Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CSG SYSTEMS INTERNATIONAL INC | |
Entity Central Index Key | 0001005757 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CSGS | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,217,522 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 123,572 | $ 139,277 |
Short-term investments | 18,333 | 23,603 |
Total cash, cash equivalents and short-term investments | 141,905 | 162,880 |
Settlement assets | 87,853 | 124,627 |
Trade accounts receivable: | ||
Billed, net of allowance of $2,897 and $3,115 | 244,936 | 235,827 |
Unbilled | 40,432 | 37,227 |
Income taxes receivable | 3,161 | 6,720 |
Other current assets | 32,441 | 32,286 |
Total current assets | 550,728 | 599,567 |
Non-current assets: | ||
Property and equipment, net of depreciation of $98,122 and $93,278 | 85,895 | 81,813 |
Operating lease right-of-use assets | 78,263 | |
Intangible assets | 98,188 | 101,856 |
Goodwill | 258,512 | 255,816 |
Client contract costs, net of amortization of $49,100 and $43,051 | 37,420 | 37,289 |
Deferred income taxes | 10,821 | 11,087 |
Other assets | 27,220 | 26,934 |
Total non-current assets | 596,319 | 514,795 |
Total assets | 1,147,047 | 1,114,362 |
Current liabilities: | ||
Current portion of long-term debt | 7,500 | 7,500 |
Operating lease liabilities | 18,737 | |
Client deposits | 34,501 | 36,889 |
Trade accounts payable | 40,792 | 45,386 |
Accrued employee compensation | 51,474 | 61,107 |
Settlement liabilities | 86,471 | 123,613 |
Deferred revenue | 47,212 | 40,236 |
Income taxes payable | 625 | 218 |
Other current liabilities | 32,168 | 35,442 |
Total current liabilities | 319,480 | 350,391 |
Non-current liabilities: | ||
Long-term debt, net of unamortized discounts of $13,444 and $14,549 | 351,556 | 352,326 |
Operating lease liabilities | 66,842 | |
Deferred revenue | 16,928 | 17,527 |
Income taxes payable | 2,638 | 2,284 |
Deferred income taxes | 8,798 | 8,205 |
Other non-current liabilities | 13,295 | 22,605 |
Total non-current liabilities | 460,057 | 402,947 |
Total liabilities | 779,537 | 753,338 |
Stockholders' equity: | ||
Preferred stock, par value $.01 per share; 10,000 shares authorized; zero shares issued and outstanding | ||
Common stock, par value $.01 per share; 100,000 shares authorized; 33,280 and 33,158 shares outstanding | 697 | 693 |
Common stock warrants; 439 warrants vested; 1,425 issued | 9,082 | 9,082 |
Additional paid-in capital | 441,484 | 441,417 |
Treasury stock, at cost; 35,028 and 34,779 shares | (851,650) | (842,360) |
Accumulated other comprehensive income (loss): | ||
Unrealized gain on short-term investments, net of tax | 20 | 2 |
Cumulative foreign currency translation adjustments | (39,090) | (42,937) |
Accumulated earnings | 806,967 | 795,127 |
Total stockholders' equity | 367,510 | 361,024 |
Total liabilities and stockholders' equity | 1,147,047 | 1,114,362 |
Software | ||
Non-current assets: | ||
Intangible assets | 35,274 | 36,400 |
Acquired client contracts | ||
Non-current assets: | ||
Intangible assets | $ 62,914 | $ 65,456 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Trade accounts receivable-billed, allowance | $ 2,897 | $ 3,115 |
Property and equipment, accumulated depreciation | 98,122 | 93,278 |
Intangibles, accumulated amortization | 208,983 | 202,073 |
Client contract costs, accumulated amortization | 49,100 | 43,051 |
Long-term debt, unamortized discounts | $ 13,444 | $ 14,549 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 33,280,000 | 33,158,000 |
Common stock warrants, vested | 439,000 | 439,000 |
Common stock warrants, issued | 1,425,000 | 1,425,000 |
Treasury stock, shares | 35,028,000 | 34,779,000 |
Software | ||
Intangibles, accumulated amortization | $ 122,549 | $ 119,381 |
Acquired client contracts | ||
Intangibles, accumulated amortization | $ 86,434 | $ 82,692 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 244,793 | $ 201,704 |
Cost of revenues (exclusive of depreciation, shown separately below) | 128,963 | 101,096 |
Other operating expenses: | ||
Research and development | 32,591 | 29,379 |
Selling, general and administrative | 45,918 | 40,648 |
Depreciation | 5,113 | 3,914 |
Restructuring and reorganization charges | 115 | 900 |
Total operating expenses | 212,700 | 175,937 |
Operating income | 32,093 | 25,767 |
Other income (expense): | ||
Interest expense | (4,560) | (4,266) |
Amortization of original issue discount | (690) | (652) |
Interest and investment income, net | 519 | 811 |
Loss on extinguishment of debt | (810) | |
Other, net | (1,511) | (646) |
Total other | (6,242) | (5,563) |
Income before income taxes | 25,851 | 20,204 |
Income tax provision | (6,600) | (6,190) |
Net income | $ 19,251 | $ 14,014 |
Weighted-average shares outstanding: | ||
Basic | 32,128 | 32,528 |
Diluted | 32,438 | 33,102 |
Earnings per common share: | ||
Basic | $ 0.60 | $ 0.43 |
Diluted | $ 0.59 | $ 0.42 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 19,251 | $ 14,014 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 3,847 | 7,710 |
Unrealized holding gains (losses) on short-term investments arising during period | 18 | (94) |
Other comprehensive income, net of tax | 3,865 | 7,616 |
Total comprehensive income, net of tax | $ 23,116 | $ 21,630 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Common Stock Warrants | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings |
Balance, beginning of period at Dec. 31, 2017 | $ 342,746 | $ 689 | $ 9,082 | $ 427,091 | $ (814,732) | $ (28,822) | $ 749,438 |
Balance, beginning of period, shares at Dec. 31, 2017 | 33,516 | ||||||
Net income | 14,014 | 14,014 | |||||
Unrealized gain (loss) on short-term investments, net of tax | (94) | (94) | |||||
Foreign currency translation adjustments | 7,710 | 7,710 | |||||
Total comprehensive income, net of tax | 21,630 | ||||||
Repurchase of common stock | (11,920) | (6,218) | (5,702) | ||||
Repurchase of common stock, shares | (255) | ||||||
Issuance of common stock pursuant to employee stock purchase plan | 484 | 484 | |||||
Issuance of common stock pursuant to employee stock purchase plan, shares | 14 | ||||||
Issuance of restricted common stock pursuant to stock-based compensation plans | $ 4 | (4) | |||||
Issuance of restricted common stock pursuant to stock-based compensation plans, shares | 458 | ||||||
Cancellation of restricted common stock issued pursuant to stock-based compensation plans | $ (1) | 1 | |||||
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares | (59) | ||||||
Stock-based compensation expense | 4,572 | 4,572 | |||||
Declaration of cash dividends | (6,999) | (6,999) | |||||
Adjustments due to adoption of new accounting standards | 7,562 | 7,562 | |||||
Balance, ending of period at Mar. 31, 2018 | 358,075 | $ 692 | 9,082 | 425,926 | (820,434) | (21,206) | 764,015 |
Balance, ending of period, shares at Mar. 31, 2018 | 33,674 | ||||||
Balance, beginning of period at Dec. 31, 2018 | $ 361,024 | $ 693 | 9,082 | 441,417 | (842,360) | (42,935) | 795,127 |
Balance, beginning of period, shares at Dec. 31, 2018 | 33,158 | 33,158 | |||||
Net income | $ 19,251 | 19,251 | |||||
Unrealized gain (loss) on short-term investments, net of tax | 18 | 18 | |||||
Foreign currency translation adjustments | 3,847 | 3,847 | |||||
Total comprehensive income, net of tax | 23,116 | ||||||
Repurchase of common stock | (13,424) | (4,134) | (9,290) | ||||
Repurchase of common stock, shares | (352) | ||||||
Issuance of common stock pursuant to employee stock purchase plan | 512 | 512 | |||||
Issuance of common stock pursuant to employee stock purchase plan, shares | 15 | ||||||
Issuance of restricted common stock pursuant to stock-based compensation plans | $ 4 | (4) | |||||
Issuance of restricted common stock pursuant to stock-based compensation plans, shares | 462 | ||||||
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares | (3) | ||||||
Stock-based compensation expense | 3,693 | 3,693 | |||||
Declaration of cash dividends | (7,411) | (7,411) | |||||
Balance, ending of period at Mar. 31, 2019 | $ 367,510 | $ 697 | $ 9,082 | $ 441,484 | $ (851,650) | $ (39,070) | $ 806,967 |
Balance, ending of period, shares at Mar. 31, 2019 | 33,280 | 33,280 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 19,251 | $ 14,014 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||
Depreciation | 5,113 | 3,914 |
Amortization | 11,949 | 9,946 |
Amortization of original issue discount | 690 | 652 |
Asset impairment | 69 | 339 |
Gain on short-term investments and other | (157) | (17) |
Loss on extinguishment of debt | 810 | |
Deferred income taxes | 1,395 | 4,017 |
Stock-based compensation | 3,693 | 4,572 |
Changes in operating assets and liabilities, net of acquired amounts: | ||
Trade accounts receivable, net | (12,018) | 25,459 |
Other current and non-current assets and liabilities | (1,575) | (4,629) |
Income taxes payable/receivable | 3,886 | 1,035 |
Trade accounts payable and accrued liabilities | (25,594) | (26,926) |
Deferred revenue | 6,124 | (3,331) |
Net cash provided by operating activities | 12,826 | 29,855 |
Cash flows from investing activities: | ||
Purchases of software, property and equipment | (8,286) | (12,235) |
Purchases of short-term investments | (14,168) | (15,070) |
Proceeds from sale/maturity of short-term investments | 19,619 | 79,508 |
Acquisition of and investments in business, net of cash acquired | (4,000) | (68,636) |
Net cash used in investing activities | (6,835) | (16,433) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 512 | 484 |
Payment of cash dividends | (7,641) | (7,437) |
Repurchase of common stock | (13,568) | (11,920) |
Proceeds from long-term debt | 150,000 | |
Payments on long-term debt | (1,875) | (120,000) |
Payments of deferred financing costs | (1,442) | |
Net cash provided by (used in) financing activities | (22,572) | 9,685 |
Effect of exchange rate fluctuations on cash | 876 | 2,153 |
Net increase (decrease) in cash and cash equivalents | (15,705) | 25,260 |
Cash and cash equivalents, beginning of period | 139,277 | 122,243 |
Cash and cash equivalents, end of period | 123,572 | 147,503 |
Cash paid during the period for- | ||
Interest | 6,506 | 5,844 |
Income taxes | $ 1,374 | $ 1,162 |
General
General | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | 1. GENERAL We have prepared the accompanying unaudited condensed consolidated financial statements as of March 31, 2019 and December 31, 2018, and for the quarters ended March 31, 2019 and 2018, in accordance with accounting principles generally accepted (“GAAP”) in the United States of America (“U.S.”) for interim financial information, and pursuant to the instructions to Form 10-Q and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of our management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position and operating results have been included. The unaudited Condensed Consolidated Financial Statements (the “Financial Statements”) should be read in conjunction with the Consolidated Financial Statements and notes thereto, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), contained in our Annual Report on Form 10-K for the year ended December 31, 2018 (our “2018 10-K”), filed with the SEC. The results of operations for the first quarter of 2019 are not necessarily indicative of the expected results for the entire year ending December 31, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Preparation of Financial Statements. The preparation of the accompanying Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our Financial Statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Revenues. The majority of our future revenues is related to our cloud and related solution client contracts that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2019 through 2028. As of March 31, 2019, our aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $532 million, which is made up of fixed fee consideration and guaranteed minimums expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied). We expect to recognize approximately 90% of this amount by the end of 2021, with the remaining amount recognized by the end of 2028. We have excluded from this amount variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied. The nature, amount, timing and uncertainty of our revenues and how revenues and cash flows are affected by economic factors is most appropriately depicted by type of revenues and by geographic region (using the location of the client as the basis of attributing revenues to the individual regions) as follows (in thousands): Quarter Ended March 31, 2019 2018 Cloud and related solutions $ 219,590 $ 177,516 Software and services 13,028 11,959 Maintenance 12,175 12,229 Total revenues $ 244,793 $ 201,704 Quarter Ended March 31, 2019 2018 Americas (principally the U.S.) $ 210,729 $ 169,903 Europe, Middle East, and Africa 24,626 20,434 Asia Pacific 9,438 11,367 Total revenues $ 244,793 $ 201,704 Deferred revenue recognized during the first quarter of 2019 was $18.5 million. Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less at the date of the purchase to be cash equivalents. As of March 31, 2019 and December 31, 2018, our cash equivalents consist primarily of institutional money market funds, commercial paper, and time deposits held at major banks. As of March 31, 2019 and December 31, 2018, we had $3.0 million, as of both periods, of restricted cash that serves to collateralize outstanding letters of credit. This restricted cash is included in cash and cash equivalents in our Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”). Short-term Investments and Other Financial Instruments . Our financial instruments as of March 31, 2019 and December 31, 2018 include cash and cash equivalents, short-term investments, accounts receivable, accounts payable, and debt. Because of their short maturities, the carrying amounts of cash equivalents, accounts receivable, and accounts payable approximate their fair value. Our short-term investments and certain of our cash equivalents are considered “available-for-sale” and are reported at fair value in our Balance Sheets, with unrealized gains and losses, net of the related income tax effect, excluded from earnings and reported in a separate component of stockholders’ equity. Realized and unrealized gains and losses were not material in any period presented. Primarily all short-term investments held by us as of March 31, 2019 and December 31, 2018 have contractual maturities of less than two years from the time of acquisition. Our short-term investments as of March 31, 2019 and December 31, 2018 consisted almost entirely of fixed income securities. Proceeds from the sale/maturity of short-term investments for the three months ended March 31, 2019 and 2018 were $19.6 million and $79.5 million, respectively. Our short-term investments as of March 31, 2019 and December 31, 2018 were $18.3 million and $23.6 million, respectively. The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets and liabilities measured at fair value (in thousands): March 31, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 4,030 $ — $ 4,030 $ 4,392 $ — $ 4,392 Commercial paper — — — — 9,078 9,078 Short-term investments: Corporate debt securities — 12,456 12,456 — 16,357 16,357 U.S. government agency bonds — 1,549 1,549 — 3,724 3,724 Asset-backed securities — 4,328 4,328 — 3,522 3,522 Total $ 4,030 $ 18,333 $ 22,363 $ 4,392 $ 32,681 $ 37,073 Valuation inputs used to measure the fair values of our money market funds and corporate equity securities were derived from quoted market prices. The fair values of all other financial instruments are based upon pricing provided by third-party pricing services. These prices were derived from observable market inputs. We have chosen not to measure our debt at fair value, with changes recognized in earnings each reporting period. The following table indicates the carrying value (par value for convertible debt) and estimated fair value of our debt as of the indicated periods (in thousands): March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value 2018 Credit Agreement (carrying value including current maturities) $ 142,500 $ 142,500 $ 144,375 $ 144,375 2016 Convertible notes (par value) 230,000 242,363 230,000 228,275 The fair value for our credit agreement was estimated using a discounted cash flow methodology, while the fair value for our convertible debt was estimated based upon quoted market prices or recent sales activity, both of which are considered Level 2 inputs. Equity Method Investment. In the first quarter of 2019, we made an additional $4 million investment in a payment technology and services company that enables omni-channel digital payments in Latin America. As of March 31, 2019, we held an 8% noncontrolling interest with a carrying value of $6.7 million. Accounting Pronouncements Adopted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize a right-of-use asset and lease liability for all leases, including operating leases, with a term greater than twelve months on its balance sheet. This ASU is effective for annual and interim periods beginning after December 31, 2018. An entity is required to use a modified retrospective transition approach, but may choose to use either the effective date or the beginning of the earliest comparative period presented in its financial statements as of the date of initial application. We adopted this ASU in January 2019, utilizing the effective date method of transition. Since we adopted this ASU utilizing the effective date method, prior period information in our Financial Statements has not been adjusted and continues to be as previously reported. We elected the package of practical expedients permitted under the transition guidance within the new standard. Additionally, we updated our polices to align with the new accounting guidance and our processes to ensure that we properly account for new, existing, and modifications to leases subsequent to the adoption of the ASU. In conjunction with the adoption of this ASU we recorded additional assets and liabilities of approximately $80 million related to the right-of-use assets and lease liabilities, and have included the amortization of the right-of-use-assets and the accretion and payments of lease liabilities in the changes in other current and non-current assets and liabilities and in the changes in trade accounts payable and accrued liabilities, respectively, on our Statement of Cash Flows. |
Long-Lived Assets
Long-Lived Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Long-Lived Assets | 3. LONG-LIVED ASSETS Goodwill. The changes in the carrying amount of goodwill for the first quarter of 2019 were as follows (in thousands): January 1, 2019 balance $ 255,816 Adjustments related to prior acquisitions (60 ) Effects of changes in foreign currency exchange rates 2,756 March 31, 2019 balance $ 258,512 Other Intangible Assets. Our intangible assets subject to ongoing amortization consist primarily of acquired client contracts and software. As of March 31, 2019 and December 31, 2018, the carrying values of these assets were as follows (in thousands): March 31, 2019 December 31, 2018 Gross Gross Carrying Accumulated Net Carrying Accumulated Net Amount Amortization Amount Amount Amortization Amount Acquired client contracts $ 149,348 $ (86,434 ) $ 62,914 $ 148,148 $ (82,692 ) $ 65,456 Software 157,823 (122,549 ) 35,274 155,781 (119,381 ) 36,400 Total intangible assets $ 307,171 $ (208,983 ) $ 98,188 $ 303,929 $ (202,073 ) $ 101,856 The total amortization expense related to other intangible assets for the first quarters of 2019 and 2018 were $5.6 million and $4.0 million, respectively. Based on the March 31, 2019 net carrying value of our other intangible assets, the estimated total amortization expense for each of the five succeeding fiscal years ending December 31 are: 2019 – $22.3 million; 2020 – $18.8 million; 2021 – $13.9 million; 2022– $11.6 million; and 2023 – $8.2 million. Client Contract Costs . As of March 31, 2019 and December 31, 2018, the carrying values of our client contract cost assets, related to those contracts with a contractual term greater than one year, were as follows (in thousands): March 31, 2019 December 31, 2018 Gross Gross Carrying Accumulated Net Carrying Accumulated Net Amount Amortization Amount Amount Amortization Amount Client contract costs $ 86,520 $ (49,100 ) $ 37,420 $ 80,340 $ (43,051 ) $ 37,289 The total amortization expense related to client contract costs for the first quarters of 2019 and 2018 were $6.0 million and $5.5 million, respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT Our long-term debt, as of March 31, 2019 and December 31, 2018, was as follows (in thousands): March 31, December 31, 2019 2018 2018 Credit Agreement: Term loan, due March 2023, interest at adjusted LIBOR plus 1.5% (combined rate of 4.10% at March 31, 2019 and 4.30% at December 31, 2018) $ 142,500 $ 144,375 Less - deferred financing costs (2,139 ) (2,281 ) 2018 Term Loan, net of unamortized discounts 140,361 142,094 $200 million revolving loan facility, due March 2023, interest at adjusted LIBOR plus applicable margin — — 2016 Convertible Notes: Convertible Notes – Senior convertible notes; due March 15, 2036; cash interest at 4.25% 230,000 230,000 Less – unamortized original issue discount (8,133 ) (8,823 ) Less – deferred financing costs (3,172 ) (3,445 ) 2016 Convertible Notes, net of unamortized discounts 218,695 217,732 Total debt, net of unamortized discounts 359,056 359,826 Current portion of long-term debt, net of unamortized discounts (7,500 ) (7,500 ) Long-term debt, net of unamortized discounts $ 351,556 $ 352,326 2018 Credit Agreement During the first quarter of 2019, we made $1.9 million of principal repayments on our $150 million aggregate principal five-year term loan (the “2018 Term Loan”). As of March 31, 2019, our interest rate on the 2018 Term Loan is 4.10% (adjusted LIBOR plus 1.50% per annum), effective through June 28, 2019, and our commitment fee on the unused $200 million aggregate principal five-year revolving loan facility (the “2018 Revolver”) is 0.20%. As of March 31, 2019, we had no borrowings outstanding on our 2018 Revolver and had the entire $200.0 million available to us. 2016 Convertible Notes Upon conversion of the 2016 Convertible Notes, we will settle our conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock, or a combination thereof, at our election. It is our current intent and policy to settle our conversion obligations as follows: (i) pay cash for 100% of the par value of the 2016 Convertible Notes that are converted; and (ii) to the extent the value of our conversion obligation exceeds the par value, we can satisfy the remaining conversion obligation in cash, shares of our common stock, or a combination thereof, at our election. The 2016 Convertible Notes will be convertible at the option of the note holders upon the satisfaction of specified conditions and during certain periods. During the period from, and including, December 15, 2021 to the close of business on the business day immediately preceding March 15, 2022 and on or after December 15, 2035, holders may convert all or any portion of their 2016 Convertible Notes at the conversion rate then in effect at any time regardless of these conditions. As a result of us increasing our quarterly dividend in March 2019 (see Note 8), the previous conversion rate for the 2016 Convertible Notes of 17.5298 shares of our common stock per $1,000 principal amount of the 2016 Convertible Notes, which is equivalent to an initial conversion price of approximately $57.05 per share of our common stock, has been adjusted to 17.5457 shares of our common stock per $1,000 principal amount of the 2016 Convertible Notes, which is equivalent to an initial conversion price of approximately $56.99 per share of our common stock. Holders may require us to repurchase the 2016 Convertible Notes for cash on each of March 15, 2022, March 15, 2026, and March 15, 2031, or upon the occurrence of a fundamental change (as defined in the 2016 Convertible Notes Indenture) in each case at a purchase price equal to the principal amount thereof plus accrued and unpaid interest. We may not redeem the 2016 Convertible Notes prior to March 20, 2020. On or after March 20, 2020, we may redeem for cash all or part of the 2016 Convertible Notes if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. On or after March 15, 2022, we may redeem for cash all or part of the 2016 Convertible Notes regardless of the sales price condition described in the preceding sentence. In each case, the redemption price will equal the principal amount of the 2016 Convertible Notes to be redeemed, plus accrued and unpaid interest. As of March 31, 2019, none of the conversion features have been achieved, and thus, the 2016 Convertible Notes are not convertible by the holders. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 5. LEASES We have operating leases for: (i) real estate which include both office space and statement production and mailing facilities; (ii) our outsourced data center environment; and (iii) operating equipment. Our leases have remaining terms of up to nine years, some of which include options to extend the leases for up to an additional ten years. For leases commencing prior to 2019, we used the noncancelable term to calculate the related right-of-use asset and corresponding lease liability. The exercise of lease renewal options is at our sole discretion. Additionally, certain of our leases include payments that are adjusted periodically for inflation. We have made an accounting policy election not to recognize on our balance sheet, leases with an initial term of twelve months or less, for any class of underlying asset. We have also made an election for real estate leases beginning in 2019 and later, not to separate the lease and non-lease components, but rather account for the entire arrangement as a single lease component (a practical expedient allowed under ASC 842). For our outsourced data center environment agreement, we have concluded that there are lease and non-lease components, and have allocated the consideration in the agreement on a relative stand-alone price basis. Due to the significant assumptions and judgements required in accounting for leases (to include whether a contract contains a lease, the allocation of the consideration, and the determination of the discount rate), the judgements and estimates made could have a significant effect on the amount of assets and liabilities recognized. We sublease certain of our leased real estate to third parties. These subleases have remaining lease terms of up to four years and certain subleases have renewal terms that can extend the lease for up to an additional two years. The components of lease expense were as follows (in thousands): Quarter Ended March 31, 2019 Operating lease expense $ 5,299 Variable lease expense 923 Short-term lease expense 140 Sublease income (412 ) Total net lease expense $ 5,950 Other information related to leases was as follows (in thousands, except term and discount rate): Quarter Ended March 31, 2019 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of operating lease liabilities $ 4,240 Right-of-use assets obtained in exchange for new operating lease liabilities 870 Weighted-average remaining lease term - operating leases 60 months Weighted-average discount rate - operating leases 4.52 % Future minimum lease payments under non-cancelable leases as of March 31, 2019 were as follows (in thousands): 2019 (April 1, 2019 – December 31, 2019) $ 17,237 2020 20,498 2021 19,549 2022 14,603 2023 9,556 Thereafter 14,681 Total future minimum lease payments (1) 96,124 Less: Interest (2) (10,545 ) Total $ 85,579 Current operating lease liabilities $ 18,737 Non-current operating lease liabilities 66,842 Total $ 85,579 (1) For leases commencing prior to 2019, minimum lease payments exclude payments for real estate taxes and non-lease components. (2) We used our in-country, currency adjusted incremental borrowing rate for the discount rate for the leases at adoption date, and will use the same approach for all leases beginning in 2019 or later. As of March 31, 2019, we have an additional operating lease related to our outsourced data center environment that has not yet commenced of approximately $9 million. This operating lease will commence during 2019 with a lease term through 2022. Future minimum lease payments under non-cancelable leases as of December 31, 2018 were as follows: 2019 – $16.6 million; 2020 – $14.1 million; 2021 – $13.1 million; 2022 – $11.5 million; 2023 – $9.6 million; and thereafter – $14.7 million. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingencies | 6. COMMITMENTS, GUARANTEES AND CONTINGENCIES Warranties. We generally warrant that our solutions and related offerings will conform to published specifications, or to specifications provided in an individual client arrangement, as applicable. The typical warranty period is 90 days from the date of acceptance of the solution or offering. For certain service offerings we provide a warranty for the duration of the services provided. We generally warrant that services will be performed in a professional and workmanlike manner. The typical remedy for breach of warranty is to correct or replace any defective deliverable, and if not possible or practical, we will accept the return of the defective deliverable and refund the amount paid under the client arrangement that is allocable to the defective deliverable. Our contracts also generally contain limitation of damages provisions in an effort to reduce our exposure to monetary damages arising from breach of warranty claims. Historically, we have incurred minimal warranty costs, and as a result, do not maintain a warranty reserve. Product and Services Indemnifications. Our arrangements with our clients generally include an indemnification provision that will indemnify and defend a client in actions brought against the client that claim our products and/or services infringe upon a copyright, trade secret, or valid patent. Historically, we have not incurred any significant costs related to such indemnification claims, and as a result, do not maintain a reserve for such exposure. Claims for Company Non-performance. Our arrangements with our clients typically cap our liability for breach to a specified amount of the direct damages incurred by the client resulting from the breach. From time-to-time, these arrangements may also include provisions for possible liquidated damages or other financial and contractual remedies for our non-performance, or in the case of certain of our outsourced customer care and billing solutions, provisions for damages related to service level performance requirements. The service level performance requirements typically relate to system availability and timeliness of service delivery. Historically, we have not incurred significant costs associated with service level performance within our client contracts, and as a result, do not include estimates for potential credits or refunds related to service level performance in our contract consideration at the onset of the contract, but instead, account for credits or refunds as an adjustment to the contract consideration as those events occur. Indemnifications Related to Officers and the Board of Directors. We have agreed to indemnify members of our Board of Directors (the “Board”) and certain of our officers if they are named or threatened to be named as a party to any proceeding by reason of the fact that they acted in such capacity. We maintain directors’ and officers’ (D&O) insurance coverage to protect against such losses. We have not historically incurred any losses related to these types of indemnifications, and are not aware of any pending or threatened actions or claims against any officer or member of our Board. As a result, we have not recorded any liabilities related to such indemnifications as of March 31, 2019. In addition, as a result of the insurance policy coverage, we believe these indemnification agreements are not significant to our results of operations. Acquisition . On October 1, 2018, we acquired Forte, a leading provider of advanced payment solutions headquartered in Allen, Texas. We acquired 100% of the equity of Forte for a purchase price of approximately $93 million, (approximately $85 million, excluding cash acquired), of which approximately $13 million of the purchase price was held back subject to certain tax filings. The purchase agreement also includes provisions for $18.8 million of potential future earn-out payments over a four-year measurement period. The earn-out payments are tied to performance-based goals and a defined service period by the eligible recipients and is being accounted for as post-acquisition compensation. As of March 31, 2019, we accrued $2.5 million related to the potential earn-out payments. The determination Legal Proceedings. From time-to-time, we are involved in litigation relating to claims arising out of our operations in the normal course of business. We are not presently a party to any material pending or threatened legal proceedings. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 7. EARNINGS PER COMMON SHARE Basic and diluted earnings per common share (“EPS”) amounts are presented on the face of the accompanying Income Statements. No reconciliation of the basic and diluted EPS numerators is necessary as net income is used as the numerators for all periods presented. The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands): Quarter Ended March 31, 2019 2018 Basic weighted-average common shares 32,128 32,528 Dilutive effect of restricted common stock 174 391 Dilutive effect of Stock Warrants 136 183 Diluted weighted-average common shares 32,438 33,102 The Convertible Notes have a dilutive effect only in those quarterly periods in which our average stock price exceeds the current effective conversion price (see Note 4). The stock warrants have a dilutive effect only in those quarterly periods in which our average stock price exceeds the exercise price of $26.68 per warrant (under the treasury stock method), and are not subject to performance vesting conditions (see Note 8). Potentially dilutive common shares related to non-participating unvested restricted stock excluded from the computation of diluted EPS, as the effect was antidilutive, were not material in any period presented. |
Stockholders' Equity and Equity
Stockholders' Equity and Equity Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity and Equity Compensation Plans | 8. STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION PLANS Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board, authorizing us to repurchase our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”). During the first quarters of 2019 and 2018, we repurchased 0.2 million shares of our common stock for $9.3 million (weighted-average price of $37.37 per share) and 0.1 million shares of our common stock for $5.7 million (weighted-average price of $45.78 per share), respectively, under a SEC Rule 10b5-1 Plan. As of March 31, 2019, the total remaining number of shares available for repurchase under the Stock Repurchase Program totaled 5.3 million shares. Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during the first quarters of 2019 and 2018, we repurchased and then cancelled 0.1 million shares of common stock for $4.1 million and 0.1 million shares of common stock for $6.2 million, respectively, in connection with minimum tax withholding requirements resulting from the vesting of restricted common stock under our stock incentive plans. Cash During the first quarter of 2019, the Board approved a quarterly cash dividend of $0.2225 per share of common stock, totaling $7.4 million. During the first quarter of 2018, the Board approved a quarterly cash dividend of $0.21 per share of common stock, totaling $7.1 million. Warrants . In 2014, in conjunction with the execution of an amendment to our current agreement with Comcast, we issued stock warrants (the “Warrant Agreement”) for the right to purchase up to approximately 2.9 million shares of our common stock (the “Stock Warrants”) as an additional incentive for Comcast to convert customer accounts onto our Advanced Convergent Platform based on various milestones. The Stock Warrants have a ten-year term and an exercise price of $26.68 per warrant. Upon vesting, the Stock Warrants are recorded as a client contract incentive asset with the corresponding offset to stockholders’ equity. The client contract incentive asset related to the Stock Warrants is amortized as a reduction in cloud and related solutions revenues over the remaining term of the Comcast amended agreement. As of March 31, 2019 and December 31, 2018, we recorded a client contract incentive asset related to these Stock Warrants of $25.1 million as of both periods and have recorded accumulated amortization related to these Stock Warrants of $22.4 million and $19.8 million, respectively. The remaining unvested Stock Warrants will be accounted for as client contract incentive assets in the period the performance conditions necessary for vesting have been met. As of March 31, 2019, approximately 1.4 million Stock Warrants remain issued, of which 0.4 million were vested. Stock-Based Awards. A summary of our unvested restricted common stock activity during the first quarter of 2019 is as follows (shares in thousands): Quarter Ended March 31, 2019 Shares Weighted- Average Grant Date Fair Value Unvested awards, beginning 1,145 $ 41.64 Awards granted 476 40.78 Awards forfeited/cancelled (4 ) 43.43 Awards vested (318 ) 38.71 Unvested awards, ending 1,299 $ 42.04 Included in the awards granted during the first quarter of 2019 The other restricted common stock shares granted during the first quarter of 2019 We recorded stock-based compensation expense for the first quarters of 2019 and 2018 of $3.7 million and $4.6 million, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates in Preparation of Our Financial Statements | Use of Estimates in Preparation of Financial Statements. The preparation of the accompanying Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our Financial Statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Revenue | Revenues. The majority of our future revenues is related to our cloud and related solution client contracts that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2019 through 2028. As of March 31, 2019, our aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $532 million, which is made up of fixed fee consideration and guaranteed minimums expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied). We expect to recognize approximately 90% of this amount by the end of 2021, with the remaining amount recognized by the end of 2028. We have excluded from this amount variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied. The nature, amount, timing and uncertainty of our revenues and how revenues and cash flows are affected by economic factors is most appropriately depicted by type of revenues and by geographic region (using the location of the client as the basis of attributing revenues to the individual regions) as follows (in thousands): Quarter Ended March 31, 2019 2018 Cloud and related solutions $ 219,590 $ 177,516 Software and services 13,028 11,959 Maintenance 12,175 12,229 Total revenues $ 244,793 $ 201,704 Quarter Ended March 31, 2019 2018 Americas (principally the U.S.) $ 210,729 $ 169,903 Europe, Middle East, and Africa 24,626 20,434 Asia Pacific 9,438 11,367 Total revenues $ 244,793 $ 201,704 Deferred revenue recognized during the first quarter of 2019 was $18.5 million. |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less at the date of the purchase to be cash equivalents. As of March 31, 2019 and December 31, 2018, our cash equivalents consist primarily of institutional money market funds, commercial paper, and time deposits held at major banks. As of March 31, 2019 and December 31, 2018, we had $3.0 million, as of both periods, of restricted cash that serves to collateralize outstanding letters of credit. This restricted cash is included in cash and cash equivalents in our Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”). |
Short-term Investments and Other Financial Instruments | Short-term Investments and Other Financial Instruments . Our financial instruments as of March 31, 2019 and December 31, 2018 include cash and cash equivalents, short-term investments, accounts receivable, accounts payable, and debt. Because of their short maturities, the carrying amounts of cash equivalents, accounts receivable, and accounts payable approximate their fair value. Our short-term investments and certain of our cash equivalents are considered “available-for-sale” and are reported at fair value in our Balance Sheets, with unrealized gains and losses, net of the related income tax effect, excluded from earnings and reported in a separate component of stockholders’ equity. Realized and unrealized gains and losses were not material in any period presented. Primarily all short-term investments held by us as of March 31, 2019 and December 31, 2018 have contractual maturities of less than two years from the time of acquisition. Our short-term investments as of March 31, 2019 and December 31, 2018 consisted almost entirely of fixed income securities. Proceeds from the sale/maturity of short-term investments for the three months ended March 31, 2019 and 2018 were $19.6 million and $79.5 million, respectively. Our short-term investments as of March 31, 2019 and December 31, 2018 were $18.3 million and $23.6 million, respectively. The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets and liabilities measured at fair value (in thousands): March 31, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 4,030 $ — $ 4,030 $ 4,392 $ — $ 4,392 Commercial paper — — — — 9,078 9,078 Short-term investments: Corporate debt securities — 12,456 12,456 — 16,357 16,357 U.S. government agency bonds — 1,549 1,549 — 3,724 3,724 Asset-backed securities — 4,328 4,328 — 3,522 3,522 Total $ 4,030 $ 18,333 $ 22,363 $ 4,392 $ 32,681 $ 37,073 Valuation inputs used to measure the fair values of our money market funds and corporate equity securities were derived from quoted market prices. The fair values of all other financial instruments are based upon pricing provided by third-party pricing services. These prices were derived from observable market inputs. We have chosen not to measure our debt at fair value, with changes recognized in earnings each reporting period. The following table indicates the carrying value (par value for convertible debt) and estimated fair value of our debt as of the indicated periods (in thousands): March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value 2018 Credit Agreement (carrying value including current maturities) $ 142,500 $ 142,500 $ 144,375 $ 144,375 2016 Convertible notes (par value) 230,000 242,363 230,000 228,275 The fair value for our credit agreement was estimated using a discounted cash flow methodology, while the fair value for our convertible debt was estimated based upon quoted market prices or recent sales activity, both of which are considered Level 2 inputs. |
Equity Method Investment | Equity Method Investment. In the first quarter of 2019, we made an additional $4 million investment in a payment technology and services company that enables omni-channel digital payments in Latin America. As of March 31, 2019, we held an 8% noncontrolling interest with a carrying value of $6.7 million. |
Accounting Pronouncements | Accounting Pronouncements Adopted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize a right-of-use asset and lease liability for all leases, including operating leases, with a term greater than twelve months on its balance sheet. This ASU is effective for annual and interim periods beginning after December 31, 2018. An entity is required to use a modified retrospective transition approach, but may choose to use either the effective date or the beginning of the earliest comparative period presented in its financial statements as of the date of initial application. We adopted this ASU in January 2019, utilizing the effective date method of transition. Since we adopted this ASU utilizing the effective date method, prior period information in our Financial Statements has not been adjusted and continues to be as previously reported. We elected the package of practical expedients permitted under the transition guidance within the new standard. Additionally, we updated our polices to align with the new accounting guidance and our processes to ensure that we properly account for new, existing, and modifications to leases subsequent to the adoption of the ASU. In conjunction with the adoption of this ASU we recorded additional assets and liabilities of approximately $80 million related to the right-of-use assets and lease liabilities, and have included the amortization of the right-of-use-assets and the accretion and payments of lease liabilities in the changes in other current and non-current assets and liabilities and in the changes in trade accounts payable and accrued liabilities, respectively, on our Statement of Cash Flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Revenue Disaggregated by Type of Revenue and Geographic Region | The nature, amount, timing and uncertainty of our revenues and how revenues and cash flows are affected by economic factors is most appropriately depicted by type of revenues and by geographic region (using the location of the client as the basis of attributing revenues to the individual regions) as follows (in thousands): Quarter Ended March 31, 2019 2018 Cloud and related solutions $ 219,590 $ 177,516 Software and services 13,028 11,959 Maintenance 12,175 12,229 Total revenues $ 244,793 $ 201,704 Quarter Ended March 31, 2019 2018 Americas (principally the U.S.) $ 210,729 $ 169,903 Europe, Middle East, and Africa 24,626 20,434 Asia Pacific 9,438 11,367 Total revenues $ 244,793 $ 201,704 |
Fair Value Measurements | The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets and liabilities measured at fair value (in thousands): March 31, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 4,030 $ — $ 4,030 $ 4,392 $ — $ 4,392 Commercial paper — — — — 9,078 9,078 Short-term investments: Corporate debt securities — 12,456 12,456 — 16,357 16,357 U.S. government agency bonds — 1,549 1,549 — 3,724 3,724 Asset-backed securities — 4,328 4,328 — 3,522 3,522 Total $ 4,030 $ 18,333 $ 22,363 $ 4,392 $ 32,681 $ 37,073 |
Carrying Value (Par Value for Convertible Debt) and Estimated Fair Value of Debt | We have chosen not to measure our debt at fair value, with changes recognized in earnings each reporting period. The following table indicates the carrying value (par value for convertible debt) and estimated fair value of our debt as of the indicated periods (in thousands): March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value 2018 Credit Agreement (carrying value including current maturities) $ 142,500 $ 142,500 $ 144,375 $ 144,375 2016 Convertible notes (par value) 230,000 242,363 230,000 228,275 |
Long-Lived Assets (Tables)
Long-Lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Goodwill. The changes in the carrying amount of goodwill for the first quarter of 2019 were as follows (in thousands): January 1, 2019 balance $ 255,816 Adjustments related to prior acquisitions (60 ) Effects of changes in foreign currency exchange rates 2,756 March 31, 2019 balance $ 258,512 |
Summary of Carrying Value of Assets | As of March 31, 2019 and December 31, 2018, the carrying values of these assets were as follows (in thousands): March 31, 2019 December 31, 2018 Gross Gross Carrying Accumulated Net Carrying Accumulated Net Amount Amortization Amount Amount Amortization Amount Acquired client contracts $ 149,348 $ (86,434 ) $ 62,914 $ 148,148 $ (82,692 ) $ 65,456 Software 157,823 (122,549 ) 35,274 155,781 (119,381 ) 36,400 Total intangible assets $ 307,171 $ (208,983 ) $ 98,188 $ 303,929 $ (202,073 ) $ 101,856 |
Summary of Carrying Values of Client Contract Cost Assets | As of March 31, 2019 and December 31, 2018, the carrying values of our client contract cost assets, related to those contracts with a contractual term greater than one year, were as follows (in thousands): March 31, 2019 December 31, 2018 Gross Gross Carrying Accumulated Net Carrying Accumulated Net Amount Amortization Amount Amount Amortization Amount Client contract costs $ 86,520 $ (49,100 ) $ 37,420 $ 80,340 $ (43,051 ) $ 37,289 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Our long-term debt, as of March 31, 2019 and December 31, 2018, was as follows (in thousands): March 31, December 31, 2019 2018 2018 Credit Agreement: Term loan, due March 2023, interest at adjusted LIBOR plus 1.5% (combined rate of 4.10% at March 31, 2019 and 4.30% at December 31, 2018) $ 142,500 $ 144,375 Less - deferred financing costs (2,139 ) (2,281 ) 2018 Term Loan, net of unamortized discounts 140,361 142,094 $200 million revolving loan facility, due March 2023, interest at adjusted LIBOR plus applicable margin — — 2016 Convertible Notes: Convertible Notes – Senior convertible notes; due March 15, 2036; cash interest at 4.25% 230,000 230,000 Less – unamortized original issue discount (8,133 ) (8,823 ) Less – deferred financing costs (3,172 ) (3,445 ) 2016 Convertible Notes, net of unamortized discounts 218,695 217,732 Total debt, net of unamortized discounts 359,056 359,826 Current portion of long-term debt, net of unamortized discounts (7,500 ) (7,500 ) Long-term debt, net of unamortized discounts $ 351,556 $ 352,326 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense were as follows (in thousands): Quarter Ended March 31, 2019 Operating lease expense $ 5,299 Variable lease expense 923 Short-term lease expense 140 Sublease income (412 ) Total net lease expense $ 5,950 |
Summary of Other Information Related to Operating Leases | Other information related to leases was as follows (in thousands, except term and discount rate): Quarter Ended March 31, 2019 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of operating lease liabilities $ 4,240 Right-of-use assets obtained in exchange for new operating lease liabilities 870 Weighted-average remaining lease term - operating leases 60 months Weighted-average discount rate - operating leases 4.52 % |
Summary of Future Minimum Lease Payments Under Non-cancellable Operating Leases | Future minimum lease payments under non-cancelable leases as of March 31, 2019 were as follows (in thousands): 2019 (April 1, 2019 – December 31, 2019) $ 17,237 2020 20,498 2021 19,549 2022 14,603 2023 9,556 Thereafter 14,681 Total future minimum lease payments (1) 96,124 Less: Interest (2) (10,545 ) Total $ 85,579 Current operating lease liabilities $ 18,737 Non-current operating lease liabilities 66,842 Total $ 85,579 (1) For leases commencing prior to 2019, minimum lease payments exclude payments for real estate taxes and non-lease components. (2) We used our in-country, currency adjusted incremental borrowing rate for the discount rate for the leases at adoption date, and will use the same approach for all leases beginning in 2019 or later. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Basic and Diluted EPS Denominators | The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands): Quarter Ended March 31, 2019 2018 Basic weighted-average common shares 32,128 32,528 Dilutive effect of restricted common stock 174 391 Dilutive effect of Stock Warrants 136 183 Diluted weighted-average common shares 32,438 33,102 |
Stockholders' Equity and Equi_2
Stockholders' Equity and Equity Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Summary of Unvested Restricted Common Stock Activity | Stock-Based Awards. A summary of our unvested restricted common stock activity during the first quarter of 2019 is as follows (shares in thousands): Quarter Ended March 31, 2019 Shares Weighted- Average Grant Date Fair Value Unvested awards, beginning 1,145 $ 41.64 Awards granted 476 40.78 Awards forfeited/cancelled (4 ) 43.43 Awards vested (318 ) 38.71 Unvested awards, ending 1,299 $ 42.04 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Aggregate amount of transaction price allocated to remaining performance obligations | $ 532,000 | |||
Remaining performance obligations expected to be recognized, year | 2028 | |||
Deferred revenue recognized | $ 18,500 | |||
Restricted cash | 3,000 | $ 3,000 | ||
Proceeds from sale/maturity of short-term investments | 19,619 | $ 79,508 | ||
Short-term investments | 18,333 | $ 23,603 | ||
Equity method investments, additional investment | 4,000 | |||
Equity method investment, carrying value | 6,700 | |||
Operating lease right-of-use assets | 78,263 | |||
Lease liabilities | $ 85,579 | |||
ASU 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease right-of-use assets | $ 80,000 | |||
Lease liabilities | $ 80,000 | |||
Payment Technology and Services Company | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, noncontrolling interest | 8.00% | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Short-term investment contractual maturities | 2 years | 2 years | ||
Cloud and Related Solutions Revenue | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Future revenue including variable consideration, contractual terms ending, year | 2019 | |||
Cloud and Related Solutions Revenue | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Future revenue including variable consideration, contractual terms ending, year | 2028 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Textual 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | Mar. 31, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |
Remaining performance obligations expected to be recognized, percentage | 90.00% |
Remaining performance obligations expected to be recognized, period | 2 years 9 months |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated by Type of Revenue and Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 244,793 | $ 201,704 |
Americas (principally the U.S.) | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 210,729 | 169,903 |
Europe, Middle East, and Africa | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 24,626 | 20,434 |
Asia Pacific | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 9,438 | 11,367 |
Cloud and Related Solutions | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 219,590 | 177,516 |
Software and Services | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 13,028 | 11,959 |
Maintenance | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 12,175 | $ 12,229 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Assets fair value | $ 22,363 | $ 37,073 |
Cash equivalents | Money Market Funds | ||
Assets: | ||
Assets fair value | 4,030 | 4,392 |
Cash equivalents | Commercial Paper | ||
Assets: | ||
Assets fair value | 9,078 | |
Short-term Investments | Corporate Debt Securities | ||
Assets: | ||
Assets fair value | 12,456 | 16,357 |
Short-term Investments | U.S. Government Agency Bonds | ||
Assets: | ||
Assets fair value | 1,549 | 3,724 |
Short-term Investments | Asset-backed securities | ||
Assets: | ||
Assets fair value | 4,328 | 3,522 |
Level 1 | ||
Assets: | ||
Assets fair value | 4,030 | 4,392 |
Level 1 | Cash equivalents | Money Market Funds | ||
Assets: | ||
Assets fair value | 4,030 | 4,392 |
Level 2 | ||
Assets: | ||
Assets fair value | 18,333 | 32,681 |
Level 2 | Cash equivalents | Commercial Paper | ||
Assets: | ||
Assets fair value | 9,078 | |
Level 2 | Short-term Investments | Corporate Debt Securities | ||
Assets: | ||
Assets fair value | 12,456 | 16,357 |
Level 2 | Short-term Investments | U.S. Government Agency Bonds | ||
Assets: | ||
Assets fair value | 1,549 | 3,724 |
Level 2 | Short-term Investments | Asset-backed securities | ||
Assets: | ||
Assets fair value | $ 4,328 | $ 3,522 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Carrying Value (Par Value for Convertible Debt) and Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2018 Credit Agreement | 2018 Term Loan | ||
Carrying value and estimated fair value of debt | ||
Fair Value | $ 142,500 | $ 144,375 |
Carrying Value | 142,500 | 144,375 |
Senior Convertible Notes 2016 | ||
Carrying value and estimated fair value of debt | ||
Fair Value | 242,363 | 228,275 |
Carrying Value | $ 230,000 | $ 230,000 |
Long-Lived Assets - Summary of
Long-Lived Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill RollForward | |
Beginning balance | $ 255,816 |
Adjustments related to prior acquisitions | (60) |
Effects of changes in foreign currency exchange rates | 2,756 |
Ending balance | $ 258,512 |
Long-Lived Assets - Summary o_2
Long-Lived Assets - Summary of Carrying Value of Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 307,171 | $ 303,929 |
Accumulated Amortization | (208,983) | (202,073) |
Net Amount | 98,188 | 101,856 |
Acquired client contracts | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 149,348 | 148,148 |
Accumulated Amortization | (86,434) | (82,692) |
Net Amount | 62,914 | 65,456 |
Software | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 157,823 | 155,781 |
Accumulated Amortization | (122,549) | (119,381) |
Net Amount | $ 35,274 | $ 36,400 |
Long-Lived Assets (Details Text
Long-Lived Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Total amortization expense | $ 5.6 | $ 4 |
Estimated total amortization expense 2019 | 22.3 | |
Estimated total amortization expense 2020 | 18.8 | |
Estimated total amortization expense 2021 | 13.9 | |
Estimated total amortization expense 2022 | 11.6 | |
Estimated total amortization expense 2023 | 8.2 | |
Client contract costs | ||
Finite Lived Intangible Assets [Line Items] | ||
Total amortization expense | $ 6 | $ 5.5 |
Long-Lived Assets - Summary o_3
Long-Lived Assets - Summary of Carrying Values of Client Contract Cost Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Capitalized Contract Cost [Abstract] | ||
Client contract costs, Gross Carrying Amount | $ 86,520 | $ 80,340 |
Client contract costs, Accumulated Amortization | (49,100) | (43,051) |
Client contract costs, Net Amount | $ 37,420 | $ 37,289 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less – unamortized original issue discount | $ (13,444) | $ (14,549) |
Total debt, net of unamortized discounts | 359,056 | 359,826 |
Current portion of long-term debt, net of unamortized discounts | (7,500) | (7,500) |
Long-term debt, net of unamortized discounts | 351,556 | 352,326 |
2018 Credit Agreement | 2018 Term Loan | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 142,500 | 144,375 |
Less - deferred financing costs | (2,139) | (2,281) |
Total debt, net of unamortized discounts | 140,361 | 142,094 |
Senior Convertible Notes 2016 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 230,000 | 230,000 |
Less – unamortized original issue discount | (8,133) | (8,823) |
Less - deferred financing costs | (3,172) | (3,445) |
Total debt, net of unamortized discounts | $ 218,695 | $ 217,732 |
Debt - Long-Term Debt (Parenthe
Debt - Long-Term Debt (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
2018 Credit Agreement | 2018 Term Loan | ||
Debt Instrument [Line Items] | ||
Basis spread on term loan | 1.50% | |
Term loan combined interest rate | 4.10% | 4.30% |
Maturity period | Mar. 31, 2023 | |
2018 Credit Agreement | Revolving Loan | ||
Debt Instrument [Line Items] | ||
Amount available under credit facility | $ 200,000,000 | |
Maturity period | Mar. 31, 2023 | |
Senior Convertible Notes 2016 | ||
Debt Instrument [Line Items] | ||
Maturity period | Mar. 15, 2036 | |
Interest rate on senior subordinated convertible notes | 4.25% |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Principal repayments | $ 1,875,000 | $ 120,000,000 | |
2018 Credit Agreement | Revolving Loan | |||
Debt Instrument [Line Items] | |||
Amount available under credit facility | $ 200,000,000 | ||
Credit facility term | 5 years | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||
Credit facility, outstanding borrowings | $ 0 | ||
Credit facility, current borrowing capacity | 200,000,000 | ||
2018 Credit Agreement | 2018 Term Loan | |||
Debt Instrument [Line Items] | |||
Principal repayments | 1,900,000 | ||
Term loan aggregate principal amount | $ 150,000,000 | ||
Term loan period | 5 years | ||
Term loan combined interest rate | 4.10% | 4.30% | |
Basis spread on term loan | 1.50% |
Debt - 2016 Convertible Notes (
Debt - 2016 Convertible Notes (Details Textual) - Senior Convertible Notes 2016 $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)Tradingday$ / shares | Dec. 31, 2018USD ($)$ / shares | |
Debt Instrument [Line Items] | ||
Percentage of par value of convertible notes to be settled in cash | 100.00% | |
Initial conversion rate of common stock | 17.5457 | 17.5298 |
Convertible Notes, initial conversion of Par Value Convertible Notes to common stock | $ | $ 1 | $ 1 |
Initial conversion price | $ / shares | $ 56.99 | $ 57.05 |
Rate of conversion price | 130.00% | |
Debt instrument, convertible, threshold consecutive trading days | 30 | |
Debt instrument, convertible, threshold trading days | 20 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee Lease Description [Line Items] | ||
Operating leases, options to extend | some of which include options to extend the leases for up to an additional ten years. | |
Operating leases, existence of option to extend | true | |
Operating sublease, option to extend | certain subleases have renewal terms that can extend the lease for up to an additional two years. | |
Operating sublease, existence of option to extend | true | |
Operating lease not yet commenced, amount | $ 9 | |
Operating lease not yet commenced, description | commence during 2019 with a lease term through 2022 | |
Payments under operating lease agreement in 2019 | $ 16.6 | |
Payments under operating lease agreement in 2020 | 14.1 | |
Payments under operating lease agreement in 2021 | 13.1 | |
Payments under operating lease agreement in 2022 | 11.5 | |
Payments under operating lease agreement in 2023 | 9.6 | |
Thereafter | $ 14.7 | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating leases, remaining lease term | 9 years | |
Operating leases, option to extend leases term | 10 years | |
Operating subleases, remaining sublease term | 4 years | |
Operating subleases, option to extend sublease term | 2 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 5,299 |
Variable lease expense | 923 |
Short-term lease expense | 140 |
Sublease income | (412) |
Total net lease expense | $ 5,950 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 4,240 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 870 |
Weighted-average remaining lease term - operating leases | 60 months |
Weighted-average discount rate - operating leases | 4.52% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Non-cancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) | |
Leases [Abstract] | ||
2019 (April 1, 2019 – December 31, 2019) | $ 17,237 | |
2020 | 20,498 | |
2021 | 19,549 | |
2022 | 14,603 | |
2023 | 9,556 | |
Thereafter | 14,681 | |
Total future minimum lease payments | 96,124 | [1] |
Less: Interest | (10,545) | [2] |
Total | 85,579 | |
Current operating lease liabilities | 18,737 | |
Non-current operating lease liabilities | 66,842 | |
Total | $ 85,579 | |
[1] | For leases commencing prior to 2019, minimum lease payments exclude payments for real estate taxes and non-lease components. | |
[2] | We used our in-country, currency adjusted incremental borrowing rate for the discount rate for the leases at adoption date, and will use the same approach for all leases beginning in 2019 or later. |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Other Commitments [Line Items] | |||
Warranty Period | 90 days | ||
Business acquisition, net of cash acquired | $ 4,000 | $ 68,636 | |
Forte Payment Systems, Inc | |||
Other Commitments [Line Items] | |||
Business acquisition date | Oct. 1, 2018 | ||
Business acquisition, acquired equity percentage | 100.00% | ||
Business acquisition, cash consideration | $ 93,000 | ||
Business acquisition, net of cash acquired | 85,000 | ||
Cash held subject to certain tax filings | 13,000 | ||
Potential future earn out payments | $ 18,800 | ||
Potential future earn out payments meassurement period | 4 years | ||
Accrued earn out payments | $ 2,500 |
Earnings Per Common Share - Rec
Earnings Per Common Share - Reconciliation of the Basic and Diluted EPS Denominators (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of the basic and diluted EPS denominators | ||
Basic weighted-average common shares | 32,128 | 32,528 |
Dilutive effect of restricted common stock | 174 | 391 |
Dilutive effect of Stock Warrants | 136 | 183 |
Diluted weighted-average common shares | 32,438 | 33,102 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details Textual) | Mar. 31, 2019$ / shares |
Common Stock Warrants | |
Earnings Per Common Share [Line Items] | |
Common stock warrants issued, per warrant | $ 26.68 |
Stockholders' Equity and Equi_3
Stockholders' Equity and Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2014 | |
Stockholders Equity And Equity Compensation Plans [Line Items] | ||||
Remaining number of shares available for repurchase | 5,300,000 | |||
Repurchase of common stock for employee tax withholdings, shares | 100,000 | 100,000 | ||
Repurchase of common stock for tax withholdings, value | $ 4,100 | $ 6,200 | ||
Cash dividends declared per common share | $ 0.2225 | $ 0.21 | ||
Cash dividend | $ 7,400 | $ 7,100 | ||
Stock warrants term | 10 years | |||
Stock warrants, exercise price | $ 26.68 | |||
Stock-based compensation expense | $ 3,693 | $ 4,572 | ||
Performance Shares | ||||
Stockholders Equity And Equity Compensation Plans [Line Items] | ||||
Performance based awards granted to executive management and certain key employees shares | 100,000 | |||
Vesting maturity date | Mar. 31, 2021 | |||
Vesting period | 2 years | |||
Restricted common stock | ||||
Stockholders Equity And Equity Compensation Plans [Line Items] | ||||
Vesting period | 4 years | |||
Comcast | ||||
Stockholders Equity And Equity Compensation Plans [Line Items] | ||||
Issuance of stock warrants | 2,900,000 | |||
Stock warrants issued | 1,400,000 | |||
Stock warrants vested | 400,000 | |||
Comcast | Common Stock Warrants | ||||
Stockholders Equity And Equity Compensation Plans [Line Items] | ||||
Client contract incentive related to stock warrants | $ 25,100 | $ 25,100 | ||
Accumulated amortization expense of client contract incentive related to stock warrants | $ 22,400 | $ 19,800 | ||
SEC Rule 10b5-1 Plan | ||||
Stockholders Equity And Equity Compensation Plans [Line Items] | ||||
Repurchase of common stock, shares | 200,000 | 100,000 | ||
Total amount paid | $ 9,300 | $ 5,700 | ||
Weighted-average price per share | $ 37.37 | $ 45.78 |
Stockholders' Equity and Equi_4
Stockholders' Equity and Equity Compensation Plans - Summary of Unvested Restricted Common Stock Activity (Details) - Restricted common stock shares in Thousands | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Shares | |
Shares, Unvested awards, beginning balance | shares | 1,145 |
Shares, Awards granted | shares | 476 |
Shares, Awards forfeited/cancelled | shares | (4) |
Shares, Awards vested | shares | (318) |
Shares, Unvested awards, ending balance | shares | 1,299 |
Weighted-Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, Unvested awards, beginning balance | $ / shares | $ 41.64 |
Weighted-Average Grant Date Fair Value, Awards granted | $ / shares | 40.78 |
Weighted-Average Grant Date Fair Value, Awards forfeited/cancelled | $ / shares | 43.43 |
Weighted-Average Grant Date Fair Value, Awards vested | $ / shares | 38.71 |
Weighted-Average Grant Date Fair Value, Unvested awards, ending balance | $ / shares | $ 42.04 |