Technology

SS&C Technologies Releases Q4 and Full Year 2023 Earnings Results

Published

11 months ago

February 13, 2024

Q4 2023 GAAP revenue $1,411.6 million, up 5.5%, Fully Diluted GAAP Earnings Per Share $0.77, down 4.9%
Record Adjusted revenue $1,412.3 million, up 5.5%, Adjusted Diluted Earnings Per Share $1.26, up 8.6%

WINDSOR, Conn., Feb. 13, 2024 /PRNewswire/ — SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment, financial and healthcare software-enabled services and software, today announced its financial results for the fourth quarter and full year ended December 31, 2023.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions, except per share data):

2023

2022

Change

2023

2022

Change

GAAP Results

Revenue

$1,411.6

$1,338.3

5.5 %

$5,502.8

$5,283.0

4.2 %

Operating income

334.2

301.3

10.9 %

1,208.9

1,142.9

5.8 %

Operating income margin

23.7 %

22.5 %

120 bps

22.0 %

21.6 %

40 bps

Diluted earnings per share attributable to SS&C

$0.77

$0.81

(4.9) %

$2.39

$2.48

(3.6) %

Net income attributable to SS&C

194.4

207.5

(6.3) %

607.1

650.2

(6.6) %

Adjusted Non-GAAP Results (defined in Notes 1 – 4 below)

Adjusted revenue

$1,412.3

$1,339.1

5.5 %

$5,505.8

$5,287.3

4.1 %

Adjusted operating income attributable to SS&C

545.2

502.1

8.6 %

2,041.4

1,942.3

5.1 %

Adjusted operating income margin

38.6 %

37.5 %

110 bps

37.1 %

36.7 %

40 bps

Adjusted diluted earnings per share attributable to SS&C

$1.26

$1.16

8.6 %

$4.61

$4.65

(0.9) %

Adjusted consolidated EBITDA attributable to SS&C

562.5

518.6

8.5 %

2,107.7

2,006.1

5.1 %

Adjusted consolidated EBITDA margin

39.8 %

38.7 %

110 bps

38.3 %

37.9 %

40 bps

Fourth Quarter and Full Year 2023 Highlights:

Q4 2023 GAAP Revenue growth and Adjusted Revenue growth were 5.5 percent.SS&C generated net cash from operating activities of $1,215.1 million for the twelve months ended December 31, 2023, up 7.1 percent compared to the same time period in 2022.Q4 2023 we bought back 2.4 million shares for $130.7 million, at an average price of $54.74 per share.We paid down $150.2 million in debt in Q4 2023, bringing our net leverage ratio to 3.05 times consolidated EBITDA attributable to SS&C.SS&C reported GAAP net income attributable to SS&C of $194.4 million, down 6.3 percent and record adjusted consolidated EBITDA attributable to SS&C of $562.5 million for Q4 2023, up 8.5 percent.GAAP operating income margin for Q4 2023 was 23.7 percent. Adjusted consolidated EBITDA margin for Q4 2023 was 39.8 percent.

“SS&C exited 2023 with record adjusted revenue and record adjusted consolidated EBITDA, and we believe we have momentum to start the year,” says Bill Stone, Chairman and Chief Executive Officer. “We are seeing opportunities across the financial services industry, and anticipate market conditions to strengthen. And with DomaniRX successfully launching on January 1, 2024, we are seeing opportunities in healthcare.”

Operating Cash Flow

SS&C generated net cash from operating activities of $1,215.1 million for the twelve months ended December 31, 2023, compared to $1,134.3 million for the same period in 2022, a 7.1% increase. SS&C ended the fourth quarter with $432.2 million in cash and cash equivalents and $6,756.4 million in gross debt. SS&C’s net debt balance as defined in our credit agreement, which excludes cash and cash equivalents of $100.2 million held at DomaniRx, LLC was $6,424.4 million as of December 31, 2023. SS&C’s consolidated net leverage ratio as defined in our credit agreement stood at 3.05 times consolidated EBITDA attributable to SS&C as of December 31, 2023. SS&C’s net secured leverage ratio stood at 2.10 times consolidated EBITDA attributable to SS&C as of December 31, 2023.

Guidance

Q1 2024

FY 2024

Adjusted Revenue ($M)

$1,396.7 – $1,436.7

$5,667.7 – $5,867.7

Adjusted Net Income attributable to SS&C ($M)

$300.5 – $316.5

$1,221.4 – $1,321.4

Interest Expense1 ($M)

$112.6 – $114.6

$437.9 – $447.9

Adjusted Diluted Earnings per Share attributable to SS&C

$1.19 – $1.25

$4.85 – $5.15

Cash from Operating Activities ($M)

–

$1,292.0 – $1,392.0

Capital Expenditures (% of revenue)

–

4.3% – 4.7%

Diluted Shares (M)

253.2 – 254.2

252.7 – 255.7

Effective Income Tax Rate (%)

26 %

1Interest expense is net of deferred financing cost amortization and original issue discount

SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. SS&C is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition transactions and integration, foreign exchange rate changes, as well as other non-cash and other adjustments as defined under the Company’s Credit agreement, that are difficult to predict in advance in order to include in a GAAP estimate. The unavailable information could have a significant impact on Q1 2024 and FY 2024 GAAP financial results.

Non-GAAP Financial Measures

Adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See the accompanying notes for the reconciliations and definitions for each of these non-GAAP measures and the reasons our management believes these measures provide useful information to investors regarding our financial condition and results of operations.

