SS&C Technologies Holdings, Inc. 2020 Annual Report on 10-K My Fellow Shareholders, In 2020, we navigated the global COVID pandemic by safely and effectively moving 99% of our workforce to a work from home environment. We renewed our focus on serving our customers and maintained a very high service level. Financially, we paid down $738 million in debt, bought back $228 million in stock, generated $1.185 billion in operating cash flow, and earned $4.30 in adjusted earnings per share and our stock advanced 19.5% from $60.87 to $72.75. We ended the year with 95.8% revenue retention, and received broad-ranging, constructive and positive client feedback. The value of our products, services, and capabilities, via technology at scale was undeniable. Our businesses received increased inbound interest for cloud hosting and outsourced services as firms look to SS&C to provide access to production systems, and augment their staff and processing capability. We believe this will be a long term trend, and a catalyst for firms to adopt a digitized and outsourced services model. We continued to invest in our business and spent $471.0 million on research & development and capitalized software. We are seeing success with Eze Eclipse, our digital trading platform, which doubled its client base. We have leveraged Algorithmics capabilities and developed a scenario as a service, a pandemic-specific analytical tool incorporating health risk factors. SS&C Health developed a flu vaccine campaign to increase flu vaccine penetration within the market. SS&C Intralinks used their virtual data room technology to support a large multinational bank with the payment protection plan during the height of the pandemic. Singularity, our smart investment operations, accounting and analytics system, surpassed 40 clients and has a pipeline full of brand names in the insurance industry. We reorganized and rebranded DSTs asset management solutions to Global Investor and Distribution Solutions, GIDS. GIDS delivers transfer agency and investor servicing powered by a single global servicing platform, and brings together SS&Cs transfer agency capabilities around the world. DSTs financial services business gained momentum in 2020, and we expect greater growth prospects for 2021 and beyond. Alternative assets business continued to perform, solidifying our position as the top fund administrator in the world. Last but not least, SS&Cs board of directors and executive leadership embarked on a corporate governance and executive compensation review with our ultimate goal to align our practices with our shareholders values. SS&C has a long history of success, and we look forward to modernizing our executive compensation and governance to 2021 standards, and to be more transparent with our ESG disclosures. I want to thank our shareholders, employees, customers, and suppliers for their collaboration and sustained confidence in our company. Sincerely, William C. Stone Chairman and Chief Executive Officer SS&C Technologies Holdings, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission file number: 001-34675 SS&C TECHNOLOGIES HOLDINGS, INC. (Exact name of Registrant as Specified in Its Charter) Delaware 71-0987913 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 80 Lamberton Road Windsor, CT 06095 (Address of Principal Executive Offices, Including Zip Code) 860-298-4500 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, $0.01 par value per share SSNC The Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ⌧ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes ⌧ No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ⌧ Accelerated filer Non-accelerated filer Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧ As of June 30, 2020, the aggregate market value of the registrant’s common stock held by non-affiliates was $12,728,401,143 based on the closing sale price per share of the registrant’s common stock on The Nasdaq Global Select Market on such date. There were 257,696,131 shares of the registrant’s common stock outstanding as of February 17, 2021. DOCUMENTS INCORPORATED BY REFERENCE: Part III of this annual report on Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the 2021 annual meeting of stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end of December 31, 2020. With the exception of the sections of the definitive proxy statement specifically incorporated herein by reference, the definitive proxy statement is not deemed to be filed as part of this annual report on Form 10-K. SS&C TECHNOLOGIES HOLDINGS, INC. ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED December 31, 2020 TABLE OF CONTENTS Page PART I Item 1. Business ............................................................................................................................................... 4 Item 1A.Risk Factors........................................................................................................................................... 18 Item 1B.Unresolved Staff Comments ..................................................................................................................... 34 Item 2. Properties.............................................................................................................................................. 35 Item 3. Legal Proceedings................................................................................................................................... 35 Item 4. Mine Safety Disclosures........................................................................................................................... 35 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ..... 35 Item 6. Selected Financial Data............................................................................................................................ 36 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ................................... 37 Item 7A.Quantitative and Qualitative Disclosures about Market Risk ........................................................................... 51 Item 8. Financial Statements and Supplementary Data.............................................................................................. 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ................................... 88 Item 9A.Controls and Procedures..........................................................................................................................