Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 0-20853 | |
Entity Registrant Name | ANSYS, Inc. | |
Entity Central Index Key | 0001013462 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3219960 | |
Entity Address, Address Line One | 2600 ANSYS Drive, | |
Entity Address, City or Town | Canonsburg, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317 | |
City Area Code | 844 | |
Local Phone Number | 462-6797 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 86,990,120 | |
The Nasdaq Global Select Market | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | ANSS | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 657,421 | $ 667,667 |
Short-term investments | 344 | 361 |
Accounts receivable, less allowance for doubtful accounts of $14,600 | 513,738 | 645,891 |
Other receivables and current assets | 278,375 | 324,655 |
Total current assets | 1,449,878 | 1,638,574 |
Long-term assets: | ||
Property and equipment, net | 84,678 | 87,914 |
Operating lease right-of-use assets | 130,274 | 120,881 |
Goodwill | 3,399,897 | 3,409,271 |
Other intangible assets, net | 739,059 | 763,119 |
Other long-term assets | 227,383 | 279,676 |
Deferred income taxes | 22,014 | 24,879 |
Total long-term assets | 4,603,305 | 4,685,740 |
Total assets | 6,053,183 | 6,324,314 |
Current liabilities: | ||
Accounts payable | 17,102 | 10,863 |
Accrued bonuses and commissions | 30,646 | 163,182 |
Accrued income taxes | 7,065 | 8,410 |
Current portion of long-term debt | 9,125 | 0 |
Other accrued expenses and liabilities | 184,663 | 204,509 |
Deferred revenue | 386,019 | 391,528 |
Total current liabilities | 634,620 | 778,492 |
Long-term liabilities: | ||
Deferred income taxes | 99,439 | 105,548 |
Long-term operating lease liabilities | 114,238 | 104,378 |
Long-term debt | 744,575 | 753,576 |
Other long-term liabilities | 96,360 | 98,272 |
Total long-term liabilities | 1,054,612 | 1,061,774 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 2,000,000 shares authorized; zero shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 300,000,000 shares authorized; 95,267,307 shares issued | 953 | 953 |
Additional paid-in capital | 1,415,407 | 1,465,694 |
Retained earnings | 4,330,208 | 4,259,220 |
Treasury stock, at cost: 8,285,245 and 8,188,331 shares, respectively | (1,304,413) | (1,185,707) |
Accumulated other comprehensive loss | (78,204) | (56,112) |
Total stockholders' equity | 4,363,951 | 4,484,048 |
Total liabilities and stockholders' equity | $ 6,053,183 | $ 6,324,314 |
Common stock, shares issued | 95,267,307 | 95,267,307 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 14,600 | $ 14,600 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 95,267,307 | 95,267,307 |
Treasury stock, shares | 8,285,245 | 8,188,331 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Total revenue | $ 425,077 | $ 363,226 |
Cost of sales: | ||
Amortization | 17,252 | 14,949 |
Total cost of sales | 64,760 | 62,103 |
Gross profit | 360,317 | 301,123 |
Operating expenses: | ||
Selling, general and administrative | 169,755 | 146,215 |
Research and development | 105,274 | 100,479 |
Amortization | 4,125 | 4,407 |
Total operating expenses | 279,154 | 251,101 |
Operating income | 81,163 | 50,022 |
Interest income | 527 | 517 |
Interest expense | (2,967) | (3,315) |
Other (expense) income, net | (694) | 399 |
Income before income tax provision (benefit) | 78,029 | 47,623 |
Income tax provision (benefit) | 7,041 | (24,775) |
Net income | $ 70,988 | $ 72,398 |
Earnings per share – basic: | ||
Earnings per share | $ 0.81 | $ 0.83 |
Weighted average shares | 87,122 | 86,808 |
Earnings per share – diluted: | ||
Earnings per share | $ 0.81 | $ 0.82 |
Weighted average shares | 87,750 | 87,986 |
Software licenses | ||
Revenue: | ||
Total revenue | $ 157,445 | $ 132,604 |
Cost of sales: | ||
Cost of sales: | 8,436 | 7,606 |
Maintenance and service | ||
Revenue: | ||
Total revenue | 267,632 | 230,622 |
Cost of sales: | ||
Cost of sales: | $ 39,072 | $ 39,548 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 70,988 | $ 72,398 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (22,092) | (19,264) |
Comprehensive income | $ 48,896 | $ 53,134 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 70,988 | $ 72,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and intangible assets amortization | 29,080 | 27,082 |
Operating lease right-of-use assets expense | 5,553 | 5,699 |
Deferred income tax benefit | (861) | (3,564) |
Provision for bad debts | 2,326 | 18 |
Stock-based compensation expense | 35,651 | 35,119 |
Other | 919 | 975 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 180,259 | 159,038 |
Other receivables and current assets | 43,479 | (12,071) |
Other long-term assets | (5,983) | (1,909) |
Accounts payable, accrued expenses and current liabilities | (143,883) | (80,050) |
Accrued income taxes | (1,119) | (20,954) |
Deferred revenue | 455 | 1,204 |
Other long-term liabilities | (5,928) | (11,878) |
Net cash provided by operating activities | 210,936 | 171,107 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | (4,915) | (10,783) |
Capital expenditures | (5,062) | (5,045) |
Other investing activities | 13 | (35) |
Net cash used in investing activities | (9,964) | (15,863) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (155,571) | 0 |
Restricted stock withholding taxes paid in lieu of issued shares | (59,196) | (86,049) |
Proceeds from shares issued for stock-based compensation | 10,122 | 11,892 |
Other financing activities | 0 | (51) |
Net cash used in financing activities | (204,645) | (74,208) |
Effect of exchange rate fluctuations on cash and cash equivalents | (6,573) | (6,281) |
Net (decrease) increase in cash and cash equivalents | (10,246) | 74,755 |
Cash and cash equivalents, beginning of period | 667,667 | 912,672 |
Cash and cash equivalents, end of period | 657,421 | 987,427 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 3,566 | 20,641 |
Interest paid | $ 2,626 | $ 2,956 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2020 | $ 4,097,872 | $ 953 | $ 1,434,203 | $ 3,804,593 | $ (1,124,102) | $ (17,775) |
Beginning balance, shares at Dec. 31, 2020 | 95,266 | 8,694 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury shares acquired | $ 0 | |||||
Treasury shares acquired, shares | 0 | |||||
Stock-based compensation activity | $ (39,037) | (87,602) | $ 48,565 | |||
Stock-based compensation activity, shares | (565) | |||||
Other comprehensive loss | (19,264) | (19,264) | ||||
Net income | 72,398 | 72,398 | ||||
Ending balance at Mar. 31, 2021 | 4,111,969 | $ 953 | 1,346,601 | 3,876,991 | $ (1,075,537) | (37,039) |
Ending balance, shares at Mar. 31, 2021 | 95,266 | 8,129 | ||||
Beginning balance at Dec. 31, 2021 | 4,484,048 | $ 953 | 1,465,694 | 4,259,220 | $ (1,185,707) | (56,112) |
Beginning balance, shares at Dec. 31, 2021 | 95,267 | 8,188 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury shares acquired | $ (155,571) | $ (155,571) | ||||
Treasury shares acquired, shares | 500 | 500 | ||||
Stock-based compensation activity | $ (13,422) | (50,287) | $ 36,865 | |||
Stock-based compensation activity, shares | (403) | |||||
Other comprehensive loss | (22,092) | (22,092) | ||||
Net income | 70,988 | 70,988 | ||||
Ending balance at Mar. 31, 2022 | $ 4,363,951 | $ 953 | $ 1,415,407 | $ 4,330,208 | $ (1,304,413) | $ (78,204) |
Ending balance, shares at Mar. 31, 2022 | 95,267 | 8,285 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization ANSYS, Inc. (Ansys, we, us, our) develops and globally markets engineering simulation software and services widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia, including high-tech, aerospace and defense, automotive, energy, industrial equipment, materials and chemicals, consumer products, healthcare, and construction. As defined by the accounting guidance for segment reporting, we operate as one segment. Given the integrated approach to the multi-discipline problem-solving needs of our customers, a single sale of software may contain components from multiple product areas and include combined technologies. We also have a multi-year product and integration strategy that will result in new, combined products or changes to the historical product offerings. As a result, it is impracticable for us to provide accurate historical or current reporting among our various product lines. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies, the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). The condensed consolidated December 31, 2021 balance sheet presented is derived from the audited December 31, 2021 balance sheet included in the 2021 Form 10-K. In our opinion, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for any future period. Recently Adopted Accounting Guidance Business combinations : In October 2021, the Financial Accounting Standards Board issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , as if the acquirer had originated the contracts. We adopted the standard effective January 1, 2022. Under the prior guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The standard does not impact acquired contract assets or liabilities from business combinations that occurred prior to the effective date of adoption, and the impact in current and future periods will depend on the contract assets and contract liabilities acquired in business combinations after the effective date of adoption. Accounting Guidance Issued and Not Yet Adopted It is not expected that the future adoption of any recently issued accounting pronouncements will have a material impact on our financial position, results of operations or cash flows. Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market funds. Cash equivalents are carried at cost, which approximates fair value. Our cash and cash equivalents balances comprise the following: March 31, 2022 December 31, 2021 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 572,768 87.1 $ 580,047 86.9 Money market funds 84,653 12.9 87,620 13.1 Total $ 657,421 $ 667,667 Our money market fund balances are held in various funds of two issuers. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue: Three Months Ended (in thousands, except percentages) March 31, March 31, Revenue: Subscription lease licenses $ 91,457 $ 65,077 Perpetual licenses 65,988 67,527 Software licenses 157,445 132,604 Maintenance 247,241 213,674 Service 20,391 16,948 Maintenance and service 267,632 230,622 Total revenue $ 425,077 $ 363,226 Direct revenue, as a percentage of total revenue 72.4 % 71.8 % Indirect revenue, as a percentage of total revenue 27.6 % 28.2 % Our software license revenue is recognized up front, while maintenance and service revenue is generally recognized over the term of the contract. Deferred Revenue Deferred revenue consists of billings made or payments received in advance of revenue recognition from customer agreements. The timing of revenue recognition may differ from the timing of billings to customers. Payment terms vary by the type and location of customer and the products or services offered. The time between invoicing and when payment is due is not significant. The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the three months ended March 31, 2022 and 2021 were as follows: (in thousands) 2022 2021 Beginning balance – January 1 $ 412,781 $ 388,810 Acquired deferred revenue 84 — Deferral of revenue 423,649 362,043 Recognition of revenue (425,077) (363,226) Currency translation (6,317) (6,898) Ending balance – March 31 $ 405,120 $ 380,729 Total revenue allocated to remaining performance obligations as of March 31, 2022 will be recognized as revenue as follows: (in thousands) Next 12 months $ 746,037 Months 13-24 251,667 Months 25-36 139,907 Thereafter 65,564 Total revenue allocated to remaining performance obligations $ 1,203,175 Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes both deferred revenue and backlog. Our backlog represents installment billings for periods beyond the current quarterly billing cycle. Revenue recognized during the three months ended March 31, 2022 and 2021 included amounts in deferred revenue and backlog at the beginning of the period of $244.6 million and $209.3 million, respectively. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During the quarter ended March 31, 2022, we completed an acquisition for a purchase price of $5.1 million to enhance our solution offerings. The effects of the business combination were not material to our consolidated results of operations. On October 1, 2021, we acquired 100% of the shares of Zemax, a leader in high-performance optical imaging system simulation, for a purchase price of $411.5 million, paid in cash, or $399.1 million net of cash acquired from Zemax. The acquisition expands the scope of our optical and photonics simulation portfolio by giving users comprehensive solutions that could drive innovation in healthcare, autonomy, consumer electronics and the industrial internet of things (IIoT). Additionally, during the year ended December 31, 2021, we completed several other acquisitions to expand our solution offerings and enhance our customers' experience. These acquisitions were not individually significant. The combined purchase price of these acquisitions during the year ended December 31, 2021 was $110.7 million, which was paid in cash. The operating results of each acquisition have been included in our condensed consolidated financial statements since each respective date of acquisition. See Note 16, Subsequent Events, for information on our recent acquisitions. |
Other Receivables and Current A
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract] | |