Earnings Call and Press Release

SS&C’s fourth quarter and full year 2023 earnings call will take place at 5:00 p.m. eastern time today, February 13, 2024. The call will discuss fourth quarter and full year 2023 results and 2024 guidance. Interested parties may dial 888-210-4650 (US and Canada) or 646-960-0327 (International), and request the “SS&C Technologies Fourth Quarter and Full Year 2023 Earnings Conference Call”; conference ID #4673675. In connection with the earnings call, a presentation will be available on SS&C’s website at www.ssctech.com. The call will be available for replay via the webcast on SS&C’s website; access: http://investor.ssctech.com/financials/quarterly-results/default.aspx

Certain information contained in this press release relating to, among other things, the Company’s financial guidance for the first quarter and full year of 2024 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions, and other statements that are other than statements of historical facts. Without limiting the foregoing, the words “believes”, “anticipates”, “plans”, “expects”, “estimates”, “projects”, “forecasts”, “may”, “assume”, “intend”, “will”, “continue”, “opportunity”, “predict”, “potential”, “future”, “guarantee”, “likely”, “target”, “indicate”, “would”, “could” and “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management’s best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the state of the economy and the financial services industry and other industries in which the Company’s clients operate, the Company’s ability to realize anticipated benefits from its acquisitions, including DST Systems, Inc., the effect of customer consolidation on demand for the Company’s products and services, the increasing focus of the Company’s business on the hedge fund industry, the variability of revenue as a result of activity in the securities markets, the ability to retain and attract clients, fluctuations in customer demand for the Company’s products and services, the intensity of competition with respect to the Company’s products and services, the exposure to litigation and other claims, terrorist activities and other catastrophic events, disruptions, attacks or failures affecting the Company’s software-enabled services, risks associated with the Company’s foreign operations, privacy concerns relating to the collection and storage of personal information, evolving regulations and increased scrutiny from regulators, the Company’s ability to protect intellectual property assets and litigation regarding intellectual property rights, delays in product development, investment decisions concerning cash balances, regulatory and tax risks, risks associated with the Company’s joint ventures, changes in accounting standards, risks related to the Company’s substantial indebtedness, the market price of the Company’s stock prevailing from time to time, and the risks discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission and can also be accessed on our website. Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

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SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(in millions, except per share data)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2023

2022

2023

2022

Revenues:

Software-enabled services

1,145.5

1,068.2

4,488.3

4,273.9

License, maintenance and related

266.1

270.1

1,014.5

1,009.1

Total revenues

1,411.6

1,338.3

5,502.8

5,283.0

Cost of revenues:

Software-enabled services

594.6

603.2

2,472.0

2,414.8

License, maintenance and related

97.7

87.7

379.0

352.9

Total cost of revenues

692.3

690.9

2,851.0

2,767.7

Gross profit

719.3

647.4

2,651.8

2,515.3

Operating expenses:

Selling and marketing

139.3

129.0

550.9

500.1

Research and development

118.3

115.5

473.8

447.3

General and administrative

127.5

101.6

418.2

425.0

Total operating expenses

385.1

346.1

1,442.9

1,372.4

Operating income

334.2

301.3

1,208.9

1,142.9

Interest expense, net

(119.3)

(104.9)

(469.8)

(307.9)

Other income, net

5.4

49.1

20.7

20.8

Equity in earnings of unconsolidated affiliates, net

57.4

28.5

100.0

25.8

Loss on extinguishment of debt

(1.0)

(1.4)

(2.1)

(5.5)

Income before income taxes

276.7

272.6

857.7

876.1

Provision for income taxes

81.8

65.0

249.1

227.1

Net income

194.9

207.6

608.6

649.0

Net (income) loss attributable to noncontrolling interest

(0.5)

(0.1)

(1.5)

1.2

Net income attributable to SS&C common stockholders

194.4

207.5

607.1

650.2

Basic earnings per share attributable to SS&C common stockholders

0.79

0.83

2.45

2.56

Diluted earnings per share attributable to SS&C common stockholders

0.77

0.81

2.39

2.48

Basic weighted-average number of common shares outstanding

246.7

251.4

248.3

254.0

Diluted weighted-average number of common and common equivalent shares outstanding

252.1

256.4

254.5

262.0

Net income

194.9

207.6

608.6

649.0

Other comprehensive income (loss), net of tax:

Change in unrealized gain on interest rate swaps

—

4.8

Foreign currency exchange translation adjustment

129.3

200.4

124.5

(311.6)

Change in defined benefit pension obligation

(0.7)

(0.2)

(0.7)

(1.3)

Total other comprehensive income (loss), net of tax

128.6

200.2

123.8

(308.1)

Comprehensive income

323.5

407.8

732.4

340.9

Comprehensive (income) loss attributable to noncontrolling interest

(0.5)

(0.1)

(1.5)

1.2

Comprehensive income attributable to SS&C common stockholders

323.0

407.7

730.9

342.1

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

December 31,

2023

2022

Assets

Current assets:

Cash and cash equivalents

432.2

440.1

Funds receivable and funds held on behalf of clients

2,615.6

966.3

Accounts receivable, net

799.4

778.6

Contract asset

36.1

42.3

Prepaid expenses and other current assets

165.8

193.8

Restricted cash

2.4

3.3

Total current assets

4,051.5

2,424.4

Property, plant and equipment, net

315.3

343.9

Operating lease right-of-use assets

221.4

260.6

Investments

184.7

193.9

Unconsolidated affiliates

345.2

266.9

Contract asset

99.7

115.9

Goodwill

8,969.5

8,863.0

Intangible and other assets, net

3,915.2

4,184.7

Total assets

18,102.5

16,653.3

Liabilities, Redeemable Noncontrolling Interest and Equity

Current liabilities:

Current portion of long-term debt

51.5

55.7

Client funds obligations

2,615.6

966.3

Accounts payable

80.3

49.5

Income taxes payable

22.3

34.3

Accrued employee compensation and benefits

270.2

235.8

Interest payable

29.4

28.4

Other accrued expenses

232.3

356.1

Deferred revenue

470.3

464.7

Total current liabilities

3,771.9

2,190.8

Long-term debt, net of current portion

6,668.5

7,023.9

Operating lease liabilities

199.1

237.0

Other long-term liabilities

248.7

225.8

Deferred income taxes

816.6

872.9

Total liabilities

11,704.8

10,550.4

Redeemable noncontrolling interest

—

2.1

SS&C stockholders’ equity

6,339.6

6,044.2

Noncontrolling interest

58.1

56.6

Total equity

6,397.7

6,100.8

Total liabilities, redeemable noncontrolling interest and equity

18,102.5

16,653.3

SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Twelve Months Ended December 31,

2023

2022

Cash flow from operating activities:

Net income

608.6

649.0

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

670.4

671.6

Equity in earnings of unconsolidated affiliates, net

(100.0)

(25.8)

Distributions received from unconsolidated affiliates

21.2

2.3

Stock-based compensation expense

159.5

124.8

Net gains on investments

(2.2)

(26.1)

Amortization and write-offs of loan origination costs and original issue discounts

13.5

13.9

Loss on extinguishment of debt

2.1

5.5

Loss on sale or disposition of property and equipment

11.7

0.6

Deferred income taxes

(82.9)

(77.0)

Provision for credit losses

11.4

10.6

Changes in operating assets and liabilities, excluding effects from acquisitions:

Accounts receivable

(23.1)

(38.1)

Prepaid expenses and other assets

(2.3)

17.7

Contract assets

22.5

(52.1)

Accounts payable

33.0

7.6

Accrued expenses and other liabilities

(106.0)

(135.5)

Income taxes prepaid and payable

(38.2)

27.0

Deferred revenue

15.9

(41.7)

Net cash provided by operating activities

1,215.1

1,134.3

Cash flow from investing activities:

Cash paid for business acquisitions, net of cash acquired and asset acquisitions

(34.1)

(1,636.2)

Additions to property and equipment

(56.6)

(63.4)

Proceeds from sale of property and equipment

0.1

11.4

Additions to capitalized software

(194.9)

(144.9)

Investments in securities

(0.6)

(10.0)

Proceeds from sales / maturities of investments

8.0

9.5

(Contributions to) distributions received from unconsolidated affiliates

(0.3)

66.2

Collection of other non-current receivables

10.0

9.8

Net cash used in investing activities

(268.4)

(1,757.6)

Cash flow from financing activities:

Cash received from debt borrowings, net of original issue discount

375.0

1,727.1

Repayments of debt

(749.7)

(599.8)

Payment of deferred financing fees

—

(14.7)

Net increase (decrease) in client funds obligations

1,669.7

(1,709.0)

Proceeds from exercise of stock options

115.4

91.8

Withholding taxes paid related to equity award net share settlement

(5.1)

(0.7)

Purchases of common stock for treasury

(471.6)

(476.1)

Dividends paid on common stock

(220.9)

(203.1)

Net cash provided by (used in) financing activities

712.8

(1,184.5)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

1.5

(26.0)

Net increase (decrease) in cash, cash equivalents and restricted cash

1,661.0

(1,833.8)

Cash, cash equivalents and restricted cash, beginning of period

1,337.6

3,171.4

Cash, cash equivalents and restricted cash and cash equivalents, end of period

2,998.6

1,337.6

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:

Cash and cash equivalents

432.2

440.1

Restricted cash and cash equivalents

2.4

3.3

Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients

2,564.0

894.2

2,998.6

1,337.6

SS&C Technologies Holdings, Inc. and Subsidiaries
Disclosures Relating to Non-GAAP Financial Measures

Note 1. Reconciliation of Revenues to Adjusted Revenues

Adjusted revenues represents revenues adjusted to include a) amounts that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition and b) amounts that would have been recognized if not for adjustments to deferred revenue and retained earnings related to the adoption of ASC 606. Adjusted revenues is presented because we use this measure to evaluate performance of our business against prior periods and believe it is a useful indicator of the underlying performance of our business. Adjusted revenues is not a recognized term under generally accepted accounting principles (“GAAP”). Adjusted revenues does not represent revenues, as that term is defined under GAAP, and should not be considered as an alternative to revenues as an indicator of our operating performance. Adjusted revenues as presented herein is not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted revenues to revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions)

2023

2022

2023

2022

Revenues

1,411.6

1,338.3

5,502.8

5,283.0

ASC 606 adoption impact

(0.9)

(0.7)

(3.4)

(2.3)

Purchase accounting adjustments impact on revenue

1.6

1.5

6.4

6.6

Adjusted revenues

1,412.3

1,339.1

5,505.8

5,287.3

The following is a breakdown of software-enabled services and license, maintenance and related revenues and adjusted software-enabled services and license, maintenance and related revenues.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions)

2023

2022

2023

2022

Software-enabled services

1,145.5

1,068.2

4,488.3

4,273.9

License, maintenance and related

266.1

270.1

1,014.5

1,009.1

Total revenues

1,411.6

1,338.3

5,502.8

5,283.0

Software-enabled services

1,146.2

1,069.1

4,491.6

4,278.4

License, maintenance and related

266.1

270.0

1,014.2

1,008.9

Total adjusted revenues

1,412.3

1,339.1

5,505.8

5,287.3

Note 2. Reconciliation of Operating Income to Adjusted Operating Income

Adjusted operating income represents operating income adjusted for amortization of intangible assets, stock-based compensation, purchase accounting adjustments for deferred revenue and related costs, ASC 606 adoption impact and other expenses. Adjusted operating income is presented because we use this measure to evaluate performance of our business and believe it is a useful indicator of our underlying performance. Adjusted operating income is not a recognized term under GAAP. Adjusted operating income does not represent operating income, as that term is defined under GAAP, and should not be considered as an alternative to operating income as an indicator of our operating performance. Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation between adjusted operating income and operating income, the GAAP measure we believe to be most directly comparable to adjusted operating income.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions)

