Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | 23-May-14 | Sep. 30, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ABCO | ' | ' |
Entity Registrant Name | 'ADVISORY BOARD CO | ' | ' |
Entity Central Index Key | '0001157377 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 36,602,102 | ' |
Entity Public Float | ' | ' | $2,140,496,767 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23,129 | $57,829 |
Marketable securities, current | 2,452 | 16,611 |
Membership fees receivable, net | 447,897 | 370,321 |
Prepaid expenses and other current assets | 27,212 | 15,477 |
Deferred income taxes, current | 5,511 | 7,664 |
Total current assets | 506,201 | 467,902 |
Property and equipment, net | 102,457 | 73,572 |
Intangible assets, net | 33,755 | 32,381 |
Deferred incentive compensation and other charges | 86,147 | 73,502 |
Deferred income taxes, net of current portion | 0 | 2,993 |
Marketable securities, net of current portion | 161,944 | 140,228 |
Goodwill | 129,424 | 95,540 |
Investments in and advances to unconsolidated entities | 15,857 | 6,265 |
Other non-current assets | 5,550 | 5,550 |
Total assets | 1,041,335 | 897,933 |
Current liabilities: | ' | ' |
Deferred revenue, current | 459,827 | 398,541 |
Accounts payable and accrued liabilities | 77,815 | 75,089 |
Accrued incentive compensation | 28,471 | 21,033 |
Total current liabilities | 566,113 | 494,663 |
Deferred revenue, net of current portion | 127,532 | 104,484 |
Deferred income taxes, net of current portion | 1,556 | 0 |
Other long-term liabilities | 8,975 | 15,866 |
Total liabilities | 704,176 | 615,013 |
Redeemable noncontrolling interest | 100 | 100 |
The Advisory Board Company's stockholders' equity: | ' | ' |
Preferred stock, par value $0.01; 5,000,000 shares authorized, zero shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01; 135,000,000 shares authorized, 35,138,465 and 36,321,895 shares issued as of March 31, 2013 and 2014, respectively, and 35,138,465 and 36,321,825 shares outstanding as of March 31, 2013 and 2014, respectively | 363 | 351 |
Additional paid-in capital | 429,932 | 375,622 |
Accumulated deficit | -91,468 | -94,306 |
Accumulated other comprehensive (loss) income | -1,541 | 1,261 |
Total stockholders’ equity controlling interest | 337,286 | 282,928 |
Equity attributable to noncontrolling interests | -227 | -108 |
Total stockholder's equity | 337,059 | 282,820 |
Total liabilities and stockholders' equity | $1,041,335 | $897,933 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 135,000,000 | 135,000,000 |
Common stock, shares issued | 36,321,865 | 35,138,465 |
Common stock, shares outstanding | 36,321,865 | 35,138,465 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenue | $520,596 | $450,837 | $370,345 |
Costs and expenses: | ' | ' | ' |
Cost of services, excluding depreciation and amortization | 272,523 | 237,605 | 197,937 |
Member relations and marketing | 96,298 | 85,264 | 73,875 |
General and administrative | 74,169 | 62,185 | 47,892 |
Depreciation and amortization | 30,420 | 20,308 | 14,269 |
Operating income | 47,186 | 45,475 | 36,372 |
Other income, net | 2,706 | 2,604 | 3,034 |
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 49,892 | 48,079 | 39,406 |
Provision for income taxes | -19,208 | -18,023 | -15,207 |
Equity in loss of unconsolidated entities | -6,051 | -6,756 | -1,337 |
Net income from continuing operations | 24,633 | 23,300 | 22,862 |
Discontinued operations: | ' | ' | ' |
Income from discontinued operations, net of tax | 0 | 0 | 286 |
Gain on sale of discontinued operations, net of tax | 0 | 0 | 2,155 |
Net income from discontinued operations | 0 | 0 | 2,441 |
Net income before allocation to noncontrolling interest | 24,633 | 23,300 | 25,303 |
Net loss attributable to noncontrolling interest | 119 | 108 | 0 |
Net income attributable to common stockholders | $24,752 | $23,408 | $25,303 |
Earnings per share - basic: | ' | ' | ' |
Net income from continuing operations attributable to common stockholders (dollars per share) | $0.69 | $0.67 | $0.70 |
Net income from discontinued operations attributable to common stockholders (dollars per share) | $0 | $0 | $0.07 |
Net income attributable to common stockholders per share - basic (dollars per share) | $0.69 | $0.67 | $0.77 |
Earnings per share - diluted: | ' | ' | ' |
Net income from continuing operations attributable to common stockholders (dollars per share) | $0.67 | $0.64 | $0.66 |
Net income from discontinued operations attributable to common stockholders (dollars per share) | $0 | $0 | $0.07 |
Net income attributable to common stockholders per share - diluted (dollars per share) | $0.67 | $0.64 | $0.73 |
Weighted average number of shares outstanding: | ' | ' | ' |
Basic (shares) | 35,909 | 34,723 | 32,808 |
Diluted (shares) | 36,959 | 36,306 | 34,660 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net income attributable to common stockholders | $8,287 | $3,771 | $9,002 | $3,692 | $6,542 | $4,592 | $7,647 | $4,627 | $24,752 | $23,408 | $25,303 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains (losses) on marketable securities, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,802 | 55 | 1,326 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $21,950 | $23,463 | $26,629 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Elements of Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Mar. 31, 2011 | $148,840 | $225 | $267,242 | $164,697 | ($120) | ($283,204) | $0 |
Beginning balance, shares at Mar. 31, 2011 | ' | 32,020,476 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 31,034 | 8 | 31,026 | ' | ' | ' | ' |
Proceeds from exercise of stock options, Shares | 1,775,510 | 1,775,510 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of shares withheld to satisfy minimum employee tax withholding | -2,419 | 2 | -2,421 | ' | ' | ' | ' |
Vesting of restricted stock units, net of shares withheld to satisfy minimum employee tax withholding, Shares | ' | 150,548 | ' | ' | ' | ' | ' |
Excess tax benefits from stock-based awards | 7,593 | ' | 7,593 | ' | ' | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan | 222 | ' | 222 | ' | ' | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan, Shares | ' | 6,684 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 11,986 | ' | 11,986 | ' | ' | ' | ' |
Purchases of treasury stock | -6,580 | ' | ' | ' | ' | -6,580 | ' |
Purchases of treasury stock, Shares | ' | -223,438 | ' | ' | ' | ' | ' |
Net income | 25,303 | ' | ' | 25,303 | ' | ' | ' |
Change in net unrealized gains (losses) on available-for-sale marketable securities, net of income taxes of $619 in 2012, $654 in 2013,$33 in 2014 respectively. | 1,326 | ' | ' | ' | 1,326 | ' | ' |
Ending balance at Mar. 31, 2012 | 217,305 | 235 | 315,648 | 190,000 | 1,206 | -289,784 | 0 |
Ending balance, shares at Mar. 31, 2012 | ' | 33,729,780 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 24,149 | 12 | 24,137 | ' | ' | ' | ' |
Proceeds from exercise of stock options, Shares | 1,477,219 | 1,470,978 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of shares withheld to satisfy minimum employee tax withholding | -4,139 | 1 | -4,140 | ' | ' | ' | ' |
Vesting of restricted stock units, net of shares withheld to satisfy minimum employee tax withholding, Shares | ' | 202,865 | ' | ' | ' | ' | ' |
Excess tax benefits from stock-based awards | 20,535 | ' | 20,535 | ' | ' | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan | 363 | ' | 363 | ' | ' | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan, Shares | ' | 7,748 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 13,913 | ' | 13,913 | ' | ' | ' | ' |
Release of Southwind earn-out payable in common stock | 5,339 | 1 | ' | ' | ' | ' | ' |
Release of Southwind earn-out payable in common stock, Shares | ' | 112,408 | ' | ' | ' | ' | ' |
Retirement of treasury stock | ' | -70 | ' | -307,714 | ' | 307,784 | ' |
Stock split | ' | 172 | ' | ' | ' | ' | ' |
Purchases of treasury stock | -18,000 | ' | ' | ' | ' | -18,000 | ' |
Purchases of treasury stock, Shares | ' | -385,314 | ' | ' | ' | ' | ' |
Net income | 23,300 | ' | ' | 23,408 | ' | ' | -108 |
Change in net unrealized gains (losses) on available-for-sale marketable securities, net of income taxes of $619 in 2012, $654 in 2013,$33 in 2014 respectively. | 55 | ' | ' | ' | 55 | ' | ' |
Ending balance at Mar. 31, 2013 | 282,820 | 351 | 375,622 | -94,306 | 1,261 | 0 | -108 |
Ending balance, shares at Mar. 31, 2013 | ' | 35,138,465 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 22,036 | 13 | 22,023 | ' | ' | ' | ' |
Proceeds from exercise of stock options, Shares | 1,327,358 | 1,323,728 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of shares withheld to satisfy minimum employee tax withholding | -5,918 | 2 | -5,920 | ' | ' | ' | ' |
Vesting of restricted stock units, net of shares withheld to satisfy minimum employee tax withholding, Shares | ' | 227,202 | ' | ' | ' | ' | ' |
Excess tax benefits from stock-based awards | 19,476 | ' | 19,476 | ' | ' | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan | 514 | ' | 514 | ' | ' | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan, Shares | ' | 8,962 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 18,217 | ' | 18,217 | ' | ' | ' | ' |
Release of Southwind earn-out payable in common stock | ' | ' | 5,338 | ' | ' | ' | ' |
Retirement of treasury stock | ' | -3 | ' | -21,914 | ' | 21,917 | ' |
Stock split | ' | ' | -172 | ' | ' | ' | ' |
Purchases of treasury stock | -21,917 | ' | ' | ' | ' | -21,917 | ' |
Purchases of treasury stock, Shares | ' | -376,532 | ' | ' | ' | ' | ' |
Net income | 24,633 | ' | ' | 24,752 | ' | ' | -119 |
Change in net unrealized gains (losses) on available-for-sale marketable securities, net of income taxes of $619 in 2012, $654 in 2013,$33 in 2014 respectively. | -2,802 | ' | ' | ' | -2,802 | ' | ' |
Ending balance at Mar. 31, 2014 | $337,059 | $363 | $429,932 | ($91,468) | ($1,541) | $0 | ($227) |
Ending balance, shares at Mar. 31, 2014 | ' | 36,321,825 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Change in net unrealized gains (losses) | ($1,760) | ($33) | ($654) |
Accumulated Elements of Other Comprehensive Income (Loss) | ' | ' | ' |
Change in net unrealized gains (losses) | ($1,760) | ($33) | ($654) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income before allocation to noncontrolling interest | $24,633 | $23,300 | $25,303 |
Adjustments to reconcile net income before allocation to noncontrolling interest to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 30,420 | 20,308 | 14,817 |
Deferred income taxes | 7,795 | 641 | 304 |
Excess tax benefits from stock-based awards | -19,476 | -20,535 | -7,593 |
Stock-based compensation expense | 18,217 | 13,913 | 11,986 |
Amortization of marketable securities premiums | 2,667 | 2,031 | 1,296 |
Gain on sale of discontinued operations | 0 | 0 | -3,510 |
Gain on investment in common stock warrants | 0 | -100 | -450 |
Equity in loss of unconsolidated entities | 6,051 | 6,756 | 1,337 |
Changes in operating assets and liabilities: | ' | ' | ' |
Membership fees receivable | -63,077 | -87,672 | -103,667 |
Prepaid expenses and other current assets | 7,741 | -7,469 | 0 |
Deferred incentive compensation and other charges | -12,645 | -20,133 | -7,143 |
Deferred revenues | 72,137 | 110,099 | 131,743 |
Accounts payable and accrued liabilities | 4,277 | 50,290 | 17,564 |
Acquisition-related earn-out payments | -2,212 | -3,011 | -112 |
Accrued incentive compensation | 7,065 | 2,342 | 5,082 |
Other long-term liabilities | -6,891 | -7,499 | 6,950 |
Net cash provided by operating activities | 76,702 | 83,261 | 93,907 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -44,058 | -36,979 | -30,369 |
Capitalized external use software development costs | -5,071 | -3,393 | -2,825 |
Cash paid for acquisition, net of cash acquired | -46,036 | -31,887 | -12,829 |
Proceeds from sale of discontinued operations, net of selling costs | 0 | 1,050 | 7,803 |
Investments in and loans to unconsolidated entities | -15,641 | -4,358 | -10,000 |
Redemptions of marketable securities | 56,647 | 35,376 | 25,480 |
Purchases of marketable securities | -71,419 | -66,710 | -65,990 |
Net cash used in investing activities | -125,578 | -106,901 | -88,730 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock from exercise of stock options | 22,023 | 24,137 | 31,026 |
Withholding of shares to satisfy minimum employee tax withholding for vested restricted stock units | -5,920 | -4,140 | -2,421 |
Contributions from noncontrolling interest | 0 | 100 | 0 |
Credit facility issuance costs | 0 | -769 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 514 | 363 | 222 |
Excess tax benefits from stock-based awards | 19,476 | 20,535 | 7,593 |
Acquisition-related earn-out payments | 0 | -1,400 | -4,753 |
Purchases of treasury stock | -21,917 | -17,999 | -6,580 |
Net cash provided by financing activities | 14,176 | 20,827 | 25,087 |
Net increase / (decrease) in cash and cash equivalents | -34,700 | -2,813 | 30,264 |
Cash and cash equivalents, beginning of period | 57,829 | 60,642 | 30,378 |
Cash and cash equivalents, end of period | 23,129 | 57,829 | 60,642 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for income taxes | ($633) | $3,491 | $7,605 |
Business_Description_and_Basis
Business Description and Basis of Presentation | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Description and Basis of Presentation | ' |
Business description | |
The Advisory Board Company (individually and collectively with its subsidiaries, the “Company”) provides best practices research and analysis, business intelligence and performance technology software, and consulting and management services through discrete programs to hospitals, health systems, pharmaceutical and biotechnology companies, health care insurers, medical device companies, and colleges, universities, and other health care-focused organizations and educational institutions. Members of each renewable membership program are typically charged a fixed annual fee and have access to an integrated set of services that may include best practices research studies, executive education seminars, customized research briefs, cloud-based access to the program’s content database, and performance technology software. |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of significant accounting policies | ' | |||||||||||
Summary of significant accounting policies | ||||||||||||
Basis of presentation and consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and a consolidated variable interest entity. The Company uses the equity method to account for equity investments in instances in which it owns common stock or securities deemed to be in-substance common stock and has the ability to exercise significant influence, but not control, over the investee and for all investments in partnerships or limited liability companies where the investee maintains separate capital accounts for each investor. Investments in which the Company holds securities that are not in-substance common stock, or holds common stock or in-substance common stock, but has little or no influence are accounted for using the cost method. All significant intercompany transactions and balances have been eliminated. | ||||||||||||
On June 18, 2012, the Company completed a two-for-one split of its outstanding shares of common stock in the form of a stock dividend. Each stockholder of record received one additional share of common stock for each share of common stock owned at the close of business on May 31, 2012. Share numbers and per share amounts presented in the accompanying consolidated financial statements and these notes thereto for dates before June 18, 2012 have been restated to reflect the impact of the stock split. | ||||||||||||
Correction of prior period financial statements | ||||||||||||
Software cost capitalization errors | ||||||||||||
During the fiscal year ended March 31, 2014, the Company identified errors related to prior periods. These errors were attributable to the omission of certain payroll-related benefits from the Company's capitalization of software development costs. The impact of the errors in the prior periods was not material to the Company in any of those periods; however, an adjustment to correct the aggregate amount of the prior period errors would have been material to the Company’s current year statement of income. The Company has applied the guidance for accounting changes and error correction and has corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included herein. The Company has also corrected an error related to the timing of a prior period acquisition-related earn-out fair value adjustment. The understatement of the liability of $1.0 million as of March 31, 2012 was corrected during the fiscal year ended March 31, 2013. In connection with the revision for the software cost capitalization error, the Company has revised the affected financial statements to correct the error in the proper period. Periods not presented herein will be revised, as applicable, as they are included in future filings. | ||||||||||||
The following are the previously stated and corrected balances of the affected line items of the consolidated statements of operations, consolidated cash flows, and consolidated balance sheets presented in this Form 10-K for the periods or as of the date presented (in thousands): | ||||||||||||
Year Ended March 31, 2013 | ||||||||||||
As reported | Adjustments | As adjusted | ||||||||||
Cost of services, excluding depreciation and amortization | $ | 240,037 | $ | (2,432 | ) | 237,605 | ||||||
Depreciation and amortization | 19,885 | 423 | 20,308 | |||||||||
Operating income, net | 43,466 | 2,009 | 45,475 | |||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 46,070 | 2,009 | 48,079 | |||||||||
Provision for income taxes | (17,259 | ) | (764 | ) | (18,023 | ) | ||||||
Net income before allocation to noncontrolling interest | 22,055 | 1,245 | 23,300 | |||||||||
Net income attributable to common stockholders | 22,163 | 1,245 | 23,408 | |||||||||
Earnings per share: | ||||||||||||
Net income attributable to common stockholders per share - basic | $ | 0.64 | 0.03 | $ | 0.67 | |||||||
Net income attributable to common stockholders per share - diluted | $ | 0.61 | 0.03 | $ | 0.64 | |||||||
Comprehensive income | 22,218 | 1,245 | 23,463 | |||||||||
Statement of cash flows: | ||||||||||||
Net income before allocation to noncontrolling interest | 22,055 | 1,245 | 23,300 | |||||||||
Depreciation and amortization | 19,885 | 423 | 20,308 | |||||||||
Deferred income taxes | 261 | 380 | 641 | |||||||||
Other long-term liabilities | (7,499 | ) | — | (7,499 | ) | |||||||
Net cash provided by operating activities | 81,827 | 1,434 | 83,261 | |||||||||
Purchases of property and equipment | (35,545 | ) | (1,434 | ) | (36,979 | ) | ||||||
Net cash used in investing activities | (105,467 | ) | (1,434 | ) | (106,901 | ) | ||||||
Year Ended March 31, 2012 | ||||||||||||
As reported | Adjustments | As adjusted | ||||||||||
Cost of services, excluding depreciation and amortization | $ | 198,112 | $ | (175 | ) | $ | 197,937 | |||||
Depreciation and amortization | 14,108 | 161 | 14,269 | |||||||||
Operating income, net | 36,358 | 14 | 36,372 | |||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 39,392 | 14 | 39,406 | |||||||||
Provision for income taxes | (15,203 | ) | (4 | ) | (15,207 | ) | ||||||
Net income before allocation to noncontrolling interest | 25,293 | 10 | 25,303 | |||||||||
Net income attributable to common stockholders | 25,293 | 10 | 25,303 | |||||||||
Earnings per share: | ||||||||||||
Net income attributable to common stockholders per share - basic | $ | 0.77 | $ | — | $ | 0.77 | ||||||
Net income attributable to common stockholders per share - diluted | $ | 0.73 | $ | — | $ | 0.73 | ||||||
Comprehensive income | 26,619 | 10 | 26,629 | |||||||||
Statement of cash flows: | ||||||||||||
Net income before allocation to noncontrolling interest | $ | 25,293 | $ | 10 | $ | 25,303 | ||||||
Depreciation and amortization | 14,656 | 161 | 14,817 | |||||||||
Deferred income taxes | (85 | ) | 389 | 304 | ||||||||
Other long-term liabilities | 5,950 | 1,000 | 6,950 | |||||||||
Net cash provided by operating activities | 92,732 | 1,175 | 93,907 | |||||||||
Purchases of property and equipment | (29,194 | ) | (1,175 | ) | (30,369 | ) | ||||||
Net cash used in investing activities | (87,555 | ) | (1,175 | ) | (88,730 | ) | ||||||
As of March 31, 2013 | ||||||||||||
As reported | Adjustments | As adjusted | ||||||||||
Property and equipment, net | $ | 71,174 | $ | 2,398 | $ | 73,572 | ||||||
Deferred income taxes, net of current portion | 3,888 | (895 | ) | 2,993 | ||||||||
Total assets | 896,430 | 1,503 | 897,933 | |||||||||
Accumulated deficit | (95,809 | ) | 1,503 | (94,306 | ) | |||||||
Total stockholders’ equity | 281,317 | 1,503 | 282,820 | |||||||||
Total liabilities and stockholders’ equity | 896,430 | 1,503 | 897,933 | |||||||||
Membership fees receivable and deferred revenue errors | ||||||||||||
During the fiscal year ended March 31, 2014, the Company identified immaterial errors in previously reported amounts of membership fees receivable and deferred revenue. The consolidated balance sheet at March 31, 2013 was adjusted to correct these errors resulting in an increase in membership fees receivable of $18.7 million, an increase in current deferred revenue of $11.8 million, and an increase in deferred revenue, net of current of $6.9 million. The amounts presented above "as reported" as of March 31, 2013 reflect these previous error corrections. | ||||||||||||
Similar errors affecting membership fees receivable and deferred revenue were identified and corrected in the consolidated statement of cash flows for the fiscal years ended March 31, 2013 and 2012. For the fiscal year ended March 31, 2012, the operating cash outflow related to membership fees receivable as reported of $104.2 million was decreased by $0.5 million and the operating cash inflow related to deferred revenue as reported of $132.3 million was decreased by the same amount. For the fiscal year ended March 31, 2013, the operating cash outflow related to membership fees receivable as reported of $68.4 million was increased by $19.3 million and the operating cash inflow related to deferred revenue as reported of $90.8 million was increased by the same amount. These error corrections are not included in the error corrections summarized above. | ||||||||||||
These corrections have no effect on the previously reported consolidated statements of income or stockholders’ equity for any period. The errors affected only balances within changes in working capital reported in cash flows from operating activities. Total cash flows from operating activities were unaffected by the corrections. | ||||||||||||
Use of estimates in preparation of consolidated financial statements | ||||||||||||
The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates, judgments, and assumptions. For cases where the Company is required to make certain estimates, judgments, and assumptions, the Company believes that the estimates, judgments, and assumptions upon which it relies are reasonable based upon information available to the Company at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenue and expenses during the periods presented. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, the Company’s financial statements will be affected. The Company’s estimates, judgments, and assumptions may include: estimates of bad debt reserves; estimates to establish employee bonus and commission accruals; estimates of the fair value of contingent earn-out liabilities; estimates of the useful lives of acquired or internally developed intangible assets; estimates of the fair value of goodwill and intangibles and evaluation of impairment; determination of when investment impairments are other-than-temporary; estimates of the recoverability of deferred tax assets; and estimates of the potential for future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. | ||||||||||||
Cash equivalents and marketable securities | ||||||||||||
Included in cash equivalents are marketable securities with original maturities of three months or less at purchase. Investments with original maturities of more than three months are classified as marketable securities. Current marketable securities have maturity dates within twelve months of the balance sheet date. As of March 31, 2013 and 2014, the Company’s marketable securities consisted of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds. The Company’s marketable securities, which are classified as available-for-sale, are carried at fair market value based on quoted market prices. The net unrealized gains and losses on available-for-sale marketable securities are excluded from net income attributable to common stockholders and are included within accumulated other comprehensive income, net of tax. The specific identification method is used to compute the realized gains and losses on the sale of marketable securities. | ||||||||||||
Allowance for uncollectible revenue | ||||||||||||
The Company’s ability to collect outstanding receivables from its members has an effect on the Company’s operating performance and cash flows. The Company records an allowance for uncollectible revenue as a reduction of revenue based on its ongoing monitoring of members’ credit and the aging of receivables. To determine the allowance for uncollectible revenue, the Company examines its collections history, the age of accounts receivable in question, any specific member collection issues that have been identified, general market conditions, and current economic trends. Membership fees receivable balances are not collateralized. | ||||||||||||
Property and equipment | ||||||||||||
Property and equipment consists of leasehold improvements, furniture, fixtures, equipment, capitalized internal use software development costs, and acquired developed technology. Property and equipment is stated at cost, less accumulated depreciation and amortization. In certain membership programs, the Company provides software applications under a hosting arrangement where the software application resides on the Company’s or its service providers’ hardware. The members do not take delivery of the software and only receive access to the software during the term of their membership agreement. | ||||||||||||
Computer software development costs that are incurred in the preliminary project stage for internal use software are expensed as incurred. During the development stage, direct consulting costs and payroll and payroll-related costs for employees that are directly associated with each project are capitalized and amortized over the estimated useful life of the software once it is placed into operation. Internally developed capitalized software is classified as software within property and equipment and is amortized using the straight-line method over its estimated useful life, which is generally five years. Replacements and major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Amortization expense for internally developed capitalized software for the fiscal years ended March 31, 2012, 2013, and 2014, recorded in depreciation and amortization on the consolidated statements of income, was approximately $3.8 million, $4.8 million, and $9.2 million, respectively. | ||||||||||||
The acquired developed technology is classified as software within property and equipment because the developed software application resides on the Company’s or its service providers’ hardware. Amortization for acquired developed software is included in depreciation and amortization on the consolidated statements of income. Acquired developed software is amortized over a weighted average estimated useful life of six years based on the cash flow estimate used to determine the value of the intangible asset. The amount of acquired developed software amortization included in depreciation and amortization for the fiscal years ended March 31, 2012, 2013, and 2014 was approximately $0.9 million, $0.9 million, and $1.7 million, respectively. | ||||||||||||
Furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. There are no capitalized leases included in property and equipment. The amount of depreciation expense recognized on plant, property and equipment during the fiscal years ended March 31, 2012, 2013, and 2014 was $5.2 million, $8.4 million, and $11.5 million, respectively. | ||||||||||||
Business combinations | ||||||||||||
The Company records acquisitions using the purchase method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration are recognized at their fair value on the acquisition date. All subsequent changes to a valuation allowance or uncertain tax position that relate to the acquired company and existed at the acquisition date that occur both within the measurement period and as a result of facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. All other changes in valuation allowance are recognized as a reduction or increase to expense or as a direct adjustment to additional paid-in capital as required. Any acquired in-process research and development is capitalized as an intangible asset and amortized over its estimated useful life. Acquisition-related costs are recorded as expenses in the consolidated financial statements. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. | ||||||||||||
Goodwill and other intangible assets | ||||||||||||
The excess cost of an acquisition over the fair value of the net assets acquired is recorded as goodwill. The primary factors that generate goodwill are the value of synergies between the acquired entities and the Company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. The Company’s goodwill and other intangible assets with indefinite lives are not amortized, but rather tested for impairment on an annual basis on March 31, or more frequently if events or changes in circumstances indicate potential impairment. The Company has concluded that its reporting units used to assess goodwill impairment are the same as its operating segments. | ||||||||||||
When testing for impairment, the Company first performs a qualitative assessment on a reporting unit to determine whether further quantitative impairment testing is necessary. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value. If the quantitative testing is performed, the Company would determine the fair value of its reporting units based on the income approach. Under the income approach, the fair value of a reporting unit is calculated based on the present value of estimated future cash flows. Based on the Company’s qualitative assessment as of March 31, 2014, management believed that no reporting unit was at risk of failing an impairment test that would result in an impairment charge. No quantitative testing was deemed necessary. | ||||||||||||
Other intangible assets consist of capitalized software for sale and acquired intangibles. The Company capitalizes consulting costs and payroll and payroll-related costs for employees directly related to building a software product for sale once technological feasibility is established. The Company determines that technological feasibility is established by the completion of a detailed program design or, in its absence, completion of a working model. Once the software product is ready for general availability, the Company ceases capitalizing costs and begins amortizing the intangible asset on a straight-line basis over its estimated useful life. The weighted average estimated useful life of capitalized software is five years. Other intangible assets include those assets that arise from business combinations and that consist of developed technology, non-competition covenants, trademarks, contracts, and customer relationships that are amortized, on a straight-line basis, over six months to twelve years. Finite-lived intangible assets are required to be amortized over their useful lives and are evaluated for possible impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. | ||||||||||||
Recovery of long-lived assets (excluding goodwill) | ||||||||||||
The Company records long-lived assets, such as property and equipment, at cost. The carrying value of long-lived assets is reviewed for possible impairment whenever events or changes in circumstances suggest the carrying value of a long-lived asset may not be fully recoverable. The test for recoverability is made using an estimate of the undiscounted expected future cash flows and, if required, the impairment loss is measured as the amount that the carrying value of the asset exceeds the asset’s fair value if the asset is not recoverable. The Company considers expected cash flows and estimated future operating results, trends, and other available information in assessing whether the carrying value of assets is impaired. If it is determined that an asset’s carrying value is impaired, a write-down of the carrying value of the identified asset will be recorded as an operating expense on the consolidated statements of income in the period in which the determination is made. | ||||||||||||
Fair value of financial instruments | ||||||||||||
The Company’s short-term financial instruments consist of cash and cash equivalents, membership fees receivable, accrued expenses, and accounts payable. The carrying value of the Company’s financial instruments as of March 31, 2013 and 2014 approximates their fair value due to their short-term nature. The Company’s marketable securities consisting of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds are classified as available-for-sale and are carried at fair market value based on quoted market prices. The Company’s financial instruments also include cost method investments in private entities. These investments are in preferred securities that are not marketable; therefore management has concluded that it is not practicable to estimate the fair value of these financial instruments. | ||||||||||||
Derivative instruments | ||||||||||||
The Company holds warrants to purchase common stock in an entity that meet the definition of a derivative. Derivative instruments are carried at fair value on the consolidated balance sheets. Gains or losses from changes in the fair value of the warrants are recognized on the consolidated statements of income in the period in which they occur. | ||||||||||||
Revenue recognition | ||||||||||||
Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed or determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectibility is reasonably assured. Fees are generally billable when a letter of agreement is signed by the member, and fees receivable during the subsequent twelve month period and related deferred revenue are recorded upon the commencement of the membership or collection of fees, if earlier. In many of the Company’s higher priced programs and membership agreements with terms that are greater than one year, fees may be billed on an installment basis. | ||||||||||||
The Company’s membership agreements with its customers generally include more than one deliverable. Deliverables are determined based upon the availability and delivery method of the services and may include: best practices research; executive education curricula; cloud-based content, databases, and calculators; performance or benchmarking reports; diagnostic tools; interactive advisory support; and performance technology software. Access to such deliverables is generally available on an unlimited basis over the membership period. When an agreement contains multiple deliverables, the Company reviews the deliverables to determine if they qualify as separate units of accounting. In order for deliverables in a multiple-deliverable arrangement to be treated as separate units of accounting, the deliverables must have standalone value upon delivery, and delivery or performance of undelivered items in an arrangement with a general right of return must be probable. If the Company determines that there are separate units of accounting, arrangement consideration at the inception of the membership period is allocated to all deliverables based on the relative selling price method in accordance with the selling price hierarchy. Because of the unique nature of the Company’s products, neither vendor specific objective evidence nor third-party evidence is available. Therefore, the Company utilizes best estimate of selling price to allocate arrangement consideration in multiple element arrangements. | ||||||||||||
The Company’s membership programs may contain certain deliverables that do not have standalone value and therefore are not accounted for separately. In general, the deliverables in membership programs are consistently available throughout the membership period, and, as a result, the consideration is recognized ratably over the membership period. When a service offering includes unlimited and limited service offerings, revenue is recognized over the appropriate service period, either ratably, if the service is consistently available, or, if the service is not consistently available, upon the earlier of the delivery of the service or the completion of the membership period, provided that all other criteria for recognition have been met. | ||||||||||||
Certain membership programs incorporate hosted performance technology software. In many of these agreements, members are charged set-up fees in addition to subscription fees for access to the hosted cloud-based software and related membership services. Both set-up fees and subscription fees are recognized ratably over the term of the membership agreement, which is generally three years, and is consistent with the pattern of the delivery of services under these arrangements. Upon launch of a new program that incorporates software, all program revenue is deferred until the program is generally available for release to the Company’s membership, and then recognized ratably over the remainder of the contract term of each agreement. | ||||||||||||
The Company also performs professional services sold under separate agreements that include management and consulting services. The Company recognizes professional services revenues on a time-and-materials basis as services are rendered. | ||||||||||||
Deferred incentive compensation and other charges | ||||||||||||
Incentive compensation to employees related to the negotiation of new and renewal memberships, license fees to third-party vendors for tools, data, and software incorporated in specific memberships that include performance technology software, and other direct and incremental costs associated with specific memberships are deferred and amortized over the term of the related memberships. | ||||||||||||
Deferred compensation plan | ||||||||||||
Effective July 1, 2013, the Company implemented a Deferred Compensation Plan (the ''Plan’’) for certain employees to provide an opportunity to defer compensation on a pre-tax basis. The Plan provides for deferred amounts to be credited with investment returns based upon investment options selected by participants from alternatives designated from time to time by the plan administrative committee. Investment earnings associated with the Plan’s assets are included in other income, net while changes in individual participant account balances are recorded as compensation expense in the consolidated statements of income. The Plan also allows the Company to make discretionary contributions at any time based on individual or overall Company performance, which may be subject to a different vesting schedule than elective deferrals, and provides that the Company may make contributions in an amount equal to the amount of any 401(k) plan matching contribution that is not credited to the participant’s 401(k) account due to such employee's participation in the Plan. The Company did not make any discretionary contributions to the Plan in the fiscal year ended March 31, 2014. The income earned and expense incurred related to the Plan was immaterial for the fiscal year ended March 31, 2014. | ||||||||||||
Operating leases | ||||||||||||
The Company recognizes rent expense under operating leases on a straight-line basis over the non-cancelable term of the lease, including free-rent periods. Lease-incentives relating to allowances provided by landlords are amortized over the term of the lease as a reduction of rent expense. The Company recognizes sublease income on a straight-line basis over the term of the sublease, including free rent periods and escalations, as a reduction of rent expense. Costs associated with acquiring a subtenant, including broker commissions and tenant allowances, are amortized over the sublease term as a reduction of sublease income. | ||||||||||||
Stock-based compensation | ||||||||||||
The Company has several stock-based compensation plans which are described more fully in Note 15, “Stock-based compensation.” These plans provide for the granting of stock options and restricted stock units (“RSUs”) to employees, non-employee members of the Company’s Board of Directors and any other service providers who have been retained to provide consulting, advisory or other services to the Company. Stock-based compensation cost is measured at the grant date of the stock-based awards based on their fair values, and is recognized as an expense in the consolidated statements of income over the vesting periods of the awards. The fair value of RSUs is determined as the fair market value of the underlying shares on the date of grant. The Company calculates the fair value of all stock option awards, with the exception of the stock options issued with market-based conditions, on the date of grant using the Black-Scholes model. The fair value of stock options issued with market-based conditions is calculated on the date of grant using a lattice option-pricing model. Forfeitures are estimated based on historical experience at the time of grant and adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company bases its fair value estimates on assumptions it believes to be reasonable but that are inherently uncertain. | ||||||||||||
Other income, net | ||||||||||||
Other income, net for the fiscal year ended March 31, 2012 includes $2.4 million of interest income earned from the Company’s marketable securities, a $0.1 million gain on foreign exchange rates, and a $0.5 million gain on an investment in common stock warrants. Other income, net for the fiscal year ended March 31, 2013 includes $3.4 million of interest income earned from the Company’s marketable securities, a $0.5 million loss on foreign exchange rates, $0.3 million in credit facility fees, and a $0.1 million gain on an investment in common stock warrants. Other income, net for the fiscal year ended March 31, 2014 includes $3.3 million of interest income earned from the Company’s marketable securities, a $0.2 million loss on foreign exchange rates, $0.6 million in credit facility fees, and a $0.2 million realized gain on sale of marketable securities. | ||||||||||||
Income taxes | ||||||||||||
Deferred income taxes are determined using the asset and liability method. Under this method, temporary differences arise as a result of the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax law and tax rates on the date of the enactment of the change. | ||||||||||||
Discontinued operations | ||||||||||||
The Company presents the assets and liabilities of programs which meet the criteria for discontinued operations separately in the consolidated balance sheets. In addition, the results of operations for those discontinued operations are presented as such in the Company’s consolidated statements of income. For periods prior to the program qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the disposal is presented as discontinued operations when recognized. The change in presentation for discontinued operations does not have any impact on the Company’s financial condition or results of operations. The Company combines the operating, investing, and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the consolidated statements of cash flows. | ||||||||||||
Concentrations of risk | ||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of membership fees receivable, cash and cash equivalents, and marketable securities. The credit risk with respect to membership fees receivable is generally diversified due to the large number of entities comprising the Company’s membership base, and the Company establishes allowances for potential credit losses. No one member accounted for more than 1.5% of revenue for any period presented. The Company maintains cash and cash equivalents and marketable securities with financial institutions. Marketable securities consist of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds. The Company performs periodic evaluations of the relative credit ratings related to the cash, cash equivalents, and marketable securities. | ||||||||||||
In the fiscal year ended March 31, 2012, 2013, and 2014, the Company generated approximately 3.5%, 4.0%, and 3.1%, of revenue, respectively, from members outside the United States. The Company’s limited international operations subject the Company to risks related to currency exchange fluctuations. Prices for the Company’s services sold to members located outside the United States are sometimes denominated in local currencies. Increases in the value of the U.S. dollar against local currencies in countries where the Company has members may result in a foreign exchange loss recognized by the Company. | ||||||||||||
Earnings per share | ||||||||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average common shares increased by the dilutive effects of potential common shares outstanding during the period. The number of potential common shares outstanding is determined in accordance with the treasury stock method, using the Company’s prevailing tax rates. Certain potential common share equivalents were not included in the computation because their effect was anti-dilutive. | ||||||||||||
A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Basic weighted average common shares outstanding | 32,808 | 34,723 | 35,909 | |||||||||
Effect of dilutive outstanding stock-based awards | 1,742 | 1,583 | 1,050 | |||||||||
Dilutive impact of earn-out liability | 110 | — | — | |||||||||
Diluted weighted average common shares outstanding | 34,660 | 36,306 | 36,959 | |||||||||
In the fiscal years ended March 31, 2012, 2013, and 2014, 78,000, 341,000, and 1.0 million shares, respectively, related to share-based compensation awards have been excluded from the calculation of the effect of dilutive outstanding stock-based awards shown above because their effect was anti-dilutive. | ||||||||||||
Recent accounting pronouncements | ||||||||||||
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all recent ASUs. ASUs not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. | ||||||||||||
In July 2013, the FASB issued accounting guidance related to income taxes, which requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the tax law. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The Company will adopt this guidance for its fiscal year beginning April 1, 2014. The Company does not expect the adoption of this guidance to have a material effect on its financial position or results of operations. |
Acquisitions
Acquisitions | 12 Months Ended | |
Mar. 31, 2014 | ||
Business Combinations [Abstract] | ' | |
Acquisitions | ' | |
Acquisitions | ||
Care Team Connect, Inc. | ||
On October 7, 2013, the Company completed the acquisition for cash of all of the issued and outstanding capital stock of Care Team Connect, Inc. ("Care Team Connect"), a provider of comprehensive care management workflow solutions. The acquisition enhances the Company’s existing suite of population health technologies and service offerings and affirms the Company’s position as a leader in the care management market. The total purchase price, net of cash acquired, was $34.6 million. | ||
The total purchase price was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values as of October 7, 2013. The Company’s fair value of identifiable tangible and intangible assets was determined by using estimates and assumptions in combination with a valuation using an income approach from a market participant perspective. Of the total estimated purchase price, $13.8 million was allocated to accounts receivable, $0.2 million to fixed assets, $13.5 million to assumed liabilities, which consists of $4.2 million of acquired current deferred revenue, $7.7 million of acquired long-term deferred revenue, $0.9 million of accounts payable, and $0.7 million to deferred tax liabilities. Of the total estimated purchase price, $9.3 million was allocated to intangible assets, which consist of the value assigned to acquired technology related intangibles of $5.4 million, customer relationship related intangibles of $2.8 million, and existing customer contracts of $1.1 million. The acquired intangible assets have estimated lives ranging from three years to twelve years based on the cash flow estimates used to create the valuation models of each identifiable asset with a weighted average amortization period of 8.2 years. Approximately $24.8 million of the total estimated purchase price was allocated to goodwill, which represents synergistic benefits expected to be generated from scaling Care Team Connect’s offerings across the Company’s large membership base. Goodwill is not deductible for tax purposes. | ||
Acquisition related transaction costs of $0.3 million, including legal, accounting, and other professional fees directly related to the acquisition, are included in general and administrative expenses on the consolidated statements of income for the fiscal year ended March 31, 2014. The financial results of Care Team Connect are included in the consolidated financial statements from the date of acquisition. Pro forma financial information for this acquisition has not been presented because the effects were not material to the Company’s historical consolidated financial statements. | ||
Medical Referral Source, Inc. | ||
On July 8, 2013, the Company completed the acquisition for cash of all of the issued and outstanding capital stock of Medical Referral Source, Inc. (“MRS”) to supplement its existing physician referral programs and to provide new growth opportunities. The total purchase price, net of cash acquired, was $11.5 million. | ||
The total purchase price was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values as of July 8, 2013. The Company’s fair value of identifiable tangible and intangible assets was determined by using estimates and assumptions in combination with a valuation using an income approach from a market participant perspective. Of the total estimated purchase price, $0.7 million was allocated to accounts receivable, $0.2 million to deferred tax assets, and $0.4 million to assumed liabilities, which consists of $0.3 million of acquired deferred revenue and $0.1 million of accounts payable. Of the total estimated purchase price, $2.1 million was allocated to intangible assets, which consist of the value assigned to acquired technology related intangibles of $1.7 million and customer relationship related intangibles of $0.4 million. The acquired intangible assets have estimated lives ranging from three years to eight years based on the cash flow estimates used to create the valuation models of each identifiable asset with a weighted average amortization period of 4.0 years. Approximately $8.9 million of the total estimated purchase price was allocated to goodwill, which represents synergistic benefits expected to be generated from scaling MRS’s offerings across the Company’s large membership base. Goodwill is not deductible for tax purposes. | ||
Acquisition related transaction costs of $0.1 million, including legal, accounting, and other professional fees directly related to the acquisition, are included in general and administrative expenses on the consolidated statements of income for the fiscal year ended March 31, 2014. The financial results of MRS are included in the consolidated financial statements from the date of acquisition. Pro forma financial information for this acquisition has not been presented because the effects were not material to the Company’s historical consolidated financial statements. | ||
360Fresh, Inc. | ||
On November 15, 2012, the Company acquired for cash all of the issued and outstanding capital stock of 360Fresh, Inc. (“360Fresh”), a provider of clinical data analytics. The transaction enhances the Company’s existing suite of physician performance management solutions through the addition of technology that transforms the data from medical records into actionable insights to improve patient quality, reduce costs, and enhance productivity for health systems. The total purchase price, net of cash acquired, of $19.5 million consisted of an initial payments of $17.0 million of cash, and the fair value of estimated additional contingent cash payments of $2.5 million. The contingent cash payments, which will not exceed $8.0 million and have no guaranteed minimum, will become due and payable to the former stockholders of 360Fresh if certain revenue targets are achieved over evaluation periods beginning at the acquisition date and extending through August 15, 2014. Upward adjustments totaling $0.1 million were made to the fair value of the liabilities for such contingent cash payments during the fiscal year ended March 31, 2014. The total liability recorded in cost of services on the consolidated statements of income was $2.6 million as of March 31, 2014. See Note 5, “Fair value measurements,” for additional information. | ||
The total purchase price was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values as of November 15, 2012. The Company’s fair value of identifiable tangible and intangible assets was determined by using estimates and assumptions in combination with a valuation using an income approach from a market participant perspective. Of the total estimated purchase price, $0.3 million was allocated to acquired accounts receivable and $4.1 million was allocated to assumed liabilities, which consist of $4.0 million of deferred tax liabilities and $0.1 million of acquired deferred revenue. Of the total estimated purchase price, $9.9 million was allocated to intangible assets, which consist of the value assigned to acquired technology related intangibles of $9.8 million and employee related intangibles of $0.1 million. The acquired technology and employee related intangibles have estimated lives ranging from four years to seven years based on the cash flow estimates used to create the valuation models of each identifiable asset with a weighted average amortization period of 7.0 years. Approximately $13.4 million of the total estimated purchase price was allocated to goodwill, which represents synergistic benefits expected to be generated from incorporating 360Fresh’s technology capabilities into the Company’s software programs and scaling their existing products across the Company’s large membership base. Goodwill is not deductible for tax purposes. | ||
Acquisition related transaction costs of $0.3 million, including legal, accounting, and other professional fees directly related to the acquisition, are included in general and administrative expenses on the consolidated statements of income for the fiscal year ended March 31, 2013. The financial results of 360Fresh are included in the consolidated financial statements from the date of acquisition. Pro forma financial information for this acquisition has not been presented because the effects were not material to the Company’s historical consolidated financial statements. | ||
ActiveStrategy, Inc. | ||
On October 1, 2012, the Company acquired for cash all of the issued and outstanding capital stock of ActiveStrategy, Inc. (“ActiveStrategy”), a Philadelphia-based performance improvement technology and consulting firm with innovative solutions for tracking and augmenting organizational effectiveness. This transaction enhances the Company’s existing performance improvement technology capabilities. The total purchase price, net of cash acquired, was $14.9 million. The total purchase price was paid in cash. | ||
The total purchase price was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values as of October 1, 2012. The Company’s fair value of identifiable tangible and intangible assets was determined by using estimates and assumptions in combination with a valuation using an income approach from a market participant perspective. Of the total estimated purchase price, $1.5 million was allocated to net acquired tangible assets, which consist of accounts receivable of $1.3 million, deferred tax assets, net of $0.9 million, and other current assets of $0.3 million, net of $1.0 million of acquired deferred revenue. Of the total estimated purchase price, $5.5 million was allocated to intangible assets, which consist of the value assigned to acquired technology related intangibles of $3.0 million, customer relationship and employee related intangibles of $1.0 million, and trademarks of $1.5 million. The acquired intangible assets have estimated lives ranging from four years to eleven years based on the cash flow estimates used to create the valuation models of each identifiable asset with a weighted average amortization period of 7.2 years. Approximately $7.9 million of the total estimated purchase price was allocated to goodwill, which represents synergistic benefits expected to be generated from scaling ActiveStrategy’s offerings across the Company’s large membership base. Goodwill is not deductible for tax purposes. | ||
Acquisition related transaction costs of $0.2 million, including legal, accounting, and other professional fees directly related to the acquisition, are included in general and administrative expenses on the consolidated statements of income for the fiscal year ended March 31, 2013. The financial results of ActiveStrategy are included in the consolidated financial statements from the date of acquisition. Pro forma financial information for this acquisition has not been presented because the effects were not material to the Company’s historical consolidated financial statements. | ||
PivotHealth | ||
On August 1, 2011, the Company acquired for cash substantially all the assets of PivotHealth, LLC (“PivotHealth”), a leading physician practice management firm. The Company acquired PivotHealth to supplement its existing physician practice management capabilities and provide new growth opportunities with the addition of PivotHealth’s expertise in long-term physician practice management. The total purchase price, net of cash acquired, of $19.8 million consisted of an initial payment of $16.9 million of cash and the fair value of estimated additional contingent cash payments of $2.9 million. The additional contingent cash payments, which have no guaranteed minimum or maximum, will become due and payable to the former owner of the PivotHealth business if certain revenue targets are achieved over evaluation periods beginning at the acquisition date and extending through December 31, 2014. A $1.0 million downward adjustment was made to the fair value of the liabilities for such contingent cash payments during the fiscal year ended March 31, 2014. This adjustment was recorded in cost of services on the consolidated statements of income and eliminated the liability as of March 31, 2014. See Note 5, “Fair value measurements,” for additional information. | ||
The total purchase price was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values as of August 1, 2011. The Company’s fair value of identifiable tangible and intangible assets was determined by using estimates and assumptions in combination with a valuation using an income approach from a market participant perspective. Of the total estimated purchase price, $1.8 million was allocated to acquired tangible assets, $1.0 million was allocated to assumed liabilities, and $6.4 million was allocated to intangible assets, which consist of the value assigned to customer related intangibles of $6.0 million, primarily customer relationships and trademarks, and employee related intangibles of $0.4 million. The acquired customer and employee related intangibles have estimated lives ranging from six months to nine years based on the cash flow estimates used to create the valuation models of each identifiable asset with a weighted average amortization period of 6.5 years. Approximately $12.6 million of the total estimated purchase price was allocated to goodwill, which represents synergistic benefits expected to be generated from scaling PivotHealth’s offerings across the Company’s large membership base. Goodwill is deductible for tax purposes. | ||
Acquisition related transaction costs of $0.4 million, including legal, accounting, and other professional fees directly related to the acquisition, are included in general and administrative expenses on the consolidated statements of income for the fiscal year ended March 31, 2012. The financial results of PivotHealth are included in the consolidated financial statements from the date of acquisition. Pro forma financial information for this acquisition has not been presented because the effects were not material to the Company’s historical consolidated financial statements. |
Discontinued_operations
Discontinued operations | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued operations | ' | |||||||||||
Discontinued operations | ||||||||||||
On January 20, 2012, the Company sold its OptiLink business for $8.9 million in cash, net of selling costs. The OptiLink business employed approximately 35 employees who were transferred to the buyer. The components of discontinued operations included in the consolidated statements of income consisted of the following (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenue | $ | 4,985 | $ | — | $ | — | ||||||
Costs and expenses: | ||||||||||||
Cost of services | 4,330 | — | — | |||||||||
Member relations and marketing | 189 | — | — | |||||||||
Gain on disposal | 3,510 | — | — | |||||||||
Income from discontinued operations before provision for income taxes | 3,976 | — | — | |||||||||
Provision for income taxes | (1,535 | ) | — | — | ||||||||
Net income from discontinued operations, net of provision for income taxes | $ | 2,441 | $ | — | $ | — | ||||||
Fair_value_measurements
Fair value measurements | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements | ' | |||||||||||||||
Fair value measurements | ||||||||||||||||
Financial assets and liabilities | ||||||||||||||||
The estimated fair values of financial instruments are determined based on relevant market information. These estimates involve uncertainty and cannot be determined with precision. The Company’s financial instruments consist primarily of cash, cash equivalents, marketable securities, and common stock warrants. In addition, contingent earn-out liabilities resulting from business combinations are recorded at fair value. The following methods and assumptions are used to estimate the fair value of each class of financial assets or liabilities that are valued on a recurring basis. | ||||||||||||||||
Cash and cash equivalents. This includes all cash and liquid investments with an original maturity of three months or less from the date acquired. The carrying amount approximates fair value because of the short maturity of these instruments. Cash equivalents also consist of money market funds with fair values based on quoted market prices. The Company’s cash and cash equivalents are held at major commercial banks. | ||||||||||||||||
Marketable securities. The Company’s marketable securities, consisting of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds, are classified as available-for-sale and are carried at fair market value based on quoted market prices. | ||||||||||||||||
Common stock warrants. The Company holds warrants to purchase common stock in an entity that provides technology tools and support services to health care providers, including the Company’s members. The warrants are exercisable for up to 6,015,000 of the shares of the entity if and when certain performance criteria are met. The warrants meet the definition of a derivative and are carried at fair value in other non-current assets on the consolidated balance sheets. Gains or losses from changes in the fair value of the warrants are recognized in other income, net on the consolidated statements of income. See Note 11, “Other non-current assets,” for additional information. The fair value of these warrants is determined using a Black-Scholes-Merton model. Key inputs into this methodology are the estimate of the underlying value of the common shares of the entity that issued the warrants and the estimate of level of performance criteria that will be achieved. The entity that issued the warrants is privately held and the estimate of performance criteria to be met is specific to the Company. These inputs are unobservable and are considered key estimates made by the Company. | ||||||||||||||||
Contingent earn-out liabilities. This class of financial liabilities represents the Company’s estimated fair value of the contingent earn-out liabilities related to acquisitions based on probability assessments of certain performance achievements during the earn-out periods. Contingent earn-out liabilities are included in other long-term liabilities on the consolidated balance sheets. See Note 3, “Acquisitions,” for additional information. | ||||||||||||||||
Measurements | ||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The valuation can be determined using widely accepted valuation techniques, such as the market approach (comparable market prices) and the income approach (present value of future income or cash flow). As a basis for applying a market-based approach in fair value measurements, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | ||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2—Observable market-based inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity, such as discounted cash flow methodologies. | |||||||||||||||
Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no significant transfers between Level 1, Level 2, or Level 3 during the fiscal year ended March 31, 2013 or 2014. | ||||||||||||||||
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the necessary disclosures are as follows (in thousands): | ||||||||||||||||
Fair value | Fair value measurement as of March 31, 2013 | |||||||||||||||
as of March 31, | using fair value hierarchy | |||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents (1) | $ | 57,829 | $ | 57,829 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities (2) | 156,839 | — | 156,839 | — | ||||||||||||
Common stock warrants (3) | 550 | — | — | 550 | ||||||||||||
Financial liabilities | ||||||||||||||||
Contingent earn-out liabilities (4) | 15,200 | — | — | 15,200 | ||||||||||||
Fair value | Fair value measurement as of March 31, 2014 | |||||||||||||||
as of March 31, | using fair value hierarchy | |||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents (1) | $ | 23,129 | $ | 23,129 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities (2) | 164,396 | — | 164,396 | — | ||||||||||||
Common stock warrants (3) | 550 | — | — | 550 | ||||||||||||
Financial liabilities | ||||||||||||||||
Contingent earn-out liabilities (4) | 8,750 | — | — | 8,750 | ||||||||||||
————————————— | ||||||||||||||||
-1 | Fair value is based on quoted market prices. | |||||||||||||||
-2 | Fair value is determined using quoted market prices of the assets. For further detail, see Note 6, “Marketable securities.” The Company changed the classification of its marketable securities from Level 1 to Level 2 within the fair value hierarchy during the fiscal year ended March 31, 2014. The investments affected by this change are U.S. government-sponsored securities and tax exempt obligations of states that do not have observable prices in active markets. The Company concluded that these investments are more appropriately classified as Level 2 within the fair value hierarchy. The March 31, 2013 classification has been changed to conform to the revised presentation. The impact of this change is immaterial and has no effect on the previously reported consolidated statements of income, stockholders' equity, cash flows or balance sheets. | |||||||||||||||
-3 | The fair value of the common stock warrants as of March 31, 2013 and 2014 was calculated to be $0.40 per share and $0.44 per share, respectively, using a Black-Scholes-Merton model. The significant assumptions as of March 31, 2013 were as follows: risk-free interest rate of 1.0%; expected term of 6.22 years; expected volatility of 39.38%; dividend yield of 0%; weighted average share price of $1.00 per share; and warrants expected to become exercisable of approximately 1,400,000 shares. The significant assumptions as of March 31, 2014 were as follows: risk-free interest rate of 1.7%; expected term of 5.22 years; expected volatility of 36.77%; dividend yield of 0%; weighted average share price of $1.12 per share; and a range of warrants expected to become exercisable of between 1,000,000 and 1,400,000 shares. | |||||||||||||||
-4 | This fair value measurement is based on unobservable inputs that are supported by little or no market activity and reflect the Company’s own assumptions in measuring fair value using the income approach. In developing these estimates, the Company considered certain performance projections, historical results, and general macro-economic environment and industry trends. | |||||||||||||||
Common stock warrants | ||||||||||||||||
The Company’s fair value estimate of the common stock warrants received in connection with its June 2009 investment was zero as of the investment date. Changes in the fair value of the common stock warrants subsequent to the investment date are recognized in earnings in the periods during which the estimated fair value changes. The change in the fair value of the common stock warrants during the fiscal year ended March 31, 2013 was driven primarily by a change in the underlying value of the common stock, offset in part by a slight decrease in the estimated performance targets that will be achieved. There was no change in the fair value of the warrants for the fiscal year ended March 31, 2014. The following table represents a reconciliation of the change in the fair value of the common stock warrants for the fiscal years ended March 31, 2013 and 2014 (in thousands): | ||||||||||||||||
As of March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Beginning balance | $ | 450 | $ | 550 | ||||||||||||
Fair value change in common stock warrants (1) | 100 | — | ||||||||||||||
Ending balance | $ | 550 | $ | 550 | ||||||||||||
————————————— | ||||||||||||||||
-1 | Amounts were recognized in other income, net on the consolidated statements of income. | |||||||||||||||
Contingent earn-out liabilities | ||||||||||||||||
The Company entered into an earn-out agreement in connection with its acquisition of Southwind on December 31, 2009. The additional contingent payments, which have no guaranteed maximum, become due and payable to the former owners of the Southwind business if certain milestones are met over the evaluation periods beginning at the acquisition date and extending through December 31, 2014. The fair value of the Southwind earn-out liability is impacted by changes in estimates regarding expected operating results and an applied discount rate, which was 16% as of March 31, 2014. Prior to March 31, 2013, the liability was impacted by changes in the Company’s stock price. The Company’s fair value estimate of the Southwind earn-out liability was $5.6 million as of the date of acquisition. On October 31, 2012, the Company transferred 112,408 shares of its common stock to the former owners of Southwind to satisfy the component of the contingent obligation payable in the Company’s common stock, which reduced the related earn-out liability by $5.4 million. As of March 31, 2014, $14.7 million had been earned and paid in cash and shares to the former owners of the Southwind business. As of March 31, 2014, based on current facts and circumstances, the estimated aggregate fair value of the remaining contingent obligation was $6.1 million, which will be paid in cash at various intervals through April 2016, if earned, over the evaluation periods which extend through December 31, 2014. | ||||||||||||||||
The Company’s fair value estimate of the 360Fresh earn-out liability, which is payable in cash in November 2014, was $2.5 million as of the date of acquisition. The fair value of the 360Fresh earn-out liability is impacted by changes in estimates regarding expected operating results and a discount rate, which was 19.0% as of March 31, 2014. As of March 31, 2014, based on current facts and circumstances, the estimated aggregate fair value of the remaining contingent obligation was $2.6 million. See Note 3, “Acquisitions,” for additional information regarding the 360Fresh acquisition and related earn-out liability. | ||||||||||||||||
The Company's fair value estimate of the PivotHealth earn-out liability, which is payable in cash, was $2.9 million as of the date of acquisition. The estimated aggregate fair value of the contingent obligation for PivotHealth as of March 31, 2014 was $0. The fair value of the PivotHealth earn-out liability is impacted by changes in estimates regarding expected operating results as of March 31, 2014. See Note 3, “Acquisitions,” for additional information regarding the PivotHealth acquisition and related earn-out liability. | ||||||||||||||||
Changes in the fair value of the contingent earn-out liabilities subsequent to the acquisition date, including changes arising from events that occurred after the acquisition date, such as changes in the Company’s estimate of performance achievements, discount rates, and stock price, are recognized in earnings in the periods during which the estimated fair value changes. The following table represents a reconciliation of the change in the contingent earn-out liabilities for the fiscal years ended March 31, 2013 and 2014 (in thousands): | ||||||||||||||||
As of March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Beginning balance | $ | 21,200 | $ | 15,200 | ||||||||||||
Fair value change in Southwind contingent earn-out liability (1) | 5,600 | (3,350 | ) | |||||||||||||
Fair value change in Cielo contingent earn-out liability (1) | 400 | — | ||||||||||||||
Fair value change in 360 Fresh contingent earn-out liability (1) | — | 100 | ||||||||||||||
Fair value change in PivotHealth contingent earn-out liability (1) | (2,200 | ) | (1,000 | ) | ||||||||||||
Southwind earn-out payment | (10,600 | ) | (2,200 | ) | ||||||||||||
Cielo earn-out payment | (1,700 | ) | — | |||||||||||||
Addition of 360Fresh contingent earn-out liability | 2,500 | — | ||||||||||||||
Ending balance | $ | 15,200 | $ | 8,750 | ||||||||||||
————————————— | ||||||||||||||||
-1 | Amounts were recognized in cost of services on the consolidated statements of income. | |||||||||||||||
Non-recurring fair value measurements | ||||||||||||||||
During the fiscal year ended March 31, 2014, the Company recognized a gain of $4.0 million on the conversion of notes receivable from Evolent Health, Inc., ("Evolent") into Series B convertible preferred stock of Evolent Health LLC ("Evolent LLC"). See Note 10, “Investments in and advances to unconsolidated entities,” for additional information. The amount of the gain was based on the excess of the fair value of the Series B convertible preferred stock received over the carrying value of the notes receivable exchanged. The fair value of the Series B convertible preferred stock used to calculate the gain was determined by reference to the per share price of issuances of the Series B convertible preferred stock by Evolent LLC to a third party at the same time as the Company exchanged its notes receivable. As this transaction was not made in an active market, this measure is considered a Level 2 fair value measurement. | ||||||||||||||||
Non-financial assets and liabilities | ||||||||||||||||
Certain assets and liabilities are not measured at fair value on an ongoing basis but instead are measured at fair value on a non-recurring basis, so that such assets and liabilities are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). During the fiscal years ended March 31, 2013 and 2014, no fair value adjustments or material fair value measurements were required for non-financial assets or liabilities. |
Marketable_securities
Marketable securities | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Marketable securities | ' | |||||||||||||||||||||||
Marketable securities | ||||||||||||||||||||||||
The aggregate value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities are as follows (in thousands): | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Fair | Amortized | Gross | Gross | |||||||||||||||||||||
value | cost | unrealized | unrealized | |||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 29,291 | $ | 30,344 | $ | — | $ | 1,053 | ||||||||||||||||
Tax exempt obligations of states | 135,105 | 136,653 | 1,060 | 2,608 | ||||||||||||||||||||
$ | 164,396 | $ | 166,997 | $ | 1,060 | $ | 3,661 | |||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||
Fair | Amortized | Gross | Gross | |||||||||||||||||||||
value | cost | unrealized | unrealized | |||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 25,430 | $ | 25,347 | $ | 83 | $ | — | ||||||||||||||||
Tax exempt obligations of states | 131,409 | 129,550 | 2,715 | 856 | ||||||||||||||||||||
$ | 156,839 | $ | 154,897 | $ | 2,798 | $ | 856 | |||||||||||||||||
The following table summarizes marketable securities maturities (in thousands): | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Fair market | Amortized | |||||||||||||||||||||||
value | cost | |||||||||||||||||||||||
Matures in less than 1 year | $ | 2,426 | $ | 2,404 | ||||||||||||||||||||
Matures after 1 year through 5 years | 44,867 | 44,536 | ||||||||||||||||||||||
Matures after 5 years through 10 years | 87,956 | 89,436 | ||||||||||||||||||||||
Matures after 10 years through 20 years | 29,147 | 30,621 | ||||||||||||||||||||||
$ | 164,396 | $ | 166,997 | |||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s investments as of March 31, 2014 with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||||||
losses | losses | losses | ||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 26,828 | $ | 1,016 | $ | 2,463 | $ | 37 | $ | 29,291 | $ | 1,053 | ||||||||||||
Tax exempt obligations of states | 53,617 | 841 | 42,865 | 1,767 | 96,482 | 2,608 | ||||||||||||||||||
$ | 80,445 | $ | 1,857 | $ | 45,328 | $ | 1,804 | $ | 125,773 | $ | 3,661 | |||||||||||||
The were $0.5 million in gross realized gains on sales of available-for-sale investments and $0.4 million in gross realized losses on sales of available-for-sale investments for the fiscal year ended March 31, 2014. There were no gross realized gains or losses on sales of available-for-sale investments for the fiscal years ended March 31, 2012 and 2013. | ||||||||||||||||||||||||
The weighted average maturity on all marketable securities held by the Company as of March 31, 2014 was approximately 7.1 years. Pre-tax net unrealized losses on the Company’s investments of $2.6 million as indicated above were caused by the increase in market interest rates compared to the average interest rate of the Company’s marketable securities portfolio. Of this amount, a gain of $22,323 is related to investments that mature before March 31, 2015. The Company purchased certain of its investments at a premium or discount to their relative fair values. The Company does not intend to sell these investments and it is not more likely than not that it will be required to sell the investments before recovery of the amortized cost bases, which may be maturity. There are eighteen tax exempt obligations of states and ten tax exempt obligations of U.S. government-sponsored enterprises with unrealized losses that have existed for less than one year. The Company does not consider these investments to be other-than-temporarily impaired as of March 31, 2014. The Company has reflected the net unrealized gains and losses, net of tax, in accumulated other comprehensive income on the consolidated balance sheets. The Company uses the specific identification method to determine the cost of marketable securities that are sold. |
Membership_fees_receivable
Membership fees receivable | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Membership fees receivable | ' | |||||||
Membership fees receivable | ||||||||
Membership fees receivable consist of the following (in thousands): | ||||||||
As of March 31, | ||||||||
2013 | 2014 | |||||||
Billed fees receivable | $ | 76,594 | $ | 87,476 | ||||
Unbilled fees receivable | 299,493 | 367,271 | ||||||
Membership fees receivable, gross | 376,087 | 454,747 | ||||||
Allowance for uncollectible revenue | (5,766 | ) | (6,850 | ) | ||||
Membership fees receivable, net | $ | 370,321 | $ | 447,897 | ||||
Billed fees receivable represent invoiced membership fees. Unbilled fees receivable represent fees due to be billed to members who have elected to pay for their membership on an installment basis. All of the unbilled fees recorded are expected to be billed in the next twelve months. |
Property_and_equipment
Property and equipment | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and equipment | ' | |||||||
Property and equipment | ||||||||
Property and equipment consists of the following (in thousands): | ||||||||
As of March 31, | ||||||||
2013 | 2014 | |||||||
Leasehold improvements | $ | 29,953 | $ | 39,425 | ||||
Furniture, fixtures and equipment | 36,502 | 43,112 | ||||||
Software | 65,589 | 100,808 | ||||||
Property and equipment, gross | 132,044 | 183,345 | ||||||
Accumulated depreciation and amortization | (58,472 | ) | (80,888 | ) | ||||
Property and equipment, net | $ | 73,572 | $ | 102,457 | ||||
The Company evaluates its long-lived assets for impairment when changes in circumstances exist that suggests the carrying value of a long-lived asset may not be fully recoverable. If an indication of impairment exists, and the Company’s net book value of the related assets is not fully recoverable based upon an analysis of its estimated undiscounted future cash flows, the assets are written down to their estimated fair value. The Company did not recognize any impairment losses on any of its long-lived assets during the fiscal year ended March 31, 2013 or 2014. | ||||||||
As of March 31, 2013 and 2014, the carrying value of internally developed capitalized software was $30.7 million and $46.0 million, respectively. |
Goodwill_and_intangibles
Goodwill and intangibles | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and intangibles | ' | |||||||||||||||||||||||||
Goodwill and intangibles | ||||||||||||||||||||||||||
Included in the Company’s goodwill and intangibles balances are goodwill and acquired intangibles and internally developed capitalized software for sale. Goodwill is not amortized as it has an estimated infinite life. Goodwill is reviewed for impairment at least annually as of March 31, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes that no such impairment indicators existed during the fiscal years ended March 31, 2012, 2013, or 2014. There was no impairment of goodwill recorded in the fiscal year ended March 31, 2012, 2013, or 2014. | ||||||||||||||||||||||||||
Changes in the carrying amount of goodwill are as follows (in thousands): | ||||||||||||||||||||||||||
As of March 31, | ||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||
Beginning of year | $ | 74,235 | $ | 95,540 | ||||||||||||||||||||||
Goodwill acquired | 21,305 | 33,884 | ||||||||||||||||||||||||
Ending balance | $ | 95,540 | $ | 129,424 | ||||||||||||||||||||||
Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from six months to twelve years. As of March 31, 2014, the weighted average remaining useful life of acquired intangibles was approximately 5.6 years. As of March 31, 2014, the weighted average remaining useful life of internally developed intangibles was approximately 4.2 years. | ||||||||||||||||||||||||||
The gross and net carrying balances and accumulated amortization of intangibles are as follows (in thousands): | ||||||||||||||||||||||||||
As of March 31, 2013 | As of March 31, 2014 | |||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
average | carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||||||||
useful life | amount | amount | amount | amount | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||||
Internally developed intangible for sale: | ||||||||||||||||||||||||||
Capitalized software | 5 | $ | 6,438 | $ | (1,018 | ) | $ | 5,420 | $ | 11,508 | $ | (2,266 | ) | $ | 9,242 | |||||||||||
Acquired intangibles: | ||||||||||||||||||||||||||
Developed software | 6.1 | 19,250 | (4,659 | ) | 14,591 | 19,250 | (7,875 | ) | 11,375 | |||||||||||||||||
Customer relationships | 8.1 | 12,700 | (4,735 | ) | 7,965 | 15,910 | (6,800 | ) | 9,110 | |||||||||||||||||
Trademarks | 6.2 | 4,200 | (2,118 | ) | 2,082 | 4,200 | (2,680 | ) | 1,520 | |||||||||||||||||
Non-compete agreements | 4.3 | 1,400 | (633 | ) | 767 | 1,400 | (900 | ) | 500 | |||||||||||||||||
Customer contracts | 4.7 | 5,199 | (3,643 | ) | 1,556 | 6,299 | (4,291 | ) | 2,008 | |||||||||||||||||
Total other intangibles | $ | 49,187 | $ | (16,806 | ) | $ | 32,381 | $ | 58,567 | $ | (24,812 | ) | $ | 33,755 | ||||||||||||
Amortization expense for intangible assets for the fiscal years ended March 31, 2012, 2013, and 2014, recorded in depreciation and amortization on the consolidated statements of income, was approximately $5.1 million, $5.8 million, and $8.0 million, respectively. The following approximates the aggregate amortization expense to be recorded in depreciation and amortization on the consolidated statements of income for each of the following five fiscal years ending March 31, 2015 through 2019: $8.8 million, $6.0 million, $5.5 million, $4.9 million, and $3.7 million, respectively, and $3.7 million thereafter. |
Investment_in_unconsolidated_e
Investment in unconsolidated entity | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investment in unconsolidated entity | ' | |||||||||||
Investments in and advances to unconsolidated entities | ||||||||||||
In August 2011, the Company entered into an agreement with UPMC to establish Evolent for the purpose of driving provider-led, value-driven care with innovative technology, integrated data and analytics, and services. The Company provided $10.0 million and other non-cash contributions to Evolent for an initial equity interest of 44% in Series A convertible preferred stock of Evolent and the right to appoint one person to Evolent’s board of directors. The Company exercises significant influence over Evolent, but does not control Evolent and is not the primary beneficiary of Evolent’s activities. At the time of formation, the Series A convertible preferred shares of Evolent were deemed to be in-substance common stock. As a result, the Company’s investment in Evolent was accounted for under the equity method of accounting, with the Company’s proportionate share of the income or loss recognized in the consolidated statements of income. In addition, a member of the Company’s Board of Directors serves as the chief executive officer of Evolent. | ||||||||||||
During the period from January 2013 through July 2013, the Company provided interim funding to Evolent in the form of a convertible term note bearing interest at a rate of 8% per year, with such interest accruing on a daily basis and compounded annually. The carrying balance of the note receivable was $4.4 million as of March 31, 2013. The Company provided additional funding of $5.6 million during the period from April 2013 to July 2013. The Company’s proportionate share of the losses recognized by Evolent during the six month period from April 1, 2013 through September 30, 2013 exceeded the Company’s investment balance. As a result, the Company’s proportionate share of the excess losses was applied to the Company’s notes receivable from Evolent at a rate consistent with the Company’s interest in Evolent’s outstanding debt, which was 44%. The carrying balance of the notes receivable was decreased by $4.0 million during the six months ended September 30, 2013 to reflect the Company’s portion of Evolent’s losses after the Company’s equity investment balance was reduced to zero. | ||||||||||||
In September 2013, Evolent completed a reorganization in connection with a new round of equity financing (the “Series B Issuance”). Evolent’s reorganization included the creation of Evolent Health Holdings, Inc. ("Holdings") and the conversion of Evolent into Evolent LLC, a limited liability company that is treated as a partnership for tax purposes. As a result and immediately following the reorganization, Holdings owned 57% of the equity interests in Evolent LLC. Holdings has no other operations other than its investment in Evolent LLC. The Company, together with certain other investors, also holds direct equity interests in Evolent LLC, which will continue as the operating company that will conduct the Evolent business. The Company participated in the Series B Issuance by providing $9.6 million in cash and converting $10.1 million in principal and accrued interest of the convertible term note described above in exchange for 1,302,172 Series B convertible preferred shares in Evolent LLC and the right to appoint an additional person to the boards of directors of both Evolent LLC and Holdings. The conversion of all outstanding principal and accrued interest under the note into equity securities generated a $4.0 million gain. The gain is included in equity in loss of unconsolidated entities on the consolidated statements of income for the fiscal year ended March 31, 2014. Immediately following the Series B Issuance and reorganization, the Company owned 23.6% of Holdings through its Series A convertible preferred investment and 11.5% of Evolent LLC through its Series B convertible preferred investment. | ||||||||||||
On the date of the Series B Issuance, the Company re-evaluated the accounting for its investment in Holdings’ Series A convertible preferred stock. The Company determined that its Series A convertible preferred investment in Holdings should be accounted for under the cost method instead of the equity method since the investment no longer qualified as in-substance common stock. The carrying balance of the Company’s Series A convertible preferred investment in Holdings was $0 as of March 31, 2014. | ||||||||||||
Evolent LLC maintains separate capital accounts for each of its shareholders; therefore, the Company accounts for its Series B convertible preferred investment in Evolent LLC under the equity method. During the fiscal year ended March 31, 2014, the Company’s proportionate share of the losses of Evolent LLC that was applied to the carrying value of its investment in Evolent LLC was $3.8 million. In addition, $0.4 million related to amortization of basis differences related to identified intangible assets was applied to the carrying value of its investment in Evolent LLC. As a result, the carrying balance of the Company’s investment in Series B convertible preferred shares of Evolent LLC was $15.9 million as of March 31, 2014. Because of Evolent LLC's treatment as a partnership for tax purposes, the losses of Evolent LLC pass through to the Company and the other shareholders. The Company's proportionate share of the losses of Evolent LLC are recorded net of the estimated tax benefit that the Company believes will be realized from the losses in equity in loss of unconsolidated entities on the consolidated statements of income. As a result of uncertainty associated with the realization of the deferred tax assets resulting from the tax benefit of the Evolent LLC losses, the Company has provided a full valuation allowance against this deferred tax asset as of March 31, 2014. | ||||||||||||
As of March 31, 2014, the Company owned 23.1% of Holdings through its Series A convertible preferred investment and 11.3% of Evolent LLC through its Series B convertible preferred investment. The decrease in the equity interest occurred in January 2014 and is a result of Holdings completing a third round of equity financing (the "Series B-1 Issuance"), as well as an additional equity investment from a vendor. | ||||||||||||
The Company’s proportionate share of the losses of Evolent during the fiscal years ended March 31, 2012 and March 31, 2013 was $1.3 million and $7.9 million, respectively. During the fiscal year ended March 31, 2014, the Company’s proportionate share of the losses of Evolent was $10.1 million. During the fiscal year ended March 31, 2014, the Company’s proportionate share of the losses of Evolent that was applied to the carrying value of its investment in Series A convertible preferred stock of Evolent was $1.9 million. Equity in loss of unconsolidated entities on the consolidated statements of income for the fiscal year ended March 31, 2013 includes a dilution gain of $1.1 million which the Company recognized in connection with Evolent’s July 2012 financing round. Evolent LLC is in the early stages of its business plan and, as a result, the Company expects both Holdings and its majority-owned subsidiary Evolent LLC to continue to incur losses in the future. The Company’s investment in Evolent LLC is evaluated for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. As of March 31, 2014, the Company believes that no impairment charge is necessary. | ||||||||||||
The following is a summary of the financial position of Evolent LLC, as of the dates presented (unaudited, in thousands): | ||||||||||||
As of | ||||||||||||
31-Mar-14 | ||||||||||||
Assets: | ||||||||||||
Current assets | $ | 78,692 | ||||||||||
Non-current assets | 20,151 | |||||||||||
Total assets | $ | 98,843 | ||||||||||
Liabilities and Members’ Equity: | ||||||||||||
Current liabilities | $ | 35,453 | ||||||||||
Non-current liabilities | 3,173 | |||||||||||
Total liabilities | 38,626 | |||||||||||
Redeemable equity | 78,360 | |||||||||||
Members’ equity | (18,143 | ) | ||||||||||
Total liabilities and members’ equity | $ | 98,843 | ||||||||||
The following is a summary of the operating results of Evolent LLC for the periods presented (unaudited, in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenue | $ | — | $ | — | $ | 35,788 | ||||||
Operating expenses | — | — | (54,497 | ) | ||||||||
Depreciation and amortization | — | — | (1,381 | ) | ||||||||
Interest, net | — | — | 16 | |||||||||
Taxes | — | — | — | |||||||||
Net loss | $ | — | $ | — | $ | (20,074 | ) | |||||
The following is a summary of the financial position of Holdings (or its predecessor) as of the dates presented (unaudited, in thousands): | ||||||||||||
As of | ||||||||||||
31-Mar-13 | 31-Mar-14 | |||||||||||
Assets: | ||||||||||||
Current assets | $ | 9,842 | $ | — | ||||||||
Non-current assets | 10,571 | 48,172 | ||||||||||
Total assets | $ | 20,413 | $ | 48,172 | ||||||||
Liabilities and Members’ Equity: | ||||||||||||
Current liabilities | $ | 11,716 | $ | — | ||||||||
Non-current liabilities | 10,116 | — | ||||||||||
Total liabilities | 21,832 | — | ||||||||||
Redeemable shares | — | 38,680 | ||||||||||
Members’ equity | (1,419 | ) | 9,492 | |||||||||
Total liabilities and members’ equity | $ | 20,413 | $ | 48,172 | ||||||||
The following is a summary of the operating results of Holdings (or its predecessor) for the periods presented (unaudited, in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenue | $ | 1,480 | $ | 13,082 | $ | 25,671 | ||||||
Operating expenses | (4,445 | ) | (36,183 | ) | (45,617 | ) | ||||||
Depreciation and amortization | (9 | ) | (1,038 | ) | (1,208 | ) | ||||||
Interest, net | 7 | (149 | ) | (820 | ) | |||||||
Taxes | — | 333 | (8 | ) | ||||||||
Gain from deconsolidation | — | — | 46,246 | |||||||||
Income/loss from investments | — | — | (7,141 | ) | ||||||||
Net loss | $ | (2,967 | ) | $ | (23,955 | ) | $ | 17,123 | ||||
Other_noncurrent_assets
Other non-current assets | 12 Months Ended |
Mar. 31, 2014 | |
Investments, All Other Investments [Abstract] | ' |
Other non-current assets | ' |
Other non-current assets | |
In June 2009, the Company invested in the convertible preferred stock of a private company that provides technology tools and support services to health care providers, including the Company’s members. In addition, the Company entered into a licensing agreement with that company. As part of its investment, the Company received warrants to purchase up to 6,015,000 shares of the company’s common stock at an exercise price of $1.00 per share as certain performance criteria are met. The warrants are exercisable through June 19, 2019. The warrants contain a net settlement feature and therefore are considered to be a derivative financial instrument. No adjustment was made to the fair value of the warrants during the fiscal year ended March 31, 2014. The warrants are recorded at their fair value, which was estimated at $550,000 as of March 31, 2013 and $550,000 as of March 31, 2014, and are included in other non-current assets on the consolidated balance sheets. The change in the fair value of the warrants is recorded in other income, net on the consolidated statements of income. For additional information regarding the fair value of these warrants, see Note 5, “Fair value measurements.” The convertible preferred stock investment is recorded at cost, and the carrying amount of this investment as of March 31, 2014 of $5.0 million is included in other non-current assets on the consolidated balance sheets. The convertible preferred stock accrues dividends at an annual rate of 8% that are payable if and when declared by the investee’s board of directors. As of March 31, 2014, no dividends had been declared by the investee or recorded by the Company. This investment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of this asset may not be recoverable. The Company believes that no such impairment indicators existed during the fiscal year ended March 31, 2013 or 2014. |
Noncontrolling_interest
Noncontrolling interest | 12 Months Ended |
Mar. 31, 2014 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling interest | ' |
Noncontrolling interest | |
On July 5, 2012, the Company entered into an agreement with an entity created for the sole purpose of providing consulting services for the Company on an exclusive basis. The Company’s relationship with the entity is governed by a services agreement and other documents that provide the entity’s owners the conditional right to require the Company to purchase their ownership interests (“Put Option”) at any time after certain conditions have been satisfied through December 31, 2014. As of March 31, 2014, these conditions had not been satisfied. These agreements also provide the Company a conditional right to require the entity’s owners to sell their ownership interests to the Company (“Call Option”) at any time between July 5, 2013 and December 31, 2014. The equity interest in this entity is classified as a redeemable noncontrolling interest, which is presented outside of permanent equity as the redemption is not solely within the Company’s control. The redeemable noncontrolling interest is recorded at its initial fair value of $0.1 million and has not been subsequently adjusted, as management’s current judgment is that it is not probable that the Put Option will become exercisable prior to its expiration due to uncertainty in the achievement of certain performance conditions specified in the agreement. If the Put Option were to become exercisable in the future, the estimated maximum total redemption amount of the redeemable noncontrolling interest under the Put Option would be approximately $7.5 million, which would be recorded as a reduction to net income available to common stockholders in the period when it is determined that exercise of the Put Option is probable. | |
The Company has determined that this entity meets the definition of a variable interest entity over which it has significant influence and, as a result, has consolidated the results of this entity into its consolidated financial statements. noncontrolling interest represents the entity’s owners’ claims on consolidated investments where the Company owns less than a 100% interest. As of March 31, 2014, the Company has a 0% ownership interest in this entity. The Company records these interests at their initial fair value, adjusting the basis prospectively for the noncontrolling holders’ share of the respective consolidated investments’ results of operations and applicable changes in ownership. |
Revolving_credit_facility
Revolving credit facility | 12 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Revolving credit facility | ' |
Revolving credit facility | |
On July 30, 2012, the Company entered into a $150.0 million five-year senior secured revolving credit facility under a credit agreement with a syndicate of lenders. The Company incurred financing fees of $0.8 million in relation to this transaction. Under the revolving credit facility, up to $150.0 million principal amount of borrowings and other credit extensions may be outstanding at any time, subject to compliance with specified financial ratios and the satisfaction of other customary conditions to borrowing. The maximum principal amount available under the credit agreement may be increased by up to an additional $50.0 million in minimum increments of $10.0 million at the Company’s election upon the satisfaction of specified conditions. The credit agreement contains a sublimit for up to $5.0 million principal amount of swing line loans outstanding at any time and a sublimit for the issuance of up to $10.0 million of letters of credit outstanding at any time. The facility loans may be borrowed, repaid and reborrowed from time to time during the term of the facility and will mature and be payable in full on July 30, 2017. Consequently, the amount outstanding under the revolving credit facility at the end of a period may not be reflective of the total amounts outstanding during such period. | |
Amounts borrowed under the revolving credit facility generally will bear interest at an annual rate calculated, at the Company’s option, on the basis of either (a) an alternate base rate plus the applicable margin for alternate base rate loans under the credit agreement, which ranges from 0.75% to 1.5% based on the Company’s total leverage ratio, or (b) an adjusted London interbank offered rate ("LIBOR") plus the applicable margin for eurocurrency loans under the credit agreement, which ranges from 1.75% to 2.50% based on the Company’s total leverage ratio. The Company is required to pay a commitment fee on the unutilized portion of the facility at an annual rate of between 0.25% and 0.40% based on the Company’s total leverage ratio. | |
As of March 31, 2013 and 2014, there were no amounts outstanding under the revolving credit facility and $150.0 million was available for borrowing. | |
The Company is required under the revolving credit facility to satisfy three financial ratios on a quarterly basis. The Company was in compliance with these financial covenants as of March 31, 2014. |
Stockholders_equity
Stockholders' equity | 12 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Stockholders' equity | ' |
Stockholders’ equity | |
In May 2013, the Company’s Board of Directors authorized an increase in its cumulative share repurchase program to $450 million of the Company’s common stock. The Company repurchased 223,438 shares, 385,314 shares, and 376,532 shares of its common stock at a total cost of approximately $6.6 million, $18.0 million, and $21.9 million in the fiscal years ended March 31, 2012, 2013, and 2014, respectively, pursuant to its share repurchase program. The total amount of common stock purchased from inception under the program as of March 31, 2014 was 16,026,626 shares at a total cost of $340.9 million. All repurchases to date have been made in the open market and have been retired as of March 31, 2014. No minimum number of shares subject to repurchase has been fixed and the share repurchase authorization has no expiration date. The Company has funded, and expects to continue to fund, its share repurchases with cash on hand, proceeds from the sale of marketable securities, and cash generated from operations. As of March 31, 2014, the remaining authorized repurchase amount was $87.2 million. | |
During the fiscal year ended March 31, 2014, the Company retired 376,532 shares of its treasury stock. Upon retirement, these shares resumed the status of authorized but unissued stock. The treasury stock retirement resulted in reductions to common stock of $3,000, treasury stock of $21.9 million, and retained earnings of $21.9 million. During the fiscal year ended March 31, 2013, the Company retired 13,650,094 shares of its treasury stock. Upon retirement, these shares resumed the status of authorized but unissued stock. The treasury stock retirement resulted in reductions to common stock of $70,000, treasury stock of $307.8 million, and retained earnings of $307.7 million. A total of 16,026,626 shares of treasury stock have been retired to date. There was no effect on the total stockholders’ equity position as a result of the retirement. | |
On May 1, 2012, the Company’s Board of Directors approved a two-for-one split of the Company’s common stock to be effected in the form of a stock dividend. As a result of this action, one additional share was issued on June 18, 2012 for each share held by stockholders of record at the close of business on May 31, 2012. The stock split did not have an impact on the Company’s consolidated financial position or results of operations. Share and per share amounts presented in the consolidated financial statements for dates before June 18, 2012 have been restated to reflect the impact of the stock split. |
Stockbased_compensation
Stock-based compensation | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Stock-based compensation | ' | |||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||
Equity incentive plans | ||||||||||||||||||||||
The Company issues awards, including stock options and RSUs, under the Company’s 2005 Stock Incentive Plan (the “2005 Plan”) and 2009 Stock Incentive Plan (the “2009 Plan”), and issued such awards through September 11, 2009 under the Company’s 2006 Stock Incentive Plan (the “2006 Plan”). Upon approval of the 2009 Plan by the Company’s stockholders on September 11, 2009, the 2006 Plan was frozen with respect to new awards. | ||||||||||||||||||||||
On September 13, 2011, the Company’s stockholders approved an amendment to the 2009 Plan that increased the number of shares of common stock authorized for issuance under the plan by 2,500,000 shares. On September 5, 2013, the Company's stockholders approved an amendment to the 2009 Plan that increased the number of shares of common stock authorized for issuance under the plan by 2,125,000 shares. The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan, as amended, may not exceed 6,735,000, plus the shares that remained available for issuance under the 2006 Plan as of June 26, 2009 and the number of shares subject to outstanding awards under the 2006 Plan that, on or after such date, cease for any reason to be subject to such awards (other than reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and non-forfeitable shares). On September 5, 2013, the Company's stockholders also approved an amendment to the 2009 Plan that increased the maximum term for stock option and freestanding stock appreciation rights awards granted under the plan from five years to seven years. Stock-based awards granted under the 2006 Plan have a five-year maximum contractual term and stock-based awards granted under the 2009 Plan have a seven-year maximum contractual term. The aggregate number of shares of the Company’s common stock available for issuance under the 2005 Plan may not exceed 3,200,000, plus the shares that remained available for issuance under the Company’s 2001 Stock Incentive Plan (the “2001 Plan”) as of November 15, 2005 and shares subject to outstanding awards under the 2001 Plan that, on or after such date, cease for any reason to be subject to such awards (other than reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and non-forfeitable shares). Stock-based awards granted under the 2005 Plan have a seven-year maximum contractual term. As of March 31, 2014, there were 2,384,443 shares available for issuance under the 2009 Plan and 715,670 shares available for issuance under the 2005 Plan. | ||||||||||||||||||||||
The 2009 Plan and the 2005 Plan (the “Plans”) are administered by the Compensation Committee of the Company’s Board of Directors, which has the authority to determine which officers, directors, employees, and other service providers are awarded options or share awards pursuant to the Plans and to determine the terms of the awards. Grants may consist of treasury shares or newly issued shares. Options are rights to purchase common stock of the Company at the fair market value on the date of grant. The exercise price of a stock option or other equity-based award is equal to the closing price of the Company’s common stock on the date of grant. The Company generally awards non-qualified options, but the Plans permit the issuance of options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code. Holders of options do not participate in dividends, if any, until after the exercise of the award. RSUs are equity settled stock-based compensation arrangements of a number of shares of the Company’s common stock. RSU holders do not participate in dividends, if any, nor do they have voting rights until the restrictions lapse. | ||||||||||||||||||||||
Stock option activity. During the fiscal years ended March 31, 2012, 2013, and 2014, the Company granted 601,412, 361,844, and 536,958 stock options, respectively, with a weighted average exercise price of $24.98, $44.00, and $51.71, respectively. The weighted average fair values of the stock option grants are listed in the stock option valuation section below. During the fiscal years ended March 31, 2012, 2013, and 2014, participants exercised 1,775,510, 1,477,219, and 1,327,358 options for a total intrinsic value of $27.1 million, $44.3 million, and $53.7 million, respectively. Intrinsic value is calculated as the number of shares exercised times the Company’s stock price at exercise less the exercise price of the option. | ||||||||||||||||||||||
The following table summarizes the changes in common stock options during the fiscal years ended March 31, 2012, 2013, and 2014 for all of the stock incentive plans described above. | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||||
Options | Average | Options | Average | Options | Average | |||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding, beginning of year | 5,059,198 | $ | 16.4 | 3,812,228 | $ | 17.05 | 2,692,353 | $ | 21.06 | |||||||||||||
Granted | 601,412 | 24.98 | 361,844 | 44 | 536,958 | 51.71 | ||||||||||||||||
Exercised | (1,775,510 | ) | 17.48 | (1,477,219 | ) | 16.35 | (1,327,358 | ) | 16.6 | |||||||||||||
Forfeited | (72,872 | ) | 20.33 | (4,500 | ) | 9.26 | (71,630 | ) | 32.93 | |||||||||||||
Outstanding, end of year | 3,812,228 | $ | 17.05 | 2,692,353 | $ | 21.06 | 1,830,323 | $ | 32.82 | -1 | ||||||||||||
Exercisable, end of year | 680,978 | $ | 19.57 | -2 | ||||||||||||||||||
————————————— | ||||||||||||||||||||||
-1 | The weighted average remaining contractual term for the fiscal year ended March 31, 2014 is approximately three years and the aggregate intrinsic value is $57.7 million. | |||||||||||||||||||||
-2 | The weighted average remaining contractual term for the fiscal year ended March 31, 2014 is approximately two years and the aggregate intrinsic value is $30.4 million. | |||||||||||||||||||||
The aggregate intrinsic value shown in the footnotes of the table above is the sum of the amounts by which the quoted market price of the Company’s common stock exceeded the exercise price of the options as of March 31, 2014, for those options for which the quoted market price was in excess of the exercise price. This amount changes over time based on changes in the fair market value of the Company’s common stock. During the fiscal years ended March 31, 2012, 2013, and 2014, 729,182, 710,972, and 850,087 options, respectively, vested with fair values of $3.0 million, $3.8 million, and $5.3 million, respectively. | ||||||||||||||||||||||
The following table summarizes the exercise prices and contractual lives of all options outstanding under the stock incentive plans described above as of March 31, 2014: | ||||||||||||||||||||||
Options Outstanding and Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Exercise | Remaining | |||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||
Life - Years | ||||||||||||||||||||||
$ 0.00 – $ 9.99 | 219,906 | $ | 9.26 | 2.1 | ||||||||||||||||||
10.00 – 19.99 | 284,332 | 16.85 | 2 | |||||||||||||||||||
20.00 – 29.99 | 471,791 | 24.62 | 2.9 | |||||||||||||||||||
30.00 – 39.99 | 5,000 | 34.06 | 2.7 | |||||||||||||||||||
40.00 – 49.99 | 730,776 | 46.15 | 4.3 | |||||||||||||||||||
50.00 – 59.99 | 11,253 | 57.88 | 6.4 | |||||||||||||||||||
60.00 – 69.99 | 107,265 | 66.06 | 6.9 | |||||||||||||||||||
$ 0.00 – $ 69.99 | 1,830,323 | $ | 32.82 | 3.5 | ||||||||||||||||||
Restricted stock unit activity. During the fiscal years ended March 31, 2012, 2013, and 2014, the Company granted 464,700, 342,240, and 550,384 RSUs, respectively, the majority of which vest in four equal annual installments on the anniversary of the grant date. The valuation of RSUs is determined as the fair market value of the underlying shares on the date of grant. The weighted average grant date fair value of RSUs granted for the fiscal years ended March 31, 2012, 2013, and 2014 was $24.81, $44.39, and $53.64, respectively. During the fiscal years ended March 31, 2012, 2013, and 2014, participants vested in 226,168, 292,020, and 346,310 RSUs, respectively, for a total intrinsic value of $7.2 million, $13.6 million, and $17.2 million, respectively. Intrinsic value is calculated as the number of shares vested times the Company’s closing stock price at the vesting date. Of the RSUs vested in the fiscal years ended March 31, 2012, 2013, and 2014, 75,662, 89,155, and 119,108 shares, respectively, were withheld to satisfy minimum employee tax withholding. | ||||||||||||||||||||||
The following table summarizes the changes in RSUs during the fiscal years ended March 31, 2012, 2013, and 2014 for all of the stock incentive plans described above. | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||||
RSUs | Average | RSUs | Average | RSUs | Average | |||||||||||||||||
Grant | Grant | Grant | ||||||||||||||||||||
Date | Date | Date | ||||||||||||||||||||
Fair | Fair | Fair | ||||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||
Non-vested, beginning of year | 664,218 | $ | 17.34 | 896,640 | $ | 20.77 | 943,206 | $ | 29.5 | |||||||||||||
Granted | 464,700 | $ | 24.81 | 342,240 | $ | 44.39 | 550,384 | $ | 53.64 | |||||||||||||
Forfeited | (6,110 | ) | $ | 23.53 | (3,654 | ) | $ | 19.98 | (36,818 | ) | $ | 39.88 | ||||||||||
Vested | (226,168 | ) | $ | 18.92 | (292,020 | ) | $ | 20.26 | (346,310 | ) | $ | 26.53 | ||||||||||
Non-vested, end of year | 896,640 | $ | 20.77 | 943,206 | $ | 29.5 | 1,110,462 | $ | 42.05 | |||||||||||||
Employee stock purchase plan | ||||||||||||||||||||||
The Company sponsors an employee stock purchase plan (“ESPP”) for all eligible employees. Under the ESPP, employees authorize payroll deductions from 1% to 15% of their eligible compensation to purchase shares of the Company’s common stock. Under the ESPP, shares of the Company’s common stock may be purchased at the end of each fiscal quarter at 95% of the closing price of the Company’s common stock. A total of 1,684,000 shares of the Company’s common stock are authorized under the ESPP. As of March 31, 2014, a total of 1,487,207 shares were available for issuance under the ESPP. During the fiscal years ended March 31, 2012, 2013, and 2014, the Company issued 6,684, 7,748, and 8,962 shares, respectively, under the ESPP at an average price of $33.17, $46.77, and $57.31 per share, respectively. The compensation expense related to the ESPP recorded in the fiscal years ended March 31, 2012, 2013, and 2014 was not material to the consolidated financial statements. | ||||||||||||||||||||||
Valuation assumptions and equity based award activity | ||||||||||||||||||||||
As discussed in Note 2, “Summary of significant accounting policies,” determining the estimated fair value of stock-based awards is judgmental in nature and involves the use of significant estimates and assumptions, including the term of the stock-based awards, risk-free interest rates over the vesting period, expected dividend rates, the price volatility of the Company’s shares, and forfeiture rates of the awards. | ||||||||||||||||||||||
Stock option valuation | ||||||||||||||||||||||
The Company calculates the fair value of all stock option awards, with the exception of the stock options issued with market-based conditions, on the date of grant using the Black-Scholes model. The expected term for its stock options is determined through analysis of historical data on employee exercises, vesting periods of awards, and post-vesting employment termination behavior. The risk-free interest rate is based on U.S. Treasury bonds issued with life terms similar to the expected life of the grant. Volatility is calculated based on historical volatility of the daily closing price of the Company’s common stock continuously compounded with a look-back period similar to the terms of the expected life of the grant. The Company has not declared or paid any cash dividends on its common stock since the closing of its initial public offering and does not currently anticipate declaring or paying any cash dividends. The timing and amount of future cash dividends, if any, is periodically evaluated by the Company’s Board of Directors and would depend upon, among other factors, the Company’s earnings, financial condition, cash requirements, and contractual restrictions. | ||||||||||||||||||||||
The following average key assumptions were used in the valuation of stock options granted in each respective period: | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Stock option grants: | ||||||||||||||||||||||
Risk-free interest rate | 0.66% – 2.22% | 0.43% – 1.15% | 0.34% – 1.71% | |||||||||||||||||||
Expected lives in years | 3.00 – 5.25 | 3.25 – 5.50 | 3.25 – 5.50 | |||||||||||||||||||
Expected volatility | 36.7% – 41.6% | 33.2% – 40.7% | 30.4% – 38.0% | |||||||||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||||||||||
Weighted average exercise price of options granted | 24.98 | 44 | 51.71 | |||||||||||||||||||
Weighted average grant date fair value of options granted | 8.24 | 13.33 | 14.77 | |||||||||||||||||||
Number of options granted | 601,412 | 361,844 | 536,958 | |||||||||||||||||||
Valuation for restricted stock units | ||||||||||||||||||||||
RSUs are valued at the grant date closing price of the Company’s common stock as reported by The NASDAQ Stock Market LLC (“NASDAQ”). | ||||||||||||||||||||||
Valuation for employee stock purchase rights | ||||||||||||||||||||||
The value of employee stock purchase rights for shares of stock purchased under the ESPP is determined as the fair market value of the underlying shares on the date of purchase as determined by the closing price of the Company’s common stock as reported by NASDAQ, less the purchase price, which is 95% of the closing price of the Company’s common stock. The ESPP enrollment begins on the first day of the quarter. Stock purchases occur on the last day of the quarter, with only eligible employee payroll deductions for the period used to calculate the shares purchased. There is no estimate of grant date fair value or estimated forfeitures, since actual compensation expense was recorded in the period on the purchase date. The fair value of employee stock purchase rights is equivalent to a 5% discount of the purchase date closing price. | ||||||||||||||||||||||
Forfeitures | ||||||||||||||||||||||
Forfeitures are estimated based on historical experience at the time of grant and adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense is recognized on a straight-line basis, net of an estimated forfeiture rate, for only those shares expected to vest over the requisite service period of the award, which is generally the option vesting term, and can range from six months to four years. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of compensation expense to be recognized in future periods. The Company analyzes forfeiture rates using four separate groups, one group for members of the Company’s Board of Directors, two separate groups of executives based on seniority, and one group for general employees. In the fiscal year ended March 31, 2014, the Company decreased its estimated forfeiture rate for the general employee group from 15%, to 10%. Forfeiture rates for the remaining groups are 0%, 1%, and 5% for members of the Company's Board of Directors and two separate groups of executives based on seniority, respectively. | ||||||||||||||||||||||
Compensation expense | ||||||||||||||||||||||
The Company recognized stock-based compensation expense in the following consolidated statements of income line items for stock options and RSUs and for shares issued under the Company’s ESPP, for the fiscal years ended March 31, 2012, 2013, and 2014 (in thousands, except per share amounts): | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Stock-based compensation expense included in: | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||
Cost of services | $ | 3,440 | $ | 3,975 | $ | 5,527 | ||||||||||||||||
Member relations and marketing | 2,133 | 2,643 | 3,688 | |||||||||||||||||||
General and administrative | 6,413 | 7,295 | 9,002 | |||||||||||||||||||
Depreciation and amortization | — | — | — | |||||||||||||||||||
Total costs and expenses | 11,986 | 13,913 | 18,217 | |||||||||||||||||||
Operating income | (11,986 | ) | (13,913 | ) | (18,217 | ) | ||||||||||||||||
Net income attributable to common stockholders | $ | (7,359 | ) | $ | (8,686 | ) | $ | (11,204 | ) | |||||||||||||
Impact on diluted earnings per share | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.30 | ) | |||||||||||||
There are no stock-based compensation costs capitalized as part of the cost of an asset. | ||||||||||||||||||||||
Stock-based compensation expense by award type is shown below (in thousands): | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Stock-based compensation expense by award type: | ||||||||||||||||||||||
Stock options | $ | 5,072 | $ | 5,000 | $ | 4,846 | ||||||||||||||||
Restricted stock units | 6,914 | 8,913 | 13,371 | |||||||||||||||||||
Employee stock purchase rights | — | — | — | |||||||||||||||||||
Total stock-based compensation | $ | 11,986 | $ | 13,913 | $ | 18,217 | ||||||||||||||||
As of March 31, 2014, $43.4 million of total unrecognized compensation cost related to stock-based compensation was expected to be recognized over a weighted average period of 2.9 years. | ||||||||||||||||||||||
Tax benefits | ||||||||||||||||||||||
The benefits of tax deductions in excess of recognized book compensation expense are reported as a financing cash inflow in the consolidated statements of cash flows. Approximately $7.6 million, $20.5 million, and $19.5 million of tax benefits associated with the exercise of employee stock options and restricted stock units were recorded as cash from financing activities in the fiscal years ended March 31, 2012, 2013, and 2014, respectively. |
Income_taxes
Income taxes | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income taxes | ' | |||||||||||
Income taxes | ||||||||||||
The provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Current | $ | 14,903 | $ | 17,382 | $ | 11,413 | ||||||
Deferred | 304 | 641 | 7,795 | |||||||||
Provision for income taxes | $ | 15,207 | $ | 18,023 | $ | 19,208 | ||||||
The provision for income taxes differs from the amount of income taxes determined by applying the applicable income tax statutory rates to income before provision for income taxes as follows: | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income tax, net of U.S. federal income tax benefit | 5.5 | % | 5.9 | % | 6 | % | ||||||
Tax-exempt interest income | (1.5 | )% | (2.0 | )% | (1.7 | )% | ||||||
Washington, D.C. QHTC income tax credits | (3.1 | )% | (5.4 | )% | (4.0 | )% | ||||||
Other permanent differences, net | 2.7 | % | 4 | % | 3.2 | % | ||||||
Effective tax rate on continuing operations | 38.6 | % | 37.5 | % | 38.5 | % | ||||||
Deferred income taxes are provided for temporary differences between the tax bases of assets and liabilities and their reported amounts on the consolidated financial statements. The tax effect of these temporary differences is presented below (in thousands): | ||||||||||||
As of March 31, | ||||||||||||
2013 | 2014 | |||||||||||
Deferred income tax assets (liabilities): | ||||||||||||
Tax credit carryforwards | $ | 10,848 | $ | 11,199 | ||||||||
Deferred compensation accrued for financial reporting purposes | 8,592 | 11,692 | ||||||||||
Stock-based compensation | 8,548 | 8,942 | ||||||||||
Acquired net operating loss carryforwards | 3,279 | 5,444 | ||||||||||
Reserve for uncollectible revenue | 2,355 | 2,812 | ||||||||||
Book/tax basis difference in investment in unconsolidated entities | — | 1,677 | ||||||||||
Unrealized losses on available-for-sale securities | — | 1,270 | ||||||||||
Acquired intangibles and goodwill | 195 | — | ||||||||||
Other | 778 | 1,628 | ||||||||||
Total deferred tax assets | 34,595 | 44,664 | ||||||||||
Valuation allowance | — | (1,677 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 34,595 | 42,987 | ||||||||||
Capitalized software development costs | (14,648 | ) | (22,659 | ) | ||||||||
Deferred incentive compensation and other deferred charges | (5,968 | ) | (9,234 | ) | ||||||||
Acquired intangibles and goodwill | — | (5,097 | ) | |||||||||
Unrealized gains on available-for-sale securities | (680 | ) | — | |||||||||
Depreciation | (2,417 | ) | (1,616 | ) | ||||||||
Other | (225 | ) | (426 | ) | ||||||||
Total deferred tax liabilities | (23,938 | ) | (39,032 | ) | ||||||||
Net deferred income tax assets | $ | 10,657 | $ | 3,955 | ||||||||
The Company has $15.6 million of U.S. federal and state net operating loss carryforwards available at March 31, 2014 as a result of recent acquisitions. These carryforwards will be used to offset future income but maybe limited by the change in ownership rules in Section 382 of the Internal Revenue Code. These net operating loss carryforwards will expire through 2021. The Company anticipates it will be able to use all of its acquired net operating loss carryforwards. In estimating future tax consequences, the Company generally considers all expected future events in the determination and evaluation of deferred tax assets and liabilities. The Company believes that its estimated future ordinary taxable income will be sufficient for the full realization of its deferred income tax assets other than its investment in unconsolidated subsidiaries which may generate a capital loss. The effect of future changes in existing laws or rates is not considered in the determination and evaluation of deferred tax assets and liabilities until the new tax laws or rates are enacted. | ||||||||||||
The Company has recorded a deferred tax asset resulting from the book tax basis difference in investment in unconsolidated entities. The Company has recorded a $1.7 million valuation allowance related to this asset. | ||||||||||||
The Company uses a more-likely-than-not recognition threshold based on the technical merits of the tax position taken for the financial statement recognition and measurement of a tax position. If a tax position does not meet the more-likely-than-not initial recognition threshold, no benefit is recorded in the financial statements. The Company does not currently anticipate that the total amounts of unrecognized tax benefits (of which the amount was $0 as of March 31, 2013 and 2014) will significantly change within the next twelve months. The Company classifies interest and penalties on any unrecognized tax benefits as a component of the provision for income taxes. No interest or penalties were recognized in the consolidated statements of income for the fiscal years ended March 31, 2012, 2013, or 2014. The Company files income tax returns in U.S. federal and state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state, and local tax examinations for filings in major tax jurisdictions before 2010. | ||||||||||||
Washington, D.C. income tax incentives | ||||||||||||
The Office of Tax and Revenue of the Government of the District of Columbia (the “Office of Tax and Revenue”) provides regulations that modify the income and franchise tax, sales and use tax, and personal property tax regulations for Qualified High Technology Companies (“QHTC”) doing business in the District of Columbia. | ||||||||||||
In February 2006, the Company received notification from the Office of Tax and Revenue that its certification as a QHTC under the New E-conomy Transformation Act of 2000 had been accepted effective as of January 1, 2004. As a QHTC, the Company’s Washington, D.C. statutory income tax rate was 0.0% through calendar year 2008 and 6.0% thereafter, compared to 9.975% prior to this qualification. Under that Act, the Company is also eligible for certain Washington, D.C. income tax credits and other benefits. As of March 31, 2014, the Company has $17.2 million of Washington, D.C. tax credits with expiration dates ranging from 2017 to 2024. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and contingencies | ' | |||
Commitments and contingencies | ||||
Operating leases | ||||
The Company leases approximately 70% of its headquarters space under an operating lease (the “Lease”) that expires in 2019. Leasehold improvements related to leases are depreciated over the term of the Lease and totaled approximately $17.5 million, net, and $25.3 million, net, as of March 31, 2013 and 2014, respectively. The terms of the Lease contain provisions for rental escalation, and the Company is required to pay its portion of executory costs such as taxes, insurance, and operating expenses. The remaining space in our headquarters facility is under a sublease expiring in 2017. The sublease contains provisions for annual rental escalations with no obligation to pay additional executory costs noted above. | ||||
The Company leases office space under operating leases in Austin, Texas; Nashville, Tennessee; Vernon Hills, Illinois; Evanston, Illinois; San Francisco, California; Ann Arbor, Michigan; Plymouth Meeting, Pennsylvania; Tucson, Arizona; and London, England. The Company also leases office space in Chennai, India through its Indian subsidiary, ABCO Advisory Services India Private Ltd. The lease expiration dates are March 2021 for the Texas leases, April 2020 for the Tennessee leases, March 2015 for the Illinois leases, August 2017 for the California lease, December 2014 for the Michigan lease, September 2016 for the Pennsylvania lease, August 2014 for the Arizona lease, July 2014 for the England lease, and December 2016 for the India lease. The Company recognized rental and executory expenses of $11.9 million, $14.2 million, and $17.4 million in the fiscal years ended March 31, 2012, 2013, and 2014, respectively, related to these leases. The Company subleases office space in Nashville, Tennessee. The total of minimum rentals to be received in the future under non-cancelable subleases as of March 31, 2014 is $0.2 million. | ||||
The following table details the future minimum lease payments under the Company’s current leases, excluding rental escalation and executory costs (in thousands): | ||||
Year Ending March 31, | ||||
2015 | 13,563 | |||
2016 | 13,200 | |||
2017 | 13,054 | |||
2018 | 10,733 | |||
2019 | 10,382 | |||
Thereafter | 6,112 | |||
Total | $ | 67,044 | ||
Purchase obligation | ||||
The Company entered into a non-cancelable agreement for the purchase of data. As of March 31, 2014, the Company’s minimum obligation in connection with this agreement extends through May 2019. The minimum payments expected to be made under this agreement for each of the following five fiscal years ending March 31, 2015 through 2019 are: $5.0 million, $5.0 million, $3.0 million, $2.0 million, and $1.0 million, respectively. | ||||
Benefit plan | ||||
The Company sponsors a defined contribution 401(k) plan (the “401(k) Plan”) for all employees who have reached the age of 21. The Company provides discretionary matching contributions in the range of 0% to 100%, which percentage is determined by the Company after the end of the applicable plan year, of an employee’s contribution up to a maximum of 4% of base salary. Contributions to the 401(k) Plan for the fiscal years ended March 31, 2012, 2013, and 2014 were approximately $2.9 million, $2.7 million, and $4.6 million, respectively. | ||||
Litigation | ||||
From time to time, the Company is subject to ordinary routine litigation incidental to its normal business operations. As of March 31, 2014, the Company was not a party to, and its property was not subject to, any material legal proceedings. |
Segments_and_geographic_areas
Segments and geographic areas | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segments and geographic areas | ' | |||||||||||
Segments and geographic areas | ||||||||||||
Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker of an enterprise. Under this definition, the Company contains two operating segments as of March 31, 2014. Both segments have similar economic characteristics, provide similar products and services sold to the same or very similar customers, and have similar sales and distribution procedures. Consequently, the Company has one reportable segment for financial statement purposes. | ||||||||||||
Substantially all of the Company’s identifiable assets are located in the United States. The following table sets forth revenue information for each geographic area for the fiscal years ended March 31, 2012, 2013, and 2014 (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
United States | $ | 357,937 | $ | 434,640 | $ | 504,211 | ||||||
Other countries | 12,408 | 16,197 | 16,385 | |||||||||
Total revenue | $ | 370,345 | $ | 450,837 | $ | 520,596 | ||||||
Quarterly_financial_data
Quarterly financial data | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly financial data | ' | |||||||||||||||
Quarterly financial data (unaudited) | ||||||||||||||||
Unaudited summarized financial data by quarter for the fiscal years ended March 31, 2013 and 2014 are as follows (in thousands, except per share amounts): | ||||||||||||||||
Fiscal 2013 Quarter Ended | ||||||||||||||||
June 30, | September 30, | December 31, | March 31, | |||||||||||||
Revenue | $ | 104,142 | $ | 110,758 | $ | 116,231 | $ | 119,706 | ||||||||
Operating income | $ | 10,365 | $ | 12,490 | $ | 9,736 | $ | 12,884 | ||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | $ | 10,941 | $ | 13,178 | $ | 10,474 | $ | 13,486 | ||||||||
Net income attributable to common stockholders | $ | 4,627 | $ | 7,647 | $ | 4,592 | $ | 6,542 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | 0.14 | 0.22 | 0.13 | 0.19 | ||||||||||||
Diluted | 0.13 | 0.21 | 0.13 | 0.18 | ||||||||||||
Fiscal 2014 Quarter Ended | ||||||||||||||||
June 30, | September 30, | December 31, | March 31, | |||||||||||||
Revenue | $ | 123,216 | $ | 128,341 | $ | 131,038 | $ | 138,001 | ||||||||
Operating income | $ | 10,738 | $ | 11,390 | $ | 7,875 | $ | 17,183 | ||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | $ | 11,261 | $ | 12,481 | $ | 8,235 | $ | 17,915 | ||||||||
Net income attributed to common stockholders | $ | 3,692 | $ | 9,002 | $ | 3,771 | $ | 8,287 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | 0.1 | 0.25 | 0.1 | 0.23 | ||||||||||||
Diluted | 0.1 | 0.24 | 0.1 | 0.22 | ||||||||||||
As described in Note 2, "Summary of significant accounting policies," the Company revised certain items in the consolidated financial statements for the fiscal year ended March 31, 2013, and certain quarters within fiscal year ended March 31, 2013 to correct an error attributable to the omission of certain payroll-related benefits from the Company's capitalization of software development costs. The impact of the errors in the prior periods was not material to the Company in any of those periods; however, an adjustment to correct the aggregate amount of the prior period errors would have been material to the Company’s current year statement of income. The Company has applied the guidance for accounting changes and error correction and has corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included in this report. The Company has also corrected an error related to the timing of a prior period acquisition-related earn-out fair value adjustment. The understatement of the liability as of March 31, 2012 was corrected during fiscal 2013. | ||||||||||||||||
In connection with the revision for the software cost capitalization error, the Company has revised the affected financial statements to correct the error in the proper period. The correction of the foregoing errors for the fiscal 2013 periods, which is included in the table above, resulted in a net increase to previously reported operating income of $1.3 million, $0.3 million, $0.2 million and $0.2 million for the quarters ended June 30, 2012, September 30, 2012, December 31, 2012, and March 31, 2013, respectively. Net income attributed to common stockholders increased approximately $0.8 million, $0.2 million, $0.2 million and $0.1 million for the quarters ended June 30, 2012, September 30, 2012, December 31, 2012, and March 31, 2013, respectively. Basic earnings per share increased approximately $.03 for the quarter ended June 30, 2012 and $.01 for the quarter ended in March 31, 2013. There was no impact to basic earnings per share for the quarters ended September 30, 2012 or December 31, 2012. | ||||||||||||||||
The Company has concluded that the errors are not material to any of the previously reported interim financial statements. Nevertheless, the affected interim financial statements will be revised when reissued in future periodic filings. |
Subsequent_events
Subsequent events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent events | ' |
Subsequent events | |
On May 5, 2014, the Company completed the acquisition for cash of HealthPost, Inc., a technology firm with a cloud-based ambulatory scheduling solution to supplement the Company's existing suite of Crimson programs. The total purchase price was approximately $26.0 million. The Company is in the process of finalizing the purchase price allocation and valuation of certain intangible assets. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||||||
THE ADVISORY BOARD COMPANY | ||||||||||||||||||||
SCHEDULE II—Valuation and Qualifying Accounts | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance | Additions | Additions | Deductions | Balance | ||||||||||||||||
at | Charged | Charged to | From | at End of | ||||||||||||||||
Beginning | to | Other | Reserve | Year | ||||||||||||||||
of Year | Revenue | Accounts | ||||||||||||||||||
Year ended March 31, 2012 Allowance for uncollectible revenue | $ | 4,885 | $ | 4,640 | $ | — | $ | 3,985 | $ | 5,540 | ||||||||||
Year ended March 31, 2013 Allowance for uncollectible revenue | $ | 5,540 | $ | 5,685 | $ | — | $ | 5,459 | $ | 5,766 | ||||||||||
Year ended March 31, 2014 Allowance for uncollectible revenue | $ | 5,766 | $ | 8,011 | $ | — | $ | 6,927 | $ | 6,850 | ||||||||||
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of presentation and consolidation | ' | ||||||||
Basis of presentation and consolidation | |||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and a consolidated variable interest entity. The Company uses the equity method to account for equity investments in instances in which it owns common stock or securities deemed to be in-substance common stock and has the ability to exercise significant influence, but not control, over the investee and for all investments in partnerships or limited liability companies where the investee maintains separate capital accounts for each investor. Investments in which the Company holds securities that are not in-substance common stock, or holds common stock or in-substance common stock, but has little or no influence are accounted for using the cost method. All significant intercompany transactions and balances have been eliminated. | |||||||||
On June 18, 2012, the Company completed a two-for-one split of its outstanding shares of common stock in the form of a stock dividend. Each stockholder of record received one additional share of common stock for each share of common stock owned at the close of business on May 31, 2012. Share numbers and per share amounts presented in the accompanying consolidated financial statements and these notes thereto for dates before June 18, 2012 have been restated to reflect the impact of the stock split. | |||||||||
Use of estimates in preparation of consolidated financial statements | ' | ||||||||
Use of estimates in preparation of consolidated financial statements | |||||||||
The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates, judgments, and assumptions. For cases where the Company is required to make certain estimates, judgments, and assumptions, the Company believes that the estimates, judgments, and assumptions upon which it relies are reasonable based upon information available to the Company at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenue and expenses during the periods presented. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, the Company’s financial statements will be affected. The Company’s estimates, judgments, and assumptions may include: estimates of bad debt reserves; estimates to establish employee bonus and commission accruals; estimates of the fair value of contingent earn-out liabilities; estimates of the useful lives of acquired or internally developed intangible assets; estimates of the fair value of goodwill and intangibles and evaluation of impairment; determination of when investment impairments are other-than-temporary; estimates of the recoverability of deferred tax assets; and estimates of the potential for future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. | |||||||||
Cash equivalents and marketable securities | ' | ||||||||
Cash equivalents and marketable securities | |||||||||
Included in cash equivalents are marketable securities with original maturities of three months or less at purchase. Investments with original maturities of more than three months are classified as marketable securities. Current marketable securities have maturity dates within twelve months of the balance sheet date. As of March 31, 2013 and 2014, the Company’s marketable securities consisted of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds. The Company’s marketable securities, which are classified as available-for-sale, are carried at fair market value based on quoted market prices. The net unrealized gains and losses on available-for-sale marketable securities are excluded from net income attributable to common stockholders and are included within accumulated other comprehensive income, net of tax. The specific identification method is used to compute the realized gains and losses on the sale of marketable securities. | |||||||||
Allowance for uncollectible revenue | ' | ||||||||
Allowance for uncollectible revenue | |||||||||
The Company’s ability to collect outstanding receivables from its members has an effect on the Company’s operating performance and cash flows. The Company records an allowance for uncollectible revenue as a reduction of revenue based on its ongoing monitoring of members’ credit and the aging of receivables. To determine the allowance for uncollectible revenue, the Company examines its collections history, the age of accounts receivable in question, any specific member collection issues that have been identified, general market conditions, and current economic trends. Membership fees receivable balances are not collateralized. | |||||||||
Property and equipment | ' | ||||||||
Property and equipment | |||||||||
Property and equipment consists of leasehold improvements, furniture, fixtures, equipment, capitalized internal use software development costs, and acquired developed technology. Property and equipment is stated at cost, less accumulated depreciation and amortization. In certain membership programs, the Company provides software applications under a hosting arrangement where the software application resides on the Company’s or its service providers’ hardware. The members do not take delivery of the software and only receive access to the software during the term of their membership agreement. | |||||||||
Computer software development costs that are incurred in the preliminary project stage for internal use software are expensed as incurred. During the development stage, direct consulting costs and payroll and payroll-related costs for employees that are directly associated with each project are capitalized and amortized over the estimated useful life of the software once it is placed into operation. Internally developed capitalized software is classified as software within property and equipment and is amortized using the straight-line method over its estimated useful life, which is generally five years. Replacements and major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Amortization expense for internally developed capitalized software for the fiscal years ended March 31, 2012, 2013, and 2014, recorded in depreciation and amortization on the consolidated statements of income, was approximately $3.8 million, $4.8 million, and $9.2 million, respectively. | |||||||||
The acquired developed technology is classified as software within property and equipment because the developed software application resides on the Company’s or its service providers’ hardware. Amortization for acquired developed software is included in depreciation and amortization on the consolidated statements of income. Acquired developed software is amortized over a weighted average estimated useful life of six years based on the cash flow estimate used to determine the value of the intangible asset. The amount of acquired developed software amortization included in depreciation and amortization for the fiscal years ended March 31, 2012, 2013, and 2014 was approximately $0.9 million, $0.9 million, and $1.7 million, respectively. | |||||||||
Furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. There are no capitalized leases included in property and equipment. The amount of depreciation expense recognized on plant, property and equipment during the fiscal years ended March 31, 2012, 2013, and 2014 was $5.2 million, $8.4 million, and $11.5 million, respectively. | |||||||||
Business combinations | ' | ||||||||
Business combinations | |||||||||
The Company records acquisitions using the purchase method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration are recognized at their fair value on the acquisition date. All subsequent changes to a valuation allowance or uncertain tax position that relate to the acquired company and existed at the acquisition date that occur both within the measurement period and as a result of facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. All other changes in valuation allowance are recognized as a reduction or increase to expense or as a direct adjustment to additional paid-in capital as required. Any acquired in-process research and development is capitalized as an intangible asset and amortized over its estimated useful life. Acquisition-related costs are recorded as expenses in the consolidated financial statements. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. | |||||||||
Goodwill and other intangible assets | ' | ||||||||
Goodwill and other intangible assets | |||||||||
The excess cost of an acquisition over the fair value of the net assets acquired is recorded as goodwill. The primary factors that generate goodwill are the value of synergies between the acquired entities and the Company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. The Company’s goodwill and other intangible assets with indefinite lives are not amortized, but rather tested for impairment on an annual basis on March 31, or more frequently if events or changes in circumstances indicate potential impairment. The Company has concluded that its reporting units used to assess goodwill impairment are the same as its operating segments. | |||||||||
When testing for impairment, the Company first performs a qualitative assessment on a reporting unit to determine whether further quantitative impairment testing is necessary. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value. If the quantitative testing is performed, the Company would determine the fair value of its reporting units based on the income approach. Under the income approach, the fair value of a reporting unit is calculated based on the present value of estimated future cash flows. Based on the Company’s qualitative assessment as of March 31, 2014, management believed that no reporting unit was at risk of failing an impairment test that would result in an impairment charge. No quantitative testing was deemed necessary. | |||||||||
Other intangible assets consist of capitalized software for sale and acquired intangibles. The Company capitalizes consulting costs and payroll and payroll-related costs for employees directly related to building a software product for sale once technological feasibility is established. The Company determines that technological feasibility is established by the completion of a detailed program design or, in its absence, completion of a working model. Once the software product is ready for general availability, the Company ceases capitalizing costs and begins amortizing the intangible asset on a straight-line basis over its estimated useful life. The weighted average estimated useful life of capitalized software is five years. Other intangible assets include those assets that arise from business combinations and that consist of developed technology, non-competition covenants, trademarks, contracts, and customer relationships that are amortized, on a straight-line basis, over six months to twelve years. Finite-lived intangible assets are required to be amortized over their useful lives and are evaluated for possible impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. | |||||||||
Recovery of long-lived assets (excluding goodwill) | ' | ||||||||
Recovery of long-lived assets (excluding goodwill) | |||||||||
The Company records long-lived assets, such as property and equipment, at cost. The carrying value of long-lived assets is reviewed for possible impairment whenever events or changes in circumstances suggest the carrying value of a long-lived asset may not be fully recoverable. The test for recoverability is made using an estimate of the undiscounted expected future cash flows and, if required, the impairment loss is measured as the amount that the carrying value of the asset exceeds the asset’s fair value if the asset is not recoverable. The Company considers expected cash flows and estimated future operating results, trends, and other available information in assessing whether the carrying value of assets is impaired. If it is determined that an asset’s carrying value is impaired, a write-down of the carrying value of the identified asset will be recorded as an operating expense on the consolidated statements of income in the period in which the determination is made. | |||||||||
Fair value of financial instruments | ' | ||||||||
Fair value of financial instruments | |||||||||
The Company’s short-term financial instruments consist of cash and cash equivalents, membership fees receivable, accrued expenses, and accounts payable. The carrying value of the Company’s financial instruments as of March 31, 2013 and 2014 approximates their fair value due to their short-term nature. The Company’s marketable securities consisting of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds are classified as available-for-sale and are carried at fair market value based on quoted market prices. The Company’s financial instruments also include cost method investments in private entities. These investments are in preferred securities that are not marketable; therefore management has concluded that it is not practicable to estimate the fair value of these financial instruments. | |||||||||
Derivative instruments | ' | ||||||||
Derivative instruments | |||||||||
The Company holds warrants to purchase common stock in an entity that meet the definition of a derivative. Derivative instruments are carried at fair value on the consolidated balance sheets. Gains or losses from changes in the fair value of the warrants are recognized on the consolidated statements of income in the period in which they occur. | |||||||||
Revenue recognition | ' | ||||||||
Revenue recognition | |||||||||
Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed or determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectibility is reasonably assured. Fees are generally billable when a letter of agreement is signed by the member, and fees receivable during the subsequent twelve month period and related deferred revenue are recorded upon the commencement of the membership or collection of fees, if earlier. In many of the Company’s higher priced programs and membership agreements with terms that are greater than one year, fees may be billed on an installment basis. | |||||||||
The Company’s membership agreements with its customers generally include more than one deliverable. Deliverables are determined based upon the availability and delivery method of the services and may include: best practices research; executive education curricula; cloud-based content, databases, and calculators; performance or benchmarking reports; diagnostic tools; interactive advisory support; and performance technology software. Access to such deliverables is generally available on an unlimited basis over the membership period. When an agreement contains multiple deliverables, the Company reviews the deliverables to determine if they qualify as separate units of accounting. In order for deliverables in a multiple-deliverable arrangement to be treated as separate units of accounting, the deliverables must have standalone value upon delivery, and delivery or performance of undelivered items in an arrangement with a general right of return must be probable. If the Company determines that there are separate units of accounting, arrangement consideration at the inception of the membership period is allocated to all deliverables based on the relative selling price method in accordance with the selling price hierarchy. Because of the unique nature of the Company’s products, neither vendor specific objective evidence nor third-party evidence is available. Therefore, the Company utilizes best estimate of selling price to allocate arrangement consideration in multiple element arrangements. | |||||||||
The Company’s membership programs may contain certain deliverables that do not have standalone value and therefore are not accounted for separately. In general, the deliverables in membership programs are consistently available throughout the membership period, and, as a result, the consideration is recognized ratably over the membership period. When a service offering includes unlimited and limited service offerings, revenue is recognized over the appropriate service period, either ratably, if the service is consistently available, or, if the service is not consistently available, upon the earlier of the delivery of the service or the completion of the membership period, provided that all other criteria for recognition have been met. | |||||||||
Certain membership programs incorporate hosted performance technology software. In many of these agreements, members are charged set-up fees in addition to subscription fees for access to the hosted cloud-based software and related membership services. Both set-up fees and subscription fees are recognized ratably over the term of the membership agreement, which is generally three years, and is consistent with the pattern of the delivery of services under these arrangements. Upon launch of a new program that incorporates software, all program revenue is deferred until the program is generally available for release to the Company’s membership, and then recognized ratably over the remainder of the contract term of each agreement. | |||||||||
The Company also performs professional services sold under separate agreements that include management and consulting services. The Company recognizes professional services revenues on a time-and-materials basis as services are rendered. | |||||||||
Deferred incentive compensation and other charges | ' | ||||||||
Deferred incentive compensation and other charges | |||||||||
Incentive compensation to employees related to the negotiation of new and renewal memberships, license fees to third-party vendors for tools, data, and software incorporated in specific memberships that include performance technology software, and other direct and incremental costs associated with specific memberships are deferred and amortized over the term of the related memberships. | |||||||||
Deferred Compensation Plan | ' | ||||||||
Deferred compensation plan | |||||||||
Effective July 1, 2013, the Company implemented a Deferred Compensation Plan (the ''Plan’’) for certain employees to provide an opportunity to defer compensation on a pre-tax basis. The Plan provides for deferred amounts to be credited with investment returns based upon investment options selected by participants from alternatives designated from time to time by the plan administrative committee. Investment earnings associated with the Plan’s assets are included in other income, net while changes in individual participant account balances are recorded as compensation expense in the consolidated statements of income. The Plan also allows the Company to make discretionary contributions at any time based on individual or overall Company performance, which may be subject to a different vesting schedule than elective deferrals, and provides that the Company may make contributions in an amount equal to the amount of any 401(k) plan matching contribution that is not credited to the participant’s 401(k) account due to such employee's participation in the Plan. The Company did not make any discretionary contributions to the Plan in the fiscal year ended March 31, 2014. The income earned and expense incurred related to the Plan was immaterial for the fiscal year ended March 31, 2014. | |||||||||
Operating leases | ' | ||||||||
Operating leases | |||||||||
The Company recognizes rent expense under operating leases on a straight-line basis over the non-cancelable term of the lease, including free-rent periods. Lease-incentives relating to allowances provided by landlords are amortized over the term of the lease as a reduction of rent expense. The Company recognizes sublease income on a straight-line basis over the term of the sublease, including free rent periods and escalations, as a reduction of rent expense. Costs associated with acquiring a subtenant, including broker commissions and tenant allowances, are amortized over the sublease term as a reduction of sublease income. | |||||||||
Stock-based compensation | ' | ||||||||
Stock-based compensation | |||||||||
The Company has several stock-based compensation plans which are described more fully in Note 15, “Stock-based compensation.” These plans provide for the granting of stock options and restricted stock units (“RSUs”) to employees, non-employee members of the Company’s Board of Directors and any other service providers who have been retained to provide consulting, advisory or other services to the Company. Stock-based compensation cost is measured at the grant date of the stock-based awards based on their fair values, and is recognized as an expense in the consolidated statements of income over the vesting periods of the awards. The fair value of RSUs is determined as the fair market value of the underlying shares on the date of grant. The Company calculates the fair value of all stock option awards, with the exception of the stock options issued with market-based conditions, on the date of grant using the Black-Scholes model. The fair value of stock options issued with market-based conditions is calculated on the date of grant using a lattice option-pricing model. Forfeitures are estimated based on historical experience at the time of grant and adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company bases its fair value estimates on assumptions it believes to be reasonable but that are inherently uncertain. | |||||||||
Other income, net | ' | ||||||||
Other income, net | |||||||||
Other income, net for the fiscal year ended March 31, 2012 includes $2.4 million of interest income earned from the Company’s marketable securities, a $0.1 million gain on foreign exchange rates, and a $0.5 million gain on an investment in common stock warrants. Other income, net for the fiscal year ended March 31, 2013 includes $3.4 million of interest income earned from the Company’s marketable securities, a $0.5 million loss on foreign exchange rates, $0.3 million in credit facility fees, and a $0.1 million gain on an investment in common stock warrants. Other income, net for the fiscal year ended March 31, 2014 includes $3.3 million of interest income earned from the Company’s marketable securities, a $0.2 million loss on foreign exchange rates, $0.6 million in credit facility fees, and a $0.2 million realized gain on sale of marketable securities. | |||||||||
Income taxes | ' | ||||||||
Income taxes | |||||||||
Deferred income taxes are determined using the asset and liability method. Under this method, temporary differences arise as a result of the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax law and tax rates on the date of the enactment of the change. | |||||||||
Discontinued operations | ' | ||||||||
Discontinued operations | |||||||||
The Company presents the assets and liabilities of programs which meet the criteria for discontinued operations separately in the consolidated balance sheets. In addition, the results of operations for those discontinued operations are presented as such in the Company’s consolidated statements of income. For periods prior to the program qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the disposal is presented as discontinued operations when recognized. The change in presentation for discontinued operations does not have any impact on the Company’s financial condition or results of operations. The Company combines the operating, investing, and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the consolidated statements of cash flows. | |||||||||
Concentrations of risk | ' | ||||||||
Concentrations of risk | |||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of membership fees receivable, cash and cash equivalents, and marketable securities. The credit risk with respect to membership fees receivable is generally diversified due to the large number of entities comprising the Company’s membership base, and the Company establishes allowances for potential credit losses. No one member accounted for more than 1.5% of revenue for any period presented. The Company maintains cash and cash equivalents and marketable securities with financial institutions. Marketable securities consist of U.S. government-sponsored enterprise obligations and various state tax-exempt notes and bonds. The Company performs periodic evaluations of the relative credit ratings related to the cash, cash equivalents, and marketable securities. | |||||||||
In the fiscal year ended March 31, 2012, 2013, and 2014, the Company generated approximately 3.5%, 4.0%, and 3.1%, of revenue, respectively, from members outside the United States. The Company’s limited international operations subject the Company to risks related to currency exchange fluctuations. Prices for the Company’s services sold to members located outside the United States are sometimes denominated in local currencies. Increases in the value of the U.S. dollar against local currencies in countries where the Company has members may result in a foreign exchange loss recognized by the Company. | |||||||||
Earnings per share | ' | ||||||||
Earnings per share | |||||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average common shares increased by the dilutive effects of potential common shares outstanding during the period. The number of potential common shares outstanding is determined in accordance with the treasury stock method, using the Company’s prevailing tax rates. Certain potential common share equivalents were not included in the computation because their effect was anti-dilutive. | |||||||||
A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands): | |||||||||
Year Ended March 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Basic weighted average common shares outstanding | 32,808 | 34,723 | 35,909 | ||||||
Effect of dilutive outstanding stock-based awards | 1,742 | 1,583 | 1,050 | ||||||
Dilutive impact of earn-out liability | 110 | — | — | ||||||
Diluted weighted average common shares outstanding | 34,660 | 36,306 | 36,959 | ||||||
In the fiscal years ended March 31, 2012, 2013, and 2014, 78,000, 341,000, and 1.0 million shares, respectively, related to share-based compensation awards have been excluded from the calculation of the effect of dilutive outstanding stock-based awards shown above because their effect was anti-dilutive. | |||||||||
Recent accounting pronouncements | ' | ||||||||
Recent accounting pronouncements | |||||||||
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all recent ASUs. ASUs not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. | |||||||||
In July 2013, the FASB issued accounting guidance related to income taxes, which requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the tax law. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The Company will adopt this guidance for its fiscal year beginning April 1, 2014. The Company does not expect the adoption of this guidance to have a material effect on its financial position or results of operations. |
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||
The following are the previously stated and corrected balances of the affected line items of the consolidated statements of operations, consolidated cash flows, and consolidated balance sheets presented in this Form 10-K for the periods or as of the date presented (in thousands): | ||||||||||||
Year Ended March 31, 2013 | ||||||||||||
As reported | Adjustments | As adjusted | ||||||||||
Cost of services, excluding depreciation and amortization | $ | 240,037 | $ | (2,432 | ) | 237,605 | ||||||
Depreciation and amortization | 19,885 | 423 | 20,308 | |||||||||
Operating income, net | 43,466 | 2,009 | 45,475 | |||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 46,070 | 2,009 | 48,079 | |||||||||
Provision for income taxes | (17,259 | ) | (764 | ) | (18,023 | ) | ||||||
Net income before allocation to noncontrolling interest | 22,055 | 1,245 | 23,300 | |||||||||
Net income attributable to common stockholders | 22,163 | 1,245 | 23,408 | |||||||||
Earnings per share: | ||||||||||||
Net income attributable to common stockholders per share - basic | $ | 0.64 | 0.03 | $ | 0.67 | |||||||
Net income attributable to common stockholders per share - diluted | $ | 0.61 | 0.03 | $ | 0.64 | |||||||
Comprehensive income | 22,218 | 1,245 | 23,463 | |||||||||
Statement of cash flows: | ||||||||||||
Net income before allocation to noncontrolling interest | 22,055 | 1,245 | 23,300 | |||||||||
Depreciation and amortization | 19,885 | 423 | 20,308 | |||||||||
Deferred income taxes | 261 | 380 | 641 | |||||||||
Other long-term liabilities | (7,499 | ) | — | (7,499 | ) | |||||||
Net cash provided by operating activities | 81,827 | 1,434 | 83,261 | |||||||||
Purchases of property and equipment | (35,545 | ) | (1,434 | ) | (36,979 | ) | ||||||
Net cash used in investing activities | (105,467 | ) | (1,434 | ) | (106,901 | ) | ||||||
Year Ended March 31, 2012 | ||||||||||||
As reported | Adjustments | As adjusted | ||||||||||
Cost of services, excluding depreciation and amortization | $ | 198,112 | $ | (175 | ) | $ | 197,937 | |||||
Depreciation and amortization | 14,108 | 161 | 14,269 | |||||||||
Operating income, net | 36,358 | 14 | 36,372 | |||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 39,392 | 14 | 39,406 | |||||||||
Provision for income taxes | (15,203 | ) | (4 | ) | (15,207 | ) | ||||||
Net income before allocation to noncontrolling interest | 25,293 | 10 | 25,303 | |||||||||
Net income attributable to common stockholders | 25,293 | 10 | 25,303 | |||||||||
Earnings per share: | ||||||||||||
Net income attributable to common stockholders per share - basic | $ | 0.77 | $ | — | $ | 0.77 | ||||||
Net income attributable to common stockholders per share - diluted | $ | 0.73 | $ | — | $ | 0.73 | ||||||
Comprehensive income | 26,619 | 10 | 26,629 | |||||||||
Statement of cash flows: | ||||||||||||
Net income before allocation to noncontrolling interest | $ | 25,293 | $ | 10 | $ | 25,303 | ||||||
Depreciation and amortization | 14,656 | 161 | 14,817 | |||||||||
Deferred income taxes | (85 | ) | 389 | 304 | ||||||||
Other long-term liabilities | 5,950 | 1,000 | 6,950 | |||||||||
Net cash provided by operating activities | 92,732 | 1,175 | 93,907 | |||||||||
Purchases of property and equipment | (29,194 | ) | (1,175 | ) | (30,369 | ) | ||||||
Net cash used in investing activities | (87,555 | ) | (1,175 | ) | (88,730 | ) | ||||||
As of March 31, 2013 | ||||||||||||
As reported | Adjustments | As adjusted | ||||||||||
Property and equipment, net | $ | 71,174 | $ | 2,398 | $ | 73,572 | ||||||
Deferred income taxes, net of current portion | 3,888 | (895 | ) | 2,993 | ||||||||
Total assets | 896,430 | 1,503 | 897,933 | |||||||||
Accumulated deficit | (95,809 | ) | 1,503 | (94,306 | ) | |||||||
Total stockholders’ equity | 281,317 | 1,503 | 282,820 | |||||||||
Total liabilities and stockholders’ equity | 896,430 | 1,503 | 897,933 | |||||||||
Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding | ' | |||||||||||
A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Basic weighted average common shares outstanding | 32,808 | 34,723 | 35,909 | |||||||||
Effect of dilutive outstanding stock-based awards | 1,742 | 1,583 | 1,050 | |||||||||
Dilutive impact of earn-out liability | 110 | — | — | |||||||||
Diluted weighted average common shares outstanding | 34,660 | 36,306 | 36,959 | |||||||||
Discontinued_operations_Tables
Discontinued operations (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Components of Discontinued Operations Included in Consolidated Statements of Income | ' | |||||||||||
The components of discontinued operations included in the consolidated statements of income consisted of the following (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenue | $ | 4,985 | $ | — | $ | — | ||||||
Costs and expenses: | ||||||||||||
Cost of services | 4,330 | — | — | |||||||||
Member relations and marketing | 189 | — | — | |||||||||
Gain on disposal | 3,510 | — | — | |||||||||
Income from discontinued operations before provision for income taxes | 3,976 | — | — | |||||||||
Provision for income taxes | (1,535 | ) | — | — | ||||||||
Net income from discontinued operations, net of provision for income taxes | $ | 2,441 | $ | — | $ | — | ||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements of Financial Assets and Liabilities on Recurring Basis | ' | |||||||||||||||
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the necessary disclosures are as follows (in thousands): | ||||||||||||||||
Fair value | Fair value measurement as of March 31, 2013 | |||||||||||||||
as of March 31, | using fair value hierarchy | |||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents (1) | $ | 57,829 | $ | 57,829 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities (2) | 156,839 | — | 156,839 | — | ||||||||||||
Common stock warrants (3) | 550 | — | — | 550 | ||||||||||||
Financial liabilities | ||||||||||||||||
Contingent earn-out liabilities (4) | 15,200 | — | — | 15,200 | ||||||||||||
Fair value | Fair value measurement as of March 31, 2014 | |||||||||||||||
as of March 31, | using fair value hierarchy | |||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents (1) | $ | 23,129 | $ | 23,129 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities (2) | 164,396 | — | 164,396 | — | ||||||||||||
Common stock warrants (3) | 550 | — | — | 550 | ||||||||||||
Financial liabilities | ||||||||||||||||
Contingent earn-out liabilities (4) | 8,750 | — | — | 8,750 | ||||||||||||
————————————— | ||||||||||||||||
-1 | Fair value is based on quoted market prices. | |||||||||||||||
-2 | Fair value is determined using quoted market prices of the assets. For further detail, see Note 6, “Marketable securities.” The Company changed the classification of its marketable securities from Level 1 to Level 2 within the fair value hierarchy during the fiscal year ended March 31, 2014. The investments affected by this change are U.S. government-sponsored securities and tax exempt obligations of states that do not have observable prices in active markets. The Company concluded that these investments are more appropriately classified as Level 2 within the fair value hierarchy. The March 31, 2013 classification has been changed to conform to the revised presentation. The impact of this change is immaterial and has no effect on the previously reported consolidated statements of income, stockholders' equity, cash flows or balance sheets. | |||||||||||||||
-3 | The fair value of the common stock warrants as of March 31, 2013 and 2014 was calculated to be $0.40 per share and $0.44 per share, respectively, using a Black-Scholes-Merton model. The significant assumptions as of March 31, 2013 were as follows: risk-free interest rate of 1.0%; expected term of 6.22 years; expected volatility of 39.38%; dividend yield of 0%; weighted average share price of $1.00 per share; and warrants expected to become exercisable of approximately 1,400,000 shares. The significant assumptions as of March 31, 2014 were as follows: risk-free interest rate of 1.7%; expected term of 5.22 years; expected volatility of 36.77%; dividend yield of 0%; weighted average share price of $1.12 per share; and a range of warrants expected to become exercisable of between 1,000,000 and 1,400,000 shares. | |||||||||||||||
-4 | This fair value measurement is based on unobservable inputs that are supported by little or no market activity and reflect the Company’s own assumptions in measuring fair value using the income approach. In developing these estimates, the Company considered certain performance projections, historical results, and general macro-economic environment and industry trends. | |||||||||||||||
Reconciliation of Change in Fair Value of Common Stock Warrants | ' | |||||||||||||||
The following table represents a reconciliation of the change in the fair value of the common stock warrants for the fiscal years ended March 31, 2013 and 2014 (in thousands): | ||||||||||||||||
As of March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Beginning balance | $ | 450 | $ | 550 | ||||||||||||
Fair value change in common stock warrants (1) | 100 | — | ||||||||||||||
Ending balance | $ | 550 | $ | 550 | ||||||||||||
————————————— | ||||||||||||||||
-1 | Amounts were recognized in other income, net on the consolidated statements of income. | |||||||||||||||
Reconciliation of Change in Contingent Earn-out Liabilities | ' | |||||||||||||||
The following table represents a reconciliation of the change in the contingent earn-out liabilities for the fiscal years ended March 31, 2013 and 2014 (in thousands): | ||||||||||||||||
As of March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Beginning balance | $ | 21,200 | $ | 15,200 | ||||||||||||
Fair value change in Southwind contingent earn-out liability (1) | 5,600 | (3,350 | ) | |||||||||||||
Fair value change in Cielo contingent earn-out liability (1) | 400 | — | ||||||||||||||
Fair value change in 360 Fresh contingent earn-out liability (1) | — | 100 | ||||||||||||||
Fair value change in PivotHealth contingent earn-out liability (1) | (2,200 | ) | (1,000 | ) | ||||||||||||
Southwind earn-out payment | (10,600 | ) | (2,200 | ) | ||||||||||||
Cielo earn-out payment | (1,700 | ) | — | |||||||||||||
Addition of 360Fresh contingent earn-out liability | 2,500 | — | ||||||||||||||
Ending balance | $ | 15,200 | $ | 8,750 | ||||||||||||
————————————— | ||||||||||||||||
-1 | Amounts were recognized in cost of services on the consolidated statements of income. |
Marketable_securities_Tables
Marketable securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Aggregate Value, Amortized Cost, Gross Unrealized Gains, and Gross Unrealized Losses on Available-for-Sale Marketable Securities | ' | |||||||||||||||||||||||
The aggregate value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities are as follows (in thousands): | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Fair | Amortized | Gross | Gross | |||||||||||||||||||||
value | cost | unrealized | unrealized | |||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 29,291 | $ | 30,344 | $ | — | $ | 1,053 | ||||||||||||||||
Tax exempt obligations of states | 135,105 | 136,653 | 1,060 | 2,608 | ||||||||||||||||||||
$ | 164,396 | $ | 166,997 | $ | 1,060 | $ | 3,661 | |||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||
Fair | Amortized | Gross | Gross | |||||||||||||||||||||
value | cost | unrealized | unrealized | |||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 25,430 | $ | 25,347 | $ | 83 | $ | — | ||||||||||||||||
Tax exempt obligations of states | 131,409 | 129,550 | 2,715 | 856 | ||||||||||||||||||||
$ | 156,839 | $ | 154,897 | $ | 2,798 | $ | 856 | |||||||||||||||||
Marketable Securities Maturities | ' | |||||||||||||||||||||||
The following table summarizes marketable securities maturities (in thousands): | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Fair market | Amortized | |||||||||||||||||||||||
value | cost | |||||||||||||||||||||||
Matures in less than 1 year | $ | 2,426 | $ | 2,404 | ||||||||||||||||||||
Matures after 1 year through 5 years | 44,867 | 44,536 | ||||||||||||||||||||||
Matures after 5 years through 10 years | 87,956 | 89,436 | ||||||||||||||||||||||
Matures after 10 years through 20 years | 29,147 | 30,621 | ||||||||||||||||||||||
$ | 164,396 | $ | 166,997 | |||||||||||||||||||||
Gross Unrealized Losses and Fair Value of Company's Investments | ' | |||||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s investments as of March 31, 2014 with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||||||
losses | losses | losses | ||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 26,828 | $ | 1,016 | $ | 2,463 | $ | 37 | $ | 29,291 | $ | 1,053 | ||||||||||||
Tax exempt obligations of states | 53,617 | 841 | 42,865 | 1,767 | 96,482 | 2,608 | ||||||||||||||||||
$ | 80,445 | $ | 1,857 | $ | 45,328 | $ | 1,804 | $ | 125,773 | $ | 3,661 | |||||||||||||
Membership_fees_receivable_Tab
Membership fees receivable (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Membership Fees Receivable | ' | |||||||
Membership fees receivable consist of the following (in thousands): | ||||||||
As of March 31, | ||||||||
2013 | 2014 | |||||||
Billed fees receivable | $ | 76,594 | $ | 87,476 | ||||
Unbilled fees receivable | 299,493 | 367,271 | ||||||
Membership fees receivable, gross | 376,087 | 454,747 | ||||||
Allowance for uncollectible revenue | (5,766 | ) | (6,850 | ) | ||||
Membership fees receivable, net | $ | 370,321 | $ | 447,897 | ||||
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
Property and equipment consists of the following (in thousands): | ||||||||
As of March 31, | ||||||||
2013 | 2014 | |||||||
Leasehold improvements | $ | 29,953 | $ | 39,425 | ||||
Furniture, fixtures and equipment | 36,502 | 43,112 | ||||||
Software | 65,589 | 100,808 | ||||||
Property and equipment, gross | 132,044 | 183,345 | ||||||
Accumulated depreciation and amortization | (58,472 | ) | (80,888 | ) | ||||
Property and equipment, net | $ | 73,572 | $ | 102,457 | ||||
Goodwill_and_intangibles_Table
Goodwill and intangibles (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill are as follows (in thousands): | ||||||||||||||||||||||||||
As of March 31, | ||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||
Beginning of year | $ | 74,235 | $ | 95,540 | ||||||||||||||||||||||
Goodwill acquired | 21,305 | 33,884 | ||||||||||||||||||||||||
Ending balance | $ | 95,540 | $ | 129,424 | ||||||||||||||||||||||
Gross and Net Carrying Balances and Accumulated Amortization of Intangibles | ' | |||||||||||||||||||||||||
The gross and net carrying balances and accumulated amortization of intangibles are as follows (in thousands): | ||||||||||||||||||||||||||
As of March 31, 2013 | As of March 31, 2014 | |||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
average | carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||||||||
useful life | amount | amount | amount | amount | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||||
Internally developed intangible for sale: | ||||||||||||||||||||||||||
Capitalized software | 5 | $ | 6,438 | $ | (1,018 | ) | $ | 5,420 | $ | 11,508 | $ | (2,266 | ) | $ | 9,242 | |||||||||||
Acquired intangibles: | ||||||||||||||||||||||||||
Developed software | 6.1 | 19,250 | (4,659 | ) | 14,591 | 19,250 | (7,875 | ) | 11,375 | |||||||||||||||||
Customer relationships | 8.1 | 12,700 | (4,735 | ) | 7,965 | 15,910 | (6,800 | ) | 9,110 | |||||||||||||||||
Trademarks | 6.2 | 4,200 | (2,118 | ) | 2,082 | 4,200 | (2,680 | ) | 1,520 | |||||||||||||||||
Non-compete agreements | 4.3 | 1,400 | (633 | ) | 767 | 1,400 | (900 | ) | 500 | |||||||||||||||||
Customer contracts | 4.7 | 5,199 | (3,643 | ) | 1,556 | 6,299 | (4,291 | ) | 2,008 | |||||||||||||||||
Total other intangibles | $ | 49,187 | $ | (16,806 | ) | $ | 32,381 | $ | 58,567 | $ | (24,812 | ) | $ | 33,755 | ||||||||||||
Investment_in_and_Advances_to_
Investment in and Advances to Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Evolent LLC | ' | |||||||||||
Summary of Financial Position of Evolent LLC | ' | |||||||||||
The following is a summary of the financial position of Evolent LLC, as of the dates presented (unaudited, in thousands): | ||||||||||||
As of | ||||||||||||
31-Mar-14 | ||||||||||||
Assets: | ||||||||||||
Current assets | $ | 78,692 | ||||||||||
Non-current assets | 20,151 | |||||||||||
Total assets | $ | 98,843 | ||||||||||
Liabilities and Members’ Equity: | ||||||||||||
Current liabilities | $ | 35,453 | ||||||||||
Non-current liabilities | 3,173 | |||||||||||
Total liabilities | 38,626 | |||||||||||
Redeemable equity | 78,360 | |||||||||||
Members’ equity | (18,143 | ) | ||||||||||
Total liabilities and members’ equity | $ | 98,843 | ||||||||||
Summary of Operating Results of Evolent LLC | ' | |||||||||||
The following is a summary of the operating results of Evolent LLC for the periods presented (unaudited, in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenue | $ | — | $ | — | $ | 35,788 | ||||||
Operating expenses | — | — | (54,497 | ) | ||||||||
Depreciation and amortization | — | — | (1,381 | ) | ||||||||
Interest, net | — | — | 16 | |||||||||
Taxes | — | — | — | |||||||||
Net loss | $ | — | $ | — | $ | (20,074 | ) | |||||
Evolent Health Holdings Inc | ' | |||||||||||
Summary of Financial Position of Evolent Health Holdings Inc | ' | |||||||||||
The following is a summary of the financial position of Holdings (or its predecessor) as of the dates presented (unaudited, in thousands): | ||||||||||||
As of | ||||||||||||
31-Mar-13 | 31-Mar-14 | |||||||||||
Assets: | ||||||||||||
Current assets | $ | 9,842 | $ | — | ||||||||
Non-current assets | 10,571 | 48,172 | ||||||||||
Total assets | $ | 20,413 | $ | 48,172 | ||||||||
Liabilities and Members’ Equity: | ||||||||||||
Current liabilities | $ | 11,716 | $ | — | ||||||||
Non-current liabilities | 10,116 | — | ||||||||||
Total liabilities | 21,832 | — | ||||||||||
Redeemable shares | — | 38,680 | ||||||||||
Members’ equity | (1,419 | ) | 9,492 | |||||||||
Total liabilities and members’ equity | $ | 20,413 | $ | 48,172 | ||||||||
Summary of Operating Results of Evolent Health Holdings Inc | ' | |||||||||||
The following is a summary of the operating results of Holdings (or its predecessor) for the periods presented (unaudited, in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenue | $ | 1,480 | $ | 13,082 | $ | 25,671 | ||||||
Operating expenses | (4,445 | ) | (36,183 | ) | (45,617 | ) | ||||||
Depreciation and amortization | (9 | ) | (1,038 | ) | (1,208 | ) | ||||||
Interest, net | 7 | (149 | ) | (820 | ) | |||||||
Taxes | — | 333 | (8 | ) | ||||||||
Gain from deconsolidation | — | — | 46,246 | |||||||||
Income/loss from investments | — | — | (7,141 | ) | ||||||||
Net loss | $ | (2,967 | ) | $ | (23,955 | ) | $ | 17,123 | ||||
Stockbased_compensation_Tables
Stock-based compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Summary of Changes in Common Stock Options | ' | |||||||||||||||||||||
The following table summarizes the changes in common stock options during the fiscal years ended March 31, 2012, 2013, and 2014 for all of the stock incentive plans described above. | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||||
Options | Average | Options | Average | Options | Average | |||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding, beginning of year | 5,059,198 | $ | 16.4 | 3,812,228 | $ | 17.05 | 2,692,353 | $ | 21.06 | |||||||||||||
Granted | 601,412 | 24.98 | 361,844 | 44 | 536,958 | 51.71 | ||||||||||||||||
Exercised | (1,775,510 | ) | 17.48 | (1,477,219 | ) | 16.35 | (1,327,358 | ) | 16.6 | |||||||||||||
Forfeited | (72,872 | ) | 20.33 | (4,500 | ) | 9.26 | (71,630 | ) | 32.93 | |||||||||||||
Outstanding, end of year | 3,812,228 | $ | 17.05 | 2,692,353 | $ | 21.06 | 1,830,323 | $ | 32.82 | -1 | ||||||||||||
Exercisable, end of year | 680,978 | $ | 19.57 | -2 | ||||||||||||||||||
————————————— | ||||||||||||||||||||||
-1 | The weighted average remaining contractual term for the fiscal year ended March 31, 2014 is approximately three years and the aggregate intrinsic value is $57.7 million. | |||||||||||||||||||||
-2 | The weighted average remaining contractual term for the fiscal year ended March 31, 2014 is approximately two years and the aggregate intrinsic value is $30.4 million. | |||||||||||||||||||||
Summary of Exercise Prices and Contractual Lives of Options Outstanding under Stock Incentive Plans | ' | |||||||||||||||||||||
The following table summarizes the exercise prices and contractual lives of all options outstanding under the stock incentive plans described above as of March 31, 2014: | ||||||||||||||||||||||
Options Outstanding and Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Exercise | Remaining | |||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||
Life - Years | ||||||||||||||||||||||
$ 0.00 – $ 9.99 | 219,906 | $ | 9.26 | 2.1 | ||||||||||||||||||
10.00 – 19.99 | 284,332 | 16.85 | 2 | |||||||||||||||||||
20.00 – 29.99 | 471,791 | 24.62 | 2.9 | |||||||||||||||||||
30.00 – 39.99 | 5,000 | 34.06 | 2.7 | |||||||||||||||||||
40.00 – 49.99 | 730,776 | 46.15 | 4.3 | |||||||||||||||||||
50.00 – 59.99 | 11,253 | 57.88 | 6.4 | |||||||||||||||||||
60.00 – 69.99 | 107,265 | 66.06 | 6.9 | |||||||||||||||||||
$ 0.00 – $ 69.99 | 1,830,323 | $ | 32.82 | 3.5 | ||||||||||||||||||
Summary of Changes in RSUs | ' | |||||||||||||||||||||
The following table summarizes the changes in RSUs during the fiscal years ended March 31, 2012, 2013, and 2014 for all of the stock incentive plans described above. | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||||
RSUs | Average | RSUs | Average | RSUs | Average | |||||||||||||||||
Grant | Grant | Grant | ||||||||||||||||||||
Date | Date | Date | ||||||||||||||||||||
Fair | Fair | Fair | ||||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||
Non-vested, beginning of year | 664,218 | $ | 17.34 | 896,640 | $ | 20.77 | 943,206 | $ | 29.5 | |||||||||||||
Granted | 464,700 | $ | 24.81 | 342,240 | $ | 44.39 | 550,384 | $ | 53.64 | |||||||||||||
Forfeited | (6,110 | ) | $ | 23.53 | (3,654 | ) | $ | 19.98 | (36,818 | ) | $ | 39.88 | ||||||||||
Vested | (226,168 | ) | $ | 18.92 | (292,020 | ) | $ | 20.26 | (346,310 | ) | $ | 26.53 | ||||||||||
Non-vested, end of year | 896,640 | $ | 20.77 | 943,206 | $ | 29.5 | 1,110,462 | $ | 42.05 | |||||||||||||
Valuation of Stock Options | ' | |||||||||||||||||||||
The following average key assumptions were used in the valuation of stock options granted in each respective period: | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Stock option grants: | ||||||||||||||||||||||
Risk-free interest rate | 0.66% – 2.22% | 0.43% – 1.15% | 0.34% – 1.71% | |||||||||||||||||||
Expected lives in years | 3.00 – 5.25 | 3.25 – 5.50 | 3.25 – 5.50 | |||||||||||||||||||
Expected volatility | 36.7% – 41.6% | 33.2% – 40.7% | 30.4% – 38.0% | |||||||||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||||||||||
Weighted average exercise price of options granted | 24.98 | 44 | 51.71 | |||||||||||||||||||
Weighted average grant date fair value of options granted | 8.24 | 13.33 | 14.77 | |||||||||||||||||||
Number of options granted | 601,412 | 361,844 | 536,958 | |||||||||||||||||||
Summary of Stock-based Compensation Expense | ' | |||||||||||||||||||||
The Company recognized stock-based compensation expense in the following consolidated statements of income line items for stock options and RSUs and for shares issued under the Company’s ESPP, for the fiscal years ended March 31, 2012, 2013, and 2014 (in thousands, except per share amounts): | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Stock-based compensation expense included in: | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||
Cost of services | $ | 3,440 | $ | 3,975 | $ | 5,527 | ||||||||||||||||
Member relations and marketing | 2,133 | 2,643 | 3,688 | |||||||||||||||||||
General and administrative | 6,413 | 7,295 | 9,002 | |||||||||||||||||||
Depreciation and amortization | — | — | — | |||||||||||||||||||
Total costs and expenses | 11,986 | 13,913 | 18,217 | |||||||||||||||||||
Operating income | (11,986 | ) | (13,913 | ) | (18,217 | ) | ||||||||||||||||
Net income attributable to common stockholders | $ | (7,359 | ) | $ | (8,686 | ) | $ | (11,204 | ) | |||||||||||||
Impact on diluted earnings per share | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.30 | ) | |||||||||||||
Summary of Stock-based Compensation Expense by Award | ' | |||||||||||||||||||||
Stock-based compensation expense by award type is shown below (in thousands): | ||||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Stock-based compensation expense by award type: | ||||||||||||||||||||||
Stock options | $ | 5,072 | $ | 5,000 | $ | 4,846 | ||||||||||||||||
Restricted stock units | 6,914 | 8,913 | 13,371 | |||||||||||||||||||
Employee stock purchase rights | — | — | — | |||||||||||||||||||
Total stock-based compensation | $ | 11,986 | $ | 13,913 | $ | 18,217 | ||||||||||||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Summary of Provision for Income Taxes | ' | |||||||||||
The provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Current | $ | 14,903 | $ | 17,382 | $ | 11,413 | ||||||
Deferred | 304 | 641 | 7,795 | |||||||||
Provision for income taxes | $ | 15,207 | $ | 18,023 | $ | 19,208 | ||||||
Statutory Rates to Income before Provision for Income Taxes | ' | |||||||||||
The provision for income taxes differs from the amount of income taxes determined by applying the applicable income tax statutory rates to income before provision for income taxes as follows: | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income tax, net of U.S. federal income tax benefit | 5.5 | % | 5.9 | % | 6 | % | ||||||
Tax-exempt interest income | (1.5 | )% | (2.0 | )% | (1.7 | )% | ||||||
Washington, D.C. QHTC income tax credits | (3.1 | )% | (5.4 | )% | (4.0 | )% | ||||||
Other permanent differences, net | 2.7 | % | 4 | % | 3.2 | % | ||||||
Effective tax rate on continuing operations | 38.6 | % | 37.5 | % | 38.5 | % | ||||||
Tax Effect of Differences between Tax Bases of Assets and Liabilities | ' | |||||||||||
The tax effect of these temporary differences is presented below (in thousands): | ||||||||||||
As of March 31, | ||||||||||||
2013 | 2014 | |||||||||||
Deferred income tax assets (liabilities): | ||||||||||||
Tax credit carryforwards | $ | 10,848 | $ | 11,199 | ||||||||
Deferred compensation accrued for financial reporting purposes | 8,592 | 11,692 | ||||||||||
Stock-based compensation | 8,548 | 8,942 | ||||||||||
Acquired net operating loss carryforwards | 3,279 | 5,444 | ||||||||||
Reserve for uncollectible revenue | 2,355 | 2,812 | ||||||||||
Book/tax basis difference in investment in unconsolidated entities | — | 1,677 | ||||||||||
Unrealized losses on available-for-sale securities | — | 1,270 | ||||||||||
Acquired intangibles and goodwill | 195 | — | ||||||||||
Other | 778 | 1,628 | ||||||||||
Total deferred tax assets | 34,595 | 44,664 | ||||||||||
Valuation allowance | — | (1,677 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 34,595 | 42,987 | ||||||||||
Capitalized software development costs | (14,648 | ) | (22,659 | ) | ||||||||
Deferred incentive compensation and other deferred charges | (5,968 | ) | (9,234 | ) | ||||||||
Acquired intangibles and goodwill | — | (5,097 | ) | |||||||||
Unrealized gains on available-for-sale securities | (680 | ) | — | |||||||||
Depreciation | (2,417 | ) | (1,616 | ) | ||||||||
Other | (225 | ) | (426 | ) | ||||||||
Total deferred tax liabilities | (23,938 | ) | (39,032 | ) | ||||||||
Net deferred income tax assets | $ | 10,657 | $ | 3,955 | ||||||||
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Lease Payments | ' | |||
The following table details the future minimum lease payments under the Company’s current leases, excluding rental escalation and executory costs (in thousands): | ||||
Year Ending March 31, | ||||
2015 | 13,563 | |||
2016 | 13,200 | |||
2017 | 13,054 | |||
2018 | 10,733 | |||
2019 | 10,382 | |||
Thereafter | 6,112 | |||
Total | $ | 67,044 | ||
Segments_and_geographic_areas_
Segments and geographic areas (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Revenue Information | ' | |||||||||||
Substantially all of the Company’s identifiable assets are located in the United States. The following table sets forth revenue information for each geographic area for the fiscal years ended March 31, 2012, 2013, and 2014 (in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
United States | $ | 357,937 | $ | 434,640 | $ | 504,211 | ||||||
Other countries | 12,408 | 16,197 | 16,385 | |||||||||
Total revenue | $ | 370,345 | $ | 450,837 | $ | 520,596 | ||||||
Quarterly_financial_data_Table
Quarterly financial data (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summarized Financial Data | ' | |||||||||||||||
Unaudited summarized financial data by quarter for the fiscal years ended March 31, 2013 and 2014 are as follows (in thousands, except per share amounts): | ||||||||||||||||
Fiscal 2013 Quarter Ended | ||||||||||||||||
June 30, | September 30, | December 31, | March 31, | |||||||||||||
Revenue | $ | 104,142 | $ | 110,758 | $ | 116,231 | $ | 119,706 | ||||||||
Operating income | $ | 10,365 | $ | 12,490 | $ | 9,736 | $ | 12,884 | ||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | $ | 10,941 | $ | 13,178 | $ | 10,474 | $ | 13,486 | ||||||||
Net income attributable to common stockholders | $ | 4,627 | $ | 7,647 | $ | 4,592 | $ | 6,542 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | 0.14 | 0.22 | 0.13 | 0.19 | ||||||||||||
Diluted | 0.13 | 0.21 | 0.13 | 0.18 | ||||||||||||
Fiscal 2014 Quarter Ended | ||||||||||||||||
June 30, | September 30, | December 31, | March 31, | |||||||||||||
Revenue | $ | 123,216 | $ | 128,341 | $ | 131,038 | $ | 138,001 | ||||||||
Operating income | $ | 10,738 | $ | 11,390 | $ | 7,875 | $ | 17,183 | ||||||||
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | $ | 11,261 | $ | 12,481 | $ | 8,235 | $ | 17,915 | ||||||||
Net income attributed to common stockholders | $ | 3,692 | $ | 9,002 | $ | 3,771 | $ | 8,287 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | 0.1 | 0.25 | 0.1 | 0.23 | ||||||||||||
Diluted | 0.1 | 0.24 | 0.1 | 0.22 | ||||||||||||
Summary_of_significant_account3
Summary of significant accounting policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 18, 2012 | 1-May-12 | Mar. 31, 2014 | |
Minimum | Maximum | Stock Compensation Plan | Stock Compensation Plan | Stock Compensation Plan | Software development | Software development | Software development | Software and Software Development Costs | Software and Software Development Costs | Software and Software Development Costs | Furniture, fixtures and equipment | Furniture, fixtures and equipment | Timing of Prior Period Acquisition-Related Earn-Out Fair Value Adjustment | Immaterial Error | Restatement Adjustment | Restatement Adjustment | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Software, Intangible Asset | Common Stock | Common Stock | Credit Concentration Risk | ||||
Minimum | Maximum | Immaterial Error | Immaterial Error | Immaterial Error | Revenue | ||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity, stock split conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' |
Quantifying misstatement in current year financial statements, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantifying misstatement in current year in balance sheet, increase in membership fees receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantifying misstatement in current year in balance sheet, increase in deferred revenue, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantifying misstatement in current year in balance sheet, increase in deferred revenue, noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership fees receivable | 63,077,000 | 87,672,000 | 103,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,300,000 | -500,000 | ' | 104,200,000 | 68,400,000 | ' | ' | ' | ' |
Deferred revenues | 72,137,000 | 110,099,000 | 131,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,300,000 | -500,000 | 90,800,000 | 132,300,000 | ' | ' | ' | ' | ' |
Marketable securities, cash equivalents | 'three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities, Investments | 'more than three months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current marketable securities | 'within twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '6 years | ' | ' | '3 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for intangible assets | 8,000,000 | 5,800,000 | 5,100,000 | ' | ' | ' | ' | ' | 9,200,000 | 4,800,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 11,500,000 | 8,400,000 | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 900,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' | '6 months | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Revenue recognition period | 'greater than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership program agreement term | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income earned from marketable securities | 3,300,000 | 3,400,000 | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on foreign exchange rate | -200,000 | -500,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility fees | 600,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on investment in common stock warrants | 0 | 100,000 | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities, gain (loss) | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% |
Percentage of revenue accounted for period presented | 'no one member accounted for more than 1.5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenue generated from foreign country | 3.10% | 4.00% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' | 1,000,000 | 341,000 | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_significant_account4
Summary of significant accounting policies Software cost capitalization errors (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Cost of services, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $272,523 | $237,605 | $197,937 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30,420 | 20,308 | 14,269 | ' |
Operating income, net | 17,183 | 7,875 | 11,390 | 10,738 | 12,884 | 9,736 | 12,490 | 10,365 | 47,186 | 45,475 | 36,372 | ' |
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 17,915 | 8,235 | 12,481 | 11,261 | 13,486 | 10,474 | 13,178 | 10,941 | 49,892 | 48,079 | 39,406 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -19,208 | -18,023 | -15,207 | ' |
Net income before allocation to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 24,633 | 23,300 | 25,303 | ' |
Net income before allocation to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 24,633 | 23,300 | 25,303 | ' |
Net income attributable to common stockholders | 8,287 | 3,771 | 9,002 | 3,692 | 6,542 | 4,592 | 7,647 | 4,627 | 24,752 | 23,408 | 25,303 | ' |
Net income attributable to common stockholders per share - basic | $0.23 | $0.10 | $0.25 | $0.10 | $0.19 | $0.13 | $0.22 | $0.14 | $0.69 | $0.67 | $0.77 | ' |
Net income from continuing operations attributable to common stockholders (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.69 | $0.67 | $0.70 | ' |
Net income attributable to common stockholders per share - diluted | $0.22 | $0.10 | $0.24 | $0.10 | $0.18 | $0.13 | $0.21 | $0.13 | $0.67 | $0.64 | $0.73 | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 21,950 | 23,463 | 26,629 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30,420 | 20,308 | 14,817 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,795 | 641 | 304 | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -6,891 | -7,499 | 6,950 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 76,702 | 83,261 | 93,907 | ' |
Purchases of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -44,058 | -36,979 | -30,369 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -125,578 | -106,901 | -88,730 | ' |
Property and equipment, net | 102,457 | ' | ' | ' | 73,572 | ' | ' | ' | 102,457 | 73,572 | ' | ' |
Deferred income taxes, net of current portion | ' | ' | ' | ' | 2,993 | ' | ' | ' | ' | 2,993 | ' | ' |
Total assets | 1,041,335 | ' | ' | ' | 897,933 | ' | ' | ' | 1,041,335 | 897,933 | ' | ' |
Accumulated deficit | -91,468 | ' | ' | ' | -94,306 | ' | ' | ' | -91,468 | -94,306 | ' | ' |
Total stockholders’ equity | 337,059 | ' | ' | ' | 282,820 | ' | ' | ' | 337,059 | 282,820 | 217,305 | 148,840 |
Total liabilities and stockholders’ equity | 1,041,335 | ' | ' | ' | 897,933 | ' | ' | ' | 1,041,335 | 897,933 | ' | ' |
Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,037 | 198,112 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,885 | 14,108 | ' |
Operating income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,466 | 36,358 | ' |
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,070 | 39,392 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,259 | -15,203 | ' |
Net income before allocation to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,055 | 25,293 | ' |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,163 | 25,293 | ' |
Net income attributable to common stockholders per share - basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.64 | $0.77 | ' |
Net income attributable to common stockholders per share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.61 | $0.73 | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,218 | 26,619 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,885 | 14,656 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 261 | -85 | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,499 | 5,950 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,827 | 92,732 | ' |
Purchases of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,545 | -29,194 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105,467 | -87,555 | ' |
Property and equipment, net | ' | ' | ' | ' | 71,174 | ' | ' | ' | ' | 71,174 | ' | ' |
Deferred income taxes, net of current portion | ' | ' | ' | ' | 3,888 | ' | ' | ' | ' | 3,888 | ' | ' |
Total assets | ' | ' | ' | ' | 896,430 | ' | ' | ' | ' | 896,430 | ' | ' |
Accumulated deficit | ' | ' | ' | ' | -95,809 | ' | ' | ' | ' | -95,809 | ' | ' |
Total stockholders’ equity | ' | ' | ' | ' | 281,317 | ' | ' | ' | ' | 281,317 | ' | ' |
Total liabilities and stockholders’ equity | ' | ' | ' | ' | 896,430 | ' | ' | ' | ' | 896,430 | ' | ' |
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,432 | -175 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 423 | 161 | ' |
Operating income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,009 | 14 | ' |
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,009 | 14 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -764 | -4 | ' |
Net income before allocation to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,245 | 10 | ' |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,245 | 10 | ' |
Net income attributable to common stockholders per share - basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | $0 | ' |
Net income attributable to common stockholders per share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | $0 | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,245 | 10 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 423 | 161 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380 | 389 | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,000 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,434 | 1,175 | ' |
Purchases of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,434 | -1,175 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,434 | -1,175 | ' |
Property and equipment, net | ' | ' | ' | ' | 2,398 | ' | ' | ' | ' | 2,398 | ' | ' |
Deferred income taxes, net of current portion | ' | ' | ' | ' | -895 | ' | ' | ' | ' | -895 | ' | ' |
Total assets | ' | ' | ' | ' | 1,503 | ' | ' | ' | ' | 1,503 | ' | ' |
Accumulated deficit | ' | ' | ' | ' | 1,503 | ' | ' | ' | ' | 1,503 | ' | ' |
Total stockholders’ equity | ' | ' | ' | ' | 1,503 | ' | ' | ' | ' | 1,503 | ' | ' |
Total liabilities and stockholders’ equity | ' | ' | ' | ' | $1,503 | ' | ' | ' | ' | $1,503 | ' | ' |
Summary_of_significant_account5
Summary of significant accounting policies - Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Basic weighted average common shares outstanding | 35,909 | 34,723 | 32,808 |
Effect of dilutive outstanding stock-based awards | 1,050 | 1,583 | 1,742 |
Dilutive impact of earn-out liability | 0 | 0 | 110 |
Diluted weighted average common shares outstanding | 36,959 | 36,306 | 34,660 |
Acquisitions_Care_team_Connect
Acquisitions Care team Connect, Inc. (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Oct. 07, 2013 | Mar. 31, 2014 | Oct. 07, 2013 | Mar. 31, 2014 | Oct. 07, 2013 | Mar. 31, 2014 | Oct. 07, 2013 | Mar. 31, 2014 | Oct. 07, 2013 | Mar. 31, 2014 | Oct. 07, 2013 | |
Care Team Connect Inc. | Care Team Connect Inc. | Developed Technology Rights | Customer Relationships | Customer Relationships | Customer Contracts | Customer Contracts | Minimum | Minimum | Maximum | Maximum | ||||
Care Team Connect Inc. | Care Team Connect Inc. | Care Team Connect Inc. | Care Team Connect Inc. | Care Team Connect Inc. | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $46,036,000 | $31,887,000 | $12,829,000 | $34,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Assets | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired deferred revenue | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired noncurrent deferred revenue | ' | ' | ' | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Payable | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | 9,300,000 | ' | 5,400,000 | ' | 2,800,000 | ' | 1,100,000 | ' | ' | ' | ' |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' | ' | ' | ' | '8 years 1 month 6 days | ' | '4 years 8 months 12 days | ' | '6 months | '3 years | '12 years | '12 years |
Weighted average useful life | '5 years 7 months | ' | ' | '8 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 129,424,000 | 95,540,000 | 74,235,000 | 24,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Medical_Referral_
Acquisitions Medical Referral Source, Inc. (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jul. 08, 2013 | Mar. 31, 2014 | Jul. 08, 2013 | Jul. 08, 2013 | Mar. 31, 2014 | Jul. 08, 2013 | Mar. 31, 2014 | Jul. 08, 2013 | |
Medical Referral Source Inc | Medical Referral Source Inc | Developed Technology Rights | Customer Relationship and Employee Related Intangibles | Minimum | Minimum | Maximum | Maximum | ||||
Medical Referral Source Inc | Medical Referral Source Inc | Medical Referral Source Inc | Medical Referral Source Inc | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $46,036,000 | $31,887,000 | $12,829,000 | $11,500,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Acquired noncurrent deferred revenue | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts Payable | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | 2,100,000 | ' | 1,700,000 | 400,000 | ' | ' | ' | ' |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' | ' | ' | ' | ' | '6 months | '3 years | '12 years | '8 years |
Weighted average useful life | '5 years 7 months | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 129,424,000 | 95,540,000 | 74,235,000 | 8,900,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' |
Acquisitions_360Fresh_Inc_Deta
Acquisitions 360Fresh, Inc. (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 15, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2012 | Mar. 31, 2014 | Nov. 15, 2012 | Nov. 15, 2012 | Nov. 15, 2012 | |
360 Fresh | 360 Fresh | Maximum | Maximum | Minimum | Minimum | Developed Technology Rights | Employee Related Intangibles | ||||
360 Fresh | 360 Fresh | 360 Fresh | 360 Fresh | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $46,036,000 | $31,887,000 | $12,829,000 | $19,500,000 | ' | ' | ' | ' | ' | ' | ' |
Initial payment in cash | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out liabilities | ' | ' | ' | 2,500,000 | 2,600,000 | ' | 8,000,000 | ' | 0 | ' | ' |
Adjustment made to the fair value of contingent liability | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Acquired noncurrent deferred revenue | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | 9,900,000 | ' | ' | ' | ' | ' | 9,800,000 | 100,000 |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' | ' | ' | '12 years | '7 years | '6 months | '4 years | ' | ' |
Weighted average useful life | '5 years 7 months | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 129,424,000 | 95,540,000 | 74,235,000 | 13,400,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' |
Acquisitions_ActiveStrategy_In
Acquisitions ActiveStrategy, Inc. (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Oct. 02, 2012 | Mar. 31, 2014 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2014 | Oct. 02, 2012 | Mar. 31, 2014 | Oct. 02, 2012 | |
ActiveStrategy, Inc. | ActiveStrategy, Inc. | ActiveStrategy, Inc. | Developed Technology Rights | Customer Relationship and Employee Related Intangibles | Trademarks | Minimum | Minimum | Maximum | Maximum | ||||
ActiveStrategy, Inc. | ActiveStrategy, Inc. | ActiveStrategy, Inc. | ActiveStrategy, Inc. | ActiveStrategy, Inc. | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $46,036,000 | $31,887,000 | $12,829,000 | $14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tangible assets | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, current | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Acquired noncurrent deferred revenue | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 5,500,000 | 3,000,000 | 1,000,000 | 1,500,000 | ' | ' | ' | ' |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '4 years | '12 years | '11 years |
Weighted average useful life | '5 years 7 months | ' | ' | '7 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 129,424,000 | 95,540,000 | 74,235,000 | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_PivotHealth_Detai
Acquisitions PivotHealth (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Aug. 02, 2011 | Mar. 31, 2014 | Mar. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | Mar. 31, 2014 | Aug. 02, 2011 | Mar. 31, 2014 | Aug. 02, 2011 | |
PivotHealth | PivotHealth | PivotHealth | PivotHealth | Customer Relationships And Trademark | Employee Related Intangibles | Minimum | Minimum | Maximum | Maximum | ||||
PivotHealth | PivotHealth | PivotHealth | PivotHealth | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $46,036,000 | $31,887,000 | $12,829,000 | $19,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial payment in cash | ' | ' | ' | 16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out liabilities | ' | ' | ' | ' | 0 | ' | 2,900,000 | ' | ' | ' | ' | ' | ' |
Additional downward adjustment made to the fair value of contingent liability | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total estimated purchase price allocated to acquired assets | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | 6,400,000 | 6,000,000 | 400,000 | ' | ' | ' | ' |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '6 months | '12 years | '9 years |
Weighted average useful life | '5 years 7 months | ' | ' | '6 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 129,424,000 | 95,540,000 | 74,235,000 | ' | ' | ' | 12,600,000 | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' |
Discontinued_operations_Additi
Discontinued operations - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 20, 2012 |
employee | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Sales of OptiLink business | ' | $8.90 |
Number of employees transferred to the buyer | 35 | ' |
Fair_value_measurements_Additi
Fair value measurements - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2009 | Mar. 31, 2014 | Nov. 15, 2012 | Mar. 31, 2014 | Jul. 31, 2011 | Oct. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2009 | |
360 Fresh | 360 Fresh | PivotHealth | PivotHealth | Southwind | Southwind | Southwind | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants | 6,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant transfers between Level 1, Level 2,or Level 3 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the common stock warrants | $0.44 | $0.40 | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Fair value change in common stock warrants | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' |
Fair value estimate discount rate | ' | ' | ' | ' | 19.00% | ' | ' | ' | ' | 16.00% | ' |
Shares transferred to satisfy earn-out liability | 0 | 0 | 110,000 | ' | ' | ' | ' | ' | 112,408 | ' | ' |
Earn-out liability | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' |
Contingent earn-out liabilities | ' | ' | ' | ' | 2,600,000 | 2,500,000 | 0 | 2,900,000 | ' | 6,100,000 | 5,600,000 |
Gain on conversion of notes receivable into preferred stock of unconsolidated entities | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value adjustments | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_operations_Compon
Discontinued operations - Components of Discontinued Operations Included in Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Revenue | $0 | $0 | $4,985 |
Costs and expenses: | ' | ' | ' |
Cost of services | 0 | 0 | 4,330 |
Member relations and marketing | 0 | 0 | 189 |
Gain on disposal | 0 | 0 | 3,510 |
Income from discontinued operations before provision for income taxes | 0 | 0 | 3,976 |
Provision for income taxes | 0 | 0 | -1,535 |
Net income from discontinued operations | $0 | $0 | $2,441 |
Fair_value_measurements_Fair_V
Fair value measurements - Fair Value Measurements of Financial Assets and Liabilities on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
Financial assets | ' | ' | ||
Available-for-sale marketable securities | $164,396,000 | $156,839,000 | ||
Recurring | ' | ' | ||
Financial assets | ' | ' | ||
Cash and cash equivalents | 23,129,000 | [1] | 57,829,000 | |
Available-for-sale marketable securities | 164,396,000 | [2] | 156,839,000 | [2] |
Common stock warrants | 550,000 | [3] | 550,000 | [3] |
Financial liabilities | ' | ' | ||
Contingent earn-out liabilities | 8,750,000 | [4] | 15,200,000 | [4] |
Recurring | Level 1 | ' | ' | ||
Financial assets | ' | ' | ||
Cash and cash equivalents | 23,129,000 | [1] | 57,829,000 | [1] |
Available-for-sale marketable securities | 0 | [2] | 0 | [2] |
Common stock warrants | 0 | [3] | 0 | [3] |
Financial liabilities | ' | ' | ||
Contingent earn-out liabilities | 0 | [4] | 0 | [4] |
Recurring | Level 2 | ' | ' | ||
Financial assets | ' | ' | ||
Cash and cash equivalents | 0 | [1] | 0 | [1] |
Available-for-sale marketable securities | 164,396,000 | [2] | 156,839,000 | [2] |
Common stock warrants | 0 | [3] | 0 | [3] |
Financial liabilities | ' | ' | ||
Contingent earn-out liabilities | 0 | [4] | 0 | [4] |
Recurring | Level 3 | ' | ' | ||
Financial assets | ' | ' | ||
Cash and cash equivalents | 0 | [1] | 0 | [1] |
Available-for-sale marketable securities | 0 | [2] | 0 | [2] |
Common stock warrants | 550,000 | [3] | 550,000 | [3] |
Financial liabilities | ' | ' | ||
Contingent earn-out liabilities | $8,750,000 | [4] | $15,200,000 | [4] |
[1] | Fair value is based on quoted market prices. | |||
[2] | Fair value is determined using quoted market prices of the assets. For further detail, see Note 6, “Marketable securities.†The Company changed the classification of its marketable securities from Level 1 to Level 2 within the fair value hierarchy during the fiscal year ended March 31, 2014. The investments affected by this change are U.S. government-sponsored securities and tax exempt obligations of states that do not have observable prices in active markets. The Company concluded that these investments are more appropriately classified as Level 2 within the fair value hierarchy. The March 31, 2013 classification has been changed to conform to the revised presentation. The impact of this change is immaterial and has no effect on the previously reported consolidated statements of income, stockholders' equity, cash flows or balance sheets. | |||
[3] | The fair value of the common stock warrants as of March 31, 2013 and 2014 was calculated to be $0.40 per share and $0.44 per share, respectively, using a Black-Scholes-Merton model. The significant assumptions as of March 31, 2013 were as follows: risk-free interest rate of 1.0%; expected term of 6.22 years; expected volatility of 39.38%; dividend yield of 0%; weighted average share price of $1.00 per share; and warrants expected to become exercisable of approximately 1,400,000 shares. The significant assumptions as of March 31, 2014 were as follows: risk-free interest rate of 1.7%; expected term of 5.22 years; expected volatility of 36.77%; dividend yield of 0%; weighted average share price of $1.12 per share; and a range of warrants expected to become exercisable of between 1,000,000 and 1,400,000 share | |||
[4] | This fair value measurement is based on unobservable inputs that are supported by little or no market activity and reflect the Company’s own assumptions in measuring fair value using the income approach. In developing these estimates, the Company considered certain performance projections, historical results, and general macro-economic environment and industry trends. |
Fair_value_measurements_Fair_V1
Fair value measurements - Fair Value Measurements of Financial Assets and Liabilities on Recurring Basis (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2009 | |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Fair value of the common stock warrants | $0.44 | $0.40 | $0 |
Risk-free interest rate | 1.70% | 1.00% | ' |
Expected term | '5 years 2 months 19 days | '6 years 2 months 20 days | ' |
Expected volatility | 36.77% | 39.38% | ' |
Dividend yield | 0.00% | 0.00% | ' |
Weighted average exercise price | $1.12 | $1 | ' |
Warrants exercisable, minimum | 1,000,000 | ' | ' |
Warrants exercisable, maximum | 1,400,000 | 1,400,000 | ' |
Fair_value_measurements_Reconc
Fair value measurements - Reconciliation of Change in Fair Value of Common Stock Warrants (Detail) (Common Stock Warrant, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Common Stock Warrant | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | $550 | $450 | ||
Fair value change in common stock warrants | 0 | [1] | 100 | [1] |
Ending balance | $550 | $550 | ||
[1] | Amounts were recognized in other income, net on the consolidated statements of income. |
Fair_value_measurements_Reconc1
Fair value measurements - Reconciliation of Change in Contingent Earn-out Liabilities (Detail) (Contingent Earn Out Liability, USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||||
In Thousands, unless otherwise specified | Southwind | Southwind | Cielo | Cielo | PivotHealth | PivotHealth | 360 Fresh | 360 Fresh | 360 Fresh | 360 Fresh | |||||||||||
Minimum | Minimum | Maximum | Maximum | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Beginning balance | $8,750 | $15,200 | $21,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Adjustments made to the fair value of contingent liability | ' | ' | ' | -3,350 | [1] | 5,600 | [1] | 0 | [1] | 400 | [1] | -1,000 | [1] | -2,200 | [1] | 100 | [1] | 0 | [1] | ' | ' |
Earn out payments | ' | ' | ' | -2,200 | -10,600 | 0 | -1,700 | ' | ' | ' | ' | ' | ' | ||||||||
Additions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,500 | ||||||||
Ending balance | $8,750 | $15,200 | $21,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Amounts were recognized in cost of services on the consolidated statements of income. |
Marketable_securities_Aggregat
Marketable securities - Aggregate Value, Amortized Cost, Gross Unrealized Gains, and Gross Unrealized Losses on Available-for-Sale Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair value | $164,396 | $156,839 |
Amortized cost | 166,997 | 154,897 |
Gross unrealized gains | 1,060 | 2,798 |
Gross unrealized losses | 3,661 | 856 |
U.S. government-sponsored enterprises | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair value | 29,291 | 25,430 |
Amortized cost | 30,344 | 25,347 |
Gross unrealized gains | 0 | 83 |
Gross unrealized losses | 1,053 | 0 |
Tax exempt obligations of states | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair value | 135,105 | 131,409 |
Amortized cost | 136,653 | 129,550 |
Gross unrealized gains | 1,060 | 2,715 |
Gross unrealized losses | $2,608 | $856 |
Marketable_securities_Marketab
Marketable securities - Marketable Securities Maturities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Matures in less than 1 year, Fair market value | $2,426 | ' |
Matures after 1 year through 5 years, Fair market value | 44,867 | ' |
Matures after 5 years through 10 years, Fair market value | 87,956 | ' |
Matures after 10 years through 20 years, Fair market value | 29,147 | ' |
Fair market value | 164,396 | 156,839 |
Matures in less than 1 year, Amortized cost | 2,404 | ' |
Matures after 1 year through 5 years, Amortized cost | 44,536 | ' |
Matures after 5 years through 10 years, Amortized cost | 89,436 | ' |
Matures after 10 years through 20 years, Amortized cost | 30,621 | ' |
Amortized cost | $166,997 | ' |
Marketable_securities_Gross_un
Marketable securities - Gross unrealized Losses and Fair Value of Company's Investments (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months, Fair value | $80,445 |
Less than 12 months, Gross unrealized losses | 1,857 |
12 months or more, Fair value | 45,328 |
12 months or more, Gross unrealized losses | 1,804 |
Total, Fair value | 125,773 |
Total, Gross unrealized losses | 3,661 |
U.S. government-sponsored enterprises | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months, Fair value | 26,828 |
Less than 12 months, Gross unrealized losses | 1,016 |
12 months or more, Fair value | 2,463 |
12 months or more, Gross unrealized losses | 37 |
Total, Fair value | 29,291 |
Total, Gross unrealized losses | 1,053 |
Tax exempt obligations of states | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months, Fair value | 53,617 |
Less than 12 months, Gross unrealized losses | 841 |
12 months or more, Fair value | 42,865 |
12 months or more, Gross unrealized losses | 1,767 |
Total, Fair value | 96,482 |
Total, Gross unrealized losses | $2,608 |
Marketable_securities_Addition
Marketable securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross realized gains on sales of available-for-sale investments | $500,000 | $0 | $0 |
Gross realized losses on sales of available-for-sale investments | 400,000 | 0 | 0 |
Weighted average maturity of marketable securities | '7 years 1 month 23 days | ' | ' |
Gross unrealized losses | 3,661,000 | 856,000 | ' |
Investments matured | 22,323 | ' | ' |
Tax exempt obligations of states | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross unrealized losses | 2,608,000 | 856,000 | ' |
Unrealized losses existed for less than one year | 18 | ' | ' |
U.S. government-sponsored enterprises | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross unrealized losses | $1,053,000 | $0 | ' |
Unrealized losses existed for less than one year | 10 | ' | ' |
Membership_fees_receivable_Mem
Membership fees receivable - Membership Fees Receivable (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Membership fees receivable, gross | $454,747 | $376,087 |
Allowance for uncollectible revenue | -6,850 | -5,766 |
Membership fees receivable, net | 447,897 | 370,321 |
Billed fees receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Membership fees receivable, gross | 87,476 | 76,594 |
Unbilled fees receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Membership fees receivable, gross | $367,271 | $299,493 |
Membership_fees_receivable_Add
Membership fees receivable - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Unbilled fees expected to be billed | '12 months |
Property_and_equipment_Additio
Property and equipment - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, net | $102,457 | $73,572 |
Software development | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, net | $46,000 | $30,700 |
Property_and_equipment_Schedul
Property and equipment - Schedule of Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Leasehold improvements | $39,425 | $29,953 |
Furniture, fixtures and equipment | 43,112 | 36,502 |
Software | 100,808 | 65,589 |
Property and equipment, gross | 183,345 | 132,044 |
Accumulated depreciation and amortization | -80,888 | -58,472 |
Property and equipment, net | $102,457 | $73,572 |
Goodwill_and_intangibles_Addit
Goodwill and intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Impairment of goodwill | $0 | $0 | $0 |
Estimated useful lives of intangible assets | '4 years 2 months | ' | ' |
Weighted average useful life | '5 years 7 months | ' | ' |
Amortization expense for intangible assets | 8,000,000 | 5,800,000 | 5,100,000 |
Future amortization expense to be recorded in 2014 | 8,800,000 | ' | ' |
Future amortization expense to be recorded in 2015 | 6,000,000 | ' | ' |
Future amortization expense to be recorded in 2016 | 5,500,000 | ' | ' |
Future amortization expense to be recorded in 2017 | 4,900,000 | ' | ' |
Future amortization expense to be recorded in 2018 | 3,700,000 | ' | ' |
Future amortization expense to be recorded thereafter | $3,700,000 | ' | ' |
Minimum | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful lives of intangible assets | '6 months | ' | ' |
Maximum | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful lives of intangible assets | '12 years | ' | ' |
Goodwill_and_intangibles_Chang
Goodwill and intangibles - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Beginning of year | $95,540 | $74,235 |
Goodwill acquired | 33,884 | 21,305 |
Ending balance | $129,424 | $95,540 |
Goodwill_and_intangibles_Gross
Goodwill and intangibles - Gross and Net Carrying Balances and Accumulated Amortization of Intangibles (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '4 years 2 months | ' |
Gross carrying amount | $58,567 | $49,187 |
Accumulated amortization | -24,812 | -16,806 |
Net carrying amount | 33,755 | 32,381 |
Capitalized software | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '5 years | ' |
Gross carrying amount | 11,508 | 6,438 |
Accumulated amortization | -2,266 | -1,018 |
Net carrying amount | 9,242 | 5,420 |
Developed software | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '6 years 1 month 6 days | ' |
Gross carrying amount | 19,250 | 19,250 |
Accumulated amortization | -7,875 | -4,659 |
Net carrying amount | 11,375 | 14,591 |
Customer Relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '8 years 1 month 6 days | ' |
Gross carrying amount | 15,910 | 12,700 |
Accumulated amortization | -6,800 | -4,735 |
Net carrying amount | 9,110 | 7,965 |
Trademarks | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '6 years 2 months 12 days | ' |
Gross carrying amount | 4,200 | 4,200 |
Accumulated amortization | -2,680 | -2,118 |
Net carrying amount | 1,520 | 2,082 |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '4 years 3 months 18 days | ' |
Gross carrying amount | 1,400 | 1,400 |
Accumulated amortization | -900 | -633 |
Net carrying amount | 500 | 767 |
Customer Contracts | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average useful life (years) | '4 years 8 months 12 days | ' |
Gross carrying amount | 6,299 | 5,199 |
Accumulated amortization | -4,291 | -3,643 |
Net carrying amount | $2,008 | $1,556 |
Investment_in_unconsolidated_e1
Investment in unconsolidated entity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | |
Series A Preferred Stock | Series A Preferred Stock | Evolent | Evolent | Evolent | Evolent | Evolent | Evolent LLC | Evolent LLC | Evolent LLC | Evolent LLC | |||||
Evolent Health Holdings Inc | Evolent Health Holdings Inc | Evolent Health Holdings Inc | Series B Preferred Stock | Series B Preferred Stock | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial contribution | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest | 44.00% | ' | ' | ' | 23.10% | 23.60% | ' | ' | ' | ' | 44.00% | ' | 57.00% | 11.50% | 11.30% |
Proportionate share of the losses | ' | ' | 7,900,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note bearing interest rate | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' |
Equity method investment additional funds provided | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note receivable decrease due to equity investment loss | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proportionate share of investee losses applied to carrying value of investment | ' | ' | ' | ' | ' | ' | ' | 0 | 10,100,000 | ' | ' | ' | ' | ' | ' |
Gain (Loss) resulting from dilution in ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 1,100,000 | ' | ' | ' | ' | ' |
Cash provided to equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' |
Notes receivable provided to equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,100,000 | ' | ' | ' |
Equity method investments, shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,302,172 | ' |
Gain on conversion of notes receivable into preferred stock of unconsolidated entities | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost method investments | ' | 5,000,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from equity method investments | ' | 6,051,000 | 6,756,000 | 1,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 |
Equity method investment, amortization related to intangible assets, basis difference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 |
Equity method investments | ' | $15,857,000 | $6,265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,900,000 |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Entities - Summary of Financial Position of Evolent (Detail) 10Q (Evolent LLC, USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Evolent LLC | ' |
Assets: | ' |
Current assets | $78,692 |
Non-current assets | 20,151 |
Total assets | 98,843 |
Liabilities and Members' Equity: | ' |
Current liabilities | 35,453 |
Non-current liabilities | 3,173 |
Total liabilities | 38,626 |
Redeemable equity | 78,360 |
Members’ equity | -18,143 |
Total liabilities and members’ equity | $98,843 |
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Entities - Summary of Operating Results of Evolent (Detail) 10Q (Evolent LLC, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Evolent LLC | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' |
Revenue | $35,788 | $0 | $0 |
Operating expenses | -54,497 | 0 | 0 |
Depreciation and amortization | -1,381 | 0 | 0 |
Interest, net | 16 | 0 | 0 |
Taxes | 0 | 0 | 0 |
Net loss | ($20,074) | $0 | $0 |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Entities - Summary of Financial Position of Evolent Health Holdings (Details) 10Q (Evolent Health Holdings Inc, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Evolent Health Holdings Inc | ' | ' |
Assets: | ' | ' |
Current assets | $0 | $9,842 |
Non-current assets | 48,172 | 10,571 |
Total assets | 48,172 | 20,413 |
Liabilities and Members' Equity: | ' | ' |
Current liabilities | 0 | 11,716 |
Non-current liabilities | 0 | 10,116 |
Total liabilities | 0 | 21,832 |
Redeemable shares | 38,680 | 0 |
Members’ equity | 9,492 | -1,419 |
Total liabilities and members’ equity | $48,172 | $20,413 |
Investments_in_and_Advances_to3
Investments in and Advances to Unconsolidated Entities - Summary of Operating Results of Evolent Health Holdings (Details) 10Q (Evolent Health Holdings Inc, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Evolent Health Holdings Inc | ' | ' | ' |
Schedule of Cost-method Investments [Line Items] | ' | ' | ' |
Revenue | $25,671 | $13,082 | $1,480 |
Operating expenses | -45,617 | -36,183 | -4,445 |
Depreciation and amortization | -1,208 | -1,038 | -9 |
Interest, net | -820 | -149 | 7 |
Taxes | -8 | 333 | 0 |
Gain from deconsolidation | 46,246 | 0 | 0 |
Income/loss from investments | -7,141 | 0 | 0 |
Net loss | $17,123 | ($23,955) | ($2,967) |
Other_noncurrent_assets_Additi
Other non-current assets - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | |
Investments, All Other Investments [Abstract] | ' | ' | ' |
Common stock purchased by company | 6,015,000 | ' | ' |
Exercise price | $1 | ' | ' |
Warrants recorded at their fair value | ' | $550,000 | $550,000 |
Convertible preferred stock investment is recorded at cost | ' | $5,000,000 | ' |
Convertible preferred stock carries a dividend rate | ' | 8.00% | ' |
Dividends declared | ' | $0 | ' |
Noncontrolling_interest_Additi
Noncontrolling interest - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Noncontrolling Interest [Abstract] | ' |
Redeemable noncontrolling interest | $0.10 |
Estimated maximum total redemption amount | $7.50 |
Noncontrolling interest ownership percentage | 100.00% |
Ownership interest | 0.00% |
Revolving_credit_facility_Addi
Revolving credit facility - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Jul. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
financial_ratio | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Amount of revolving credit facility | $150,000,000 | ' | ' |
Duration of senior secured revolving credit facility | '5 years | ' | ' |
Additional borrowings under the revolving credit facility | ' | 50,000,000 | ' |
Minimum increments under the credit agreement | ' | 10,000,000 | ' |
Maximum principal amount of swing line loans | ' | 5,000,000 | ' |
Issuance of letters of credit under sublimit | ' | 10,000,000 | ' |
Revolving credit facility matures | ' | 30-Jul-17 | ' |
Debt instrument basis spread on variable rate minimum | ' | 1.75% | ' |
Debt instrument basis spread on variable rate maximum | ' | 2.50% | ' |
Amounts outstanding on the revolving credit facility | ' | 0 | 0 |
Amounts available for borrowing | ' | 150,000,000 | 150,000,000 |
Number of financial ratios required to be satisfied | ' | 3 | ' |
Secured Debt | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Amount of revolving credit facility | ' | 150,000,000 | ' |
Financing fees related to revolving credit facility | ' | $800,000 | ' |
Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Alternate base rate loans under credit agreement | ' | 0.75% | ' |
Commitment fee percentage on unutilized portion | ' | 0.25% | ' |
Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Alternate base rate loans under credit agreement | ' | 1.50% | ' |
Commitment fee percentage on unutilized portion | ' | 0.40% | ' |
Stockholders_equity_Additional
Stockholders' equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 123 Months Ended | 0 Months Ended | ||||
31-May-13 | 1-May-12 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Jun. 18, 2012 | 1-May-12 | |
Common Stock | Common Stock | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Increased share repurchase program | $450,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares repurchased under stock repurchase program | ' | ' | 376,532 | 385,314 | 223,438 | 16,026,626 | ' | ' |
Purchases of treasury stock | ' | ' | 21,917,000 | 17,999,000 | 6,580,000 | ' | ' | ' |
Total cost of common stock repurchase | ' | ' | 340,900,000 | ' | ' | 340,900,000 | ' | ' |
Remaining authorized repurchase amount | ' | ' | 87,200,000 | ' | ' | ' | ' | ' |
Number of shares retired by the Company | ' | ' | 13,650,094 | ' | ' | ' | ' | ' |
Post-confirmation, preferred and common stock held in treasury | ' | ' | 3,000 | 70,000 | ' | ' | ' | ' |
Treasury stock retirement resulted in reductions to treasury stock | ' | ' | 21,900,000 | 307,800,000 | ' | ' | ' | ' |
Treasury stock retirement resulted in reductions to retained earnings | ' | ' | $21,900,000 | $307,700,000 | ' | ' | ' | ' |
Stockholder's equity stock split | ' | 'The Company's Board of Directors approved a two-for-one split of the Company's common stock to be effected in the form of a stock dividend. As a result of this action, one additional share was issued on June 18, 2012 for each share held by stockholders of record at the close of business on May 31, 2012. | ' | ' | ' | ' | ' | ' |
Stockholders' equity, stock split conversion ratio | ' | ' | ' | ' | ' | ' | 2 | 2 |
Stockbased_compensation_Additi
Stock-based compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 7 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 05, 2013 | Sep. 13, 2011 | Mar. 31, 2014 | Jun. 26, 2009 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2005 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
General Employee | General Employee | Board Of Directors | Executive One | Executive Two | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2006 Plan | 2005 Plan | 2005 Plan | Employee Stock | Minimum | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares increases for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 2,125,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,384,443 | 6,735,000 | ' | 715,670 | 3,200,000 | 1,487,207 | ' | ' |
Maximum contractual term | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '7 years | ' | '5 years | '7 years | ' | ' | ' | ' |
Number of shares granted | 536,958 | 361,844 | 601,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price of options granted | $51.71 | $44 | $24.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised, Shares | 1,327,358 | 1,477,219 | 1,775,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options for a total intrinsic value | $53,700,000 | $44,300,000 | $27,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, vested | 850,087 | 710,972 | 729,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, vested with fair value | 5,300,000 | 3,800,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units granted | 550,384 | 342,240 | 464,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of RSU | $53.64 | $44.39 | $24.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participants vested in RSU | 346,310 | 292,020 | 226,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of RSU | 17,200,000 | 13,600,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withhold to satisfy minimum employee tax withholding | 119,108 | 89,155 | 75,662 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payroll deductions to purchase shares, Minimum | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payroll deductions to purchase shares, Maximum | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of purchase of ESPP shares | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under ESPP | 1,684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under ESPP | 8,962 | 7,748 | 6,684 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price per ESPP per share | $57.31 | $46.77 | $33.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount of the purchase date closing price | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option vesting term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '4 years |
Estimated forfeiture rate | ' | ' | ' | 10.00% | 15.00% | 0.00% | 1.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation costs capitalized as part of the cost of an asset | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to stock-based compensation | 43,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of stock-based compensation | '2 years 10 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits associated with compensation expense | $19,476,000 | $20,535,000 | $7,593,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockbased_compensation_Summar
Stock-based compensation - Summary of Changes in Common Stock Options (Detail) (USD $) | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||||
Number of Options | ' | ' | ' | |||
Number of Options, Outstanding, Beginning balance | 2,692,353 | [1] | 3,812,228 | [1] | 5,059,198 | |
Number of Options, Granted | 536,958 | 361,844 | 601,412 | |||
Number of Options, Exercised | -1,327,358 | -1,477,219 | -1,775,510 | |||
Number of Options, Forfeited | -71,630 | -4,500 | -72,872 | |||
Number of Options, Outstanding, Ending balance | 1,830,323 | [1] | 2,692,353 | [1] | 3,812,228 | [1] |
Number of Options, Exercisable, Ending balance | 680,978 | [2] | ' | ' | ||
Weighted Average Exercise Price | ' | ' | ' | |||
Weighted Average Exercise Price, Outstanding, Beginning balance | $21.06 | [1] | $17.05 | [1] | $16.40 | |
Weighted Average Exercise Price, Granted | $51.71 | $44 | $24.98 | |||
Weighted Average Exercise Price, Exercised | $16.60 | $16.35 | $17.48 | |||
Weighted Average Exercise Price, Forfeited | $32.93 | $9.26 | $20.33 | |||
Weighted Average Exercise Price, Outstanding, Ending balance | $32.82 | [1] | $21.06 | [1] | $17.05 | [1] |
Weighted Average Exercise Price, Exercisable, Ending balance | $19.57 | [2] | ' | ' | ||
[1] | The weighted average remaining contractual term for the fiscal year ended March 31, 2014 is approximately three years and the aggregate intrinsic value is $57.7 million. | |||||
[2] | The weighted average remaining contractual term for the fiscal year ended March 31, 2014 is approximately two years and the aggregate intrinsic value is $30.4 million |
Stockbased_compensation_Summar1
Stock-based compensation - Summary of Changes in Common Stock Options (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Weighted average remaining contractual term in years, outstanding | '3 years |
Aggregate intrinsic value, outstanding | $57.70 |
Weighted average remaining contractual term in years, exercisable | '2 years |
Aggregate intrinsic value, exercisable | $30.40 |
Stockbased_compensation_Summar2
Stock-based compensation - Summary of Exercise Prices and Contractual Lives of Options Outstanding under Stock Incentive Plans (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Shares | 1,830,323 |
Weighted Average Exercise Price | $32.82 |
Weighted Average Remaining Contractual Life - Years | '3 years 6 months 2 days |
Exercise Price Range One | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $0 |
Range of Exercise Price, Maximum | $9.99 |
Shares | 219,906 |
Weighted Average Exercise Price | $9.26 |
Weighted Average Remaining Contractual Life - Years | '2 years 1 month 6 days |
Exercise Price Range Two | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $10 |
Range of Exercise Price, Maximum | $19.99 |
Shares | 284,332 |
Weighted Average Exercise Price | $16.85 |
Weighted Average Remaining Contractual Life - Years | '2 years |
Exercise Price Range Three | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $20 |
Range of Exercise Price, Maximum | $29.99 |
Shares | 471,791 |
Weighted Average Exercise Price | $24.62 |
Weighted Average Remaining Contractual Life - Years | '2 years 10 months 28 days |
Exercise Price Range Four | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $30 |
Range of Exercise Price, Maximum | $39.99 |
Shares | 5,000 |
Weighted Average Exercise Price | $34.06 |
Weighted Average Remaining Contractual Life - Years | '2 years 8 months 15 days |
Exercise Price Range Five | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $40 |
Range of Exercise Price, Maximum | $49.99 |
Shares | 730,776 |
Weighted Average Exercise Price | $46.15 |
Weighted Average Remaining Contractual Life - Years | '4 years 3 months 19 days |
Exercise Price Range Six | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $50 |
Range of Exercise Price, Maximum | $59.99 |
Shares | 11,253 |
Weighted Average Exercise Price | $57.88 |
Weighted Average Remaining Contractual Life - Years | '6 years 4 months 26 days |
Exercise Price Range Seven | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price, Minimum | $60 |
Range of Exercise Price, Maximum | $69.99 |
Shares | 107,265 |
Weighted Average Exercise Price | $66.06 |
Weighted Average Remaining Contractual Life - Years | '6 years 10 months 28 days |
Stockbased_compensation_Summar3
Stock-based compensation - Summary of Changes in RSUs (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Number of options RSUs | ' | ' | ' |
Number of RSUs, Non-vested, Balance | 943,206 | 896,640 | 664,218 |
Number of RSUs, Granted | 550,384 | 342,240 | 464,700 |
Number of RSUs, Forfeited | -36,818 | -3,654 | -6,110 |
Number of RSUs, Vested | -346,310 | -292,020 | -226,168 |
Number of RSUs, Non-vested, Balance | 1,110,462 | 943,206 | 896,640 |
Weighted Average Grant Date Fair Value, RSU | ' | ' | ' |
Weighted Average Grant Date Fair Value non-vested, Balance | $29.50 | $20.77 | $17.34 |
Weighted Average Grant Date Fair Value, Granted | $53.64 | $44.39 | $24.81 |
Weighted Average Grant Date Fair Value, Forfeited | $39.88 | $19.98 | $23.53 |
Weighted Average Grant Date Fair Value, Vested | $26.53 | $20.26 | $18.92 |
Weighted Average Grant Date Fair Value Non-vested, Balance | $42.05 | $29.50 | $20.77 |
Stockbased_compensation_Valuat
Stock-based compensation - Valuation of Stock Options (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Risk-free interest rate, Minimum | 0.34% | 0.43% | 0.66% |
Risk-free interest rate, Maximum | 1.71% | 1.15% | 2.22% |
Expected volatility, Minimum | 30.40% | 33.20% | 36.70% |
Expected volatility, Maximum | 38.00% | 40.70% | 41.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average exercise price of options granted | $51.71 | $44 | $24.98 |
Weighted average grant date fair value of options granted | $14.77 | $13.33 | $8.24 |
Number of shares granted | 536,958 | 361,844 | 601,412 |
Minimum | ' | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Expected lives in years | '3 years 3 months | '3 years 3 months | '3 years |
Maximum | ' | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Expected lives in years | '5 years 6 months | '5 years 6 months | '5 years 3 months |
Stockbased_compensation_Summar4
Stock-based compensation - Summary of Stock-based Compensation Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Stock-based compensation expense included in Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | $18,217 | $13,913 | $11,986 |
Income from operations | 17,183 | 7,875 | 11,390 | 10,738 | 12,884 | 9,736 | 12,490 | 10,365 | 47,186 | 45,475 | 36,372 |
Net income before allocation to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 24,633 | 23,300 | 25,303 |
Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,217 | 13,913 | 11,986 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -18,217 | -13,913 | -11,986 |
Net income before allocation to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -11,204 | -8,686 | -7,359 |
Impact on diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | ($0.24) | ($0.21) |
Cost of services | Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,527 | 3,975 | 3,440 |
Member relations and marketing | Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,688 | 2,643 | 2,133 |
General and administrative | Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,002 | 7,295 | 6,413 |
Depreciation and amortization | Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Stockbased_compensation_Summar5
Stock-based compensation - Summary of Stock-based Compensation Expense by Award (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation | $18,217 | $13,913 | $11,986 |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation | 4,846 | 5,000 | 5,072 |
Restricted stock units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation | 13,371 | 8,913 | 6,914 |
Employee stock purchase rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation | $0 | $0 | $0 |
Income_taxes_Summary_of_Provis
Income taxes - Summary of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $11,413 | $17,382 | $14,903 |
Deferred | 7,795 | 641 | 304 |
Provision for income taxes | $19,208 | $18,023 | $15,207 |
Income_taxes_Statutory_Rates_t
Income taxes - Statutory Rates to Income before Provision for Income Taxes (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income tax, net of U.S. federal income tax benefit | 6.00% | 5.90% | 5.50% |
Tax-exempt interest income | -1.70% | -2.00% | -1.50% |
Washington, D.C. QHTC income tax credits | -4.00% | -5.40% | -3.10% |
Other permanent differences, net | 3.20% | 4.00% | 2.70% |
Effective tax rate on continuing operations | 38.50% | 37.50% | 38.60% |
Income_taxes_Tax_Effect_of_Dif
Income taxes - Tax Effect of Differences between Tax Bases of Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' |
Tax credit carryforwards | $11,199 | $10,848 |
Deferred compensation accrued for financial reporting purposes | 11,692 | 8,592 |
Stock-based compensation | 8,942 | 8,548 |
Acquired net operating loss carryforwards | 5,444 | 3,279 |
Reserve for uncollectible revenue | 2,812 | 2,355 |
Book/tax basis difference in investment in unconsolidated entities | 1,677 | 0 |
Unrealized losses on available-for-sale securities | 1,270 | 0 |
Acquired intangibles and goodwill | 0 | 195 |
Other | 1,628 | 778 |
Total deferred tax assets | 44,664 | 34,595 |
Valuation allowance | -1,677 | 0 |
Total deferred tax assets, net of valuation allowance | 42,987 | 34,595 |
Capitalized software development costs | -22,659 | -14,648 |
Deferred incentive compensation and other deferred charges | -9,234 | -5,968 |
Acquired intangibles and goodwill | -5,097 | 0 |
Unrealized gains on available-for-sale securities | 0 | -680 |
Depreciation | -1,616 | -2,417 |
Other | -426 | -225 |
Total deferred tax liabilities | -39,032 | -23,938 |
Net deferred income tax assets | $3,955 | $10,657 |
Income_taxes_Additional_Inform
Income taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2008 | |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | $15,600,000 | ' | ' | ' |
Valuation allowance | 1,677,000 | 0 | ' | ' |
Unrecognized tax benefits | 0 | 0 | ' | ' |
Interest or penalties on unrecognized tax benefits | 0 | 0 | 0 | ' |
D.C. QHTC statutory income tax rate | 6.00% | ' | ' | 0.00% |
D.C. QHTC statutory income tax rate, prior to the qualification | 9.98% | ' | ' | ' |
Washington, D.C. tax credits | 17,200,000 | ' | ' | ' |
Minimum | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Range of expiration dates of Washington, D.C. tax credits | '2017 | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Range of expiration dates of Washington, D.C. tax credits | '2024 | ' | ' | ' |
Equity Method Investment in Unconsolidated Entities | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Valuation allowance | $1,700,000 | ' | ' | ' |
Commitments_and_contingencies_1
Commitments and contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Percentage of headquarters space under operating lease | 70.00% | ' | ' |
Depreciated leases | $25.30 | $17.50 | ' |
Date of expiration of operating lease | 31-Dec-19 | ' | ' |
Rental and executory expenses | 17.4 | 14.2 | 11.9 |
Total of minimum rentals to be received in the future under noncancelable subleases | 0.2 | ' | ' |
Purchase obligation, 2015 | 5 | ' | ' |
Purchase obligation, 2016 | 5 | ' | ' |
Purchase obligation, 2017 | 3 | ' | ' |
Purchase obligation, 2018 | 2 | ' | ' |
Purchase obligation, 2019 | 1 | ' | ' |
Minimum age of employees for defined contribution plan | '21 years | ' | ' |
Minimum discretionary matching contributions | 0.00% | ' | ' |
Maximum discretionary matching contributions | 100.00% | ' | ' |
Maximum percentage of employee contribution of base salary | 4.00% | ' | ' |
Discretionary contributions | $4.60 | $2.70 | $2.90 |
Texas Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Mar-21 | ' | ' |
Tennessee Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 30-Apr-20 | ' | ' |
Illinois Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Mar-15 | ' | ' |
California Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Aug-17 | ' | ' |
Michigan Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Dec-14 | ' | ' |
Pennsylvania Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 30-Sep-16 | ' | ' |
Arizona Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Aug-14 | ' | ' |
England Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Jul-14 | ' | ' |
India Lease | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Date of expiration of operating lease | 31-Dec-16 | ' | ' |
Commitments_and_contingencies_2
Commitments and contingencies - Future Minimum Lease Payments (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $13,563 |
2015 | 13,200 |
2016 | 13,054 |
2017 | 10,733 |
2018 | 10,382 |
Thereafter | 6,112 |
Total | $67,044 |
Segments_and_geographic_areas_1
Segments and geographic areas - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 2 |
Segments_and_geographic_areas_2
Segments and geographic areas - Revenue Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | $520,596 | $450,837 | $370,345 |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 504,211 | 434,640 | 357,937 |
Other Countries | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | $16,385 | $16,197 | $12,408 |
Quarterly_financial_data_Addit
Quarterly financial data - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating income, net | $17,183 | $7,875 | $11,390 | $10,738 | $12,884 | $9,736 | $12,490 | $10,365 | $47,186 | $45,475 | $36,372 |
Net income | 8,287 | 3,771 | 9,002 | 3,692 | 6,542 | 4,592 | 7,647 | 4,627 | 24,752 | 23,408 | 25,303 |
Net income attributable to common stockholders per share - basic | $0.23 | $0.10 | $0.25 | $0.10 | $0.19 | $0.13 | $0.22 | $0.14 | $0.69 | $0.67 | $0.77 |
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,009 | 14 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,245 | 10 |
Net income attributable to common stockholders per share - basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | $0 |
Restatement Adjustment | Software Capitalization Cost Error | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, net | ' | ' | ' | ' | 200 | 200 | 300 | 1,300 | ' | ' | ' |
Net income | ' | ' | ' | ' | $100 | $200 | $200 | $800 | ' | ' | ' |
Net income attributable to common stockholders per share - basic | ' | ' | ' | ' | $0.01 | $0 | $0 | $0.03 | ' | ' | ' |
Quarterly_financial_data_Summa
Quarterly financial data - Summarized Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $138,001 | $131,038 | $128,341 | $123,216 | $119,706 | $116,231 | $110,758 | $104,142 | $520,596 | $450,837 | $370,345 |
Operating income | 17,183 | 7,875 | 11,390 | 10,738 | 12,884 | 9,736 | 12,490 | 10,365 | 47,186 | 45,475 | 36,372 |
Income from continuing operations before provision for income taxes and equity in loss of unconsolidated entities | 17,915 | 8,235 | 12,481 | 11,261 | 13,486 | 10,474 | 13,178 | 10,941 | 49,892 | 48,079 | 39,406 |
Net income attributable to common stockholders | $8,287 | $3,771 | $9,002 | $3,692 | $6,542 | $4,592 | $7,647 | $4,627 | $24,752 | $23,408 | $25,303 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.23 | $0.10 | $0.25 | $0.10 | $0.19 | $0.13 | $0.22 | $0.14 | $0.69 | $0.67 | $0.77 |
Diluted | $0.22 | $0.10 | $0.24 | $0.10 | $0.18 | $0.13 | $0.21 | $0.13 | $0.67 | $0.64 | $0.73 |
Subsequent_events_Additional_I
Subsequent events - Additional Information (Detail) (HealthPost Solutions, Subsequent events, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 5-May-14 |
HealthPost Solutions | Subsequent events | ' |
Subsequent Event [Line Items] | ' |
Total purchase price | $26 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (Allowance for uncollectible revenue, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Allowance for uncollectible revenue | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | $5,766 | $5,540 | $4,885 |
Additions Charged to Revenue | 8,011 | 5,685 | 4,640 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions From Reserve | 6,927 | 5,459 | 3,985 |
Balance at End of Year | $6,850 | $5,766 | $5,540 |