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities | Other Receivables and Current Assets and Other Accrued Expenses and Liabilities Our other receivables and current assets and other accrued expenses and liabilities comprise the following balances: (in thousands) March 31, December 31, Receivables related to unrecognized revenue $ 139,441 $ 200,888 Income taxes receivable, including overpayments and refunds 68,962 71,332 Prepaid expenses and other current assets 69,972 52,435 Total other receivables and current assets $ 278,375 $ 324,655 Accrued vacation 41,882 35,879 Payroll-related accruals 37,597 21,507 Consumption, VAT and sales tax liabilities 25,867 52,630 Accrued expenses and other current liabilities 79,317 94,493 Total other accrued expenses and liabilities $ 184,663 $ 204,509 Receivables related to unrecognized revenue represent the current portion of billings made for customer contracts that have not yet been recognized as revenue. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) amounts are computed by dividing earnings by the weighted average number of common shares outstanding during the period. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalents outstanding. To the extent stock awards are anti-dilutive, they are excluded from the calculation of diluted EPS. The details of basic and diluted EPS are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Net income $ 70,988 $ 72,398 Weighted average shares outstanding – basic 87,122 86,808 Dilutive effect of stock plans 628 1,178 Weighted average shares outstanding – diluted 87,750 87,986 Basic earnings per share $ 0.81 $ 0.83 Diluted earnings per share $ 0.81 $ 0.82 Anti-dilutive shares 65 27 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets are classified as follows: March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Gross Accumulated Finite-lived intangible assets: Developed software and core technologies $ 983,973 $ (437,282) $ 985,685 $ (422,797) Customer lists 200,957 (60,700) 203,072 (57,175) Trade names 182,025 (130,271) 182,554 (128,577) Total $ 1,366,955 $ (628,253) $ 1,371,311 $ (608,549) Indefinite-lived intangible asset: Trade name $ 357 $ 357 Finite-lived intangible assets are amortized over their estimated useful lives of two years to seventeen years. Amortization expense for the intangible assets reflected above was $21.4 million and $19.4 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, estimated future amortization expense for the intangible assets reflected above was as follows: (in thousands) Remainder of 2022 $ 62,556 2023 88,738 2024 89,805 2025 88,387 2026 86,831 2027 85,813 Thereafter 236,572 Total intangible assets subject to amortization 738,702 Indefinite-lived trade name 357 Other intangible assets, net $ 739,059 The changes in goodwill during the three months ended March 31, 2022 and 2021 were as follows: (in thousands) 2022 2021 Beginning balance – January 1 $ 3,409,271 $ 3,038,306 Acquisitions and adjustments (1) 1,961 8,215 Currency translation (11,335) (9,738) Ending balance – March 31 $ 3,399,897 $ 3,036,783 (1) In accordance with the accounting for business combinations, we recorded adjustments to goodwill for the effect of changes in the provisional fair values of the assets acquired and liabilities assumed during the measurement period (up to one year from the acquisition date) as we obtained new information about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. During the first quarter of 2022, we completed the annual impairment test for goodwill and the indefinite-lived intangible asset and determined that these assets had not been impaired as of the test date, January 1, 2022. No other events or circumstances changed during the three months ended March 31, 2022 that would indicate that the fair values of our reporting unit and indefinite-lived intangible asset are below their carrying amounts. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or • Level 3: unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Our current and long-term debt is classified within Level 2 of the fair value hierarchy because these borrowings are not actively traded and have a variable interest rate structure based upon market rates. The carrying amount of our current and long-term debt approximates the estimated fair value. See Note 10, "Debt", for additional information on our borrowings. The following tables provide the assets carried at fair value and measured on a recurring basis: Fair Value Measurements at Reporting Date Using: (in thousands) March 31, Quoted Prices in Significant Other Significant Assets Cash equivalents $ 84,653 $ 84,653 $ — $ — Short-term investments $ 344 $ — $ 344 $ — Deferred compensation plan investments $ 1,600 $ 1,600 $ — $ — Equity securities $ 2,313 $ 2,313 $ — $ — Fair Value Measurements at Reporting Date Using: (in thousands) December 31, 2021 Quoted Prices in Significant Other Significant Assets Cash equivalents $ 87,620 $ 87,620 $ — $ — Short-term investments $ 361 $ — $ 361 $ — Deferred compensation plan investments $ 1,602 $ 1,602 $ — $ — Equity securities $ 2,500 $ 2,500 $ — $ — The cash equivalents in the preceding tables represent money market funds, valued at net asset value, with carrying values which approximate their fair values because of their short-term nature. The short-term investments in the preceding tables represent deposits held by certain foreign subsidiaries. The deposits have fixed interest rates with original maturities ranging from three months to one year. The deferred compensation plan investments in the preceding tables represent trading securities held in a rabbi trust for the benefit of non-employee directors. These securities consist of mutual funds traded in an active market with quoted prices. As a result, the plan assets are classified as Level 1 in the fair value hierarchy. The plan assets are recorded within other long-term assets on our condensed consolidated balance sheets. The equity securities represent our investment in a publicly traded company. These securities are traded in an active market with quoted prices. As a result, the securities are classified as Level 1 in the fair value hierarchy. The securities are recorded within other long-term assets on our condensed consolidated balance sheets. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Our right-of-use (ROU) assets and lease liabilities primarily include operating leases for office space. Our executive offices and those related to certain domestic product development, marketing, production and administration are located in a 186,000 square foot office facility in Canonsburg, Pennsylvania. The term of the lease is 183 months, which began on October 1, 2014 and expires on December 31, 2029. The lease agreement includes options to renew the contract through August 2044, an option to lease additional space in January 2025 and an option to terminate the lease in December 2025. No options are included in the lease liability as renewal is not reasonably certain. In addition, we are reasonably certain we will not terminate the lease agreement. Absent the exercise of options in the lease, our remaining base rent (inclusive of property taxes and certain operating costs) is $4.5 million per annum through 2024 and $4.7 million per annum for 2025 - 2029. The components of our global lease cost reflected in the condensed consolidated statements of income are as follows: Three Months Ended (in thousands) March 31, March 31, Lease liability cost $ 6,971 $ 7,001 Variable lease cost not included in the lease liability (1) 1,084 1,282 Total lease cost $ 8,055 $ 8,283 (1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate. Other information related to operating leases is as follows: Three Months Ended (in thousands) March 31, March 31, Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ (7,018) $ (6,827) Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,318 $ 587 As of March 31, 2022 2021 Weighted-average remaining lease term of operating leases 7.3 years 7.1 years Weighted-average discount rate of operating leases 2.9 % 3.1 % The maturity schedule of the operating lease liabilities as of March 31, 2022 is as follows: (in thousands) Remainder of 2022 $ 20,230 2023 22,610 2024 20,417 2025 18,625 2026 16,537 Thereafter 53,139 Total future lease payments 151,558 Less: Present value adjustment (15,081) Present value of future lease payments (1) $ 136,477 (1) Includes the current portion of operating lease liabilities of $22.2 million, which is reflected in other accrued expenses and liabilities in the condensed consolidated balance sheets. There were no material leases that have been signed but not yet commenced as of March 31, 2022. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt In February 2019, we entered into a credit agreement for a $500.0 million unsecured revolving credit facility, which includes a $50.0 million sublimit for the issuance of letters of credit (Revolving Credit Facility), with Bank of America, N.A. as the Administrative Agent. The Revolving Credit Facility becomes payable in full on February 22, 2024 and is available for general corporate purposes, including, among others, to finance acquisitions and capital expenditures. The Revolving Credit Facility has never been utilized. In connection with a 2019 acquisition, we amended our credit agreement (Amended Credit Agreement) on October 16, 2019. The amendment provided for a new $500.0 million unsecured term loan facility to partially finance the acquisition. The term loan was funded on November 1, 2019 and matures on November 1, 2024. Principal on the term loan is payable quarterly at a rate of 1.25% in 2022 and 2.50% thereafter. We repaid $75.0 million of the unsecured term loan balance in January 2020 prior to the scheduled maturity dates in 2022 ($25.0 million) and 2023 ($50.0 million). In June 2021, we repaid $26.0 million of the unsecured term loan balance prior to the scheduled maturity dates in 2024. In connection with a 2020 acquisition, we entered into a credit agreement (2020 Credit Agreement) on November 9, 2020, with Bank of America, N.A. as the Administrative Agent. The 2020 Credit Agreement provided for a new $375.0 million unsecured term loan facility to finance a portion of the cash consideration for the acquisition. The term loan was funded on December 1, 2020 and matures on November 1, 2024. Principal on the term loan is payable quarterly at a rate of 1.25% in 2022 and 2.50% thereafter. We repaid $19.0 million of the unsecured term loan balance in June 2021 prior to the scheduled maturity dates in 2022 ($18.8 million) and 2023 ($0.2 million). Borrowings under the Amended Credit Agreement and the 2020 Credit Agreement (collectively, the Credit Agreements) accrue interest at the Eurodollar rate plus an applicable margin or at the base rate, at our election. For the quarter ended March 31, 2022, we elected to apply the Eurodollar rate. The base rate is the applicable margin plus the highest of (i) the federal funds rate plus 0.500%, (ii) the Bank of America prime rate and (iii) the Eurodollar rate plus 1.000%. The applicable margin for these borrowings is a percentage per annum based on the lower of (1) a pricing level determined by our then-current consolidated leverage ratio and (2) a pricing level determined by our debt ratings (if such debt ratings exist). This results in a margin ranging from 1.125% to 1.750% and 0.125% to 0.750% for the Eurodollar rate and base rate, respecti vely. The weighted average interest rate in effect for the three months ended March 31, 2022 and 2021 was 1.35% and 1.45%, respectively. As of March 31, 2022, the rate in effect for the Credit Agreements was 1.58%. The Credit Agreements contain language in the event the Eurodollar rate is not available due to LIBOR changes. If this occurs, the base rate will be used for borrowings. However, we may work with the Administrative Agent to amend the Credit Agreements to replace the Eurodollar rate with (i) one or more rates based on the Secured Overnight Financing Rate (SOFR); or (ii) another alternative benchmark rate, subject to the lenders' approval. The Credit Agreements contain customary representations and warranties, affirmative and negative covenants and events of default. The Credit Agreements also each contain a financial covenant requiring us to maintain a consolidated leverage ratio of indebtedness to earnings before interest, taxes, depreciation and amortization not exceeding 3.50 to 1.00 as of the end of any fiscal quarter (for the four-quarter period ending on such date) with an opportunity for a temporary increase in such consolidated leverage ratio to 4.00 to 1.00 upon the consummation of certain qualified acquisitions for which the aggregate consideration is at least $250.0 million. As of March 31, 2022, the carrying value of the term loans was $753.7 million, of which $9.1 million is included in current portion of long-term debt and $744.6 million is included in long-term debt and is net of $1.3 million of unamortized debt issuance costs. As of December 31, 2021, the carrying value of the term loans was $753.6 million, which is net of $1.4 million of unamortized debt issuance costs and the total amount is included in long-term debt. We were in compliance with all covenants as of March 31, 2022 and December 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our income before income tax provision (benefit), income tax provision (benefit) and effective tax rates were as follows: Three Months Ended (in thousands, except percentages) March 31, March 31, Income before income tax provision (benefit) $ 78,029 $ 47,623 Income tax provision (benefit) $ 7,041 $ (24,775) Effective tax rate 9.0 % (52.0) % Tax expense (benefit) for the three months ended March 31, 2022 and 2021 benefited due to deductions related to stock-based compensation, many of which were recognized discretely. These benefits were partially offset by non-deductible compensation. Discrete deductions relating to stock-based compensation were significantly higher for the three months ended March 31, 2021. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2022 | |
Class of Stock Disclosures [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program Under our stock repurchase program, we repurchased shares as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Number of shares repurchased 500 — Average price paid per share $ 311.14 $ — Total cost $ 155,571 $ — |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation expense and its net impact on basic and diluted earnings per share are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Cost of sales: Maintenance and service $ 2,563 $ 3,562 Operating expenses: Selling, general and administrative 20,444 17,223 Research and development 12,644 14,334 Stock-based compensation expense before taxes 35,651 35,119 Related income tax benefits (24,888) (42,625) Stock-based compensation expense, net of taxes $ 10,763 $ (7,506) Net impact on earnings per share: Basic earnings per share $ (0.12) $ 0.09 Diluted earnings per share $ (0.12) $ 0.09 Stock-based compensation was a net benefit for the three months ended March 31, 2021 as the tax benefits on stock-based compensation exceeded the gross stock-based compensation expense due to increased excess tax benefits recognized related to awards issued in prior periods that were either exercised or released in the period. |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2022 | |