2023

2022

2023

2022

Operating income

334.2

301.3

1,208.9

1,142.9

Amortization of intangible assets

151.3

158.1

596.6

595.4

Stock-based compensation

41.9

31.6

159.4

124.8

Purchase accounting adjustments (1)

3.8

5.1

15.8

20.7

ASC 606 adoption impact

(0.8)

(0.6)

(3.1)

(1.9)

Acquisition related (2)

1.2

5.7

9.0

34.1

Facilities and workforce restructuring

14.3

6.8

56.8

32.3

Other (3)

0.1

(5.4)

0.9

(4.9)

Adjusted operating income

546.0

502.6

2,044.3

1,943.4

Adjusted operating income attributable to noncontrolling interest (4)

(0.8)

(0.5)

(2.9)

(1.1)

Adjusted operating income attributable to SS&C common stockholders

545.2

502.1

2,041.4

1,942.3

(1)

Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition, (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition.

(2)

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

(3)

Other includes additional expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance.

(4)

In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted operating income attributable to noncontrolling interest represents adjusted operating income based on the ownership interest retained by the respective noncontrolling parties.

Note 3. Reconciliation of Net Income to EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA

EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Consolidated EBITDA, defined under our Credit Agreement entered into in April 2018, as amended, is used in calculating covenant compliance, and is EBITDA adjusted for certain items. Consolidated EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense described below. Adjusted Consolidated EBITDA is calculated by subtracting acquired EBITDA (as defined below) from Consolidated EBITDA. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of an entity’s debt capacity and its ability to service debt. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance. These measures are not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation of EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA to net income.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions)

2023

2022

2023

2022

Net income

194.9

207.6

608.6

649.0

Interest expense, net

119.3

104.9

469.8

307.9

Provision for income taxes

81.8

65.0

249.1

227.1

Depreciation and amortization

170.0

177.4

670.4

671.6

EBITDA

566.0

554.9

1,997.9

1,855.6

Stock-based compensation

41.9

31.6

159.4

124.8

Acquired EBITDA and cost savings (1)

—

4.2

Loss on extinguishment of debt

1.0

1.4

2.1

5.5

Equity in earnings of unconsolidated affiliates, net

(57.4)

(28.5)

(100.0)

(25.8)

Purchase accounting adjustments (2)

2.6

2.2

9.3

9.4

ASC 606 adoption impact

(0.8)

(0.6)

(3.1)

(1.9)

Foreign currency translation (gains) losses

(3.9)

(10.8)

(0.2)

11.2

Investment gains

(5.3)

(43.1)

(19.0)

(38.7)

Facilities and workforce restructuring

14.3

6.8

56.8

32.3

Acquisition related (3)

1.2

11.8

(0.1)

41.5

Other (4)

3.7

(6.6)

7.5

(6.7)

Consolidated EBITDA

563.3

519.1

2,110.6

2,011.4

Acquired EBITDA and cost savings (1)

—

(4.2)

Adjusted Consolidated EBITDA

563.3

519.1

2,110.6

2,007.2

Adjusted Consolidated EBITDA attributable to noncontrolling interest (5)

(0.8)

(0.5)

(2.9)

(1.1)

Adjusted Consolidated EBITDA attributable to SS&C common stockholders

562.5

518.6

2,107.7

2,006.1

(1)

Acquired EBITDA reflects the EBITDA impact of significant businesses that were acquired during the period as if the acquisition occurred at the beginning of the period, as well as cost savings enacted in connection with acquisitions.

(2)

Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisitions (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to increase or decrease rent expense by the amount that would have been recognized if lease obligations were not adjusted to fair value at the date of acquisitions.

(3)

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

(4)

(5)

In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted Consolidated EBITDA attributable to noncontrolling interest represents adjusted Consolidated EBITDA based on the ownership interest retained by the respective noncontrolling parties.

Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share Attributable to SS&C to Adjusted Diluted Earnings Per Share Attributable to SS&C

Adjusted net income and adjusted diluted earnings per share attributable to SS&C represent net income and earnings per share attributable to SS&C before amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments and other items. We consider adjusted net income and adjusted diluted earnings per share attributable to SS&C to be important to management and investors because they represent our operational performance exclusive of the effects of amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments, loss on extinguishment of debt and other items, that are not operational in nature or comparable to those of our competitors. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP. Adjusted net income and adjusted diluted earnings per share do not represent net income or diluted earnings per share, as those terms are defined under GAAP, and should not be considered as alternatives to net income or diluted earnings per share as indicators of our operating performance. Adjusted net income and adjusted diluted earnings per share attributable to SS&C as presented herein are not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted net income and adjusted diluted earnings per share attributable to SS&C to net income and diluted earnings per share attributable to SS&C, the GAAP measures we believe to be most directly comparable to adjusted net income and adjusted diluted earnings per share.

