SS&C Technologies Holdings Inc
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
SSNC$77.71-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0000950170-25-100229
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001193125-25-258517
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 89 previous paragraphs and 96 current paragraphs.
66 unchanged; 22 reworded; 6 added; 0 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
The following table provides the percentage of total revenue derived by the two sources of revenue:
Current report
Software-enabled services revenues increased $103.2 million, or 8.6%, primarily due to an increase in organic revenues of $79.4 million as well as acquisitions, which added $16.6 million in revenues, and the favorable impact from foreign currency translation of $7.2 million. License, maintenance and related revenues decreased $1.0 million, or 0.4%, due to a decrease in organic revenues of $3.0 million, partially offset by the favorable impact from foreign currency translation of $2.0 million.
Current report
Software-enabled services revenues increased $260.7 million, or 7.3%, primarily due to an increase in organic revenues of $204.8 million as well as acquisitions, which added $50.4 million in revenues, and the favorable impact from foreign currency translation of $5.5 million. License, maintenance and related revenues increased $5.7 million, or 0.7%, due to an increase in organic revenues of $4.5 million and the favorable impact from foreign currency translation of $1.2 million.
Current report
Cost of software-enabled services revenues increased $52.3 million, or 7.9%, due to an increase of $39.9 million in organic costs, acquisitions, which added $10.3 million in costs, and the unfavorable impact from foreign currency translation of $2.1 million. Cost of license, maintenance and related revenues increased $6.3 million, or 6.3%, due to an increase of $5.3 million in organic costs and the unfavorable impact from foreign currency translation of $1.0 million.
Current report
In July, 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05.
Current report
In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for internal-use software costs. The standard removes all references to software development project stages and instead requires capitalization when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06.
Reworded paragraphs (22)
Previous wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is intended to provide readers of our Condensed Consolidated Financial Statements with the perspectives of management. It presents, in narrative form, information regarding our financial condition, results of operations, liquidity and certain other factors that may affect our future results. It should be read in conjunction with our Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2025 and March 4, 2025, respectively (the “2024 Form 10-K”) and the Condensed Consolidated Financial Statements included in this Form 10-Q.
Current wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is intended to provide readers of our Condensed Consolidated Financial Statements with the perspectives of management. It presents, in narrative form, information regarding our financial condition, results of operations, liquidity and certain other factors that may affect our future results. It should be read in conjunction with our Annual Report on Form 10-K and Form 10-K/A for the year ended December 31,
Previous wording
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. Organic excludes the impact of any business which we acquired for the time period which would impact the comparable prior year period.
Current wording
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. Organic includes the change in an acquired business, but excludes the impact of any business which we acquired for the time period which would impact the comparable prior year period.
Previous wording
Our results of operations below include the results of our recent acquisition from the date which it was acquired. Battea-Class Action Services, LLC (“Battea”) was acquired in September 2024. FPS Trust Company was acquired in February 2025.
Current wording
Our results of operations below include the results of acquisitions from the date of acquisition. Battea-Class Action Services, LLC (“Battea”) was acquired during September 2024. FPS Trust Company was acquired during February 2025.
Previous wording
Three Months Ended June 30, 2025 and 2024. Our revenues increased $85.3 million, or 5.9%, primarily due to an increase of $50.9 million in organic revenue growth driven by strength in the SS&C GlobeOp fund administration, Wealth and Investment Technologies, Global Investor and Distribution Solutions and Intelligent Automation & Analytics businesses. Our revenues also increased due to acquisitions, which contributed $20.9 million in revenues and the favorable impact from foreign currency translation of $13.5 million. Software-enabled services revenues increased $75.3 million, or 6.3%, primarily due to an increase in organic revenues of $43.9 million as well as acquisitions, which added $20.9 million in revenues, and the favorable impact from foreign currency translation of $10.5 million. License, maintenance and related revenues increased $10.0 million, or 3.9%, due to an increase in organic revenues of $7.0 million and the favorable impact from foreign currency translation of $3.0 million.
Current wording
Three Months Ended September 30, 2025 and 2024. Our revenues increased $102.2 million, or 7.0%, primarily due to an increase of $76.4 million in organic revenue growth driven by strength in the SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses. Our revenues also increased due to acquisitions, which contributed $16.6 million, and the favorable impact from foreign currency translation of $9.2 million.
