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What changed in SS&C Technologies Holdings Inc's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of SS&C Technologies Holdings Inc's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+346 added−348 removedSource: 10-K (2026-02-26) vs 10-K (2025-03-03)

Top changes in SS&C Technologies Holdings Inc's 2025 10-K

346 paragraphs added · 348 removed · 281 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

99 edited+41 added−26 removed88 unchanged
Biggest changeSS&C’s Tier1 supplies CRM capabilities to sell-side financial services firms, including research, trading, and sales teams within capital markets groups, and provides a deal management CRM experience to investment banks. • Managed Services – Our Managed Services provides a full spectrum of tailored options to our clients’ specific needs, from cloud-delivered technology to co-sourcing specific workflows to full outsourcing of operational processes including data management services such as full account aggregation, daily portfolio reconciliation, corporate actions processing and reference data management. 10 • Data Solutions – Data Solutions consists of a vast network supporting the automated delivery of custodial and other counterparty data, global market data, loan data, corporate actions, and more. o Advent Custodial Data provides account-level information from a firm’s custodian(s) through a single, secure connection to a data network managed by Advent.
Biggest changeThe network has expanded its capabilities to enable tokenized fund issuance and distribution, enabling participants to extend distribution to digitally native investors and issuers operating within decentralized finance ecosystems. • Managed Services – Our Managed Services provides a full spectrum of tailored options to our clients’ specific needs, from cloud-delivered technology to co-sourcing specific workflows to full outsourcing of operational processes including data management services such as full account aggregation, daily portfolio reconciliation, corporate actions processing and reference data management. • Data Solutions – Data Solutions consists of a vast network supporting the automated delivery of custodial and other counterparty data, global market data, loan data, corporate actions, and more. • ALPS Advisors – ALPS Advisors is a comprehensive suite of asset servicing, distribution solutions and asset management for open-end mutual funds, closed-end funds, exchange-traded funds and alternative investment funds.
Our strengths in this market include our years of experience, our top-tier clients, our ability to provide solutions by multiple delivery methods, our cost-effective and customizable solutions and our expertise. Wealth Management: We define the advisory market as independent and regional broker-dealers, wealth managers, trust companies, advisory firms and registered investment advisers.
Our strengths in this market include our years of experience, our top-tier clients, our ability to provide solutions by multiple delivery methods, our cost-effective and customizable solutions and our expertise. Wealth Management: We define the wealth management market as independent and regional broker-dealers, wealth managers, trust companies, advisory firms and registered investment advisers.
As a result, we believe we enjoy a competitive advantage because we can address the needs of complex clients by providing industry-tested products and services, including cloud-based services and related mobility platforms that meet global market demands and enable our clients to automate and integrate functions for improved productivity, compliance, reduced manual intervention and bottom-line savings.
As a result, we believe we enjoy a 7 competitive advantage because we can address the needs of complex clients by providing industry-tested products and services, including cloud-based services and related mobility platforms that meet global market demands and enable our clients to automate and integrate functions for improved productivity, compliance, reduced manual intervention and bottom-line savings.
Integrated with intelligent business process management and digital applications, it facilitates effective customer engagement and product deployment flexibility. • SS&C Retirement Solutions – SS&C’s retirement solutions business provides technology, administration, and record-keeping processes on TRAC’s end-to-end digital platform. SS&C supports organizations representing more than 12 million participants and approximately 400,000 plan sponsors.
Integrated with intelligent business process management and digital applications, it facilitates effective customer engagement and product deployment flexibility. o SS&C Retirement Solutions – SS&C’s retirement solutions business provides technology, administration, and record-keeping processes on TRAC’s end-to-end digital platform. SS&C supports organizations representing more than 12 million participants and approximately 400,000 plan sponsors.
We also offer products designed to assist clients in meeting the expanding needs associated with distributing U.S. investment products through financial intermediaries. We serve as the asset manager to proprietary open-end mutual funds, closed-end funds and exchange-traded funds through active management and the utilization of sub-advisors and index providers.
We also offer products designed to assist clients in meeting the expanding needs associated with distributing U.S. investment products through financial intermediaries. We serve as the asset manager 11 to proprietary open-end mutual funds, closed-end funds and exchange-traded funds through active management and the utilization of sub-advisors and index providers.
We can also increase our margins by implementing more technology in our services business, including automating traditionally manual accounting functions and utilization of the Blue Prism intelligent automation platform. Our Acquisitions As mentioned above, we intend to employ a highly disciplined and focused acquisition strategy.
We can also increase our margins by implementing more technology in our services business, including automating traditionally manual accounting functions and utilization of the Blue Prism intelligent automation platform. 8 Our Acquisitions As mentioned above, we intend to employ a highly disciplined and focused acquisition strategy.
Our strengths in this market include our technology, our ability to deliver functionality by multiple delivery methods and our ability to provide cost-effective solutions for clients. Healthcare: In our healthcare markets, we compete with providers of pharmacy and medical claims processing, benefit management, care management, business process outsourcing, business intelligence and analytics.
Our strengths in this market include our technology, our ability to deliver functionality by multiple delivery methods and our ability to provide cost-effective solutions for clients. 17 Healthcare: In our healthcare markets, we compete with providers of pharmacy and medical claims processing, benefit management, care management, business process outsourcing, and business intelligence and analytics solutions.
We have experienced average revenue retention rates in each of the last five years of greater than 95% on our software-enabled services and maintenance and term licenses contracts for our core enterprise products. We believe the high value-added nature of our products and services has enabled us to maintain our high revenue retention rates.
We have experienced average revenue retention rates in each of the last five years of greater than 95% on our software-enabled services and maintenance and term 4 licenses contracts for our core enterprise products. We believe the high value-added nature of our products and services has enabled us to maintain our high revenue retention rates.
Our dedicated direct sales and support personnel are located in offices worldwide and regularly undergo product and sales training. Our marketing team has extensive experience in the financial services and healthcare industries. They identify market trends and create targeted programs to engage our prospects and further develop our client relationships.
Our dedicated direct sales and support personnel are located in offices worldwide and regularly undergo product and sales training. Our marketing team has extensive experience in the financial services 16 and healthcare industries. They identify market trends and create targeted programs to engage our prospects and further develop our client relationships.
Precision LM manages all aspects of our clients’ loan process, including pre-qualifying loan requests, processing applications, commitment processing, loan disposition, servicing and accounting. • Research, Analytics, Risk and Training o Algorithmics – Algorithmics’ cloud-based solutions deliver risk analytics to address the impact of business and regulatory changes.
Precision LM manages all aspects of our clients’ loan process, including pre-qualifying loan requests, processing applications, commitment processing, loan disposition, servicing and accounting. 15 • Research, Analytics, Risk and Training o Algorithmics – Algorithmics’ cloud-based solutions deliver risk analytics to address the impact of business and regulatory changes.
Based on our experience, we believe numerous solution providers address highly particularized financial services needs or provide specialized services that would meet our disciplined acquisition criteria. Acquisitions are discussed further in Liquidity and Capital Resources and in Note 8 to our Consolidated Financial Statements.
Based on our experience, we believe numerous solution providers address highly particularized financial services needs or provide specialized services that would meet our disciplined acquisition criteria. 9 Acquisitions are discussed further in Liquidity and Capital Resources and in Note 8 to our Consolidated Financial Statements.
In many cases, we have also increased revenues generated by acquired products and services by leveraging our existing products and services, larger sales capabilities and client base. 8 We generally seek to acquire companies that satisfy our financial metrics, including expected return on investment.
In many cases, we have also increased revenues generated by acquired products and services by leveraging our existing products and services, larger sales capabilities and client base. We generally seek to acquire companies that satisfy our financial metrics, including expected return on investment.
Key competitive factors in the VDR market include platform flexibility and quality; fit-for-purpose workflow capabilities and services delivery. Our strengths in this market include our technology, support for industry-specific workflows, experience, reputation, approach to platform security and professional services.
Key competitive factors in the VDR market include platform flexibility and 18 quality; fit-for-purpose workflow capabilities and services delivery. Our strengths in this market include our technology, support for industry-specific workflows, experience, reputation, approach to platform security and professional services.
We believe our high-quality products and superior services have led to long-term client relationships, some of which date from our earliest days of operations.
We believe our high-quality products and superior services have led to long-term client relationships, some 6 of which date from our earliest days of operations.
Our strengths in this market include our expertise, our independence, our 15 transparency, our ability to deliver functionality by multiple methods and our technology, including the ownership of our own software.
Our strengths in this market include our expertise, our independence, our transparency, our ability to deliver functionality by multiple methods and our technology, including the ownership of our own software.
In addition, we believe our acquisitions have been an extension of our research and development effort and have enabled us to add to our product and service offerings without incurring the uncertainties sometimes associated with software development projects. Since 1995, we have acquired 67 businesses. These acquisitions have contributed marketable products and services, which have increased our revenues and earnings.
In addition, we believe our acquisitions have been an extension of our research and development effort and have enabled us to add to our product and service offerings without incurring the uncertainties sometimes associated with software development projects. Since 1995, we have acquired 70 businesses. These acquisitions have contributed marketable products and services which have increased our revenues and earnings.
We are the largest third-party mutual fund transfer agent. Through our Global Investor and Distribution Solutions (“GIDS”) business, we deliver global transfer agency and investor servicing powered by a single global servicing platform. Investor servicing is offered in many different countries, including the U.S., Canada, U.K., Ireland, Luxembourg, Australia, Hong Kong and Singapore.
We are the leading third-party mutual fund transfer agent. Through our Global Investor and Distribution Solutions (“GIDS”) business, we deliver global transfer agency and investor servicing powered by a single global servicing platform. Investor servicing is offered in many different countries, including the U.S., Canada, U.K., Ireland, Luxembourg, Australia, Hong Kong and Singapore.
In addition, we compete with a range of niche and region-specific competitors depending on client size, location and requirements. For debt capital and secure collaboration use cases, we face competition from software solutions vendors such as IHS Markit and FIS and indirect competition from general-purpose file-sharing solutions such as Box and Dropbox.
In addition, we compete with a range of niche and region-specific competitors depending on client size, location and requirements. For capital markets and secure collaboration use cases, we face competition from software solutions vendors such as IHS Markit and FIS and indirect competition from general-purpose file-sharing solutions such as Box and Dropbox.
We have significant scale with best-in-class solutions and software-enabled services across the delivery spectrum, which, we believe, combined with a diversified service offering and client base, drives stable revenues and increased operating leverage. In addition, our operating flexibility allows us to scale our costs based on client demands.
We have significant scale with best-in-class solutions and software-enabled services across the delivery spectrum, which, when combined with a diversified service offering and client base, drives stable revenues and increased operating leverage. We believe our operating flexibility allows us to scale our costs based on client demands.
Largest independent alternative fund administration services provider and mutual fund transfer agent. The third-party service providers participating in the alternative investment market include fund managers, auditors, fund administrators, attorneys, custodians and prime brokers. Each provider performs a valuable function to provide transparency of the fund’s assets and the valuation of those assets.
Leading independent alternative fund administration services provider and mutual fund transfer agent. The third-party service providers participating in the alternative investment market include fund managers, auditors, fund administrators, attorneys, custodians and prime brokers. Each provider performs a valuable function to provide transparency of the fund’s assets and the valuation of those assets.
Our senior management team has a track record of operational excellence, an average of more than 20 years of experience in the financial services and healthcare industries and a proven ability to acquire and integrate complementary businesses, as demonstrated by the 67 businesses we have acquired since 1995.
Our senior management team has a track record of operational excellence, an average of more than 20 years of experience in the financial services and healthcare industries and a proven ability to acquire and integrate complementary businesses, as demonstrated by the 70 businesses we have acquired since 1995.
We will seek to opportunistically acquire, at reasonable valuations, businesses, products and technologies in our existing or complementary vertical markets that will enable us to better satisfy our clients’ rigorous and evolving needs. We have proven our ability to integrate complementary businesses as demonstrated by the 67 businesses we have acquired since 1995.
We will seek to opportunistically acquire, at reasonable valuations, businesses, products and technologies in our existing or complementary vertical markets that will enable us to better satisfy our clients’ rigorous and evolving needs. We have proven our ability to integrate complementary businesses as demonstrated by the 70 businesses we have acquired since 1995.
For the year ended December 31, 2024, revenues from professional services represented 2% of total revenues. Product support We believe a close and active service and support relationship is vital to enhancing client satisfaction and furnishes an essential source of information regarding evolving client issues.
For the year ended December 31, 2025, revenues from professional services represented 2% of total revenues. Product support We believe a close and active service and support relationship is vital to enhancing client satisfaction and furnishes an essential source of information regarding evolving client issues.
Our clients include many of the largest and most well-recognized financial services and healthcare firms. During the year ended December 31, 2024, our top 10 clients represented approximately 15% of total revenues, with no single client accounting for more than 5% of total revenues.
Our clients include many of the largest and most well-recognized financial services and healthcare firms. During the year ended December 31, 2025, our top 10 clients represented approximately 15% of total revenues, with no single client accounting for more than 5% of total revenues.
The following table provides a list of the most substantial acquisitions we have made since 2010 (in millions): Acquisition Date Acquired Business Contract Purchase Price Acquired Capabilities, Products and Services May 2012 Thomson Reuters’ PORTIA Business $ 170.0 Added portfolio management software and outsourcing services for institutional managers June 2012 GlobeOp Financial Services S.A. $ 834.4 Expanded fund administration services in hedge fund and other asset management sectors November 2014 DST Global Solutions $ 95.0 Added investment management software and services July 2015 Advent Software, Inc. $ 2,600.0 Expanded global investment management software and services November 2015 Primatics Financial $ 116.0 Added cloud-based integrated risk, compliance and finance solution for the banking industry March 2016 Citigroup's Alternative Investor Service $ 425.0 Expanded fund administration services in hedge fund and private equity sectors December 2016 Wells Fargo's Global Funds Service $ 75.1 Expanded fund administration services in hedge fund and private equity sectors December 2016 Conifer Financial Services, LLC $ 88.5 Expanded fund administration services in hedge fund and other asset management sectors April 2018 DST Systems, Inc. $ 5,400.0 Provided additional scale and breadth across institutional and retail asset management, alternatives, wealth management, and healthcare sectors October 2018 Eze Software Group, LLC $ 1,450.0 Strengthened SS&C’s front to back-office technology November 2018 Intralinks Holdings, Inc. $ 1,500.0 Increased key account footprint and adds cloud-based virtual data rooms and secure collaboration solutions for SS&C’s banking and alternative clients November 2019 Algorithmics $ 88.8 Added cloud-based risk analytics and additional regulatory solutions May 2020 Innovest $ 120.0 Added web-based trust accounting and unique asset servicing solutions March 2022 Blue Prism Group Plc $ 1,645.0 Added deep expertise in intelligent automation and robotic process automation March 2022 Hubwise Holdings Limited $ 75.0 Enhanced SS&C's capacity to help customers create highly automated and efficient multi-asset, multi-currency and multi-wrapper strategies September 2024 Battea-Class Action Services, LLC $ 671.0 Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services 9 Products and Services Our products and services allow professionals in the financial services and healthcare industries to automate complex business processes and are instrumental in helping our clients manage significant information processing requirements.
The following table provides a list of the most substantial acquisitions we have made since 2010 (in millions): Acquisition Date Acquired Business Contract Purchase Price Acquired Capabilities, Products and Services May 2012 Thomson Reuters’ PORTIA Business $ 170.0 Added portfolio management software and outsourcing services for institutional managers June 2012 GlobeOp Financial Services S.A. $ 834.4 Expanded fund administration services in hedge fund and other asset management sectors November 2014 DST Global Solutions $ 95.0 Added investment management software and services July 2015 Advent Software, Inc. $ 2,600.0 Expanded global investment management software and services November 2015 Primatics Financial $ 116.0 Added cloud-based integrated risk, compliance and finance solution for the banking industry March 2016 Citigroup’s Alternative Investor Service $ 425.0 Expanded fund administration services in hedge fund and private equity sectors December 2016 Wells Fargo’s Global Funds Service $ 75.1 Expanded fund administration services in hedge fund and private equity sectors December 2016 Conifer Financial Services, LLC $ 88.5 Expanded fund administration services in hedge fund and other asset management sectors April 2018 DST Systems, Inc. $ 5,400.0 Provided additional scale and breadth across institutional and retail asset management, alternatives, wealth management, and healthcare sectors October 2018 Eze Software Group, LLC $ 1,450.0 Strengthened SS&C’s front to back-office technology November 2018 Intralinks Holdings, Inc. $ 1,500.0 Increased key account footprint and adds cloud-based virtual data rooms and secure collaboration solutions for SS&C’s banking and alternative clients November 2019 Algorithmics $ 88.8 Added cloud-based risk analytics and additional regulatory solutions May 2020 Innovest $ 120.0 Added web-based trust accounting and unique asset servicing solutions March 2022 Blue Prism Group Plc $ 1,645.0 Added deep expertise in intelligent automation and robotic process automation March 2022 Hubwise Holdings Limited $ 75.0 Enhanced SS&C's capacity to help customers create highly automated and efficient multi-asset, multi-currency and multi-wrapper strategies September 2024 Battea-Class Action Services, LLC $ 671.0 Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services October 2025 Calastone Limited $ 1,030.0 Expanded global funds network that connects asset managers and market participants to automated mutual fund and ETF fund transaction processing Products and Services Our products and services allow professionals in the financial services and healthcare industries to automate complex business processes and are instrumental in helping our clients manage significant information processing requirements.
Business Strategies Our strategy is to deliver compelling solutions and value propositions to our customers in the financial services and healthcare industries. The following are key elements to our strategy for achieving this objective: Build upon and extend our leadership position in software and software-enabled services in the financial services industry.
Business Strategies Our strategy is to deliver compelling solutions and value propositions to our customers. The following are key elements to our strategy for achieving this objective: Build upon and extend our leadership position in software and software-enabled services in the financial services industry.
Smart, innovative technologies matched with deep functionality streamlines clients’ businesses and provides users with critical business intelligence via machine learning, workflow engine and KPI and system health monitoring . 12 • Portfolio Management Software o Performance and Performance Attribution (Sylvan) – SS&C’s performance measurement, attribution and composite management platforms streamline the calculation and reporting of performance while enabling our clients to analyze the sources of return.
Smart, innovative technologies matched with deep functionality streamlines clients’ businesses and provides users with critical business intelligence via machine learning, workflow engine and KPI and system health monitoring . o Performance and Performance Attribution (Sylvan) – SS&C’s performance measurement, attribution and composite management platforms streamline the calculation and reporting of performance while enabling our clients to analyze the sources of return.
However, conflicts of interest may arise when the above parties offer more than one of these services. The industry is increasingly recognizing these conflicts and, as a result, seeking independent fund administrators such as SS&C. SS&C is currently the largest fund administrator for alternative investment managers, including hedge funds, private equity, real assets and fund of funds.
However, conflicts of interest may arise when the above parties offer more than one of these services. The industry is increasingly recognizing these conflicts and, as a result, seeking independent fund administrators such as SS&C. SS&C is the leading fund administrator for alternative investment managers, including hedge funds, private equity, real assets and fund of funds.
With more than 22,000 clients spanning the health and financial services industries, our customers’ needs and requirements are always at the forefront of our strategy.
