Core Insights - SS&C Technologies Holdings, Inc. has acquired Curo Fund Services, a leading fund administration company in South Africa, managing over $170.4 billion in assets [2][3] Group 1: Acquisition Details - The acquisition is pending approval from the South African Competition Commission, and approximately 300 employees from Curo will join SS&C in Cape Town [3] - Curo will operate independently within SS&C's Global Investor & Distribution Solutions group, leveraging SS&C's fund accounting and asset servicing technologies [3] Group 2: Strategic Goals - SS&C expects the acquisition to enhance innovation, service delivery, and growth across South Africa and the African continent, while ensuring continuity for Curo's existing clients [4] - The company serves over 22,000 organizations globally, providing software and services for the financial services and healthcare industries [4]

[FORM 10-Q Cover Page](index=1&type=section&id=FORM%2010-Q) - SS&C Technologies Holdings, Inc. submitted its quarterly report (Form 10-Q) for the period ended June 30, 2025[2](index=2&type=chunk) | Metric | Detail | | :--- | :--- | | **Company Name** | SS&C TECHNOLOGIES HOLDINGS, INC. | | **Jurisdiction of Incorporation** | Delaware | | **File Number** | 001-34675 | | **Reporting Period** | As of June 30, 2025 | | **Ticker Symbol** | SSNC | | **Registered Exchange** | Nasdaq Global Select Market | | **Shares Outstanding (as of July 23, 2025)** | 244,220,641 shares | [Table of Contents](index=2&type=section&id=INDEX) [PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the company's unaudited condensed consolidated financial statements, including balance sheets, income statements, cash flow statements, and equity changes, reflecting financial position and operating results for the periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric (Millions of USD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 480.3 | 567.1 | | Client receivables and funds held on behalf of clients | 2,997.8 | 3,162.2 | | Accounts receivable, net | 940.2 | 902.0 | | Contract assets | 56.4 | 47.6 | | Prepaid expenses and other current assets | 183.1 | 179.8 | | Restricted cash and cash equivalents | 2.6 | 3.7 | | **Total Current Assets** | **4,660.4** | **4,862.4** | | Property, plant and equipment, net | 311.9 | 299.6 | | Operating lease right-of-use assets | 211.8 | 190.6 | | Investments | 174.8 | 177.4 | | Unconsolidated affiliates | 344.6 | 328.4 | | Contract assets (non-current) | 129.7 | 110.2 | | Goodwill | 9,420.9 | 9,218.1 | | Intangible assets and other assets, net | 3,730.1 | 3,858.0 | | **Total Assets** | **18,984.2** | **19,044.7** | | **Liabilities and Equity** | | | | Current liabilities: | | | | Current portion of long-term debt | 20.0 | 20.0 | | Client fund obligations | 2,997.8 | 3,162.2 | | Accounts payable | 55.2 | 70.2 | | Income taxes payable | — | 23.0 | | Accrued employee compensation and benefits | 235.0 | 311.5 | | Accrued interest | 31.6 | 31.6 | | Other accrued expenses | 276.2 | 249.7 | | Deferred revenue | 485.9 | 486.1 | | **Total Current Liabilities** | **4,101.7** | **4,354.3** | | Long-term debt, net | 6,803.4 | 6,989.6 | | Operating lease liabilities | 194.0 | 175.1 | | Other long-term liabilities | 180.6 | 191.1 | | Deferred income taxes | 695.2 | 725.5 | | **Total Liabilities** | **11,974.9** | **12,435.6** | | **Stockholders' Equity** | | | | Common stock | 2.9 | 2.8 | | Additional paid-in capital | 6,209.4 | 5,901.6 | | Accumulated other comprehensive loss | (240.9) | (541.2) | | Retained earnings | 3,909.9 | 3,641.9 | | Cost of common stock in treasury | (2,946.7) | (2,470.2) | | **Total SS&C Stockholders' Equity** | **6,934.6** | **6,534.9** | | Noncontrolling interests | 74.7 | 74.2 | | **Total Equity** | **7,009.3** | **6,609.1** | | **Total Liabilities and Equity** | **18,984.2** | **19,044.7** | - As of June 30, 2025, total assets were **$18.9842 billion**, a slight decrease from **$19.0447 billion** as of December 31, 2024. Total liabilities decreased from **$12.4356 billion** to **$11.9749 billion**, while stockholders' equity increased from **$6.6091 billion** to **$7.0093 billion**[10](index=10&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) | Metric (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **1,536.8** | **1,451.5** | **3,050.7** | **2,886.5** | | Software support services revenue | 1,267.7 | 1,192.4 | 2,537.6 | 2,380.1 | | License, maintenance and related revenue | 269.1 | 259.1 | 513.1 | 506.4 | | **Gross Profit** | **736.9** | **698.3** | **1,484.0** | **1,405.5** | | **Operating Income** | **344.5** | **327.6** | **702.4** | **660.5** | | Net interest expense | (105.5) | (113.3) | (210.7) | (229.3) | | Net equity in earnings of unconsolidated affiliates | 1.6 | 17.3 | 3.9 | 19.6 | | Loss on extinguishment of debt | — | (27.7) | (0.9) | (28.8) | | **Income Before Income Taxes** | **239.5** | **204.5** | **500.8** | **429.2** | | Provision for income taxes | 58.4 | 13.8 | 106.5 | 80.5 | | **Net Income** | **181.1** | **190.7** | **394.3** | **348.7** | | Net income attributable to SS&C common stockholders | 180.8 | 190.3 | 393.8 | 347.9 | | **Basic Earnings Per Share** | **0.74** | **0.77** | **1.60** | **1.41** | | **Diluted Earnings Per Share** | **0.72** | **0.75** | **1.55** | **1.38** | | **Comprehensive Income** | **388.9** | **193.5** | **694.6** | **303.9** | - For the three months ended June 30, 2025, total revenues increased by **5.9%** to **$1.5368 billion**, but net income decreased by **5.0%** to **$181.1 million** year-over-year. Diluted earnings per share decreased from **$0.75** to **$0.72**. For the six months ended June 30, 2025, total revenues increased by **5.7%** to **$3.0507 billion**, net income increased by **13.1%** to **$394.3 million**, and diluted earnings per share increased from **$1.38** to **$1.55**[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activities (Millions of USD) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **645.1** | **565.4** | | **Net cash used in investing activities** | **(148.1)** | **(84.0)** | | **Net cash used in financing activities** | **(987.8)** | **(1,597.6)** | | Effect of exchange rate changes | 11.7 | (3.9) | | **Net decrease in cash, cash equivalents and restricted cash** | **(479.1)** | **(1,120.1)** | | Cash, cash equivalents and restricted cash at beginning of period | 3,370.5 | 2,998.6 | | **Cash, cash equivalents and restricted cash at end of period** | **2,891.4** | **1,878.5** | - For the six months ended June 30, 2025, net cash provided by operating activities was **$645.1 million**, an increase from **$565.4 million** in the prior year period. Net cash used in investing activities was **$148.1 million**, primarily for capitalized software development and capital expenditures. Net cash used in financing activities was **$987.8 million**, mainly for common stock repurchases, debt repayments, and dividend payments[14](index=14&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) - For the six months ended June 30, 2025, total stockholders' equity increased from **$6.6091 billion** as of December 31, 2024, to **$7.0093 billion**. Key changes include **$393.8 million** in net income, a **$300.3 million** increase from foreign currency translation adjustments, **$112.9 million** in stock-based compensation expense, and **$193.1 million** net from stock option exercises, partially offset by **$476.5 million** in common stock repurchases and **$123.9 million** in dividends paid[17](index=17&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1—Basis of Presentation and Principles of Consolidation](index=8&type=section&id=Note%201%E2%80%94Basis%20of%20Presentation%20and%20Principles%20of%20Consolidation) - The financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and are consistent with the 2024 Form 10-K annual report. The company operates in one operating and reportable segment, with the Chief Operating Decision Maker (CODM) using consolidated net income as the sole measure of segment profit or loss[19](index=19&type=chunk)[21](index=21&type=chunk) - The company is evaluating the impact of ASU 2024-03 (Income Statement—Reporting Comprehensive Income—Disaggregation of Expenses Disclosure), which requires additional disclosures for specific expense categories and is effective for fiscal years beginning after December 15, 2026[23](index=23&type=chunk) [Note 2—Property, Plant and Equipment, net](index=8&type=section&id=Note%202%E2%80%94Property%2C%20Plant%20and%20Equipment%2C%20net) | Category (Millions of USD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Land | 38.1 | 36.7 | | Buildings and improvements | 268.2 | 256.6 | | Equipment, furniture and fixtures | 517.7 | 487.2 | | **Total** | **824.0** | **780.5** | | Less: Accumulated depreciation | (512.1) | (480.9) | | **Property, plant and equipment, net** | **311.9** | **299.6** | - For the six months ended June 30, 2025, depreciation expense was **$35.7 million**, and capitalized software development amortization expense was **$71.0 million**. For the same period in 2024, depreciation expense was **$36.3 million**, and amortization expense was **$57.9 million**[25](index=25&type=chunk) [Note 3—Investments](index=10&type=section&id=Note%203%E2%80%94Investments) | Investment Category (Millions of USD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unlisted equity securities | 124.1 | 124.1 | | Seed capital investments | 25.9 | 23.1 | | Listed equity securities | 19.8 | 21.6 | | Private equity fund partnership interests | 5.0 | 8.6 | | **Total Investments** | **174.8** | **177.4** | - For the six months ended June 30, 2025, unrealized losses on equity securities were **$3.5 million**, compared to unrealized gains of **$0.2 million** in the prior year period. The company measures investments using a three-tier fair value hierarchy, with money market funds and listed equity securities classified as Level 1[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Note 4—Unconsolidated Affiliates](index=11&type=section&id=Note%204%E2%80%94Unconsolidated%20Affiliates) | Affiliate | Ownership Percentage | Carrying Value as of June 30, 2025 (Millions of USD) | Carrying Value as of December 31, 2024 (Millions of USD) | | :--- | :--- | :--- | :--- | | Orbit Private Investments L.P. | 9.8% | 213.7 | 203.9 | | International Financial Data Services L.P. | 50.0% | 67.2 | 60.2 | | Broadway Square Partners, LLP | 50.0% | 51.8 | 52.2 | | Pershing Road Development Company, LLC | 50.0% | 9.9 | 10.1 | | Other unconsolidated affiliates | - | 2.0 | 2.0 | | **Total** | | **344.6** | **328.4** | - The company accounts for investments in unconsolidated affiliates using the equity method. For the six months ended June 30, 2025, net equity in earnings of unconsolidated affiliates was **$3.9 million**, a significant decrease from **$19.6 million** in the prior year period, primarily due to a **$17.4 million** adjustment gain from Orbit Private Investment L.P. in 2024[33](index=33&type=chunk)[35](index=35&type=chunk) [Note 5—Acquisitions](index=12&type=section&id=Note%205%E2%80%94Acquisitions) - The company acquired FPS Trust Company for approximately **$6 million** in February 2025. Additionally, the company acquired Battea-Class Action Services, LLC in September 2024[37](index=37&type=chunk)[64](index=64&type=chunk) [Note 6—Goodwill](index=12&type=section&id=Note%206%E2%80%94Goodwill) | Change Item (Millions of USD) | Amount | | :--- | :--- | | Balance as of December 31, 2024 | 9,218.1 | | Acquisitions completed during the year | 6.0 | | Foreign currency exchange impact | 196.8 | | **Balance as of June 30, 2025** | **9,420.9** | - As of June 30, 2025, the carrying value of goodwill was **$9.4209 billion**, an increase of **$202.8 million** from December 31, 2024, driven primarily by foreign currency exchange impact (**$196.8 million**) and acquisitions during the year (**$6 million**)[38](index=38&type=chunk) [Note 7—Debt](index=12&type=section&id=Note%207%E2%80%94Debt) | Debt Category (Millions of USD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Senior Secured Credit Facilities | 4,105.0 | 4,295.0 | | 5.5% Senior Notes (due 2027) | 2,000.0 | 2,000.0 | | 6.5% Senior Notes (due 2032) | 750.0 | 750.0 | | Unamortized original issue discount and debt issuance costs | (31.6) | (35.4) | | **Total Debt** | **6,823.4** | **7,009.6** | | Less: Current portion of long-term debt | 20.0 | 20.0 | | **Long-term Debt, Net** | **6,803.4** | **6,989.6** | - As of June 30, 2025, the company's total debt was **$6.8234 billion**, a decrease from **$7.0096 billion** as of December 31, 2024. The weighted average interest rate for the Senior Secured Credit Facilities was **6.23%** as of June 30, 2025, down from **6.26%** as of December 31, 2024. The company is in compliance with all financial and non-financial covenants[39](index=39&type=chunk)[41](index=41&type=chunk) [Note 8—Stockholders' Equity](index=13&type=section&id=Note%208%E2%80%94Stockholders'%20Equity) - The company's Board of Directors authorized a new stock repurchase program in May 2025, allowing for the repurchase of up to **$1.5 billion** of common stock. For the three and six months ended June 30, 2025, the company repurchased **3.4 million** and **5.8 million** shares of common stock, totaling **$269.6 million** and **$476.5 million** (including a 1% excise tax), respectively[43](index=43&type=chunk) - The company paid quarterly cash dividends of **$0.25 per share** in March and June 2025, totaling **$122.5 million**. Dividends paid in the prior year period were **$0.24 per share**, totaling **$119.8 million**[44](index=44&type=chunk) | Accumulated Other Comprehensive Loss (Millions of USD) | Balance as of December 31, 2024 | Net Current Period Other Comprehensive Income | Balance as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Foreign currency translation adjustments | (539.6) | 300.3 | (239.3) | | Defined benefit pension obligations | (1.6) | — | (1.6) | | **Total Accumulated Other Comprehensive Loss** | **(541.2)** | **300.3** | **(240.9)** | [Note 9—Variable Interest Entity](index=14&type=section&id=Note%209%E2%80%94Variable%20Interest%20Entity) - The company holds an **80.2%** interest in DomaniRx, LLC, which is consolidated as a variable interest entity (VIE). The company is the primary beneficiary of DomaniRx and has the power to direct its key activities that significantly affect its economic performance[47](index=47&type=chunk) | DomaniRx Assets and Liabilities (Millions of USD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 145.1 | 155.2 | | Prepaid expenses and other current assets | 0.8 | 0.9 | | Intangible assets | 227.9 | 217.6 | | Other assets | 3.5 | 2.4 | | Other liabilities | 0.5 | 1.1 | [Note 10—Revenues](index=14&type=section&id=Note%2010%E2%80%94Revenues) - Company revenues primarily derive from software support services, typically provided under one-to-five-year contracts with monthly or quarterly payments. Additionally, the company generates revenue from licensing software and selling maintenance services. Pricing is generally based on client assets under management, asset class complexity, transaction volumes, and service levels[49](index=49&type=chunk) | Revenue Source (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Software support services | 1,267.7 | 1,192.4 | 2,537.6 | 2,380.1 | | Maintenance and term licenses | 232.9 | 224.4 | 446.1 | 443.2 | | Professional services | 26.2 | 25.1 | 50.1 | 48.9 | | Perpetual licenses | 10.0 | 9.6 | 16.9 | 14.3 | | **Total** | **1,536.8** | **1,451.5** | **3,050.7** | **2,886.5** | | Revenue Geographic Distribution (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | United States | 1,034.6 | 1,015.4 | 2,071.1 | 2,007.7 | | United Kingdom | 195.8 | 155.8 | 373.2 | 321.3 | | Europe (excluding UK), Middle East and Africa | 130.6 | 118.8 | 260.2 | 234.7 | | Asia Pacific | 83.4 | 78.9 | 168.8 | 152.2 | | Canada | 57.6 | 54.7 | 113.9 | 114.3 | | Americas (excluding US and Canada) | 34.8 | 27.9 | 63.5 | 56.3 | | **Total** | **1,536.8** | **1,451.5** | **3,050.7** | **2,886.5** | [Note 11—Stock-based Compensation](index=15&type=section&id=Note%2011%E2%80%94Stock-based%20Compensation) | Stock-based Compensation Expense (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Cost of software support services | 21.2 | 17.7 | 38.6 | 33.1 | | Cost of license, maintenance and other related | 2.3 | 2.2 | 4.5 | 3.8 | | Selling and marketing | 10.1 | 9.3 | 19.2 | 17.0 | | Research and development | 8.5 | 7.8 | 16.1 | 14.0 | | General and administrative | 18.1 | 13.6 | 34.5 | 27.8 | | **Total Stock-based Compensation Expense** | **60.2** | **50.6** | **112.9** | **95.7** | - For the six months ended June 30, 2025, total stock-based compensation expense was **$112.9 million**, an increase from **$95.7 million** in the prior year period. As of June 30, 2025, there were **27.8 million** stock options and stock appreciation rights (SARs) outstanding, and **5.7 million** performance stock units (PSUs) and restricted stock units (RSUs) outstanding[53](index=53&type=chunk) [Note 12—Income Taxes](index=16&type=section&id=Note%2012%E2%80%94Income%20Taxes) | Metric | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Provision for income taxes (Millions of USD) | 58.4 | 13.8 | 106.5 | 80.5 | | **Effective Tax Rate** | **24.4%** | **6.7%** | **21.3%** | **18.8%** | - For the three months ended June 30, 2025, the effective tax rate was **24.4%**, higher than **6.7%** in the prior year period. For the six months ended June 30, 2025, the effective tax rate was **21.3%**, higher than **18.8%** in the prior year period. The lower effective tax rate in 2024 was primarily due to the release of **$40.8 million** in uncertain tax position reserves and **$5.7 million** in tax refunds following an audit completion[54](index=54&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company is evaluating the impact of the 'One Big Beautiful Bill Act' (OBBBA), enacted on July 4, 2025, which contains broad tax reform provisions, on its consolidated financial statements[58](index=58&type=chunk) [Note 13—Earnings per Share](index=16&type=section&id=Note%2013%E2%80%94Earnings%20per%20Share) | Metric | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Net income attributable to SS&C common stockholders (Millions of USD) | 180.8 | 190.3 | 393.8 | 347.9 | | Basic earnings per share | 0.74 | 0.77 | 1.60 | 1.41 | | Diluted earnings per share | 0.72 | 0.75 | 1.55 | 1.38 | | Basic weighted-average common shares outstanding (Millions of shares) | 244.9 | 246.2 | 245.4 | 246.6 | | Diluted weighted-average common shares and common stock equivalents outstanding (Millions of shares) | 252.2 | 252.3 | 253.5 | 252.7 | - For the three months ended June 30, 2025, basic earnings per share was **$0.74** and diluted earnings per share was **$0.72**, both lower than the prior year period. For the six months ended June 30, 2025, basic earnings per share was **$1.60** and diluted earnings per share was **$1.55**, both higher than the prior year period[55](index=55&type=chunk) [Note 14—Commitments and Contingencies](index=16&type=section&id=Note%2014%E2%80%94Commitments%20and%20Contingencies) - The company does not believe that any litigation or legal proceedings to which it is a party will have a material adverse effect on the company or its business. Management believes that the ultimate outcome of all legal proceedings, in the aggregate, will not have a material adverse effect on the company's consolidated financial position, results of operations, or cash flows[56](index=56&type=chunk)[123](index=123&type=chunk) [Note 15—Subsequent Events](index=16&type=section&id=Note%2015%E2%80%94Subsequent%20Events) - On July 21, 2025, the company announced it entered into a definitive agreement to acquire Colossus Topco Limited, the parent company of Calastone Limited, from a global private equity firm. The acquisition price is approximately **£766 million** (approximately **$1.03 billion**), and it is expected to close in the fourth quarter of 2025, subject to regulatory approvals[57](index=57&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of the company's financial condition, operating results, liquidity, and other factors that may affect future performance, discussing revenue, cost, and expense changes for the three and six months ended June 30, 2025, and detailing liquidity, capital resources, debt covenants, and recent accounting pronouncements [Overview and Critical Accounting Estimates](index=17&type=section&id=Overview%20and%20Critical%20Accounting%20Estimates) - Management's Discussion and Analysis aims to provide in-depth insights into the company's financial condition and results of operations and should be read in conjunction with the 2024 Form 10-K annual report. The company uses the term 'organic' to refer to businesses and operations calculated at constant currency for comparable prior year periods[59](index=59&type=chunk)[60](index=60&type=chunk) - The company faces risks from macroeconomic conditions such as interest rates, inflation, capital market volatility, geopolitical tensions, and foreign currency exchange rate fluctuations. Critical accounting estimates include investments, intangible assets and goodwill, software capitalization, acquisition accounting, revenue recognition, stock-based compensation, and income taxes[61](index=61&type=chunk)[62](index=62&type=chunk)[65](index=65&type=chunk) [Results of Operations - Revenues](index=17&type=section&id=Results%20of%20Operations%20-%20Revenues) - Company revenues are primarily derived from software support services and license, maintenance, and related services. Fluctuations in software support services revenue are mainly influenced by client retention, new client acquisition, total client assets under management, and outsourced transaction volumes[63](index=63&type=chunk) | Revenue Source | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Software support services | 82.5% | 82.1% | 83.2% | 82.5% | | License, maintenance and related | 17.5% | 17.9% | 16.8% | 17.5% | | **Total Revenues** | **100.0%** | **100.0%** | **100.0%** | **100.0%** | | Revenue (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | Year-over-Year Change (%) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Software support services | 1,267.7 | 1,192.4 | 6.3% | 2,537.6 | 2,380.1 | 6.6% | | License, maintenance and related | 269.1 | 259.1 | 3.9% | 513.1 | 506.4 | 1.3% | | **Total Revenues** | **1,536.8** | **1,451.5** | **5.9%** | **3,050.7** | **2,886.5** | **5.7%** | - For the three months ended June 30, 2025, total revenues increased by **$85.3 million (5.9%)**, primarily driven by organic growth of **$50.9 million** in SS&C GlobeOp fund administration, wealth and investment technology, global investor and distribution solutions, and intelligent automation and analytics businesses, as well as **$20.9 million** from acquisitions and **$13.5 million** from favorable foreign currency exchange impacts[66](index=66&type=chunk) [Results of Operations - Cost of Revenues](index=18&type=section&id=Results%20of%20Operations%20-%20Cost%20of%20Revenues) - Cost of software support services revenue primarily includes personnel costs for service delivery and amortization of certain intangible assets. Cost of license, maintenance, and other related revenue mainly includes personnel costs for maintenance contract services, implementation, conversion, training services, and intangible asset amortization[68](index=68&type=chunk) | Cost of Revenues as a Percentage of Revenues | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Cost of software support services | 54.7% | 54.8% | 53.6% | 54.1% | | Cost of license, maintenance and related | 39.4% | 38.3% | 40.1% | 38.2% | | **Total Cost of Revenues** | **52.0%** | **51.9%** | **51.4%** | **51.3%** | | **Gross Margin** | **48.0%** | **48.1%** | **48.6%** | **48.7%** | | Cost of Revenues (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | Year-over-Year Change (%) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of software support services | 693.9 | 654.0 | 6.1% | 1,361.2 | 1,287.8 | 5.7% | | Cost of license, maintenance and related | 106.0 | 99.2 | 6.9% | 205.5 | 193.2 | 6.4% | | **Total Cost of Revenues** | **799.9** | **753.2** | **6.2%** | **1,566.7** | **1,481.0** | **5.8%** | - For the three months ended June 30, 2025, total cost of revenues increased by **$46.7 million (6.2%)**, primarily due to **$30.9 million** in organic cost increases, **$10.5 million** from acquisitions, and **$5.3 million** from unfavorable foreign currency exchange impacts. The increased resource requirements for organic growth were the main drivers of the cost increase[70](index=70&type=chunk) [Results of Operations - Operating Expenses](index=19&type=section&id=Results%20of%20Operations%20-%20Operating%20Expenses) - Operating expenses include selling and marketing expenses (personnel costs, commissions, travel, intangible asset amortization), research and development expenses (personnel costs for product enhancements and new software development), and general and administrative expenses (management, accounting, finance, human resources, and professional services fees)[72](index=72&type=chunk) | Operating Expenses as a Percentage of Total Revenues | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Selling and marketing | 9.9% | 9.8% | 10.0% | 9.8% | | Research and development | 8.3% | 8.9% | 8.4% | 8.7% | | General and administrative | 7.3% | 6.8% | 7.2% | 7.3% | | **Total Operating Expenses** | **25.5%** | **25.5%** | **25.6%** | **25.8%** | | Operating Expenses (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | Year-over-Year Change (%) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Selling and marketing | 152.4 | 142.6 | 6.9% | 304.7 | 283.5 | 7.5% | | Research and development | 128.1 | 128.7 | (0.5)% | 257.2 | 249.6 | 3.0% | | General and administrative | 111.9 | 99.4 | 12.6% | 219.7 | 211.9 | 3.7% | | **Total Operating Expenses** | **392.4** | **370.7** | **5.9%** | **781.6** | **745.0** | **4.9%** | - For the three months ended June 30, 2025, operating expenses increased by **$21.7 million (5.9%)**, primarily due to **$14.4 million** in organic operating expense increases, **$3.9 million** from unfavorable foreign currency exchange impacts, and **$3.4 million** from acquisitions. Increased resource requirements for organic growth were the primary reason for the increase in operating expenses[75](index=75&type=chunk) [Results of Operations - Comparison of the Three and Six Months Ended June 30, 2025 and 2024 for Interest, Taxes and Other](index=20&type=section&id=Results%20of%20Operations%20-%20Comparison%20of%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20for%20Interest%2C%20Taxes%20and%20Other) - For the three and six months ended June 30, 2025, net interest expense was **$105.5 million** and **$210.7 million**, respectively, lower than **$113.3 million** and **$229.3 million** in the prior year periods, primarily due to a decrease in average interest rates (6.14% and 6.11% in 2025 versus 6.80% and 6.83% in 2024)[77](index=77&type=chunk) - For the three and six months ended June 30, 2025, other (expense) income, net, was **($1.1 million)** and **$6.1 million**, respectively, primarily including dividend income, foreign currency exchange losses, and investment fair value adjustment losses. Net equity in earnings of unconsolidated affiliates significantly decreased, mainly due to an investment value adjustment for Orbit Private Investments L.P. in 2024[78](index=78&type=chunk)[79](index=79&type=chunk) | Metric | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | :--- | :--- | | Provision for income taxes (Millions of USD) | 58.4 | 13.8 | 106.5 | 80.5 | | **Effective Tax Rate** | **24.4%** | **6.7%** | **21.3%** | **18.8%** | - Changes in the effective tax rate were primarily influenced by the release of uncertain tax position reserves after an audit, recognition of tax benefits from stock-based compensation, and changes in the proportional composition of income in domestic and foreign tax jurisdictions. The company expects the UK statutory tax rate to be **25.0%** and India to be approximately **25.3%** in 2025[81](index=81&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's primary cash requirements include operating costs, debt repayment, R&D investments, business or asset acquisitions, common stock repurchases, and dividend payments. Existing cash, operating cash flows, and available cash under credit agreements are expected to be sufficient to meet liquidity needs for the next twelve months[83](index=83&type=chunk) | Cash Flow Activities (Millions of USD) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | Year-over-Year Change (Millions of USD) | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 645.1 | 565.4 | 79.7 | | Net cash used in investing activities | (148.1) | (84.0) | (64.1) | | Net cash used in financing activities | (987.8) | (1,597.6) | 609.8 | | Effect of exchange rate changes | 11.7 | (3.9) | 15.6 | | **Net decrease in cash, cash equivalents and restricted cash** | **(479.1)** | **(1,120.1)** | **641.0** | - As of June 30, 2025, the company held approximately **$242.3 million** in cash and cash equivalents in non-U.S. subsidiaries, which are considered permanently reinvested, thus no income tax provision has been made for these funds[89](index=89&type=chunk) [Off-Balance Sheet Arrangements](index=24&type=section&id=Off-Balance%20Sheet%20Arrangements) - The company has no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on its financial condition, results of operations, liquidity, or capital resources[90](index=90&type=chunk) [Senior Secured Credit Facilities and Senior Notes](index=24&type=section&id=Senior%20Secured%20Credit%20Facilities%20and%20Senior%20Notes) | Debt Category | Outstanding Amount as of June 30, 2025 (Millions of USD) | Maturity Date | Quarterly Payment Requirement | | :--- | :--- | :--- | :--- | | **Senior Secured Credit Facilities** | | | | | Term Loan B-8 | 3,320.0 | May 9, 2031 | (1) | | Term Loan A-9 | 785.0 | September 27, 2029 | 0.625% (3) | | Revolving Credit Facility | — | December 28, 2027 | None | | **Senior Notes** | | | | | 5.5% Senior Notes | 2,000.0 | September 30, 2027 | None | | 6.5% Senior Notes | 750.0 | June 1, 2032 | None | - The Senior Secured Credit Facilities include a **$600 million** revolving credit facility, with **$596.6 million** available as of June 30, 2025. The company has made prepayments on the Term Loan B-8, eliminating the need for quarterly principal payments until March 2030[92](index=92&type=chunk)[95](index=95&type=chunk) - Covenants for the **5.5%** and **6.5%** Senior Notes restrict the company and its subsidiaries from incurring debt, creating liens, making investments, paying dividends, disposing of assets, or engaging in transactions with affiliates. Any default under the Senior Secured Credit Facilities could trigger a default under the Senior Notes[96](index=96&type=chunk)[99](index=99&type=chunk) [Covenant Compliance](index=26&type=section&id=Covenant%20Compliance) - The company is required to comply with a consolidated net secured leverage ratio financial covenant under its revolving credit facility and a separate consolidated net secured leverage ratio under its Term Loan A-9. As of June 30, 2025, the company was in compliance with all financial and non-financial covenants[100](index=100&type=chunk)[94](index=94&type=chunk) | Covenant Requirement | Actual Ratio (as of June 30, 2025) | | :--- | :--- | | Maximum Consolidated Net Secured Leverage Ratio to Consolidated EBITDA | 6.25x | 1.55 | - Consolidated EBITDA is a non-GAAP financial measure used to assess the cost of the company's capital structure and evaluate its ability to service debt and fund capital expenditures. This metric does not represent net income or cash flow from operations as defined by GAAP and may not be comparable to similar measures reported by other companies[101](index=101&type=chunk)[102](index=102&type=chunk)[105](index=105&type=chunk) | Consolidated EBITDA Reconciliation (Millions of USD) | June 30, 2025 (3 months) | June 30, 2024 (3 months) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | June 30, 2025 (12 months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | 181.1 | 190.7 | 394.3 | 348.7 | 807.4 | | Net interest expense | 105.5 | 113.3 | 210.7 | 229.3 | 433.2 | | Provision for income taxes | 58.4 | 13.8 | 106.5 | 80.5 | 157.9 | | Depreciation and amortization | 174.9 | 167.5 | 345.7 | 333.0 | 692.8 | | **EBITDA** | **519.9** | **485.3** | **1,057.2** | **991.5** | **2,091.3** | | Stock-based compensation | 60.2 | 50.6 | 112.9 | 95.7 | 220.4 | | Loss on extinguishment of debt | — | 27.7 | 0.9 | 28.8 | 3.3 | | Net equity in earnings of unconsolidated affiliates | (1.6) | (17.3) | (3.9) | (19.6) | (8.7) | | Foreign currency exchange losses | 1.9 | 1.1 | 4.1 | 5.8 | 6.4 | | Facility and workforce restructuring | 17.1 | 7.5 | 24.2 | 19.7 | 46.1 | | **Consolidated EBITDA** | **601.3** | **560.0** | **1,194.2** | **1,117.9** | **2,362.3** | | Consolidated EBITDA attributable to SS&C common stockholders | 600.4 | 558.9 | 1,192.3 | 1,115.7 | 2,358.4 | [Recent Accounting Pronouncements Not Yet Effective](index=30&type=section&id=Recent%20Accounting%20Pronouncements%20Not%20Yet%20Effective) - The company plans to adopt ASU 2023-09 (Improvements to Income Tax Disclosures) for the fiscal year ending December 31, 2025, which is expected to impact only financial statement disclosures and not financial position, results of operations, or cash flows. The company is evaluating the impact of ASU 2024-03 (Income Statement—Reporting Comprehensive Income—Disaggregation of Expenses Disclosure), which is effective for fiscal years beginning after December 15, 2026[110](index=110&type=chunk)[111](index=111&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discloses the market risks faced by the company, including interest rate risk, equity price risk, and foreign currency exchange risk, and quantifies the potential impact of these risks on the company's financial performance [Interest Rate Risk](index=30&type=section&id=Interest%20Rate%20Risk) - The company earns service revenue from investment income on cash balances held in bank accounts on behalf of clients. For the six months ended June 30, 2025, the average daily cash balance was approximately **$2.5 billion**. An estimated **100 basis point** increase in interest rates would increase annual net income (after income taxes) by approximately **$12.3 million**[113](index=113&type=chunk) - As of June 30, 2025, the company's total variable-rate debt was approximately **$4.105 billion**. A **100 basis point** increase in interest rates would increase annual interest expense by approximately **$41.1 million**[114](index=114&type=chunk) [Equity Price Risk](index=30&type=section&id=Equity%20Price%20Risk) - The company is exposed to equity price risk due to its investments in equity securities. As of June 30, 2025, the fair value of investments subject to equity price risk was approximately **$42.8 million**. A **10%** change in the fair value of these investments would impact net income (after income taxes) by approximately **$3.2 million**[115](index=115&type=chunk) [Foreign Currency Exchange Rate Risk](index=32&type=section&id=Foreign%20Currency%20Exchange%20Rate%20Risk) - For the six months ended June 30, 2025, approximately **32%** of the company's revenues were from clients outside the U.S., and approximately **24%** of revenues were denominated in non-U.S. currencies, primarily the British Pound. The company is exposed to transaction gains and losses from changes in foreign currency exchange rates, but these amounts were not material during the reporting period. The company does not trade or hedge market risk sensitive instruments[117](index=117&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) This section assesses the effectiveness of the company's disclosure controls and procedures and reports on changes in internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=32&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - As of June 30, 2025, the company's management, including the Chief Executive Officer and Chief Financial Officer, evaluated and concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[119](index=119&type=chunk) [Changes in Internal Control Over Financial Reporting](index=32&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) - There were no changes in the company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the fiscal quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[120](index=120&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) This section discloses the legal proceedings involving the company and reiterates management's assessment of the outcome of these proceedings - The company does not believe that any legal proceedings or actions to which it is a party will have a material adverse effect on the company or its business. Management believes that the ultimate outcome of all legal proceedings, in the aggregate, will not have a material adverse effect on the company's consolidated financial position, results of operations, or cash flows[122](index=122&type=chunk)[123](index=123&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section indicates that there have been no material changes to the risk factors disclosed by the company since the filing of its annual report - As of the date of this report, there have been no material changes to the risk factors disclosed by the company in its 2024 Form 10-K annual report[124](index=124&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section summarizes the company's common stock repurchase activities during the second quarter of 2025, including the number of shares repurchased, average price, and remaining authorized repurchase amount | Period | Total Number of Shares Repurchased (Millions of shares) | Average Price Per Share (USD) | Total Number of Shares Repurchased Under Publicly Announced Plans (Millions of shares) | Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Repurchased Under the Plans (Millions of USD) | | :--- | :--- | :--- | :--- | :--- | | April 1, 2025 – April 30, 2025 | 0.3 | 75.59 | 0.3 | 309.8 | | May 1, 2025 – May 31, 2025 | 3.0 | 78.44 | 3.0 | 1,487.1 | | June 1, 2025 – June 30, 2025 | 0.1 | 79.57 | 0.1 | 1,480.1 | | **Total** | **3.4** | | **3.4** | | - In May 2025, the company's Board of Directors authorized a new stock repurchase program, allowing for the repurchase of up to **$1.5 billion** of common stock. As of June 30, 2025, approximately **$1.4801 billion** of shares remained available for repurchase under this program[126](index=126&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of this report, including certifications from the Chief Executive Officer and Chief Financial Officer, and XBRL files - This report includes certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act and 18 U.S.C. Section 1350, as well as Inline XBRL documents[130](index=130&type=chunk) [SIGNATURE](index=36&type=section&id=SIGNATURE) - This report was duly signed on July 30, 2025, by SS&C Technologies Holdings, Inc., represented by Brian N. Schell, Executive Vice President and Chief Financial Officer[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)

Company Participants - The earnings call featured key executives including Brian Norman Schell (Executive VP & CFO), Justine Stone (Head of Investor Relations), Rahul Kanwar (President & COO), and William C. Stone (Founder, Chairman of the Board & CEO) [1]. Conference Call Participants - Notable participants from various research divisions included analysts from JPMorgan Chase & Co, RBC Capital Markets, William Blair & Company, UBS Investment Bank, Morgan Stanley, D.A. Davidson & Co., and Jefferies LLC [1]. Earnings Call Introduction - Justine Stone welcomed participants to the Q2 2025 earnings call, indicating the presence of the executive team [2][3]. Forward-Looking Statements - The company provided a safe harbor statement regarding forward-looking statements, highlighting that actual results may differ from expectations due to various factors [4].

Core Insights - SS&C Technologies reported revenue of $1.54 billion for the quarter ended June 2025, reflecting a year-over-year increase of 5.9% and surpassing the Zacks Consensus Estimate by 1.32% [1] - The company's EPS for the quarter was $1.45, up from $1.27 in the same quarter last year, exceeding the consensus EPS estimate of $1.39 by 4.32% [1] Financial Performance Metrics - Adjusted revenues from software-enabled services were $1.27 billion, matching the average estimate from three analysts and showing a year-over-year increase of 6.3% [4] - Revenues from license, maintenance, and related services were reported at $269.1 million, slightly above the estimated $264.85 million, representing a 3.9% increase compared to the previous year [4] - The stock of SS&C Technologies has returned +2.5% over the past month, while the Zacks S&P 500 composite increased by +5.9% [3]

Company Performance - SS&C Technologies reported quarterly earnings of $1.45 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and up from $1.27 per share a year ago, representing an earnings surprise of +4.32% [1] - The company posted revenues of $1.54 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.32%, and an increase from $1.45 billion year-over-year [2] - Over the last four quarters, SS&C Technologies has consistently surpassed consensus EPS and revenue estimates [2] Stock Performance - SS&C Technologies shares have increased approximately 10.2% since the beginning of the year, outperforming the S&P 500's gain of 7.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.47 on revenues of $1.55 billion, and for the current fiscal year, it is $5.87 on revenues of $6.19 billion [7] Industry Outlook - The Computer - Software industry, to which SS&C Technologies belongs, is currently ranked in the top 16% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Financial Data and Key Metrics Changes - The company reported record adjusted revenue of $1,537 million, an increase of 5.9% year-over-year, and adjusted earnings per share of $1.45, a 9.8% increase [5][13] - Adjusted consolidated EBITDA reached $600 million for the first time, up 7.4%, resulting in a quarterly adjusted consolidated EBITDA margin of 39% [5][14] - Cash from operating activities for the six months ended June 30, 2025, was $645.1 million, up 14% year-over-year [8][14] Business Line Data and Key Metrics Changes - GLOBAB experienced organic growth of 7.3%, driven by double-digit growth in private markets and retail alternatives [5][10] - The financial services recurring revenue growth was 3.9%, which includes software-enabled services and maintenance revenue [6] - The health segment reported flat organic growth for the quarter [6] Market Data and Key Metrics Changes - Internationally, the company saw strength in Europe, Australia, and the Middle East, reflecting a positive trend of increased international win rates [6][7] - The company noted that early indicators show activity is picking up in the second half of the year, despite macroeconomic challenges faced in the first half [12][68] Company Strategy and Development Direction - The company is focused on continuous investment in its AI strategy, believing that partnerships with Blue Prism will enhance its competitive advantages [8][65] - A definitive agreement to acquire Callistone was announced, expected to close in Q4 2025, which is anticipated to be accretive to revenue growth, EBITDA margin, and EPS within twelve months [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to overcome macroeconomic challenges due to the diversification of revenue across product lines and customer types [12] - The company raised its full-year revenue guidance by $15 million at the midpoint, now expecting revenue in the range of $6,143 million to $6,243 million [16] Other Important Information - The company repurchased 3.4 million shares for $269 million at an average price of $77.99, with a share repurchase authorization recently increased to $1.5 billion [8][14] - The effective non-GAAP tax rate was reported at 24% [14] Q&A Session Summary Question: Can you discuss the revenue synergy potential of the Callistone deal? - Management indicated that while it is early to quantify, there are significant cross-selling opportunities due to the client bases of both companies [19][20] Question: Why has the organic revenue outlook for the full year not changed despite strong Q2 performance? - Management clarified that expectations for the second half remain strong, and the overall organic growth for the year is still projected at 4.5% [28][29] Question: What is the comfortable level of leverage for potential future acquisitions? - Management stated a comfort level in the mid-fours for leverage, indicating readiness for significant acquisitions if opportunities arise [30][32] Question: What percentage of revenue comes from professional services, and is it a leading indicator? - Management explained that professional services are essential for building out technology for clients, typically leading to service contracts after initial projects [35][36] Question: What is the growth rate for the BATEA segment? - Management reported that BATEA is growing at a historical low double-digit growth rate, with expectations for seasonality in revenue [43][44] Question: Can you provide an update on the Blue Prism product lifecycle? - Management noted that Blue Prism is rolling out new features and has deployed thousands of digital workers, indicating a strong future outlook despite competitive pressures [64][65] Question: How significant has the degradation in deal counts been from the beginning of the year? - Management indicated that while there was a decline, early indicators show an uptick in bookings and deal counts, suggesting growth in the back half of the year [66][68]

Financial Data and Key Metrics Changes - The company reported record adjusted revenue of $1,537 million, an increase of 5.9% year-over-year, and adjusted earnings per share of $1.45, a 9.8% increase [6][13] - Adjusted consolidated EBITDA reached $600.4 million, reflecting a 7.4% increase and a margin of 39%, which is a 50 basis point expansion [13][14] - Cash from operating activities for the six months ended June 30, 2025, was $645.1 million, up 14% year-over-year [8] Business Line Data and Key Metrics Changes - GLOBAB experienced organic growth of 7.3%, driven by double-digit growth in private markets and retail alternatives [6][10] - The financial services recurring revenue growth was 3.9%, which includes software-enabled services and maintenance revenue [7] - The health segment reported flat organic growth for the quarter [6] Market Data and Key Metrics Changes - Internationally, the company saw strength in Europe, Australia, and the Middle East, reflecting increased international win rates [7] - The company’s retention rate remained stable at 97% [8] Company Strategy and Development Direction - The company is focused on continuous investment in its AI strategy, partnering with Blue Prism to enhance workflows and deploy AI agents [8] - A definitive agreement to acquire Callistone was announced, expected to close in Q4 2025, which aligns with the company's capital allocation strategy [18] - The company aims to manage expenses while increasing productivity to improve operating margins [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of their diversified revenue across product lines, which helps to mitigate macroeconomic challenges [10] - Early indicators suggest an uptick in activity for the second half of the year, despite previous macroeconomic challenges [12] - The company raised its full-year revenue guidance by $15 million, now expecting revenue in the range of $6,143 million to $6,243 million [17] Other Important Information - The company ended the second quarter with $480 million in cash and cash equivalents and $6.9 billion in gross debt, resulting in a net leverage ratio of 2.72x [15] - The company plans to continue opportunistic share buybacks, having repurchased 3.4 million shares for $269 million [8] Q&A Session Summary Question: Revenue synergy potential from the Callistone deal - Management indicated that while it is early to quantify, there are significant cross-selling opportunities with Callistone's 4,500 clients and their own 10,000 clients, particularly in ETFs and digital assets [21][22] Question: Capital expenditures and their allocation - Management noted that the increase in capital expenditures is largely due to investments in growth and technology products, with expectations to maintain higher levels going forward [23][26] Question: Organic growth guidance for the second half - Management clarified that expectations for organic growth remain strong, with no significant pull-forward of deals affecting the outlook [30][31] Question: Professional services revenue as a leading indicator - Management explained that professional services typically lead to revenue contracts, with a three to six-month process for implementation [36][37] Question: Update on the health solutions segment - Management stated that the selling season for health solutions is currently ongoing, with potential for significant revenue acceleration in the future [55][56] Question: Growth rates for the BATEA segment - Management indicated that BATEA is growing at a historical low double-digit growth rate, with expectations for accelerated growth in the second half of the year [44][45] Question: Update on Blue Prism and its product lifecycle - Management reported successful deployment of digital workers and expressed optimism about Blue Prism's potential, despite competitive pressures [68][69] Question: Intralinks deal volume degradation - Management noted that while there has been a decline in deal volume, early indicators show an uptick in bookings and deal counts, suggesting growth in the back half of the year [70][71]

Financial Performance Highlights - Adjusted revenues for Q2 2025 reached $1,537.8 million, a 5.9% increase compared to $1,452.4 million in Q2 2024[8] - Adjusted operating income attributable to SS&C was $583.5 million in Q2 2025, up 7.7% from $541.7 million in Q2 2024[8] - Adjusted consolidated EBITDA attributable to SS&C hit a record $600.4 million for Q2 2025, a 7.4% increase from $558.9 million in Q2 2024, with a margin of 39.0%[7, 8] - Adjusted diluted earnings per share attributable to SS&C rose to $1.45, a 9.8% increase[7, 8] - Net cash generated from operating activities for the six months ended June 30, 2025, was $645.1 million, up 14.1% compared to the same period in 2024[7, 8] Organic Growth and Revenue Retention - Adjusted Organic Revenue Growth was 3.5% in Q2 2025[7, 20] - Financial Services Recurring Revenue Growth was 3.9% for Q2 2025[7, 22] - The company's revenue retention rate was 97.1%[27] Capital Allocation and Debt Management - SS&C repurchased 3.4 million shares in Q2 2025 for $269.0 million, at an average price of $77.99 per share[7, 13] - $35.0 million of debt was paid down in Q2 2025[13] - Net leverage ratio is 2.72x, secured net leverage ratio is 1.55x LTM consolidated EBITDA attributable to SS&C of $2,358.4 million[13] Acquisition - SS&C announced an agreement to acquire Calastone for approximately $1.03 billion, expected to close in Q4 2025[13, 16]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides a high-level overview of SS&C Technologies' Q2 2025 financial performance, key business achievements, cash flow, capital structure, and future guidance [Q2 2025 Financial Overview](index=1&type=section&id=Q2%202025%20Financial%20Overview) SS&C Technologies reported strong Q2 2025 results with record adjusted revenues and EBITDA, showing GAAP revenue growth of **5.9% to $1,536.8 million** and adjusted diluted EPS increasing by **9.8% to $1.45** Q2 2025 and YTD Q2 2025 Financial Performance (GAAP vs. Adjusted) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change (YoY) (%) | YTD Q2 2025 ($M) | YTD Q2 2024 ($M) | Change (YoY) (%) | | :--------------------------------------- | :-------- | :-------- | :----------- | :---------- | :---------- | :----------- | | **GAAP Results** | | | | | | | | Revenue | $1,536.8 | $1,451.5 | 5.9 | $3,050.7 | $2,886.5 | 5.7 | | Operating income | $344.5 | $327.6 | 5.2 | $702.4 | $660.5 | 6.3 | | Operating income margin | 22.4% | 22.6% | -20 bps | 23.0% | 22.9% | 10 bps | | Diluted EPS attributable to SS&C | $0.72 | $0.75 | (4.0) | $1.55 | $1.38 | 12.3 | | Net income attributable to SS&C | $180.8 | $190.3 | (5.0) | $393.8 | $347.9 | 13.2 | | **Adjusted Non-GAAP Results** | | | | | | | | Adjusted revenue | $1,537.8 | $1,452.4 | 5.9 | $3,052.6 | $2,888.2 | 5.7 | | Adjusted operating income attributable to SS&C | $583.5 | $541.7 | 7.7 | $1,158.8 | $1,081.7 | 7.1 | | Adjusted operating income margin | 37.9% | 37.3% | 60 bps | 38.0% | 37.5% | 50 bps | | Adjusted diluted EPS attributable to SS&C | $1.45 | $1.32 | 9.8 | $2.89 | $2.65 | 9.1 | | Adjusted consolidated EBITDA attributable to SS&C | $600.4 | $558.9 | 7.4 | $1,192.3 | $1,115.7 | 6.9 | | Adjusted consolidated EBITDA margin | 39.0% | 38.5% | 50 bps | 39.1% | 38.6% | 50 bps | [Key Business Highlights](index=1&type=section&id=Key%20Business%20Highlights) SS&C achieved record adjusted revenues and EBITDA in Q2 2025, driven by strong organic growth in financial services and strategic acquisitions, with optimism for continued strong performance - SS&C reported record adjusted revenues of **$1,537.8 million** and record adjusted consolidated EBITDA surpassing **$600 million**[4](index=4&type=chunk)[5](index=5&type=chunk) - Q2 Adjusted Organic Revenue Growth was **3.5 percent**, with Financial Services Recurring Revenue Growth at **3.9 percent**[5](index=5&type=chunk) - The company announced a definitive agreement to acquire Calastone for approximately **$1.03 billion**, expected to close in Q4 2025, enhancing access to new geographies, ETF, and Digital Asset capabilities[4](index=4&type=chunk)[5](index=5&type=chunk) - SS&C repurchased **3.4 million shares** for **$269.0 million** in Q2 2025 at an average price of **$77.99 per share**[5](index=5&type=chunk) [Operating Cash Flow & Capital Structure](index=2&type=section&id=Operating%20Cash%20Flow%20%26%20Capital%20Structure) SS&C demonstrated robust cash generation, with net cash from operating activities increasing significantly year-over-year, while maintaining a healthy capital structure with manageable leverage ratios Operating Cash Flow and Capital Structure Metrics | Metric | Value (June 30, 2025) | Change (YoY) | | :------------------------------------ | :-------------------- | :----------- | | Net cash from operating activities (Six Months) | $645.1 million | 14.1% increase | | Cash and cash equivalents | $480.3 million | | | Gross debt | $6,858.4 million | | | Consolidated net leverage ratio | 2.72 times | | | Net secured leverage ratio | 1.55 times | | [Financial Guidance](index=2&type=section&id=Financial%20Guidance) SS&C provided financial guidance for Q3 2025 and the full fiscal year 2025, projecting continued growth in adjusted revenue and earnings per share, alongside strong operating cash flow Q3 2025 and FY 2025 Financial Guidance | Metric | Q3 2025 Guidance | FY 2025 Guidance | | :--------------------------------------- | :----------------------- | :----------------------- | | Adjusted Revenue ($M) | $1,525.0 – $1,565.0 | $6,143.0 – $6,243.0 | | Adjusted Net Income attributable to SS&C ($M) | $364.0 – $380.0 | $1,462.0 – $1,542.0 | | Adjusted Diluted Earnings per Share attributable to SS&C | $1.44 – $1.50 | $5.82 – $6.06 | | Cash from Operating Activities ($M) | – | $1,479.0 – $1,559.0 | | Capital Expenditures (% of revenue) | – | 4.1% – 4.5% | | Diluted Shares (M) | 252.5 – 253.5 | 251.5 – 254.5 | | Effective Income Tax Rate (%) | 23.0% – 25.0% | 23.0% – 25.0% | - SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures due to the unreasonable efforts exception, as certain items are difficult to predict in advance[7](index=7&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) This section provides an overview of SS&C Technologies, including its business scope and investor relations contact details [About SS&C Technologies](index=5&type=section&id=About%20SS%26C%20Technologies) SS&C Technologies is a global provider of software and services for the financial services and healthcare industries, serving over 22,000 organizations worldwide since its founding in 1986 - SS&C is a global provider of services and software for the financial services and healthcare industries, founded in **1986** and headquartered in Windsor, Connecticut[10](index=10&type=chunk) - More than **22,000 financial services and healthcare organizations** globally rely on SS&C for expertise, scale, and technology[10](index=10&type=chunk) [Investor Relations Contact](index=5&type=section&id=Investor%20Relations%20Contact) Contact information for SS&C Technologies' investor relations team is provided for inquiries - Investor relations contacts include Brian Schell (CFO), Justine Stone (Head of Investor Relations), and Chand Madaka, with respective phone numbers and email addresses[11](index=11&type=chunk) [Financial Statements (GAAP)](index=6&type=section&id=Financial%20Statements%20(GAAP)) This section presents SS&C Technologies' condensed consolidated GAAP financial statements, including comprehensive income, balance sheets, and cash flows [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) The condensed consolidated statements of comprehensive income show SS&C's revenue growth in both software-enabled services and license/maintenance, leading to increased gross profit and operating income for Q2 and YTD 2025, despite a slight decrease in net income for Q2 Key Comprehensive Income Data (Q2 and YTD Q2) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD Q2 2025 ($M) | YTD Q2 2024 ($M) | | :--------------------------------------- | :----------- | :----------- | :--------------- | :--------------- | | Total revenues | 1,536.8 | 1,451.5 | 3,050.7 | 2,886.5 | | Software-enabled services revenue | 1,267.7 | 1,192.4 | 2,537.6 | 2,380.1 | | License, maintenance and related revenue | 269.1 | 259.1 | 513.1 | 506.4 | | Gross profit | 736.9 | 698.3 | 1,484.0 | 1,405.5 | | Operating income | 344.5 | 327.6 | 702.4 | 660.5 | | Net income attributable to SS&C common stockholders | 180.8 | 190.3 | 393.8 | 347.9 | | Diluted earnings per share attributable to SS&C common stockholders | 0.72 | 0.75 | 1.55 | 1.38 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows a slight decrease in total assets and current assets compared to December 31, 2024, primarily due to a reduction in client funds and cash, leading to an increase in total equity Key Balance Sheet Data | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | | :--------------------------------------- | :----------------- | :--------------------- | | Cash and cash equivalents | 480.3 | 567.1 | | Funds receivable and funds held on behalf of clients | 2,997.8 | 3,162.2 | | Total current assets | 4,660.4 | 4,862.4 | | Goodwill | 9,420.9 | 9,218.1 | | Total assets | 18,984.2 | 19,044.7 | | Client funds obligations | 2,997.8 | 3,162.2 | | Total current liabilities | 4,101.7 | 4,354.3 | | Long-term debt, net of current portion | 6,803.4 | 6,989.6 | | Total liabilities | 11,974.9 | 12,435.6 | | Total equity | 7,009.3 | 6,609.1 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, SS&C generated significantly more cash from operating activities, but increased cash usage in investing and financing activities resulted in a net decrease in cash and cash equivalents Key Cash Flow Data (Six Months Ended June 30) | Metric | 2025 ($M) | 2024 ($M) | | :--------------------------------------- | :-------- | :-------- | | Net cash provided by operating activities | 645.1 | 565.4 | | Net cash used in investing activities | (148.1) | (84.0) | | Net cash used in financing activities | (987.8) | (1,597.6) | | Net decrease in cash, cash equivalents and restricted cash | (479.1) | (1,120.1) | | Cash, cash equivalents and restricted cash, end of period | 2,891.4 | 1,878.5 | - Purchases of common stock for treasury increased to **$477.2 million** in YTD 2025 from **$279.9 million** in YTD 2024[17](index=17&type=chunk) - Repayments of debt significantly decreased to **$312.0 million** in YTD 2025 from **$4,850.1 million** in YTD 2024[17](index=17&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section details SS&C Technologies' non-GAAP financial measures and provides reconciliations to their GAAP equivalents for enhanced performance analysis [Overview of Non-GAAP Measures](index=2&type=section&id=Overview%20of%20Non-GAAP%20Measures) SS&C utilizes various non-GAAP financial measures, including adjusted revenue, operating income, EBITDA, net income, and diluted EPS, to provide investors with additional insights into the company's underlying operational performance - Non-GAAP measures like adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income, and adjusted diluted earnings per share are used to evaluate business performance and provide useful information to investors[8](index=8&type=chunk)[19](index=19&type=chunk)[22](index=22&type=chunk) - These non-GAAP measures are not recognized under GAAP and should not be considered alternatives to GAAP measures, nor are they necessarily comparable to similarly titled measures presented by other companies[19](index=19&type=chunk)[22](index=22&type=chunk)[27](index=27&type=chunk) - Adjustments typically include amortization of intangible assets, stock-based compensation, purchase accounting adjustments, and other non-recurring or non-operational expenses[22](index=22&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [Adjusted Revenues Reconciliation](index=9&type=section&id=Adjusted%20Revenues%20Reconciliation) The reconciliation of GAAP revenues to adjusted revenues primarily accounts for purchase accounting adjustments and the impact of ASC 606 adoption, resulting in slightly higher adjusted revenue figures for both Q2 and YTD 2025 Reconciliation of Revenues to Adjusted Revenues | (in millions) | Q2 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | | :-------------------------------- | :-------- | :-------- | :---------- | :---------- | | Revenues (GAAP) | $1,536.8 | $1,451.5 | $3,050.7 | $2,886.5 | | ASC 606 adoption impact | — | (0.7) | — | (1.5) | | Purchase accounting adjustments impact on revenue | 1.0 | 1.6 | 1.9 | 3.2 | | Adjusted revenues | $1,537.8 | $1,452.4 | $3,052.6 | $2,888.2 | Breakdown of Adjusted Revenues by Service Type | (in millions) | Q2 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | | :-------------------------- | :-------- | :-------- | :---------- | :---------- | | Adjusted Software-enabled services | $1,268.7 | $1,193.3 | $2,539.5 | $2,381.8 | | Adjusted License, maintenance and related | $269.1 | $259.1 | $513.1 | $506.4 | | Total adjusted revenues | $1,537.8 | $1,452.4 | $3,052.6 | $2,888.2 | [Adjusted Operating Income Reconciliation](index=10&type=section&id=Adjusted%20Operating%20Income%20Reconciliation) Adjusted operating income is derived from GAAP operating income by adding back non-cash expenses like amortization of intangible assets and stock-based compensation, as well as acquisition-related costs and restructuring charges, providing a clearer view of operational profitability Reconciliation of Operating Income to Adjusted Operating Income | (in millions) | Q2 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | | :--------------------------------------- | :-------- | :-------- | :---------- | :---------- | | Operating income (GAAP) | $344.5 | $327.6 | $702.4 | $660.5 | | Amortization of intangible assets | 157.0 | 149.1 | 310.0 | 296.7 | | Stock-based compensation | 60.2 | 50.6 | 112.9 | 95.7 | | Purchase accounting adjustments | 2.4 | 3.1 | 4.5 | 6.1 | | Acquisition related | 1.7 | 0.3 | 3.0 | 1.1 | | Facilities and workforce restructuring | 17.1 | 7.4 | 24.2 | 19.6 | | Adjusted operating income attributable to SS&C common stockholders | $583.5 | $541.7 | $1,158.8 | $1,081.7 | [EBITDA and Adjusted Consolidated EBITDA Reconciliation](index=11&type=section&id=EBITDA%20and%20Adjusted%20Consolidated%20EBITDA%20Reconciliation) The reconciliation from net income to Adjusted Consolidated EBITDA highlights the company's ability to service debt by adding back non-cash and non-operating expenses, showing a robust increase in Adjusted Consolidated EBITDA for Q2 and YTD 2025 Reconciliation of Net Income to Adjusted Consolidated EBITDA | (in millions) | Q2 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | | :--------------------------------------- | :-------- | :-------- | :---------- | :---------- | | Net income (GAAP) | $181.1 | $190.7 | $394.3 | $348.7 | | Interest expense, net | 105.5 | 113.3 | 210.7 | 229.3 | | Provision for income taxes | 58.4 | 13.8 | 106.5 | 80.5 | | Depreciation and amortization | 174.9 | 167.5 | 345.7 | 333.0 | | EBITDA | 519.9 | 485.3 | 1,057.2 | 991.5 | | Stock-based compensation | 60.2 | 50.6 | 112.9 | 95.7 | | Facilities and workforce restructuring | 17.1 | 7.5 | 24.2 | 19.7 | | Consolidated EBITDA | $601.3 | $560.0 | $1,194.2 | $1,117.9 | | Adjusted Consolidated EBITDA attributable to SS&C common stockholders | $600.4 | $558.9 | $1,192.3 | $1,115.7 | [Adjusted Net Income and Adjusted Diluted EPS Reconciliation](index=12&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Diluted%20EPS%20Reconciliation) Adjusted net income and diluted EPS are presented to reflect operational performance by excluding non-operational items such as amortization of intangibles, stock-based compensation, and the tax effects of these adjustments, showing a higher and growing profitability metric Reconciliation of Net Income and Diluted EPS to Adjusted Measures | (in millions, except per share data) | Q2 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | | :--------------------------------------- | :-------- | :-------- | :---------- | :---------- | | GAAP – Net income | $181.1 | $190.7 | $394.3 | $348.7 | | Amortization of intangible assets | 157.0 | 149.1 | 310.0 | 296.7 | | Stock-based compensation | 60.2 | 50.6 | 112.9 | 95.7 | | Loss on extinguishment of debt | — | 27.7 | 0.9 | 28.8 | | Purchase accounting adjustments | 2.4 | 3.1 | 4.5 | 6.1 | | Facilities and workforce restructuring | 17.1 | 7.5 | 24.2 | 19.7 | | Income tax effect | (57.6) | (86.5) | (125.6) | (121.1) | | Adjusted net income attributable to SS&C common stockholders | $366.0 | $332.1 | $732.4 | $668.4 | | Adjusted diluted earnings per share attributable to SS&C common stockholders | $1.45 | $1.32 | $2.89 | $2.65 | | GAAP diluted earnings per share attributable to SS&C common stockholders | $0.72 | $0.75 | $1.55 | $1.38 | - An estimated effective tax rate of **24%** was used for Q2 and YTD 2025, and **23.1%** for Q2 and YTD 2024, to adjust the provision for income taxes in computing adjusted net income[30](index=30&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) This section provides details regarding the Q2 2025 earnings call and important disclaimers about forward-looking statements [Earnings Call & Forward-Looking Statements](index=3&type=section&id=Earnings%20Call%20%26%20Forward-Looking%20Statements) This section provides details for the Q2 2025 earnings call and includes a comprehensive disclaimer regarding forward-looking statements, emphasizing inherent risks and uncertainties - The Q2 2025 earnings call was scheduled for **July 23, 2025, at 5:00 p.m. eastern time**, with dial-in and webcast replay information provided[9](index=9&type=chunk) - Forward-looking statements are subject to various risks and uncertainties, including economic conditions, acquisition benefits, customer consolidation, market activity, cyber-attacks, regulatory changes, and substantial indebtedness[9](index=9&type=chunk) - Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of their date and are not subject to updates unless required by law[9](index=9&type=chunk)

Core Viewpoint - SS&C Technologies (SSNC) is expected to report quarterly earnings of $1.39 per share, reflecting a year-over-year increase of 9.5%, with revenues projected at $1.52 billion, a 4.5% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, indicating stability in analysts' projections [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Forecast - Analysts forecast 'Adjusted Revenues- Software-enabled services' to reach $1.27 billion, indicating a year-over-year change of +6.3% [5]. - The consensus estimate for 'Revenues- License, maintenance and related' is $264.85 million, reflecting a year-over-year change of +2.2% [5]. - 'Adjusted Revenues- License, maintenance and related' is expected to be $252.69 million, showing a decline of -2.5% from the prior-year quarter [5]. Stock Performance - Over the past month, SS&C Technologies shares have recorded returns of +5%, compared to the Zacks S&P 500 composite's +5.4% change, suggesting performance alignment with the overall market [6].