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(in millions, except per share data)

2023

2022

2023

2022

GAAP – Net income

194.9

207.6

608.6

649.0

Amortization of intangible assets

151.3

158.1

596.6

595.4

Amortization of deferred financing costs and original issue discount

3.3

3.7

13.5

13.9

Stock-based compensation

41.9

31.6

159.4

124.8

Loss on extinguishment of debt

1.0

1.4

2.1

5.5

Purchase accounting adjustments (1)

3.8

5.1

15.8

20.7

ASC 606 adoption impact

(0.8)

(0.6)

(3.1)

(1.9)

Equity in earnings of unconsolidated affiliates, net

(57.4)

(28.5)

(100.0)

(25.8)

Foreign currency translation (gains) losses

(3.9)

(10.8)

(0.2)

11.2

Investment gains

(5.3)

(43.1)

(19.0)

(38.7)

Facilities and workforce restructuring

14.3

6.8

56.8

32.4

Acquisition related (2)

1.2

11.8

(0.1)

41.5

Other (3)

3.9

(6.6)

8.6

(5.6)

Income tax effect (4)

(30.1)

(39.4)

(163.9)

(201.8)

Adjusted net income

318.1

297.1

1,175.1

1,220.6

Adjusted net income attributable to noncontrolling interest (5)

(0.8)

(0.5)

(2.9)

(1.1)

Adjusted net income attributable to SS&C common stockholders

317.3

296.6

1,172.2

1,219.5

Adjusted diluted earnings per share attributable to SS&C common stockholders

1.26

1.16

4.61

4.65

GAAP diluted earnings per share attributable to SS&C common stockholders

0.77

0.81

2.39

2.48

Diluted weighted-average shares outstanding

252.1

256.4

254.5

262.0

(1)

(2)

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

(3)

(4)

An estimated normalized effective tax rate of approximately 26% for the three and twelve months ended December 31, 2023 and 2022 has been used to adjust the provision for income taxes for the purpose of computing adjusted net income.

(5)

In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted net income attributable to noncontrolling interest represents adjusted net income based on the ownership interest retained by the respective noncontrolling parties.

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SOURCE SS&C

Technology

PIXIE LEGENDS: The First Fairy-Themed Trading Card Game Brings Enchantment to Kids Everywhere

Published

2 hours ago

January 4, 2025

PIXIE LEGENDS: A magical fairy trading card game offering screen-free fun, imaginative play, and enchanting adventures for kids.

TEL AVIV, Israel, Jan. 4, 2025 /PRNewswire-PRWeb/ — PIXIE LEGENDS, a brand-new fairy-themed trading card game, has launched, offering young girls and kids everywhere a captivating entry into the world of collectible card games. Designed specifically for children who love fairy tales, princesses, and magic, PIXIE LEGENDS provides a fresh alternative to the TCG (trading card game) landscape, historically dominated by themes more tailored to boys.

Bringing Screen-Free Fun and Magical Adventures for Young Girls

PIXIE LEGENDS was inspired by the creator’s vision to give young girls their adventure in the TCG world. Featuring a collection of fairy and fantasy characters from mystical worlds like Water, Nature, the Moon, and more, PIXIE LEGENDS encourages creativity, social interaction, and imagination—all while remaining screen-free.

✨ A Game of Collecting, Strategy, and Play ✨

PIXIE LEGENDS isn’t just a beautiful card game; it’s designed to be versatile and accessible for players of all ages. Kids can enjoy the game in various modes:

Fairy War Game – Battle with friends, using the cards’ powers to determine who holds the ultimate deck.Quartets Game – Gather and trade cards to create sets of themed fairy characters.Collection Mode – Trade, collect, and organize PIXIE LEGENDS cards in a special fairy-themed album, helping kids develop social skills and trading techniques.

✨ Pixie Worlds and Magical Characters ✨

PIXIE LEGENDS introduces children to five unique, colorful worlds filled with diverse fairies, each with its traits, strengths, and magical abilities:

Green World: Guardians of Nature who communicate with plants and animals.Blue World: Mystical Water Fairies who command the oceans and interact with marine life.Yellow World: Powerful Warrior Fairies symbolizing strength, courage, and love.Purple World: Fairies of Spiritual Energy, Fortune, and Cosmic Power.Silver World: Fairies who command the Weather and Moon, harnessing the forces of the skies.

Each card is crafted with beautiful artwork and classified by rarity, encouraging young players to explore the thrill of collecting common and rare characters.

✨ A Healthy, Screen-Free Activity ✨

PIXIE LEGENDS provides a refreshing, screen-free way for kids to socialize and play, especially when screen time is a concern for many parents. With its emphasis on collection, trading, and imaginative play, PIXIE LEGENDS helps children develop critical social and cognitive skills while fostering friendships and shared interests.

✨ Perfect for Birthdays and Playdates ✨

PIXIE LEGENDS isn’t just a game—it’s a magical experience perfect for girls’ birthdays and after-school playdates. Its enchanting fairy theme makes it an ideal centerpiece for birthday parties, where kids can bond over card battles, trades, and collections, creating lasting memories. For after-school activities, PIXIE LEGENDS offers an engaging, screen-free way for girls to socialize, fostering creativity and collaboration as they explore magical realms together. Parents love how it turns gatherings into moments of fun, learning, and imagination!

✨ Special Launch Offer ✨

To celebrate the release of PIXIE LEGENDS, customers can enjoy special launch prices on all PIXIE LEGENDS products, available exclusively on the official website at [insert website link]. This limited-time offer is the perfect opportunity for families and young collectors to begin their magical journey into the enchanting world of PIXIE LEGENDS.

🧚‍♂Enter the World of PIXIE LEGENDS🧚‍♂

✨ About PIXIE LEGENDS ✨

PIXIE LEGENDS was created by a team dedicated to enriching children’s play experiences. It provides a unique product that resonates with young girls who love fantasy, fairies, and adventure. With PIXIE LEGENDS, kids can collect, trade, and play in a world of imagination that celebrates creativity, connection, and magic.

For more information on PIXIE LEGENDS or to schedule an interview with the founder, please contact:

Neriad Hakak

CEO

FairiesAndBeyond.com

Media Contact

Neriad Hakak, eCommerce and So, 1 9496681585, info@fairiesandbeyond.com, FairiesAndBeyond.com

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SOURCE PIXIE LEGENDS

Technology

WHAT NOT TO MISS AT CES 2025

Published

5 hours ago

January 4, 2025

World’s Most Powerful Tech Event Returns to Las Vegas January 7-10

ARLINGTON, Va., Jan. 4, 2025 /PRNewswire/ — CES® 2025, the world’s most powerful tech event, returns to Las Vegas, January 7-10, bringing together global companies, from top brands to innovative startups, industry executives, media, and government leaders.

What Not To Miss at CES® 2025. The world’s most powerful tech event returns to Las Vegas, January 7-10.

“We’re ready to DIVE IN to CES 2025. There is great momentum heading into the show with a record 3400+ Innovation Award submissions, over 4500 exhibitors including roughly 1400 startups, and 1100 speakers for over 300 conference sessions,” said Gary Shapiro, CEO and Vice Chair, Consumer Technology Association (CTA)®, owner and producer of CES. “We are on track for an incredible show where attendees will see everything that is new in tech from the latest in AI and digital health to advanced mobility, smart communities, sustainability, and accessibility tech.”

DIVE IN to the CES 2025 Experience

CES App – Plan for and navigate CES 2025 with the official show app. Search “CES App” in your app store. New for CES 2025 is blue-dot navigation at the Las Vegas Convention Center (LVCC) and the Venetian.CES Tech Talk – Download and listen for the top trends expected at CES 2025.CES Creator Space, presented by Sony – A new space for storytellers – media and creators – to produce compelling content.

Top Trends

Artificial Intelligence: Generative AI is driving innovation. The entire AI ecosystem will be throughout CES, enhancing user experiences, increasing productivity, advancing health, and more.Exhibitor Examples: DeepX, EMD, LG, Lotte, Samsung, SiemensDigital Health: CES will showcase tech innovation across the entire spectrum of health, increasing longevity, lowering costs, and improving health equity and patient empowerment.Exhibitor Examples: AARP, EssilorLuxottica, Nuvilab, OnMed, Resmed, Variowell, WithingsEnergy Transition: Emerging technologies both drive and address the challenges of the energy transition. A new conference track on the energy transition will dive in to shaping a sustainable future while overcoming technical and scalability barriers.Exhibitor Examples: Eaton, Eneos, Hitachi, Qnovo, SK, WePower TechnologiesMobility: CES brings together the entire ecosystem of mobility—from passenger and autonomous cars to construction, agriculture, marine tech, and advanced air travel. The new stage in West Hall will showcase programming that envisions the future of mobility and explores how we can create a more sustainable and connected world.Exhibitor Examples: BMW, Brunswick, Caterpillar, Honda, John Deere, Oshkosh, Scout MotorsQuantum: Expect hardware, software, and AI using quantum mechanics to improve technologies and create new applications with enhanced security, sensing, and computing that will drive innovation forward. A new half-day of conference programming in partnership with Quantum World Congress will highlight these advancements.Exhibitor Examples: Cellid, Combat Capabilities Development Command (DEVCOM), Integrated Quantum PhotonicSustainability: Exhibitors will show technologies aimed at reducing emissions and improving energy efficiency, as well as innovations in sustainable and carbon-neutral materials.Exhibitor Examples: D-Carbonize, Exeger, Jackery, Panasonic

Must-See Keynotes and Presentations

Monday, January 6NVIDIA Founder and CEO Jensen Huang – 6:30 PM, Mandalay BayTuesday, January 7Panasonic Holdings Corporation Group CEO Mr. Yuki Kusumi, 8:30 AM, The VenetianCTA CEO and Vice Chair Gary Shapiro and CTA President Kinsey Fabrizio, 8:30 AM, The VenetianSiriusXM CEO Jennifer Witz, 11 AM, ARIAX Corp CEO Linda Yaccarino, 1:30 PM, The VenetianDelta Air Lines CEO Ed Bastian, 5 PM, SphereThis will mark the first CES keynote ever hosted at the groundbreaking venue.This keynote will have a different ticketing process and venue policies than other keynotes. For more information, visit ces.tech. Get the full Delta keynote experience at Sphere beginning at 3 PM when the doors open for an immersive and interactive exhibit in the venue’s Atrium to celebrate Delta’s 100-year journey. Following the keynote, Delta is thrilled to welcome multiple GRAMMY Award winning music icon Lenny Kravitz to the stage.Professional photography and videography will be available on Delta News Hub shortly after the keynote. Wednesday, January 8Volvo Group President and CEO Martin Lundstedt, 9 AM, The VenetianAccenture Chair and CEO Julie Sweet, 2 PM, The VenetianWaymo Co-CEO Tekedra Mawakana, Leaders in Technology Dinner *invite only

Top Conference Tracks

Accessibility – Discover innovation and technologies for people of all ages and abilities.

Accessibility and Mobility: Bridging the Gap, Tuesday, January 7, 11 AM, Venetian, LandoTech for Good: How Technology is Empowering Neurodivergent, Tuesday, January 7, 2 PM, Venetian, LandoEmpowering Independence: How AI is Improving Daily Lives, Tuesday, January 7, 3 PM, Venetian, Lando

CES Creator Space, presented by Sony – The stage at the CES Creator Space, sponsored by Pinterest and emceed by Shira Lazar, will feature three days of programming designed to help creators hone their craft. The area is open to credentialed media only.

