Financial Analysis

Note 13Commitments 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. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 6Debt At June 30, 2026 and December 31, 2025, debt consisted of the following (in millions): June 30, December 31, 2026 2025 Senior secured credit facilities, weighted-average interest rate of 5.56 % and 5.63 %, respectively $ 4,626.9 $ 4,716.9 5.5 % senior notes due 2027 2,000.0 2,000.0 6.5 % senior notes due 2032 750.0 750.0 Senior secured credit facilities revolving portion, weighted-average interest rate of 4.97 % 230.0 Unamortized original issue discount and debt issuance costs ( 29.7 ) ( 33.5 ) 7,577.2 7,433.4 Less: current portion of long-term debt 265.0 25.0 Long-term debt $ 7,312.2 $ 7,408.4 The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes: Amount Outstanding at June 30, 2026 Maturity Scheduled Quarterly (in millions) Date Payments Required Senior Secured Credit Facilities Term B-8 Loans $ 3,861.9 May 9, 2031 ( 1 ) Term A-9 Loans 765.0 September 27, 2029 (2) 0.625 % (3) Revolving Credit Facility (4) 230.0 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 (1) Per the September 2024 Incremental Joinder, scheduled quarterly payments of 0.25 % are required. We have made all required scheduled payments on our Term B-8 Loans and do not have any principal payments due until maturity. (2) The Term A-9 Loans will mature on the earlier to occur of (1) September 27, 2029 or (2) 91 days prior to the maturity of (x) the 5.5 % Senior Notes if more tha …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates our revenues by geography (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Americas $ 1,219.2 $ 1,127.0 $ 2,398.8 $ 2,248.5 Europe, Middle East and Africa 367.4 326.4 728.5 633.4 Asia-Pacific 109.1 83.4 215.5 168.8 Total $ 1,695.7 $ 1,536.8 $ 3,342.8 $ 3,050.7 Revenue recognized from customers in the United States was $ 1,106.0 million and $ 2,172.0 million for the three and six months ended June 30, 2026, respectively. Revenue recognized from customers in the United States was $ 1,034.6 million and $ 2,071.1 million for the three and six months ended June 30, 2025, respectively. The following table disaggregates our revenues by source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Technology-enabled services $ 1,408.2 $ 1,267.7 $ 2,815.5 $ 2,537.6 Maintenance and term licenses 256.2 232.9 468.3 446.1 Professional services 26.9 26.2 51.1 50.1 Perpetual licenses 4.4 10.0 7.9 16.9 Total $ 1,695.7 $ 1,536.8 $ 3,342.8 $ 3,050.7

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Note 10Stock-based Compensation S tock options, PSUs and RSUs The amount of stock-based compensation expense recognized in our unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Condensed Consolidated Statements of Comprehensive Income Classification 2026 2025 2026 2025 Cost of technology-enabled services $ 22.8 $ 21.2 $ 43.5 $ 38.6 Cost of license, maintenance and other related 2.0 2.3 3.7 4.5 Total cost of revenues 24.8 23.5 47.2 43.1 Selling and marketing 13.4 10.1 27.8 19.2 Research and development 9.5 8.5 19.2 16.1 General and administrative 14.3 18.1 29.5 34.5 Total operating expenses 37.2 36.7 76.5 69.8 Total stock-based compensation expense $ 62.0 $ 60.2 $ 123.7 $ 112.9 The following table summarizes stock options, performance stock units (PSUs) and restricted stock units (RSUs) activity, for the six months ended June 30, 2026 (shares in millions): Stock Options PSUs and RSUs Outstanding at December 31, 2025 24.3 5.0 Granted 2.1 3.2 Cancelled/forfeited ( 0.3 ) ( 0.2 ) Exercised ( 0.6 ) n/a Vested n/a ( 2.0 ) Outstanding at June 30, 2026 25.5 6.0 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 11Income Taxes The effective tax rate was 25.1 % and 24.4 % for the three months ended June 30, 2026 and 2025 , respectively, and 25.2 % and 21.3 % for the six months ended June 30, 2026 and 2025, respectively. The change in the effective tax rate for the three and six months ended June 30, 2026 compared to the prior year was primarily related to a decrease in recognition of windfall tax benefits from stock awards in the current year and a proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions. On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States. Certain provisions of the legislation became effective in 2025 while others became effective in 2026. The legislation did not have a material impact on our provision for income taxes during the year ended December 31, 2025 or the three and six months ended June 30, 2026. In 2021, the OECD (Organisation for Economic Co-operation and Development)/G20 Inclusive Framework on Base Erosion and Profit Shifting released Model Global Anti-Base Erosion rules under Pillar Two. Further guidance continues to be released each year. Many non-U.S. tax jurisdictions in which we operate have either recently enacted legislation or are in the process of enacting legislation to adopt certain components of the Pillar Two Model Rules. The enactments effective in 2025 and 2026 were not material to our provision for income taxes. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 9Revenues We generate revenues primarily through our technology-enabled services. Our technology-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 term or perpetual 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 scope 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. Long-term deferred revenue of $ 36.2 million and $ 42.1 million, was included in other long-term liabilities as of June 30, 2026 and December 31, 2025, respectively, in our unaudited Condensed Consolidated Balance Sheets. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of Ju …

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Note 7Stockholders Equity Stock repurchase program In July 2024, 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 Boards authorization, unless earlier terminated by the Board. In each of May 2025 and May 2026, our Board of Directors authorized a stock repurchase program, which enables us to repurchase up to $ 1.5 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 Boards authorization, unless earlier terminated by the Board. During the three and six months ended June 30, 2026 , we repurchased 6.4 million and 8.7 million shares, respectively, of common stock for approximately $ 439.5 million and $ 607.9 million, respectively, which includes a 1 % excise tax on share repurchases. During the three and six months ended June 30, 2025 , we repurchased 3.4 million and 5.8 million shares, respectively, of common stock for approximately $ 269.6 million and $ 476.5 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 $ 0.27 per share of common stock in each …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing