Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 24, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'MEDASSETS INC | ' |
Entity Central Index Key | '0001254419 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 61,868,839 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $0 | $13,734 |
Accounts receivable, net of allowances of $2,518 and $3,046 as of September 30, 2013 and December 31, 2012, respectively | 91,152 | 96,346 |
Deferred tax asset, current portion | 10,579 | 11,126 |
Prepaid expenses and other current assets | 24,906 | 21,791 |
Total current assets | 126,637 | 142,997 |
Property and equipment, net | 155,485 | 134,361 |
Other long term assets | ' | ' |
Goodwill | 1,027,847 | 1,027,847 |
Intangible assets, net | 282,206 | 330,163 |
Other | 42,431 | 42,869 |
Other long term assets | 1,352,484 | 1,400,879 |
Total assets | 1,634,606 | 1,678,237 |
Current liabilities | ' | ' |
Accounts payable | 17,028 | 25,487 |
Accrued revenue share obligation and rebates | 78,379 | 74,274 |
Accrued payroll and benefits | 32,734 | 40,085 |
Other accrued expenses | 23,562 | 14,145 |
Deferred revenue, current portion | 51,758 | 55,756 |
Current portion of notes payable | 15,500 | 15,500 |
Current portion of finance obligation | 249 | 233 |
Total current liabilities | 219,210 | 225,480 |
Notes payable, less current portion | 452,875 | 544,500 |
Bonds payable | 325,000 | 325,000 |
Finance obligation, less current portion | 8,849 | 9,046 |
Deferred revenue, less current portion | 14,960 | 14,393 |
Deferred tax liability | 124,778 | 125,394 |
Other long term liabilities | 10,119 | 801 |
Total liabilities | 1,155,791 | 1,244,614 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $0.01 par value, 150,000,000 shares authorized; 61,826,000 and 59,324,000 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 618 | 593 |
Additional paid-in capital | 713,908 | 688,431 |
Accumulated deficit | -235,711 | -255,401 |
Total stockholders' equity | 478,815 | 433,623 |
Total liabilities and stockholders' equity | $1,634,606 | $1,678,237 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowances on accounts receivable | $2,518 | $3,046 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 61,826,000 | 59,324,000 |
Common stock, shares outstanding | 61,826,000 | 59,324,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue: | ' | ' | ' | ' |
Administrative fees, net | $69,426 | $68,641 | $216,447 | $200,752 |
Other service fees | 96,945 | 94,800 | 293,503 | 275,589 |
Total net revenue | 166,371 | 163,441 | 509,950 | 476,341 |
Operating expenses: | ' | ' | ' | ' |
Cost of revenue (inclusive of certain amortization expense) | 38,246 | 34,570 | 110,010 | 100,583 |
Product development expenses | 7,173 | 7,217 | 23,649 | 20,777 |
Selling and marketing expenses | 12,898 | 12,983 | 46,925 | 46,709 |
General and administrative expenses | 59,095 | 55,167 | 174,914 | 165,577 |
Acquisition and integration-related expenses | 111 | 1,535 | 9,576 | 4,812 |
Depreciation | 10,926 | 7,721 | 29,979 | 21,416 |
Amortization of intangibles | 15,341 | 17,840 | 47,957 | 55,251 |
Total operating expenses | 143,790 | 137,033 | 443,010 | 415,125 |
Operating income | 22,581 | 26,408 | 66,940 | 61,216 |
Other income (expense): | ' | ' | ' | ' |
Interest (expense) | -11,814 | -16,672 | -35,544 | -50,722 |
Other income | 118 | 114 | 435 | 449 |
Income before income taxes | 10,885 | 9,850 | 31,831 | 10,943 |
Income tax expense | 3,983 | 4,386 | 12,141 | 3,467 |
Net income | $6,902 | $5,464 | $19,690 | $7,476 |
Basic and diluted income per share: | ' | ' | ' | ' |
Basic net income per share | $0.12 | $0.09 | $0.33 | $0.13 |
Diluted net income per share | $0.11 | $0.09 | $0.32 | $0.13 |
Weighted average shares-basic | 59,936 | 57,693 | 59,446 | 57,239 |
Weighted average shares-diluted | 61,476 | 59,513 | 60,912 | 58,896 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $6,902 | $5,464 | $19,690 | $7,476 |
Unrealized loss from hedging activities for the period | ' | -284 | ' | -1,442 |
Income tax expense related to hedging activities for the period | ' | 106 | ' | 521 |
Comprehensive income | $6,902 | $5,286 | $19,690 | $6,555 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | ||||
Balances at Dec. 31, 2012 | $433,623 | $593 | $688,431 | ($255,401) |
Balances, Shares at Dec. 31, 2012 | ' | 59,324,000 | ' | ' |
Issuance of common stock from stock option and SSAR exercises and restricted stock issuances, net | 9,911 | 25 | 9,886 | ' |
Issuance of common stock from stock option and SSAR exercises and restricted stock issuances, net, Shares | ' | 2,502,000 | ' | ' |
Stock compensation expense | 11,783 | ' | 11,783 | ' |
Excess tax benefit from equity award exercises, net | 3,808 | ' | 3,808 | ' |
Net income | 19,690 | ' | ' | 19,690 |
Balances at Sep. 30, 2013 | $478,815 | $618 | $713,908 | ($235,711) |
Balances, Shares at Sep. 30, 2013 | ' | 61,826,000 | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income | $19,690 | $7,476 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' |
Bad debt expense | ' | 485 |
Depreciation | 31,719 | 22,769 |
Amortization of intangibles | 47,957 | 55,668 |
Impairment of assets | 2,403 | ' |
(Gain) loss on sale of assets | -123 | 370 |
Noncash stock compensation expense | 11,783 | 7,796 |
Excess tax benefit from exercise of equity awards | -5,091 | -1,191 |
Amortization of debt issuance costs | 2,858 | 5,705 |
Noncash interest expense, net | 349 | 392 |
Deferred income tax benefit | -69 | -441 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 5,494 | 8,670 |
Prepaid expenses and other assets | -3,115 | -2,600 |
Other long-term assets | -1,061 | 1,846 |
Accounts payable | -4,651 | -4,477 |
Accrued revenue share obligations and rebates | 4,105 | 572 |
Accrued payroll and benefits | -7,351 | -4,294 |
Other accrued expenses and long-term liabilities | 8,357 | 6,325 |
Deferred revenue | -3,431 | 2,610 |
Cash provided by operating activities | 109,823 | 107,681 |
Investing activities | ' | ' |
Purchases of property, equipment and software, net | -16,259 | -11,779 |
Capitalized software development costs | -30,168 | -31,045 |
Cash used in investing activities | -46,427 | -42,824 |
Financing activities | ' | ' |
Borrowings from revolving credit facility | ' | 90,000 |
Repayment of notes payable | -91,625 | -94,763 |
Repayment of finance obligations | -507 | -507 |
Payment of deferred purchase consideration | ' | -120,136 |
Excess tax benefit from exercise of equity awards | 5,091 | 1,191 |
Issuance of common stock, net of offering costs | 9,911 | 5,245 |
Purchase of treasury shares | ' | -600 |
Cash used in financing activities | -77,130 | -119,570 |
Net decrease in cash and cash equivalents | -13,734 | -54,713 |
Cash and cash equivalents, beginning of period | 13,734 | 62,947 |
Cash and cash equivalents, end of period | $0 | $8,234 |
Business_Description_and_Basis
Business Description and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Business Description and Basis of Presentation | ' | |
1 | BUSINESS DESCRIPTION AND BASIS OF PRESENTATION | |
We provide technology-enabled products and services which together deliver solutions designed to improve operating margin and cash flow for hospitals, health systems and other ancillary healthcare providers. Our client-specific solutions are designed to efficiently analyze detailed information across the spectrum of revenue cycle and spend management processes. Our solutions integrate with existing operations and enterprise software systems of our clients and provide financial improvement with minimal upfront costs or capital expenditures. Our operations and clients are primarily located throughout the United States and to a lesser extent, Canada. | ||
The accompanying unaudited Condensed Consolidated Financial Statements, and Condensed Consolidated Balance Sheet as of December 31, 2012, derived from audited financial statements, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01 of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ materially from those estimates. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2013. | ||
The accompanying unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2012 included in our Form 10-K as filed with the SEC on February 27, 2013 in addition to our Form 10-Q filed for periods after December 31, 2012. These financial statements include the accounts of MedAssets, Inc. and our wholly owned subsidiaries. All significant intercompany accounts have been eliminated in consolidation. | ||
Use of Estimates | ||
The preparation of the financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates. We believe that the estimates, assumptions and judgments involved in revenue recognition, allowances for doubtful accounts and returns, product development costs, share-based payments, business combinations, impairment of goodwill, intangible assets and long-lived assets, and accounting for income taxes have the greatest potential impact on our condensed consolidated financial statements. | ||
Cash and Cash Equivalents | ||
All of our highly liquid investments with original maturities of three months or less at the date of purchase are carried at cost which approximates fair value and are considered to be cash equivalents. Currently, our excess cash is voluntarily used to repay our swing-line credit facility, if any, on a daily basis and applied against our revolving credit facility on a routine basis when our swing-line credit facility is undrawn. In addition, we may periodically make voluntary repayments on our term loans. Cash and cash equivalents were zero and $13,734 as of September 30, 2013 and December 31, 2012, respectively, and our swing-line balance was zero during those reporting periods. We had $10,000 outstanding on our revolving credit facility as of September 30, 2013 and December 31, 2012. In the event our cash balance is zero at the end of a period, any outstanding checks are recorded as accrued expenses. As of September 30, 2013, we reclassified approximately $4,686 of outstanding checks related to a book overdraft into other accrued expenses on the condensed consolidated balance sheet. This book overdraft amount has been included in operating activities within the condensed consolidated statement of cash flows. See Note 5 for immediately available cash under our revolving credit facility. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
2 | RECENT ACCOUNTING PRONOUNCEMENTS | |
Income Taxes | ||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update relating to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This update amends existing GAAP that required in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, and retrospective application is permitted. We do not expect any impact from this update on our financial statements. | ||
Comprehensive Income | ||
In February 2013, the FASB issued an accounting standard update relating to improving the reporting of reclassifications out of accumulated other comprehensive income. The update would require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The update is effective for reporting periods beginning after December 15, 2012. We adopted this update on January 1, 2013. |
Acquisition_and_IntegrationRel
Acquisition and Integration-Related Expenses | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Acquisition and Integration-Related Expenses | ' | ||||||||||||||||
3 | ACQUISITION AND INTEGRATION-RELATED EXPENSES | ||||||||||||||||
Broadlane Acquisition | |||||||||||||||||
In January 2012, we paid the deferred purchase consideration amount of $120,136 to Broadlane Holdings, LLC in connection with the acquisition of Broadlane Intermediate Holdings, Inc. (“Broadlane”). | |||||||||||||||||
Restructuring Activities | |||||||||||||||||
In connection with certain business activities, our management approved and initiated several plans to restructure our operations resulting in certain management, system and organizational changes within our Spend and Clinical Resource Management (“SCM”), Revenue Cycle Management (“RCM”) and corporate segments. During the three months ended September 30, 2013 and 2012, we expensed restructuring and exit and integration related costs of approximately $111 and $1,535, respectively. During the nine months ended September 30, 2013 and 2012, we expensed restructuring and exit and integration related costs of approximately $9,576 and $4,812, respectively. These costs were attributable to management changes and restructuring activities related to the Broadlane acquisition consisting of employee costs, system migration and standardization, facilities consolidation and other restructuring and integration costs. These costs are included within the acquisition and integration-related expenses line on the accompanying condensed consolidated statements of operations and comprehensive income. | |||||||||||||||||
As of September 30, 2013, the components of our restructuring plans are as follows: | |||||||||||||||||
— | Employee-related costs — during the three months ended September 30, 2013, we expensed approximately $570 of cash-based compensation and $920 of share-based compensation related to the resignation of our RCM segment president on September 30, 2013. During the three months ended September 30, 2012, we expensed approximately $738 of employee-related costs. During the nine months ended September 30, 2013 and 2012, we expensed approximately $807 and $2,587 of employee-related costs, respectively. The costs primarily related to severance, salaries relating to redundant positions, certain bonuses and other employee benefits. As of September 30, 2013, we had approximately $697 included in current liabilities for these costs. | ||||||||||||||||
— | System migration and standardization — during the three months ended September 30, 2013 and 2012, we expensed approximately $98 and $787 of system migration costs, respectively. During the nine months ended September 30, 2013 and 2012, we expensed approximately $2,372 and $2,175 of system migration costs, respectively. The costs primarily related to consulting and other third-party services. As of September 30, 2013, we had approximately $8 included in current liabilities for these costs. In addition, we had non-cash adjustments of ($389) for the write-off of impaired development projects related to the Broadlane acquisition. | ||||||||||||||||
— | Facilities consolidation — in March 2013, we exited our existing SCM and RCM leased facilities in Plano, Texas and began occupying a new leased facility comprised of approximately 231,000 square feet of office space together with certain surface parking areas in Plano, Texas. The lease term of the new facility commenced on March 1, 2013 and has an initial term of fifteen years plus an option to extend the lease term for up to ten years. In connection with the lease, the landlord provided a tenant allowance that was used for certain improvements to the facility amounting to $10,378, with $9,974 included in property and equipment on our condensed consolidated balance sheet as of September 30, 2013. We had approximately $692 included in other accrued expenses and $9,282 included in other long term liabilities associated with this allowance as of September 30, 2013. The liability will be recognized ratably as a reduction to rent expense over the term of the lease. We did not receive or pay any cash related to the tenant allowance and therefore the amount is not reflected in our condensed consolidated statement of cash flows for the nine months ended September 30, 2013. | ||||||||||||||||
In March 2013, we expensed approximately $6,924, relating to exit costs to vacate our previous SCM and RCM leased facilities in Plano, Texas. In August 2013, we amended the lease agreement for the previous RCM facility to accelerate the expiration date to August 2013 from its original expiration of January 2022 to effectively terminate the lease. As a result, we paid a lease termination fee of $6,000 and adjusted our total exit cost estimate associated with this lease liability by ($557) from what was originally estimated. As a result of the termination, we have no further obligation related to this lease agreement. | |||||||||||||||||
During the nine months ended September 30, 2013, we expensed approximately $6,397, relating to exit costs to vacate our previous SCM and RCM leased facilities in Plano, Texas as previously discussed. In addition, we had non-cash adjustments of $613 comprised of: (i) accrued rent of $1,669 related to the previously leased facilities; and (ii) the write-off of certain related facility assets of ($1,056). | |||||||||||||||||
The following table summarizes the details of the Company’s restructuring activities during the nine months ended September 30, 2013: | |||||||||||||||||
Employee-related | System migration | Facility | Total | ||||||||||||||
costs | and integration | consolidation | |||||||||||||||
Restructuring Reserve | |||||||||||||||||
Accrued, December 31, 2012 | $ | 995 | $ | 305 | $ | 132 | $ | 1,432 | |||||||||
Charges incurred | 807 | 2,372 | 6,397 | 9,576 | |||||||||||||
Adjustments | - | (389) | 613 | 224 | |||||||||||||
Cash payments | (1,105) | (2,280) | (7,142) | (10,527) | |||||||||||||
Accrued, September 30, 2013 | $ | 697 | $ | 8 | $ | - | $ | 705 | (1) | ||||||||
-1 | The remaining restructuring accrual consists primarily of employee-related costs and will be paid over the next twelve months. |
Deferred_Revenue
Deferred Revenue | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Revenue Recognition [Abstract] | ' | ||||||||
Deferred Revenue | ' | ||||||||
4 | DEFERRED REVENUE | ||||||||
Deferred revenue consists of unrecognized revenue related to advanced client billing or client payments received prior to revenue being realized and earned. Substantially all of our deferred revenue consists of: (i) deferred administrative fees, net; (ii) deferred service fees; (iii) deferred software and implementation fees; and (iv) other deferred fees, including receipts for our annual customer and vendor meeting prior to the event. | |||||||||
The following table summarizes the deferred revenue categories and balances as of: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Software and implementation fees | $ | 26,313 | $ | 24,468 | |||||
Service fees | 28,890 | 26,135 | |||||||
Administrative fees | 9,353 | 14,672 | |||||||
Other fees | 2,162 | 4,874 | |||||||
Deferred revenue, total | 66,718 | 70,149 | |||||||
Less: Deferred revenue, current portion | (51,758) | (55,756) | |||||||
Deferred revenue, non-current portion | $ | 14,960 | $ | 14,393 | |||||
As of September 30, 2013 and December 31, 2012, deferred revenue included in our condensed consolidated balance sheets that was contingent upon meeting performance targets was $8,318 and $8,284, respectively. Advance billings on arrangements that include contingent performance targets are recorded in accounts receivable and deferred revenue when billed. Only certain contingent performance targets are billed in advance of meeting the target as determined by the customer arrangement. |
Notes_and_Bonds_Payable
Notes and Bonds Payable | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Notes and Bonds Payable | ' | ||||||||||||||||||||
5. NOTES AND BONDS PAYABLE | |||||||||||||||||||||
The balances of our notes and bonds payable are summarized as follows as of: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Term A facility | $ | 240,625 | $ | 250,000 | |||||||||||||||||
Term B facility | 217,750 | 300,000 | |||||||||||||||||||
Revolving credit facility | 10,000 | 10,000 | |||||||||||||||||||
Total notes payable | 468,375 | 560,000 | |||||||||||||||||||
Bonds payable | 325,000 | 325,000 | |||||||||||||||||||
Total notes and bonds payable | 793,375 | 885,000 | |||||||||||||||||||
Less: current portions | (15,500) | (15,500) | |||||||||||||||||||
Total long-term notes and bonds payable | $ | 777,875 | $ | 869,500 | |||||||||||||||||
Notes Payable | |||||||||||||||||||||
As of September 30, 2013, our long-term notes payable consists of a Term A Facility, a Term B Facility and a revolving credit facility, each with an outstanding balance of $240,625, $217,750 and $10,000, respectively. We have classified the $10,000 outstanding balance on our revolving credit facility as a long term liability given the maturity date of December 13, 2017. No amounts were drawn on our swing line loan, which resulted in approximately $189,000 of availability under our revolving credit facility inclusive of the swing line (after giving effect to $1,000 of outstanding but undrawn letters of credit on such date) as of September 30, 2013. During the nine months ended September 30, 2013, we made scheduled principal payments of $11,625 on our Term A and Term B Facility in addition to $80,000 in voluntary prepayments from available free cash flow on our Term B Facility. The applicable weighted average interest rates (inclusive of the applicable bank margin) on our Term A Facility, Term B Facility and Revolving Credit Facility at September 30, 2013 were 2.53%, 4.00% and 2.52%, respectively. | |||||||||||||||||||||
We are a party to a credit agreement with JP Morgan Chase Bank, N.A and other financial institutions named therein, dated December 13, 2012. The credit agreement contains certain customary negative covenants, including but not limited to, limitations on the incurrence of debt, limitations on liens, limitations on fundamental changes, limitations on asset sales and sale leasebacks, limitations on investments, limitations on dividends or distributions on, or redemptions of, equity interests, limitations on prepayments or redemptions of unsecured or subordinated debt, limitations on negative pledge clauses, limitations on transactions with affiliates and limitations on changes to the Company’s fiscal year. The credit agreement also includes maintenance covenants of maximum ratios of consolidated total indebtedness (subject to certain adjustments) to consolidated EBITDA (subject to certain adjustments) and minimum cash interest coverage ratios. The credit agreement contains certain customary representations and warranties, affirmative covenants and events of default, including but not limited to payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of insolvency or bankruptcy, material judgments, certain events under ERISA, actual or asserted failures of any guaranty or security document supporting the credit agreement to be in full force and effect and changes of control. The Company was in compliance with these covenants as of September 30, 2013. | |||||||||||||||||||||
Loans under the credit agreement must be prepaid under certain circumstances, including with proceeds from certain future debt issuances, asset sales and a portion of excess cash flow for the applicable fiscal year. Our first excess cash flow calculation will be completed during the first quarter of 2014 for the fiscal year ended December 31, 2013. Loans under the credit agreement may be voluntarily prepaid at any time, subject to customary LIBOR breakage costs. | |||||||||||||||||||||
Bonds Payable | |||||||||||||||||||||
In November 2010, we closed the offering of an aggregate principal amount of $325,000 of senior notes due 2018 (the “Notes”) in a private placement (the “Notes Offering”). In October 2011, our Notes were registered under the Securities Act of 1933, as amended. The Notes are guaranteed on a senior unsecured basis by each of our existing domestic subsidiaries and each of our future domestic restricted subsidiaries in each case that guarantees our obligations under the credit agreement. Each of the subsidiary guarantors is 100% owned by us; the guarantees by the subsidiary guarantors are full and unconditional; the guarantees by the subsidiary guarantors are joint and several; we have no independent assets or operations; and any subsidiaries of ours other than the subsidiary guarantors are minor. The Notes and the guarantees are senior unsecured obligations of the Company and the subsidiary guarantors, respectively. | |||||||||||||||||||||
The Notes were issued pursuant to an indenture dated as of November 16, 2010 (the “Indenture”) among the Company, its subsidiary guarantors and Wells Fargo Bank, N.A., as trustee. Pursuant to the Indenture, the Notes will mature on November 15, 2018 and bear 8% annual interest. Interest on the Notes is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2011. | |||||||||||||||||||||
The Indenture contains certain customary negative covenants, including but not limited to, limitations on the incurrence of debt, limitations on liens, limitations on consolidations or mergers, limitations on asset sales, limitations on certain restricted payments and limitations on transactions with affiliates. The Indenture does not contain any significant restrictions on the ability of the Company or any subsidiary guarantor to obtain funds from the Company or any other subsidiary guarantor by dividend or loan. The Indenture also contains customary events of default. The Company was in compliance with these covenants as of September 30, 2013. | |||||||||||||||||||||
The Company has the option to redeem the Notes as follows: (i) at any time prior to November 15, 2014, the Company may redeem all or part of the Notes at a redemption price equal to 100% of the principal amount plus the applicable premium (as defined in the Indenture); (ii) at any time prior to November 15, 2013, the Company may redeem up to 35% of the aggregate principal amount of the Notes issued with the cash proceeds of one or more equity offerings at a redemption price of 108% of the principal amount, provided that: (A) at least 65% of the aggregate original principal amount of the Notes remains outstanding immediately after each such redemption; and (B) the redemption occurs within 60 days after the closing of such equity offering; and (iii) on and after November 15, 2014, the Company may redeem all or a part of the Notes, at the following redemption prices: | |||||||||||||||||||||
Year | Percentage | ||||||||||||||||||||
2014 | 104% | ||||||||||||||||||||
2015 | 102% | ||||||||||||||||||||
2016 and thereafter | 100% | ||||||||||||||||||||
The Notes also contain a redemption feature that would require the repurchase of 101% of the aggregate principal amount plus accrued and unpaid interest at the option of the holders upon a change in control. | |||||||||||||||||||||
As of September 30, 2013, the Company’s 8% senior notes due 2018 were trading at 107.5% of par value (Level 1). | |||||||||||||||||||||
Debt Issuance Costs | |||||||||||||||||||||
As of September 30, 2013, we had approximately $18,214 of debt issuance costs related to our credit agreement and Notes which will be amortized into interest expense generally using the effective interest method until the applicable maturity date. For the three months ended September 30, 2013 and 2012, we recognized $951 and $1,914, respectively, in interest expense related to the amortization of debt issuance costs. For the nine months ended September 30, 2013 and 2012, we recognized $2,858 and $5,705, respectively, in interest expense related to the amortization of debt issuance costs. | |||||||||||||||||||||
Debt Maturity Table | |||||||||||||||||||||
The following table summarizes our stated debt maturities and scheduled principal repayments as of September 30, 2013: | |||||||||||||||||||||
Year | Term A Facility | Term B Facility | Revolving Credit | Senior | Total | ||||||||||||||||
Facility | Unsecured Notes | ||||||||||||||||||||
2013 | $ | 3,125 | $ | 750 | $ | - | $ | - | $ | 3,875 | (1) | ||||||||||
2014 | 12,500 | 3,000 | - | - | 15,500 | ||||||||||||||||
2015 | 18,750 | 3,000 | - | - | 21,750 | ||||||||||||||||
2016 | 25,000 | 3,000 | - | - | 28,000 | ||||||||||||||||
2017 | 181,250 | 3,000 | 10,000 | - | 194,250 | ||||||||||||||||
Thereafter | - | 205,000 | - | 325,000 | 530,000 | ||||||||||||||||
$ | 240,625 | $ | 217,750 | $ | 10,000 | $ | 325,000 | $ | 793,375 | ||||||||||||
-1 | Represents the remaining quarterly principal payments due during the fiscal year ending December 31, 2013. | ||||||||||||||||||||
Total interest paid (net of amounts capitalized) on our notes and bonds payable during the nine months ended September 30, 2013 and 2012 was approximately $28,038 and $37,563, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
6 | COMMITMENTS AND CONTINGENCIES | |
Performance Targets | ||
In the ordinary course of contracting with our clients, we may agree to make some or all of our fees contingent upon the client’s achievement of financial improvement targets from the use of our services and software. These contingent fees are not recognized as revenue until the client confirms achievement of the performance targets. We generally receive client acceptance as and when the performance targets are achieved. If we invoice contingent fees prior to client confirmation that a performance target has been achieved, we record invoiced contingent fees as deferred revenue on our condensed consolidated balance sheet. Often, recognition of this revenue occurs in periods subsequent to the recognition of the associated costs. | ||
Legal Proceedings | ||
From time to time, we become involved in legal proceedings arising in the ordinary course of business. As of September 30, 2013, we are not presently involved in any legal proceedings, the outcome of which, if determined adversely to us, would have a material adverse effect on our business, operating results or financial condition. |
Stockholders_Equity_and_ShareB
Stockholders' Equity and Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Stockholders' Equity and Share-Based Compensation | ' | ||||||||||||||||
7 | STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION | ||||||||||||||||
Common Stock | |||||||||||||||||
During the nine months ended September 30, 2013, we issued approximately 1,427,000 shares of common stock in connection with employee stock option and stock-settled stock appreciation right (or “SSAR”) exercises for net exercise proceeds of $9,911. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
As of September 30, 2013, we had restricted common stock, SSARs and common stock option equity awards outstanding under three share-based compensation plans. As of September 30, 2013, we had approximately 4,955,000 shares reserved (inclusive of equity award forfeitures) and available for grant under the 2008 MedAssets, Inc. Long-Term Performance Incentive Plan (“LTPIP”). The increase in shares available for grant was primarily attributable to an amendment to our LTPIP that authorized for issuance an additional 2,600,000 shares. The amendment was approved during our annual stockholders meeting on June 13, 2013. | |||||||||||||||||
The total share-based compensation expense related to equity awards was $4,361 and $2,781 for the three months ended September 30, 2013 and 2012, respectively. The total income tax benefit recognized in the condensed consolidated statement of operations for share-based compensation arrangements related to equity awards was $1,627 and $1,033 for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
The total share-based compensation expense related to equity awards was $11,783 and $7,796 for the nine months ended September 30, 2013 and 2012, respectively. The total income tax benefit recognized in the condensed consolidated statement of operations for share-based compensation arrangements related to equity awards was $4,396 and $2,895 for the nine months ended September 30, 2013 and 2012, respectively. There were no capitalized share-based compensation expenses during the three and nine months ended September 30, 2013. | |||||||||||||||||
Total share-based compensation expense (inclusive of restricted common stock, SSARs and common stock options) for the three and nine months ended September 30, 2013 and 2012 as reflected in our condensed consolidated statements of operations is as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of revenue | $ | 864 | $ | 672 | $ | 3,040 | $ | 1,535 | |||||||||
Product development | 130 | 34 | 473 | 123 | |||||||||||||
Selling and marketing | 975 | 282 | 1,944 | 1,069 | |||||||||||||
General and administrative | 2,392 | 1,793 | 6,326 | 5,069 | |||||||||||||
Total share-based compensation expense | $ | 4,361 | (1) | $ | 2,781 | $ | 11,783 | $ | 7,796 | ||||||||
-1 | For the three months ended September 30, 2013, share-based compensation includes charges related to the resignation of our RCM president and the conformity of one officer’s terms and conditions to their 2013 performance award grant. | ||||||||||||||||
Equity Award Expense Attribution | |||||||||||||||||
In general, for equity awards with graded-vesting, compensation cost is recognized using an accelerated method over the vesting or service period and is net of estimated forfeitures. In general, for equity awards with cliff-vesting, compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures. For performance-based equity awards, compensation cost is adjusted each reporting period in which a change in performance achievement is determined and is net of estimated forfeitures. We evaluate the probability of performance achievement each reporting period and, if necessary, adjust share-based compensation expense based on expected performance achievement. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
In 2010, we established the MedAssets, Inc. Employee Stock Purchase Plan (the “Plan”). Under the Plan, eligible employees may purchase shares of our common stock at a discounted price through payroll deductions. The price per share of the common stock sold to participating employees will be 95% of the fair market value of our common stock on the applicable purchase date. The Plan requires that all stock purchased be held by participants for a period of 18 months from the purchase date. A total of 500,000 shares of our common stock are authorized for purchase under the Plan. For the nine months ended September 30, 2013 and 2012, we purchased approximately 24,700 shares and 25,400 shares of our common stock under the Plan which amounted to approximately $482 and $372, respectively. | |||||||||||||||||
Equity Award Grants | |||||||||||||||||
Information regarding equity awards for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Restricted Common Stock Awards | |||||||||||||||||
In 2013, our Board of Directors and Compensation, Governance and Nominating Committee approved an equity grant for certain eligible employees consisting of service-based and performance-based restricted shares. The purpose of the equity grant is to assist the Company in attracting, retaining, motivating, and rewarding certain individuals of the Company. The equity grant is intended to promote the creation of long-term value for stockholders of the Company by closely aligning the interests of such individuals with those of the stockholders. The total approved equity grant amounted to approximately 1,160,000 restricted shares with a grant date fair value of $18.34 per share and was comprised of: (i) 50,000 service-based restricted shares that vest ratably each month through December 31, 2013; (ii) 435,000 service-based restricted shares that vest annually over three years of continuous service with the first annual vest date beginning on March 1, 2014; (iii) 337,500 performance-based restricted shares using a net revenue performance metric that vest annually over three years of continuous service with the first annual vest date beginning on March 1, 2014 provided the performance metric is achieved; and (iv) 337,500 performance-based restricted shares using an adjusted EBITDA performance metric that vest annually over three years of continuous service with the first annual vest date beginning on March 1, 2014 provided the performance metric is achieved. | |||||||||||||||||
The measurement period for the net revenue performance-based awards is from January 1, 2013 through December 31, 2013. The net revenue performance metric is based on the achievement of an established net revenue target. The Company must achieve a minimum threshold of net revenue before any performance-based restricted shares begin vesting. The equity award holders have an opportunity to earn between 50% and 100% of the performance-based equity awards once the minimum threshold has been met. If the minimum threshold is not met, the equity award holders will forfeit those awards. | |||||||||||||||||
The measurement period for the adjusted EBITDA performance-based awards is from January 1, 2013 through December 31, 2013. The adjusted EBITDA performance metric is based on the achievement of an established adjusted EBITDA target. The Company must achieve a minimum threshold of adjusted EBITDA before any performance-based restricted shares begin vesting. The equity award holders have an opportunity to earn between 50% and 100% of the performance-based equity awards once the minimum threshold has been met. If the minimum threshold is not met, the equity award holders will forfeit those awards. | |||||||||||||||||
During the nine months ended September 30, 2013, an additional 38,000 service-based restricted shares were granted. The shares vest annually over three years with the first annual vest date beginning on June 1, 2014. The weighted average grant date fair value of each restricted common stock share was $20.03. | |||||||||||||||||
During the nine months ended September 30, 2013, we received approximately 54,000 restricted shares that were surrendered from equity awards holders to settle their associated minimum statutory tax liability from shares that vested during the year. | |||||||||||||||||
During the nine months ended September 30, 2013, approximately 69,000 shares of restricted common stock were forfeited. | |||||||||||||||||
As of September 30, 2013, there was approximately $13,188 of total unrecognized compensation expense related to all unvested restricted common stock awards that will be recognized over a weighted-average period of 1.3 years. | |||||||||||||||||
SSAR Awards | |||||||||||||||||
During the nine months ended September 30, 2013, we granted approximately 3,000 SSARs which have a service vesting period of five years. The weighted-average grant date base price of each SSAR was $16.77 and the weighted-average grant date fair value of each SSAR granted during the nine months ended September 30, 2013 was $7.15. | |||||||||||||||||
During the nine months ended September 30, 2013, approximately 245,000 SSARs were forfeited. | |||||||||||||||||
As of September 30, 2013, there was approximately $3,179 of total unrecognized compensation expense related to all unvested SSARs that will be recognized over a weighted-average period of 1.6 years. | |||||||||||||||||
Common Stock Option Awards | |||||||||||||||||
During the nine months ended September 30, 2013, we did not grant any stock option awards. | |||||||||||||||||
During the nine months ended September 30, 2013, approximately 58,000 stock option awards were forfeited. | |||||||||||||||||
As of September 30, 2013, there was approximately $64 of total unrecognized compensation expense related to all outstanding stock option awards that will be recognized over a weighted-average period of 1 year. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
8 | INCOME TAXES | |
Income tax expense recorded during the three and nine months ended September 30, 2013 reflected an effective income tax rate of 36.6% and 38.1%, respectively. Income tax expense recorded during the three and nine months ended September 30, 2012 reflected an effective income tax rate of 44.5% and 31.7%, respectively. During 2012, we restructured several subsidiaries to reflect the integration of the Broadlane acquisition into our operations. This restructuring required us to recognize a reduction in our state income tax rate and as a result, we recognized a $1,400 discrete tax benefit during the nine months ended September 30, 2012. |
Income_Per_Share
Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income Per Share | ' | ||||||||||||||||
9 | INCOME PER SHARE | ||||||||||||||||
We calculate earnings per share (or “EPS”) in accordance with GAAP relating to earnings per share. Basic EPS is calculated by dividing reported net income by the weighted-average number of common shares outstanding for the reported period following the two-class method. Diluted EPS reflects the potential dilution that could occur if our stock options, stock-settled stock appreciation rights, unvested restricted stock and stock warrants were exercised and converted into our common shares during the reporting periods. | |||||||||||||||||
A reconciliation of basic and diluted weighted average shares outstanding for basic and diluted EPS for the three and nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Numerator for Basic and Diluted Income Per Share: | |||||||||||||||||
Net income | 6,902 | 5,464 | |||||||||||||||
Denominator for basic income per share weighted average shares | 59,936,000 | 57,693,000 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 529,000 | 999,000 | |||||||||||||||
Stock-settled stock appreciation rights | 406,000 | 96,000 | |||||||||||||||
Restricted stock and stock warrants | 605,000 | 725,000 | |||||||||||||||
Denominator for diluted income per share—adjusted weighted average shares and assumed conversions | 61,476,000 | 59,513,000 | |||||||||||||||
Basic income per share: | |||||||||||||||||
Basic net income from continuing operations | $ | 0.12 | $ | 0.09 | |||||||||||||
Diluted net income per share: | |||||||||||||||||
Diluted net income from continuing operations | $ | 0.11 | $ | 0.09 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Numerator for Basic and Diluted Income Per Share: | |||||||||||||||||
Net income | 19,690 | 7,476 | |||||||||||||||
Denominator for basic income per share weighted average shares | 59,446,000 | 57,239,000 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 601,000 | 916,000 | |||||||||||||||
Stock-settled stock appreciation rights | 285,000 | 15,000 | |||||||||||||||
Restricted stock and stock warrants | 580,000 | 726,000 | |||||||||||||||
Denominator for diluted income per share—adjusted weighted average shares and assumed conversions | 60,912,000 | 58,896,000 | |||||||||||||||
Basic income per share: | |||||||||||||||||
Basic net income from continuing operations | $ | 0.33 | $ | 0.13 | |||||||||||||
Diluted net income per share: | |||||||||||||||||
Diluted net income from continuing operations | $ | 0.32 | $ | 0.13 | |||||||||||||
During the three and nine months ended September 30, 2013 and 2012, the effect of certain dilutive securities have been excluded because the impact is anti-dilutive as a result of certain securities being “out of the money” with strike prices greater than the average market price during the periods presented. | |||||||||||||||||
The following table provides a summary of those potentially dilutive securities that have been excluded from the above calculation of diluted EPS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock options | - | 40,000 | - | 70,000 | |||||||||||||
Stock-settled stock appreciation rights | 8,000 | 386,000 | 37,000 | 830,000 | |||||||||||||
Restricted stock and stock warrants | - | - | 1,000 | 3,000 | |||||||||||||
Total | 8,000 | 426,000 | 38,000 | 903,000 |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
10. SEGMENT INFORMATION | |||||||||||||||||
We manage our business through two reportable business segments, Spend and Clinical Resource Management (or “SCM”) and Revenue Cycle Management (or “RCM”). | |||||||||||||||||
— | Spend and Clinical Resource Management. Our SCM segment provides a comprehensive suite of technology-enabled services that help our clients manage their expense categories. Our solutions lower supply and medical device pricing and utilization by managing the procurement process through our group purchasing organization (“GPO”) portfolio of contracts, consulting services and business intelligence tools. | ||||||||||||||||
— | Revenue Cycle Management. Our RCM segment provides a comprehensive suite of software and services spanning the hospital, health system and other ancillary healthcare provider revenue cycle workflow — from patient admission and financial responsibility, patient financial liability estimation, charge capture, case management, contract management and health information management through claims processing and accounts receivable management. Our workflow solutions, together with our data management and business intelligence tools, increase revenue capture and cash collections, reduce accounts receivable balances and increase regulatory compliance. | ||||||||||||||||
GAAP relating to segment reporting, defines reportable segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing financial performance. The guidance indicates that financial information about segments should be reported on the same basis as that which is used by the chief operating decision maker in the analysis of performance and allocation of resources. Management of the Company, including our chief operating decision maker, uses what we refer to as Segment Adjusted EBITDA as its primary measure of profit or loss to assess segment performance and to determine the allocation of resources. We define Segment Adjusted EBITDA as segment net income (loss) before net interest expense, income tax expense (benefit), depreciation and amortization (“EBITDA”) as adjusted for other non-recurring, non-cash or non-operating items. Our chief operating decision maker uses Segment Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis from period to period. Segment Adjusted EBITDA includes expenses associated with sales and marketing, general and administrative and product development activities specific to the operation of the segment. General and administrative corporate expenses that are not specific to the segments are not included in the calculation of Segment Adjusted EBITDA. These expenses include the costs to manage our corporate offices, interest expense on our credit facilities and expenses related to being a publicly-held company. All reportable segment revenues are presented net of inter-segment eliminations and represent revenues from external clients. | |||||||||||||||||
The following tables present Segment Adjusted EBITDA and financial position information as utilized by our chief operating decision maker. A reconciliation of Segment Adjusted EBITDA to consolidated net income is included. General corporate expenses are included in the “Corporate” column. “SCM” represents the Spend and Clinical Resource Management segment and “RCM” represents the Revenue Cycle Management segment. Other assets and liabilities are included to provide a reconciliation to total assets and total liabilities. | |||||||||||||||||
The following tables represent our results of operations, by segment, for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 115,478 | $ | - | $ | - | $ | 115,478 | |||||||||
Revenue share obligation(1) | (46,052) | - | - | (46,052) | |||||||||||||
Other service fees | 33,801 | 63,144 | - | 96,945 | |||||||||||||
Total net revenue | 103,227 | 63,144 | - | 166,371 | |||||||||||||
Total operating expenses | 74,381 | 56,016 | 13,393 | 143,790 | |||||||||||||
Operating income (loss) | 28,846 | 7,128 | (13,393) | 22,581 | |||||||||||||
Interest expense | - | - | (11,814) | (11,814) | |||||||||||||
Other (expense) income | 1 | 7 | 110 | 118 | |||||||||||||
Income (loss) before income taxes | $ | 28,847 | $ | 7,135 | $ | (25,097) | $ | 10,885 | |||||||||
Income tax expense (benefit) | 10,599 | 2,584 | (9,200) | 3,983 | |||||||||||||
Net income (loss) | 18,248 | 4,551 | (15,897) | 6,902 | |||||||||||||
Segment Adjusted EBITDA | $ | 47,387 | $ | 15,349 | $ | (8,837) | $ | 53,899 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Financial Position: | |||||||||||||||||
Accounts receivable, net | $ | 39,489 | $ | 51,647 | $ | 16 | $ | 91,152 | |||||||||
Other assets | 965,833 | 503,063 | 74,558 | 1,543,454 | |||||||||||||
Total assets | 1,005,322 | 554,710 | 74,574 | 1,634,606 | |||||||||||||
Accrued revenue share obligation | 78,379 | - | - | 78,379 | |||||||||||||
Deferred revenue | 25,424 | 41,294 | - | 66,718 | |||||||||||||
Notes payable | - | - | 468,375 | 468,375 | |||||||||||||
Bonds payable | - | - | 325,000 | 325,000 | |||||||||||||
Other liabilities | 28,039 | 25,156 | 164,124 | 217,319 | |||||||||||||
Total liabilities | $ | 131,842 | $ | 66,450 | $ | 957,499 | $ | 1,155,791 | |||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 109,335 | $ | - | $ | - | $ | 109,335 | |||||||||
Revenue share obligation(1) | (40,694) | - | - | (40,694) | |||||||||||||
Other service fees | 30,471 | 64,329 | - | 94,800 | |||||||||||||
Total net revenue | 99,112 | 64,329 | - | 163,441 | |||||||||||||
Total operating expenses | 72,715 | 53,082 | 11,236 | 137,033 | |||||||||||||
Operating income (loss) | 26,397 | 11,247 | (11,236) | 26,408 | |||||||||||||
Interest expense | - | - | (16,672) | (16,672) | |||||||||||||
Other income | 9 | 27 | 78 | 114 | |||||||||||||
Income (loss) before income taxes | $ | 26,406 | $ | 11,274 | $ | (27,830) | $ | 9,850 | |||||||||
Income tax expense (benefit) | 14,255 | 5,171 | (15,040) | 4,386 | |||||||||||||
Net income (loss) | 12,151 | 6,103 | (12,790) | 5,464 | |||||||||||||
Segment Adjusted EBITDA | $ | 46,340 | $ | 17,835 | $ | (7,210) | $ | 56,965 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 351,602 | $ | - | $ | - | $ | 351,602 | |||||||||
Revenue share obligation(1) | (135,155) | - | - | (135,155) | |||||||||||||
Other service fees | 101,596 | 191,907 | - | 293,503 | |||||||||||||
Total net revenue | 318,043 | 191,907 | - | 509,950 | |||||||||||||
Total operating expenses | 238,777 | 167,593 | 36,640 | 443,010 | |||||||||||||
Operating income (loss) | 79,266 | 24,314 | (36,640) | 66,940 | |||||||||||||
Interest expense | - | - | (35,544) | (35,544) | |||||||||||||
Other (expense) income | (28) | (22) | 485 | 435 | |||||||||||||
Income (loss) before income taxes | $ | 79,238 | $ | 24,292 | $ | (71,699) | $ | 31,831 | |||||||||
Income tax expense (benefit) | 30,222 | 9,266 | (27,347) | 12,141 | |||||||||||||
Net income (loss) | 49,016 | 15,026 | (44,352) | 19,690 | |||||||||||||
Segment Adjusted EBITDA | $ | 144,041 | $ | 47,061 | $ | (23,020) | $ | 168,082 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 321,351 | $ | - | $ | - | $ | 321,351 | |||||||||
Revenue share obligation(1) | (120,599) | - | - | (120,599) | |||||||||||||
Other service fees | 93,740 | 181,849 | - | 275,589 | |||||||||||||
Total net revenue | 294,492 | 181,849 | - | 476,341 | |||||||||||||
Total operating expenses | 220,938 | 161,273 | 32,914 | 415,125 | |||||||||||||
Operating income (loss) | 73,554 | 20,576 | (32,914) | 61,216 | |||||||||||||
Interest expense | - | - | (50,722) | (50,722) | |||||||||||||
Other (expense) income | (12) | 30 | 431 | 449 | |||||||||||||
Income (loss) before income taxes | $ | 73,542 | $ | 20,606 | $ | (83,205) | $ | 10,943 | |||||||||
Income tax expense (benefit) | 31,830 | 8,919 | (37,282) | 3,467 | |||||||||||||
Net income (loss) | 41,712 | 11,687 | (45,923) | 7,476 | |||||||||||||
Segment Adjusted EBITDA | $ | 132,846 | $ | 41,532 | $ | (22,001) | $ | 152,377 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
GAAP for segment reporting requires that the total of the reportable segments’ measures of profit or loss be reconciled to the Company’s consolidated operating results. The following table reconciles Segment Adjusted EBITDA to consolidated net income for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
SCM Adjusted EBITDA | $ | 47,387 | $ | 46,340 | $ | 144,041 | $ | 132,846 | |||||||||
RCM Adjusted EBITDA | 15,349 | 17,835 | 47,061 | 41,532 | |||||||||||||
Total reportable Segment Adjusted EBITDA | 62,736 | 64,175 | 191,102 | 174,378 | |||||||||||||
Depreciation | (8,244) | (5,224) | (21,890) | (14,459) | |||||||||||||
Depreciation (included in cost of revenue) | (571) | (536) | (1,740) | (1,353) | |||||||||||||
Amortization of intangibles | (15,341) | (17,840) | (47,957) | (55,251) | |||||||||||||
Amortization of intangibles (included in cost of revenue) | - | (139) | - | (417) | |||||||||||||
Interest expense, net of interest income(1) | - | - | - | 5 | |||||||||||||
Income tax expense | -13,184 | (19,426) | (39,489) | (40,749) | |||||||||||||
Share-based compensation expense(2) | (2,486) | (1,221) | (6,408) | (3,943) | |||||||||||||
Acquisition and integration-related expenses(3) | (111) | (1,535) | (9,576) | (4,812) | |||||||||||||
Total reportable segment net income | 22,799 | 18,254 | 64,042 | 53,399 | |||||||||||||
Corporate net loss | (15,897) | (12,790) | (44,352) | (45,923) | |||||||||||||
Consolidated net income | $ | 6,902 | $ | 5,464 | $ | 19,690 | $ | 7,476 | |||||||||
-1 | Interest income is included in other income (expense) and is not netted against interest expense in our condensed consolidated statements of operations. | ||||||||||||||||
-2 | Represents non-cash share-based compensation to both employees and directors. We believe excluding this non-cash expense allows us to compare our operating performance without regard to the impact of share-based compensation, which varies from period to period based on amount and timing of grants. | ||||||||||||||||
-3 | Represents the amount attributable to acquisition and integration-related costs which include costs such as severance, retention, salaries relating to redundant positions, certain performance-related salary-based compensation, operating infrastructure costs and facility consolidation costs. We may incur costs in future periods related to our plans including but not limited to aligning service offerings and standardizing and migrating certain Broadlane operational systems and transactional data sets into our operational systems. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
11 | DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||
We have interest rate risk relative to the outstanding borrowings under our credit agreement. Loans under the credit agreement bear interest, at the Company’s election, either at the prime rate or the London Interchange Bank Offering Rate (“LIBOR”) plus a percentage point spread based on certain specified financial ratios. The Company’s policy has been to manage interest cost using a mix of fixed and variable rate debt. | |||||||||||||||||
On December 13, 2012, we terminated our two floating-to-fixed rate LIBOR-based forward starting interest rate swaps, originally entered into on May 5, 2011. The swaps were originally scheduled to fully terminate by February 2015. Such early termination was deemed to be a termination of all future obligations between us and each counterparty. In consideration of the early termination, we paid a total of $8,209 to the counterparties on December 17, 2012. We have no assets or liabilities remaining on our condensed consolidated balance sheet with respect to these interest rate swaps as of September 30, 2013 and December 31, 2012, respectively. For the three and nine months ended September 30, 2012, the effects of the derivative instruments designated as cash flow hedges on income and AOCI were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Derivatives designated as cash flow hedges | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Total unrealized loss recognized in other comprehensive income - interest rate contracts | $ | - | $ | (178) | $ | - | $ | (921) | |||||||||
Total realized loss reclassified into earnings - interest rate contracts | $ | - | - | $ | - | - |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Fair Value Disclosures [Abstract] | ' | |||
Fair Value Measurements | ' | |||
12. FAIR VALUE MEASUREMENTS | ||||
We measure fair value for financial instruments when a valuation is necessary, such as for impairment of long-lived and indefinite-lived assets when indicators of impairment exist in accordance with GAAP for fair value measurements and disclosures. This defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. | ||||
Refer to Note 11 for information and fair values of our derivative instruments measured on a recurring basis under GAAP for fair value measurements and disclosures. | ||||
In estimating our fair value disclosures for financial instruments, we use the following methods and assumptions: | ||||
— | Cash and cash equivalents: The carrying value reported in the condensed consolidated balance sheets for these items approximates fair value due to the high credit standing of the financial institutions holding these items and their liquid nature; | |||
— | Accounts receivable, net: The carrying value reported in the condensed consolidated balance sheets is net of allowances for doubtful accounts which includes a degree of counterparty non-performance risk; | |||
— | Accounts payable and current liabilities: The carrying value reported in the condensed consolidated balance sheets for these items approximates fair value, which is the likely amount for which the liability with short settlement periods would be transferred to a market participant with a similar credit standing as the Company; | |||
— | Notes payable: The carrying value of our long-term notes payable reported in the condensed consolidated balance sheets approximates fair value since they bear interest at variable rates. Refer to Note 5 for further information; and | |||
— | Bonds payable: The carrying value of our long-term bonds payable reported in the condensed consolidated balance sheets approximates fair value. Refer to Note 5 for further information. |
Related_Party_Transaction
Related Party Transaction | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transaction | ' | |
13 | RELATED PARTY TRANSACTION | |
We have an agreement with John Bardis, our chief executive officer, for the use of an airplane owned by JJB Aviation, LLC, a limited liability company, owned by Mr. Bardis. We pay Mr. Bardis at market-based rates for the use of the airplane for business purposes. The Audit Committee of the Board of Directors reviews such usage of the airplane annually. During the nine months ended September 30, 2013 and 2012, we incurred charges of $1,737 and $1,221, respectively, related to transactions with Mr. Bardis. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
14 | SUBSEQUENT EVENTS | |
We have evaluated subsequent events for recognition or disclosure in the condensed consolidated financial statements filed on Form 10-Q with the SEC and no events have occurred that require disclosure. |
Business_Description_and_Basis1
Business Description and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates. We believe that the estimates, assumptions and judgments involved in revenue recognition, allowances for doubtful accounts and returns, product development costs, share-based payments, business combinations, impairment of goodwill, intangible assets and long-lived assets, and accounting for income taxes have the greatest potential impact on our condensed consolidated financial statements. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
All of our highly liquid investments with original maturities of three months or less at the date of purchase are carried at cost which approximates fair value and are considered to be cash equivalents. Currently, our excess cash is voluntarily used to repay our swing-line credit facility, if any, on a daily basis and applied against our revolving credit facility on a routine basis when our swing-line credit facility is undrawn. In addition, we may periodically make voluntary repayments on our term loans. Cash and cash equivalents were zero and $13,734 as of September 30, 2013 and December 31, 2012, respectively, and our swing-line balance was zero during those reporting periods. We had $10,000 outstanding on our revolving credit facility as of September 30, 2013 and December 31, 2012. In the event our cash balance is zero at the end of a period, any outstanding checks are recorded as accrued expenses. As of September 30, 2013, we reclassified approximately $4,686 of outstanding checks related to a book overdraft into other accrued expenses on the condensed consolidated balance sheet. This book overdraft amount has been included in operating activities within the condensed consolidated statement of cash flows. See Note 5 for immediately available cash under our revolving credit facility. | |
Income Taxes | ' |
Income Taxes | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update relating to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This update amends existing GAAP that required in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, and retrospective application is permitted. We do not expect any impact from this update on our financial statements. | |
Comprehensive Income | ' |
Comprehensive Income | |
In February 2013, the FASB issued an accounting standard update relating to improving the reporting of reclassifications out of accumulated other comprehensive income. The update would require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The update is effective for reporting periods beginning after December 15, 2012. We adopted this update on January 1, 2013. |
Acquisition_and_IntegrationRel1
Acquisition and Integration-Related Expenses (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Restructuring Activities | ' | ||||||||||||||||
The following table summarizes the details of the Company’s restructuring activities during the nine months ended September 30, 2013: | |||||||||||||||||
Employee-related | System migration | Facility | Total | ||||||||||||||
costs | and integration | consolidation | |||||||||||||||
Restructuring Reserve | |||||||||||||||||
Accrued, December 31, 2012 | $ | 995 | $ | 305 | $ | 132 | $ | 1,432 | |||||||||
Charges incurred | 807 | 2,372 | 6,397 | 9,576 | |||||||||||||
Adjustments | - | (389) | 613 | 224 | |||||||||||||
Cash payments | (1,105) | (2,280) | (7,142) | (10,527) | |||||||||||||
Accrued, September 30, 2013 | $ | 697 | $ | 8 | $ | - | $ | 705 | (1) | ||||||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Revenue Recognition [Abstract] | ' | ||||||||
Summary of Deferred Revenue | ' | ||||||||
The following table summarizes the deferred revenue categories and balances as of: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Software and implementation fees | $ | 26,313 | $ | 24,468 | |||||
Service fees | 28,890 | 26,135 | |||||||
Administrative fees | 9,353 | 14,672 | |||||||
Other fees | 2,162 | 4,874 | |||||||
Deferred revenue, total | 66,718 | 70,149 | |||||||
Less: Deferred revenue, current portion | (51,758) | (55,756) | |||||||
Deferred revenue, non-current portion | $ | 14,960 | $ | 14,393 | |||||
Notes_and_Bonds_Payable_Tables
Notes and Bonds Payable (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Notes Payable | ' | ||||||||||||||||||||
The balances of our notes and bonds payable are summarized as follows as of: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Term A facility | $ | 240,625 | $ | 250,000 | |||||||||||||||||
Term B facility | 217,750 | 300,000 | |||||||||||||||||||
Revolving credit facility | 10,000 | 10,000 | |||||||||||||||||||
Total notes payable | 468,375 | 560,000 | |||||||||||||||||||
Bonds payable | 325,000 | 325,000 | |||||||||||||||||||
Total notes and bonds payable | 793,375 | 885,000 | |||||||||||||||||||
Less: current portions | (15,500) | (15,500) | |||||||||||||||||||
Total long-term notes and bonds payable | $ | 777,875 | $ | 869,500 | |||||||||||||||||
Percentage of Redemption Prices | ' | ||||||||||||||||||||
The Company has the option to redeem the Notes as follows: (i) at any time prior to November 15, 2014, the Company may redeem all or part of the Notes at a redemption price equal to 100% of the principal amount plus the applicable premium (as defined in the Indenture); (ii) at any time prior to November 15, 2013, the Company may redeem up to 35% of the aggregate principal amount of the Notes issued with the cash proceeds of one or more equity offerings at a redemption price of 108% of the principal amount, provided that: (A) at least 65% of the aggregate original principal amount of the Notes remains outstanding immediately after each such redemption; and (B) the redemption occurs within 60 days after the closing of such equity offering; and (iii) on and after November 15, 2014, the Company may redeem all or a part of the Notes, at the following redemption prices: | |||||||||||||||||||||
Year | Percentage | ||||||||||||||||||||
2014 | 104% | ||||||||||||||||||||
2015 | 102% | ||||||||||||||||||||
2016 and thereafter | 100% | ||||||||||||||||||||
Debt Maturities and Scheduled Principal Repayments | ' | ||||||||||||||||||||
The following table summarizes our stated debt maturities and scheduled principal repayments as of September 30, 2013: | |||||||||||||||||||||
Year | Term A Facility | Term B Facility | Revolving Credit | Senior | Total | ||||||||||||||||
Facility | Unsecured Notes | ||||||||||||||||||||
2013 | $ | 3,125 | $ | 750 | $ | - | $ | - | $ | 3,875 | (1) | ||||||||||
2014 | 12,500 | 3,000 | - | - | 15,500 | ||||||||||||||||
2015 | 18,750 | 3,000 | - | - | 21,750 | ||||||||||||||||
2016 | 25,000 | 3,000 | - | - | 28,000 | ||||||||||||||||
2017 | 181,250 | 3,000 | 10,000 | - | 194,250 | ||||||||||||||||
Thereafter | - | 205,000 | - | 325,000 | 530,000 | ||||||||||||||||
$ | 240,625 | $ | 217,750 | $ | 10,000 | $ | 325,000 | $ | 793,375 | ||||||||||||
-1 | Represents the remaining quarterly principal payments due during the fiscal year ending December 31, 2013. |
Stockholders_Equity_and_ShareB1
Stockholders' Equity and Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Total Share-Based Compensation Expense | ' | ||||||||||||||||
Total share-based compensation expense (inclusive of restricted common stock, SSARs and common stock options) for the three and nine months ended September 30, 2013 and 2012 as reflected in our condensed consolidated statements of operations is as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of revenue | $ | 864 | $ | 672 | $ | 3,040 | $ | 1,535 | |||||||||
Product development | 130 | 34 | 473 | 123 | |||||||||||||
Selling and marketing | 975 | 282 | 1,944 | 1,069 | |||||||||||||
General and administrative | 2,392 | 1,793 | 6,326 | 5,069 | |||||||||||||
Total share-based compensation expense | $ | 4,361 | (1) | $ | 2,781 | $ | 11,783 | $ | 7,796 | ||||||||
-1 | For the three months ended September 30, 2013, share-based compensation includes charges related to the resignation of our RCM president and the conformity of one officer’s terms and conditions to their 2013 performance award grant. |
Income_Per_Share_Tables
Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Basic and Diluted Weighted Average Shares Outstanding | ' | ||||||||||||||||
A reconciliation of basic and diluted weighted average shares outstanding for basic and diluted EPS for the three and nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Numerator for Basic and Diluted Income Per Share: | |||||||||||||||||
Net income | 6,902 | 5,464 | |||||||||||||||
Denominator for basic income per share weighted average shares | 59,936,000 | 57,693,000 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 529,000 | 999,000 | |||||||||||||||
Stock-settled stock appreciation rights | 406,000 | 96,000 | |||||||||||||||
Restricted stock and stock warrants | 605,000 | 725,000 | |||||||||||||||
Denominator for diluted income per share—adjusted weighted average shares and assumed conversions | 61,476,000 | 59,513,000 | |||||||||||||||
Basic income per share: | |||||||||||||||||
Basic net income from continuing operations | $ | 0.12 | $ | 0.09 | |||||||||||||
Diluted net income per share: | |||||||||||||||||
Diluted net income from continuing operations | $ | 0.11 | $ | 0.09 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Numerator for Basic and Diluted Income Per Share: | |||||||||||||||||
Net income | 19,690 | 7,476 | |||||||||||||||
Denominator for basic income per share weighted average shares | 59,446,000 | 57,239,000 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 601,000 | 916,000 | |||||||||||||||
Stock-settled stock appreciation rights | 285,000 | 15,000 | |||||||||||||||
Restricted stock and stock warrants | 580,000 | 726,000 | |||||||||||||||
Denominator for diluted income per share—adjusted weighted average shares and assumed conversions | 60,912,000 | 58,896,000 | |||||||||||||||
Basic income per share: | |||||||||||||||||
Basic net income from continuing operations | $ | 0.33 | $ | 0.13 | |||||||||||||
Diluted net income per share: | |||||||||||||||||
Diluted net income from continuing operations | $ | 0.32 | $ | 0.13 | |||||||||||||
Summary of Potentially Dilutive Securities | ' | ||||||||||||||||
The following table provides a summary of those potentially dilutive securities that have been excluded from the above calculation of diluted EPS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock options | - | 40,000 | - | 70,000 | |||||||||||||
Stock-settled stock appreciation rights | 8,000 | 386,000 | 37,000 | 830,000 | |||||||||||||
Restricted stock and stock warrants | - | - | 1,000 | 3,000 | |||||||||||||
Total | 8,000 | 426,000 | 38,000 | 903,000 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Financial Information of Business Segments | ' | ||||||||||||||||
The following tables represent our results of operations, by segment, for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 115,478 | $ | - | $ | - | $ | 115,478 | |||||||||
Revenue share obligation(1) | (46,052) | - | - | (46,052) | |||||||||||||
Other service fees | 33,801 | 63,144 | - | 96,945 | |||||||||||||
Total net revenue | 103,227 | 63,144 | - | 166,371 | |||||||||||||
Total operating expenses | 74,381 | 56,016 | 13,393 | 143,790 | |||||||||||||
Operating income (loss) | 28,846 | 7,128 | (13,393) | 22,581 | |||||||||||||
Interest expense | - | - | (11,814) | (11,814) | |||||||||||||
Other (expense) income | 1 | 7 | 110 | 118 | |||||||||||||
Income (loss) before income taxes | $ | 28,847 | $ | 7,135 | $ | (25,097) | $ | 10,885 | |||||||||
Income tax expense (benefit) | 10,599 | 2,584 | (9,200) | 3,983 | |||||||||||||
Net income (loss) | 18,248 | 4,551 | (15,897) | 6,902 | |||||||||||||
Segment Adjusted EBITDA | $ | 47,387 | $ | 15,349 | $ | (8,837) | $ | 53,899 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Financial Position: | |||||||||||||||||
Accounts receivable, net | $ | 39,489 | $ | 51,647 | $ | 16 | $ | 91,152 | |||||||||
Other assets | 965,833 | 503,063 | 74,558 | 1,543,454 | |||||||||||||
Total assets | 1,005,322 | 554,710 | 74,574 | 1,634,606 | |||||||||||||
Accrued revenue share obligation | 78,379 | - | - | 78,379 | |||||||||||||
Deferred revenue | 25,424 | 41,294 | - | 66,718 | |||||||||||||
Notes payable | - | - | 468,375 | 468,375 | |||||||||||||
Bonds payable | - | - | 325,000 | 325,000 | |||||||||||||
Other liabilities | 28,039 | 25,156 | 164,124 | 217,319 | |||||||||||||
Total liabilities | $ | 131,842 | $ | 66,450 | $ | 957,499 | $ | 1,155,791 | |||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 109,335 | $ | - | $ | - | $ | 109,335 | |||||||||
Revenue share obligation(1) | (40,694) | - | - | (40,694) | |||||||||||||
Other service fees | 30,471 | 64,329 | - | 94,800 | |||||||||||||
Total net revenue | 99,112 | 64,329 | - | 163,441 | |||||||||||||
Total operating expenses | 72,715 | 53,082 | 11,236 | 137,033 | |||||||||||||
Operating income (loss) | 26,397 | 11,247 | (11,236) | 26,408 | |||||||||||||
Interest expense | - | - | (16,672) | (16,672) | |||||||||||||
Other income | 9 | 27 | 78 | 114 | |||||||||||||
Income (loss) before income taxes | $ | 26,406 | $ | 11,274 | $ | (27,830) | $ | 9,850 | |||||||||
Income tax expense (benefit) | 14,255 | 5,171 | (15,040) | 4,386 | |||||||||||||
Net income (loss) | 12,151 | 6,103 | (12,790) | 5,464 | |||||||||||||
Segment Adjusted EBITDA | $ | 46,340 | $ | 17,835 | $ | (7,210) | $ | 56,965 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 351,602 | $ | - | $ | - | $ | 351,602 | |||||||||
Revenue share obligation(1) | (135,155) | - | - | (135,155) | |||||||||||||
Other service fees | 101,596 | 191,907 | - | 293,503 | |||||||||||||
Total net revenue | 318,043 | 191,907 | - | 509,950 | |||||||||||||
Total operating expenses | 238,777 | 167,593 | 36,640 | 443,010 | |||||||||||||
Operating income (loss) | 79,266 | 24,314 | (36,640) | 66,940 | |||||||||||||
Interest expense | - | - | (35,544) | (35,544) | |||||||||||||
Other (expense) income | (28) | (22) | 485 | 435 | |||||||||||||
Income (loss) before income taxes | $ | 79,238 | $ | 24,292 | $ | (71,699) | $ | 31,831 | |||||||||
Income tax expense (benefit) | 30,222 | 9,266 | (27,347) | 12,141 | |||||||||||||
Net income (loss) | 49,016 | 15,026 | (44,352) | 19,690 | |||||||||||||
Segment Adjusted EBITDA | $ | 144,041 | $ | 47,061 | $ | (23,020) | $ | 168,082 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
SCM | RCM | Corporate | Total | ||||||||||||||
Results of Operations: | |||||||||||||||||
Revenue: | |||||||||||||||||
Gross administrative fees(1) | $ | 321,351 | $ | - | $ | - | $ | 321,351 | |||||||||
Revenue share obligation(1) | (120,599) | - | - | (120,599) | |||||||||||||
Other service fees | 93,740 | 181,849 | - | 275,589 | |||||||||||||
Total net revenue | 294,492 | 181,849 | - | 476,341 | |||||||||||||
Total operating expenses | 220,938 | 161,273 | 32,914 | 415,125 | |||||||||||||
Operating income (loss) | 73,554 | 20,576 | (32,914) | 61,216 | |||||||||||||
Interest expense | - | - | (50,722) | (50,722) | |||||||||||||
Other (expense) income | (12) | 30 | 431 | 449 | |||||||||||||
Income (loss) before income taxes | $ | 73,542 | $ | 20,606 | $ | (83,205) | $ | 10,943 | |||||||||
Income tax expense (benefit) | 31,830 | 8,919 | (37,282) | 3,467 | |||||||||||||
Net income (loss) | 41,712 | 11,687 | (45,923) | 7,476 | |||||||||||||
Segment Adjusted EBITDA | $ | 132,846 | $ | 41,532 | $ | (22,001) | $ | 152,377 | |||||||||
-1 | These are non-GAAP measures. See “Use of Non-GAAP Financial Measures” section for additional information. | ||||||||||||||||
Segment Adjusted EBITDA to Consolidated Net (Loss) Income | ' | ||||||||||||||||
The following table reconciles Segment Adjusted EBITDA to consolidated net income for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
SCM Adjusted EBITDA | $ | 47,387 | $ | 46,340 | $ | 144,041 | $ | 132,846 | |||||||||
RCM Adjusted EBITDA | 15,349 | 17,835 | 47,061 | 41,532 | |||||||||||||
Total reportable Segment Adjusted EBITDA | 62,736 | 64,175 | 191,102 | 174,378 | |||||||||||||
Depreciation | (8,244) | (5,224) | (21,890) | (14,459) | |||||||||||||
Depreciation (included in cost of revenue) | (571) | (536) | (1,740) | (1,353) | |||||||||||||
Amortization of intangibles | (15,341) | (17,840) | (47,957) | (55,251) | |||||||||||||
Amortization of intangibles (included in cost of revenue) | - | (139) | - | (417) | |||||||||||||
Interest expense, net of interest income(1) | - | - | - | 5 | |||||||||||||
Income tax expense | -13,184 | (19,426) | (39,489) | (40,749) | |||||||||||||
Share-based compensation expense(2) | (2,486) | (1,221) | (6,408) | (3,943) | |||||||||||||
Acquisition and integration-related expenses(3) | (111) | (1,535) | (9,576) | (4,812) | |||||||||||||
Total reportable segment net income | 22,799 | 18,254 | 64,042 | 53,399 | |||||||||||||
Corporate net loss | (15,897) | (12,790) | (44,352) | (45,923) | |||||||||||||
Consolidated net income | $ | 6,902 | $ | 5,464 | $ | 19,690 | $ | 7,476 | |||||||||
-1 | Interest income is included in other income (expense) and is not netted against interest expense in our condensed consolidated statements of operations. | ||||||||||||||||
-2 | Represents non-cash share-based compensation to both employees and directors. We believe excluding this non-cash expense allows us to compare our operating performance without regard to the impact of share-based compensation, which varies from period to period based on amount and timing of grants. | ||||||||||||||||
-3 | Represents the amount attributable to acquisition and integration-related costs which include costs such as severance, retention, salaries relating to redundant positions, certain performance-related salary-based compensation, operating infrastructure costs and facility consolidation costs. We may incur costs in future periods related to our plans including but not limited to aligning service offerings and standardizing and migrating certain Broadlane operational systems and transactional data sets into our operational systems. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments Designated as Cash Flow Hedges on Income and AOCI | ' | ||||||||||||||||
For the three and nine months ended September 30, 2012, the effects of the derivative instruments designated as cash flow hedges on income and AOCI were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Derivatives designated as cash flow hedges | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Total unrealized loss recognized in other comprehensive income - interest rate contracts | $ | - | $ | (178) | $ | - | $ | (921) | |||||||||
Total realized loss reclassified into earnings - interest rate contracts | $ | - | - | $ | - | - |
Business_Description_and_Basis2
Business Description and Basis of Presentation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Maturity period of liquid instruments | 'Three months or less | ' | ' | ' |
Cash and cash equivalents | $0 | $13,734 | $8,234 | $62,947 |
Swing-line balance | 0 | 0 | ' | ' |
Revolving credit facility | 10,000 | 10,000 | ' | ' |
Outstanding checks recorded as accrued expenses | 0 | 0 | ' | ' |
Outstanding checks related to a book overdraft into other accrued expenses | $4,686 | ' | ' | ' |
Acquisition_and_IntegrationRel2
Acquisition and Integration-Related Expenses - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2012 | Sep. 30, 2013 |
sqft | Employee-related Costs [Member] | Employee-related Costs [Member] | Employee-related Costs [Member] | Employee-related Costs [Member] | System Migration and Integration [Member] | System Migration and Integration [Member] | System Migration and Integration [Member] | System Migration and Integration [Member] | Facility Consolidation [Member] | Facility Consolidation [Member] | Facility Consolidation [Member] | Broadlane Acquisition [Member] | Broadlane Acquisition [Member] | ||||||
Facility Consolidation [Member] | |||||||||||||||||||
Restructuring Acquisition And Integration Charges [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of deferred purchase consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,136 | ' |
Charges incurred | ' | 111 | 1,535 | 9,576 | 4,812 | ' | ' | ' | 807 | ' | ' | ' | 2,372 | ' | ' | 6,924 | 6,397 | ' | ' |
Cash compensation and other employee benefit cost | ' | ' | ' | ' | ' | ' | 570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation and other employee benefit cost | ' | ' | ' | ' | ' | ' | 920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance and other employee benefits cost | ' | ' | ' | ' | ' | ' | ' | 738 | 807 | 2,587 | 98 | 787 | 2,372 | 2,175 | ' | ' | ' | ' | ' |
Current liabilities on Severance and other employee benefits cost | ' | ' | ' | ' | ' | ' | 697 | ' | 697 | ' | 8 | ' | 8 | ' | ' | ' | ' | ' | ' |
Impaired development projects write-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -389 |
Area of office space | 231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial term of lease agreement | 'Fifteen years plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period for lease agreement | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tenant allowance included in property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,378 | ' | ' |
Property and equipment | ' | 155,485 | ' | 155,485 | ' | 134,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,974 | ' | ' |
Allowance included in other accrued expenses | ' | 23,562 | ' | 23,562 | ' | 14,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 692 | ' | ' |
Allowance included in other long term liabilities | ' | 10,119 | ' | 10,119 | ' | 801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,282 | ' | ' |
Lease agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013-08 | ' | ' | ' | ' |
Lease agreement termination date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2022-01 | ' | ' | ' | ' |
Lease termination fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' |
Total exit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -557 | ' | ' | ' | ' |
Non-cash adjustment of accrued rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 613 | ' | ' |
Previously accrued rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,669 | ' | ' |
Facility assets write off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,056) | ' | ' |
Acquisition_and_IntegrationRel3
Acquisition and Integration-Related Expenses - Schedule of Restructuring Activities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
Employee-related Costs [Member] | System Migration and Integration [Member] | Facility Consolidation [Member] | Facility Consolidation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve Accrued, Beginning Balance | ' | ' | $1,432 | ' | $995 | $305 | ' | $132 |
Charges incurred | 111 | 1,535 | 9,576 | 4,812 | 807 | 2,372 | 6,924 | 6,397 |
Adjustments | ' | ' | 224 | ' | ' | -389 | ' | 613 |
Cash payments | ' | ' | -10,527 | ' | -1,105 | -2,280 | ' | -7,142 |
Restructuring Reserve Accrued, Ending Balance | $705 | ' | $705 | ' | $697 | $8 | ' | ' |
Deferred_Revenue_Summary_of_De
Deferred Revenue - Summary of Deferred Revenue (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue, total | $66,718 | $70,149 |
Less: Deferred revenue, current portion | -51,758 | -55,756 |
Deferred revenue, non-current portion | 14,960 | 14,393 |
Software and Implementation Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue, total | 26,313 | 24,468 |
Service Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue, total | 28,890 | 26,135 |
Administrative Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue, total | 9,353 | 14,672 |
Other Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue, total | $2,162 | $4,874 |
Deferred_Revenue_Additional_In
Deferred Revenue - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Text Block [Abstract] | ' | ' |
Contingent deferred revenue | $8,318 | $8,284 |
Notes_and_Bonds_Payable_Summar
Notes and Bonds Payable - Summary of Notes Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total notes payable | $468,375 | $560,000 |
Bonds payable | 325,000 | 325,000 |
Total notes and bonds payable | 793,375 | 885,000 |
Less: current portions | -15,500 | -15,500 |
Total long-term notes and bonds payable | 777,875 | 869,500 |
Term A Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 240,625 | 250,000 |
Total notes and bonds payable | 240,625 | ' |
Term B Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 217,750 | 300,000 |
Total notes and bonds payable | 217,750 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 10,000 | 10,000 |
Total notes and bonds payable | $10,000 | ' |
Notes_and_Bonds_Payable_Additi
Notes and Bonds Payable - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Notes payable | $468,375 | ' | $468,375 | ' |
Amount drawn on revolving credit facility | 10,000 | ' | 10,000 | ' |
Outstanding letter of credit under credit facility | 189,000 | ' | 189,000 | ' |
Undrawn letters of credit outstanding amount | 1,000 | ' | 1,000 | ' |
Scheduled principal payments | ' | ' | 11,625 | ' |
Debt issuance costs | 18,214 | ' | ' | ' |
Amortization of debt issuance costs | 951 | 1,914 | 2,858 | 5,705 |
Total interest paid | ' | ' | 28,038 | 37,563 |
Term A Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Notes payable | 240,625 | ' | 240,625 | ' |
Weighted average interest rate of senior term loan facility | 2.53% | ' | 2.53% | ' |
Term B Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Notes payable | 217,750 | ' | 217,750 | ' |
Voluntary prepayment on Term B Facility | ' | ' | 80,000 | ' |
Weighted average interest rate of senior term loan facility | 4.00% | ' | 4.00% | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Notes payable | 10,000 | ' | 10,000 | ' |
Maturity date of debt instrument | ' | ' | 13-Dec-17 | ' |
Weighted average interest rate of senior term loan facility | 2.52% | ' | 2.52% | ' |
Debt Instrument, Redemption, Period One [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of Principal Amount for Redemption price | ' | ' | 100.00% | ' |
Debt Instrument, Redemption, Period Two [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of Principal Amount for Redemption price | ' | ' | 108.00% | ' |
Minimum Aggregate Principle Amount | ' | ' | 65.00% | ' |
Closing Of Equity Offering | ' | ' | '60 days | ' |
Senior Notes Due 2018 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Maturity date of debt instrument | ' | ' | 15-Nov-18 | ' |
Principal amount of senior notes | $325,000 | ' | $325,000 | ' |
Percentage owned by subsidiary guarantor | 100.00% | ' | 100.00% | ' |
Percentage of interest rate on bonds payable | 8.00% | ' | 8.00% | ' |
Percentage of Redemption of Notes Issued | ' | ' | 35.00% | ' |
Repurchase percentage of aggregate principal amount plus accrued and unpaid interest | 101.00% | ' | 101.00% | ' |
Percentage of par value on senior notes | ' | ' | 107.50% | ' |
Notes_and_Bonds_Payable_Percen
Notes and Bonds Payable - Percentage of Redemption Prices (Detail) (Senior Notes Due 2018 [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Senior Notes Due 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 104.00% |
2015 | 102.00% |
2016 and thereafter | 100.00% |
Notes_and_Bonds_Payable_Debt_M
Notes and Bonds Payable - Debt Maturities and Scheduled Principal Repayments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Principal Payment in 2013 | $3,875 | ' |
Principal Payment in 2014 | 15,500 | ' |
Principal Payment in 2015 | 21,750 | ' |
Principal Payment in 2016 | 28,000 | ' |
Principal Payment in 2017 | 194,250 | ' |
Thereafter | 530,000 | ' |
Total notes and bonds payable | 793,375 | 885,000 |
Term A Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal Payment in 2013 | 3,125 | ' |
Principal Payment in 2014 | 12,500 | ' |
Principal Payment in 2015 | 18,750 | ' |
Principal Payment in 2016 | 25,000 | ' |
Principal Payment in 2017 | 181,250 | ' |
Thereafter | ' | ' |
Total notes and bonds payable | 240,625 | ' |
Term B Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal Payment in 2013 | 750 | ' |
Principal Payment in 2014 | 3,000 | ' |
Principal Payment in 2015 | 3,000 | ' |
Principal Payment in 2016 | 3,000 | ' |
Principal Payment in 2017 | 3,000 | ' |
Thereafter | 205,000 | ' |
Total notes and bonds payable | 217,750 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal Payment in 2013 | ' | ' |
Principal Payment in 2014 | ' | ' |
Principal Payment in 2015 | ' | ' |
Principal Payment in 2016 | ' | ' |
Principal Payment in 2017 | 10,000 | ' |
Thereafter | ' | ' |
Total notes and bonds payable | 10,000 | ' |
Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal Payment in 2013 | ' | ' |
Principal Payment in 2014 | ' | ' |
Principal Payment in 2015 | ' | ' |
Principal Payment in 2016 | ' | ' |
Principal Payment in 2017 | ' | ' |
Thereafter | 325,000 | ' |
Total notes and bonds payable | $325,000 | ' |
Stockholders_Equity_and_ShareB2
Stockholders' Equity and Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Plans | Restricted Shares [Member] | Service-Based Restricted Shares Vesting Each Month Through December 31, 2013 [Member] | Service-Based Restricted Shares [Member] | Performance-Based Restricted Shares [Member] | Performance-Based Restricted Shares [Member] | Performance-Based Restricted Shares [Member] | Performance-Based Restricted Shares Using EBITDA Performance Metric [Member] | Performance-Based Restricted Shares Using EBITDA Performance Metric [Member] | Performance-Based Restricted Shares Using EBITDA Performance Metric [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | SSARS Awards [Member] | Long Term Incentive Plan [Member] | Restricted Common Stock Awards [Member] | Common Stock Option Awards [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued in connection with exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,427,000 | ' | ' | ' |
Aggregate exercise price of stock issued in connection with exercise of stock options | ' | ' | $9,911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,911 | ' | ' | ' |
Shares reserved under 2008 equity incentive plan available for grant | 4,955,000 | ' | 4,955,000 | ' | 1,160,000 | 50,000 | 435,000 | 337,500 | ' | ' | 337,500 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Number of share based compensation plans | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares | ' | ' | ' | ' | ' | ' | 38,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' |
Share-based compensation expense | 4,361 | 2,781 | 11,783 | 7,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit recognized from equity awards | 1,627 | 1,033 | 4,396 | 2,895 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized share-based compensation expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of price per share of the common stock sold to participating employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' |
Period required for holding stock purchases as per the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' |
Shares of common stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,700 | 25,400 | ' | ' | ' | ' | ' |
Shares of common stock purchased, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $482 | $372 | ' | ' | ' | ' | ' |
Weighted average grant date fair value, Granted | ' | ' | ' | ' | $18.34 | ' | $20.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based payment award, award vesting period | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | '3 years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Percentage to earn from performance-based equity awards | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 100.00% | ' | 50.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Restricted shares that surrendered from equity awards holders | ' | ' | ' | ' | 54,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,000 | ' | 69,000 | ' |
Total unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,179 | ' | $13,188 | $64 |
Total unrecognized compensation expense will be recognized over a weighted-average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 months 6 days | ' | '1 year 3 months 18 days | '1 year |
Common stock granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' |
Weighted average grant date base price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.77 | ' | ' | ' |
Weighted-average fair value of each stock option awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.15 | ' | ' | ' |
Underlying shares of stock options forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,000 |
Stockholders_Equity_and_ShareB3
Stockholders' Equity and Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Shareholders Equity And Share Based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $4,361 | $2,781 | $11,783 | $7,796 |
Cost of Revenue [Member] | ' | ' | ' | ' |
Shareholders Equity And Share Based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 864 | 672 | 3,040 | 1,535 |
Product Development [Member] | ' | ' | ' | ' |
Shareholders Equity And Share Based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 130 | 34 | 473 | 123 |
Selling and Marketing [Member] | ' | ' | ' | ' |
Shareholders Equity And Share Based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 975 | 282 | 1,944 | 1,069 |
General and Administrative [Member] | ' | ' | ' | ' |
Shareholders Equity And Share Based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $2,392 | $1,793 | $6,326 | $5,069 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 36.60% | 44.50% | 38.10% | 31.70% |
Discrete tax benefit | ' | ' | ' | $1,400 |
Income_Per_Share_Reconciliatio
Income Per Share - Reconciliation of Basic and Diluted Weighted Average Shares Outstanding (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for Basic and Diluted Income Per Share: | ' | ' | ' | ' |
Net income | $6,902 | $5,464 | $19,690 | $7,476 |
Denominator for basic income per share weighted average shares | 59,936,000 | 57,693,000 | 59,446,000 | 57,239,000 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options | 529,000 | 999,000 | 601,000 | 916,000 |
Stock-settled stock appreciation rights | 406,000 | 96,000 | 285,000 | 15,000 |
Restricted stock and stock warrants | 605,000 | 725,000 | 580,000 | 726,000 |
Denominator for diluted income per share-adjusted weighted average shares and assumed conversions | 61,476,000 | 59,513,000 | 60,912,000 | 58,896,000 |
Basic income per share: | ' | ' | ' | ' |
Basic net income from continuing operations | $0.12 | $0.09 | $0.33 | $0.13 |
Diluted net income per share: | ' | ' | ' | ' |
Diluted net income from continuing operations | $0.11 | $0.09 | $0.32 | $0.13 |
Income_Per_Share_Summary_of_Po
Income Per Share - Summary of Potentially Dilutive Securities (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially dilutive securities | 8,000 | 426,000 | 38,000 | 903,000 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially dilutive securities | ' | 40,000 | ' | 70,000 |
Stock-Settled Stock Appreciation Rights [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially dilutive securities | 8,000 | 386,000 | 37,000 | 830,000 |
Restricted Stock and Stock Warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially dilutive securities | ' | ' | 1,000 | 3,000 |
Segment_Information_Financial_
Segment Information - Financial Information of Business Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Revenue: | ' | ' | ' | ' | ' |
Gross administrative fees | $115,478 | $109,335 | $351,602 | $321,351 | ' |
Revenue share obligation | -46,052 | -40,694 | -135,155 | -120,599 | ' |
Other service fees | 96,945 | 94,800 | 293,503 | 275,589 | ' |
Total net revenue | 166,371 | 163,441 | 509,950 | 476,341 | ' |
Total operating expenses | 143,790 | 137,033 | 443,010 | 415,125 | ' |
Operating income (loss) | 22,581 | 26,408 | 66,940 | 61,216 | ' |
Interest (expense) | -11,814 | -16,672 | -35,544 | -50,722 | ' |
Other (expense) income | 118 | 114 | 435 | 449 | ' |
Income (loss) before income taxes | 10,885 | 9,850 | 31,831 | 10,943 | ' |
Income tax expense (benefit) | 3,983 | 4,386 | 12,141 | 3,467 | ' |
Net income (loss) | 6,902 | 5,464 | 19,690 | 7,476 | ' |
Segment Adjusted EBITDA | 53,899 | 56,965 | 168,082 | 152,377 | ' |
Financial Position: | ' | ' | ' | ' | ' |
Accounts receivable, net | 91,152 | ' | 91,152 | ' | 96,346 |
Other assets | 1,543,454 | ' | 1,543,454 | ' | ' |
Total assets | 1,634,606 | ' | 1,634,606 | ' | 1,678,237 |
Accrued revenue share obligation | 78,379 | ' | 78,379 | ' | 74,274 |
Deferred revenue | 66,718 | ' | 66,718 | ' | 70,149 |
Notes payable | 468,375 | ' | 468,375 | ' | ' |
Bonds payable | 325,000 | ' | 325,000 | ' | 325,000 |
Other liabilities | 217,319 | ' | 217,319 | ' | ' |
Total liabilities | 1,155,791 | ' | 1,155,791 | ' | 1,244,614 |
SCM [Member] | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' |
Gross administrative fees | 115,478 | 109,335 | 351,602 | 321,351 | ' |
Revenue share obligation | -46,052 | -40,694 | -135,155 | -120,599 | ' |
Other service fees | 33,801 | 30,471 | 101,596 | 93,740 | ' |
Total net revenue | 103,227 | 99,112 | 318,043 | 294,492 | ' |
Total operating expenses | 74,381 | 72,715 | 238,777 | 220,938 | ' |
Operating income (loss) | 28,846 | 26,397 | 79,266 | 73,554 | ' |
Interest (expense) | ' | ' | ' | ' | ' |
Other (expense) income | 1 | 9 | -28 | -12 | ' |
Income (loss) before income taxes | 28,847 | 26,406 | 79,238 | 73,542 | ' |
Income tax expense (benefit) | 10,599 | 14,255 | 30,222 | 31,830 | ' |
Net income (loss) | 18,248 | 12,151 | 49,016 | 41,712 | ' |
Segment Adjusted EBITDA | 47,387 | 46,340 | 144,041 | 132,846 | ' |
Financial Position: | ' | ' | ' | ' | ' |
Accounts receivable, net | 39,489 | ' | 39,489 | ' | ' |
Other assets | 965,833 | ' | 965,833 | ' | ' |
Total assets | 1,005,322 | ' | 1,005,322 | ' | ' |
Accrued revenue share obligation | 78,379 | ' | 78,379 | ' | ' |
Deferred revenue | 25,424 | ' | 25,424 | ' | ' |
Notes payable | ' | ' | ' | ' | ' |
Bonds payable | ' | ' | ' | ' | ' |
Other liabilities | 28,039 | ' | 28,039 | ' | ' |
Total liabilities | 131,842 | ' | 131,842 | ' | ' |
RCM [Member] | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' |
Gross administrative fees | ' | ' | ' | ' | ' |
Revenue share obligation | ' | ' | ' | ' | ' |
Other service fees | 63,144 | 64,329 | 191,907 | 181,849 | ' |
Total net revenue | 63,144 | 64,329 | 191,907 | 181,849 | ' |
Total operating expenses | 56,016 | 53,082 | 167,593 | 161,273 | ' |
Operating income (loss) | 7,128 | 11,247 | 24,314 | 20,576 | ' |
Interest (expense) | ' | ' | ' | ' | ' |
Other (expense) income | 7 | 27 | -22 | 30 | ' |
Income (loss) before income taxes | 7,135 | 11,274 | 24,292 | 20,606 | ' |
Income tax expense (benefit) | 2,584 | 5,171 | 9,266 | 8,919 | ' |
Net income (loss) | 4,551 | 6,103 | 15,026 | 11,687 | ' |
Segment Adjusted EBITDA | 15,349 | 17,835 | 47,061 | 41,532 | ' |
Financial Position: | ' | ' | ' | ' | ' |
Accounts receivable, net | 51,647 | ' | 51,647 | ' | ' |
Other assets | 503,063 | ' | 503,063 | ' | ' |
Total assets | 554,710 | ' | 554,710 | ' | ' |
Accrued revenue share obligation | ' | ' | ' | ' | ' |
Deferred revenue | 41,294 | ' | 41,294 | ' | ' |
Notes payable | ' | ' | ' | ' | ' |
Bonds payable | ' | ' | ' | ' | ' |
Other liabilities | 25,156 | ' | 25,156 | ' | ' |
Total liabilities | 66,450 | ' | 66,450 | ' | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' |
Gross administrative fees | ' | ' | ' | ' | ' |
Revenue share obligation | ' | ' | ' | ' | ' |
Other service fees | ' | ' | ' | ' | ' |
Total net revenue | ' | ' | ' | ' | ' |
Total operating expenses | 13,393 | 11,236 | 36,640 | 32,914 | ' |
Operating income (loss) | -13,393 | -11,236 | -36,640 | -32,914 | ' |
Interest (expense) | -11,814 | -16,672 | -35,544 | -50,722 | ' |
Other (expense) income | 110 | 78 | 485 | 431 | ' |
Income (loss) before income taxes | -25,097 | -27,830 | -71,699 | -83,205 | ' |
Income tax expense (benefit) | -9,200 | -15,040 | -27,347 | -37,282 | ' |
Net income (loss) | -15,897 | -12,790 | -44,352 | -45,923 | ' |
Segment Adjusted EBITDA | -8,837 | -7,210 | -23,020 | -22,001 | ' |
Financial Position: | ' | ' | ' | ' | ' |
Accounts receivable, net | 16 | ' | 16 | ' | ' |
Other assets | 74,558 | ' | 74,558 | ' | ' |
Total assets | 74,574 | ' | 74,574 | ' | ' |
Accrued revenue share obligation | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' |
Notes payable | 468,375 | ' | 468,375 | ' | ' |
Bonds payable | 325,000 | ' | 325,000 | ' | ' |
Other liabilities | 164,124 | ' | 164,124 | ' | ' |
Total liabilities | $957,499 | ' | $957,499 | ' | ' |
Segment_Information_Segment_Ad
Segment Information - Segment Adjusted Ebitda Consolidated Net (Loss) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Total reportable Segment Adjusted EBITDA | $62,736 | $64,175 | $191,102 | $174,378 |
Depreciation | -10,926 | -7,721 | -29,979 | -21,416 |
Net (loss) income | 6,902 | 5,464 | 19,690 | 7,476 |
Amortization of intangibles | -15,341 | -17,840 | -47,957 | -55,251 |
Income tax expense | 3,983 | 4,386 | 12,141 | 3,467 |
Share-based compensation expense | -4,361 | -2,781 | -11,783 | -7,796 |
SCM [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Total reportable Segment Adjusted EBITDA | 47,387 | 46,340 | 144,041 | 132,846 |
Net (loss) income | 18,248 | 12,151 | 49,016 | 41,712 |
Income tax expense | 10,599 | 14,255 | 30,222 | 31,830 |
RCM [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Total reportable Segment Adjusted EBITDA | 15,349 | 17,835 | 47,061 | 41,532 |
Net (loss) income | 4,551 | 6,103 | 15,026 | 11,687 |
Income tax expense | 2,584 | 5,171 | 9,266 | 8,919 |
Segment Reporting Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Depreciation | -8,244 | -5,224 | -21,890 | -14,459 |
Depreciation (included in cost of revenue) | -571 | -536 | -1,740 | -1,353 |
Amortization of intangibles | -15,341 | -17,840 | -47,957 | -55,251 |
Amortization of intangibles (included in cost of revenue) | ' | -139 | ' | -417 |
Interest expense, net of interest income | ' | ' | ' | 5 |
Income tax expense | -13,184 | -19,426 | -39,489 | -40,749 |
Share-based compensation expense | -2,486 | -1,221 | -6,408 | -3,943 |
Acquisition and integration-related expenses | -111 | -1,535 | -9,576 | -4,812 |
Reportable Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net (loss) income | 22,799 | 18,254 | 64,042 | 53,399 |
Corporate [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net (loss) income | -15,897 | -12,790 | -44,352 | -45,923 |
Income tax expense | ($9,200) | ($15,040) | ($27,347) | ($37,282) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ' | ' | ' |
Expenses paid to counter parties | $8,209 | ' | ' |
Assets or liabilities remaining with respect to interest rate swaps | ' | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Instruments Designated as Cash Flow Hedges on Income and AOCI (Detail) (Cash Flow Hedging [Member], Interest Rate Contract [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Total unrealized loss recognized in other comprehensive income - interest rate contracts | ' | ($178) | ' | ($921) |
Total realized loss reclassified into earnings - interest rate contracts | ' | ' | ' | ' |
Related_Party_Transaction_Addi
Related Party Transaction - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Charges incurred with respect to transactions with Mr. Bardis | $1,737 | $1,221 |