State of the Creator Economy, Tuesday, January 7, 10:30 AM, CES Creator Stage, LVCC, Grand LobbyMeasuring Success in the Creator Economy, Thursday, January 9, 11:45 AM, CES Creator Stage, LVCC, Grand LobbyKeeping Sane: Mental Health in the Creator Economy, Thursday, January 9, 2:15 PM, CES Creator Stage, LVCC, Grand Lobby

Digital Health – Learn about the innovations that tackle major health challenges and empower consumers to take control of their health.

Health AI in 2030, Wednesday, January 8, 2 PM, Venetian, Marcello 4404Next Gen Wearable Tech, Thursday, January 9, 9 AM, Venetian, Marcello 4404Advancing Women’s Health: Innovations, Challenges, and Solutions, Thursday, January 9, 10 AM, Venetian, Level 4, Marcello 4404

Energy Transition – Explore how companies plan to address sustainable power solutions.

The Energy Infrastructure of the Future, Thursday, January 9, 9 AM, LVCC, N261Navigating the Energy Transition, Thursday, January 9, 10 AM, LVCC, N261The Key to Powering a Sustainable AI Revolution, Thursday, January 9, 11 AM, LVCC, N261

Great Minds – Explore the intersection of technology and humanity. Speakers featured in the Great Minds series include C-Suite executives, philanthropists, influencers, government leaders, entrepreneurs, venture capitalists, and more. Sessions include:

The New Era of the Automotive Ecosystem, Wednesday, January 8, 11 AM, LVCC West Hall, W232Shaping a New Era of Ingenuity: The Power of Inclusive Innovation, Wednesday, January 8, 3 PM, LVCC, West Hall, W232Revolutionizing Customer Engagement, Thursday, January 9, 10 AM, LVCC, West Hall, W232Don’t miss experts from NASA, Netflix, Mastercard, Coach, and more on the stage.

Innovation Policy Summit – CES gathers policymakers from across the world to discuss domestic and global tech policy issues including privacy, trade, competition, and more.

Is Big Always Bad: Big Tech and the Innovation Economy, Tuesday, January 7, 1 PM, LVCC, N258Tech Without Borders: The Benefits of Tech for All Communities, Wednesday, January 8, 9 AM, LVCC, N258Trade in 2025: Will the World Fracture or Reglobalize, Wednesday, January 8, 3:40, PM, LVCC, N258

Mobility Stage – New stage features the future of mobility, from electrification to connected vehicles, new battery technology, and advancements in AI.

How to Build Physical AI for Mobility, Tuesday, January 7, 10:30 AM, LVCC West Hall 1, Mobility StageBreakthroughs in Battery Tech Redefine EV Driving, Tuesday, January 7, 2:20 PM, LVCC West Hall 1, Mobility StageRevolutionizing the Future of Driving – Unleashing the Power of AI, Wednesday, January 8, 2:20 PM, LVCC, West Hall 1, Mobility Stage

Quantum Means Business – New partnership with Quantum World Congress to address how hardware, software, and AI are using quantum mechanics to improve technologies and create new applications.

Quantum is Here: Computing Advancements and Tangible Applications, Thursday, January 9, LVCC, 9 AM, West Hall, W218Global Industry Challenge: Celebrating International Year of Quantum, Thursday, January 9, 10 AM, LVCC, West Hall, W218Quantum is Now: Unprecedented Improvement in Precision and Sensitivity, Thursday, January 9, 11 AM, LVCC, West Hall, W218

Research Summit – Learn about consumer and enterprise trends across verticals.

Breaking Through the EV Demand Plateau with AI and Data Analytics, presented by EY, Monday, January 6, 1 PM, LVCC, West Hall, W232Declaration of Autonomy: Is Trust the Limit of AI’s Possibilities, presented by Accenture, Tuesday, January 7, 2 PM, LVCC West Hall, W232Navigating the Consumer Tech Landscape: Insights to Drive Growth, presented by Circana, Tuesday, January 7, 3 PM, LVCC, West Level 2, W232

Familiar faces – from musicians to sports legends and film and television stars – will be on the CES stage and throughout the show discussing and experiencing the latest innovations.

Experience the CES Show Floor

Explore innovation from global companies, including first-time exhibitors such as Foxconn (FIH Mobile), Komatsu, Oshkosh, Suzuki, and Scout Motors.

LVCC Central Hall

Showcasing the latest technology around the home and immersive entertainment – the central hub for customized, in-home entertainment, and family gaming.Exhibitor Examples: Bosch, Hisense, LG, Panasonic, Samsung, Sony, TCL

LVCC North Hall

Focused on smart communities, IoT, AI, sustainability, energy, and enterprise solutions. North Hall shows how these technologies work together to support our daily lives now and in the future.Exhibitor Examples: AIMA E-Bike, Hitachi, Indiegogo, Siemens, Xpeng AeroHT

LVCC South Hall

Back for 2025, the South Hall is where the accessories and memorable products come to life to improve how we live and work.Exhibitor Examples: EcoFlow, Green Merit Ltd, Maono, Pecron, Pkcell

LVCC West Hall

Experience the entire ecosystem of mobility at CES—from passenger and self-driving cars to construction, agriculture, boating, and advanced air travel.Exhibitor Examples: Amazon Automotive, Honda, Invo Station, MobileEye, Qualcomm, Waymo

C Space®/ARIA

Where the world’s leading brands, advertisers, media platforms, and content creators meet to forge deals, explore trends, and unveil the latest technologies reshaping the industry.Exhibitor Examples: Disney, Fox, iHeart, Kroger, Mars, Reddit, Roku, T-Mobile, Uber Ads, Walmart Ads

The Venetian

The home of smart living, including digital health, smart home, energy management, security, education, lifestyle, and food tech.Exhibitor Examples: AARP, Pawport, RenphoThe Venetian is also home to the CES Innovation Awards Showcase, with the next round of embargo award honorees scheduled to be announced on January 5.

Eureka Park at The Venetian

The startup hub of CES, home to nearly 1400 startups from around the globe.Exhibitor Examples: Global pavilions from Korea, Japan, Taiwan, Ukraine, the U.S., and others from around the world.

To search for CES exhibiting companies – by product category, keyword, or country – visit the Exhibitor Directory.

Media Days
Hear from dozens of the world’s biggest brands breaking news at two days of media-only events, January 5-6 at Mandalay Bay, including CES Unveiled and CES Tech Trends to Watch.

Press Conferences – Major brands will make announcements, including LG, Hisense, John Deere, Samsung, and Sony – January 5 and 6, Mandalay BayCES 2025 Tech Trends to Watch – Hear the top trends at CES 2025 and beyond –Sunday, January 5, 4 PM, Mandalay Bay, Oceanside CCES Unveiled Las Vegas – The Official Media Event of CES 2025 with innovative product previews – Sunday, January 5, 5-8:30 PM, Mandalay Bay, Shoreline Exhibit Hall

Media Resources
Visit the CES Media Resources for access to:

Media Room Hours and LocationsShuttle Bus InformationB-RollCES Photo Gallery

For the latest news and information, visit CES.tech. Register for CES 2025 here.

About CES®:
CES is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA)®, CES features every aspect of the tech sector. CES 2025 takes place Jan. 7-10, 2025, in Las Vegas. Learn more at CES.tech and follow CES on social.

About Consumer Technology Association (CTA)®:
As North America’s largest technology trade association, CTA is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the most powerful tech event in the world. Find us at CTA.tech. Follow us @CTAtech.

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SOURCE Consumer Technology Association

Technology

SHOWCASING TOMORROW’S INNOVATORS: LG NOVA RETURNS TO CES 2025

Published

8 hours ago

January 4, 2025

LG NOVA Pushes Forward the Future of Collaboration and Innovation Across Healthtech, AI and Cleantech

LAS VEGAS, Jan. 4, 2025 /PRNewswire/ — LG NOVA, the North America Innovation Center for LG Electronics, returns to CES this year to showcase its commitment to a brighter future through building collaborations with entrepreneurs and startups working in healthtech, AI and cleantech. LG NOVA’s exhibit will feature startup companies building transformative solutions that address today’s real-world challenges impacting people and the planet.

At CES 2025, in LG NOVA’s Eureka Park exhibit, visiting attendees will have the opportunity to explore emerging technologies in healthtech, cleantech and AI; connect with LG executives and leading startups in their respective market areas, attend in-booth sessions and tech talks, learn about LG NOVA’s vision for the innovation ecosystem and discuss the latest trends and views on the markets with the team.

LG NOVA’s showcase will include Primefocus Health, the first new venture unveiled by LG Electronics, launched in collaboration with LG NOVA. At CES, Primefocus Health will demonstrate its new healthcare solution built for providers to support patients’ recovery at home with a remote-monitoring and healthcare delivery platform. The company is working on personalized, home-based healthcare solutions tackling rural access, obesity, healthy aging and substance abuse.

Additionally, with its continual efforts on creating innovative solutions for better health, LG NOVA is exhibiting a new mental health solution concept, Relief AI. This new concept is a platform for monitoring and tracking patients’ mental wellbeing through advanced AI assessment technologies, engaging with the patient directly.

The LG NOVA startup showcase is located at Eureka Park (Venetian Expo, Hall G. Booth #60511) Featured startups in the LG NOVA program include:

Healthtech:

Continuum: A patient-controlled hub for all home health data for streamlining personal health decisions. MetaOptima: A leader in dermatology AI and skin cancer diagnostics, driven by its innovative DermEngine platform.

Cleantech:

Climative: AI-assisted digital energy assessments for homes and neighborhoods to accelerate the decarbonization and optimizing energy efficiencies through home improvements.Baleena: Next-gen filtration technology to eliminate microplastics from textile wash—redefining laundering for a cleaner future.

Artificial Intelligence:

Roll AI: An AI-powered platform for marketing teams to create production-grade videos for testimonials, webinars, and events, featuring effects like multicam and AI-simulated camera moves – all with just an iPhone.VersaWare: Creates Versa, a hands-free multi-modal AI system for cooking and nutrition. Versa is available as white-labeled SDK for appliance manufacturers and through the VersaWare mobile app and VersaBoard.

Open Innovation:

CareCam: Helps providers track patients’ recovery from neurological injuries and screen for frailty in minutes using digital biomarkers powered by patented movement analysis technology.Canary Speech: An AI-powered voice biomarker health tech company that uses real-time patented vocal analysis to screen for mental health and neurological disorders.

These startups exemplify LG NOVA’s pursuit to collaborate with innovative companies, pushing the boundaries of technology to create transformative solutions and a positive impact on the future.

For more information on LG NOVA’s at CES visit www.lgnova.com/ces-2025.

About LG NOVA
LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center’s mission is to fuel innovation for LG and its partners by establishing a community to create, nurture and grow businesses. Learn more about LG NOVA at www.lgnova.com .

About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $60-billion-plus global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. www.LG.com.

Media Contact:

LG Electronics USA
Linda Quach
+1 408 903 3045
linda.quach@lge.com

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SOURCE LG Electronics USA