Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 24, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SS&C TECHNOLOGIES HOLDINGS, INC. | |
Entity Central Index Key | 0001402436 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-34675 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 71-0987913 | |
Entity Address, Address Line One | 80 Lamberton Road | |
Entity Address, City or Town | Windsor | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06095 | |
City Area Code | 860 | |
Local Phone Number | 298-4500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Security12b Title | Common stock, par value $0.01 per share | |
Trading Symbol | SSNC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 245,419,928 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 462.7 | $ 432.2 |
Funds receivable and funds held on behalf of clients | 1,624.2 | 2,615.6 |
Accounts receivable, net of allowance for credit losses of $29.9 and $25.1, respectively | 868.4 | 799.4 |
Contract asset | 40.7 | 36.1 |
Prepaid expenses and other current assets | 132.8 | 165.8 |
Restricted cash and cash equivalents | 3.3 | 2.4 |
Total current assets | 3,132.1 | 4,051.5 |
Property, plant and equipment, net (Note 2) | 304.7 | 315.3 |
Operating lease right-of-use assets | 203.9 | 221.4 |
Investments (Note 3) | 181.2 | 184.7 |
Unconsolidated affiliates (Note 4) | 337.1 | 345.2 |
Contract asset | 101.7 | 99.7 |
Goodwill (Note 5) | 8,935.3 | 8,969.5 |
Intangible and other assets, net of accumulated amortization of $4,354.1 and $4,063.4, respectively | 3,709.2 | 3,915.2 |
Total assets | 16,905.2 | 18,102.5 |
Current liabilities: | ||
Current portion of long-term debt (Note 6) | 39 | 51.5 |
Client funds obligations | 1,624.2 | 2,615.6 |
Accounts payable | 57.2 | 80.3 |
Income taxes payable | 1 | 22.3 |
Accrued employee compensation and benefits | 221.6 | 270.2 |
Interest payable | 36.1 | 29.4 |
Other accrued expenses | 229.7 | 232.3 |
Deferred revenues | 482.9 | 470.3 |
Total current liabilities | 2,691.7 | 3,771.9 |
Long-term debt, net of current portion (Note 6) | 6,575.1 | 6,668.5 |
Operating lease liabilities | 183 | 199.1 |
Other long-term liabilities | 198.9 | 248.7 |
Deferred income taxes | 769.7 | 816.6 |
Total liabilities | 10,418.4 | 11,704.8 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity (Note7): | ||
Preferred stock, $0.01 par value per share, 5.0 million shares authorized; no shares issued | 0 | 0 |
Additional paid-in capital | 5,557 | 5,371 |
Accumulated other comprehensive loss | (471.1) | (426.3) |
Retained earnings | 3,354.4 | 3,126.3 |
Cost of common stock in treasury, 33.8 and 29.3 million shares, respectively | (2,015.2) | (1,734.2) |
Total SS&C stockholders' equity | 6,427.9 | 6,339.6 |
Noncontrolling interest (Note 8) | 58.9 | 58.1 |
Total equity | 6,486.8 | 6,397.7 |
Total liabilities and equity | 16,905.2 | 18,102.5 |
Class A Non-Voting Common Stock [Member] | ||
Stockholders' equity (Note7): | ||
Common stock | 0 | 0 |
Common Stock Class Undefined [Member] | ||
Stockholders' equity (Note7): | ||
Common stock | $ 2.8 | $ 2.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts receivable | $ 29.9 | $ 25.1 |
Accumulated amortization of finite-lived intangible assets | $ 4,354.1 | $ 4,063.4 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 278,600,000 | 275,900,000 |
Common stock, shares outstanding | 244,800,000 | 246,600,000 |
Treasury stock | 33,800,000 | 29,300,000 |
Class A Non-Voting Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | ||||
Total revenues | $ 1,451.5 | $ 1,362.6 | $ 2,886.5 | $ 2,725.3 |
Cost of revenues: | ||||
Total cost of revenues | 753.2 | 721.5 | 1,481 | 1,447.2 |
Gross profit | 698.3 | 641.1 | 1,405.5 | 1,278.1 |
Operating expenses: | ||||
Selling and marketing | 142.6 | 137.1 | 283.5 | 276.9 |
Research and development | 128.7 | 119.6 | 249.6 | 237.8 |
General and administrative | 99.4 | 96.2 | 211.9 | 195.1 |
Total operating expenses | 370.7 | 352.9 | 745 | 709.8 |
Operating income | 327.6 | 288.2 | 660.5 | 568.3 |
Interest expense, net | (113.3) | (118) | (229.3) | (229.9) |
Other income, net | 0.6 | 14.9 | 7.2 | 20.3 |
Equity in earnings of unconsolidated affiliates, net | 17.3 | 9.4 | 19.6 | 15.1 |
Loss on extinguishment of debt | (27.7) | 0 | (28.8) | (0.6) |
Income before income taxes | 204.5 | 194.5 | 429.2 | 373.2 |
Provision for income taxes | 13.8 | 63.6 | 80.5 | 116.1 |
Net income | 190.7 | 130.9 | 348.7 | 257.1 |
Net income attributable to noncontrolling interest | (0.4) | (0.2) | (0.8) | (0.4) |
Net income attributable to SS&C common stockholders | $ 190.3 | $ 130.7 | $ 347.9 | $ 256.7 |
Basic earnings per share attributable to SS&C common stockholders | $ 0.77 | $ 0.53 | $ 1.41 | $ 1.03 |
Diluted earnings per share attributable to SS&C common stockholders | $ 0.75 | $ 0.51 | $ 1.38 | $ 1 |
Basic weighted-average number of common shares outstanding | 246.2 | 248.5 | 246.6 | 249.5 |
Diluted weighted-average number of common and common equivalent shares outstanding | 252.3 | 255 | 252.7 | 256 |
Net income | $ 190.7 | $ 130.9 | $ 348.7 | $ 257.1 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency exchange translation adjustment | 2.7 | 66.2 | (44.9) | 108.2 |
Change in defined benefit pension obligation | 0.1 | (0.1) | 0.1 | 0 |
Total other comprehensive income (loss), net of tax | 2.8 | 66.1 | (44.8) | 108.2 |
Comprehensive income | 193.5 | 197 | 303.9 | 365.3 |
Comprehensive income attributable to noncontrolling interest | (0.4) | (0.2) | (0.8) | (0.4) |
Comprehensive income attributable to SS&C common stockholders | 193.1 | 196.8 | 303.1 | 364.9 |
Software-enabled Services [Member] | ||||
Revenues: | ||||
Total revenues | 1,192.4 | 1,106.5 | 2,380.1 | 2,220.7 |
Cost of revenues: | ||||
Total cost of revenues | 654 | 628.6 | 1,287.8 | 1,259.6 |
License, Maintenance and Related | ||||
Revenues: | ||||
Total revenues | 259.1 | 256.1 | 506.4 | 504.6 |
Cost of revenues: | ||||
Total cost of revenues | $ 99.2 | $ 92.9 | $ 193.2 | $ 187.6 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flow from operating activities: | ||
Net income | $ 348.7 | $ 257.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 333 | 331.8 |
Equity in earnings of unconsolidated affiliates, net | (19.6) | (15.1) |
Distributions received from unconsolidated affiliates | 2.5 | 16.2 |
Stock-based compensation expense | 95.7 | 75.4 |
Net losses (gains) on investments | 0.6 | (1.8) |
Amortization and write-offs of loan origination costs and original issue discounts | 5.2 | 6.9 |
Loss on extinguishment of debt | 28.8 | 0.6 |
(Gain) loss on sale or disposition of property and equipment | (0.1) | 6.9 |
Deferred income taxes | (49.4) | (52.7) |
Provision for credit losses | 9.7 | 8 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | ||
Accounts receivable | (83.3) | (28.2) |
Prepaid expenses and other assets | 16.5 | 62.7 |
Contract assets | (7.2) | 9 |
Accounts payable | (37.4) | (5) |
Accrued expenses and other liabilities | (90.2) | (106.4) |
Income taxes prepaid and payable | (8.3) | 0.9 |
Deferred revenue | 20.2 | 17.9 |
Net cash provided by operating activities | 565.4 | 584.2 |
Cash flow from investing activities: | ||
Cash paid for business acquisitions, net of cash acquired and asset acquisitions | (0.9) | (0.1) |
Additions to property and equipment | (15.8) | (24.2) |
Proceeds from sale of property and equipment | 3.2 | 0 |
Additions to capitalized software | (100.2) | (97.2) |
Proceeds from sales / maturities of investments | 0.2 | 2.1 |
Distributions received from unconsolidated affiliates | 24.5 | 0 |
Collection of other non-current receivables | 5 | 5 |
Net cash used in investing activities | (84) | (114.4) |
Cash flow from financing activities: | ||
Cash received from debt borrowings, net of original issue discount | 4,745 | 175 |
Repayments of debt | (4,850.1) | (344.8) |
Payment of deferred financing fees | (30) | 0 |
Net decrease in client funds obligations | (1,151.6) | (613.6) |
Proceeds from exercise of stock options | 103.7 | 45.1 |
Withholding taxes paid related to equity award net share settlement | (14.9) | (1.6) |
Purchases of common stock for treasury | (279.9) | (244.1) |
Dividends paid on common stock | (119.8) | (101.2) |
Net cash used in financing activities | (1,597.6) | (1,085.2) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3.9) | 0.6 |
Net decrease in cash, cash equivalents and restricted cash | (1,120.1) | (614.8) |
Cash, cash equivalents and restricted cash, beginning of period | 2,998.6 | 1,337.6 |
Cash, cash equivalents and restricted cash and cash equivalents, end of period | 1,878.5 | 722.8 |
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents: | ||
Cash and cash equivalents | 462.7 | 439.7 |
Restricted cash and cash equivalents | 3.3 | 2.5 |
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients | 1,412.5 | 280.6 |
Cash and cash equivalents and restricted cash | $ 1,878.5 | $ 722.8 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Noncontrolling Interest |
Beginning balance at Dec. 31, 2022 | $ 6,100.8 | $ 2.7 | $ 5,111.6 | $ 2,740.1 | $ (550.1) | $ (1,260.1) | $ 56.6 |
Beginning balance, shares at Dec. 31, 2022 | 271,900,000 | ||||||
Net income | 257.1 | 256.7 | 0.4 | ||||
Foreign exchange translation adjustment | 108.2 | 108.2 | |||||
Stock-based compensation expense | 75.4 | 75.4 | |||||
Exercise of options, net of withholding taxes | 43.6 | 43.6 | |||||
Exercise of options, net of withholding taxes, shares | 1,300,000 | ||||||
Purchases of common stock | (246.6) | (246.6) | |||||
Cash dividends declared | (101.2) | (101.2) | |||||
Ending balance at Jun. 30, 2023 | 6,237.3 | $ 2.7 | 5,230.6 | 2,895.6 | (441.9) | (1,506.7) | 57 |
Ending balance, shares at Jun. 30, 2023 | 273,200,000 | ||||||
Beginning balance at Mar. 31, 2023 | 6,140.8 | $ 2.7 | 5,168.7 | 2,815.4 | (508) | (1,394.8) | 56.8 |
Beginning balance, shares at Mar. 31, 2023 | 272,300,000 | ||||||
Net income | 130.9 | 130.7 | 0.2 | ||||
Foreign exchange translation adjustment | 66.2 | 66.2 | |||||
Change in defined benefit plan obligation | (0.1) | (0.1) | |||||
Stock-based compensation expense | 33.5 | 33.5 | |||||
Exercise of options, net of withholding taxes | 28.4 | 28.4 | |||||
Exercise of options, net of withholding taxes, shares | 900,000 | ||||||
Purchases of common stock | (111.9) | (111.9) | |||||
Cash dividends declared | (50.5) | (50.5) | |||||
Ending balance at Jun. 30, 2023 | 6,237.3 | $ 2.7 | 5,230.6 | 2,895.6 | (441.9) | (1,506.7) | 57 |
Ending balance, shares at Jun. 30, 2023 | 273,200,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ 6,397.7 | $ 2.8 | 5,371 | 3,126.3 | (426.3) | (1,734.2) | 58.1 |
Beginning balance, shares at Dec. 31, 2023 | 275,900,000 | 275,900,000 | |||||
Net income | $ 348.7 | 347.9 | 0.8 | ||||
Foreign exchange translation adjustment | (44.9) | (44.9) | |||||
Change in defined benefit plan obligation | 0.1 | 0.1 | |||||
Stock-based compensation expense | 95.7 | 95.7 | |||||
Exercise of options, net of withholding taxes | 89.6 | 89.6 | |||||
Exercise of options, net of withholding taxes, shares | 2,700,000 | ||||||
Purchases of common stock | (281) | (281) | |||||
Cash dividends declared | (119.1) | 0.7 | (119.8) | ||||
Ending balance at Jun. 30, 2024 | $ 6,486.8 | $ 2.8 | 5,557 | 3,354.4 | (471.1) | (2,015.2) | 58.9 |
Ending balance, shares at Jun. 30, 2024 | 278,600,000 | 278,600,000 | |||||
Beginning balance at Mar. 31, 2024 | $ 6,492.7 | $ 2.8 | 5,468.2 | 3,224.2 | (473.9) | (1,787.1) | 58.5 |
Beginning balance, shares at Mar. 31, 2024 | 277,300,000 | ||||||
Net income | 190.7 | 190.3 | 0.4 | ||||
Foreign exchange translation adjustment | 2.7 | 2.7 | |||||
Change in defined benefit plan obligation | 0.1 | 0.1 | |||||
Stock-based compensation expense | 50.6 | 50.6 | |||||
Exercise of options, net of withholding taxes | 37.7 | 37.7 | |||||
Exercise of options, net of withholding taxes, shares | 1,300,000 | ||||||
Purchases of common stock | (228.1) | (228.1) | |||||
Cash dividends declared | (59.6) | 0.5 | (60.1) | ||||
Ending balance at Jun. 30, 2024 | $ 6,486.8 | $ 2.8 | $ 5,557 | $ 3,354.4 | $ (471.1) | $ (2,015.2) | $ 58.9 |
Ending balance, shares at Jun. 30, 2024 | 278,600,000 | 278,600,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.24 | $ 0.2 | $ 0.48 | $ 0.4 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Note 1—Basis of Presentation and Principles of Consolidation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles were applied on a basis consistent with those of the audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “2023 Form 10-K”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments, except as noted elsewhere in the notes to the Condensed Consolidated Financial Statements) necessary for a fair statement of our financial position as of June 30, 2024, the results of our operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. These statements do not include all of the information and footnotes required by GAAP for annual financial statements. The Condensed Consolidated Financial Statements contained herein should be read in conjunction with the audited Consolidated Financial Statements and footnotes as of and for the year ended December 31, 2023, which were included in the 2023 Form 10-K. The December 31, 2023 Consolidated Balance Sheet data were derived from audited financial statements but do not include all disclosures required by GAAP for annual financial statements. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the expected results for any subsequent quarters or the full year. The accompanying unaudited condensed consolidated financial statements include the accounts of SS&C Technologies Holdings, Inc. and its subsidiaries, including a variable interest entity (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Pronouncements Not Yet Effective In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard is applicable to all public entities, including public entities with a single reportable segment, and requires enhanced reportable segment disclosures. The disclosures include significant segment expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The standard also requires disclosure of the title and position of the CODM as well as how the CODM uses the reported measures of a segment’s profit or loss to assess segment performance and decide how to allocate resources. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 31, 2024. Early adoption is permitted. We are currently evaluating the potential impact the standard will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard requires more enhanced disclosures specifically related to effective tax rate reconciliation and income taxes paid. The new requirements will be effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. We are currently evaluating the potential impact the standard will have on our income tax disclosures. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 2—Property, Plant and Equipment, net Property, plant and equipment and the related accumulated depreciation are as follows (in millions): June 30, December 31, 2024 2023 Land $ 37.6 $ 37.7 Building and improvements 268.0 265.5 Equipment, furniture, and fixtures 546.1 525.7 851.7 828.9 Less: accumulated depreciation ( 547.0 ) ( 513.6 ) Total property, plant and equipment, net $ 304.7 $ 315.3 Depreciation expense for the three and six months ended June 30, 2024 was $ 18.4 million and $ 36.3 million, respectively. Depreciation expense for the three and six months ended June 30, 2023 was $ 18.1 million and $ 37.1 million, respectively. As of June 30, 2024 and December 31, 2023, assets held for sale wer e $ 5.9 million and $ 9.0 million, respectively, and are presented in prepaid expenses and other current assets in our condensed consolidated balance sheet. Unpaid property, plant and equipment additions of $ 14.0 million and $ 2.9 million are included in accounts payable and other accrued expenses as of June 30, 2024 and December 31, 2023, respectively, in our condensed consolidated balance sheet. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3—Investments Investments are as follows (in millions): June 30, December 31, 2024 2023 Non-marketable equity securities $ 124.0 $ 124.0 Seed capital investments 25.9 26.1 Marketable equity securities 20.6 23.1 Partnership interests in private equity funds 10.7 11.5 Total investments $ 181.2 $ 184.7 There were no realized gains or losses for our equity securities in the three and six months ended June 30, 2024 and 2023 . Unrealized gains for our equity securities are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized (losses) gains on equity securities held as of the end of the period $ ( 0.7 ) $ 0.9 $ 0.2 $ 3.2 Fair Value Measurement Authoritative accounting guidance on fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of June 30, 2024 and December 31, 2023, we held certain investment assets and certain liabilities that are required to be measured at fair value on a recurring basis. These investments include money market funds and marketable equity securities where fair value is determined using quoted prices in active markets. Accordingly, the fair value measurements of these investments have been classified as Level 1 in the tables below. Investments for which we elected net asset value as a practical expedient for fair value and investments measured using the fair value measurement alternative are excluded from the tables below. Fair value for deferred compensation liabilities that are credited with deemed gains or losses of the underlying hypothetical investments, primarily equity securities, have been classified as Level 1 in the tables below. The following tables present assets and liabilities measured at fair value on a recurring basis (in millions): Fair Value Measurements at Reporting Date Using June 30, 2024 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 1,420.2 $ 1,420.2 $ — $ — Seed capital investments (2) 25.9 25.9 — — Marketable equity securities (2) 20.6 20.6 — — Deferred compensation liabilities (3) ( 11.6 ) ( 11.6 ) — — Total $ 1,455.1 $ 1,455.1 $ — $ — Fair Value Measurements at Reporting Date Using December 31, 2023 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 2,212.6 $ 2,212.6 $ — $ — Seed capital investments (2) 26.1 26.1 — — Marketable equity securities (2) 23.1 23.1 — — Deferred compensation liabilities (3) ( 11.7 ) ( 11.7 ) — — Total $ 2,250.1 $ 2,250.1 $ — $ — (1) As of June 30, 2024 , included $ 130.8 million of cash and cash equivalents, $ 2.6 million of restricted cash and $ 1,286.8 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet. As of December 31, 2023 , included $ 131.7 million of cash and cash equivalents, $ 1.8 million of restricted cash and $ 2,079.1 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet. (2) Included in Investments on the Condensed Consolidated Balance Sheet . (3) Included in Other long-term liabilities on the Condensed Consolidated Balance Sheet . We have partnership interests in various private equity funds that are not included in the tables above. Our inve stments in private equity funds were $ 10.7 million and $ 11.5 million at June 30, 2024 and December 31, 2023 , respectively, of which $ 9.2 million in each year, were measured using net asset value as a practical expedient for fair value and $ 1.5 m illion and $ 2.3 million, respectively, were accounted for under the equity method of accounting. The investments in private equity funds represent underlying investments in domestic and international markets across various industry sectors. Generally, our investments in private equity funds are non-transferable or are subject to long holding periods, and withdrawals from the private equity firm partnerships are typically not permitted. The maximum risk of loss related to our private equity fund investments is limited to the carrying value of its investments in the entities. |
Unconsolidated Affiliates
Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Unconsolidated Affiliates | Note 4—Unconsolidated Affiliates Investments in unconsolidated affiliates are as follows (in millions): June 30, 2024 December 31, 2023 Ownership Percentage Carrying Value Excess carrying value of investment over proportionate share of net assets Carrying Value Excess carrying value of investment over proportionate share of net assets Orbit Private Investments L.P. 9.8 % $ 202.2 $ — $ 211.6 $ — International Financial Data Services L.P. 50.0 % 70.4 29.7 68.3 31.4 Broadway Square Partners, LLP 50.0 % 52.9 29.1 53.4 29.5 Pershing Road Development Company, LLC 50.0 % 9.8 54.2 10.0 55.4 Other unconsolidated affiliates 1.8 — 1.9 — Total $ 337.1 $ 113.0 $ 345.2 $ 116.3 Investments in unconsolidated affiliates are accounted for under the equity method of accounting. We record 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 the Condensed Consolidated Statements of Comprehensive Income. Equity in earnings of unconsolidated affiliates, net are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Orbit Private Investments L.P. $ 16.2 $ 7.6 $ 17.4 $ 12.4 International Financial Data Services L.P. 1.5 1.4 3.0 2.5 Pershing Road Development Company, LLC ( 0.2 ) ( 0.7 ) ( 0.3 ) ( 0.9 ) Broadway Square Partners, LLP ( 0.2 ) ( 0.1 ) ( 0.5 ) — Other unconsolidated affiliates — 1.2 — 1.1 Total $ 17.3 $ 9.4 $ 19.6 $ 15.1 During the three months ended June 30, 2024, we received a distribution of $ 26.9 million from our unconsolidated affiliate, Orbit Private Investments L.P. which reduced our investment in the affiliate. We recorded the distribution as a $ 2.4 million operating cash inflow and a $ 24.5 million investing cash inflow in our condensed consolidated statements of cash flows due to the nature of the distribution. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 5—Goodwill The change in carrying value of goodwill as of and for the six months ended June 30, 2024 is as follows (in millions): Balance at December 31, 2023 $ 8,969.5 Adjustments to prior acquisitions 0.1 Effect of foreign currency translation ( 34.3 ) Balance at June 30, 2024 $ 8,935.3 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 6—Debt At June 30, 2024 and December 31, 2023, debt consisted of the following (in millions): June 30, December 31, 2024 2023 Senior secured credit facilities, weighted-average interest rate of 7.34 % and 7.35 %, respectively $ 3,900.0 $ 4,755.1 5.5 % senior notes due 2027 2,000.0 2,000.0 6.5 % senior notes due 2032 750.0 — Unamortized original issue discount and debt issuance costs ( 35.9 ) ( 35.1 ) 6,614.1 6,720.0 Less: current portion of long-term debt 39.0 51.5 Long-term debt $ 6,575.1 $ 6,668.5 The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes: Amount Outstanding Maturity Scheduled Quarterly (in millions) Date Payments Required Senior Secured Credit Facilities Term Loan B-8 $ 3,900.0 May 9, 2031 0.25 % Revolving Credit Facility — December 28, 2027 None 5.5 % Senior Notes 2,000.0 September 30, 2027 None 6.5 % Senior Notes 750.0 June 1, 2032 None Senior Secured Credit Facilities and Senior Notes On May 9, 2024, we entered into the Incremental Joinder & First Amendment to Credit Agreement (the “Amendment”) which amends our existing amended and restated credit agreement, dated as of April 16, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Pursuant to the Amendment, we borrowed $ 3,935.0 million in aggregate principal amount of incremental term B-8 loans (the “Term B-8 Loans”). The Term B-8 Loans bear interest at, at our option, the Base Rate (as defined in the Amendment), plus 1.00% per annum, or the Term SOFR Rate (as defined in the Amendment), plus 2.00% per annum. Also on May 9, 2024, we issued $ 750.0 million aggregate principal amount of 6.5 % Senior Notes due 2032 (the “6.5% Senior Notes”). The 6.5% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of our existing and future senior indebtedness. The 6.5% Senior Notes are fully and unconditionally guaranteed, jointly and severally, by SS&C Holdings and all of its existing domestic restricted subsidiaries (other than SS&C Technologies) that guarantee our existing senior secured credit facilities and future domestic restricted subsidiaries that guarantee our existing senior secured credit facilities and certain other indebtedness. Interest on the 6.5% Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 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 term B-3 loans, the term B-4 loans, the term B-5 loans, the term B-6 loans and the term B-7 loans (together, the “Existing Term Loans”) under the Credit Agreement, as well as to pay related fees and expenses. Debt issuance costs and loss on extinguishment of debt We evaluated the borrowing of our Term B-8 Loans and issuance of 6.5 % Senior Notes and the repayment of our Existing Term Loans in accordance with FASB Accounting Standards Codification 470-50, Debt Modifications and Extinguishments . We determined that the new debt borrowing and issuance and existing debt repayment were two independent transactions due to the fact that (i) no single investor held a significant concentration of both the old and the new debt, (ii) none of the old investors were included in negotiations with creditors about modifying the old debt, and (iii) all lenders were provided the same opportunity to participate in the new debt regardless of whether they were an existing lender. Consequently, the refinancing was accounted for as a debt extinguishment. As a result, we capitalized an aggregate of $ 34.5 million in financing costs during the three months ended June 30, 2024, which represent new third-party costs. The Existing Term Loans borrowing costs of $ 27.7 million were expensed and are included in Loss on extinguishment of debt in the Condensed Consolidated Statement of Comprehensive Income during the three months ended June 30, 2024. Fair Value of Debt The carrying amounts and fair values of financial instruments are as follows (in millions): June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 3,873.8 $ 3,915.8 $ 4,722.7 $ 4,774.4 5.5 % senior notes due 2027 1,997.7 1,972.1 1,997.3 1,974.0 6.5 % senior notes due 2032 742.6 757.6 — — The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices. The fair values of cash, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7—Stockholders’ Equity Stock repurchase program In July 2023, our Board of Directors authorized a stock repurchase program, which enabled us to repurchase up to $ 1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. In July 2024, our Board of Directors authorized a stock repurchase program, which enables us to repurchase up to $ 1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. During the three and six months ended June 30, 2024 , we repurchased 3.7 million and 4.5 million shares, respectively, of common stock for approximately $ 228.1 million and $ 281.0 million, respectively, which includes a 1% excise tax on share repurchases. During the three and six months ended June 30, 2023 , we repurchased 2.0 million and 4.3 million shares, respectively, of common stock for approximately $ 111.9 million and $ 246.6 million, respectively, which includes a 1% excise tax on share repurchases. We use the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account. Dividends We paid quarterly cash dividends of $ 0.24 per share of common stock in each of March and June 2024 totaling $ 119.8 million. We paid quarterly cash dividends of $ 0.20 per share of common stock in each of March and June 2023 totaling $ 101.2 million. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss balances, net of tax, consist of the following (in millions): Foreign Currency Translation Defined Benefit Obligation Accumulated Other Comprehensive Loss Balance, December 31, 2023 $ ( 424.5 ) $ ( 1.8 ) $ ( 426.3 ) Net current period other comprehensive (loss) income ( 44.9 ) 0.1 ( 44.8 ) Balance, June 30, 2024 $ ( 469.4 ) $ ( 1.7 ) $ ( 471.1 ) Adjustments to accumulated other comprehensive loss are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pretax Tax Effect Pretax Tax Effect Pretax Tax Effect Pretax Tax Effect Defined Benefit Pension Unrealized net gains (losses) on defined benefit pension plan $ — $ 0.1 $ ( 0.1 ) $ — $ — $ 0.1 $ ( 0.1 ) $ 0.1 Foreign Currency Translation Current period translation adjustments 3.1 ( 0.4 ) 69.3 ( 3.1 ) ( 45.5 ) 0.6 113.6 ( 5.4 ) Total other comprehensive income (loss) $ 3.1 $ ( 0.3 ) $ 69.2 $ ( 3.1 ) $ ( 45.5 ) $ 0.7 $ 113.5 $ ( 5.3 ) |
Variable Interest Entity
Variable Interest Entity | 6 Months Ended |
Jun. 30, 2024 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entity | Note 8—Variable Interest Entity In July 2021, we entered into an agreement whereby we obtained an 80.2 % interest in DomaniRx, LLC ( “ DomaniRx ” ), a variable interest entity under GAAP. We have the power to direct the majority of the activities of DomaniRx that most significantly impact its economic performance, the obligation to absorb losses and the right to receive benefits from DomaniRx. Accordingly, we determined that we are the primary beneficiary of DomaniRx and consolidate its results. The carrying value of the assets and liabilities associated with DomaniRx included in our condensed consolidated balance sheet at June 30, 2024 and December 31, 2023, which are limited for use in its operations and do not have recourse against our general credit or our senior secured credit facilities, are as follows: June 30, December 31, 2024 2023 Assets: Cash and cash equivalents $ 88.5 $ 100.2 Intangible assets 209.0 193.3 Other assets 2.3 3.2 Liabilities: Other liabilities 2.7 3.9 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Note 9—Revenues We generate revenues primarily through our software-enabled services. Our software-enabled services are generally provided under contracts with initial terms of one to five years that require monthly or quarterly payments and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. We also generate revenues by licensing our software to clients through either perpetual or term licenses and by selling maintenance services. We classify license revenues related to sales-based royalty arrangements as term license revenue. Maintenance services are generally provided under annually renewable contracts. Our pricing typically scales as a function of our clients’ assets under management, the complexity of asset classes managed, the volume of transactions and the level of service the client requires. Revenues from professional services consist mostly of services provided on a time and materials basis. Deferred revenues primarily represent unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of June 30, 2024 and December 31, 2023 , approximately $ 65.6 million and $ 72.0 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $ 111.7 million for the six months ended June 30, 2024. As of June 30, 2024, revenue of approximately $984 .3 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $ 493.3 million is expected to be recognized over the next twelve months. We record revenue net of any taxes assessed by governmental authorities. Revenue Disaggregation The following table disaggregates our revenues by geography (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 1,015.4 $ 942.8 $ 2,007.7 $ 1,897.7 United Kingdom 155.8 157.4 321.3 313.3 Europe (excluding United Kingdom), Middle East and Africa 118.8 115.5 234.7 220.9 Asia-Pacific and Japan 78.9 68.6 152.2 136.6 Canada 54.7 53.7 114.3 109.2 Americas, excluding United States and Canada 27.9 24.6 56.3 47.6 Total $ 1,451.5 $ 1,362.6 $ 2,886.5 $ 2,725.3 The following table disaggregates our revenues by source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Software-enabled services $ 1,192.4 $ 1,106.5 $ 2,380.1 $ 2,220.7 Maintenance and term licenses 224.4 218.6 443.2 431.9 Professional services 25.1 28.6 48.9 56.3 Perpetual licenses 9.6 8.9 14.3 16.4 Total $ 1,451.5 $ 1,362.6 $ 2,886.5 $ 2,725.3 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stock Based Compensation | Note 10—Stock-based Compensation S tock options, SARs, PSUs and RSUs The amount of stock-based compensation expense recognized in our Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Condensed Consolidated Statements of Comprehensive Income Classification 2024 2023 2024 2023 Cost of software-enabled services $ 17.7 $ 12.9 $ 33.1 $ 28.4 Cost of license, maintenance and other related 2.2 1.5 3.8 3.3 Total cost of revenues 19.9 14.4 36.9 31.7 Selling and marketing 9.3 6.6 17.0 14.5 Research and development 7.8 4.6 14.0 10.0 General and administrative 13.6 7.9 27.8 19.2 Total operating expenses 30.7 19.1 58.8 43.7 Total stock-based compensation expense $ 50.6 $ 33.5 $ 95.7 $ 75.4 The stock-based compensation expense related to performance awards is adjusted for changes in our assessment of the performance target level that is probable of being achieved and the number of performance-based equity awards expected to vest. In December 2021, we granted performance-based stock options (“PSOs”) for which the 3-year performance period ends in December 2024. If the threshold level of performance is not achieved for these PSOs, $ 44.8 million of previously recorded stock-based compensation expense will be reversed. During the three months ended June 30, 2023, we recorded an adjustment to reduce previously recorded stock-based compensation expense relating to