Segments, Geographical Areas [Abstract] | |
Geographic Information | Geographic Information Revenue to external customers is attributed to individual countries based upon the location of the customer. Revenue by geographic area is as follows: Three Months Ended (in thousands) March 31, March 31, United States $ 197,561 $ 152,701 Japan 37,871 42,015 Germany 30,586 31,346 China 23,208 14,452 South Korea 21,940 22,398 Other Europe, Middle East and Africa (EMEA) 74,437 71,929 Other international 39,474 28,385 Total revenue $ 425,077 $ 363,226 Property and equipment by geographic area is as follows: (in thousands) March 31, December 31, United States $ 60,909 $ 62,880 India 6,104 6,144 Germany 3,840 4,434 Other EMEA 8,752 9,215 Other international 5,073 5,241 Total property and equipment, net $ 84,678 $ 87,914 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments We are subject to various claims, investigations, and legal and regulatory proceedings that arise in the ordinary course of business, including, but not limited to, commercial disputes, labor and employment matters, tax audits, alleged infringement of third party's intellectual property rights and other matters. In our opinion, the resolution of pending matters is not expected to have a material adverse effect on our consolidated results of operations, cash flows or financial position. However, each of these matters is subject to various uncertainties and it is possible that an unfavorable resolution of one or more of these proceedings could materially affect our consolidated results of operations, cash flows or financial position. Our Indian subsidiary has several service tax audits pending that have resulted in formal inquiries being received on transactions through mid-2012. We could incur tax charges and related liabilities of $7.4 million. As such charges are not probable at this time, a reserve has not been recorded on the condensed consolidated balance sheet as of March 31, 2022. The service tax issues raised in our notices and inquiries are very similar to the case, M/s Microsoft Corporation (I) (P) Ltd. Vs. Commissioner of Service Tax, New Delhi, wherein the Delhi Customs, Excise and Service Tax Appellate Tribunal (CESTAT) issued a favorable ruling to Microsoft. The Microsoft ruling was subsequently challenged in the Supreme Court by the Indian tax authority and a decision is still pending. We can provide no assurances on the impact that the present Microsoft case's decision will have on our cases, however, an unfavorable ruling in the Microsoft case may impact our assessment of probability and result in the recording of a $7.4 million reserve. We are uncertain as to when these service tax matters will be concluded. We sell software licenses and services to our customers under contractual agreements. Such agreements generally include certain provisions indemnifying the customer against claims, by third parties, of infringement or misappropriation of their intellectual property rights arising from such customer's usage of our products or services. To date, payments related to these indemnification provisions have been immaterial. For several reasons, including the lack of prior material indemnification claims, we cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn May 2022, we completed various strategic acquisitions for a combined purchase price of $249.0 million. These acquisitions were funded with existing cash balances. Due to the limited time since the acquisition dates, the initial accounting for these business combinations is incomplete. As a result, we are unable to provide the amounts recognized as of the acquisition dates for the major classes of assets acquired and liabilities assumed. We do not expect the operations to contribute meaningfully to our current year’s financial results. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies, the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). The condensed consolidated December 31, 2021 balance sheet presented is derived from the audited December 31, 2021 balance sheet included in the 2021 Form 10-K. In our opinion, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for any future period. |
Changes in Accounting Policies | Recently Adopted Accounting Guidance Business combinations : In October 2021, the Financial Accounting Standards Board issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , as if the acquirer had originated the contracts. We adopted the standard effective January 1, 2022. Under the prior guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The standard does not impact acquired contract assets or liabilities from business combinations that occurred prior to the effective date of adoption, and the impact in current and future periods will depend on the contract assets and contract liabilities acquired in business combinations after the effective date of adoption. |
Accounting Guidance Issued and Not Yet Adopted | Accounting Guidance Issued and Not Yet AdoptedIt is not expected that the future adoption of any recently issued accounting pronouncements will have a material impact on our financial position, results of operations or cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market funds. Cash equivalents are carried at cost, which approximates fair value. Our cash and cash equivalents balances comprise the following: March 31, 2022 December 31, 2021 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 572,768 87.1 $ 580,047 86.9 Money market funds 84,653 12.9 87,620 13.1 Total $ 657,421 $ 667,667 Our money market fund balances are held in various funds of two issuers. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Our cash and cash equivalents balances comprise the following: March 31, 2022 December 31, 2021 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 572,768 87.1 $ 580,047 86.9 Money market funds 84,653 12.9 87,620 13.1 Total $ 657,421 $ 667,667 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenue: Three Months Ended (in thousands, except percentages) March 31, March 31, Revenue: Subscription lease licenses $ 91,457 $ 65,077 Perpetual licenses 65,988 67,527 Software licenses 157,445 132,604 Maintenance 247,241 213,674 Service 20,391 16,948 Maintenance and service 267,632 230,622 Total revenue $ 425,077 $ 363,226 Direct revenue, as a percentage of total revenue 72.4 % 71.8 % Indirect revenue, as a percentage of total revenue 27.6 % 28.2 % |
Changes in Deferred Revenue | The changes in deferred revenue, inclusive of both current and long-term deferred revenue, during the three months ended March 31, 2022 and 2021 were as follows: (in thousands) 2022 2021 Beginning balance – January 1 $ 412,781 $ 388,810 Acquired deferred revenue 84 — Deferral of revenue 423,649 362,043 Recognition of revenue (425,077) (363,226) Currency translation (6,317) (6,898) Ending balance – March 31 $ 405,120 $ 380,729 |
Remaining Performance Obligations, Expected Timing of Satisfaction | Total revenue allocated to remaining performance obligations as of March 31, 2022 will be recognized as revenue as follows: (in thousands) Next 12 months $ 746,037 Months 13-24 251,667 Months 25-36 139,907 Thereafter 65,564 Total revenue allocated to remaining performance obligations $ 1,203,175 |
Other Receivables and Current_2
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract] | |
Schedule of Other Receivables and Current Assets and Other Accrued Expenses and Liabilities | Our other receivables and current assets and other accrued expenses and liabilities comprise the following balances: (in thousands) March 31, December 31, Receivables related to unrecognized revenue $ 139,441 $ 200,888 Income taxes receivable, including overpayments and refunds 68,962 71,332 Prepaid expenses and other current assets 69,972 52,435 Total other receivables and current assets $ 278,375 $ 324,655 Accrued vacation 41,882 35,879 Payroll-related accruals 37,597 21,507 Consumption, VAT and sales tax liabilities 25,867 52,630 Accrued expenses and other current liabilities 79,317 94,493 Total other accrued expenses and liabilities $ 184,663 $ 204,509 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Details of Basic and Diluted EPS | The details of basic and diluted EPS are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Net income $ 70,988 $ 72,398 Weighted average shares outstanding – basic 87,122 86,808 Dilutive effect of stock plans 628 1,178 Weighted average shares outstanding – diluted 87,750 87,986 Basic earnings per share $ 0.81 $ 0.83 Diluted earnings per share $ 0.81 $ 0.82 Anti-dilutive shares 65 27 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets (Indefinite-Lived) | Intangible assets are classified as follows: March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Gross Accumulated Finite-lived intangible assets: Developed software and core technologies $ 983,973 $ (437,282) $ 985,685 $ (422,797) Customer lists 200,957 (60,700) 203,072 (57,175) Trade names 182,025 (130,271) 182,554 (128,577) Total $ 1,366,955 $ (628,253) $ 1,371,311 $ (608,549) Indefinite-lived intangible asset: Trade name $ 357 $ 357 |
Intangible Assets (Finite-Lived) | Intangible assets are classified as follows: March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Gross Accumulated Finite-lived intangible assets: Developed software and core technologies $ 983,973 $ (437,282) $ 985,685 $ (422,797) Customer lists 200,957 (60,700) 203,072 (57,175) Trade names 182,025 (130,271) 182,554 (128,577) Total $ 1,366,955 $ (628,253) $ 1,371,311 $ (608,549) Indefinite-lived intangible asset: Trade name $ 357 $ 357 |
Estimated Future Amortization Expense for Intangible Assets | As of March 31, 2022, estimated future amortization expense for the intangible assets reflected above was as follows: (in thousands) Remainder of 2022 $ 62,556 2023 88,738 2024 89,805 2025 88,387 2026 86,831 2027 85,813 Thereafter 236,572 Total intangible assets subject to amortization 738,702 Indefinite-lived trade name 357 Other intangible assets, net $ 739,059 |
Changes in Goodwill | The changes in goodwill during the three months ended March 31, 2022 and 2021 were as follows: (in thousands) 2022 2021 Beginning balance – January 1 $ 3,409,271 $ 3,038,306 Acquisitions and adjustments (1) 1,961 8,215 Currency translation (11,335) (9,738) Ending balance – March 31 $ 3,399,897 $ 3,036,783 (1) In accordance with the accounting for business combinations, we recorded adjustments to goodwill for the effect of changes in the provisional fair values of the assets acquired and liabilities assumed during the measurement period (up to one year from the acquisition date) as we obtained new information about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables provide the assets carried at fair value and measured on a recurring basis: Fair Value Measurements at Reporting Date Using: (in thousands) March 31, Quoted Prices in Significant Other Significant Assets Cash equivalents $ 84,653 $ 84,653 $ — $ — Short-term investments $ 344 $ — $ 344 $ — Deferred compensation plan investments $ 1,600 $ 1,600 $ — $ — Equity securities $ 2,313 $ 2,313 $ — $ — Fair Value Measurements at Reporting Date Using: (in thousands) December 31, 2021 Quoted Prices in Significant Other Significant Assets Cash equivalents $ 87,620 $ 87,620 $ — $ — Short-term investments $ 361 $ — $ 361 $ — Deferred compensation plan investments $ 1,602 $ 1,602 $ — $ — Equity securities $ 2,500 $ 2,500 $ — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of our global lease cost reflected in the condensed consolidated statements of income are as follows: Three Months Ended (in thousands) March 31, March 31, Lease liability cost $ 6,971 $ 7,001 Variable lease cost not included in the lease liability (1) 1,084 1,282 Total lease cost $ 8,055 $ 8,283 (1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate. |
Lessee, Operating Lease Other Information | Other information related to operating leases is as follows: Three Months Ended (in thousands) March 31, March 31, Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ (7,018) $ (6,827) Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,318 $ 587 As of March 31, 2022 2021 Weighted-average remaining lease term of operating leases 7.3 years 7.1 years Weighted-average discount rate of operating leases 2.9 % 3.1 % |
Schedule of Maturity of Operating Lease Liabilities | The maturity schedule of the operating lease liabilities as of March 31, 2022 is as follows: (in thousands) Remainder of 2022 $ 20,230 2023 22,610 2024 20,417 2025 18,625 2026 16,537 Thereafter 53,139 Total future lease payments 151,558 Less: Present value adjustment (15,081) Present value of future lease payments (1) $ 136,477 (1) Includes the current portion of operating lease liabilities of $22.2 million, which is reflected in other accrued expenses and liabilities in the condensed consolidated balance sheets. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Our income before income tax provision (benefit), income tax provision (benefit) and effective tax rates were as follows: Three Months Ended (in thousands, except percentages) March 31, March 31, Income before income tax provision (benefit) $ 78,029 $ 47,623 Income tax provision (benefit) $ 7,041 $ (24,775) Effective tax rate 9.0 % (52.0) % |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Class of Stock Disclosures [Abstract] | |
Stock Repurchase Program | Under our stock repurchase program, we repurchased shares as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Number of shares repurchased 500 — Average price paid per share $ 311.14 $ — Total cost $ 155,571 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share | Total stock-based compensation expense and its net impact on basic and diluted earnings per share are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Cost of sales: Maintenance and service $ 2,563 $ 3,562 Operating expenses: Selling, general and administrative 20,444 17,223 Research and development 12,644 14,334 Stock-based compensation expense before taxes 35,651 35,119 Related income tax benefits (24,888) (42,625) Stock-based compensation expense, net of taxes $ 10,763 $ (7,506) Net impact on earnings per share: Basic earnings per share $ (0.12) $ 0.09 Diluted earnings per share $ (0.12) $ 0.09 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segments, Geographical Areas [Abstract] | |
