Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WBMD | ||
Entity Registrant Name | WEBMD HEALTH CORP. | ||
Entity Central Index Key | 1,326,583 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 37,732,480 | ||
Entity Public Float | $ 2,141,025,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 492,424 | $ 641,165 |
Accounts receivable, net of allowance for doubtful accounts of $1,532 at December 31, 2016 and $1,040 at December 31, 2015 | 179,454 | 174,313 |
Investments | 498,500 | |
Prepaid expenses and other current assets | 15,294 | 18,998 |
Total current assets | 1,185,672 | 834,476 |
Property and equipment, net | 83,296 | 81,027 |
Goodwill | 202,980 | 202,980 |
Intangible assets, net | 7,774 | 10,894 |
Deferred tax assets, net | 14,544 | 15,694 |
Other assets | 6,920 | 10,852 |
TOTAL ASSETS | 1,501,186 | 1,155,923 |
Current liabilities: | ||
Accrued expenses | 78,597 | 80,664 |
Deferred revenue | 105,310 | 102,715 |
Total current liabilities | 183,907 | 285,902 |
Other long-term liabilities | 28,731 | 23,246 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, 50,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.01 par value per share, 650,000,000 shares authorized; 57,437,992 shares issued at December 31, 2016 and December 31, 2015 | 574 | 574 |
Additional paid-in capital | 9,303,783 | 9,238,444 |
Treasury stock, at cost; 20,698,568 shares at December 31, 2016 and 20,621,216 shares at December 31, 2015 | (747,225) | (678,069) |
Accumulated other comprehensive income | 502 | 357 |
Accumulated deficit | (8,313,774) | (8,405,078) |
Stockholders' equity | 243,860 | 156,228 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,501,186 | 1,155,923 |
2.25% Convertible Notes Due 2016 [Member] | ||
Current liabilities: | ||
convertible notes current | 102,523 | |
2.50% Convertible Notes Due 2018 [Member] | ||
Current liabilities: | ||
Convertible notes | 398,066 | 396,281 |
1.50% Convertible Notes Due 2020 [Member] | ||
Current liabilities: | ||
Convertible notes | 295,432 | $ 294,266 |
2.625% Convertible Notes Due 2023 [Member] | ||
Current liabilities: | ||
Convertible notes | $ 351,190 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 1,532 | $ 1,040 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 650,000,000 | 650,000,000 |
Common stock, shares issued | 57,437,992 | 57,437,992 |
Treasury stock, shares | 20,698,568 | 20,621,216 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 705,046 | $ 636,399 | $ 580,449 |
Cost of operations | 266,654 | 247,311 | 224,094 |
Sales and marketing | 145,962 | 138,025 | 136,160 |
General and administrative | 91,141 | 91,580 | 94,119 |
Depreciation and amortization | 30,792 | 30,521 | 29,811 |
Interest income | 2,545 | 51 | 69 |
Interest expense | 24,496 | 23,123 | 24,686 |
Loss on convertible notes | 2,058 | ||
Gain on investments | 139 | ||
Other expense | 1,712 | 4,100 | |
Income from continuing operations before income tax provision | 146,834 | 99,871 | 71,648 |
Income tax provision | 55,530 | 35,847 | 30,707 |
Income from continuing operations | 91,304 | 64,024 | 40,941 |
Income from discontinued operations, net of tax | 1,122 | ||
Net income | $ 91,304 | $ 64,024 | $ 42,063 |
Basic income per common share: | |||
Income from continuing operations | $ 2.41 | $ 1.75 | $ 1.08 |
Income from discontinued operations | 0.03 | ||
Net income | 2.41 | 1.75 | 1.11 |
Diluted income per common share: | |||
Income from continuing operations | 1.97 | 1.48 | 0.97 |
Income from discontinued operations | 0.03 | ||
Net income | $ 1.97 | $ 1.48 | $ 1 |
Weighted-average shares outstanding used in computing per share amounts: | |||
Basic | 37,854 | 36,600 | 37,869 |
Diluted | 54,179 | 52,653 | 45,614 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 91,304 | $ 64,024 | $ 42,063 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses), net of tax | 145 | (619) | 976 |
Total other comprehensive income (loss), net of tax | 145 | (619) | 976 |
Comprehensive income | $ 91,449 | $ 63,405 | $ 43,039 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Tender Offer [Member] | Tender Offer [Member]Treasury Stock [Member] |
Balances at Dec. 31, 2013 | $ 190,900 | $ 574 | $ 9,273,712 | $ (572,221) | $ (8,511,165) | |||
Balances, Shares at Dec. 31, 2013 | 57,437,992 | 18,281,498 | ||||||
Net income | 42,063 | 42,063 | ||||||
Other comprehensive income (loss), net of tax | 976 | $ 976 | ||||||
Issuance of stock for option exercises and other issuances, Value | 7,516 | (105,382) | $ 112,898 | |||||
Issuance of stock for option exercises and other issuances, Shares | (2,356,573) | |||||||
Tax benefit realized from issuances of common stock | 14,239 | 14,239 | ||||||
Stock-based compensation expense | 32,231 | 32,231 | ||||||
Repurchase of shares, Value | (128,748) | $ (128,748) | $ (97,588) | $ (97,588) | ||||
Repurchase of shares, Shares | 3,160,070 | 2,000,000 | ||||||
Balances at Dec. 31, 2014 | 61,589 | $ 574 | 9,214,800 | $ (685,659) | 976 | (8,469,102) | ||
Balances, Shares at Dec. 31, 2014 | 57,437,992 | 21,084,995 | ||||||
Net income | 64,024 | 64,024 | ||||||
Other comprehensive income (loss), net of tax | (619) | (619) | ||||||
Issuance of stock for option exercises and other issuances, Value | 16,861 | (19,135) | $ 35,996 | |||||
Issuance of stock for option exercises and other issuances, Shares | (1,152,246) | |||||||
Tax benefit realized from issuances of common stock | 39,002 | 39,002 | ||||||
Correcting adjustment to prior years' tax benefits realized from issuances of common stock | (29,499) | (29,499) | ||||||
Stock-based compensation expense | 33,276 | 33,276 | ||||||
Repurchase of shares, Value | (28,406) | $ (28,406) | ||||||
Repurchase of shares, Shares | 688,467 | |||||||
Balances at Dec. 31, 2015 | 156,228 | $ 574 | 9,238,444 | $ (678,069) | 357 | (8,405,078) | ||
Balances, Shares at Dec. 31, 2015 | 57,437,992 | 20,621,216 | ||||||
Net income | 91,304 | 91,304 | ||||||
Other comprehensive income (loss), net of tax | 145 | 145 | ||||||
Issuance of stock for option exercises and other issuances, Value | 47,119 | (17,781) | $ 64,900 | |||||
