get a little more service back. So I think we like the wealth management sector. We like we will almost always be in the bidding for fund administration businesses. So those things and we also think that we have A growing and strong presence in
You mentioned development teams and
The skill sets that
you have there. So on the topic of hiring, are you seeing any headwinds as it relates to finding and hiring that talent for those developers?
Yes. So what we have figured out is to pay people more.
Of Piper Sandler.
Thanks for taking my questions. One just ask another one on the category of 4th quarter guidance and revenue, just because they're up a range of down 3% to up 1% from the Q3. And 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.
You're usually our biggest license revenue quarter. And in general, licenses are a little more difficult to predict than recurring revenue increases. And not a particularly strong quarter for adjacent services in our fund administration businesses, like tax work and end of the Q1 and Q2. So Those are a couple of things and Rahul probably has some other comments.
I think those are 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 $15,000,000 right. So we're not really that far off and I think well ahead of
Okay, got it. And then Raul,
I just want to make
sure I I heard you correctly. I thought you said you had
a $30,000,000,000 hedge fund client that was running at or did
I hear it wrong?
No, you heard it right. And that's a great question, right? So there exists within that client base opportunities like that. And I think and lots of value to that particular customer, but we have others where these some of these products that have been around for a while are very functional and people really like them, but invariably they start investing
Okay, understood. Thanks very much.
Your next question comes from Patrick O'Shaughnessy of Raymond James.
Does that compete against SS and C in certain areas and those competitors are pitched as cloud native or the 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 Plyram, those are all best in class. And I think relative to I think this quarter we added $110,000,000 in revenue, which is about half of Clearwater's or then maybe double what infusion 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. Plus, we have a new product called Aloha that has IBOR and all kinds of other features in it.
So we're pretty proud of our development teams and we're looking to step on
the share repurchase front over the last several quarters. But Like 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 that play in terms of your capital allocation opportunities and the stock share price. But 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 our one of the stated goals of our Board and our comp committee is to make sure we have for our staff. And so that's a balancing act. And I think that it's we go from a few years back having $250,000,000 in authorization, then a $7,000,000 make a bigger dent in that. And I think we will continue to be quite aggressive when it comes to buying back stock.
We're just way bigger Patrick, dollars 3,000,000,000 in revenue, so $3,500,000,000 So things take time.
Got you. Appreciate it. Thank you.
Thanks. I'll jump back in. Patrick, do we have could we get the organic revenue growth By segment, Fund Administration as
in. The Fund Administration business was up 14.8 percent organically in the quarter, 23.5 percent 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 and 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'm Zack T.
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 Q4. And Please stay safe and we'll see you next quarter.
Thank you for your participation.