Revenue by Geographic Area | Revenue by geographic area is as follows: Three Months Ended (in thousands) March 31, March 31, United States $ 197,561 $ 152,701 Japan 37,871 42,015 Germany 30,586 31,346 China 23,208 14,452 South Korea 21,940 22,398 Other Europe, Middle East and Africa (EMEA) 74,437 71,929 Other international 39,474 28,385 Total revenue $ 425,077 $ 363,226 |
Property and Equipment by Geographic Area | Property and equipment by geographic area is as follows: (in thousands) March 31, December 31, United States $ 60,909 $ 62,880 India 6,104 6,144 Germany 3,840 4,434 Other EMEA 8,752 9,215 Other international 5,073 5,241 Total property and equipment, net $ 84,678 $ 87,914 |
Organization (Detail)
Organization (Detail) | 3 Months Ended |
Mar. 31, 2022segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Accounting Policies - Cash and
Accounting Policies - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash accounts, Amount | $ 572,768 | $ 580,047 |
Money market funds, Amount | 84,653 | 87,620 |
Total | $ 657,421 | $ 667,667 |
Cash | ||
Percent Of Cash And Cash Equivalents | 87.10% | 86.90% |
Money Market Funds | ||
Percent Of Cash And Cash Equivalents | 12.90% | 13.10% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Amount of revenue recognized from beginning deferred revenue and backlog | $ 244.6 | $ 209.3 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 425,077 | $ 363,226 |
Subscription lease licenses | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 91,457 | 65,077 |
Perpetual licenses | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 65,988 | 67,527 |
Software licenses | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 157,445 | 132,604 |
Maintenance | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 247,241 | 213,674 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 20,391 | 16,948 |
Maintenance and service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 267,632 | $ 230,622 |
Direct revenue, as a percentage of total revenue | Revenue Benchmark | Sales Channel Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 72.40% | 71.80% |
Indirect revenue, as a percentage of total revenue | Revenue Benchmark | Sales Channel Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 27.60% | 28.20% |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in Deferred Revenue [Roll Forward] | ||
Beginning balance | $ 412,781 | $ 388,810 |
Acquired deferred revenue | 84 | 0 |
Deferral of revenue | 423,649 | 362,043 |
Recognition of revenue | (425,077) | (363,226) |
Currency translation | (6,317) | (6,898) |
Ending balance | $ 405,120 | $ 380,729 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Remaining Performance Obligations, Expected Timing of Satisfaction (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 1,203,175 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 746,037 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 251,667 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 139,907 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 65,564 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Payments to acquire businesses, gross | $ 5,100 | |||
Payments to acquire businesses, net of cash acquired | $ 4,915 | $ 10,783 | ||
Zemax, LLC | ||||
Payments to acquire businesses, gross | $ 411,500 | |||
Percentage of shares acquired | 100.00% | |||
Payments to acquire businesses, net of cash acquired | $ 399,100 | |||
Series of Individually Immaterial Business Acquisitions | ||||
Payments to acquire businesses, gross | $ 110,700 |
Other Receivables and Current_3
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Receivables and Current Assets and Other Accrued Expenses and Liabilities [Abstract] | ||
Receivables related to unrecognized revenue | $ 139,441 | $ 200,888 |
Income taxes receivable, including overpayments and refunds | 68,962 | 71,332 |
Prepaid expenses and other current assets | 69,972 | 52,435 |
Total other receivables and current assets | 278,375 | 324,655 |
Accrued vacation | 41,882 | 35,879 |
Payroll-related accruals | 37,597 | 21,507 |
Consumption, VAT and sales tax liabilities | 25,867 | 52,630 |
Accrued expenses and other current liabilities | 79,317 | 94,493 |
Total other accrued expenses and liabilities | $ 184,663 | $ 204,509 |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 70,988 | $ 72,398 |
Weighted average shares outstanding – basic | 87,122 | 86,808 |
Dilutive effect of stock plans | 628 | 1,178 |
Weighted average shares outstanding – diluted | 87,750 | 87,986 |
Basic earnings per share | $ 0.81 | $ 0.83 |
Diluted earnings per share | $ 0.81 | $ 0.82 |
Anti-dilutive shares | 65 | 27 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of intangible assets | $ 21.4 | $ 19.4 |
Minimum | ||
Finite-lived intangible asset, useful life | 2 years | |
Maximum | ||
Finite-lived intangible asset, useful life | 17 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | $ 1,366,955 | $ 1,371,311 |
Amortized intangible assets, accumulated amortization | (628,253) | (608,549) |
Indefinite-lived intangible assets (excluding goodwill) | 357 | |
Trade Names | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | 357 | 357 |
Developed Software and Core Technologies | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 983,973 | 985,685 |
Amortized intangible assets, accumulated amortization | (437,282) | (422,797) |
Customer Lists | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 200,957 | 203,072 |
Amortized intangible assets, accumulated amortization | (60,700) | (57,175) |
Trade Names | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 182,025 | 182,554 |
Amortized intangible assets, accumulated amortization | $ (130,271) | $ (128,577) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 62,556 | |
2023 | 88,738 | |
2024 | 89,805 | |
2025 | 88,387 | |
2026 | 86,831 | |
2027 | 85,813 | |
Thereafter | 236,572 | |
Total intangible assets subject to amortization | 738,702 | |
Indefinite-lived trade name | 357 | |
Other intangible assets, net | $ 739,059 | $ 763,119 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 3,409,271 | $ 3,038,306 |
Acquisitions and adjustments | 1,961 | 8,215 |
Currency translation | (11,335) | (9,738) |
Ending balance | $ 3,399,897 | $ 3,036,783 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 84,653 | $ 87,620 |
Short-term investments | 344 | 361 |
Deferred compensation plan investments | 1,600 | 1,602 |
Equity securities | 2,313 | 2,500 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 84,653 | 87,620 |
Short-term investments | 0 | 0 |
Deferred compensation plan investments | 1,600 | 1,602 |
Equity securities | 2,313 | 2,500 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 344 | 361 |
Deferred compensation plan investments | 0 | 0 |
Equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Deferred compensation plan investments | 0 | 0 |
Equity securities | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Short-term investments maturity | 3 months |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Short-term investments maturity | 1 year |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($)ft² |
Lessee, Lease, Description [Line Items] | |
Current portion of operating lease liabilities | $ 22.2 |
Canonsburg Office, New Company Headquarters | |
Lessee, Lease, Description [Line Items] | |
Area of real estate property | ft² | 186,000 |
Period of leased property | 183 months |
Base rent through 2024 | $ 4.5 |
Base rent 2025-2029 | $ 4.7 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Lease liability cost | $ 6,971 | $ 7,001 |
Variable lease cost not included in the lease liability | 1,084 | 1,282 |
Total lease cost | $ 8,055 | $ 8,283 |
Leases - Lessee, Operating Leas
Leases - Lessee, Operating Lease Other Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ (7,018) | $ (6,827) |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 16,318 | $ 587 |
Weighted-average remaining lease term of operating leases | 7 years 3 months 18 days | 7 years 1 month 6 days |
Weighted-average discount rate of operating leases | 2.90% | 3.10% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Operating Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 20,230 |
2023 | 22,610 |
2024 | 20,417 |
2025 | 18,625 |
2026 | 16,537 |
Thereafter | 53,139 |
Total future lease payments | 151,558 |
Less: Present value adjustment | (15,081) |
Present value of future lease payments | $ 136,477 |
Debt (Detail)
Debt (Detail) - USD ($) | Jun. 30, 2021 | Jan. 06, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 01, 2020 | Nov. 01, 2019 |
Debt Disclosure [Line Items] | |||||||
Term loan principal repayment rate, initial | 1.25% | ||||||
Term loan principal repayment rate, increased | 2.50% | ||||||
Weighted-average interest rate over time | 1.35% | 1.45% | |||||
Weighted-average interest rate at point in time | 1.58% | ||||||
Consolidated leverage ratio | 3.50 | ||||||
Consolidated leverage ratio increased | 4 | ||||||
Qualified acquisition amount | $ 250,000,000 | ||||||
Long-term debt, carrying value | 753,700,000 | $ 753,600,000 | |||||
Long-term debt | 744,575,000 | 753,576,000 | |||||
Unamortized debt issuance cost | 1,300,000 | 1,400,000 | |||||
Current portion of long-term debt | 9,125,000 | $ 0 | |||||
2019 Acquisition | |||||||
Debt Disclosure [Line Items] | |||||||
Unsecured debt | $ 500,000,000 | ||||||
Early debt repayment | $ 26,000,000 | $ 75,000,000 | |||||
Early repayment of debt due in 2022 | 25,000,000 | ||||||
Early repayment of debt due in 2023 | $ 50,000,000 | ||||||
2020 Acquisition | |||||||
Debt Disclosure [Line Items] | |||||||
Unsecured debt | $ 375,000,000 | ||||||
Early debt repayment | 19,000,000 | ||||||
Early repayment of debt due in 2022 | 18,800,000 | ||||||
Early repayment of debt due in 2023 | $ 200,000 | ||||||
Revolving credit facility | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 500,000,000 | ||||||
Outstanding borrowings under the credit agreement | 0 | ||||||
Letters of credit | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 50,000,000 | ||||||
Base rate | |||||||
Debt Disclosure [Line Items] | |||||||
Debt instrument, basis spead on federal funds rate | 0.50% | ||||||
Debt instrument, basis spread on Eurodollar rate | 1.00% | ||||||
Base rate | Minimum | |||||||
Debt Disclosure [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.125% | ||||||
Base rate | Maximum | |||||||
Debt Disclosure [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||
Eurodollar | Minimum | |||||||
Debt Disclosure [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.125% | ||||||
Eurodollar | Maximum | |||||||
Debt Disclosure [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.75% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income before income tax provision (benefit) | $ 78,029 | $ 47,623 |
Income tax provision (benefit) | $ 7,041 | $ (24,775) |
Effective tax rate | 9.00% | (52.00%) |
Stock Repurchase Program (Detai
Stock Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class of Stock Disclosures [Abstract] | ||
Number of shares repurchased | 500 | 0 |
Average price paid per share | $ 311.14 | $ 0 |
Total cost | $ 155,571 | $ 0 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) shares in Millions | Mar. 31, 2022shares |
Class of Stock Disclosures [Abstract] | |
Stock repurchase program, remaining number of shares authorized to be repurchased | 2 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | $ 35,651 | $ 35,119 |
Related income tax benefits | (24,888) | (42,625) |
Stock-based compensation expense, net of taxes | $ 10,763 | $ (7,506) |
Basic earnings per share | $ (0.12) | $ 0.09 |
Diluted earnings per share | $ (0.12) | $ 0.09 |
Maintenance and service | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | $ 2,563 | $ 3,562 |
Selling, general and administrative | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | 20,444 | 17,223 |
Research and development | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | $ 12,644 | $ 14,334 |
Geographic Information - Revenu
Geographic Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 425,077 | $ 363,226 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 197,561 | 152,701 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 37,871 | 42,015 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 30,586 | 31,346 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 23,208 | 14,452 |
South Korea | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 21,940 | 22,398 |
Other Europe, Middle East and Africa (EMEA) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 74,437 | 71,929 |
Other international | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 39,474 | $ 28,385 |
Geographic Information - Proper
Geographic Information - Property and Equipment by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 84,678 | $ 87,914 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 60,909 | 62,880 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 6,104 | 6,144 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 3,840 | 4,434 |
Other EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 8,752 | 9,215 |
Other international | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 5,073 | $ 5,241 |
Contingencies and Commitments (
Contingencies and Commitments (Detail) $ in Millions | Mar. 31, 2022USD ($) |
India Service Tax Audit | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 7.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Subsequent Events [Line Items] | |||
Payments to acquire businesses, gross | $ 5,100 | ||
Series of Individually Immaterial Business Acquisitions | |||
Subsequent Events [Line Items] | |||
Payments to acquire businesses, gross | $ 110,700 | ||
Subsequent Events | Series of Individually Immaterial Business Acquisitions | |||
Subsequent Events [Line Items] | |||
Payments to acquire businesses, gross | $ 249,000 |