With more than 23,000 clients spanning the health and financial services industries, our customers’ needs and requirements are always at the forefront of our strategy.
For example, we utilize our software to deliver comprehensive fund administration services to alternative and traditional asset managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting. We offer clients the flexibility to choose from multiple software delivery options, including on premise applications and hosted, multi-tenant or dedicated applications.
For example, we utilize our software to deliver comprehensive fund administration services to alternative and traditional asset managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting. We offer clients the flexibility to choose from multiple software delivery options, including on-premise, cloud-based or hosted applications, as well as multi-tenant or dedicated applications.
Strategies include hedge funds, private equity funds, funds of funds, real asset funds, managed accounts, family office and undertakings for collective investments in transferable securities (“UCITS”), with more than $2.5 trillion in alternative assets under administration.
Strategies include hedge funds, private equity funds, retail alternative funds, funds of funds, real asset funds, managed accounts, family office and undertakings for collective investments in transferable securities (“UCITS”), with more than $2.9 trillion in alternative assets under administration.
Our solutions enable our clients to focus on core operations, better monitor and manage business performance and risk, improve operating efficiency and reduce operating costs.
Our solutions enable our clients to focus on core objectives, better monitor and manage business performance and risk, improve operating efficiency and reduce operating costs.
Software license, maintenance and related • Portfolio/Investment Accounting and Analytics Software – We provide comprehensive, integrated software solutions to help 11 our clients streamline operations and accelerate global accounting processes. Our portfolio accounting solutions provide seamless front-to-back-office integration, with the flexibility to meet the unique accounting needs of our customers and virtually unlimited scalability to accommodate growth.
Software license, maintenance and related • Portfolio Management, Operations, and Accounting Software – We provide comprehensive, integrated software solutions to help our clients streamline operations and accelerate global accounting processes. Our portfolio accounting solutions provide seamless front-to-back-office integration, with the flexibility to meet the unique accounting needs of our customers and virtually unlimited scalability to accommodate growth.
Pricing in our software-enabled services businesses scales based on several factors which can include our clients’ assets under management, the complexity of asset classes managed, the number of accounts serviced, the volume of transactions, trading volume, medical claims and pharmacy claims volume and the level of service the client requires.
Pricing in our software-enabled services businesses scales based on several factors which can include our clients’ assets under management, the complexity of asset classes managed, the number of accounts serviced, the volume of transactions, number of medical claims, the volume of pharmacy claims and the extent and scale of service the client requires.
Product engineering management efforts focus on enterprise-wide strategies, implementing best-practice technology regimens, maximizing resources and mapping out an integration plan for our entire umbrella of products as well as third-party products. For the years ended December 31, 2024, 2023 and 2022, our research and development expenses were $517.7 million, $473.8 million and $447.3 million, respectively.
Product engineering management efforts focus on enterprise-wide strategies, implementing best-practice technology regimens, maximizing resources and mapping out an integration plan for our entire umbrella of products as well as third-party products. For the years ended December 31, 2025, 2024 and 2023, our research and development expenses were $507.5 million, $517.7 million and $473.8 million, respectively.
In addition, we have made significant investments in intellectual property through our acquisitions and software development. For the years ended December 31, 2024, 2023 and 2022, we spent $194.3 million, $194.9 million and $144.9 million, respectively, on capitalized software projects.
In addition, we have made significant investments in intellectual property through our acquisitions and software development. For the years ended December 31, 2025, 2024 and 2023, we spent $221.9 million, $194.3 million and $194.9 million, respectively, on capitalized software projects.
Singularity uses artificial intelligence, machine learning, robotic process automation, intelligent workflow optimization and advanced predictive analytics to drive significant cost savings and continuous operational improvements for our clients. o Global Wealth Platform (“GWP”) – GWP is our comprehensive, cloud-based solution that enables wealth managers to manage the entire investment process on a single platform, leveraging a single database.
SS&C Singularity uses AI, robotic process automation, intelligent workflow optimization and advanced predictive analytics to drive significant cost savings and continuous operational improvements for our clients. o Global Wealth Platform (“GWP”) – GWP is our comprehensive, cloud-based solution that enables wealth managers to manage the entire investment process on a single platform, leveraging a single database.
Our clients rely on us to navigate new requirements and facilitate compliance in today’s dynamic and evolving regulatory environment. We are uniquely positioned in our ability to interpret regulations and impact to clients and to implement technology solutions.
Our clients rely on us to navigate new requirements and facilitate compliance in today’s dynamic and evolving regulatory environment. We are uniquely positioned to interpret regulations and impact on clients, enabling the implementation of technology solutions.
It's designed to help capital market participants connect with other parties quickly and efficiently.
It is designed to help capital market participants connect with other parties quickly and efficiently.
We intend to continue to employ a highly disciplined and focused acquisition strategy to broaden and enhance our product and service offerings, expand our intellectual property portfolio, add new clients and supplement our internal development efforts.
Continue to capitalize on acquisitions of complementary businesses and technologies. We intend to continue to employ a highly disciplined and focused acquisition strategy to broaden and enhance our product and service offerings, expand our intellectual property portfolio, add new clients and supplement our internal development efforts.
We also have solutions catered to insurance accounting and commercial, consumer and residential loan accounting. o Black Diamond Wealth Platform – Black Diamond offers independent advisors, wealth managers, independent broker-dealers (“IBDs”) and aggregators an innovative and dynamic portfolio management and reporting solution delivered through an easy-to-use, feature-rich web-based application.
We also have solutions catered to insurance accounting and commercial, consumer and residential loan accounting. o Black Diamond Wealth Platform – Black Diamond Wealth Platform is a comprehensive single-source suite combining industry-leading wealth and trust management technology and solutions. ▪ Black Diamond – Black Diamond offers independent advisors, wealth managers, independent broker-dealers (“IBDs”) and aggregators an innovative and dynamic portfolio management and reporting solution delivered through an easy-to-use, feature-rich web-based application.
Market Trends The demand for our products and services comes from a number of distinct sources: new formations in asset and wealth management and healthcare, new business lines and combinations of business lines at existing clients, replacement of legacy in-house operations and competitor systems and expansion of our existing client relationships.
Market Trends The demand for our products and services comes from a number of distinct sources: new formations in asset and wealth management and healthcare, new business lines and combinations of business lines at existing clients, objectives to leverage technology to increase operational efficiency, merger and acquisition activity, replacement of legacy in-house operations and competitor systems and expansion of our existing client relationships.
Capitalize on longer-term secular growth trends in financial services and healthcare industries. With our global footprint and best-in-class product offerings, we aim to capture a significant share of the IT spend of alternative asset, institutional and retail asset managers, wealth managers and the healthcare industry through leveraging the deeply embedded service offering we provide and outdistancing the competition.
With our global footprint and best-in-class product offerings, we aim to capture a significant share of the IT spend of alternative asset, institutional and retail asset managers, wealth managers and the healthcare industry through leveraging the deeply embedded service offering we provide and outdistancing the competition.
Through a series of carefully selected acquisitions and organic growth, the breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched. Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 26,000 employees and has 110 offices in 35 countries globally.
Through a series of carefully selected acquisitions, lift outs, and focused research and development, the breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched. Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 28,000 employees and has more than 100 offices in 35 countries globally.
In addition, we expect wealth managers to become familiar with their clients’ preferences for account access and communication and cater to them. Finally, institutional and individual investors, faced with increasingly competitive low-fee and automated options, push investment managers for greater efficiencies and lower fees. ● Accelerated adoption of outsourcing and cloud-based solutions.
In addition, we expect wealth managers to continue addressing their clients’ preferences for transparency and communication. Finally, institutional and individual investors, faced with increasingly competitive low-fee and automated choices, push investment managers for greater efficiencies and lower fees. ● Accelerated adoption of outsourcing and cloud-based solutions.
We believe there is a significant market opportunity to provide software and services to financial services providers outside North America. In the year ended December 31, 2024, we generated 27% of our revenues from clients outside North America. We are building our international operations to increase our sales outside North America.
We believe there is a significant market opportunity to provide software and services to financial services providers outside of the United States. During the year ended December 31, 2025, we generated 33% of our revenues from clients outside of the United States. We are building our international operations to increase our sales outside of the United States.
Additionally, we provide clients with targeted, blended solutions based on a combination of software and software-enabled services. We believe our software-enabled services provide superior client support and an attractive alternative to clients that do not wish to install, manage and maintain complicated financial software. We also serve the healthcare industry through our SS&C Health services and technology-enabled business.
Additionally, we provide clients with targeted, blended solutions based on a combination of software and software-enabled services. We believe our software-enabled services provide superior client support and an attractive alternative to clients that do not wish to install, manage and maintain complicated financial software.
ITEM 1. BUSINESS Overview SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agent. SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to service even the most demanding customers in the financial services and healthcare industries.
ITEM 1. BUSINESS Overview SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) is the world’s leading hedge fund and private equity administrator, as well as mutual fund transfer agent. SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to deliver value to customers of any size, scale, or complexity in the financial services and healthcare industries.
Because we primarily use our proprietary software to execute our software-enabled services and generally own and control our products’ source code, we can quickly enable continuous updates in a highly scalable, reliable and secure manner.
We use our proprietary software products and infrastructure to provide software-enabled services, strengthening our overall operating margins and providing a competitive advantage. Because we primarily use our proprietary software to execute our software-enabled services and generally own and control our products’ source code, we can quickly enable continuous updates in a highly scalable, reliable and secure manner.
We are operating our proprietary software to provide these services, ensuring all aspects of our offering are optimized to deliver cost-effective, accurate solutions. As a publicly-traded company, our clients and prospects have access to our periodic filings with the SEC, giving them transparency into our overall financial strength. 6 Data center ownership and SS&C private cloud.
We are operating our proprietary software to provide these services, ensuring all aspects of our offering are optimized to deliver cost-effective, accurate solutions. As a publicly-traded company, our clients and prospects have access to our periodic filings with the SEC, giving them transparency into our overall financial strength. Experienced management team with strong integrating and operating track record.
Competitors in this market range from large firms whose principal 16 businesses include providing recordkeeping services, such as Empower, Fidelity and Vanguard, to providers of specialized applications and technologies, such as FIS. We also compete with outsource providers like Infosys, TCS and Wipro.
Competitors in this market range from large firms whose principal businesses include providing recordkeeping services, such as Empower, Fidelity and Vanguard, to providers of specialized applications and technologies, such as FIS. We also compete with outsource providers like Infosys, TCS and Wipro. The key competitive factors in marketing retirement solutions include service and the accuracy of information provided to customers.
This continuous feedback process provides us with a significant advantage over many of our competitors, specifically those software competitors that do not offer a comparable model and therefore do not have the same level of hands-on experience with their products. Global industry leader with a strong market position focused on software and software-enabled services for financial services.
This continuous feedback process provides us with a significant advantage over many of our competitors, specifically those software and business process outsourcing competitors that do not offer a comparable model and therefore do not have the same level of hands-on experience with their products.
We embrace a hybrid work model and encourage employees to take time off to maintain a healthy work/life balance. In addition, we offer professional development and tuition reimbursement for degree programs and job-related coursework. Additional Information We were incorporated in Delaware in July 2005, as the successor to a corporation originally formed in Connecticut in March 1986.
In addition, we offer professional development and tuition reimbursement for degree programs and job-related coursework. Additional Information We were incorporated in Delaware in July 2005, as the successor to a corporation originally formed in Connecticut in March 1986.
We believe we can grow our client base over time as our products become more widely adopted. We believe we also have an opportunity to capitalize on the increasing adoption of mission-critical outsourcing operations by financial services and healthcare providers as they continue to replace inadequate legacy solutions and custom in-house solutions which are inflexible and costly to maintain.
We believe we also have an opportunity to capitalize on the increasing adoption of mission-critical outsourcing operations by financial services and healthcare providers as they continue to replace inadequate legacy solutions and custom in-house solutions which are inflexible and costly to maintain. We also believe we have an opportunity to expand our footprint within existing clients.
SS&C owns and operates a global data center footprint to ensure high uptime and regional service delivery for our customers. Our facilities are strategically placed for regional customers and highly scalable. The SS&C Private Cloud delivers our software with very high throughput. Our goal is to manage the infrastructure end-to-end and to limit third-party reliance outside of our control.
Our facilities are strategically placed for regional customers and highly scalable. The SS&C Private Cloud delivers our software with very high throughput. Our goal is to manage the infrastructure end-to-end and to limit third-party reliance outside of our control. SS&C also offers infrastructure and managed IT services through our data centers and private cloud.
We plan to continue to expand our global market presence by leveraging our existing software products and software-enabled services. We also plan to leverage our growing presence in the Asia Pacific region due to recent acquisitions and large client wins. Over the last three years, revenue from the Asia Pacific region has increased 18.4% to $305.8 million.
We plan to continue to expand our global market presence by leveraging our existing software products and software-enabled services. We also plan to leverage our growing presence in the Asia Pacific region due to recent acquisitions, lift outs, and other large client wins. From 2023 to 2025, our revenue from the Asia Pacific region has increased 22.9% to $344.0 million.
Commercial Lending: In our commercial lending market, we compete with a variety of other vendors depending on client characteristics such as size, type, location and functional requirements.
Our strengths in this market include our ability to provide a wide breadth of capability and our cost-effective solutions to our clients. Commercial Lending: In our commercial lending market, we compete with a variety of other vendors depending on client characteristics such as size, type, location and functional requirements.
Our revenues are highly diversified, with our largest client in 2024 accounting for less than 5% of our revenues. Additional financial information, including geographic information, is available in our Consolidated Financial Statements and Note 13 to our Consolidated Financial Statements. 4 Our Industry We serve a number of vertical markets within the financial services and healthcare industries.
Our revenues are highly diversified, with our largest client in 2025 accounting for less than 5% of our revenues. Additional financial information, including geographic information, is available in our Consolidated Financial Statements and Note 13 to our Consolidated Financial Statements.
SS&C’s Salentica CRM is purpose-built for asset and wealth managers and built on top of the leading CRM platforms at Salesforce and Microsoft.
Our CRM capabilities create efficient workflows for typical business processes and enhance processes for sales, service and analytics. SS&C’s Salentica CRM is purpose-built for asset and wealth managers and built on top of the leading CRM platforms at Salesforce and Microsoft.
Furthermore, it may be possible for unauthorized third parties to copy portions of our products or to reverse engineer or otherwise obtain and use proprietary information, and third parties may assert ownership rights in our proprietary technology. For additional risks relating to our proprietary technology, please see “Risk Factors — Risks “Relating to Our Business”.
These efforts may be insufficient to prevent third parties from asserting intellectual property rights in our technology. Furthermore, it may be possible for unauthorized third parties to copy portions of our products or to reverse engineer or otherwise obtain and use proprietary information, and third parties may assert ownership rights in our proprietary technology.
We expect regulatory changes to increase the complexity of compliance and the demand for our products and services and motivate clients to develop infrastructure and research management processes to mitigate regulatory exposure.
We expect regulatory changes to increase the complexity of compliance and the demand for our products and services and motivate clients to develop infrastructure and research management processes to mitigate regulatory exposure. We plan to benefit from the growing software spend in the increasingly complex and more highly regulated financial services and healthcare landscape.
We generated revenues of $5,882.0 million for the year ended December 31, 2024 as compared to revenues of $5,502.8 million for the year ended December 31, 2023. In 2024, we generated 73% of our revenues from clients in North America and 27% from clients outside North America.
We generated revenues of $6,272.2 million for the year ended December 31, 2025 as compared to revenues of $5,882.0 million for the year ended December 31, 2024. In 2025, we generated 67% of our revenues from clients in the United States and 33% from clients outside the United States.
As investment managers look to grow through diversified offerings (alternative assets, real assets, and private equity) in global markets, they need their technology investments and servicing partners to be long-lived and deliver a return on their investment for different types of businesses models. Our scalable solutions empower client growth while diversifying their product offering.
As investment managers look to grow through diversified offerings (alternative assets, real assets, and private equity) in global markets, they require technology investments and servicing partners with the depth, experience, and flexibility to deliver a return on their investment for different types of businesses models. Our scalable solutions allow clients to focus on growth, diversification, and other strategic business imperatives.
SS&C provides a full suite of comprehensive capabilities, including but not limited to: global regulatory compliance reporting, tax reporting, risk reporting, net asset value (“NAV”) calculations, valuation services, daily reconciliation of cash and security balances, full investor and transfer agency services and automated support of post-trade activities.
Our capabilities include: global regulatory compliance reporting, tax reporting, risk reporting, net asset value (“NAV”) calculations, valuation services, daily reconciliation of cash and security balances, full investor and transfer agency services, automated support of post-trade activities, securities class action claims and settlement recovery services.
Healthcare providers are looking to improve their customers’ experience through better access to data and an enhanced user interface. As a result, we believe these industries will continue to invest in IT and outsourcing solutions.
Financial services firms are in a search for more risk-averse business strategies, simplified regulatory compliance, and full service solutions provided by a single vendor. Healthcare providers are looking to improve their customers’ experiences through better access to data and an enhanced user interface. As a result, we believe these industries will continue to invest in IT and outsourcing solutions.
The value proposition combines the core software with our global professional services organization and secure private cloud application hosting. 13 • Banking and Lending Solutions o EVOLV – EVOLV is a comprehensive, cloud-based, end-to-end accounting solution for financial institutions that integrates and automates all risk and finance processes relating to a loan portfolio, from data capture to back-end reporting and analytics.
It works in complementary fashion with all the other solutions within our portfolio including WorkHQ, AI Gateway and our AI Agent Solutions. • Banking and Lending Solutions o EVOLV – EVOLV is a comprehensive, cloud-based, end-to-end accounting solution for financial institutions that integrates and automates all risk and finance processes relating to a loan portfolio, from data capture to back-end reporting and analytics.
We are a global business providing a broad portfolio of software products and software-enabled services and have 110 offices worldwide. As of December 31, 2024, we had more than 23,000 development, service and support professionals with significant expertise across the industries we serve and deep working knowledge of our clients’ businesses.
As of December 31, 2025, we had more than 25,000 development, service and support professionals with significant expertise across the industries we serve and deep working knowledge of our clients’ businesses.
SS&C also offers infrastructure and managed IT services through our data centers and private cloud. By handling end-to-end infrastructure management, we reduce reliance on external providers, enhance security, and maintain strict compliance standards. Our managed IT services include design, deployment, maintenance, and ongoing monitoring of clients’ technology stacks.
By handling end-to-end infrastructure management, we reduce reliance on external providers, enhance security, and maintain strict compliance standards. Our managed IT services include design, deployment, maintenance, and ongoing monitoring of clients’ technology stacks. The result is a robust, scalable, and resilient foundation which powers growth in financial services, healthcare, and beyond.
In addition, SS&C GlobeOp provides similar middle- and back-office outsourcing services and application hosting to institutional asset managers, insurance companies and real estate investment trusts.
In addition, SS&C GlobeOp provides similar middle- and back-office outsourcing services and application hosting to institutional asset managers, insurance companies and real estate investment trusts. • Global Investor and Distribution Solutions (“GIDS”) – Utilizing proprietary software applications, GIDS delivers global transfer agency and investor servicing powered by a single global servicing platform.