Previous wording
Six Months Ended June 30, 2025 and 2024. Our revenues increased $164.2 million, or 5.7%, primarily due to an increase of $123.8 million in organic revenue growth driven by strength in the SS&C GlobeOp fund administration, Wealth and Investment Technologies, Global Investor and Distribution Solutions and Intelligent Automation & Analytics businesses. Our revenues also increased due to acquisitions, which contributed $33.8 million in revenues and the favorable impact from foreign currency translation of $6.6 million. Software-enabled services revenues increased $157.5 million, or 6.6%, primarily due to an increase in organic revenues of $118.3 million as well as acquisitions, which added $33.8 million in revenues, and the favorable impact from foreign currency translation of $5.4 million. License, maintenance and related revenues increased $6.7 million, or 1.3%, due to an increase in organic revenues of $5.5 million and the favorable impact from foreign currency translation of $1.2 million.
Current wording
Nine Months Ended September 30, 2025 and 2024. Our revenues increased $266.4 million, or 6.1%, primarily due to an increase of $209.3 million in organic revenue growth driven by strength in the SS&C GlobeOp fund administration, Global Investor and Distribution Solutions, and Wealth and Investment Technologies businesses. Our revenues also increased due to acquisitions, which contributed $50.4 million in revenues, and the favorable impact from foreign currency translation of $6.7 million.
Previous wording
Three Months Ended June 30, 2025 and 2024. Our total cost of revenues increased by $46.7 million, or 6.2%, primarily due to an increase of $30.9 million in organic costs as well as acquisitions, which added $10.5 million in costs, and the unfavorable impact from foreign currency translation, which increased costs by $5.3 million. Our organic cost increase reflects continued investment in delivering client service. Cost of software-enabled services revenues increased $39.9 million, or 6.1%, due to an increase of $24.9 million in organic costs, acquisitions, which added $10.5 million in costs, and the unfavorable impact from foreign currency translation of $4.5 million. Cost of license, maintenance and related revenues increased $6.8 million, or 6.9%, due to an increase of $6.0 million in organic costs and the unfavorable impact from foreign currency translation of $0.8 million.
Current wording
Three Months Ended September 30, 2025 and 2024. Our total cost of revenues increased by $58.6 million, or 7.7%, primarily due to an increase of $45.2 million in organic costs as well as acquisitions, which added $10.3 million in costs, and the unfavorable impact from foreign currency translation, which increased costs by $3.1 million. Our organic cost increase reflects continued investment in delivering client service.
Previous wording
Six Months Ended June 30, 2025 and 2024. Our total cost of revenues increased by $85.7 million, or 5.8%, primarily due to an increase of $64.7 million in organic costs as well as acquisitions, which added $19.9 million in costs, and the unfavorable impact from foreign currency translation, which increased costs by $1.1 million. Our organic cost increase reflects continued investment in delivering client service. Cost of software-enabled services revenues increased $73.4 million, or 5.7%, due to an increase of $52.5 million in organic costs, acquisitions, which added $19.9 million in costs, and the unfavorable impact from foreign currency translation of $1.0 million. Cost of license, maintenance and related revenues increased $12.3 million, or 6.4%, due to an increase of $12.2 million in organic costs and the unfavorable impact from foreign currency translation of $0.1 million.
Current wording
Cost of software-enabled services revenues increased $125.7 million, or 6.4%, due to an increase of $94.5 million in organic costs, acquisitions, which added $30.1 million in costs, and the unfavorable impact from foreign currency translation of $1.1 million. Cost of license, maintenance and related revenues increased $18.6 million, or 6.4%, due to an increase of $18.5 million in organic costs and the unfavorable impact from foreign currency translation of $0.1 million.
Previous wording
Three Months Ended June 30, 2025 and 2024. Operating expenses increased $21.7 million, or 5.9%, due to an increase of $14.4 million in organic operating expenses, the unfavorable impact from foreign currency translation of $3.9 million and acquisitions, which added $3.4 million in expenses. Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to resource needs to support organic growth.
Current wording
Three Months Ended September 30, 2025 and 2024. Operating expenses increased $3.0 million, or 0.8%, due to acquisitions, which added $3.3 million in expenses and the unfavorable impact from foreign currency translation of $2.8 million. These increases were partially offset by a decrease of $3.1 million in organic operating expenses. Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily decreased due to lower personnel costs.
Previous wording
Six Months Ended June 30, 2025 and 2024. Operating expenses increased $36.6 million, or 4.9%, due to an increase of $28.9 million in organic operating expenses, acquisitions, which added $7.2 million in expenses, and the unfavorable impact from foreign currency translation of $0.5 million. Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to resource needs to support organic growth.
Current wording
Nine Months Ended September 30, 2025 and 2024. Operating expenses increased $39.6 million, or 3.5%, due to an increase of $28.6 million in organic operating expenses, acquisitions, which added $10.5 million in expenses, and the unfavorable impact from foreign currency translation of $0.5 million. Total operating expenses, excluding the impact of acquisitions and foreign currency translation, primarily increased due to resource needs to support organic growth.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024 for Interest, Taxes and Other
Current wording
Comparison of the Three and Nine Months Ended September 30, 2025 and 2024 for Interest, Taxes and Other
Previous wording
Interest expense, net. Net interest expense totaled $105.5 million and $210.7 million for the three and six months ended June 30, 2025, respectively, compared to $113.3 million and $229.3 million for the three and six months ended June 30, 2024, respectively. The decrease in interest expense, net for 2025 as compared to 2024 is primarily due to lower average interest rates. We had an average interest rate of 6.14% and 6.11% for the three and six months ended June 30, 2025, respectively, compared to 6.80% and 6.83% for the three and six months ended June 30, 2024, respectively.
Current wording
Interest expense, net. Net interest expense totaled $104.2 million and $314.9 million for the three and nine months ended September 30, 2025, respectively, compared to $109.6 million and $338.9 million for the three and nine months ended September 30, 2024, respectively. The decrease in interest expense, net for 2025 as compared to 2024 is primarily due to lower average interest rates. We had an average interest rate of 6.20% and 6.14% for the three and nine months ended September 30, 2025, respectively, compared to 6.78% and 6.81% for the three and nine months ended September 30, 2024, respectively.
Previous wording
Other (expense) income, net. Other (expense) income, net was $(1.1) million and $6.1 million for the three and six months ended June 30, 2025, respectively, compared to $0.6 million and $7.2 million for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2025, other (expense) income, net consisted primarily of dividend income of $2.5 million and $13.7 million, respectively, offset by foreign currency translation losses of $1.9 million and $4.1 million, respectively, and investment losses due to mark-to market adjustments of $1.7 million and $3.5 million, respectively. For the three and six months ended June 30, 2024, other (expense) income, net consisted primarily of dividend income of $2.1 million and $12.6 million, respectively, partially offset by foreign currency translation losses of $1.1 million and $5.8 million, respectively.
Current wording
Other income, net. Other income, net was $5.3 million and $11.4 million for the three and nine months ended September 30, 2025, respectively, compared to $9.3 million and $16.5 million for the three and nine months ended September 30, 2024, respectively. For the three months ended September 30, 2025, other income, net consisted primarily of foreign currency translation gains of $3.2 million and dividend income of $2.2 million. For the nine months ended September 30, 2025, other income, net consisted primarily of dividend income of $15.9 million, partially offset by investment losses due to mark-to-market adjustments of $2.4 million. For the three months ended September 30, 2024, other income, net consisted primarily of foreign currency translation gains of $4.2 million, investment gains due to mark-to-market adjustments of $3.1 million and dividend income of $2.2 million. For the nine months ended September 30, 2024, other income, net consisted primarily of dividend income of $14.8 million and investment gains due to mark-to-market adjustments of $2.5 million, partially offset by foreign currency translation losses of $1.6 million.
Previous wording
Equity in earnings of unconsolidated affiliates, net. Equity in earnings of unconsolidated affiliates, net totaled $1.6 million and $3.9 million for the three and six months ended June 30, 2025, respectively, compared to $17.3 million and $19.6 million for the three and six months ended June 30, 2024, respectively. The equity in earnings of unconsolidated affiliates, net in 2024 is primarily related to adjustments of $16.2 million and $17.4 million for the three and six months ended June 30, 2024, respectively, to increase the carrying value of one of our investments.
Current wording
Equity in earnings of unconsolidated affiliates, net. Equity in earnings of unconsolidated affiliates, net totaled $(11.6) million and $(7.7) million for the three and nine months ended September 30, 2025, respectively, compared to $1.1 million and $20.7 million for the three and nine months ended September 30, 2024, respectively. The equity in earnings of unconsolidated affiliates, net in 2025 is primarily related to adjustments of $(11.5) million and $(11.4) million for the three and nine months ended September 30, 2025, respectively, to decrease the carrying value of one of our investments. Our equity in earnings of unconsolidated affiliates, net in 2024 included a $17.1 million adjustment for the nine months ended September 30, 2024 to increase the carrying value of one of our investments.
Previous wording
Our effective tax rates for the three and six months ended June 30, 2025 and 2024 differ from the statutory rate of 21.0% primarily due to the composition of income before income taxes from foreign and domestic tax jurisdictions, foreign income that is being taxed in the U.S. offset by foreign tax credits that are being limited and the recognition of windfall tax benefits from stock awards. The change in the effective tax rate for the three and six months ended June 30, 2025 compared to the prior year was primarily driven by the releases of uncertain tax positions in the prior year due to closed audits, increased recognition of windfall tax benefits from stock awards in the current year and a proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions. Our effective tax rates for the three and six months ended June 30, 2024 include benefits of $40.8 million related to releases of uncertain tax positions and $5.7 million of tax refunds, both due to closed audits. While we have income from multiple foreign sources, the majority of our non-U.S. operations are in the United Kingdom and India. We anticipate the statutory tax rates in 2025 to be 25.0% in the United Kingdom and approximately 25.3% in India. A future change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate.
Current wording
Our effective tax rates for the three and nine months ended September 30, 2025 and 2024 differ from the statutory rate of 21.0% primarily due to the composition of income before income taxes from foreign and domestic tax jurisdictions, foreign income that is being taxed in the U.S. offset by foreign tax credits that are being limited and the recognition of windfall tax benefits from stock awards. The change in the effective tax rate for the three and nine months ended September 30, 2025 compared to the prior year was primarily driven by the releases of uncertain tax positions due to closed audits, recognition of windfall tax benefits from stock awards and a proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions. The effective tax rates for the three and nine months ended September 30, 2025 include tax benefits of $17.5 million related to releases of uncertain tax positions due to closed audits and statute of limitation expirations. The effective tax rates for the three and nine months ended September 30, 2024 include tax benefits of $1.1 million and $41.9 million, respectively, related to releases of uncertain tax positions and $1.5 million and $7.2 million, respectively, of tax refunds, due to closed audits and statute of limitation expirations. While we have income from multiple foreign sources, the majority of our non-U.S. operations are in the United Kingdom and India. We anticipate the statutory tax rates in 2025 to be 25.0% in the United Kingdom and approximately 25.3% in India. A future change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate.
Previous wording
Our principal cash requirements are for the costs of our operations, to make payments with respect to our indebtedness, to invest in research and development, to acquire complementary businesses or assets, to repurchase shares of our common stock and to pay dividends on our common stock. We expect our cash on hand, cash flows from operations and cash available under our Credit Agreement to provide sufficient liquidity to fund our current obligations, projected working capital requirements and capital spending for at least the next twelve months.
Current wording
Our principal cash requirements are for delivering value to our clients, pursuing new sales opportunities, making payments with respect to our indebtedness, investing in research and development, acquiring complementary businesses or assets, repurchasing shares of our common stock and paying dividends on our common stock. We expect our cash on hand, cash flows from operations and cash available under our Credit Agreement to provide sufficient liquidity to fund our current obligations, projected working capital requirements and capital spending for at least the next twelve months.
Previous wording
We paid quarterly cash dividends of $0.25 per share of common stock in each of March and June 2025 totaling $122.5 million. We paid quarterly cash dividends of $0.24 per share of common stock in each of March and June 2024 totaling $119.8 million.
Current wording
We paid quarterly cash dividends of $0.25 per share of common stock in each of March and June 2025 and $0.27 per share of common stock in September 2025, totaling $188.3 million for the nine months ended September 30, 2025. We paid quarterly cash dividends of $0.24 per share of common stock in each of March and June 2024 and $0.25 per share of common stock in September 2024, totaling $182.6 million for the nine months ended September 30, 2024.
Previous wording
Client funds obligations include our transfer agency client balances invested overnight, claims administration funds due to our customers, as well as our contractual obligations to remit funds to satisfy client pharmacy claim obligations and are recorded on the unaudited condensed consolidated balance sheet when incurred, generally after a claim has been processed by us. Our contractual obligations to remit funds to satisfy client obligations are primarily sourced by funds held on behalf of clients. We had $2,997.8 million of client funds obligations at June 30, 2025.
Current wording
Client funds obligations include our transfer agency client balances invested overnight, claims administration funds due to our customers, as well as our contractual obligations to remit funds to satisfy client pharmacy claim obligations and are recorded on the unaudited condensed consolidated balance sheet when incurred, generally after a claim has been processed by us. Our contractual obligations to remit funds to satisfy client obligations are primarily sourced by funds held on behalf of clients. We had $3,664.6 million of client funds obligations at September 30, 2025.