performance-based equity awards by $ 8.5 million as the number of performance-based options expected to vest decreased. The following table summarizes stock option and stock appreciation rights (“SARs”) activity, as well as performance stock units (“PSUs”) and restricted stock units (“RSUs”) activity, for the six months ended June 30, 2024 (shares in millions): Stock Options and SARs PSUs and RSUs Outstanding at December 31, 2023 38.8 3.5 Granted 1.8 3.4 Cancelled/forfeited ( 1.1 ) ( 0.9 ) Exercised ( 2.4 ) — Vested — ( 0.7 ) Outstanding at June 30, 2024 37.1 5.3 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11—Income Taxes The effective tax rate was 6.7 % and 32.7 % for the three months ended June 30, 2024 and 2023, respectively, and 18.8 % and 31.1 % for the six months ended June 30, 2024 and 2023, respectively. The change in the effective tax rate for the three and six months ended June 30, 2024 compared to the prior year was primarily due to releases of uncertain tax positions in the current year due to closed audits and a proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions. The effective tax rates for the three and six months ended June 30, 2024 include tax benefits of $ 40.8 million related to releases of uncertain tax positions and $ 5.7 million of tax refunds, both due to closed audits. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 12—Earnings per Share The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income attributable to SS&C common stockholders $ 190.3 $ 130.7 $ 347.9 $ 256.7 Shares attributable to SS&C: Weighted-average common shares outstanding – used in calculation of basic EPS 246.2 248.5 246.6 249.5 Weighted-average common stock equivalents – stock options and restricted shares 6.1 6.5 6.1 6.5 Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS 252.3 255.0 252.7 256.0 Earnings per share attributable to SS&C common stockholders – Basic $ 0.77 $ 0.53 $ 1.41 $ 1.03 Earnings per share attributable to SS&C common stockholders – Diluted $ 0.75 $ 0.51 $ 1.38 $ 1.00 Weighted-average stock options, SARs, RSUs and PSUs representing 15.1 mill ion and 17.4 million shares were outstanding for the three and six months ended June 30, 2024 , respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. Weighted-average stock options, SARs, RSUs and PSUs representing 24.9 mill ion shares were outstanding for the each of the three and six month periods ended June 30, 2023, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13—Commitments and Contingencies From time to time, we are subject to legal proceedings and claims. In our opinion, we are not involved in any litigation or proceedings that would have a material adverse effect on us or our business. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard is applicable to all public entities, including public entities with a single reportable segment, and requires enhanced reportable segment disclosures. The disclosures include significant segment expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The standard also requires disclosure of the title and position of the CODM as well as how the CODM uses the reported measures of a segment’s profit or loss to assess segment performance and decide how to allocate resources. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 31, 2024. Early adoption is permitted. We are currently evaluating the potential impact the standard will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard requires more enhanced disclosures specifically related to effective tax rate reconciliation and income taxes paid. The new requirements will be effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. We are currently evaluating the potential impact the standard will have on our income tax disclosures. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment and Related Accumulated Depreciation | Property, plant and equipment and the related accumulated depreciation are as follows (in millions): June 30, December 31, 2024 2023 Land $ 37.6 $ 37.7 Building and improvements 268.0 265.5 Equipment, furniture, and fixtures 546.1 525.7 851.7 828.9 Less: accumulated depreciation ( 547.0 ) ( 513.6 ) Total property, plant and equipment, net $ 304.7 $ 315.3 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments | Investments are as follows (in millions): June 30, December 31, 2024 2023 Non-marketable equity securities $ 124.0 $ 124.0 Seed capital investments 25.9 26.1 Marketable equity securities 20.6 23.1 Partnership interests in private equity funds 10.7 11.5 Total investments $ 181.2 $ 184.7 |
Schedule of Realized and Unrealized Gains and Losses on Investments | Unrealized gains for our equity securities are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized (losses) gains on equity securities held as of the end of the period $ ( 0.7 ) $ 0.9 $ 0.2 $ 3.2 |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis (in millions): Fair Value Measurements at Reporting Date Using June 30, 2024 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 1,420.2 $ 1,420.2 $ — $ — Seed capital investments (2) 25.9 25.9 — — Marketable equity securities (2) 20.6 20.6 — — Deferred compensation liabilities (3) ( 11.6 ) ( 11.6 ) — — Total $ 1,455.1 $ 1,455.1 $ — $ — Fair Value Measurements at Reporting Date Using December 31, 2023 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 2,212.6 $ 2,212.6 $ — $ — Seed capital investments (2) 26.1 26.1 — — Marketable equity securities (2) 23.1 23.1 — — Deferred compensation liabilities (3) ( 11.7 ) ( 11.7 ) — — Total $ 2,250.1 $ 2,250.1 $ — $ — |
Unconsolidated Affiliates (Tabl
Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments in Unconsolidated Affiliates | Investments in unconsolidated affiliates are as follows (in millions): June 30, 2024 December 31, 2023 Ownership Percentage Carrying Value Excess carrying value of investment over proportionate share of net assets Carrying Value Excess carrying value of investment over proportionate share of net assets Orbit Private Investments L.P. 9.8 % $ 202.2 $ — $ 211.6 $ — International Financial Data Services L.P. 50.0 % 70.4 29.7 68.3 31.4 Broadway Square Partners, LLP 50.0 % 52.9 29.1 53.4 29.5 Pershing Road Development Company, LLC 50.0 % 9.8 54.2 10.0 55.4 Other unconsolidated affiliates 1.8 — 1.9 — Total $ 337.1 $ 113.0 $ 345.2 $ 116.3 |
Schedule of Equity in Earnings of Unconsolidated Affiliates | Equity in earnings of unconsolidated affiliates, net are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Orbit Private Investments L.P. $ 16.2 $ 7.6 $ 17.4 $ 12.4 International Financial Data Services L.P. 1.5 1.4 3.0 2.5 Pershing Road Development Company, LLC ( 0.2 ) ( 0.7 ) ( 0.3 ) ( 0.9 ) Broadway Square Partners, LLP ( 0.2 ) ( 0.1 ) ( 0.5 ) — Other unconsolidated affiliates — 1.2 — 1.1 Total $ 17.3 $ 9.4 $ 19.6 $ 15.1 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Value of Goodwill | The change in carrying value of goodwill as of and for the six months ended June 30, 2024 is as follows (in millions): Balance at December 31, 2023 $ 8,969.5 Adjustments to prior acquisitions 0.1 Effect of foreign currency translation ( 34.3 ) Balance at June 30, 2024 $ 8,935.3 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Component of Debt | At June 30, 2024 and December 31, 2023, debt consisted of the following (in millions): June 30, December 31, 2024 2023 Senior secured credit facilities, weighted-average interest rate of 7.34 % and 7.35 %, respectively $ 3,900.0 $ 4,755.1 5.5 % senior notes due 2027 2,000.0 2,000.0 6.5 % senior notes due 2032 750.0 — Unamortized original issue discount and debt issuance costs ( 35.9 ) ( 35.1 ) 6,614.1 6,720.0 Less: current portion of long-term debt 39.0 51.5 Long-term debt $ 6,575.1 $ 6,668.5 |
Schedule of the key terms of our Senior Secured Credit Facilities and Senior Notes | The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes: Amount Outstanding Maturity Scheduled Quarterly (in millions) Date Payments Required Senior Secured Credit Facilities Term Loan B-8 $ 3,900.0 May 9, 2031 0.25 % Revolving Credit Facility — December 28, 2027 None 5.5 % Senior Notes 2,000.0 September 30, 2027 None 6.5 % Senior Notes 750.0 June 1, 2032 None |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows (in millions): June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 3,873.8 $ 3,915.8 $ 4,722.7 $ 4,774.4 5.5 % senior notes due 2027 1,997.7 1,972.1 1,997.3 1,974.0 6.5 % senior notes due 2032 742.6 757.6 — — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax | Accumulated other comprehensive loss balances, net of tax, consist of the following (in millions): Foreign Currency Translation Defined Benefit Obligation Accumulated Other Comprehensive Loss Balance, December 31, 2023 $ ( 424.5 ) $ ( 1.8 ) $ ( 426.3 ) Net current period other comprehensive (loss) income ( 44.9 ) 0.1 ( 44.8 ) Balance, June 30, 2024 $ ( 469.4 ) $ ( 1.7 ) $ ( 471.1 ) |
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss) | Adjustments to accumulated other comprehensive loss are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pretax Tax Effect Pretax Tax Effect Pretax Tax Effect Pretax Tax Effect Defined Benefit Pension Unrealized net gains (losses) on defined benefit pension plan $ — $ 0.1 $ ( 0.1 ) $ — $ — $ 0.1 $ ( 0.1 ) $ 0.1 Foreign Currency Translation Current period translation adjustments 3.1 ( 0.4 ) 69.3 ( 3.1 ) ( 45.5 ) 0.6 113.6 ( 5.4 ) Total other comprehensive income (loss) $ 3.1 $ ( 0.3 ) $ 69.2 $ ( 3.1 ) $ ( 45.5 ) $ 0.7 $ 113.5 $ ( 5.3 ) |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Summary of Assets and Liabilities | The carrying value of the assets and liabilities associated with DomaniRx included in our condensed consolidated balance sheet at June 30, 2024 and December 31, 2023, which are limited for use in its operations and do not have recourse against our general credit or our senior secured credit facilities, are as follows: June 30, December 31, 2024 2023 Assets: Cash and cash equivalents $ 88.5 $ 100.2 Intangible assets 209.0 193.3 Other assets 2.3 3.2 Liabilities: Other liabilities 2.7 3.9 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenues by Geography and Source | The following table disaggregates our revenues by geography (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 1,015.4 $ 942.8 $ 2,007.7 $ 1,897.7 United Kingdom 155.8 157.4 321.3 313.3 Europe (excluding United Kingdom), Middle East and Africa 118.8 115.5 234.7 220.9 Asia-Pacific and Japan 78.9 68.6 152.2 136.6 Canada 54.7 53.7 114.3 109.2 Americas, excluding United States and Canada 27.9 24.6 56.3 47.6 Total $ 1,451.5 $ 1,362.6 $ 2,886.5 $ 2,725.3 The following table disaggregates our revenues by source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Software-enabled services $ 1,192.4 $ 1,106.5 $ 2,380.1 $ 2,220.7 Maintenance and term licenses 224.4 218.6 443.2 431.9 Professional services 25.1 28.6 48.9 56.3 Perpetual licenses 9.6 8.9 14.3 16.4 Total $ 1,451.5 $ 1,362.6 $ 2,886.5 $ 2,725.3 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Stock-Based Compensation Expense Recognized | The amount of stock-based compensation expense recognized in our Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Condensed Consolidated Statements of Comprehensive Income Classification 2024 2023 2024 2023 Cost of software-enabled services $ 17.7 $ 12.9 $ 33.1 $ 28.4 Cost of license, maintenance and other related 2.2 1.5 3.8 3.3 Total cost of revenues 19.9 14.4 36.9 31.7 Selling and marketing 9.3 6.6 17.0 14.5 Research and development 7.8 4.6 14.0 10.0 General and administrative 13.6 7.9 27.8 19.2 Total operating expenses 30.7 19.1 58.8 43.7 Total stock-based compensation expense $ 50.6 $ 33.5 $ 95.7 $ 75.4 |
Summary of Stock Option and Stock Appreciation Rights ("SARs") Restricted Stock Units ("RSUs") and Performance Stock Units ("PSU") Activity | The following table summarizes stock option and stock appreciation rights (“SARs”) activity, as well as performance stock units (“PSUs”) and restricted stock units (“RSUs”) activity, for the six months ended June 30, 2024 (shares in millions): Stock Options and SARs PSUs and RSUs Outstanding at December 31, 2023 38.8 3.5 Granted 1.8 3.4 Cancelled/forfeited ( 1.1 ) ( 0.9 ) Exercised ( 2.4 ) — Vested — ( 0.7 ) Outstanding at June 30, 2024 37.1 5.3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income attributable to SS&C common stockholders $ 190.3 $ 130.7 $ 347.9 $ 256.7 Shares attributable to SS&C: Weighted-average common shares outstanding – used in calculation of basic EPS 246.2 248.5 246.6 249.5 Weighted-average common stock equivalents – stock options and restricted shares 6.1 6.5 6.1 6.5 Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS 252.3 255.0 252.7 256.0 Earnings per share attributable to SS&C common stockholders – Basic $ 0.77 $ 0.53 $ 1.41 $ 1.03 Earnings per share attributable to SS&C common stockholders – Diluted $ 0.75 $ 0.51 $ 1.38 $ 1.00 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 851.7 | $ 828.9 |
Less: accumulated depreciation | (547) | (513.6) |
Total property, plant and equipment, net | 304.7 | 315.3 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37.6 | 37.7 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 268 | 265.5 |
Equipment, Furniture, and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 546.1 | $ 525.7 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 18.4 | $ 18.1 | $ 36.3 | $ 37.1 | |
Prepaid Expenses and Other Current Assets [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment assets, net held for sale | 5.9 | 5.9 | $ 9 | ||
Accounts payable and other accrued expenses | $ 14 | $ 14 | $ 2.9 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Total investments | $ 181.2 | $ 184.7 |
Non Marketable Equity Securities | ||
Schedule of Investments [Line Items] | ||
Total investments | 124 | 124 |
Seed Capital Investments | ||
Schedule of Investments [Line Items] | ||
Total investments | 25.9 | 26.1 |
Marketable Equity Securities | ||
Schedule of Investments [Line Items] | ||
Total investments | 20.6 | 23.1 |
Partnership Interests in Private Equity Funds | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 10.7 | $ 11.5 |
Investments - Schedule of Reali
Investments - Schedule of Realized and Unrealized Gains and Losses on Investments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized losses on equity securities held as of the end of the period | $ (0.7) | $ 0.9 | $ 0.2 | $ 3.2 |
Investments - Summary of Assets
Investments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Deferred compensation liabilities | [1] | $ (11.6) | $ (11.7) |
Total | 1,455.1 | 2,250.1 | |
Money Market Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [2] | 1,420.2 | 2,212.6 |
Seed Capital Investments | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 25.9 | 26.1 |
Marketable Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 20.6 | 23.1 |
Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Investments [Line Items] | |||
Deferred compensation liabilities | [1] | (11.6) | (11.7) |
Total | 1,455.1 | 2,250.1 | |
Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [2] | 1,420.2 | 2,212.6 |
Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | Seed Capital Investments | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 25.9 | 26.1 |
Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 20.6 | 23.1 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Investments [Line Items] | |||
Deferred compensation liabilities | [1] | 0 | 0 |
Total | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [2] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Seed Capital Investments | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Investments [Line Items] | |||
Deferred compensation liabilities | [1] | 0 | 0 |
Total | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [2] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Seed Capital Investments | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investments measured at fair value | [3] | $ 0 | $ 0 |
[1] Included in Other long-term liabilities on the Condensed Consolidated Balance Sheet As of June 30, 2024 , included $ 130.8 million of cash and cash equivalents, $ 2.6 million of restricted cash and $ 1,286.8 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet. As of December 31, 2023 , included $ 131.7 million of cash and cash equivalents, $ 1.8 million of restricted cash and $ 2,079.1 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet. Included in Investments on the Condensed Consolidated Balance Sheet |
Investments - Summary of Asse_2
Investments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | $ 130.8 | $ 131.7 |
Restricted Cash | 2.6 | 1.8 |
Funds Held for Clients | $ 1,286.8 | $ 2,079.1 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Total investments | $ 181.2 | $ 184.7 |
Partnership Interests in Private Equity Funds | ||
Schedule of Investments [Line Items] | ||
Total investments | 10.7 | 11.5 |
Investments, fair value | 9.2 | 9.2 |
Equity method investments, fair value | 1.5 | 2.3 |
Seed Capital Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 25.9 | $ 26.1 |
Unconsolidated Affiliates - Sch
Unconsolidated Affiliates - Schedule of Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Carrying Value | $ 337.1 | $ 345.2 |
Excess carrying value of investment over proportionate share of net assets | $ 113 | 116.3 |
Orbit Private Investments Limited Partners | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 9.80% | |
Carrying Value | $ 202.2 | 211.6 |
Excess carrying value of investment over proportionate share of net assets | $ 0 | 0 |
International Financial Data Services L.P. | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 50% | |
Carrying Value | $ 70.4 | 68.3 |
Excess carrying value of investment over proportionate share of net assets | $ 29.7 | 31.4 |
Pershing Road Development Company, LLC | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 50% | |
Carrying Value | $ 9.8 | 10 |
Excess carrying value of investment over proportionate share of net assets | $ 54.2 | 55.4 |
Broadway Square Partners, LLP | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 50% | |
Carrying Value | $ 52.9 | 53.4 |
Excess carrying value of investment over proportionate share of net assets | 29.1 | 29.5 |
Other Unconsolidated Affiliates | ||
Schedule of Investments [Line Items] | ||
Carrying Value | 1.8 | 1.9 |
Excess carrying value of investment over proportionate share of net assets | $ 0 | $ 0 |
Unconsolidated Affiliates - Add
Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||
Recorded distribution in operating activities | $ 2.4 | $ 2.5 | $ 16.2 |
Recorderd distribution in investing activities | 24.5 | $ 24.5 | $ 0 |
Orbit Private Investments Limited Partners | |||
Schedule of Equity Method Investments [Line Items] | |||
Distributions received from unconsolidated affiliates | $ 26.9 |
Unconsolidated Affiliates - S_2
Unconsolidated Affiliates - Schedule of Equity in Earnings of Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net | $ 17.3 | $ 9.4 | $ 19.6 | $ 15.1 |
Orbit Private Investments L.P. | ||||
Schedule of Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net | 16.2 | 7.6 | 17.4 | 12.4 |
International Financial Data Services L.P. | ||||
Schedule of Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net | 1.5 | 1.4 | 3 | 2.5 |
Pershing Road Development Company, LLC | ||||
Schedule of Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net | (0.2) | (0.7) | (0.3) | (0.9) |
Broadway Square Partners, LLP | ||||
Schedule of Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net | (0.2) | (0.1) | (0.5) | 0 |
Other Unconsolidated Affiliates | ||||
Schedule of Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net | $ 0 | $ 1.2 | $ 0 | $ 1.1 |
Goodwill - Summary of Change in
Goodwill - Summary of Change in Carrying Value of Goodwill (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 8,969.5 |
Adjustments to prior acquisitions | 0.1 |
Effect of foreign currency translation | (34.3) |
Ending balance | $ 8,935.3 |
Debt - Component of Debt (Detai
Debt - Component of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Unamortized original issue discount and debt issuance costs | $ (35.9) | $ (35.1) |
Debt | 6,614.1 | 6,720 |
Less: current portion of long-term debt | 39 | 51.5 |
Long-term debt | 6,575.1 | 6,668.5 |
Secured Debt | Senior Secured Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Amount | 3,900 | 4,755.1 |
Senior Notes | 5.5% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Amount | 2,000 | 2,000 |
Senior Notes | 6.5% senior notes due 2032 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Amount | $ 750 | $ 0 |
Debt - Component of Debt (Paren
Debt - Component of Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
May 09, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
6.5% senior notes due 2032 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate | 6.50% | ||
Secured Debt | Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 7.34% | 7.35% | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt, interest rate | 6.50% | ||
Senior Notes | 5.5% Senior Notes due 2027 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate | 5.50% | 5.50% | |
Debt, due date | 2027 | 2027 | |
Senior Notes | 6.5% senior notes due 2032 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate | 6.50% | 6.50% | 6.50% |
Debt, due date | 2032 | 2032 | 2032 |
Debt - Schedule of Senior Secur
Debt - Schedule of Senior Secured Credit Facilities and Senior Note (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Debt Instrument Carrying Amount | $ 0 |
Debt Instrument, Maturity Date | Dec. 28, 2027 |
Line Of Credit Facility Periodic Payment Principal Percentage | 0% |
5.5% Senior Notes | Senior Notes | |
Line of Credit Facility [Line Items] | |
Debt Instrument Carrying Amount | $ 2,000 |
Debt Instrument, Maturity Date | Sep. 30, 2027 |
Line Of Credit Facility Periodic Payment Principal Percentage | 0% |
6.5% Senior Notes | |
Line of Credit Facility [Line Items] | |
Debt Instrument Carrying Amount | $ 750 |
Debt Instrument, Maturity Date | Jun. 01, 2032 |
Line Of Credit Facility Periodic Payment Principal Percentage | 0% |
Senior Secured Credit Facilities | Term Loan B-8 | |
Line of Credit Facility [Line Items] | |
Debt Instrument Carrying Amount | $ 3,900 |
Debt Instrument, Maturity Date | May 09, 2031 |
Line Of Credit Facility Periodic Payment Principal Percentage | 0.25% |
Debt - Schedule of Senior Sec_2
Debt - Schedule of Senior Secured Credit Facilities and Senior Note (Parenthetical) (Details) - Senior Notes | Jun. 30, 2024 | May 09, 2024 |
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
5.5% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |
6.5% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% |
Debt (Additional Information) (
Debt (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 09, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument Interest Rate Terms | the Base Rate (as defined in the Amendment), plus 1.00% per annum, or the Term SOFR Rate (as defined in the Amendment), plus 2.00% per annum. | |||||
Description of Senior Secured Credit Facilities and Senior Notes | The 6.5% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of our existing and future senior indebtedness. The 6.5% Senior Notes are fully and unconditionally guaranteed, jointly and severally, by SS&C Holdings and all of its existing domestic restricted subsidiaries (other than SS&C Technologies) that guarantee our existing senior secured credit facilities and future domestic restricted subsidiaries that guarantee our existing senior secured credit facilities and certain other indebtedness. Interest on the 6.5% Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2024. | |||||
Loss on extinguishment of debt | $ (27.7) | $ 0 | $ (28.8) | $ (0.6) | ||
6.5% senior notes due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Term Loan B-8 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 3,935 | |||||
Incremental Joinder [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Capitalized financing costs | $ 34.5 | $ 34.5 | ||||
Loss on extinguishment of debt | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | 27.7 | |||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||
Senior Notes [Member] | 6.5% senior notes due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Carrying Amount | $ 750 | $ 750 | $ 0 | |||
Debt Instrument, Face Amount | $ 750 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | 6.50% | 6.50% | ||
Debt Conversion, Original Debt, Due Date, Year | 2032 | 2032 | 2032 |
Debt - Schedule of Carrying Amo
Debt - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Carrying Amount [Member] | Senior Secured Credit Facilities | ||
Financial liabilities: | ||
Credit facility | $ 3,873.8 | $ 4,722.7 |
Carrying Amount [Member] | 5.5% Senior Notes due 2027 | ||
Financial liabilities: | ||
Senior notes | 1,997.7 | 1,997.3 |
Carrying Amount [Member] | 6.5% senior notes due 2032 | ||
Financial liabilities: | ||
Senior notes | 742.6 | 0 |
Fair Value [Member] | Senior Secured Credit Facilities | ||
Financial liabilities: | ||
Credit facility | 3,915.8 | 4,774.4 |
Fair Value [Member] | 5.5% Senior Notes due 2027 | ||
Financial liabilities: | ||
Credit facility | 1,972.1 | 1,974 |
Fair Value [Member] | 6.5% senior notes due 2032 | ||
Financial liabilities: | ||
Credit facility | $ 757.6 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Class of Stock [Line Items] | ||||||||
Payments for repurchase of common stock | $ 228.1 | $ 111.9 | $ 281 | $ 246.6 | ||||
Quarterly cash dividend paid | $ 0.24 | $ 0.24 | $ 0.2 | $ 0.2 | ||||
Dividends paid on common stock | $ 119.8 | $ 101.2 | $ 119.8 | $ 101.2 | ||||
Stock Repurchase Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of common stock , shares | 3,700,000 | 2,000,000 | 4,500,000 | 4,300,000 | ||||
Payments for repurchase of common stock | $ 228.1 | $ 111.9 | $ 281 | $ 246.6 | ||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 1,000 | $ 1,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ 6,339.6 | |||
Net current period other comprehensive loss | $ 2.8 | $ 66.1 | (44.8) | $ 108.2 |
Ending balance | 6,427.9 | 6,427.9 | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (424.5) | |||
Net current period other comprehensive loss | (44.9) | |||
Ending balance | (469.4) | (469.4) | ||
Defined Benefit Obligation [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (1.8) | |||
Net current period other comprehensive loss | 0.1 | |||
Ending balance | (1.7) | (1.7) | ||
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (426.3) | |||
Net current period other comprehensive loss | (44.8) | |||
Ending balance | $ (471.1) | $ (471.1) |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Adjustments to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Unrealized net gains (losses) on defined benefit pension plan | $ 3.1 | $ 69.2 | $ (45.5) | $ 113.5 |
Unrealized gains (losses) on interest rate swaps | 3.1 | 69.2 | (45.5) | 113.5 |
Other comprehensive (loss) income before reclassifications, Tax Effect | (0.3) | (3.1) | 0.7 | (5.3) |
Defined Benefit Obligation [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Unrealized net gains (losses) on defined benefit pension plan | 0 | (0.1) | 0 | (0.1) |
Reclassification of losses into net earnings on defined benefit pension, Tax Effect | 0.1 | 0.1 | 0.1 | 0.1 |
Unrealized gains (losses) on interest rate swaps | 0 | (0.1) | 0 | (0.1) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Unrealized net gains (losses) on defined benefit pension plan | 3.1 | 69.3 | (45.5) | 113.6 |
Unrealized gains (losses) on interest rate swaps | 3.1 | 69.3 | (45.5) | 113.6 |
Other comprehensive (loss) income before reclassifications, Tax Effect | $ (0.4) | $ (3.1) | $ 0.6 | $ (5.4) |
Variable Interest Entities (Add
Variable Interest Entities (Additional Information) (Details) | Jul. 31, 2021 |
DomaniRx LLC [Member] | |
Variable Interest Entity [Line Items] | |
Ownership Percentage | 80.20% |
Variable Interest Entity - Summ
Variable Interest Entity - Summary of Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Assets: | |||
Cash and cash equivalents | $ 462.7 | $ 432.2 | $ 439.7 |
DomaniRx LLC [Member] | |||
Assets: | |||
Cash and cash equivalents | 88.5 | 100.2 | |
Intangible assets | 209 | 193.3 | |
Other assets | 2.3 | 3.2 | |
Liabilities: | |||
Other liabilities | $ 2.7 | $ 3.9 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue presented net within contract assets arising from contract | $ 65.6 | $ 72 |
Deferred revenue recognized | 111.7 | |
Revenue expected to be recognized from remaining performance obligations | 0.3 | |
Revenue expected to be recognized from remaining performance obligations in next twelve months | $ 493.3 | |
Minimum [Member] | Software-enabled Services [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue recognition period | 1 year | |
Maximum [Member] | Software-enabled Services [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue recognition period | 5 years |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenues by Geography (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 1,451.5 | $ 1,362.6 | $ 2,886.5 | $ 2,725.3 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,015.4 | 942.8 | 2,007.7 | 1,897.7 |
United Kingdom [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 155.8 | 157.4 | 321.3 | 313.3 |
Europe (excluding United Kingdom), Middle East and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 118.8 | 115.5 | 234.7 | 220.9 |
Asia-Pacific and Japan [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 78.9 | 68.6 | 152.2 | 136.6 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 54.7 | 53.7 | 114.3 | 109.2 |
Americas, excluding United States and Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 27.9 | $ 24.6 | $ 56.3 | $ 47.6 |
Revenues - Disaggregation of _2
Revenues - Disaggregation of Revenues by Source (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 1,451.5 | $ 1,362.6 | $ 2,886.5 | $ 2,725.3 |
Software-enabled Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,192.4 | 1,106.5 | 2,380.1 | 2,220.7 |
Maintenance and Term Licenses [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 224.4 | 218.6 | 443.2 | 431.9 |
Professional Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 25.1 | 28.6 | 48.9 | 56.3 |
Perpetual Licenses [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 9.6 | $ 8.9 | $ 14.3 | $ 16.4 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 50.6 | $ 33.5 | $ 95.7 | $ 75.4 |
Software-enabled Services [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 17.7 | 12.9 | 33.1 | 28.4 |
License, Maintenance and Other Related [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2.2 | 1.5 | 3.8 | 3.3 |
Total Cost of Revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 19.9 | 14.4 | 36.9 | 31.7 |
Selling and Marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 9.3 | 6.6 | 17 | 14.5 |
Research and Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 7.8 | 4.6 | 14 | 10 |
General and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 13.6 | 7.9 | 27.8 | 19.2 |
Total Operating Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 30.7 | $ 19.1 | $ 58.8 | $ 43.7 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option and Stock Appreciation Rights ("SARs") Restricted Stock Units ("RSUs") and Performance Stock Units ("PSU") Activity (Detail) shares in Millions | 6 Months Ended |
Jun. 30, 2024 shares | |
Stock Options and SARs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding Opening | 38.8 |
Granted | 1.8 |
Cancelled/forfeited | (1.1) |
Exercised | (2.4) |
Vested | 0 |
Number of Shares, Outstanding Closing | 37.1 |
PSUs and RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | 3.4 |
Number of Shares, Outstanding Opening | 3.5 |
Cancelled/forfeited | (0.9) |
Exercised | 0 |
Vested | (0.7) |
Number of Shares, Outstanding Closing | 5.3 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share Based Compensation Expense Related To Performance Based Options | $ 44.8 | |
Performance-Based Equity Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustment to stock based compensation expense | $ 8.5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 6.70% | 32.70% | 18.80% | 31.10% |
Uncertain tax positions | $ 40.8 | $ 40.8 | ||
Income Tax Benefit Related to Uncertain Tax Positions | 13.8 | $ 63.6 | 80.5 | $ 116.1 |
Tax Refunds due to Closed Audits | $ 5.7 | $ 5.7 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to SS&C common stockholders | $ 190.3 | $ 130.7 | $ 347.9 | $ 256.7 |
Shares attributable to SS&C: | ||||
Weighted-average common shares outstanding – used in calculation of basic EPS | 246.2 | 248.5 | 246.6 | 249.5 |
Weighted-average common stock equivalents – stock options and restricted shares | 6.1 | 6.5 | 6.1 | 6.5 |
Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS | 252.3 | 255 | 252.7 | 256 |
Earnings per share attributable to SS&C common stockholders - Basic | $ 0.77 | $ 0.53 | $ 1.41 | $ 1.03 |
Earnings per share attributable to SS&C common stockholders - Diluted | $ 0.75 | $ 0.51 | $ 1.38 | $ 1 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock Options, SARs, RSUs, and RSAs [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti-dilutive shares not included in computation of diluted EPS | 15.1 | 24.9 | 17.4 | 24.9 |