This structure allows us to demonstrate we do not have business model or channel conflicts that drive membership to a particular channel (such as retail, mail or specialty pharmacies), nor do we compete with our health plan clients. Our independent model enables us to be a client’s strategic partner versus a potential competitor.
This structure eliminates potential business model or channel conflicts—such as steering membership toward retail, mail-order, or specialty pharmacies—and ensures we do not compete with our health plan clients. Our independence positions us as a strategic partner rather than a potential competitor.
We provide benefits programs that are flexible, comprehensive and competitive. While specifics may vary by country, our benefits package generally includes healthcare coverage, retirement benefits, life and disability insurance, wellness and employee assistance programs, flexible leave policies, 401(k), tuition/professional reimbursement program and more.
While specifics may vary by country, our benefits package generally includes healthcare coverage, retirement benefits, life and disability insurance, wellness and employee assistance programs, flexible leave policies, 401(k) and more. We embrace a hybrid work model and encourage employees to take time off to maintain a healthy work/life balance.
Chorus is deployed globally in many industries, including asset management, life insurance, variable annuities, healthcare, property and casualty insurance, banking and wealth management.
Chorus is deployed globally in many industries, including asset management, life insurance, variable annuities, healthcare, property and casualty insurance, banking and wealth management. The value proposition combines the core software with our global professional services organization and secure private cloud application hosting.
With data translation, rules-based matching and superior investigative tools, our Recon solution streamlines operational efficiency delivering full visibility into cash, holdings, transactions, trial balances and security masters. • Trading Software o Order Management (Moxy, Eze OMS) – SS&C’s trade order management systems provide centralized platforms for making and managing trade order decisions quickly and confidently.
In addition, the system enables our customers to deliver information to clients through their preferred channels, whether print, email or online through a customizable portal. o Reconciliation (Recon) – SS&C’s Recon is a highly scalable reconciliation and exception management system that gives our customers more control over the accounting lifecycle, including account, cash and position reconciliations. 13 With data translation, rules-based matching and superior investigative tools, our Recon solution streamlines operational efficiency delivering full visibility into cash, holdings, transactions, trial balances and security masters. • Trading Software o Order Management (Eze OMS) – SS&C’s trade order management systems provide centralized platforms for making and managing trade order decisions quickly and confidently.
Training options include regularly hosted classroom and online instruction, SS&C Learning Institute , and online client seminars, or “webinars,” that address current, often technical, issues in the financial services and healthcare industries. 14 We periodically make maintenance releases of licensed software available to our clients, as well as regulatory updates (generally during the fourth quarter, on a when and if available basis), to meet industry reporting obligations and other processing requirements.
We periodically make maintenance releases of licensed software available to our clients, as well as regulatory updates (generally during the fourth quarter, on a when and if available basis), to meet industry reporting obligations and other processing requirements.
We have a well-designed rewards program, which benefits both our employees and us by ensuring the alignment of rewards with goals and expectations. Compensation comprises a combination of base salary, bonus and equity. Our compensation program is designed to promote a performance-driven work culture that drives our growth and provides competitive compensation opportunities to attract and retain top performers.
We monitor and evaluate various turnover and attrition metrics throughout our organization. We have a well-designed rewards program, which benefits both our employees and us by ensuring the alignment of rewards with goals and expectations. Compensation comprises a combination of base salary, bonus and equity.
These solutions enable us to effectively meet the needs of a wide-ranging population of payer clients across all market segments . Our business model is characterized by high revenue retention rates and significant cash flow. We generate revenues primarily through our high-value software-enabled services.
Our business model is characterized by high revenue retention rates and significant cash flow. We generate revenues primarily through our high-value software-enabled services.
Our financial services clients include alternative investment funds, investment management firms, institutional and retail asset managers, insurance companies, registered investment advisors (“RIAs”), wealth managers, banks and brokerage firms. Our healthcare clients include individual and government sponsored health plans and healthcare providers.
Our Industry We serve a number of vertical markets within the financial services and healthcare industries – the primary industries in which we operate. Our financial services clients include alternative investment funds, investment management firms, institutional and retail asset managers, insurance companies, registered investment advisors (“RIAs”), wealth managers, banks and brokerage firms.
Our ability to attract, develop and retain highly skilled employees is critical to our success. We value a diverse workforce and an inclusive culture made up of smart people and superb technology. We believe strong collaboration and innovation allow us to be successful. Our employees have widely diverse cultural backgrounds and life experiences.
Our ability to attract, develop and retain highly skilled employees is critical to our success. We value a workforce with a wide range of skills, experiences and background, comprising talented individuals and advanced technology. We believe that strong 19 collaboration and innovation allow us to be successful.
By combining institutional-grade quality with cutting-edge technology, we help apply the right solutions to help grow our client’s business more efficiently. Many of our clients face internal digital transformation projects or external threats from emerging tech disrupter competition. As a result, clients invest in new technology to help expand profit margins and offer new products.
Many of our clients face internal digital transformation projects or external threats from emerging tech disrupter competition. As a result, clients invest in new technology to help expand profit margins and offer new products. In addition, new technology incorporating AI, including agentic AI, is gaining traction, including within the financial services and healthcare industries.
We generally enter into confidentiality and/or license agreements with our employees, distributors, clients and potential clients. We seek to protect our software, documentation and other written materials under trade secret and copyright laws, which afford limited protection. These efforts may be insufficient to prevent third parties from asserting intellectual property rights in our technology.
We have registered trademarks for many of our products and will continue to evaluate the registration of additional trademarks as appropriate. We generally enter into confidentiality and/or license agreements with our employees, distributors, clients and potential clients. We seek to protect our software, documentation and other written materials under trade secret and copyright laws, which afford limited protection.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeRisks Relating to Our Business ● our business is greatly affected by changes in the state of the general economy and the financial markets, and uncertainty in the general economy, the financial services industry or other industries in which our clients operate, could disproportionately affect the demand for our products and services; ● we may not achieve the anticipated benefits from our acquisitions and may face difficulties in integrating them; ● consolidations or failures among our clients or within their respective industries could adversely affect us by causing a decline in demand for our products and services; ● our revenues may decrease due to declines in the levels of participation and activity in the securities markets; ● we are subject to the variations and fluctuations of the asset management industry; ● if we are unable to retain and attract clients, our revenues and net income would remain stagnant or decline; ● if we cannot attract, train and retain qualified employees, we may not be able to provide adequate technical expertise and customer service to our clients; ● we face significant competition with respect to our products and services, which may result in price reductions, reduced gross margins or loss of market share; ● we face risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions that could adversely affect our reputation and our business; ● if third-party service providers on which we rely, or other third parties with which we do business or which facilitate our business activities, suffer disruptions to their IT systems, our business could be harmed; ● we expect that our operating results, including our profit margins and profitability, may fluctuate over time; ● additional tax expense or additional tax exposures could affect our future profitability; ● an increase in subaccounting services performed by brokerage firms has and will continue to adversely impact our revenues; ● catastrophic events may adversely affect our business; ● we have substantial operations and a significant number of employees in India and we are therefore subject to regulatory, economic and political uncertainties in India; ● we are dependent on our senior management and their continued performance and productivity; ● if we are unable to protect our intellectual property, proprietary technology and other confidential information, our success and ability to compete will be subject to various risks, such as third-party infringement claims, unauthorized use of our technology, disclosure of our proprietary information or inability to license technology from third parties; ● we may be unable to adapt to rapidly changing technology and evolving industry standards and regulatory requirements; ● the development and use of machine learning and artificial intelligence presents risks and challenges that could impact our business; ● undetected software design defects, errors or failures, or employee errors, may result in defects, delays, loss of our clients’ data, litigation against us and harm to our reputation and business; ● investment decisions with respect to cash balances, market returns or losses on investments, and limits on insurance applicable to cash balances held in bank and brokerage accounts, including those held by us and as agent on behalf of our clients, could expose us to losses of such cash balances and adversely affect revenues attributable to cash balance deposit investments; ● a substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S.; ● we are exposed to fluctuations in currency exchange rates that could negatively impact our operating results and financial condition; 19 ● our investments in funds and our joint ventures could decline in value; ● we do not control certain businesses in which we have significant ownership; ● some of our joint venture investments are subject to buy-sell agreements, which could, among other things, restrict us from selling our interests even if we were to determine it would be prudent to do so; and ● a material weakness in our internal controls could have a material adverse effect on us.
Biggest changeRisks Relating to Our Business ● our business is greatly affected by changes in the state of the general economy and the financial markets, and uncertainty in the general economy, the financial services industry or other industries in which our clients operate, could disproportionately affect the demand for our products and services; ● we may not achieve the anticipated benefits from our acquisitions and may face difficulties in integrating them; ● consolidations or failures among our clients or within their respective industries could adversely affect us by causing declines in demand for our products and services; ● our revenues may decrease due to declines in the levels of participation and activity in the securities markets; 20 ● we are subject to the variations and fluctuations of the asset management industry; ● if we are unable to retain and attract clients, our revenues and net income would remain stagnant or decline; ● if we cannot attract, train and retain qualified employees, we may not be able to provide adequate technical expertise and customer service to our clients; ● we face significant competition with respect to our products and services, which may result in price reductions, reduced gross margins or loss of market share; ● we face direct and indirect (through our third-party service providers) risks from cyber-attacks, breaches of digital security, IT system failures, disruptions to IT systems and network disruptions that could adversely affect our reputation and our business; ● we expect that our operating results, including our profit margins and profitability, may fluctuate over time; ● additional tax expense or additional tax exposures could affect our future profitability; ● an increase in subaccounting services performed by brokerage firms has and will continue to adversely impact our revenues; ● catastrophic events may adversely affect our business; ● we have substantial operations and a significant number of employees in India and we are therefore subject to regulatory, economic and political uncertainties in India; ● we are dependent on our senior management and their continued performance and productivity; ● if we are unable to protect our intellectual property, proprietary technology and other confidential information, our success and ability to compete will be subject to various risks, such as third-party infringement claims, unauthorized uses of our technology, disclosures of our proprietary information, increased competition, loss of customers, loss of revenue, or inabilities to license technology from third parties; ● we may be unable to adapt to rapidly changing technology and evolving industry standards and regulatory requirements; ● the development and use of AI presents risks and challenges that could impact our business; ● undetected software design defects, errors or failures, or employee errors, may result in defects, delays, losses of our clients’ data, litigation against us and harm to our reputation and business; ● investment decisions with respect to cash balances, market returns or losses on investments, and limits on insurance applicable to cash balances held in bank and brokerage accounts, including those held by us and as agent on behalf of our clients, could expose us to losses of such cash balances and adversely affect revenues attributable to cash balance deposit investments; ● a substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S., subjecting our business to a variety of international political, geopolitical, economic, security, regulatory and other related risks; ● we are exposed to fluctuations in currency exchange rates that could negatively impact our operating results and financial condition; ● our investments in funds and our joint ventures could decline in value; ● we do not control certain businesses in which we have significant ownership; ● some of our joint venture investments are subject to buy-sell agreements, which could, among other things, restrict us from selling our interests even if we were to determine it would be prudent to do so; and ● a material weakness in our internal controls could have a material adverse effect on us.
For example, it may: ● require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund acquisitions, working capital, capital expenditures, research and development efforts and other general corporate purposes; ● increase our vulnerability to and limit our flexibility in planning for, or reacting to, change in our business and the industry in which we operate; ● restrict our ability to make certain distributions with respect to our capital stock due to restricted payment and other financial covenants in our credit facilities and other financing agreements; ● expose us to the risk of increased interest rates as borrowings under our senior credit facility are subject to variable rates of interest; ● place us at a competitive disadvantage compared to our competitors that have less debt; and ● limit our ability to borrow additional funds.
For example, it may: ● require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund acquisitions, working capital, capital expenditures, research and development efforts and other general corporate purposes; ● increase our vulnerability to and limit our flexibility in planning for, or reacting to, change in our business and the industry in which we operate; 34 ● restrict our ability to make certain distributions with respect to our capital stock due to restricted payment and other financial covenants in our credit facilities and other financing agreements; ● expose us to the risk of increased interest rates as borrowings under our senior credit facility are subject to variable rates of interest; ● place us at a competitive disadvantage compared to our competitors that have less debt; and ● limit our ability to borrow additional funds.
These provisions include: ● limitations on the removal of directors; ● a classified board of directors so that not all members of our board are elected at one time; ● advance notice requirements for stockholder proposals and nominations; ● the inability of stockholders to call special meetings; ● the ability of our board of directors to make, alter or repeal our bylaws; ● the ability of our board of directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used to institute a rights plan, or a poison pill, that would work to dilute the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our board of directors; and 35 ● a prohibition on stockholders from acting by written consent, except under certain limited circumstances.
These provisions include: ● limitations on the removal of directors; ● a classified board of directors so that not all members of our board are elected at one time; ● advance notice requirements for stockholder proposals and nominations; ● the inability of stockholders to call special meetings; ● the ability of our board of directors to make, alter or repeal our bylaws; ● the ability of our board of directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used to institute a rights plan, or a poison pill, that would work to dilute the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our board of directors; and ● a prohibition on stockholders from acting by written consent, except under certain limited circumstances.
Legal or Regulatory Risks ● our businesses expose us to risks of claims and losses that could be significant and damage our reputation and business prospects; ● our business is subject to evolving regulations and increased scrutiny from regulators; ● our role as a fund administrator has in the past, and may in the future, expose us to claims and litigation from clients, their investors, regulators or other third-parties; ● because our platform could be used to collect, store, handle, transmit or otherwise process personal information of our customers’ employees or customers, privacy concerns could result in additional cost and liability to us or inhibit use of our platform; and ● we could become subject to litigation regarding our or a third party’s intellectual property rights or other confidential or proprietary information, which could seriously harm our business and require us to incur significant costs.
Legal or Regulatory Risks ● our businesses expose us to risks of claims and losses that could be significant and damage our reputation and business prospects; ● our business is subject to evolving regulations and increased scrutiny from regulators; ● our role as a fund administrator has in the past, and may in the future, expose us to claims and litigation from clients, their investors, regulators or other third-parties; ● because our platform could be used to collect, store, handle, transmit or otherwise process personal information of our customers’ employees or customers, privacy concerns could result in additional cost and liability to us or inhibit use of our 21 platform; and ● we could become subject to litigation regarding our or a third party’s intellectual property rights or other confidential or proprietary information, which could seriously harm our business and require us to incur significant costs.
Our ability to keep up with technology and business and regulatory changes is subject to a number of risks, including that: ● we may find it difficult or costly to update our services and software and to develop new products and services quickly enough to meet our clients’ needs; ● we may find it difficult or costly to make some features of our software work effectively and securely over the Internet or with new or changed operating systems; ● we may find it difficult or costly to update our software and services to keep pace with business, evolving industry standards, regulatory requirements and other developments in the industries in which our clients operate; and ● we may be exposed to liability for security breaches that allow unauthorized persons to gain access to confidential, proprietary or personal information stored on our computers or transmitted over our network.
Our ability to keep up with technology and business and regulatory changes is subject to a number of risks, including that: 28 ● we may find it difficult or costly to update our services and software and to develop new products and services quickly enough to meet our clients’ needs; ● we may find it difficult or costly to make some features of our software work effectively and securely over the Internet or with new or changed operating systems; ● we may find it difficult or costly to update our software and services to keep pace with business, evolving industry standards, regulatory requirements and other developments in the industries in which our clients operate; and ● we may be exposed to liability for security breaches that allow unauthorized persons to gain access to confidential, proprietary or personal information stored on our computers or transmitted over our network.
The loss of any of the members of our senior management may cause a significant disruption in our business, jeopardize existing customer relationships, impair our 25 compliance efforts as a public company, and have a material adverse effect on our business objectives. We do not maintain key man life insurance policies for any senior officer or manager.
The loss of any of the members of our senior management may cause a significant disruption in our business, jeopardize existing customer relationships, impair our compliance efforts as a public company, and have a material adverse effect on our business objectives. We do not maintain key man life insurance policies for any senior officer or manager.
These product defects or errors in the product operations, or employee errors, poor performance or misconduct, could cause damages to our clients for which they may assert claims or lawsuits against us. The cost of defending such a lawsuit, regardless of its merit, could be substantial and could divert management’s attention and result in reputational harm.
These product defects or errors in the product operations, or employee errors, poor performance or misconduct, could cause damages to our clients for which they may 29 assert claims or lawsuits against us. The cost of defending such a lawsuit, regardless of its merit, could be substantial and could divert management’s attention and result in reputational harm.
These claims and any resulting lawsuit, if successful, could subject us to significant liability for damages and our intellectual property rights being reduced, narrowed or held unenforceable or invalid. These lawsuits, 32 regardless of their success, could be time-consuming and expensive to resolve, adversely affect our revenues, profitability and prospects, and divert management time and attention.
These claims and any resulting lawsuit, if successful, could subject us to significant liability for damages and our intellectual property rights being reduced, narrowed or held unenforceable or invalid. These lawsuits, regardless of their success, could be time-consuming and expensive to resolve, adversely affect our revenues, profitability and prospects, and divert management time and attention.
These arrangements could also allow us to purchase the other owners’ interests to prevent someone else from 29 acquiring them and we cannot control the timing of occasions to do so. The businesses or other owners may encourage us to increase our investment in or make contributions to the businesses at an inopportune time.
These arrangements could also allow us to purchase the other owners’ interests to prevent someone else from acquiring them and we cannot control the timing of occasions to do so. The businesses or other owners may encourage us to increase our investment in or make contributions to the businesses at an inopportune time.
The Credit Agreement limits our ability, among other things, to: ● incur additional indebtedness; ● make certain investments; 33 ● sell assets, including capital stock of certain subsidiaries; ● declare or pay dividends, repurchase or redeem stock or make other distributions to stockholders; ● consolidate, merge, liquidate or dissolve; ● enter into transactions with our affiliates; and ● incur liens.
The Credit Agreement limits our ability, among other things, to: ● incur additional indebtedness; ● make certain investments; ● sell assets, including capital stock of certain subsidiaries; ● declare or pay dividends, repurchase or redeem stock or make other distributions to stockholders; ● consolidate, merge, liquidate or dissolve; ● enter into transactions with our affiliates; and ● incur liens.
We also may invest in technology or infrastructure for specific clients and not realize additional revenue from such investments. If trends or events do not occur as we expect, our business could be negatively impacted. We may not achieve the anticipated benefits from our acquisitions and may face difficulties in integrating them.
We also may invest in technology or infrastructure for specific clients and not realize additional revenue from such investments. If trends or events do not occur as we expect, our business could be negatively impacted. 22 We may not achieve the anticipated benefits from our acquisitions and may face difficulties in integrating them.
Although we expend significant resources and oversight efforts in an attempt to ensure that we maintain appropriate safeguards with respect to cyber-attacks, and protect against the threat of system disruptions and security breaches, there is no guarantee that our systems and procedures are adequate to protect against all security breaches.
Although we expend significant resources, oversight and governance efforts in an attempt to ensure that we maintain appropriate safeguards with respect to cyber-attacks, and protect against the threat of system disruptions and security breaches, there is no guarantee that our systems and procedures are adequate to protect against all security breaches.
In addition, Delaware law imposes requirements that may restrict the ability of our subsidiaries, including SS&C, to pay dividends to SS&C Holdings. These limitations could reduce our attractiveness to investors. Our management has broad discretion in the use of our existing cash resources and may not use such funds effectively.
In addition, Delaware law imposes 36 requirements that may restrict the ability of our subsidiaries, including SS&C, to pay dividends to SS&C Holdings. These limitations could reduce our attractiveness to investors. Our management has broad discretion in the use of our existing cash resources and may not use such funds effectively.
If our software-enabled services are disrupted or fail for any reason, or if our systems or facilities are infiltrated or damaged by unauthorized persons, we and our clients could experience data loss, including confidential, proprietary and 23 personal information, financial loss, harm to their reputation and significant business interruption.
If our software-enabled services are disrupted or fail for any reason, or if our systems or facilities are infiltrated or damaged by unauthorized persons, we and our clients could experience data loss, including confidential, proprietary and personal information, financial loss, harm to their reputation and significant business interruption.
A number of third parties hold patents and other intellectual property rights with application in the financial services field. Consequently, we are subject to the risk that such third parties will claim that our products infringe, misappropriate or otherwise violate their intellectual property rights, including their patent rights.
A number of third parties also hold patents and other intellectual property rights with application in the financial services field. Consequently, we are subject to the risk that such third parties will claim that our products infringe, misappropriate or otherwise violate their intellectual property rights, including their patent rights.
Given the volatility of exchange rates, we cannot be assured we will be able to effectively manage our currency translation or transaction risk, and significant changes in the value of foreign currencies relative to the U.S. dollar could adversely affect our financial statements.
Given the volatility of exchange rates, we cannot be assured we will be able to effectively manage our currency translation or transaction risk, and significant changes in the value of foreign currencies relative to the U.S. 30 dollar could adversely affect our financial statements.
As a result, our relationships with our clients may subject us to increased scrutiny from a 30 number of regulators and government entities that regulate the financial services industry in the U.S., the U.K. and the other jurisdictions in which we operate.
As a result, our relationships with our clients may subject us to increased scrutiny from a number of regulators and government entities that regulate the financial services industry in the U.S., the U.K. and the other jurisdictions in which we operate.
We derive significant revenues from asset management, administration and distribution contracts with clients. Under these contracts, the fees paid to us are based on a variety of factors, including the market value of assets under management, assets under administration and number of transactions processed.
We derive significant revenues from asset management, administration and distribution contracts with clients. Under these contracts, the fees paid to us are based on a variety of factors, including the market value of assets under management, assets under 23 administration and number of transactions processed.
A catastrophic event could have a direct negative impact on us or an indirect impact on us by, for example, affecting our clients, the financial markets or the overall economy and reducing our ability to provide, our clients’ ability to use, and the demand for, our products and services.
A catastrophic event could have a direct negative impact on us or an indirect impact on us by, for example, affecting our 26 clients, the financial markets or the overall economy and reducing our ability to provide, our clients’ ability to use, and the demand for, our products and services.
We routinely review and update our corporate structure and intercompany arrangements, including transfer pricing policies, consistent with applicable laws and regulations, to align with our business operations across 24 numerous jurisdictions. Failure to align our corporate structure and intercompany arrangements with our business operations may increase our worldwide effective tax rate.
We routinely review and update our corporate structure and intercompany arrangements, including transfer pricing policies, consistent with applicable laws and regulations, to align with our business operations across numerous jurisdictions. Failure to align our corporate structure and intercompany arrangements with our business operations may increase our worldwide effective tax rate.
Acquisitions may also expose us to litigation from our stockholders arising out of the acquisition, which, even if unsuccessful, could be costly to defend and serve as a distraction to management. Consolidations or failures among our clients or within their respective industries could adversely affect us by causing a decline in demand for our products and services.
Acquisitions may also expose us to litigation from our stockholders arising out of the acquisition, which, even if unsuccessful, could be costly to defend and serve as a distraction to management. Consolidations or failures among our clients or within their respective industries could adversely affect us by causing declines in demand for our products and services.
Demand could also decrease if we do not continue to offer products and services that help our clients comply with regulations. For example, our accounts in the healthcare industry are impacted by the Patient Protection and Affordable Care Act of 2010 (the “Affordable Care Act”), including the Health Insurance Marketplace.
Demand could also decrease if we do not continue to offer products and services that help our clients comply with regulations. For example, our accounts in the healthcare industry are impacted by the Patient Protection and Affordable Care Act of 2010, including the Health Insurance Marketplace.
In addition, our employees, partners, independent contacts, consultants, distributors, clients and potential clients may breach our confidentiality agreements and we may not have adequate remedies for any such breach. Furthermore, unauthorized third parties may seek to copy portions of our products or to reverse engineer or otherwise obtain and use our proprietary information.
In addition, our employees, partners, independent contractors, consultants, distributors, clients and potential clients may breach our confidentiality agreements and we may not have adequate remedies for any such breach. Furthermore, unauthorized third parties may seek to copy portions of our products or to reverse engineer or otherwise obtain and use our proprietary information.
Undetected software design defects, errors or failures, or employee errors, may result in defects, delays, loss of our clients’ data, litigation against us and harm to our reputation and business. Our software products are highly complex and sophisticated and could contain design defects or software errors that are difficult to detect and correct.
Undetected software design defects, errors or failures, or employee errors, may result in defects, delays, losses of our clients’ data, litigation against us and harm to our reputation and business. Our software products are highly complex and sophisticated and could contain design defects or software errors that are difficult to detect and correct.
SS&C Holdings is a holding company with no operations or assets of its own and its ability to pay dividends is limited or otherwise restricted. As of December 31, 2024, SS&C Holdings has no direct operations and no significant assets other than the stock of SS&C.
SS&C Holdings is a holding company with no operations or assets of its own and its ability to pay dividends is limited or otherwise restricted. As of December 31, 2025, SS&C Holdings has no direct operations and no significant assets other than the stock of SS&C.
Risks Relating to Ownership of Our Common Stock ● if equity research analysts do not publish or cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline; ● the market price of our common stock may be volatile, which could result in substantial losses for investors in our common stock; ● William C.
Risks Relating to Ownership of Our Common Stock ● if equity research analysts do not publish or cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline; ● the market price of our common stock may be volatile for a variety of reasons, which could result in substantial losses for investors in our common stock; ● William C.
The market for financial and healthcare services software and services is competitive, rapidly evolving and highly sensitive to new product and service introductions, technology innovations and marketing efforts by industry participants. The markets we serve are also highly fragmented and served by numerous firms that target only local markets or specific client types.
The market for financial and healthcare services software and services is competitive, rapidly evolving and highly sensitive to new product and service introductions, technology innovations including artificial intelligence and marketing efforts by industry participants. The markets we serve are also highly fragmented and served by numerous firms that target only local markets or specific client types.
The price of our stock or trading volume in our stock could decline if one or more equity analysts downgrade our stock or if those analysts issue other unfavorable commentary or cease publishing regular reports about us or our business.
The price of our stock or trading volume in our stock could decline if one or more equity research analysts downgrade our stock or issue other unfavorable commentary or cease publishing regular reports about us or our business.
As of December 31, 2024, we had approximately 7,500 employees located in India. The economy of India may differ favorably or unfavorably from the U.S. economy and our business may be adversely affected by the general economic conditions and economic and fiscal policy in India, including changes in exchange rates and controls, interest rates and taxation policies.
As of December 31, 2025, we had approximately 7,900 employees located in India. The economy of India may differ favorably or unfavorably from the U.S. economy and our business may be adversely affected by the general economic conditions and economic and fiscal policy in India, including changes in exchange rates and controls, interest rates and taxation policies.
Foreign Corrupt Practices Act 28 (“FCPA”) and the U.K.
Foreign Corrupt Practices Act (“FCPA”) and the U.K.
Although we seek to ensure that appropriate security and other standards are maintained by these third parties, these third parties are also subject to the risks discussed in the preceding risk factor, and there is no guarantee that they will maintain systems and procedures sufficient to protect against cyber-attacks, breaches of digital security, IT system failures and network disruptions.
Although we seek to ensure that appropriate security and other standards are maintained by these third parties, these third parties are also subject to the risks discussed above, and there is no guarantee that they will maintain systems and procedures sufficient to protect against cyber-attacks, breaches of digital security, IT system failures, disruptions to IT systems, and network disruptions.
As of February 19, 2025, William C. Stone, our Chairman of the Board and Chief Executive Officer, beneficially owned approximately 14.0% of the outstanding shares of our common stock. We are party to a stockholders’ agreement with Mr. Stone, pursuant to which Mr.
As of February 18, 2026, William C. Stone, our Chairman of the Board and Chief Executive Officer, beneficially owned approximately 14.4% of the outstanding shares of our common stock. We are party to a stockholders’ agreement with Mr. Stone, pursuant to which Mr.
Some of the factors that may cause the market price of our common stock to fluctuate include: ● fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us; ● changes in estimates of our financial results or recommendations by securities analysts; ● failure of any of our products to achieve or maintain market acceptance; ● changes in market valuations of similar companies; ● success of competitive products; ● changes in our capital structure, such as future issuances of securities or the incurrence of additional debt; 34 ● announcements by us or our competitors of significant products, contracts, acquisitions or strategic alliances; ● regulatory developments in any of our markets; ● litigation involving our Company, our general industry or both; ● additions or departures of key personnel; ● investors’ general perception of us; and ● changes in general economic, industry and market conditions.
Some of the factors that may cause the market price of our common stock to fluctuate include: ● fluctuations in our quarterly financial results or the quarterly financial results of similar companies; ● changes in estimates of our financial results or recommendations by equity research analysts; ● failure of any of our products to achieve or maintain market acceptance; ● changes in market valuations of similar companies; ● success of competitive products; ● changes in our capital structure, such as future issuances of securities or the incurrence of additional debt; ● announcements by us or our competitors of significant products, contracts, acquisitions or strategic alliances; ● regulatory developments in any of our markets; ● litigation involving our Company, our general industry or both; ● additions or departures of key personnel; ● geopolitical instability and financial market disruptions ● investors’ general perception of us; and ● changes in inflation, tariffs, interest rates, reduced investor risk appetite and other economic, industry and market conditions.
Risks Relating to Our Indebtedness Our substantial indebtedness could adversely affect our financial health and operations. We currently have a substantial amount of indebtedness. As of December 31, 2024, we had total indebtedness of $7,045.0 million and an additional $596.3 million available for borrowings under our revolving credit facility. This indebtedness could have adverse consequences.
Risks Relating to Our Indebtedness Our substantial indebtedness could adversely affect our financial health and operations. We currently have a substantial amount of indebtedness. As of December 31, 2025, we had total indebtedness of $7,466.9 million and an additional $593.7 million available for borrowings under our revolving credit facility. This indebtedness could have adverse consequences.
We face significant competition from other companies who may develop or deploy AI faster, at lower cost, or more effectively than we do. In addition, third parties may deploy AI technologies in a manner that reduces customer demand for our products and services.
We face significant competition from other companies who may develop or deploy AI faster, at lower cost, or more effectively than we do. In addition, third parties may deploy AI technologies that disrupts our business models, or in a manner that reduces customer demand for, or affects the desirability, pricing or structure of, our products and services.
Rapidly changing technology, evolving industry standards and regulatory requirements and new product and service introductions characterize the market for our products and services.
Rapidly changing technology, including developments related to AI, evolving industry standards and regulatory requirements and new product and service introductions characterize the market for our products and services.
If we are unable to report financial information timely and accurately or to maintain effective disclosure controls and procedures, our stock price could be negatively impacted and we could be subject to, among other things, regulatory or enforcement actions by the SEC, which could have a material adverse effect on our business, results of operations and financial condition.
If we are unable to report financial information timely and accurately or to maintain effective disclosure controls and procedures, our stock price could be negatively impacted and we could be subject to, among other things, regulatory or enforcement actions by the SEC, which could have a material adverse effect on our business, results of operations and financial condition. 31 Legal or Regulatory Risks Our businesses expose us to risks of claims and losses that could be significant and damage our reputation and business prospects.
In addition, the third parties with which we do business upon which we rely or which facilitate our business activities, including financial intermediaries, are susceptible to the risks described in the preceding risk factor (including regarding the third parties with which they are similarly interconnected), and our or their business operations and activities may therefore be adversely affected, perhaps materially, by failures, terminations, errors or malfeasance by, or attacks or constraints on, one or more financial, technology or infrastructure institutions or intermediaries with whom they are interconnected or conduct business.
In addition, the third parties with which we do business upon which we rely or which facilitate our business activities, including financial intermediaries, are susceptible to the risks described above (including regarding the third parties with which they are similarly interconnected), and our or their business operations and activities may therefore be adversely affected, perhaps materially, by failures, terminations, errors or malfeasance by, or attacks or constraints on, one or more financial, technology or infrastructure institutions or intermediaries with whom they are interconnected or conduct business. 25 We expect that our operating results, including our profit margins and profitability, may fluctuate over time.
However, the UK GDPR will not automatically incorporate changes made to the GDPR going forward (which would need to be specifically incorporated by the UK Government), which creates a risk of divergent parallel regimes and related uncertainty and compliance risk.
However, the UK GDPR does not automatically incorporate changes made to the GDPR, and such changes need to be specifically incorporated by the UK Government. This creates a risk of divergent parallel regimes and related uncertainty and compliance risk.
In certain circumstances in the U.S., we are also subject to the federal Gramm-Leach-Bliley Act (“GLBA”), which, among other things, requires certain of our businesses, including, without limitation, broker-dealers, transfer agents, and registered investment advisers, to maintain written policies and procedures to protect certain non-public personal information of individuals who are clients of certain of our financial 31 institution customers, to notify such individuals if certain of their sensitive non-public personal information has been accessed or used without authorization, and to take reasonable measures to protect against unauthorized access to or use of certain non-public personal information of individuals who are clients of certain of our financial institution customers in connection with its disposal.
Securities and Exchange Commission (“SEC”), which, among other things, requires certain of our businesses, including, without limitation, broker-dealers, transfer agents, and registered investment advisers, to maintain written policies and procedures to protect certain non-public personal information of individuals who are clients of certain of our financial institution customers, to notify such individuals if certain of their sensitive non-public personal information has been accessed or used without authorization, and to take reasonable measures to protect against unauthorized access to or use of certain non-public personal information of individuals who are clients of certain of our financial institution customers in connection with its disposal.
A variety of factors could affect our ability to successfully retain and attract clients, including: ● the level of demand for our products and services; ● the difficulty of potential customers to change software service providers; ● the level of client spending for IT; ● the level of competition from internal client solutions and from other vendors; ● the quality of our client service and the performance of our products; ● our ability to update our products and services and develop new products and services needed by clients; ● our ability to understand the organization and processes of our clients; and ● our ability to integrate and manage acquired businesses. 22 If we cannot attract, train and retain qualified employees, we may not be able to provide adequate technical expertise and customer service to our clients.
A variety of factors could affect our ability to successfully retain and attract clients, including: ● the level of demand for our products and services; ● the difficulty of potential customers to change software service providers; ● the level of client spending for IT; ● the level of competition from internal client solutions and from other vendors; ● the quality of our client service and the performance of our products; ● our ability to update our products and services and develop new products and services needed by clients; ● our ability to understand the organization and processes of our clients; and ● our ability to integrate and manage acquired businesses.
If we are unable to protect our intellectual property, proprietary technology and other confidential information, our success and our ability to compete will be subject to various risks, such as third-party infringement claims, unauthorized use of our technology, disclosure of our proprietary information or inability to license technology from third parties.
If we are unable to protect our intellectual property, proprietary technology and other confidential information, our success and our ability to compete will be subject to various risks, such as third-party infringement claims, unauthorized uses of our technology, disclosures of our proprietary information, increased competition, loss of customers, loss of revenue, or inabilities to license technology from third parties.
We believe that our success is due in part to our ability to attract, train and retain highly skilled employees. Competition for qualified personnel in the software and hedge fund industries is intense, and we have, at times, found it difficult to attract and retain skilled personnel for our operations.
Competition for qualified personnel in the software and hedge fund industries is intense, and we have, at times, found it difficult to attract and retain skilled personnel for our operations.
Our success and ability to compete depends in part upon our ability to protect our intellectual property, proprietary technology and other confidential information. We rely on a combination of patent, trade secret, copyright and trademark law, and nondisclosure agreements, license agreements and technical measures to protect our intellectual property, proprietary technology and other confidential information.
We rely on a combination of patent, trade secret, copyright and trademark law, and nondisclosure agreements, license agreements, and intellectual property assignment agreements, as well as technical measures, to protect our intellectual property, proprietary technology, and other confidential information.
Recent legal developments in Europe have created complexity, uncertainty and risk regarding such transfers, in particular in relation to transfers to the United States. Moreover, following Brexit, the GDPR was transposed into UK law (“UK GDPR”) as supplemented by the UK Data Protection Act 2018, which currently imposes the same obligations as the GDPR in most material respects.
Recent legal developments in Europe have created complexity, uncertainty and risk regarding such transfers, in particular in relation to transfers to the United States. Moreover, the GDPR has been transposed into UK law (“UK GDPR”) and it currently imposes the same obligations as the GDPR in most material respects.
We estimate that our current levels of indebtedness as of December 31, 2024 will result in annual interest payments of approximately $431.1 million. Our ability to make payments on and to refinance our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future.
We estimate, based on our current levels of indebtedness and interest rates in effect as of December 31, 2025, we will incur annual interest payments of approximately $427.8 million. Our ability to make payments on and to refinance our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future.
Changes in, and any violation by our clients of, applicable laws and regulations (whether related to the products and services we provide or otherwise) could diminish their business or financial condition and thus their demand for our products and services or could increase our cost of continuing to provide our products and services to such industries.
We and our clients operate in a number of jurisdictions that may pose a risk of potential FCPA or Bribery Act violations. 32 Changes in, and any violation by our clients of, applicable laws and regulations (whether related to the products and services we provide or otherwise) could diminish their business or financial condition and thus their demand for our products and services or could increase our cost of continuing to provide our products and services to such industries.
In providing our software-enabled services to our customers, we depend upon IT infrastructure that is primarily managed by our firm, but we also depend on third-party service providers to provide some of the IT infrastructure on which we rely.
In providing our software-enabled services to our customers, we depend on third-party service providers to provide some of the IT infrastructure on which we rely.
We have acquired and intend in the future to acquire companies, products or technologies that we believe could complement or expand our business, augment our market coverage, enhance our technical capabilities or otherwise offer growth opportunities. For example, in September 2024, we completed our acquisition of Battea-Class Action Services, LLC (“Battea”).
We have acquired and intend in the future to acquire companies, products or technologies that we believe could complement or expand our business, augment our market coverage, enhance our technical capabilities or otherwise offer growth opportunities.
Bribery Act (“Bribery Act”); ● global trade issues and uncertainties arising from geopolitical tensions, governmental policy changes, and other factors; ● potential expropriation of assets by foreign governments; ● difficulty repatriating any international profits; ● fluctuations in foreign currency exchange rates; ● application of discriminatory fiscal policies; ● potential changes in tax laws and the interpretation and application of such laws; and ● potential difficulty enforcing third-party contractual obligations and intellectual property rights.
Bribery Act (“Bribery Act”); ● global trade issues and uncertainties arising from geopolitical tensions, armed conflicts, tariffs, trade restrictions, governmental policy changes, and other factors; ● potential expropriation, nationalization or increased state intervention affecting assets or operations by the U.S. or foreign governments; ● difficulty repatriating any international profits; ● increased volatility in foreign currency exchange rates or interest rates; ● application of discriminatory or punitive fiscal policies, including targeted or sector-specific levies; ● potential changes in tax laws and the interpretation and application of such laws; and ● potential difficulty enforcing third-party contractual obligations and intellectual property rights.
For example, certain federal laws and laws in all 50 U.S. states require certain businesses to provide notice to consumers whose personal information has been disclosed as a result of a data breach.
Additionally, many statutory requirements, both in the U.S. and abroad, include obligations for companies to notify individuals of data breaches involving certain personal information. For example, certain federal laws and laws in all 50 U.S. states require certain businesses to provide notice to consumers whose personal information has been disclosed as a result of a data breach.
If banks and financial services firms fail or consolidate, there could be a decline in demand for our products and services. Failures, mergers and consolidations of banks and financial institutions reduce the number of our clients and potential clients, which 21 could adversely affect our revenues even if these events do not reduce the aggregate activities of the consolidated entities.
Failures, mergers and consolidations of banks and financial institutions reduce the number of our clients and potential clients, which could adversely affect our revenues even if these events do not reduce the aggregate activities of the consolidated entities.
Additional risks and uncertainties not currently known to us or that we have not currently identified as being material may also impair our business, operating results, cash flows and financial condition. 18 Summary of Risk Factors The following is a summary of the material risks and uncertainties that could adversely affect our business, financial condition and results of operations.
Our business is also subject to general risks and uncertainties that affect many other companies. Additional risks and uncertainties not currently known to us or that we have not currently identified as being material may also impair our business, operating results, cash flows and financial condition.
Our failure to enhance our existing products and services and to develop and introduce new products and services to promptly address the needs of our clients and a changing marketplace could adversely affect our business, results of operations and financial condition. The development and use of machine learning and artificial intelligence presents risks and challenges that could impact our business.
Our failure to enhance our existing products and services, including the integration and adoption of AI, and to develop and introduce new products and services to promptly address the needs of our clients and a changing marketplace could adversely affect our business, results of operations and financial condition.
We cannot predict how the UK GDPR and other UK privacy and data security laws, rules or regulations may develop, including as compared to the GDPR, nor can we predict the effects of divergent laws and related guidance.
We cannot predict how the UK GDPR and other UK privacy and data security laws, rules or regulations may develop, including as compared to the GDPR, nor can we predict the effects of divergent laws and related guidance. 33 Moreover, we face similar issues and risks of compliance with divergent data privacy laws in India, Thailand, Brazil, China, and other countries in which we operate.
In the U.S., these include, without limitation, laws and regulations promulgated by states, as well as rules and regulations promulgated under the authority of the Federal Trade Commission (“FTC”) and federal financial regulatory bodies.
In the U.S., these include, without limitation, laws and regulations promulgated by states, as well as rules and regulations promulgated under the authority of the Federal Trade Commission (“FTC”) and federal financial regulatory bodies. In certain circumstances in the U.S., we are also subject to the federal Gramm-Leach-Bliley Act (“GLBA”) and Regulation S-P enacted by the U.S.
In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification, or other contractual protection regarding infringement claims or the quality of the code. 26 We have acquired and may acquire important technology rights through our acquisitions and have often incorporated and may incorporate features of these technologies across many of our products and services.
In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification, or other contractual protection regarding infringement claims or the quality of the code.
If demand for our products or services decreases or if any of the industries we serve decline, our business and our operating results could be adversely affected. 20 The global economy has in the past been subject to severe disruptions in the credit markets, increased uncertainty about economic, political, global trade and market conditions, and periods of heightened volatility in a variety of financial and other markets, including commodity prices and currency rates.
The global economy has in the past been subject to severe disruptions in the credit markets, increased uncertainty about economic, political, global trade and market conditions, and periods of heightened volatility in a variety of financial and other markets, including commodity prices and currency rates.
Our AI algorithms and training methodologies may contain errors, biases or other flaws, or be limited by regulatory or contractual restrictions on using data to train our models. Our AI offerings may fail to win market adoption for various reasons.
AI may produce inaccurate, insufficient or false outputs, and outputs with unintended biases. Our AI algorithms and training methodologies may contain errors, biases or other flaws, or be limited by regulatory or contractual restrictions on using data to train our models.
Our use of AI may result in exposure to claims by third parties of copyright infringement or other intellectual property misappropriation, which may require us to pay compensation or license fees to third parties. 27 Vendors who provide AI technology to us, and who utilize AI technology to provide other products and services to us, and their vendors, may not meet existing or rapidly evolving regulatory or industry standards for privacy and data protection, and level of service and experience.
Vendors who provide AI technology to us, and who utilize AI technology to provide other products and services to us, and their vendors, may not meet existing or rapidly evolving regulatory or industry standards for privacy and data protection, and level of service and experience.
We expect that our operating results, including our profit margins and profitability, may fluctuate over time. Historically, our revenues, profit margins and other operating results have fluctuated from period to period and over time primarily due to the timing, size and nature of our license and service transactions.
Historically, our revenues, profit margins and other operating results have fluctuated from period to period and over time primarily due to the timing, size and nature of our license and service transactions. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on fluctuations in revenues, profit margins and other operating results.
Our international business is also subject to a variety of other risks, including: ● potential changes in a specific country’s or region’s political or economic climate, including the ongoing situation involving Ukraine and Russia, and the conflict in the Middle-East; ● the need to comply with a variety of local regulations and laws, U.S. export controls, the U.S.
Our international business is subject to a variety of risks, including: ● potential changes in a specific country’s or region’s political or economic climate or security environment, including the ongoing conflict between Ukraine and Russia, as well as heightened tensions and armed conflicts in Latin America and the Middle-East, and the indirect effects of such events on global markets, energy prices and financial systems; ● the need to comply with a variety of local regulations and laws, evolving sanctions regimes, U.S. export controls, the U.S.
Risks Relating to Ownership of Our Common Stock If equity research analysts do not publish or cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline.
If the indebtedness under our Credit Agreement were to be accelerated, we cannot assure you that our assets would be sufficient to repay in full that indebtedness and our other indebtedness. 35 Risks Relating to Ownership of Our Common Stock If equity research analysts cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline.
Our current or potential competitors may develop products comparable or superior to those developed by us, or adapt more quickly to new technologies, evolving industry trends or changing client or regulatory requirements. It is also possible that our competitors may enter into alliances with each other or other third parties, and through such alliances, acquire increased market share.
Our current or potential competitors may develop products comparable or superior to those developed by us, or adapt more quickly to new technologies such as artificial intelligence, or to evolving industry trends or changing client or regulatory requirements.
However, acquisitions could subject us to contingent or unknown liabilities, and we may have to incur debt or severance liabilities or write off investments, infrastructure costs or other assets.
Recently, we completed our acquisitions of FPS Trust Company in February 2025, Colossus Topco Limited, the parent company of Calastone Limited, in October 2025 and Curo Fund Services in November 2025. However, acquisitions could subject us to contingent or unknown liabilities, and we may have to incur debt or severance liabilities or write off investments, infrastructure costs or other assets.
Risks Relating to Our Indebtedness ● our substantial indebtedness could adversely affect our financial health and operations; ● to service our indebtedness, we require a significant amount of cash.
Risks Relating to Our Indebtedness ● our substantial indebtedness could adversely affect our financial health and operations; ● to service our indebtedness, we require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control; and ● restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies.
The market price of our common stock may be volatile, which could result in substantial losses for investors in our common stock.
The market price of our common stock may be volatile, for a variety of reasons, which could result in substantial losses for investors in our common stock. The market price of our common stock has in the past, and may in the future, fluctuate significantly. Our common stock has historically traded as high as $91.07 and as low as $6.64.
Competition could also affect the revenue mix of products or services we provide, resulting in decreased revenues in lines of business with higher profit margins, and our business may not grow as expected and may decline. We face risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions that could adversely affect our reputation and our business.
Accordingly, our failure to successfully compete in any of our material businesses could have a material adverse effect on results of operations. Competition could also affect the revenue mix of products or 24 services we provide, resulting in decreased revenues in lines of business with higher profit margins, and our business may not grow as expected and may decline.
The dollar amount of transactions processed or cleared is vastly in excess than the revenues we derive from providing these services.
Our proprietary applications and related consulting and other services include the processing or clearing of financial and healthcare transactions for our clients and their customers and the design of benefit plans and compliance programs. The dollar amount of transactions processed or cleared is vastly in excess than the revenues we derive from providing these services.
You should read this summary together with the more detailed description of each risk factor contained below.
Summary of Risk Factors The following is a summary of the material risks and uncertainties that could adversely affect our business, financial condition and results of operations. You should read this summary together with the more detailed description of each risk factor contained below.
If a third party were to gain unauthorized access to or independently develop the confidential or proprietary information we possess, we could suffer a loss of revenues, we could experience an adverse impact on our competitive position, and our relationships with our clients and our reputation could be materially adversely affected. Existing patent and copyright laws afford only limited protection.
If our employees or former employees, partners, independent contractors, consultants or other persons misappropriate or otherwise violate our intellectual property or other proprietary rights, or if a third party were to gain unauthorized access to or independently develop the confidential or proprietary information we possess, whether alone or with the unauthorized assistance of our employees or former employees, partners, independent contractors, consultants or other persons, we could experience increased competition, loss of customers, loss of revenues, and our relationships with our clients and our reputation could be materially adversely affected.
We develop and incorporate machine learning and AI technology (collectively “AI”) in certain of our products, services and operations. Issues related to AI may result in reputational harm, liability, increased costs, or other material adverse consequences to our business. AI may produce inaccurate, insufficient or false outputs, and outputs with unintended biases.
The development and use of AI presents risks and challenges that could impact our business. We develop and incorporate AI in certain of our products, services and operations. Issues related to AI may result in reputational harm, liability, increased costs, or other material adverse consequences to our business. Our AI offerings may fail to win market adoption for various reasons.
A substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S. For the years ended December 31, 2024, 2023 and 2022 international revenues accounted for 31%, 31% and 29%, respectively, of our total revenues. We sell certain of our products primarily outside the U.S.
A substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S., subjecting our business to a variety of international political, geopolitical, economic, security, regulatory and other related risks. We sell certain of our products primarily outside the U.S.
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Our business is also subject to general risks and uncertainties that affect many other companies.
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If demand for our products or services decreases or if any of the industries we serve declines, our business and our operating results could be adversely affected.
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Our ability to generate cash depends on many factors beyond our control; ● restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies; and ● loans under our Credit Agreement bear interest based on SOFR, and SOFR has a limited history.
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If banks, asset management and other financial services firms fail or consolidate, there could be declines in demand for our products and services.
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Increased competition may result in price reductions, reduced gross margins and loss of market share. Accordingly, our failure to successfully compete in any of our material businesses could have a material adverse effect on results of operations.
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If we cannot attract, train and retain qualified employees, we may not be able to provide adequate technical expertise and customer service to our clients. We believe that our success is due in part to our ability to attract, train and retain highly skilled employees.
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If third-party service providers on which we rely, or other third parties with which we do business or which facilitate our business activities, suffer disruptions to their IT systems, our business could be harmed.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeSee “Risk factors - Risks Relating to Our Business - We face risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions that could adversely affect our reputation and our business.” for more information about these risks.
Biggest changeSee “Risk factors - Risks Relating to Our Business - We face direct and indirect (through our third-party service providers) risks from cyber-attacks, breaches of digital security, IT system failures, disruptions to IT systems and network disruptions that could adversely affect our reputation and our business.” for more information about these risks.
Such cybersecurity 36 incidents could lead to disruptions in our systems; the unauthorized release or destruction of our or our clients’ or other parties’ confidential or otherwise protected information; and corruption of data. We regularly re-evaluate, modify and enhance our information security processes as new technologies emerge or new risks are identified.
Such cybersecurity incidents could lead to disruptions in our systems; the unauthorized release or destruction of our or our clients’ or other parties’ confidential or otherwise protected information; and corruption of data. We regularly re-evaluate, modify and enhance our information security processes as new technologies emerge or new risks are identified.
We have layered defenses designed to protect against intrusions that could affect the confidentiality, integrity and availability of information. We prepare for security incidents by analyzing threat intelligence, holding periodic cybersecurity incident tabletop exercises, and reviewing lessons learned on a regular basis. Our incident management process is communicated to employees during periodic security awareness training.
We have layered defenses designed to protect against intrusions that could affect the confidentiality, integrity and availability of information. We prepare for security incidents by analyzing threat intelligence, holding periodic cybersecurity incident tabletop exercises, and reviewing lessons learned on a regular basis. Our incident management process is communicated to employees during periodic security awareness trainings.
In 2024, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business, operating results, cash flows or financial condition. Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us.
In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business, operating results, cash flows or financial condition. Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us.
We conduct systematic and manual assessments designed to identify information security vulnerabilities, such as external party penetration tests , internal manual penetration tests, source code scanning and other techniques. We perform information technology risk assessments on a periodic basis designed to detect risks for which controls and mitigation strategies are developed.
We conduct systematic and manual assessments designed to identify information security vulnerabilities, such as external party penetration tests , internal manual penetration tests, source code scanning and other techniques. We perform information technology 37 risk assessments, on a periodic basis, that are designed to detect risks for which controls and mitigation strategies are subsequently developed.
Global Information Security team members provide regular reports to our CISO with respect to the prevention, detection, mitigation and remediation of cybersecurity incidents, and otherwise aid our CISO in operating the ISMS. Global Information Security team members have relevant education, certifications, and industry experience.
Global Information Security team members provide regular reports to our CISO with respect to the prevention, detection, mitigation and remediation of cybersecurity incidents, and otherwise aid our CISO in operating the ISMS.
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Global Information Security team members have relevant industry experience gained through their roles with SS&C and similar roles at other organizations, as well as the education and certifications necessary to perform their responsibilities effectively.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeITEM 2. P ROPERTIES We lease our corporate offices at 80 Lamberton Road, Windsor, CT 06095. We utilize offices in 109 other locations in North America, South America, Europe, Asia, Australia and Africa. We lease approximately 65% of our office space as compared to owning 35% of our office space.
Biggest changeITEM 2. P ROPERTIES We lease our corporate offices at 80 Lamberton Road, Windsor, CT 06095. We utilize offices in more than 100 other locations in North America, South America, Europe, Asia, Australia and Africa. We lease approximately 65% of our office space and own the remaining 35%.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeIn the opinion of our management, we are not involved in any litigation or proceedings that would have a material adverse effect on us or our business. ITEM 4. MINE SAF ETY DISCLOSURES Not applicable. PAR T II
Biggest changeIn the opinion of our management, we are not involved in any litigation or proceedings that would have a material adverse effect on us or our business. ITEM 4. MINE SAF ETY DISCLOSURES Not applicable. 38 PAR T II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIssuer Purchases of Equity Securities The following is a summary of the repurchases of our common stock in the fourth quarter of 2024 (in millions, except average price per share): Period (1) (a) Total Number of Shares Purchased (2) (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under Plans or Programs (3) October 1, 2024 – October 31, 2024 0.5 $ 70.81 0.5 $ 876.2 November 1, 2024 – November 30, 2024 3.1 $ 74.63 3.1 $ 646.4 December 1, 2024 – December 31, 2024 1.3 $ 76.18 1.3 $ 545.0 Total 4.9 4.9 (1) Information is based on trade dates of repurchase transactions.
Biggest changeIssuer Purchases of Equity Securities The following is a summary of the repurchases of our common stock in the fourth quarter of 2025 (in millions, except average price per share): Period (1) (a) Total Number of Shares Purchased (2) (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under Plans or Programs (3) October 1, 2025 – October 31, 2025 0.5 $ 84.45 0.5 $ 1,200.4 November 1, 2025 – November 30, 2025 1.2 $ 84.66 1.2 $ 1,093.3 December 1, 2025 – December 31, 2025 2.0 $ 87.78 2.0 $ 919.1 Total 3.7 3.7 (1) Information is based on trade dates of repurchase transactions.
The program allows for the purchase of up to $1 billion of outstanding common stock in one or more transactions on the open market or in privately negotiated purchases. 37 Performance Graph This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of SS&C Technologies Holdings, Inc. under the Exchange Act.
The program allows for the purchase of up to $1.5 billion of outstanding common stock in one or more transactions on the open market or in privately negotiated purchases. 39 Performance Graph This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of SS&C Technologies Holdings, Inc. under the Exchange Act.
COMPARISON OF CUMULATIVE TOTAL RETURN* Among SS&C Technologies Holdings, Inc., the Nasdaq Composite Index and the Nasdaq Technology Dividend TR Index * $100 invested in stock on December 31, 2019.
COMPARISON OF CUMULATIVE TOTAL RETURN* Among SS&C Technologies Holdings, Inc., the Nasdaq Composite Index and the Nasdaq Technology Dividend TR Index * $100 invested in stock on December 31, 2020.
The following graph shows a comparison from December 31, 2019 through December 31, 2024 of cumulative total return for our common stock, the Nasdaq Composite Index and the Nasdaq Technology Dividend TR Index. Such returns are based on historical results and are not intended to suggest future performance.
The following graph shows a comparison from December 31, 2020 through December 31, 2025 of cumulative total return for our common stock, the Nasdaq Composite Index and the Nasdaq Technology Dividend TR Index. Such returns are based on historical results and are not intended to suggest future performance.
(2) Represents shares repurchased in open market transactions pursuant to the Common Stock Repurchase Program. (3) Share repurchases were made pursuant to our Common Stock Repurchase Program authorized by our Board of Directors in July 2024.
(2) Represents shares repurchased in open market transactions pursuant to the Common Stock Repurchase Program. (3) Share repurchases were made pursuant to the common stock repurchase program authorized by our Board of Directors in May 2025.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STO CKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on The Nasdaq Global Select Market under the symbol “SSNC”. As of January 17, 2025, we had approximately 269,000 beneficial shareholders of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STO CKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on The Nasdaq Global Select Market under the symbol “SSNC”. As of February 6, 2026, we had approximately 319,000 beneficial shareholders of our common stock.
Return calculations of indices assume the reinvestment of dividends. 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 SS&C Technologies Holdings, Inc. 100 120 136 87 104 131 Nasdaq Composite - Total Returns 100 145 177 119 173 224 Nasdaq Technology Dividend TR Index 100 118 154 120 166 208 ITE M 6. [Reserved]
Return calculations of indices assume the reinvestment of dividends. 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 SS&C Technologies Holdings, Inc. 100 114 73 87 110 128 Nasdaq Composite - Total Returns 100 122 82 119 154 187 Nasdaq Technology Dividend TR Index 100 130 102 141 176 222 40 ITE M 6. [Reserved]

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThe following table lists the significant businesses we have acquired since January 1, 2022: Acquired Business Acquisition Date Acquired Capabilities, Products and Services Battea-Class Action Services, LLC September 2024 Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services Iress Managed Funds Administration Business October 2023 Provided software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions and data intelligence Tier1 August 2022 Extended SS&C's customer relationship management offerings O'Shares ETF June 2022 Expanded the offerings of SS&C ALPS Advisors, SS&C's wholly-owned asset manager Minerals Management, LLC May 2022 Extended SS&C's offerings into the energy market while helping clients streamline operations across all asset classes and type Hubwise Holdings Limited March 2022 Enhanced SS&C's capacity to help customers create highly automated and efficient multi-asset, multi-currency and multi-wrapper strategies Blue Prism Group Plc March 2022 Added deep expertise in intelligent automation and robotic process automation The discussion in this Part II, Item 7 of this Annual Report on Form 10-K includes the operations of the businesses listed in the table above for the respective time periods each was owned by SS&C.
