01—Abstract
Summary
Summary of the 10-K/A filed March 4, 2025. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. reported total revenues of $5,882.0 milliona for 2024, up from $5,502.8 million in 2023, with operating income of $1,343.5 million versus $1,208.9 million a year earlier.
Net income attributable to SS&C common stockholders was $760.5 millionb, compared with $607.1 million in 2023, and diluted earnings per share were $3.00 versus $2.39. Software-enabled services revenue was $4,840.3 million, while license, maintenance and related revenue was $1,041.7 million. Net cash provided by operating activities was $1,388.6 million, compared with $1,215.1 million in 2023.
The company's balance sheet grew during the year, with total assets of $19,044.7 millionc and total debt (long-term plus current portion) of about $7.0 billion at year-end. Key 2024 transactions included the purchase of Battea-Class Action Services, LLC for $645.6 million net of cash acquired on September 27, 2024, funded in part by a $3,935.0 million Term B-8 loan and $750.0 million of 6.5% senior notes due 2032 issued in May 2024. Treasury stock purchases totaled $736.0 million and dividends paid were $244.9 million.
PricewaterhouseCoopers LLP issued an unqualified opinion on the financial statements and on internal control over financial reporting as of December 31, 2024, identifying goodwill impairment testing for the health business reporting unit and the valuation of the Battea customer relationships intangible asset as critical audit matters. Management reported that internal control over financial reporting was effective as of December 31, 2024, excluding Battea, which represented 1% of total assets and less than 1% of total revenues. On February 14, 2025, the Board declared a quarterly cash dividend of $0.25d per share.
02—Key points
Key Highlights
- Total revenues rose to $5,882.0 million in 2024 from $5,502.8 million in 2023, with software-enabled services revenue at $4,840.3 million.
- Operating income increased to $1,343.5 million from $1,208.9 million, and net income attributable to SS&C common stockholders increased to $760.5 million from $607.1 million.
- Diluted earnings per share were $3.00 in 2024, compared with $2.39 in 2023.
- Net cash provided by operating activities was $1,388.6 million, compared with $1,215.1 million in 2023.
- The company acquired Battea-Class Action Services, LLC on September 27, 2024 for $645.6 million net of cash acquired, recording a $246.6 million customer relationships intangible asset and $325.7 million of goodwill.
- Long-term debt, net of current portion, was $6,989.6 million at December 31, 2024, after issuing $750.0 million of 6.5% senior notes due 2032 and borrowing $3,935.0 million of Term B-8 loans in May 2024.
- Goodwill was $9,218.1 million at year-end, and PricewaterhouseCoopers identified goodwill impairment testing for the health business reporting unit as a critical audit matter.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, SS&C Technologies Holdings kept $0.13.
- Revenue$5.88B100.0%
- Cost of revenue−$3.02B51.3%
- Gross profit$2.86B48.7%
- Operating costs−$1.52B25.8%
- Operating income$1.34B22.8%
- Interest, other & tax−$581.8M9.9%
- Net income$761.7M12.9%
Where FY2024 revenue went
$5.88B- Cost of revenue: $3.02B, 51% of revenue
- Other operating costs: $1.00B, 17% of revenue
- Net income: $761.7M, 13% of revenue
- R&D: $517.7M, 8.8% of revenue
- Interest, other & tax: $581.8M, 9.9% of revenue
Kept 13% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2024filed March 4, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $5.88B$5.50B | +6.9% |
| Cost of Revenue | $3.02B$2.85B | +5.9% |
| Gross Profit | $2.86B$2.65B | +8.0% |
| R&D Expenses | $517.70M$473.80M | +9.3% |
| Operating Expenses | $1.52B$1.44B | +5.4% |
| Operating Income | $1.34B$1.21B | +11.1% |
| Interest Expense | $463.00M$476.30M | −2.8% |
| Net Income | $761.70M$608.60M | +25.2% |
| EPS (Basic) | $3.09$2.45 | +26.1% |
| EPS (Diluted) | $3.00$2.39 | +25.5% |
| Shares Outstanding (Basic) | 246.40M248.30M | −0.8% |
| Shares Outstanding (Diluted) | 253.80M254.50M | −0.3% |
05—Questions
Frequently Asked Questions
How did SS&C's revenue and profitability change in 2024?
Total revenues increased to $5,882.0 million from $5,502.8 million, and operating income rose to $1,343.5 million from $1,208.9 million. Net income attributable to SS&C common stockholders was $760.5 million, up from $607.1 million in 2023, and diluted earnings per share were $3.00 compared with $2.39.
What major acquisition did SS&C complete in 2024?
On September 27, 2024, SS&C purchased all outstanding stock of Battea-Class Action Services, LLC for approximately $671 million in cash, plus transaction costs, which the financial statements report as $645.6 million net of cash acquired. Battea is a provider of securities class action claims and settlement recovery services, and its revenues included in 2024 results were $21.1 million.
How did SS&C finance its 2024 debt activity?
SS&C borrowed $3,935.0 million of incremental Term B-8 loans in May 2024 and issued $750.0 million of 6.5% senior notes due 2032. Proceeds were used to repay the existing Term B-3 through B-7 loans, and the company also borrowed $800.0 million of Term A-9 loans in September 2024 to help fund the Battea acquisition. Total debt outstanding was $7,009.6 million at December 31, 2024, including the current portion.
How much did SS&C return to shareholders in 2024?
SS&C paid $244.9 million in dividends on common stock, with quarterly dividends of $0.24 per share in March and June and $0.25 per share in September and December. It also repurchased 10.6 million shares for approximately $736.0 million. On February 14, 2025, the Board declared a further quarterly dividend of $0.25 per share.
Did the auditor identify any significant risks in the financial statements?
PricewaterhouseCoopers LLP issued an unqualified opinion on both the financial statements and internal control over financial reporting as of December 31, 2024. It identified two critical audit matters: goodwill impairment testing for the health business reporting unit, which carried part of the $9,218.1 million consolidated goodwill balance, and the valuation of the customer relationships intangible asset acquired in the Battea acquisition.
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