SS&C Technologies (NASDAQ:SSNC) Q4 2023 Earnings Results

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Q4 2023 GAAP Revenue growth and Adjusted Revenue growth were 5.5 percent. Record adjusted revenues of $1,412.3, record adjusted consolidated EBITDA attributable to SS&C of $562.5 million. SS&C generated net cash from operating activities of $1,215.1 million for the twelve months ended December 31, 2023, up 7.1 percent compared to the same time period in 2022. Q4 2023 we bought back 2.4 million shares for $130.7 million, at an average price of $54.74 per share. We paid down $150.2 million in debt in Q4 2023, bringing our net leverage ratio to 3.05 times consolidated EBITDA attributable to SS&C. GAAP operating income margin for Q4 2023 was 23.7 percent. Adjusted consolidated EBITDA margin for Q4 2023 was 39.8 percent. Q4 2023 Highlights

Q4 2023 financial highlights Metric Q4 2023 Q4 2022 $ +/- % +/- Adjusted Revenues ($M) $1,412.3 $1,339.1 $73.2 5.5% Adjusted Operating Income attributable to SS&C ($M) $545.2 $502.1 $43.1 8.6% Adjusted Consolidated EBITDA attributable to SS&C ($M) $562.5 $518.6 $43.9 8.5% Adjusted Consolidated EBITDA margin attributable to SS&C 39.8% 38.7% 110 bps - Adjusted Diluted Earnings Per Share attributable to SS&C $1.26 $1.16 $0.10 8.6% Operating Cash Flow for the twelve months ended December 31th ($M) $1,215.1 $1,134.3 $80.8 7.1% Note: See appendix for reconciliation of non-GAAP financial measures

SS&C generated net cash from operating activities of $1,215.1 million for the twelve months ended December 31, 2023, compared to $1,134.3 million for the same period in 2022, a 7.1% increase. Debt Net leverage ratio is 3.05x, secured net leverage ratio is 2.10x LTM consolidated EBITDA attributable to SS&C of $2,107.7 million. Paid down $150.2 million in debt in Q4 2023. Shareholder Returns Q4 2023 we bought back 2.4 million shares for $130.7 million, at an average price of $54.74 per share. Paid $220.9 million in common stock dividends for the twelve months ended December 31, 2023. Debt review and capital allocation 65% to shareholders 56% to shareholders Mix of Capital Returned to Shareholders

Organic Growth Calculations 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Total Adjusted Revenues ($M) 1,363.4 1,363.4 1,366.7 1,412.3 5,505.8 Fx ($M) 19.9 3.4 (13.2) (10.9) (0.8) Acquisitions ($M) (64.0) (5.8) (2.4) (4.1) (76.3) Organic Revenues ($M) 1,319.3 1,361.0 1,351.1 1,397.3 5,428.7 Adjustments ($M) 1.4 2.1 1.8 1.9 7.2 Adjusted Organic Revenues ($M) 1,320.7 1,363.1 1,352.9 1,399.2 5,435.9 Organic Revenue Growth Rate (%) 1.9% 2.5% 2.3% 4.5% 2.8%

Adjusted Organic Growth by Business Business 2022 Revenue Base Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Alternatives $1.25 B 6.6% 6.1% 8.4% 7.8% 7.2% Private Markets continues to grow over 20% Advent $575 M (5.2%) 4.2% (1.4%) 4.7% 0.5% Tough comp on a big license renewal in Q1, Q3 2022 GIDS $1.1 B 3.6% 3.5% 3.0% 4.7% 3.7% Q4 acceleration driven by special project revenue Retirement $170 M 8.3% 7.7% 15.3% 12.8% 11.0% I&IM $285 M 9.7% (10.1%) (31.1%) (15.3%) (12.5%) Tough comp on 2022 revenue recognition Healthcare $300 M (8.2%) (1.0%) (0.1%) (6.9%) (4.2%) Eze/Financial Markets $330 M (1.1%) (13.3%) (1.9%) 5.2% (3.2%) Tough comp on Q2 2022 large license Intralinks $445 M 3.2% 9.2% 11.6% 18.6% 10.7% Contract Value Up, Due Diligence timelines longer Blue Prism $200 M 10.9% 11.6% 10.2% 7.6% 9.8% Organic Growth excluding Healthcare 5.2% for Q4 2023 Financial Services recurring revenue growth was 6.9% for Q4 2024

Adjusted revenue and Adjusted Consolidated EBITDA Adjusted revenue ($M) Adjusted consolidated EBITDA ($M) and EBITDA margin (%) Note: See appendix for reconciliation of non-GAAP financial measures

Quarterly retention rate is based on a rolling prior twelve months. Acquisitions are not included in retention rate calculation until one year post-acquisition. Revenue retention rates Note: Retention rates calculated for financial services businesses

Adjusted net income and adjusted diluted EPS attributable to SS&C Adjusted net income attributable to SS&C ($M) Adjusted diluted EPS attributable to SS&C Note: See appendix for reconciliation of non-GAAP financial measures

Alternative Assets under Administration ($B) Q4 2023 AUA growth was driven by new client wins

Guidance SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. SS&C is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition transactions and integration, foreign exchange rate changes, as well as other non-cash and other adjustments as defined under the Company’s Credit agreement, that are difficult to predict in advance in order to include in a GAAP estimate. The unavailable information could have a significant impact on Q1 2024 and FY 2024 GAAP financial results. Q1 2024 FY 2024 Adjusted Revenues ($M) $1,396.7 – $1,436.7 $5,667.7 – $5,867.7 Organic growth Midpoint (%) 3.5% 4.5% Interest Expense ($M)1 $112.6 - $114.6 $437.9 - $447.9 Adjusted Net Income attributable to SS&C ($M) $300.5 – $316.5 $1,221.4 – $1,321.4 Adjusted Diluted Earnings Per Share attributable to SS&C $1.19 – $1.25 $4.85 – $5.15 Cash from Operating Activities ($M) – $1,292.0 – $1,392.0 Capital Expenditures (% of revenue) – 4.3% – 4.7% Diluted Shares (M) 253.2 – 254.2 252.7 – 255.7 Effective Income Tax Rate (%) 26% 26% 1Interest expense is net of deferred financing cost amortization and original issue discount

AppendixDisclosures relating to non-GAAP financial measures

Reconciliation of revenues to adjusted revenues Adjusted revenues represents revenues adjusted to include a) amounts that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition and b) amounts that would have been recognized if not for adjustments to deferred revenue and retained earnings related to the adoption of ASC 606. Adjusted revenues is presented because we use this measure to evaluate performance of our business against prior periods and believe it is a useful indicator of the underlying performance of our business. Adjusted revenues is not a recognized term under generally accepted accounting principles (“GAAP”). Adjusted revenues does not represent revenues, as that term is defined under GAAP, and should not be considered as an alternative to revenues as an indicator of our operating performance. Adjusted revenues as presented herein is not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted revenues to revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues. The following is a breakdown of software-enabled services and license, maintenance and related revenues and adjusted software-enabled services and license, maintenance and related revenues.

Reconciliation of operating income to adjusted operating income Adjusted operating income represents operating income adjusted for amortization of intangible assets, stock-based compensation, purchase accounting adjustments for deferred revenue and related costs, ASC 606 adoption impact and other expenses. Adjusted operating income is presented because we use this measure to evaluate performance of our business and believe it is a useful indicator of our underlying performance. Adjusted operating income is not a recognized term under GAAP. Adjusted operating income does not represent operating income, as that term is defined under GAAP, and should not be considered as an alternative to operating income as an indicator of our operating performance. Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation between adjusted operating income and operating income, the GAAP measure we believe to be most directly comparable to adjusted operating income. Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition, (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition. Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions. Other includes additional expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance. On July 15, 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted operating income attributable to noncontrolling interest represents adjusted operating income based on the ownership interest retained by the respective noncontrolling parties.

Reconciliation of net income to EBITDA, consolidated EBITDA and adjusted consolidated EBITDA EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Consolidated EBITDA, defined under our Credit Agreement entered into in April 2018, as amended, is used in calculating covenant compliance, and is EBITDA adjusted for certain items. Consolidated EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense described below. Adjusted Consolidated EBITDA is calculated by subtracting acquired EBITDA (as defined below) from Consolidated EBITDA. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of an entity’s debt capacity and its ability to service debt. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance. These measures are not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation of EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA to net income.

Reconciliation of net income to EBITDA, consolidated EBITDA and adjusted consolidated EBITDA Acquired EBITDA reflects the EBITDA impact of significant businesses that were acquired during the period as if the acquisition occurred at the beginning of the period, as well as cost savings enacted in connection with acquisitions. Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisitions (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to increase or decrease rent expense by the amount that would have been recognized if lease obligations were not adjusted to fair value at the date of acquisitions. Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions. Other includes additional expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance. On July 15, 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted Consolidated EBITDA attributable to noncontrolling interest represents adjusted Consolidated EBITDA based on the ownership interest retained by the respective noncontrolling parties.

Reconciliation of net income to adjusted net income attributable to SS&C and diluted earnings per share to adjusted diluted earnings per share attributable to SS&C Adjusted net income and adjusted diluted earnings per share attributable to SS&C represent net income and earnings per share attributable to SS&C before amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments and other items. We consider adjusted net income and adjusted diluted earnings per share attributable to SS&C to be important to management and investors because they represent our operational performance exclusive of the effects of amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments, loss on extinguishment of debt and other items, that are not operational in nature or comparable to those of our competitors. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP. Adjusted net income and adjusted diluted earnings per share do not represent net income or diluted earnings per share, as those terms are defined under GAAP, and should not be considered as alternatives to net income or diluted earnings per share as indicators of our operating performance. Adjusted net income and adjusted diluted earnings per share attributable to SS&C as presented herein are not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted net income and adjusted diluted earnings per share attributable to SS&C to net income and diluted earnings per share attributable to SS&C, the GAAP measures we believe to be most directly comparable to adjusted net income and adjusted diluted earnings per share.

Reconciliation of net income to adjusted net income and diluted earnings per share to adjusted diluted earnings per share Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition, (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition. Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions. Other includes additional expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance. An estimated normalized effective tax rate of approximately 26% for the three and twelve months ended December 31, 2023 and 2022 has been used to adjust the provision for income taxes for the purpose of computing adjusted net income. On July 15, 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted net income attributable to noncontrolling interest represents adjusted net income based on the ownership interest retained by the respective noncontrolling parties.