Biggest changeThe following table lists the businesses we have acquired since January 1, 2023: Acquired Business Acquisition Date Acquired Capabilities, Products and Services Curo Fund Services November 2025 Expanded fund administration offerings and market share growth across South Africa and the African continent Calastone Limited October 2025 Expanded global funds network that connects asset managers and market participants to automated mutual fund and ETF fund transaction processing FPS Trust Company February 2025 Enhanced the managed services provided including high-volume beneficiary distributions, paying agent services and tax processing solutions to institutional trustees and retirement plan administrators Battea-Class Action Services, LLC September 2024 Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services Iress Managed Funds Administration Business October 2023 Provided software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions and data intelligence The discussion in this Part II, Item 7 of this Annual Report on Form 10-K includes the operations of the businesses listed in the table above for the respective time periods each was owned by SS&C.
Financing activities: Cash used in financing activities during the year ended December 31, 2024 was $152.3 million and primarily resulted from $737.5 million of purchases of common stock for treasury, $244.9 million in quarterly dividends paid, $39.4 million in payments of deferred financing fees and $26.2 million in withholding taxes paid related to equity award net share settlements.
Financing activities: Cash used in financing activities during the year ended December 31, 2024 was $152.3 million and primarily resulted from $737.5 million of purchases of common stock for treasury, $244.9 million in quarterly dividends paid, $39.4 million in payments of deferred financing fees and $26.2 million in withholding taxes paid related to equity award net share 46 settlements.
Consolidated EBITDA has other limitations as an analytical tool, when compared to the use of net income, which is the most directly comparable GAAP financial measure, including: • Consolidated EBITDA does not reflect the significant interest expense we incur as a result of our debt leverage; • Consolidated EBITDA does not reflect the provision (benefit) of income tax expense in our various jurisdictions; • Consolidated EBITDA does not reflect any attribution of costs to our operations related to our investments and capital expenditures through depreciation and amortization charges; • Consolidated EBITDA does not reflect the cost of compensation we provide to our employees in the form of stock-based awards; • Consolidated EBITDA does not reflect the equity in earnings of unconsolidated affiliates; and • Consolidated EBITDA excludes expenses and income that are permitted to be excluded per the terms of our Credit Agreement, but which others may believe are normal expenses for the operation of a business.
Consolidated EBITDA has other limitations as an analytical tool, when compared to the use of net income, which is the most directly comparable GAAP financial measure, including: • Consolidated EBITDA does not reflect the interest expense we incur as a result of our debt leverage; 50 • Consolidated EBITDA does not reflect the provision (benefit) of income tax expense in our various jurisdictions; • Consolidated EBITDA does not reflect any attribution of costs to our operations related to our investments and capital expenditures through depreciation and amortization charges; • Consolidated EBITDA does not reflect the cost of compensation we provide to our employees in the form of stock-based awards; • Consolidated EBITDA does not reflect the equity in earnings of unconsolidated affiliates; and • Consolidated EBITDA excludes expenses and income that are permitted to be excluded per the terms of our Credit Agreement, but which others may believe are normal expenses for the operation of a business.
When we determine that the carrying value of intangibles may not be recoverable due to the existence of one or more of the above indicators of potential impairment, we assess whether an impairment has occurred based on whether net book value of the assets exceeds related projected undiscounted cash flows from these assets.
When we determine that the carrying value of intangibles may not be recoverable due to the existence of one or more of the above indicators of potential impairment, we assess whether an impairment has occurred based on whether net book value of the 52 assets exceeds related projected undiscounted cash flows from these assets.
Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs will be revised. Such revisions are recognized in the period in which the revisions are determined.
Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent 53 in the estimation process, it is at least reasonably possible that completion costs will be revised. Such revisions are recognized in the period in which the revisions are determined.
Our portfolio of software products and rapidly deployable software-enabled 38 services allows our clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, transfer agency, compliance, regulatory services, performance measurement, reconciliation, reporting, processing and clearing.
Our portfolio of software products and rapidly deployable software-enabled services allows our clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, transfer agency, compliance, regulatory services, performance measurement, reconciliation, reporting, processing and clearing.
Also in 2018, we entered into amendments to the Credit Agreement in connection with our acquisitions of Eze and Intralinks, the Term B-5 Loan. On March 22, 2022, in connection with our acquisition of Blue Prism, we entered into an Incremental Joinder to the Credit Agreement with certain of our 45 subsidiaries.
Also in 2018, we entered into amendments to the Credit Agreement in connection with our acquisitions of Eze and Intralinks, the Term B-5 Loan. On March 22, 2022, in connection with our acquisition of Blue Prism, we entered into an Incremental Joinder to the Credit Agreement with certain of our subsidiaries.
(3) Investment gains includes unrealized fair value adjustments of investments and dividend income received on investments. 49 (4) Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters.
(3) Investment gains includes unrealized fair value adjustments of investments and dividend income received on investments. (4) Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters.
As of December 31, 2024 and 2023, we have two reporting units, one is our health business and the other includes the rest of our operations. To the extent that we do not achieve our revenue or operating cash flow plans or other measures of fair value decline, including external valuation assumptions, our current goodwill carrying value could be impaired.
As of December 31, 2025 and 2024, we have two reporting units, one is our health business and the other includes the rest of our operations. To the extent that we do not achieve our revenue or operating cash flow plans or other measures of fair value decline, including external valuation assumptions, our current goodwill carrying value could be impaired.
Revenues. As we have expanded our business, we have focused on increasing our software-enabled services. Since 2022, we have seen increased demand in the financial services industry for these services from existing and new customers. We have taken a number of steps to support that demand, such as automating our software-enabled services delivery methods and expanding our service offerings.
Revenues. As we have expanded our business, we have focused on increasing our software-enabled services. Since 2023, we have seen increased demand in the financial services industry for these services from existing and new customers. We have taken a number of steps to support that demand, such as automating our software-enabled services delivery methods and expanding our service offerings.
As of December 31, 2024, we were in compliance with all financial and non-financial covenants. The 5.5% Senior Notes are guaranteed, jointly and severally, by SS&C Holdings and all of its existing and future domestic restricted subsidiaries that guarantee our existing senior secured credit facilities or certain other indebtedness.
As of December 31, 2025, we were in compliance with all financial and non-financial covenants. The 5.5% Senior Notes are guaranteed, jointly and severally, by SS&C Holdings and all of its existing and future domestic restricted subsidiaries that guarantee our existing senior secured credit facilities or certain other indebtedness.
We made additional principal payments prior to their scheduled maturity in 2024, 2023 and 2022, which resulted in a loss on extinguishment of debt of $3.5 million, $2.1 million and $5.5 million, respectively, due to the write-off of a portion of the unamortized capitalized financing fees and the unamortized original issue discount.
We made additional principal payments prior to their scheduled maturity in 2025, 2024 and 2023, which resulted in a loss on extinguishment of debt of $3.3 million, $3.5 million and $2.1 million, respectively, due to the write-off of a portion of the unamortized capitalized financing fees and the unamortized original issue discount.
While actual results during the years ended December 31, 2024, 2023 and 2022 were consistent with our estimated cash flows and we did not incur any impairment charges during those years, different estimates and assumptions in valuing acquired assets could yield materially different results.
While actual results during the years ended December 31, 2025, 2024 and 2023 were consistent with our estimated cash flows and we did not incur any impairment charges during those years, different estimates and assumptions in valuing acquired assets could yield materially different results.
Our impairment analysis indicated that the fair values of our reporting units significantly exceeded their carrying values at December 31, 2024. We assess the impairment of identifiable intangibles and goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Our impairment analysis indicated that the fair values of our reporting units significantly exceeded their carrying values at December 31, 2025. We assess the impairment of identifiable intangibles and goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible Assets and Goodwill In connection with the completion of our acquisitions, we allocate the purchase price to the assets and liabilities we acquire, such as net tangible assets, completed technology, customer relationships, other identifiable intangible assets, deferred revenue and goodwill.
Acquisition Accounting, Intangible Assets and Goodwill In connection with the completion of our acquisitions, we allocate the purchase price to the assets and liabilities we acquire, such as net tangible assets, completed technology, customer relationships, other identifiable intangible assets, deferred revenue and goodwill.
License and professional services revenues tend to fluctuate based on the number of new licensing clients, the timing and terms of contract renewals and demand for consulting services.
License and related revenues tend to fluctuate based on the number of new licensing clients, the timing and terms of contract renewals and demand for consulting services.
The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes: Amount Outstanding at December 31, 2024 Maturity Scheduled Quarterly (in millions) Date Payments Required Senior Secured Credit Facilities Term B-8 Loans $ 3,500.0 May 9, 2031 (1) Term A-9 Loans 795.0 September 27, 2029 (2) 0.625% (3) Revolving Credit Facility — December 28, 2027 None 5.5% Senior Notes 2,000.0 September 30, 2027 None 6.5% Senior Notes 750.0 June 1, 2032 None (1) Per the September 2024 Incremental Joinder, scheduled quarterly payments of 0.25% are required.
The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes: Amount Outstanding at December 31, 2025 Maturity Scheduled Quarterly (in millions) Date Payments Required Senior Secured Credit Facilities Term B-8 Loans $ 3,941.9 May 9, 2031 (1) Term A-9 Loans 775.0 September 27, 2029 (2) 0.625% (3) Revolving Credit Facility (4) — December 28, 2027 None 5.5% Senior Notes 2,000.0 September 30, 2027 None 6.5% Senior Notes 750.0 June 1, 2032 None (1) Per the September 2024 Incremental Joinder, scheduled quarterly payments of 0.25% are required.
We apply a measure of progress (typically time-based) to any fixed consideration and allocate variable consideration to the distinct periods of service based on usage or summarization of account information. These variable payments relate specifically to our efforts to perform the services in the period in which the fee applies.
We apply a measure of progress (typically time-based) to any fixed consideration and allocate variable consideration to the distinct periods of service based on usage. These variable payments relate specifically to our efforts to perform the services in the period in which the fee applies.
License, maintenance and related revenues increased $27.2 million, or 2.7%, primarily due to an increase in organic revenues of $25.1 million, acquisitions added $1.8 million in revenues and the favorable impact from foreign currency translation was $0.3 million. Fiscal 2023 versus Fiscal 2022 .
License, maintenance and related revenues increased $27.2 million, or 2.7%, primarily due to an increase in organic revenues of $25.1 million, acquisitions added $1.8 million in revenues and the favorable impact from foreign currency translation was $0.3 million.
Other income, net for 2024 included net investment gains of $19.6 million, which includes fair value adjustments to increase the carrying value of our investments and dividend income. Those investment gains were partially offset by foreign currency translation losses of $8.2 million.
Those investment gains were partially offset by foreign currency translation losses of $8.2 million. Other income, net for 2023 included net investment gains of $19.0 million, which includes fair value adjustments to increase the carrying value of our investments and dividend income.
At December 31, 2024, we held approximately $257.7 million in cash and cash equivalents at non-U.S. subsidiaries where we have made such a determination and in turn no provision for income taxes had been made.
At December 31, 2025, we held approximately $296.7 million in cash and cash equivalents at non-U.S. subsidiaries where we have made such a determination and in turn no provision for income taxes had been made.
While we have income from multiple foreign sources, the majority of our non-U.S. operations are in the United Kingdom and India, where the statutory rates were 25.0% and approximately 25.4%, respectively, in 2024, 23.5% and approximately 33.0%, respectively, in 2023, and 19.0% and approximately 29.0%, respectively, in 2022.
While we have income from multiple foreign sources, the majority of our non-U.S. operations are in the United Kingdom and India, where the statutory rates were 25.0% and approximately 25.3%, respectively, in 2025, 25.0% and approximately 25.4%, respectively, in 2024, and 23.5% and approximately 33.0%, respectively, in 2023.
Liquidity and Capital Resources Our principal cash requirements are to finance the costs of our operations, to fund payments with respect to our indebtedness, to invest in research and development, to acquire complementary businesses or assets, repurchase shares of our common stock and to pay 43 dividends on our common stock.
Liquidity and Capital Resources Our primary cash requirements are to pay for the costs of our operations, to fund principal and interest payments with respect to our indebtedness, to invest in research and development, to acquire complementary businesses or assets, repurchase shares of our common stock and to pay dividends on our common stock.
The following table sets forth operating expenses as a percentage of our total revenues for the periods indicated: Year Ended December 31, 2024 2023 2022 Selling and marketing 9.9 % 10.0 % 9.5 % Research and development 8.8 % 8.6 % 8.5 % General and administrative 7.1 % 7.6 % 8.0 % Total operating expenses 25.8 % 26.2 % 26.0 % The following table sets forth operating expenses (dollars in millions) and percent change in operating expenses for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2024 2023 2022 2024 2023 Selling and marketing $ 584.2 $ 550.9 $ 500.1 6.0 % 10.2 % Research and development 517.7 473.8 447.3 9.3 % 5.9 % General and administrative 418.2 418.2 425.0 0.0 % (1.6 )% Total operating expenses $ 1,520.1 $ 1,442.9 $ 1,372.4 5.4 % 5.1 % Fiscal 2024 versus 2023 .
The following table sets forth operating expenses as a percentage of our total revenues for the periods indicated: Year Ended December 31, 2025 2024 2023 Selling and marketing 10.0 % 9.9 % 10.0 % Research and development 8.1 % 8.8 % 8.6 % General and administrative 7.2 % 7.1 % 7.6 % Total operating expenses 25.3 % 25.8 % 26.2 % The following table sets forth operating expenses (dollars in millions) and percent change in operating expenses for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2025 2024 2023 2025 2024 Selling and marketing $ 625.0 $ 584.2 $ 550.9 7.0 % 6.0 % Research and development 507.5 517.7 473.8 (2.0 )% 9.3 % General and administrative 452.4 418.2 418.2 8.2 % 0.0 % Total operating expenses $ 1,584.9 $ 1,520.1 $ 1,442.9 4.3 % 5.4 % Fiscal 2025 versus 2024 .
Each of these estimates requires significant judgment on the part of our management. In addition, we evaluate the need to provide additional tax provisions for adjustments proposed by taxing authorities. As of December 31, 2024, we had $110.0 million in liabilities associated with unrecognized tax benefits.
Each of these estimates requires significant judgment on the part of our management. In addition, we evaluate the need to provide additional tax provisions for adjustments proposed by taxing authorities. As of December 31, 2025, we had $92.2 million in liabilities associated with unrecognized tax benefits.
As a general matter, fluctuations in our software-enabled services revenues are attributable to the number of new software-enabled services clients as well as total assets under management in our clients’ portfolios and the number of outsourced transactions provided to our existing clients.
As a general matter, fluctuations in our software-enabled services revenues are attributable to our customer retention, the number of new software-enabled services clients as well as total assets under management in our clients’ portfolios and the number of outsourced transactions managed for our existing clients.
The following tables set forth each of the following cost of revenues as a percentage of their respective revenue source for the periods indicated: Year Ended December 31, 2024 2023 2022 Cost of software-enabled services 54.1 % 55.1 % 56.5 % Cost of license, maintenance and related 38.4 % 37.4 % 35.0 % Total cost of revenues 51.3 % 51.8 % 52.4 % Gross margin percentage 48.7 % 48.2 % 47.6 % The following table sets forth cost of revenues (dollars in millions) and percent change in cost of revenues for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2024 2023 2022 2024 2023 Cost of software-enabled services $ 2,618.8 $ 2,472.0 $ 2,414.8 5.9 % 2.4 % Cost of license, maintenance and related 399.6 379.0 352.9 5.4 % 7.4 % Total cost of revenues $ 3,018.4 $ 2,851.0 $ 2,767.7 5.9 % 3.0 % Fiscal 2024 versus Fiscal 2023 .
The following tables set forth each of the following cost of revenues as a percentage of their respective revenue source for the periods indicated: Year Ended December 31, 2025 2024 2023 Cost of software-enabled services 54.5 % 54.1 % 55.1 % Cost of license, maintenance and related 38.8 % 38.4 % 37.4 % Total cost of revenues 51.8 % 51.3 % 51.8 % Gross margin percentage 48.2 % 48.7 % 48.2 % The following table sets forth cost of revenues (dollars in millions) and percent change in cost of revenues for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2025 2024 2023 2025 2024 Cost of software-enabled services $ 2,839.3 $ 2,618.8 $ 2,472.0 8.4 % 5.9 % Cost of license, maintenance and related 411.3 399.6 379.0 2.9 % 5.4 % Total cost of revenues $ 3,250.6 $ 3,018.4 $ 2,851.0 7.7 % 5.9 % Fiscal 2025 versus Fiscal 2024 .
Economic conditions are subject to rapid and possibly material change, which ultimately could result in material negative effects on our business and results of operations. We will continue to evaluate the nature and extent of the potential impacts to our business, consolidated results of operations, liquidity and capital resources.
The situations remain dynamic and subject to rapid and possibly material change, which ultimately could result in material negative effects on our business and results of operations. We will continue to evaluate the nature and extent of the potential impacts to our business, consolidated results of operations, liquidity and capital resources.
Cost of license, maintenance and related revenues increased $26.1 million, or 7.4%, primarily due to acquisitions, which added $17.5 million in costs, an increase in organic costs of $7.7 million and the unfavorable impact from foreign currency translation of $0.9 million. 41 Operating Expenses Selling and marketing expenses consist primarily of the personnel costs associated with the selling and marketing of our products, including salaries, commissions, travel and entertainment.
Cost of license, maintenance and related revenues increased $20.6 million, or 5.4%, primarily due to an increase of $19.1 million in organic costs, the unfavorable impact from foreign currency translation of $1.4 million and acquisitions, which added $0.1 million in costs. 43 Operating Expenses Selling and marketing expenses consist primarily of the personnel costs associated with the selling and marketing of our products, including salaries, commissions, travel and entertainment.
The following table sets forth the percentage of our total revenues represented by each of the following sources of revenues for the periods indicated: Year Ended December 31, 2024 2023 2022 Software-enabled services 82.3 % 81.6 % 80.9 % License, maintenance and related 17.7 % 18.4 % 19.1 % Total revenues 100.0 % 100.0 % 100.0 % The following table sets forth revenues (dollars in millions) and percent change in revenues for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2024 2023 2022 2024 2023 Software-enabled services $ 4,840.3 $ 4,488.3 $ 4,273.9 7.8 % 5.0 % License, maintenance and related 1,041.7 1,014.5 1,009.1 2.7 % 0.5 % Total revenues $ 5,882.0 $ 5,502.8 $ 5,283.0 6.9 % 4.2 % Fiscal 2024 versus Fiscal 2023 .
The following table sets forth the percentage of our total revenues represented by each of the following sources of revenues for the periods indicated: Year Ended December 31, 2025 2024 2023 Software-enabled services 83.1 % 82.3 % 81.6 % License, maintenance and related 16.9 % 17.7 % 18.4 % Total revenues 100.0 % 100.0 % 100.0 % The following table sets forth revenues (dollars in millions) and percent change in revenues for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2025 2024 2023 2025 2024 Software-enabled services $ 5,211.1 $ 4,840.3 $ 4,488.3 7.7 % 7.8 % License, maintenance and related 1,061.1 1,041.7 1,014.5 1.9 % 2.7 % Total revenues $ 6,272.2 $ 5,882.0 $ 5,502.8 6.6 % 6.9 % Fiscal 2025 versus Fiscal 2024 .
Results of Operations Revenues We derive our revenues from two sources: software-enabled services revenues and license, maintenance and related revenues.
Revenues We derive our revenues from two sources: software-enabled services revenues and license, maintenance and related revenues.
Year Ended December 31, (in millions) 2024 2023 2022 Net income $ 761.7 $ 608.6 $ 649.0 Interest expense, net 451.9 469.8 307.9 Provision for income taxes 132.0 249.1 227.1 Depreciation and amortization 680.1 670.4 671.6 EBITDA 2,025.7 1,997.9 1,855.6 Stock-based compensation 203.3 159.4 124.8 Acquired EBITDA and cost savings (1) 19.4 — 4.2 Loss on extinguishment of debt 31.2 2.1 5.5 Equity in earnings of unconsolidated affiliates, net (24.4 ) (100.0 ) (25.8 ) Purchase accounting adjustments (2) 6.8 9.3 9.4 ASC 606 adoption impact (1.9 ) (3.1 ) (1.9 ) Foreign currency translation losses (gains) 8.2 (0.2 ) 11.2 Investment gains (3) (19.6 ) (19.0 ) (38.7 ) Facilities and workforce restructuring 41.4 56.8 32.3 Acquisition related (4) 3.3 (0.1 ) 41.5 Other (5) 11.1 7.5 (6.7 ) Consolidated EBITDA $ 2,304.5 $ 2,110.6 $ 2,011.4 Consolidated EBITDA attributable to noncontrolling interest (6) (4.1 ) (2.9 ) (1.1 ) Consolidated EBITDA attributable to SS&C common stockholders $ 2,300.4 $ 2,107.7 $ 2,010.3 (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.
Year Ended December 31, (in millions) 2025 2024 2023 Net income $ 798.7 $ 761.7 $ 608.6 Interest expense, net 426.3 451.9 469.8 Provision for income taxes 176.1 132.0 249.1 Depreciation and amortization 703.8 680.1 670.4 EBITDA 2,104.9 2,025.7 1,997.9 Stock-based compensation 257.7 203.3 159.4 Acquired EBITDA and cost savings (1) 42.5 19.4 — Loss on extinguishment of debt 3.3 31.2 2.1 Equity in earnings of unconsolidated affiliates, net 9.3 (24.4 ) (100.0 ) Purchase accounting adjustments (2) 4.4 6.8 9.3 ASC 606 adoption impact 0.4 (1.9 ) (3.1 ) Foreign currency translation losses (gains) 1.8 8.2 (0.2 ) Investment gains (3) (14.0 ) (19.6 ) (19.0 ) Facilities and workforce restructuring 45.1 41.4 56.8 Acquisition related (4) 11.5 3.3 (0.1 ) Other (5) 41.1 11.1 7.5 Consolidated EBITDA $ 2,508.0 $ 2,304.5 $ 2,110.6 Consolidated EBITDA attributable to noncontrolling interest (6) (3.2 ) (4.1 ) (2.9 ) Consolidated EBITDA attributable to SS&C common stockholders $ 2,504.8 $ 2,300.4 $ 2,107.7 (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.
Our covenant requirement for consolidated net secured leverage ratio for the benefit of the Revolving Credit Facility and the actual ratio as of December 31, 2024 are as follows: Covenant Requirement Actual Ratio Maximum consolidated net secured leverage to Consolidated EBITDA ratio (1) 6.25x 1.69x (1) Calculated as the ratio of consolidated net secured funded indebtedness, net of cash and cash equivalents, excluding $155.2 million of cash and cash equivalents held at DomaniRx, to Consolidated EBITDA, as defined by the amended senior secured credit facility, for the period of four consecutive fiscal quarters ended on the measurement date.
Our covenant requirement for consolidated net secured leverage ratio for the benefit of the Revolving Credit Facility and the actual ratio as of December 31, 2025 are as follows: Covenant Requirement Actual Ratio Maximum consolidated net secured leverage to Consolidated EBITDA ratio (1) 6.25x 1.70 (1) Calculated as the ratio of consolidated net secured funded indebtedness, net of cash and cash equivalents, as defined by the amended senior secured credit facility, for the period of four consecutive fiscal quarters ended on the measurement date.
Our contractual obligations to remit funds to satisfy client obligations are primarily sourced by funds held on behalf of clients. We had $3,162.2 million and $2,615.6 million of client funds obligations at December 31, 2024 and 2023, respectively.
Our contractual obligations to remit funds to satisfy client obligations are primarily sourced by 45 funds held on behalf of clients. We had $3,799.5 million and $3,162.2 million of client funds obligations at December 31, 2025 and 2024, respectively.
Software-enabled services revenues also fluctuate as a result of reimbursements received for “out-of-pocket” expenses, such as postage and telecommunications charges, which are recorded as revenues. Total out-of-pocket revenue was $93.2 million, $93.6 million and $92.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Software-enabled services revenues also fluctuate as a result of reimbursements received for “out-of-pocket” expenses, such as postage and telecommunications charges, which are recorded as revenues on an accrual basis. Total out-of-pocket revenue was $100.1 million, $93.2 million and $93.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2024, our defined benefit pension plan projected obligation was $12.4 million and we are unable to reasonably estimate the timing of such obligation due to uncertainties in the timing of payments. As a result, these amounts are not included in the above contractual obligations table.
As of December 31, 2025, our projected obligation related to our defined benefit pension plans was $35.9 million and we are unable to reasonably estimate the timing of such obligation due to uncertainties in the timing of payments. As a result, these amounts are not included in the above contractual obligations table.
Operating expenses increased $77.2 million, or 5.4%, primarily due to an increase of $66.9 million in organic operating expenses, acquisitions, which added $6.9 million in expenses, and the unfavorable impact from foreign currency translation of $3.4 million. Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to resource needs to support organic growth.
Operating expenses increased $64.8 million, or 4.3%, primarily due to an increase of $30.2 million in organic operating expenses, acquisitions, which added $26.5 million in expenses, and the unfavorable impact from foreign currency translation of $8.1 million. Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to resource needs to support organic growth.
The following table sets forth the provision for income taxes (dollars in millions) and effective tax rates for the periods indicated: Year Ended December 31, Percent Change From Prior Period 2024 2023 2022 2024 2023 Provision for income taxes $ 132.0 $ 249.1 $ 227.1 (47.0 )% 9.7 % Effective tax rate 14.8 % 29.0 % 25.9 % Our 2024, 2023 and 2022 effective tax rates differ from the statutory rate primarily due to the effect of our foreign operations and permanent book to tax differences.
The following table sets forth the provision for income taxes (dollars in millions) and effective tax rates for the periods indicated: Year Ended December 31, 2025 2024 2023 Provision for income taxes $ 176.1 $ 132.0 $ 249.1 Effective tax rate 18.1 % 14.8 % 29.0 % Our 2025, 2024 and 2023 effective tax rates differ from the statutory rate primarily due to the effect of our foreign operations and permanent book to tax differences.
Pursuant to the Revolving Facility Amendment, the Revolving Credit Facility was amended to: (i) extend the maturity date to December 28, 2027, (ii) amend the interest rate provisions to replace LIBOR with Term SOFR as the interest rate benchmark, (iii) increase the aggregate commitments from $250.0 million to $600.0 million, (iv) increase the letter of credit sub-facility from $25.0 million to $75.0 million and (v) make certain other revisions fully set forth in the Revolving Facility Amendment.
Pursuant to the Revolving Facility Amendment, the Revolving Credit Facility was amended to: (i) extend the maturity date to December 28, 2027, (ii) amend the interest rate provisions to replace LIBOR with Term SOFR as the interest rate benchmark, (iii) increase the aggregate commitments from $250.0 million to $600.0 million, (iv) increase the letter of credit sub-facility from $25.0 million to $75.0 million and (v) make certain other revisions fully set forth in the Revolving Facility Amendment. 47 On May 9, 2024, we entered into the Incremental Joinder & First Amendment to Credit Agreement (the “Amendment”) which amended our Credit Agreement.
Our cash, cash equivalents and restricted cash and cash equivalents, including amounts held on behalf of clients, at December 31, 2024 were $3,370.5 million, an increase of $371.9 million from $2,998.6 million at December 31, 2023. The increase in cash was primarily due to the increase in cash and cash equivalents associated with funds held on behalf of clients.
Our cash, cash equivalents and restricted cash and cash equivalents, including amounts held on behalf of clients, at December 31, 2025 were $3,573.8 million, an increase of $203.3 million from $3,370.5 million at December 31, 2024. The increase in cash was primarily due to the increase in cash and cash equivalents associated with funds held on behalf of clients.
We have also acquired businesses that offer software-enabled services or have a large base of term license or maintenance clients. In particular, the acquisition of Blue Prism increased our term license and maintenance revenues. Our software-enabled services revenues increased from $4,273.9 million in 2022 to $4,840.3 million in 2024.
We have also acquired businesses that offer software-enabled services or have a large base of term license or maintenance clients. In particular, the acquisition of Blue Prism increased our term license and maintenance revenues. Our software-enabled services revenues increased from $4,488.3 million in 2023 to $5,211.1 million in 2025.
At any time and from time to time, we may, at our option, redeem some or all of the 5.5% Senior Notes, in whole or in part, at the redemption prices set forth in the following table, expressed as a percentage of the principal amount, plus accrued and unpaid interest to the redemption date: Redemption Date Price On or after March 30, 2024 101.375 % March 30, 2025 and thereafter 100.000 % At any time prior to June 1, 2027, we may, at our option, redeem some or all of the 6.5% Senior Notes, in whole or in part, at a price equal to 100% of the principal amount of the 6.5% Senior Notes, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, the date of redemption.
At any time after March 30, 2025, we may, at our option, redeem some or all of the 5.5% Senior Notes, in whole or in part, at 100% of the principal amount, plus accrued and unpaid interest to the redemption date: At any time prior to June 1, 2027, we may, at our option, redeem some or all of the 6.5% Senior Notes, in whole or in part, at a price equal to 100% of the principal amount of the 6.5% Senior Notes, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, the date of redemption.
Our revenues also increased due to acquisitions, which contributed $75.8 million in 40 revenues as well as the favorable impact from foreign currency translation of $0.8 million.
Our revenues also increased due to acquisitions, which contributed $77.5 million in revenues as well as the favorable impact from foreign currency translation of $31.5 million.
Significant changes in any of these items may result in discontinuing capitalization of development costs, as well as immediately expensing previously capitalized costs. We review, on a quarterly basis, our capitalized software for possible impairment.
Significant changes in any of these items may result in discontinuing capitalization of development costs, as well as immediately expensing previously capitalized costs. We review, on a quarterly basis, our capitalized software for possible impairment. Revenue Recognition Our revenues consist of software-enabled services and license, maintenance and related revenues.
Cash flows from operating, investing and financing activities, as reflected in our Consolidated Statements of Cash Flows, are summarized in the following table (in millions): Year Ended December 31, Change From Prior Period Net cash, cash equivalents and restricted cash provided by (used in): 2024 2023 2022 2024 2023 Operating activities $ 1,388.6 $ 1,215.1 $ 1,134.3 $ 173.5 $ 80.8 Investing activities (855.7 ) (268.4 ) (1,757.6 ) (587.3 ) 1,489.2 Financing activities (152.3 ) 712.8 (1,184.5 ) (865.1 ) 1,897.3 Effect of exchange rate changes on cash, cash equivalents and restricted cash (8.7 ) 1.5 (26.0 ) (10.2 ) 27.5 Net increase (decrease) in cash, cash equivalents and restricted cash $ 371.9 $ 1,661.0 $ (1,833.8 ) $ (1,289.1 ) $ 3,494.8 Fiscal 2024 versus 2023 Operating activities: Cash provided by operating activities during the year ended December 31, 2024 resulted from net income of $761.7 million adjusted for non-cash items of $811.6 million, partially offset by changes in our working capital accounts totaling $184.7 million.
Cash flows from operating, investing and financing activities, as reflected in our Consolidated Statements of Cash Flows, are summarized in the following table (in millions): Year Ended December 31, Change From Prior Period Net cash, cash equivalents and restricted cash provided by (used in): 2025 2024 2023 2025 2024 Operating activities $ 1,744.8 $ 1,388.6 $ 1,215.1 $ 356.2 $ 173.5 Investing activities (1,307.6 ) (855.7 ) (268.4 ) (451.9 ) (587.3 ) Financing activities (243.5 ) (152.3 ) 712.8 (91.2 ) (865.1 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 9.6 (8.7 ) 1.5 18.3 (10.2 ) Net increase in cash, cash equivalents and restricted cash $ 203.3 $ 371.9 $ 1,661.0 $ (168.6 ) $ (1,289.1 ) Fiscal 2025 versus 2024 Operating activities: Cash provided by operating activities of $1,744.8 million during the year ended December 31, 2025 resulted from net income of $798.7 million, adjustments for non-cash items of $1,023.2 million, partially offset by changes in our working capital accounts totaling $77.1 million.
We have made prepayments on our Term B-8 Loans and do not have any principal quarterly payments due until March 2030. 46 (2) The Term A-9 Loans will mature on the earlier to occur of (1) September 27, 2029 or (2) 91 days prior to the maturity of (x) the 5.5% Senior Notes if more than $150.0 million aggregate principal amount remains outstanding on the 91 st day prior to such maturity or (y) the Revolving Credit Facility if more than $150.0 million aggregate principal amount of commitments remain outstanding on the 91 st day prior to such maturity, whichever of (x) or (y) comes first.
(2) The Term A-9 Loans will mature on the earlier to occur of (1) September 27, 2029 or (2) 91 days prior to the maturity of (x) the 5.5% Senior Notes if more than $150.0 million aggregate principal amount remains outstanding on the 91 st day prior to such maturity or (y) the Revolving Credit Facility if more than $150.0 million aggregate principal amount of commitments remain outstanding on the 91 st day prior to such maturity, whichever of (x) or (y) comes first.
We had an average interest rate of 6.71%, 6.65% and 4.22%, for the twelve months ended December 31, 2024, 2023 and 2022, respectively. Our debt balances are discussed further in “Liquidity and Capital Resources”. Other income, net . We had other income, net of $8.9 million in 2024 compared to $20.7 million in 2023 and $20.8 million in 2022.
We had an average interest rate of 6.10%, 6.71% and 6.65%, for the twelve months ended December 31, 2025, 2024 and 2023, respectively. Our debt balances are discussed further in “Liquidity and Capital Resources”. Other (expense) income, net .
The loss on extinguishment of debt, net in 2024 primarily related to the amendment of our credit agreement discussed further in “Liquidity and Capital Resources.” The loss on extinguishment of debt, net in 2023 and 2022 relates to the write-off of a portion of the unamortized capitalized financing fees and the unamortized original issue discount associated with additional prepayments on our term loans prior to their scheduled maturity.
The loss on extinguishment of debt, net in 2025 and 2023 relates to the write-off of a portion of the unamortized capitalized financing fees and the unamortized original issue discount associated with additional prepayments on our term loans prior to their scheduled maturity.
On and after June 1, 2027, we may, at our option, redeem some or all of the 6.5% Senior Notes, in whole or in part, at the redemption prices set forth in the following table, expressed as a percentage of the principal amount, plus accrued and unpaid interest to the redemption date: Year Price On or after June 1, 2027 103.250 % On or after June 1, 2028 101.625 % June 1, 2029 and thereafter 100.000 % We may also, from time to time in our sole discretion, purchase, redeem, or retire any outstanding 5.5% Senior Notes and 6.5% Senior Notes, through tender offers, in privately negotiated or open market transactions, or otherwise. 47 The indentures governing the 5.5% Senior Notes and 6.5% Senior Notes contain a number of covenants that restrict, subject to certain thresholds and exceptions, our ability and the ability of our domestic restricted subsidiaries to incur debt or liens, make certain investments, pay dividends, dispose of certain assets, or enter into transactions with its affiliates.
On and after June 1, 2027, we may, at our option, redeem some or all of the 6.5% Senior Notes, in whole or in part, at the redemption prices set forth in the following table, expressed as a percentage of the principal amount, plus accrued and unpaid interest to the redemption date: Year Price On or after June 1, 2027 103.250 % On or after June 1, 2028 101.625 % June 1, 2029 and thereafter 100.000 % We may also, from time to time in our sole discretion, purchase, redeem, or retire any outstanding 5.5% Senior Notes and 6.5% Senior Notes, through tender offers, in privately negotiated or open market transactions, or otherwise.
Fiscal 2023 versus 2022 Our cash, cash equivalents and restricted cash and cash equivalents, including amounts held on behalf of clients, at December 31, 2023 were $2,998.6 million, an increase of $1,661.0 million from $1,337.6 million at December 31, 2022.
Fiscal 2024 versus 2023 Our cash, cash equivalents and restricted cash and cash equivalents, including amounts held on behalf of clients, at December 31, 2024 were $3,370.5 million, an increase of $371.9 million from $2,998.6 million at December 31, 2023.
We had equity in earnings of unconsolidated affiliates, net of $24.4 million for 2024, $100.0 million for 2023 and $25.8 million for 2022. Our equity in earnings of unconsolidated affiliates in 2024, 2023 and 2022 is primarily related to a $19.1 million, $96.3 million and $29.3 million adjustment, respectively, to increase the carrying value of one of our investments.
We had equity in earnings of unconsolidated affiliates, net of $(9.3) million for 2025, $24.4 million for 2024 and $100.0 million for 2023. Our equity in earnings of unconsolidated affiliates in 2025 is primarily related to a $10.6 million adjustment to decrease the carrying value of one of our investments.
Further, it may not be comparable to the measure for any subsequent four-quarter period or any complete fiscal year. 48 Consolidated EBITDA is not a recognized measurement under GAAP and investors should not consider Consolidated EBITDA as a substitute for measures of our financial performance and liquidity as determined in accordance with GAAP, such as net income, operating income or net cash provided by operating activities.
Consolidated EBITDA is not a recognized measurement under GAAP and investors should not consider Consolidated EBITDA as a substitute for measures of our financial performance and liquidity as determined in accordance with GAAP, such as net income, operating income or net cash provided by operating activities.
Cost of license, maintenance and related revenues increased $20.6 million, or 5.4%, primarily due to an increase of $19.1 million in organic costs, the unfavorable impact from foreign currency translation of $1.4 million and acquisitions, which added $0.1 million in costs. Fiscal 2023 versus Fiscal 2022 .
Cost of license, maintenance and related revenues increased $11.7 million, or 2.9%, primarily due to an increase of $10.0 million in organic costs and the unfavorable impact from foreign currency translation of $1.7 million. Fiscal 2024 versus Fiscal 2023 .
Cost of software-enabled services revenues increased $57.2 million, or 2.4%, primarily due to an increase of $47.4 million in organic costs and acquisitions, which added $15.3 million in costs, partially offset by the favorable impact from foreign currency translation of $5.5 million.
Cost of software-enabled services revenues increased $220.5 million, or 8.4%, primarily due to an increase of $172.2 million in organic costs, acquisitions, which added $40.4 million in costs, and the unfavorable impact from foreign currency translation of $7.9 million.
Many non-U.S. tax jurisdictions in which we operate have either recently enacted legislation or are in the process of enacting legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 or in future years. The provisions effective in 2024 were not material to our financial position and cash flows.
Many non-U.S. tax jurisdictions in which we operate have either enacted legislation or are in the process of enacting legislation to adopt certain components of the Pillar Two Model Rules. The enactments effective in 2025 were not material to our provision for income taxes.
These expenditures were partially offset by net borrowings of $289.9 million, proceeds of $355.1 million from stock option exercises, the increase in client funds obligations of $235.8 million and proceeds from noncontrolling interests of $14.9 million.
These expenditures were partially offset by net borrowings of $421.9 million, proceeds of $425.5 million from stock option exercises and the increase in client funds obligations of $307.5 million.
Investing activities : Cash used in investing activities during the year ended December 31, 2023 totaled $268.4 million, which included capitalized software development costs of $194.9 million, capital expenditures of $56.6 million and cash paid for acquisitions (net of cash acquired) of $34.1 million, partially offset by receipts from the collection of other non-current receivables of $10.0 million and proceeds from sales and maturities of investments of $8.0 million.
Investing activities : Cash used in investing activities during the year ended December 31, 2025 totaled $1,307.6 million, which included $1,052.0 million paid for business acquisitions, net of cash acquired, capitalized software development costs of $221.9 million and capital expenditures of $80.8 million, partially offset by distributions received from unconsolidated affiliates of $20.5 million, proceeds from the sale of property and equipment of $17.8 million and receipts from the collection of other non-current receivables of $10.5 million.
Software-enabled services revenues increased $214.4 million, or 5.0%, primarily due to an increase in organic revenues of $187.9 million, and acquisitions, which added $23.9 million in revenues, as well as the favorable impact from foreign currency translation of $2.6 million. License, maintenance and related revenues increased $5.4 million, or 0.5%, primarily due to acquisitions, which added $51.9 million in revenues.
Software-enabled services revenues increased $370.8 million, or 7.7%, primarily due to an increase in organic revenues of $268.8 million, and acquisitions, which added $77.5 million in revenues, as well as the favorable impact from foreign currency translation of $24.5 million.
Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis and are made in the period in which such losses are first estimated or determined. 52 Stock-based Compensation Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the appropriate service period.
Stock-based Compensation Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the appropriate service period.
Our effective tax rate includes the effect of operations outside the U.S., which historically have been taxed at rates lower than the U.S. statutory rate.
Our effective tax rate for 2023 included increases in uncertain tax positions and benefits related to stock-based awards. Our effective tax rate includes the effect of operations outside the U.S., which historically have been taxed at rates lower than the U.S. statutory rate.
Our revenues increased $219.8 million, or 4.2%, primarily due to an increase of $143.2 million in organic revenues driven by strength in the SS&C GlobeOp fund administration, virtual data room services, Global Investor and Distribution Solutions and Blue Prism products.
Our revenues increased $390.2 million, or 6.6%, primarily due to an increase of $281.2 million in organic revenues driven by strength in the SS&C GlobeOp fund administration, Global Investor and Distribution Solutions and Wealth and Investment Technologies businesses.
As of December 31, 2024, our liability for uncertain tax positions and related interest and penalties payable was $110.0 million and $16.1 million, respectively. We are unable to reasonably estimate the timing of such liability and interest payments in individual years beyond 12 months due to uncertainties in the timing of the effective settlement of tax positions.
We are unable to reasonably estimate the timing of such liability and interest payments in individual years beyond 12 months due to uncertainties in the timing of the effective settlement of tax positions.
Debt Issuance Costs and Loss on Extinguishment of Debt We evaluated the borrowing of our Term B-8 Loans and issuance of 6.5% Senior Notes and the repayment of our Existing Term Loans in accordance with FASB Accounting Standards Codification 470-50, Debt Modifications and Extinguishments .
Any event of default under the amended senior secured credit facility that leads to an acceleration of those amounts due also results in a default under the indenture governing each of the Senior Notes. 49 Debt Issuance Costs and Loss on Extinguishment of Debt We evaluated the borrowing of our Term B-8 Loans and issuance of 6.5% Senior Notes and the repayment of our Existing Term Loans in accordance with FASB Accounting Standards Codification 470-50, Debt Modifications and Extinguishments .
Debt Terms Our obligations under the Term B-8 Loans and Term A-9 Loans are guaranteed by our existing and future wholly-owned domestic restricted subsidiaries (subject to customary exceptions and limitations).
The Revolving Credit Facility also contains a $75.0 million letter of credit sub-facility, of which $6.3 million was utilized as of December 31, 2025. Debt Terms Our obligations under the Term B-8 Loans and Term A-9 Loans are guaranteed by our existing and future wholly-owned domestic restricted subsidiaries (subject to customary exceptions and limitations).
Fiscal 2023 versus 2022 . Operating expenses increased $70.5 million, or 5.1%, primarily due to acquisitions, which added $42.7 million in expenses, and an increase in organic operating expenses of $32.0 million. These increases were partially offset by the favorable impact from foreign currency translation of $4.2 million.
Fiscal 2024 versus 2023 . Operating expenses increased $77.2 million, or 5.4%, primarily due to an increase of $66.9 million in organic operating expenses, acquisitions, which added $6.9 million in expenses, and the unfavorable impact from foreign currency translation of $3.4 million.
Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to shifting resources to support organic growth and an increase in stock-based compensation expense. Comparison of Fiscal 2024, 2023 and 2022 for Interest, Taxes and Other Interest expense .
Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to resource needs to support organic growth. Comparison of Fiscal 2025, 2024 and 2023 for Interest, Taxes and Other Interest expense . We had interest expense of $434.7 million in 2025 compared to $463.0 million in 2024 and $476.3 million in 2023.
In connection with the May 2024 and September 2024 debt transactions, we capitalized an aggregate of $39.4 million during year ended December 31, 2024 in financing costs, which represent new third-party costs.
In connection with the October 2025 Incremental B-8 Loans, we capitalized an aggregate of $7.6 million during the year ended December 31, 2025 in financing costs, which represent new third-party costs.
Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2024 that require us to make future cash payments (in millions): Payments Due by Period Contractual Obligations and Other Commitments Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Short-term and long-term debt $ 7,045.0 $ 20.0 $ 2,065.0 $ 710.0 $ 4,250.0 Interest payments (1) 2,334.4 431.1 857.9 619.7 425.7 Operating lease obligations (2) 268.4 55.0 84.8 64.6 64.0 Tax payable (3) 12.1 12.1 — — — Purchase obligations (4) 212.6 120.4 86.9 5.3 — Total contractual obligations $ 9,872.5 $ 638.6 $ 3,094.6 $ 1,399.6 $ 4,739.7 (1) Reflects interest payments on our Credit Agreement at an assumed interest rate of one-month Adjusted Term SOFR of 4.36% plus 2.00% on our Term B-8 facility, one-month Adjusted Term SOFR of 4.36% plus 1.50% on our Term A-9 facility, 5.5% on our 5.5% Senior Notes and 6.5% on our 6.5% Senior Notes.
Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2025 that require us to make future cash payments (in millions): Payments Due by Period Contractual Obligations and Other Commitments Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Short-term and long-term debt $ 7,466.9 $ 25.0 $ 2,080.0 $ 670.0 $ 4,691.9 Interest payments (1) 1,902.6 427.8 740.8 580.2 153.8 Operating lease obligations (2) 311.7 60.4 99.7 79.3 72.3 Purchase obligations (3) 478.0 193.3 138.7 145.7 0.3 Total contractual obligations $ 10,159.2 $ 706.5 $ 3,059.2 $ 1,475.2 $ 4,918.3 (1) Reflects interest payments on our Credit Agreement at an assumed interest rate of one-month Adjusted Term SOFR of 3.72% plus 2.00% on our Term B-8 facility, one-month Adjusted Term SOFR of 3.72% plus 1.50% on our Term A-9 facility, 5.5% on our 5.5% Senior Notes and 6.5% on our 6.5% Senior Notes.
We had interest expense of $463.0 million in 2024 compared to $476.3 million in 2023 and $312.2 million in 2022. The decrease in interest expense for 2024 as compared to 2023 is due to lower average debt balances. The increase in interest expense for 2023 as compared to 2022 is due to higher average interest rates on debt.
The decrease in interest expense for 2025 as compared to 2024 is due to lower average interest rates on debt. The decrease in interest expense for 2024 as compared to 2023 is due to lower average debt balances.
(5) Other includes additional expenses and income that are permitted to be excluded per the terms of our amended senior secured credit facility from Consolidated EBITDA, a financial measure used in calculating our covenant compliance.
(5) Other includes additional expenses and income that are permitted to be excluded per the terms of our amended senior secured credit facility from Consolidated EBITDA, a financial measure used in calculating our covenant compliance, and includes a loss on the sale of fixed assets of $33.3 million during the twelve months ended December 31, 2025. 51 (6) Consolidated EBITDA attributable to noncontrolling interest represents Consolidated EBITDA based on the ownership interest retained by the noncontrolling parties of DomaniRx, our consolidated variable interest entity.
Our results of operations below include the results of our recent acquisitions from the date which they were acquired, including Blue Prism and Hubwise in March 2022, MineralWare in May 2022, O’Shares in June 2022, Tier1 in August 2022, CFO in December 2022, the Iress Managed Funds Administration Business in October 2023 and Battea in September 2024.
Our results of operations below include the results of our recent acquisitions from the date which they were acquired, including the Iress Managed Funds Administration Business in October 2023, Battea in September 2024, FPS Trust Company in February 2025, Calastone Limited in October 2025 and Curo Fund Services in November 2025.
Our total cost of revenues increased by $83.3 million, or 3.0%, primarily due to an increase in organic costs of $55.1 million and acquisitions, which added $32.8 million in costs, partially offset by the favorable impact from foreign currency translation of $4.6 million.
Our total cost of revenues increased by $232.2 million, or 7.7%, primarily due to an increase in organic costs of $182.2 million and acquisitions, which added $40.4 million in costs. Our cost of revenues also increased due to the unfavorable impact from foreign currency translation of $9.6 million. Organic cost increases reflect the continued investment in delivering client service.
We also had $2,615.6 million and $966.3 million of client funds obligations at December 31, 2023 and 2022, respectively. 44 Operating activities: Cash provided by operating activities during the year ended December 31, 2023 resulted from net income of $608.6 million adjusted for non-cash items of $704.7 million, partially offset by changes in our working capital accounts totaling $98.2 million.
Operating activities: Cash provided by operating activities of $1,388.6 million during the year ended December 31, 2024 resulted from net income of $761.7 million, adjustments for non-cash items of $811.6 million, partially offset by changes in our working capital accounts totaling $184.7 million.
Other income, net for 2023 included net investment gains of $19.0 million, which includes fair value adjustments to increase the carrying value of our investments and dividend income. Other income, net for 2023 also included income of $13.4 million from the settlement of a dispute related to pre-acquisition matters.
Those losses were partially offset by investment gains of $14.0 million, which includes fair value adjustments to increase the carrying value of our investments and dividend income. Other income, net for 2024 included net investment gains of $19.6 million, which includes fair value adjustments to increase the carrying value of our investments and dividend income.
As a result, the measure can be disproportionately affected by a particularly strong or weak quarter.
As a result, the measure can be disproportionately affected by a particularly strong or weak quarter. Further, it may not be comparable to the measure for any subsequent four-quarter period or any complete fiscal year.
The changes in our working capital accounts were primarily driven by decreases in accrued expenses and other liabilities, changes in income taxes prepaid and payable and an increase in accounts receivable, partially offset by an increase in accounts payable. The decrease in accrued expenses was primarily due to the payments made relating to the DST ERISA litigation.
The changes in our working capital accounts were primarily driven by increases in accounts receivable, contract assets and changes in income taxes prepaid and payable due to the timing of tax payments.
The decrease in the effective tax rate from 2023 to 2024 was primarily related to releases of uncertain tax positions in the current year, recognition of a state tax benefit associated with income apportionment rules, increases in relative favorable impacts of stock-based compensation in the current year, and a change in the composition of income before income taxes from foreign and domestic tax jurisdictions.
The change in the effective tax rate from 2024 to 2025 was primarily driven by the releases of uncertain tax positions due to closed audits and statute of limitation expirations, recognition of windfall tax benefits from stock awards, and a change in the composition of income before income taxes from foreign and domestic tax jurisdictions.
In 2021, the OECD (“Organisation for Economic Co-operation and Development”)/G20 Inclusive Framework on Base Erosion and Profit Shifting released Model Global Anti-Base Erosion rules under Pillar Two. Further guidance has been released throughout 2022 and 2023. Certain aspects of Pillar Two are effective January 1, 2024 and other aspects are effective January 1, 2025.
A future proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate. In 2021, the OECD (“Organisation for Economic Co-operation and Development”)/G20 Inclusive Framework on Base Erosion and Profit Shifting released Model Global Anti-Base Erosion rules under Pillar Two. Further guidance continues to be released each year.
These proceeds were partially offset by treasury stock repurchases of $471.6 million, net repayments of debt totaling $374.7 million, quarterly dividends paid of $220.9 million and withholding taxes paid related to equity award net share settlements of $5.1 million. We have made a permanent reinvestment determination in certain non-U.S. operations that have historically generated positive operating cash flows.
These expenditures were partially offset by net borrowings of $289.9 million, proceeds of $355.1 million from stock option exercises, the increase in client funds obligations of $235.8 million and proceeds from noncontrolling interests of $14.9 million. We have made a permanent reinvestment determination in certain non-U.S. operations that have historically generated positive operating cash flows.
In 2024, we used our operating cash flow, cash received from debt borrowings, $355.1 million in proceeds from the exercise of stock options and existing cash to fund the Battea acquisition, purchase $737.5 million of common stock for treasury, pay $244.9 million in dividends and invest in capital expenditures in our business. 39 Ongoing macroeconomic conditions, such as changes in interest rates and inflation rates and changes in foreign currency exchange rates, could have impacts on our results that are uncertain and, in many respects, outside our control.
In 2025, we used our operating cash flow, cash received from debt borrowings, $425.5 million in proceeds from the exercise of stock options and existing cash to fund the Calastone acquisition, purchase $1,036.0 million of common stock for treasury, pay $253.8 million in dividends and invest in capital expenditures in our business. 41 Results of Operations We use the term organic to refer to the businesses and operations that are included in the comparable prior year period on a constant currency basis.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeWe estimate that a 100 basis point change in the interest earnings rates would equate to approximately $11.6 million of net income, net of income taxes, on an annual basis. The effect of changes in interest rates attributable to earnings derived from cash balances we hold for clients is partially offset by changes in interest rates on our variable debt.
Biggest changeThe effect of changes in interest rates attributable to earnings derived from cash balances we hold for clients is offset by changes in interest rates on our variable debt. For 2025, there were average daily cash balances of approximately $2.6 billion maintained in such accounts.
These transactions consist primarily of cross-currency intercompany balances and trade receivables and payables. As a result of these transactions, we have exposure to changes in foreign currency exchange rates that result in foreign currency transaction gains and losses, which we report in other income, net. These outstanding amounts were not material for the year ended December 31, 2024.
These transactions consist primarily of cross-currency intercompany balances and trade receivables and payables. As a 54 result of these transactions, we have exposure to changes in foreign currency exchange rates that result in foreign currency transaction gains and losses, which we report in other (expense) income, net. These outstanding amounts were not material for the year ended December 31, 2025.
The amount of these balances can fluctuate in the future as we bill customers and buy products or services in currencies other than our functional currency, which could increase our exposure to foreign currency exchange rates. We continue to monitor our exposure to foreign exchange rates as a result of our acquisitions and changes in our operations.
The amount of these balances can fluctuate in the future as we bill customers and buy products or services in currencies other than our functional currency, which could increase our exposure to foreign currency exchange rates. Our exposures to foreign currency exchange rates can also fluctuate as a result of acquisitions.
We do not enter into any market risk sensitive instruments for trading purposes. The foregoing risk management discussion and the effect thereof are forward-looking statements. Actual results in the future may differ materially from these projected results due to actual developments in global financial markets.
Accordingly, we continuously assess and monitor our exposure to foreign exchange rates. We do not enter into any market risk sensitive instruments for trading purposes. The foregoing risk management discussion and the effect thereof are forward-looking statements. Actual results in the future may differ materially from these projected results due to actual developments in global financial markets.
A portion of the revenues from clients located outside the U.S. is denominated in foreign currencies, primarily the British pound. While revenues and expenses of our foreign operations are primarily denominated in their respective local currencies, some subsidiaries do enter into certain transactions in currencies that are different from their local currency.
The British pound represents the majority of revenues and expenses denominated in a currency other than the United States dollar. While revenues and expenses of our foreign operations are primarily denominated in their respective local currencies, some subsidiaries do enter into certain transactions in currencies that are different from their local currency.
Interest rate risk We derive service revenues from investment earnings related to cash balances maintained in bank accounts on which we are the agent for clients. The balances maintained in the bank accounts can significantly fluctuate. For 2024, there were average daily cash balances of approximately $2.3 billion maintained in such accounts.
Interest rate risk We derive service revenues from investment earnings related to cash balances maintained in bank accounts on which we are the agent for clients. The balances maintained in the bank accounts will fluctuate.
At December 31, 2024, we had total debt of $7,045.0 million, including $4,295.0 million of variable interest rate debt. As of December 31, 2024, a 100 basis point increase in interest rates would result in a change in interest expense of approximately $43.0 million per year.
As of December 31, 2025, a 100 basis point increase in interest rates would result in an increase in interest expense of approximately $47.2 million per year.
Changes in equity values of our investments could have a material effect on our results of operations and our financial position. Foreign currency exchange rate risk 53 During 2024, approximately 31% of our revenues were from clients located outside the United States (“U.S.”).
Foreign currency exchange rate risk During 2025, approximately 33% of our revenues were from clients located outside the United States and approximately 22% of our revenues were from currencies other than the United States dollar. During 2025, approximately 36% of our expenses were from currencies other than the United States dollar.
Removed
Equity price risk We have exposure to equity price risk as a result of our investments in equity securities. Equity price risk results from changes in the level or volatility of equity prices which affect the value of equity securities or instruments that derive their value from such securities or indexes.
Added
We estimate that a 100 basis point change in the interest earnings rates would equate to approximately $12.6 million of net income, net of income taxes, on an annual basis. At December 31, 2025, we had total debt of $7,466.9 million, including $4,716.9 million of variable interest rate debt.
Removed
The fair value of our investments that are subject to equity price risk as of December 31, 2024 was approximately $43.9 million. The impact of a 10% change in fair value of these investments would have been approximately $3.3 million to net income.

Other SSNC 10-K year-over-year comparisons