Previous wording
Net cash provided by operating activities was $645.1 million for the six months ended June 30, 2025. Cash provided by operating activities primarily resulted from net income of $394.3 million adjusted for non-cash items of $429.9 million, partially offset by changes in our working capital accounts totaling $179.1 million. The changes in our working capital accounts were driven by increases in accounts receivable, prepaid expenses and contract assets, as well as a decrease in deferred revenue and changes in income taxes prepaid and payable due to the timing of tax payments.
Current wording
Net cash provided by operating activities was $1,101.3 million for the nine months ended September 30, 2025. Cash provided by operating activities primarily resulted from net income of $604.7 million adjusted for non-cash items of $770.5 million, partially offset by changes in our working capital accounts totaling $273.9 million. The changes in our working capital accounts were driven by increases in accounts receivable, prepaid expenses and contract assets, as well as a decrease in deferred revenue and changes in income taxes prepaid and payable due to the timing of tax payments. These changes were partially offset by a decrease in accrued expenses.
Previous wording
Investing activities used net cash of $148.1 million for the six months ended June 30, 2025, primarily related to $99.8 million in capitalized software development costs, $35.6 million in capital expenditures, $9.8 million contributed to unconsolidated affiliates and $5.8 million paid for business acquisitions, net of cash acquired, partially offset by the collection of other non-current receivables of $5.3 million.
Current wording
Investing activities used net cash of $229.6 million for the nine months ended September 30, 2025, primarily related to $155.5 million in capitalized software development costs, $70.3 million in capital expenditures, $9.8 million contributed to unconsolidated affiliates and $5.9 million paid for business acquisitions, net of cash acquired, partially offset by the collection of other non-current receivables of $7.9 million.
Previous wording
Financing activities used net cash of $987.8 million for the six months ended June 30, 2025, primarily related to $477.2 million of purchases of common stock for treasury, a net decrease in client fund obligations of $391.2 million, net repayments of debt of $190.0 million, $122.5 million in quarterly dividends paid and $47.4 million in withholding taxes paid related to equity award net share settlements, offset by proceeds of $240.5 million from stock option exercises.
Current wording
Financing activities used net cash of $791.9 million for the nine months ended September 30, 2025, primarily related to $717.3 million of purchases of common stock for treasury, net repayments of debt of $423.1 million, $188.3 million in quarterly dividends paid, $73.2 million in withholding taxes paid related to equity award net share settlements and $21.8 million in distributions to noncontrolling interests, offset by proceeds of $362.4 million from stock option exercises and a net increase in client fund obligations of $269.4 million.
Previous wording
We have made a permanent reinvestment determination in certain non-U.S. operations that have historically generated positive operating cash flows. At June 30, 2025, we held approximately $242.3 million in cash and cash equivalents at non-U.S. subsidiaries where we had made such a determination and in turn no provision for income taxes had been made.
Current wording
We have made a permanent reinvestment determination in certain non-U.S. operations that have historically generated positive operating cash flows. At September 30, 2025, we held approximately $254.9 million in cash and cash equivalents at non-U.S. subsidiaries where we had made such a determination and in turn no provision for income taxes had been made.
Previous wording
The senior secured credit facility has a revolving credit facility available for borrowings by SS&C with $600.0 million in available commitments (“Revolving Credit Facility”), of which $596.6 million was available as of June 30, 2025. The Revolving Credit Facility also contains a $75.0 million letter of credit sub-facility, of which $3.4 million was utilized as of June 30, 2025.
Current wording
The senior secured credit facility has a revolving credit facility available for borrowings by SS&C with $600.0 million in available commitments (“Revolving Credit Facility”), of which $593.8 million was available as of September 30, 2025. The Revolving Credit Facility also contains a $75.0 million letter of credit sub-facility, of which $6.2 million was utilized as of September 30, 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
2024, filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2025 and March 4, 2025, respectively (the “2024 Form 10-K”) and the Condensed Consolidated Financial Statements included in this Form 10-Q.
Current report — wording carried from elsewhere
Nine Months Ended September 30, 2025 and 2024. Our total cost of revenues increased by $144.3 million, or 6.4%, primarily due to an increase of $113.0 million in organic costs as well as acquisitions, which added $30.1 million in costs, and the unfavorable impact from foreign currency translation, which increased costs by $1.2 million. Our organic cost increase reflects continued investment in delivering client service.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The following table sets forth the percentage of our total revenues represented by each of the following sources of revenues for the periods indicated: