SS&C Technologies Holdings Inc
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
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-K
Period ended 2024-12-31; filed 2025-03-03.
0000950170-25-030421
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-26.
0001193125-26-076745
Item 7. 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 140 previous paragraphs and 138 current paragraphs.
90 unchanged; 37 reworded; 7 added; 12 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 15 previous and 14 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 (7)
Current report
Liquidity. In October 2025, in connection with our acquisition of Calastone, we entered into an Incremental Joinder to our Credit Agreement, resulting in $1,050.0 million of additional Term B-8 Loans, which is described in Contractual Obligations.
Current report
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.
Current report
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. License, maintenance and related revenues increased $19.4 million, or 1.9%, primarily due to an increase in organic revenues of $12.4 million and the favorable impact from foreign currency translation of $7.0 million.
Current report
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. 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.
Current report
On October 14, 2025, in connection with our acquisition of Calastone, we entered into an Incremental Joinder to our Credit Agreement (the “October 2025 Incremental Joinder”). Pursuant to the October 2025 Incremental Joinder, we borrowed $1,050.0 million in aggregate principal amount of incremental term B-8 loans (the “Incremental Term B-8 Loans”). The net proceeds of the Incremental B-8 Loans were used to finance the acquisition of Calastone, the payment of fees and expenses related thereto and for working capital and general corporate purposes. The Incremental Term B-8 Loans are a fungible increase to SS&C’s existing term B-8 Loans and have the same terms, maturity date, and interest.
Current report
The senior secured credit facility has a revolving credit facility available for borrowing by SS&C with $600.0 million in available commitments (“Revolving Credit Facility”), of which $593.7 million was available as of December 31,
Current report
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.
Removed paragraphs (12)
Previous report
Liquidity. In May 2024, we entered into the Incremental Joinder & First Amendment to the Credit Agreement, resulting in term B-8 loans totaling $3,935.0 million. We also issued $750.0 million of 6.5% Senior Notes in May 2024. The net proceeds of the Term B-8 Loans and from the sale of the 6.5% Senior Notes were used to repay all amounts owed under the previously existing term loans. In September 2024, in connection with our acquisition of Battea, we entered into an Incremental Joinder to our credit agreement, resulting in new term loans totaling $800.0 million. All of these transactions are described in Contractual Obligations.
Previous report
Fiscal 2023 versus Fiscal 2022. 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 also increased due to acquisitions, which contributed $75.8 million in revenues as well as the favorable impact from foreign currency translation of $0.8 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. The increase was partially offset by a decrease in organic revenues of $44.7 million and the unfavorable impact from foreign currency translation of $1.8 million. The decrease in organic revenues was due to decreased license revenues for institutional and investment management products.
Previous report
Fiscal 2023 versus Fiscal 2022. 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. Organic cost increases are primarily due to personnel costs, including the impact of wage inflation and costs to support organic growth. 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 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.
Previous report
On August 16, 2022, the Inflation Reduction Act was signed into law, which includes a 15% corporate alternative minimum tax and a 1% excise tax on stock repurchases. The provisions were effective January 1, 2023 and were not material to our financial results, financial position and cash flows. The 1% excise tax on stock repurchases is included as a cost to acquire treasury stock.
Previous report
Represents our obligation under the Tax Act to pay the deemed repatriation tax on certain non-US earnings over eight years.
Previous report
Accounting for investments
Previous report
We have five significant types of investments: 1) investments in unconsolidated affiliates; 2) partnership interests in private equity funds; 3) investments in marketable equity securities related to our deferred compensation agreements; 4) non-marketable equity securities; and 5) seed capital investments.
Previous report
The equity method of accounting is used for investments in entities, partnerships and similar interests (including investments in private equity funds for which we are a limited partner and hold a greater than 5% partnership interest in the fund) in which we have significant influence but do not control. Under the equity method, we recognize income or losses from our pro-rata share of these unconsolidated affiliates’ net income or loss, which changes the carrying value of the investment of the unconsolidated affiliate.
Previous report
Our investments in unconsolidated affiliates are accounted for under the equity method of accounting. The carrying value of our investments in unconsolidated affiliates exceeds the proportionate share of net assets of the unconsolidated affiliates, resulting in basis differences. We recognize our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in equity in earnings of unconsolidated affiliates, net on our Consolidated Statements of Comprehensive Income.
Previous report
Our partnership interests in private equity funds, marketable equity securities and seed capital investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee, are recorded at fair value, with changes in the fair value recognized in other income, net on our Consolidated Statements of Comprehensive Income. Our marketable equity securities and seed capital investments have readily determinable fair values in the market. We use net asset value as a practical expedient for the fair value of partnership interests in private equity funds that are not accounted for under the equity method of accounting.
Previous report
Investments in non-marketable equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share are recorded using the measurement alternative in Accounting Standards Update (“ASU”) 2016-01. These investments are recorded at cost, less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. Future adverse changes in market conditions or poor operating results of underlying investments could result in losses or an inability to recover the carrying value of the investments that may not be reflected in an investment’s current carrying value, thereby possibly requiring an impairment charge in the future, which could have a material effect on our financial position.
Previous report
Acquisition Accounting
Reworded paragraphs (37)
Previous wording
The following table lists the significant businesses we have acquired since January 1, 2022:
Current wording
The following table lists the businesses we have acquired since January 1, 2023:
Previous wording
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. 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 believe that our high degree of these contractually recurring revenues provides us with the ability to better manage our costs and capital investments. To support the growth in our software-enabled services revenues and maintain our level of customer service, we have added personnel, expanded our facilities and invested in IT.
Current wording
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. 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. We believe that our high degree of these contractually recurring revenues provides us with the ability to better manage our costs and capital investments. To support the growth in our software-enabled services revenues and maintain our level of customer service, we have added personnel, expanded our facilities and invested in IT.
Previous wording
We generated $1,388.6 million in cash from operating activities in 2024, compared to $1,215.1 million and $1,134.3 million in 2023 and 2022, respectively. 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.
Current wording
We generated $1,744.8 million in cash from operating activities in 2025, compared to $1,388.6 million and $1,215.1 million in 2024 and 2023, respectively. 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.
Previous wording
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. 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.
Current wording
Ongoing macroeconomic conditions, such as changes in interest rates and inflation, volatility in capital markets, global trade issues, geopolitical tensions, foreign currency exchange rate fluctuations, and other similar factors could have impacts on our results that are uncertain and, in many respects, outside our control. 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.
Previous wording
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.
Current wording
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.
Previous wording
We derive our revenues from two sources: software-enabled services revenues and license, maintenance and related revenues. 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. 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. Because these additional revenues are offset by the reimbursable expenses incurred, there is no impact on gross profit, operating income and net income, however the reimbursements billed and expenses incurred can lead to fluctuations in revenues, cost of revenues and gross margin percentage each period. License, maintenance and related revenues consist primarily of term and perpetual license fees, maintenance fees and professional services. Maintenance revenues vary based on customer retention and on the annual increases in fees, which are generally tied to the consumer price index. 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.
Current wording
We derive our revenues from two sources: software-enabled services revenues and license, maintenance and related revenues. 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. 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. Because these additional revenues are offset by the reimbursable expenses incurred, there is no impact on gross profit, operating income and net income; however, the reimbursements billed and expenses incurred can lead to fluctuations in revenues, cost of revenues and gross margin percentage each period. License, maintenance and related revenues consist primarily of term and perpetual license fees, maintenance fees and professional services. Maintenance revenues vary based on customer retention and on the annual increases in fees, which are generally tied to the consumer price index. 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.
Previous wording
Fiscal 2024 versus Fiscal 2023. Our revenues increased $379.2 million, or 6.9%, primarily due to an increase of $336.8 million in organic revenues driven by strength in the SS&C GlobeOp fund administration, virtual data room services, Global Investor and Distribution Solutions and Wealth and Investment Technologies businesses. Our revenues also increased due to acquisitions, which contributed $31.7 million in revenues as well as the favorable impact from foreign currency translation of $10.7 million. Software-enabled services revenues increased $352.0 million, or 7.8%, primarily due to an increase in organic revenues of $311.7 million, and acquisitions, which added $29.9 million in revenues, as well as the favorable impact from foreign currency translation of $10.4 million. 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.
Current wording
Software-enabled services revenues increased $352.0 million, or 7.8%, primarily due to an increase in organic revenues of $311.7 million, and acquisitions, which added $29.9 million in revenues, as well as the favorable impact from foreign currency translation of $10.4 million. 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.
Previous wording
Fiscal 2024 versus Fiscal 2023. Our total cost of revenues increased by $167.4 million, or 5.9%, primarily due to an increase in organic costs of $135.1 million and acquisitions, which added $25.5 million in costs. Our cost of revenues also increased due to the unfavorable impact from foreign currency translation of $6.8 million. Organic cost increases reflect the continued investment in delivering client service. Cost of software-enabled services revenues increased $146.8 million, or 5.9%, primarily due to an increase of $116.0 million in organic costs, acquisitions, which added $25.4 million in costs, and the unfavorable impact from foreign currency translation of $5.4 million. 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.
Current wording
Cost of software-enabled services revenues increased $146.8 million, or 5.9%, primarily due to an increase of $116.0 million in organic costs, acquisitions, which added $25.4 million in costs, and the unfavorable impact from foreign currency translation of $5.4 million. 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.
Previous wording
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. 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.
Current wording
Fiscal 2025 versus 2024. 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.
Previous wording
Interest expense. 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. 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”.
Current wording
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. 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. 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”.
Previous wording
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. 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. 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. The remaining portion of other income, net consisted primarily of losses on the sale or adjustment to carrying value of fixed assets of $11.7 million. Other income, net for 2022 included net investment gains of $38.7 million, which includes fair value adjustments to increase the carrying value of our investments and dividend income. Other income, net for 2022 also included an expense of $8.1 million relating to a legal accrual recorded in connection with the DST ERISA litigation. The remaining portion of other income, net consisted primarily of foreign currency translation gains and losses.
Current wording
Other (expense) income, net. We had other (expense) income, net of $(23.0) million in 2025 compared to $8.9 million in 2024 and $20.7 million in 2023. Other (expense) income, net for 2025 included losses on the sale of fixed assets of $35.1 million. 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. 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. Other income, net for 2023 also included income of $13.4 million from the settlement of a dispute related to pre-acquisition matters. The remaining portion of other income, net consisted primarily of losses on the sale or adjustment to carrying value of fixed assets of $11.7 million.
Previous wording
Equity in earnings of unconsolidated affiliates, net. 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.
Current wording
Equity in earnings of unconsolidated affiliates, net. 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. Our equity in earnings of unconsolidated affiliates is primarily related to an increase the carrying value of one of our investments of $19.1 million and $96.3 million in 2024 and 2023, respectively.
Previous wording
Loss on extinguishment of debt, net. We recorded a $31.2 million, $2.1 million and $5.5 loss on extinguishment of debt in 2024, 2023 and 2022, respectively. 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.
Current wording
Loss on extinguishment of debt, net. We recorded a $3.3 million, $31.2 million and $2.1 million loss on extinguishment of debt in 2025, 2024 and 2023, respectively. 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. 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.”
Previous wording
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 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. Our effective tax rate for 2024 includes benefits related to releases of uncertain tax positions and tax refunds, both due to closed audits, recognition of a state tax benefit associated with income apportionment rules, recognition of a tax benefit associated with a change in domestic tax credit methodology, releases of valuation allowances on deferred tax assets, and benefits related to stock-based awards. Our effective tax rate for 2023 included increases in uncertain tax positions and benefits related to stock-based awards. Our effective tax rate for 2022 included increases in valuation allowances on deferred tax assets, benefits related to stock-based awards and releases of uncertain tax positions due to statute of limitation expirations.
Current wording
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. 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. Our effective tax rate for 2025 includes benefits related to releases of uncertain tax positions due to closed audits, recognition of a tax benefit associated with a change in domestic tax credit methodology, and benefits related to stock-based awards. Our effective tax rate for 2024 includes benefits related to releases of uncertain tax positions and tax refunds, both due to closed audits, recognition of a state tax benefit associated with income apportionment rules, recognition of a tax benefit associated with a change in domestic tax credit methodology, releases of valuation allowances on deferred tax assets, and benefits related to stock-based awards. Our effective tax rate for 2023 included increases in uncertain tax positions and benefits related to stock-based awards.
Previous wording
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. 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. 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.
Current wording
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. 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. 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.
Previous wording
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. 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.
Current wording
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. 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.
Previous wording
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 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 cash requirements for at least the next twelve months.
Current wording
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. We expect our cash on hand, cash flows from operations, and cash available under our Credit Agreement to provide sufficient liquidity to fund our cash requirements for at least the next twelve months.
Previous wording
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. See Notes 8, 10 and 11 to our Consolidated Financial Statements for further discussion of acquisitions, debt and equity, respectively.
Current wording
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. See Notes 8, 10, and 11 to our Consolidated Financial Statements for further discussion of acquisitions, debt, and equity, respectively.
Previous wording
Client funds obligations include our transfer agency client balances invested overnight as well as our contractual obligations to remit funds to satisfy client pharmacy claim obligations and are recorded on the 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 $3,162.2 million and $2,615.6 million of client funds obligations at December 31, 2024 and 2023, respectively.
Current wording
Client funds obligations include our transfer agency client balances invested overnight as well as our contractual obligations to remit funds to satisfy client pharmacy claim obligations and are recorded on the 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 $3,799.5 million and $3,162.2 million of client funds obligations at December 31, 2025 and 2024, respectively.
Previous wording
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. 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.
Current wording
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. 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.
Previous wording
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.
Current wording
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.
Previous wording
Financing activities: Cash provided by financing activities during the year ended December 31, 2023 was $712.8 million and resulted from the increase in client funds obligations of $1,669.7 million and $115.4 million received from the exercise of stock options. 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.
Current wording
Financing activities: Cash used in financing activities during the year ended December 31, 2025 was $243.5 million and primarily resulted from $1,036.0 million of purchases of common stock for treasury, $253.8 million in quarterly dividends paid, $79.2 million in withholding taxes paid related to equity award net share settlements, distributions from noncontrolling interests of $21.8 million and $7.6 million in payments of deferred financing fees. 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.
Previous wording
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. The increase in cash was primarily due to the increase in cash and cash equivalents associated with funds held on behalf of clients. See Notes 8, 10 and 11 to our Consolidated Financial Statements for further discussion of acquisitions, debt and equity, respectively. We also had $2,615.6 million and $966.3 million of client funds obligations at December 31, 2023 and 2022, respectively.
Current wording
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. See Notes 8, 10, and 11 to our Consolidated Financial Statements for further discussion of acquisitions, debt, and equity, respectively. We also had $3,162.2 million and $2,615.6 million of client funds obligations at December 31, 2024 and 2023, respectively.
Previous wording
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. The changes in our working capital accounts were primarily driven by increases in accounts receivable, contract assets and prepaid expenses, partially offset by increases in deferred revenue.
Current wording
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. The changes in our working capital accounts were primarily driven by increases in accounts receivable, contract assets and prepaid expenses, partially offset by increases in deferred revenue.
Previous wording
We have made a permanent reinvestment determination in certain non-U.S. operations that have historically generated positive operating cash flows. 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.
Current wording
We have made a permanent reinvestment determination in certain non-U.S. operations that have historically generated positive operating cash flows. 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.
Previous wording
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.
Current wording
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.
Previous wording
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. 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.
Current wording
As of December 31, 2025, our liability for uncertain tax positions and related interest and penalties payable was $92.2 million and $7.2 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. 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.
Previous wording
The Credit Agreement had a revolving credit facility with a five-year term available for borrowings by SS&C with $250.0 million in available commitments (“Revolving Credit Facility”). The Revolving Credit Facility also contained a $25 million letter of credit sub-facility. On December 28, 2022, we entered into an amendment (the “Revolving Facility Amendment”) to the Credit Agreement with certain of our subsidiaries. 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. As of December 31, 2024, there was $3.7 million utilized of the letter of credit sub-facility and $596.3 million available of the Revolving Facility Amendment.
Current wording
The Credit Agreement had a revolving credit facility with a five-year term available for borrowings by SS&C with $250.0 million in available commitments (“Revolving Credit Facility”). The Revolving Credit Facility also contained a $25 million letter of credit sub-facility. On December 28, 2022, we entered into an amendment (the “Revolving Facility Amendment”) to the Credit Agreement with certain of our subsidiaries. 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.
Previous wording
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:
Current wording
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:
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
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.
Previous wording
Consolidated EBITDA does not reflect the significant interest expense we incur as a result of our debt leverage;
Current wording
Consolidated EBITDA does not reflect the interest expense we incur as a result of our debt leverage;
Previous wording
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.
Current wording
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.
Previous wording
(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. Consolidated net secured funded indebtedness is comprised of indebtedness for borrowed money, letters of credit, deferred purchase price obligations and capital lease obligations, all of which is secured by liens on our property.
Current wording
(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. Consolidated net secured funded indebtedness is comprised of indebtedness for borrowed money, letters of credit, deferred purchase price obligations and capital lease obligations, all of which is secured by liens on our property.
Previous wording
Intangible Assets and Goodwill
Current wording
Acquisition Accounting, Intangible Assets and Goodwill
Previous wording
We recognize software-enabled services revenues on a monthly basis as the arrangement is a single performance obligation or a stand-ready performance obligation, which in either case is comprised of a series of distinct services that are substantially the same and have the same pattern of transfer to the customer (i.e. distinct days or months of service). 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. This variability is solely attributed to and resolved as a result of the transfer of these services; these fees are independent of the transfer of past or future goods or services. These fees meet the allocation objective of ASC 606 because they represent the amount of consideration we are entitled to for these services. Revenue is generally recognized over the period the services are provided, which results in revenue recognition that corresponds with the value to the client of the services transferred to date relative to the remaining services promised.
Current wording
We recognize software-enabled services revenues on a monthly basis as the arrangement is a single performance obligation or a stand-ready performance obligation, which in either case is comprised of a series of distinct services that are substantially the same and have the same pattern of transfer to the customer (i.e. distinct days or months of service). 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. This variability is solely attributed to and resolved as a result of the transfer of these services; these fees are independent of the transfer of past or future goods or services. These fees meet the allocation objective of ASC 606 because they represent the amount of consideration we are entitled to for these services. Revenue is generally recognized over the period the services are provided, which results in revenue recognition that corresponds with the value to the client of the services transferred to date relative to the remaining services promised.
Previous wording
As of December 31, 2024, we had $110.0 million in liabilities associated with unrecognized tax benefits. All of the unrecognized tax benefits, if recognized, would decrease our effective tax rate and increase our net income. Additionally, we recognize accrued interest and penalties relating to unrecognized tax benefits as a component of the income tax provision.
Current wording
As of December 31, 2025, we had $92.2 million in liabilities associated with unrecognized tax benefits. All of the unrecognized tax benefits, if recognized, would decrease our effective tax rate and increase our net income. Additionally, we recognize accrued interest and penalties relating to unrecognized tax benefits as a component of the income tax provision.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Fiscal 2025 versus Fiscal 2024. 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. 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.
Current report — wording carried from elsewhere
Fiscal 2024 versus Fiscal 2023. Our revenues increased $379.2 million, or 6.9%, primarily due to an increase of $336.8 million in organic revenues driven by strength in the SS&C GlobeOp fund administration, virtual data room services, Global Investor and Distribution Solutions and Wealth and Investment Technologies businesses. Our revenues also increased due to acquisitions, which contributed $31.7 million in revenues as well as the favorable impact from foreign currency translation of $10.7 million.
Current report — wording carried from elsewhere
Fiscal 2025 versus Fiscal 2024. 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.
Current report — wording carried from elsewhere
Fiscal 2024 versus Fiscal 2023. Our total cost of revenues increased by $167.4 million, or 5.9%, primarily due to an increase in organic costs of $135.1 million and acquisitions, which added $25.5 million in costs. Our cost of revenues also increased due to the unfavorable impact from foreign currency translation of $6.8 million. Organic cost increases reflect the continued investment in delivering client service.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
In connection with 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. We apply significant judgments and estimates in determining the fair market value of the assets acquired and their useful lives. For example, we have determined the fair value of existing client contracts based on the discounted estimated net future cash flows from such client contracts existing at the date of acquisition and the fair value of the completed technology based on the relief-from-royalties method on estimated future revenues of such completed technology and assumed obsolescence factors. 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.