Issuance of stock for option exercises and other issuances, Shares | (2,378,866) | |||||||
Tax benefit realized from issuances of common stock | 54,258 | 54,258 | ||||||
Stock-based compensation expense | 28,862 | 28,862 | ||||||
Repurchase of shares, Value | (23,643) | $ (23,643) | $ (110,413) | $ (110,413) | ||||
Repurchase of shares, Shares | 456,218 | 2,000,000 | ||||||
Balances at Dec. 31, 2016 | $ 243,860 | $ 574 | $ 9,303,783 | $ (747,225) | $ 502 | $ (8,313,774) | ||
Balances, Shares at Dec. 31, 2016 | 57,437,992 | 20,698,568 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 91,304 | $ 64,024 | $ 42,063 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations, net of tax | (1,122) | ||
Depreciation and amortization | 30,792 | 30,521 | 29,811 |
Non-cash interest, net | 3,906 | 4,172 | 4,511 |
Non-cash stock-based compensation | 29,329 | 33,743 | 32,546 |
Deferred income taxes | 1,083 | (7,713) | 14,717 |
Loss on convertible notes | 2,058 | ||
Gain on investments | (139) | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | (5,141) | (37,507) | (12,574) |
Prepaid expenses and other, net | 4,039 | (4,132) | (673) |
Accrued expenses and other long-term liabilities | 3,246 | 9,606 | (380) |
Deferred revenue | 2,595 | 12,930 | 4,637 |
Net cash provided by continuing operations | 161,153 | 107,563 | 113,536 |
Net cash used in discontinued operations | (384) | ||
Net cash provided by operating activities | 161,153 | 107,563 | 113,152 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (29,785) | (48,372) | (23,194) |
Purchases of investments | (1,446,410) | ||
Maturities and sales of investments | 948,078 | 139 | |
Partial redemption of cost-method investment | 2,599 | ||
Cash paid in business combination | (3,182) | ||
Net cash used in investing activities | (525,518) | (48,233) | (26,376) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 65,309 | 21,939 | 40,602 |
Cash used for withholding taxes due on stock-based awards | (17,599) | (6,438) | (33,385) |
Net proceeds from issuance of convertible notes | 350,394 | ||
Maturity and repurchases of convertible notes | (102,682) | (151,038) | |
Repurchase of shares through tender offers | (110,413) | (97,588) | |
Purchases of treasury stock | (23,643) | (28,406) | (128,748) |
Excess tax benefit on stock-based awards | 54,258 | 39,002 | 14,239 |
Net cash provided by (used in) financing activities | 215,624 | (124,941) | (204,880) |
Net decrease in cash and cash equivalents | (148,741) | (65,611) | (118,104) |
Cash and cash equivalents at beginning of period | 641,165 | 706,776 | 824,880 |
Cash and cash equivalents at end of period | $ 492,424 | $ 641,165 | $ 706,776 |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Background and Basis of Presentation | 1. Background and Basis of Presentation Background WebMD Health Corp. (the “Company” or “WebMD”) is a Delaware corporation that was incorporated on May 3, 2005. The Company completed an initial public offering on September 28, 2005. The Company’s Common Stock trades under the symbol “WBMD” on the Nasdaq Global Select Market. The Company generates revenue from the advertising and sponsorship services of The WebMD Health Network WebMD Health Services Advertising and Sponsorship The WebMD Health Network www.WebMD.com www.Medscape.com e-mailed The WebMD Health Network The WebMD Health Network WebMD Magazine Health Services WebMD Health Services WebMD Health Services WebMD Health Services WebMD Digital Health Assistant SM offers online, self-directed health coaching which enables participants to set and track wellness goals and follow self-paced personal action plans. The Company generates revenue from employer and health plan subscriptions to its WebMD Health Services per-participant Information Services. de-identified de-identified Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries and have been prepared in United States dollars, and in accordance with U.S. generally accepted accounting principles (“GAAP”). The results of operations for companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal. All material intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect the allowance for doubtful accounts, the carrying value of long-lived assets (including goodwill and intangible assets), the amortization period of long-lived assets (excluding goodwill and indefinite-lived intangible assets), the carrying value, capitalization and amortization of software and Website development costs, the carrying value of investments, the provision for income taxes and related deferred tax accounts, certain accrued liabilities, revenue recognition, contingencies, litigation and related legal accruals and the value attributed to employee stock options and other stock-based awards. Seasonality The timing of the Company’s revenue is affected by seasonal factors. The Company’s advertising and sponsorship revenue is seasonal, primarily due to the annual spending patterns of the Company’s advertising and sponsorship clients. This portion of the Company’s revenue is usually the lowest in the first quarter of each calendar year, and generally increases during each consecutive quarter throughout the year. Additionally, the timing of revenue in relation to the Company’s expenses, many of which do not vary directly with revenue, has an impact on cost of operations, sales and marketing, and general and administrative expenses as a percentage of revenue in each calendar quarter. Cash and Cash Equivalents All highly liquid investments with an original maturity from the date of purchase of three months or less are considered to be cash equivalents. These investments are stated at cost, which approximates market. The Company’s cash and cash equivalents are generally invested in various money market accounts. Fair Value The carrying amount of cash and cash equivalents, accounts receivable, accrued expenses and deferred revenue is deemed to approximate fair value due to the immediate or short-term maturity of these items. See Note 12 for further information on the fair value of the Company’s investments. Allowance for Doubtful Accounts The allowance for doubtful accounts receivable reflects the Company’s best estimate of losses inherent in the Company’s receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available evidence. Long-Lived Assets Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. The useful lives are generally as follows: Computer equipment 3 years Office equipment, furniture and fixtures 4 to 7 years Software 3 years Website development costs 3 years Leasehold improvements Shorter of useful life or lease term Expenditures for maintenance, repair and renewals of minor items are charged to expense as incurred. Major improvements are capitalized. Goodwill and Intangible Assets Goodwill and intangible assets result from business combinations accounted for under the acquisition method. Goodwill and other intangible assets with indefinite lives are not amortized and are subjected to impairment review by applying fair value based tests. Intangible assets with definite lives are amortized on a straight-line basis over the individually estimated useful lives of the related assets as follows: Content 3 to 5 years Customer relationships 5 to 12 years Acquired technology and patents 3 years Trade names Up to 10 years Recoverability The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually and whenever indicators of impairment are present. The Company has one reporting unit and tests goodwill for impairment at the reporting unit level only when, after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying value. Fair value is determined using an income approach valuation method. A reporting unit is defined as an operating segment or one level below an operating segment. Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and the fair value. Long-lived assets held for sale are reported at the lower of cost or fair value less costs to sell. Based on the Company’s analysis, there was no impairment of goodwill or indefinite-lived intangible assets during the years ended December 31, 2016, 2015 and 2014. Internal Use Software Software development costs that are incurred in the preliminary project stage and post-implementation stage are expensed as incurred. Once certain criteria have been met, direct costs incurred in developing or obtaining computer software are capitalized. The Company capitalized $3,951 and $6,441 during the years ended December 31, 2016 and 2015, respectively. Capitalized internal use software development costs are included in property and equipment in the accompanying consolidated balance sheets. Training and data conversion costs are expensed as incurred. Capitalized software costs are depreciated over a three-year period. Depreciation expense related to internal use software was $7,001, $6,403 and $6,449 for the years ended December 31, 2016, 2015 and 2014, respectively. The remaining balance of internal use software, net of accumulated depreciation, was $8,576 and $11,630 as of December 31, 2016 and 2015, respectively. Website Development Costs Costs related to the planning and post-implementation phases of WebMD’s Website development efforts, as well as minor enhancements and maintenance, are expensed as incurred. Direct costs incurred in the development phase are capitalized. The Company capitalized $8,899 and $4,861 during the years ended December 31, 2016 and 2015, respectively. These capitalized costs are included in property and equipment in the accompanying consolidated balance sheets and are depreciated over a three-year period. Depreciation expense related to Website development costs was $6,020, $6,580 and $6,421 during the years ended December 31, 2016, 2015 and 2014, respectively. The remaining balance of Website development costs, net of accumulated depreciation, was $12,503 and $9,624 as of December 31, 2016 and 2015, respectively. Restricted Cash The Company’s restricted cash primarily relates to collateral for letters of credit obtained to support the Company’s operations. Total restricted cash was $2,116 and $3,547 as of December 31, 2016 and 2015, respectively, and is included in other assets in the accompanying consolidated balance sheets. Deferred Revenue Deferred revenue consists of invoices sent to customers where the Company has the contractual right to bill or payments received from customers, in advance of revenue recognition and is recognized as the revenue recognition criteria are met. Deferred revenue is influenced by several factors, including the timing of invoices to our customers and the timing of payments received from our customers in relation to the timing of the revenue recognition for the related customer contract. Deferred revenue at each balance sheet date is expected to be recognized during the succeeding twelve month period and is therefore classified as a current liability within the accompanying consolidated balance sheets. Leases The Company recognizes rent expense on a straight-line basis, including predetermined fixed escalations, over the initial lease term including reasonably assured renewal periods, net of lease incentives, from the time that the Company controls the leased property. Leasehold improvements made at the inception of the lease are amortized over the shorter of the useful life of the asset or the lease term. Lease incentives are recorded as a deferred credit and recognized as a reduction to rent expense on a straight-line basis over the lease term as described above. Presentation of Segment Information The Company generates revenue in four groups, as set forth in the table below. The first group is “Advertising and Sponsorship – Biopharma and Medical Device” and consists of advertising and sponsorship revenue from pharmaceutical, biotechnology and medical device clients relating to prescription pharmaceutical products or other regulated devices or products or for sponsoring educational programs. The second category is “Advertising and Sponsorship – OTC, CPG and Other” and consists of advertising and sponsorship revenue relating to non-Rx over-the-counter WebMD Health Services The following table presents the revenues recognized from the four revenue groups described above: Years Ended December 31, 2016 2015 2014 Advertising and sponsorship Biopharma and medical device $ 428,519 $ 371,220 $ 329,329 OTC, CPG and other 132,754 127,805 124,636 561,273 499,025 453,965 Health services 113,937 110,441 103,182 Information services 29,836 26,933 23,302 $ 705,046 $ 636,399 $ 580,449 The Company’s revenue is principally generated in the United States. An adverse change in economic conditions in the United States could negatively affect the Company’s revenue and results of operations. The Company recorded revenue from its international operations of $65,763, $56,979 and $46,095 during the years ended December 31, 2016, 2015 and 2014, respectively. Sales, Use and Value Added Tax The Company excludes sales, use and value-added tax from revenue in the accompanying consolidated statements of operations. Advertising Costs Advertising costs are generally expensed as incurred and totaled $5,903, $4,359 and $4,196 in 2016, 2015 and 2014, respectively. Foreign Currency The functional currency of the Company’s foreign operations is the U.S. dollar. Fluctuations in foreign currency monetary assets and liabilities result in gains or losses which are credited or charged to income. Foreign currency transactional gains or losses are also credited or charged to income. The Company is exposed to fluctuations in foreign currencies primarily through contracts with certain of the Company’s customers that are denominated in foreign currencies. In order to manage this risk, the Company has hedged portions of its foreign currency denominated customer contracts with foreign currency forward contracts. See Note 12 for further information on the Company’s foreign currency forward contracts. Concentration of Credit Risk None of the Company’s customers individually accounted for more than 10% of the Company’s revenue in 2016, 2015 or 2014, or more than 10% of the Company’s accounts receivable as of December 31, 2016 or 2015. Loss Contingencies The Company accounts for loss contingencies in accordance with Financial Accounting Standards Board (“FASB”) ASC No. 450, “Contingencies.” Under ASC No. 450, accruals for loss contingencies are recorded when both (i) the information available indicates that it is probable that a liability has been incurred and (ii) the amount of the loss can be reasonably estimated. The Company records adjustments to these accruals to reflect the status of negotiations, settlements, advice of counsel and other information and events related to an individual matter. Income Taxes Deferred income taxes are recognized for the future tax consequence of differences between the tax and financial reporting basis of assets and liabilities at each reporting period. A valuation allowance is established to reduce deferred tax assets to the amount expected to be realized. Tax contingencies are recorded to address potential exposure involving tax positions the Company has taken that could be challenged by tax authorities. These potential exposures result from applications of various statutes, rules, regulations and interpretations. The Company’s estimates of tax contingencies contain assumptions and judgments about potential actions by taxing jurisdictions. The Company reflects interest and penalties related to uncertain tax positions as part of the income tax provision in the accompanying consolidated statements of operations. Accounting for Stock-Based Compensation Stock-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. The grant-date fair value for stock options is estimated using the Black-Scholes Option Pricing Model. The Company recognizes these compensation costs, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the share-based payment award. Revenue Recognition Revenue from advertising is recognized as advertisements are delivered or as publications are distributed. Revenue from sponsorship arrangements, content syndication and distribution arrangements and subscriptions to our WebMD Health Services Contracts that contain multiple deliverables are subject to Accounting Standards Update (“ASU”) No. 2009-13 2009-13”). 2009-13 Pursuant to the guidance of ASU 2009-13, Net Income per Common Share Basic income per common share has been computed using the weighted-average number of shares of Common Stock outstanding during the periods presented. Diluted income per common share has been computed using the weighted-average number of shares of Common Stock outstanding during the periods, increased to give effect to potentially dilutive securities and assumes that any dilutive convertible notes were converted, only in the periods in which such effect is dilutive (shares in thousands): Years Ended December 31, 2016 2015 2014 Numerator: Income from continuing operations – Basic $ 91,304 $ 64,024 $ 40,941 Interest expense on 1.50% Notes, net of tax 3,513 3,456 3,456 Interest expense on 2.50% Notes, net of tax 7,307 7,189 — Interest expense on 2.25% Notes, net of tax 457 3,460 — Interest expense on 2.625% Notes, net of tax 3,911 — — Income from continuing operations – Diluted $ 106,492 $ 78,129 $ 44,397 Income from discontinued operations, net of tax – Basic and Diluted $ — $ — $ 1,122 Denominator: Weighted-average shares – Basic 37,854 36,600 37,869 Stock options and restricted stock 1,658 1,412 2,060 1.50% Notes 5,695 5,694 5,685 2.50% Notes 6,206 6,205 — 2.25% Notes 353 2,742 — 2.625% Notes 2,413 — — Adjusted weighted-average shares after assumed conversions – Diluted 54,179 52,653 45,614 Basic income per common share: Income from continuing operations $ 2.41 $ 1.75 $ 1.08 Income from discontinued operations — — 0.03 Net income $ 2.41 $ 1.75 $ 1.11 Diluted income per common share: Income from continuing operations $ 1.97 $ 1.48 $ 0.97 Income from discontinued operations — — 0.03 Net income $ 1.97 $ 1.48 $ 1.00 The Company has excluded certain of its convertible notes, as well as certain outstanding stock options and restricted stock, from the calculation of diluted income per common share during the periods in which such securities were anti-dilutive. The following table presents the total weighted-average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share during the periods presented (shares in thousands): Years Ended December 31, 2016 2015 2014 Options and restricted stock 625 3,678 2,594 2.25% Notes — — 3,506 2.50% Notes — — 6,195 625 3,678 12,295 Discontinued Operations A business unit is reported as a discontinued operation if its disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. Significant judgments are involved in determining whether a business component meets the criteria for discontinued operation reporting and the period in which these criteria are met. Reclassifications Certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. Recent Accounting Pronouncements Accounting Pronouncements Adopted During 2016 In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use 350-40): In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes The following table summarizes the reclassifications made to the consolidated balance sheet as of December 31, 2015 in connection with the adoption of ASU No. 2015-03 No. 2015-17: December 31, 2015 As Reported As Adjusted Current assets: Deferred tax assets 16,126 — Total current assets 850,602 834,476 Deferred tax assets — 15,694 Other assets 20,464 10,852 TOTAL ASSETS $ 1,165,967 $ 1,155,923 Current liabilities: 2.25% convertible notes due 2016 102,682 102,523 Total current liabilities 286,061 285,902 2.50% convertible notes due 2018 400,000 396,281 1.50% convertible notes due 2020 300,000 294,266 Other long-term liabilities 23,678 23,246 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,165,967 $ 1,155,923 Accounting Pronouncements to Be Adopted in the Future In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date No. 2014-09 No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers No. 2016-08, No. 2016-10, No. 2016-12 No. 2014-09, No. 2014-09. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): No. 2016-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting No. 2016-09 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations On October 19, 2009, the Company completed the sale of its Porex business. In connection with the sale of Porex, the Company agreed to indemnify Porex for certain tax matters. As of December 31, 2013, the remaining estimate of the Company’s tax indemnification liability related to Porex was $1,506. During the year ended December 31, 2014, the Company paid $384 in connection with the completion of the remaining tax audits for all periods covered under the indemnity agreement. The remaining indemnity liability of $1,122 was adjusted through income from discontinued operations during the year ended December 31, 2014. The Company has no further obligations related to this matter. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 4. Convertible Notes 2.50% Convertible Notes due 2018 On January 11, 2011, the Company issued $400,000 aggregate principal amount of its 2.50% Notes in a private offering. Unless previously converted, the 2.50% Notes will mature on January 31, 2018. Net proceeds from the sale of the 2.50% Notes were approximately $387,345, after deducting the related offering expenses of $12,655. Approximately $100,000 from the net proceeds was used to repurchase 1,920,490 shares of the Company’s Common Stock at a price of $52.07 per share, the last reported sale price of the Company’s Common Stock on January 5, 2011, which repurchase settled on January 11, 2011. Interest on the 2.50% Notes is payable semi-annually on January 31 and July 31 of each year, commencing July 31, 2011. Under the terms of the 2.50% Notes, holders were able to surrender their 2.50% Notes for conversion into the Company’s Common Stock at an initial conversion rate of 15.1220 shares of Common Stock per thousand dollars principal amount of the 2.50% Notes. This was equivalent to an initial conversion price of approximately $66.13 per share of Common Stock. In the aggregate, the 2.50% Notes were convertible into 6,048,800 shares of the Company’s Common Stock. Effective April 4, 2012, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on April 3, 2012, the conversion rate was adjusted to 15.3223 shares of Common Stock per thousand dollars principal amount of the 2.50% Notes. This was equivalent to an adjusted conversion price of approximately $65.26 per share of Common Stock. In the aggregate, the 2.50% Notes were convertible into 6,128,920 shares of Common Stock following the April 4, 2012 adjustment. Effective September 11, 2013, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on September 10, 2013, the conversion rate was adjusted to 15.4764 shares of Common Stock per thousand dollars principal amount of the 2.50% Notes. This was equivalent to an adjusted conversion price of approximately $64.61 per share of Common Stock. In the aggregate, the 2.50% Notes were convertible into 6,190,560 shares of Common Stock following the September 11, 2013 adjustment. Effective September 10, 2014, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on September 9, 2014 (see Note 10 for additional discussion), the conversion rate was adjusted to 15.5118 shares of Common Stock per thousand dollars principal amount of the 2.50% Notes. This was equivalent to an adjusted conversion price of approximately $64.47 per share of Common Stock. In the aggregate, the 2.50% Notes were convertible into 6,204,720 shares of Common Stock following the September 10, 2014 adjustment. Effective December 16, 2016, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on December 15, 2016 (see Note 10 for additional discussion), the conversion rate was adjusted to 15.5854 shares of Common Stock per thousand dollars principal amount of the 2.50% Notes. This is equivalent to an adjusted conversion price of approximately $64.16 per share of Common Stock. In the aggregate, the 2.50% Notes are convertible into 6,234,160 shares of Common Stock following the December 16, 2016 adjustment. Under the terms of the 2.50% Notes, if the Company undergoes certain change of control transactions prior to the maturity date of the 2.50% Notes, holders of the 2.50% Notes will have the right, at their option, to require the Company to repurchase some or all of their 2.50% Notes at a repurchase price equal to 100% of the principal amount of the 2.50% Notes being repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. At the Company’s option, and to the extent permitted by the applicable rules of the Nasdaq Global Select Market (or the applicable rules of such other exchange on which the Company’s Common Stock may be listed), instead of paying the repurchase price in cash, the Company may pay the repurchase price in shares of its Common Stock or a combination of cash and shares of its Common Stock. However, in the case of certain change of control transactions in which the Company is acquired by a public company, the Company may elect to provide for conversion of the 2.50% Notes into acquirer common stock, in which case the repurchase option would not apply. 2.25% Convertible Notes due 2016 On March 14, 2011, the Company issued $400,000 aggregate principal amount of its 2.25% Notes in a private offering. Net proceeds from the sale of the 2.25% Notes were approximately $387,400, after deducting the related offering expenses $12,595. Approximately $50,000 from the net proceeds was used to repurchase 868,507 shares of the Company’s Common Stock at a price of $57.57 per share, the last reported sale price of the Company’s Common Stock on March 8, 2011, which repurchase settled on March 14, 2011. Interest on the 2.25% Notes was payable semi-annually on March 31 and September 30 of each year, commencing September 30, 2011. Under the terms of the 2.25% Notes, holders were able to surrender their 2.25% Notes for conversion into the Company’s Common Stock at an initial conversion rate of 13.5704 shares of Common Stock per thousand dollars principal amount of the 2.25% Notes. This was equivalent to an initial conversion price of approximately $73.69 per share of Common Stock. In the aggregate, the 2.25% Notes were convertible into 5,428,160 shares of the Company’s Common Stock. Effective April 4, 2012, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on April 3, 2012, the conversion rate was adjusted to 13.7502 shares of Common Stock per thousand dollars principal amount of the 2.25% Notes. This was equivalent to an adjusted conversion price of approximately $72.73 per share of Common Stock. In the aggregate, the 2.25% Notes are convertible into 5,500,080 shares of Common Stock following the April 4, 2012 adjustment. Effective September 11, 2013, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on September 10, 2013, the conversion rate was adjusted to 13.8884 shares of Common Stock per thousand dollars principal amount of the 2.25% Notes. This was equivalent to an adjusted conversion price of approximately $72.00 per share of Common Stock. In the aggregate, the 2.25% Notes were convertible into 5,555,360 shares of Common Stock following the September 11, 2013 adjustment. During the year ended December 31, 2013, the Company repurchased $100,000 principal amount of its 2.25% Notes for $101,750 in cash in a privately negotiated transaction. Also during the year ended December 31, 2013, the Company repurchased $47,768 principal amount of its 2.25% Notes for $48,604 in cash in the open market. The Company recognized a pre-tax Effective September 10, 2014, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on September 9, 2014 (see Note 10 for additional discussion), the conversion rate was adjusted to 13.9202 shares of Common Stock per thousand dollars principal amount of the 2.25% Notes. This was equivalent to an adjusted conversion price of approximately $71.84 per share of Common Stock. In the aggregate, the 2.25% Notes were convertible into 3,511,120 shares of Common Stock following the September 10, 2014 adjustment. During the year ended December 31, 2015, the Company repurchased $149,550 principal amount of its 2.25% Notes for $151,038 in cash in privately negotiated transactions. The Company recognized a pre-tax 1.50% Convertible Notes due 2020 On November 26, 2013, the Company issued $300,000 aggregate principal amount of its 1.50% Notes in a private offering. Unless previously converted, the 1.50% Notes will mature on December 1, 2020. Net proceeds from the sale of the 1.50% Notes were approximately $291,823, after deducting the related offering expenses of $8,177. Interest on the 1.50% Notes is payable semi-annually on June 1 and December 1 of each year, commencing June 1, 2014. Under the terms of the 1.50% Notes, holders were able to surrender their 1.50% Notes for conversion into the Company’s Common Stock at an initial conversion rate of 18.9362 shares of Common Stock per thousand dollars principal amount of the 1.50% Notes. This was equivalent to an initial conversion price of approximately $52.81 per share of Common Stock. In the aggregate, the 1.50% Notes were convertible into 5,680,860 shares of the Company’s Common Stock. The conversion rate may be adjusted under certain circumstances. Effective September 10, 2014, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on September 9, 2014 (see Note 10 for additional discussion), the conversion rate was adjusted to 18.9795 shares of Common Stock per thousand dollars principal amount of the 1.50% Notes. This was equivalent to an adjusted conversion price of approximately $52.69 per share of Common Stock. In the aggregate, the 1.50% Notes were convertible into 5,693,850 shares of Common Stock following the September 10, 2014 adjustment. Effective December 16, 2016, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on December 15, 2016 (see Note 10 for additional discussion), the conversion rate was adjusted to 19.0695 shares of Common Stock per thousand dollars principal amount of the 1.50% Notes. This is equivalent to an adjusted conversion price of approximately $52.44 per share of Common Stock. In the aggregate, the 1.50% Notes are convertible into 5,720,850 shares of Common Stock following the December 16, 2016 adjustment. Under the terms of the 1.50% Notes, if the Company undergoes certain change of control or other fundamental change transactions prior to the maturity date of the 1.50% Notes, holders of the 1.50% Notes will have the right, at their option, to require the Company to repurchase some or all of their 1.50% Notes at a repurchase price equal to 100% of the principal amount of the 1.50% Notes being repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. However, the repurchase option will not apply in the case of certain change of control or other fundamental change transactions in which the Company is acquired by a public company, and (a) not less than 90% of the consideration received or to be received by holders of WebMD Common Stock, excluding cash payments for fractional shares, consists of acquirer common stock and (b) as a result of the transaction, the 1.50% Notes become convertible into the same consideration. 2.625% Convertible Notes due 2023 On June 1, 2016, the Company issued $360,000 aggregate principal amount of its 2.625% Convertible Notes due 2023 (the “2.625% Notes”) in a private offering. Unless previously converted, the 2.625% Notes will mature on June 15, 2023. Net proceeds from the sale of the 2.625% Notes were approximately $350,394, after deducting the related offering expenses of $9,606. Interest on the 2.625% Notes is payable semi-annually on June 15 and December 15 of each year, commencing December 15, 2016. Under the terms of the 2.625% Notes, holders were able to surrender their 2.625% Notes for conversion into the Company’s Common Stock at an initial conversion rate of 11.4845 shares of Common Stock per thousand dollars principal amount of the 2.625% Notes. This was equivalent to an initial conversion price of approximately $87.07 per share of Common Stock. In the aggregate, the 2.625% Notes were convertible into 4,134,420 shares of the Company’s Common Stock. Effective December 16, 2016, after giving effect to an adjustment resulting from a tender offer for the Company’s Common Stock that the Company completed on December 15, 2016 (see Note 10 for additional discussion), the conversion rate was adjusted to 11.5389 shares of Common Stock per thousand dollars principal amount of the 2.625% Notes. This is equivalent to an adjusted conversion price of approximately $86.66 per share of Common Stock. In the aggregate, the 2.625% Notes are convertible into 4,154,004 shares of Common Stock following the December 16, 2016 adjustment. Under the terms of the 2.625% Notes, if the Company undergoes certain change of control or other fundamental change transactions prior to the maturity date of the 2.625% Notes, holders of the 2.625% Notes will have the right, at their option, to require the Company to repurchase some or all of their 2.625% Notes at a repurchase price equal to 100% of the principal amount of the 2.625% Notes being repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. However, the repurchase option will not apply in the case of certain change of control or other fundamental change transactions in which the Company is acquired by a public company, and (a) not less than 90% of the consideration received or to be received by holders of WebMD Common Stock, excluding cash payments for fractional shares, consists of acquirer common stock and (b) as a result of the transaction, the 2.625% Notes become convertible into the same consideration. Costs associated with the issuance of the Company’s convertible notes are presented in the accompanying consolidated balance sheets as direct reductions from the carrying amounts of the corresponding convertible notes, and are amortized to interest expense over the period from issuance through the earliest date on which holders can demand redemption. The aggregate amortization of these issuance costs, which is included within interest expense in the accompanying consolidated statements of operations, was $3,906, $4,172 and $4,511 for the years ended December 31, 2016, 2015 and 2014, respectively. During the year ended December 31, 2015, the Company wrote off issuance costs of $571 in connection with the repurchase of a portion of its 2.25% Notes. The balances of the Company’s convertible notes consisted of the following: December 31, 2016 December 31, 2015 Principal Less Net Principal Less Net 2.25% Notes $ — $ — $ — $ 102,682 $ (159 ) $ 102,523 2.50% Notes $ 400,000 $ (1,934 ) $ 398,066 $ 400,000 $ (3,719 ) $ 396,281 1.50% Notes $ 300,000 $ (4,568 ) $ 295,432 $ 300,000 $ (5,734 ) $ 294,266 2.625% Notes $ 360,000 $ (8,810 ) $ 351,190 $ — $ — $ — |
Long-Lived Assets
Long-Lived Assets | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | 5. Long-Lived Assets Property and Equipment Property and equipment consist of the following: December 31, 2016 2015 Software $ 70,622 $ 66,708 Computer equipment 77,739 69,973 Web site development costs 71,683 62,784 Leasehold improvements 61,246 72,679 Office equipment, furniture and fixtures 15,844 17,398 Land and buildings 291 291 297,425 289,833 Less: accumulated depreciation (214,129 ) (208,806 ) Property and equipment, net $ 83,296 $ 81,027 Depreciation expense was $27,672, $27,200 and $27,010 in 2016, 2015 and 2014, respectively. Goodwill and Intangible Assets The balance of goodwill was $202,980 as of December 31, 2016 and 2015. Intangible assets consist of the following: December 31, 2016 December 31, 2015 Gross Accumulated Net Weighted (a) Gross Accumulated Net Weighted (a) Content $ 15,954 $ (15,954 ) $ — — $ 15,954 $ (15,954 ) $ — — Customer relationships 34,057 (31,274 ) 2,783 1.9 34,057 (29,218 ) 4,839 2.7 Technology and patents 17,882 (17,355 ) 527 0.5 17,882 (16,291 ) 1,591 1.5 Trade names-definite lives 2,530 (2,530 ) — — 2,530 (2,530 ) — — Trade names-indefinite lives 4,464 — 4,464 n/a 4,464 — 4,464 n/a Total $ 74,887 $ (67,113 ) $ 7,774 $ 74,887 $ (63,993 ) $ 10,894 (a) The calculation of the weighted average remaining useful life is based on the net book value and the remaining amortization period of each respective intangible asset. In July 2014, the Company acquired the assets of TheraSim, Inc. for $3,182 in cash. TheraSim’s technology provides the content and programming for certain of the Company’s sponsorship services. The purchase price was allocated to an intangible asset, “Technology,” is being amortized over a three-year Amortization expense was $3,120, $3,321 and $2,801 in 2016, 2015 and 2014, respectively. Future amortization expense for intangible assets is estimated to be: Year Ending December 31: 2017 $ 2,044 2018 $ 1,266 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consist of the following: December 31, 2016 2015 Accrued compensation $ 43,082 $ 45,715 Accrued outside services 11,173 10,775 Accrued marketing and distribution 7,110 5,383 Accrued interest 4,962 5,119 Other accrued liabilities 12,270 13,672 $ 78,597 $ 80,664 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Legal Proceedings and Claims Dual Diagnosis Treatment Center, et al. v. Blue Cross of California, et al. On May 8, 2015, six providers of substance abuse and/or mental health treatment services located in the States of California, Arizona and Florida filed an action in the United States District Court for the Central District of California (the “Action”) initially against twenty-eight (28) Blue Cross and Blue Shield companies (collectively “Blue Cross”), as well as at least forty-one “out-of-network” Other Legal Proceedings and Claims In the normal course of business, the Company and its subsidiaries are involved in various claims and legal proceedings. While the ultimate resolution of these matters has yet to be determined, the Company does not believe that their outcomes will have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. Leases The Company leases its offices and other facilities under operating lease agreements that expire at various dates through 2024. Total rent expense for all operating leases was approximately $13,177, $6,506 and $9,194 in 2016, 2015 and 2014, respectively. Included in other long-term liabilities as of December 31, 2016 and 2015 were $16,948 and $12,071, respectively, related to lease incentives and the difference between rent expense and the rental amount payable for leases with fixed escalations. Future minimum lease commitments under non-cancelable Year Ending December 31: 2017 $ 15,507 2018 15,031 2019 14,128 2020 14,412 2021 13,389 Thereafter 20,306 Total minimum lease payments $ 92,773 Other Contingencies The Company provides certain indemnification provisions within its customer agreements to protect the other party from any liabilities or damages resulting from a claim of misappropriation or infringement by third parties relating to its products and services. The Company has not incurred a liability relating to any of these indemnification provisions in the past and management believes that the likelihood of any future payment relating to these provisions is unlikely. Therefore, the Company has not recorded a liability during any period for these indemnification provisions. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation The Company has various stock-based compensation plans (collectively, the “Plans”) that provide for the grant of stock options, restricted stock, and other awards based on WebMD Common Stock. The 2005 Long-Term Incentive Plan (as amended, the “2005 Plan”) is the only existing plan under which future grants can be made. The maximum number of shares of the Company’s Common Stock that may be subject to awards under the 2005 Plan was 24,975,000 as of December 31, 2016, subject to adjustment in accordance with the terms of the 2005 Plan. The Company had an aggregate of 607,739 shares of Common Stock available for future grants under the 2005 Plan at December 31, 2016, of which 242,700 shares are available for grant only to individuals who are not executive officers of the Company (other than in the case of a new hire who joins the Company as an executive officer) or members of the Company’s Board of Directors. Stock Options Generally, options under the Plans vest and become exercisable ratably over periods ranging from three to four years based on their individual grant dates, subject to continued employment on the applicable vesting dates, and expire within ten years from the date of grant. Options are granted at prices not less than the fair market value of the Company’s Common Stock on the date of grant. The following table summarizes stock option activity for the Plans: Shares Weighted Weighted Aggregate (a) Outstanding at January 1, 2014 11,429,279 $ 29.12 Granted 899,200 43.03 Exercised (3,875,410 ) 24.40 Cancelled (905,543 ) 33.42 Outstanding at December 31, 2014 7,547,526 32.69 Granted 2,134,900 42.75 Exercised (989,993 ) 24.53 Cancelled (821,998 ) 38.68 Outstanding at December 31, 2015 7,870,435 35.81 Granted 1,975,300 49.96 Exercised (3,136,400 ) 32.66 Cancelled (590,511 ) 40.53 Outstanding at December 31, 2016 6,118,824 $ 41.55 7.5 $ 51,231 Vested and exercisable at the end of the period 2,218,561 $ 34.44 5.3 $ 33,815 (a) The aggregate intrinsic value is based on the market price of the Company’s Common Stock on December 30, 2016, the last trading day in December 2016, which was $49.57, less the applicable exercise price of the underlying option. This aggregate intrinsic value represents the amount that would have been realized if all the option holders had exercised their options on December 30, 2016. The following table summarizes information with respect to options outstanding and options exercisable at December 31, 2016: Outstanding Exercisable Exercise Prices Shares Weighted Weighted Shares Weighted $13.15 - $29.89 596,311 $ 20.32 3.9 551,011 $ 20.32 $30.00 - $36.59 641,889 32.90 6.0 506,856 32.65 $36.62 - $39.46 567,993 38.07 5.9 408,034 37.89 $39.50 - $42.98 689,533 39.98 7.1 274,720 39.95 $42.99 943,675 42.99 8.0 101,994 42.99 $43.05 - $48.75 731,032 45.74 7.5 269,355 45.70 $49.00 1,631,000 49.00 9.8 — — $49.13 - $63.45 317,391 56.29 7.3 106,591 51.90 6,118,824 $ 41.55 7.5 2,218,561 $ 34.44 The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model considering the weighted-average assumptions noted in the following table. Expected volatility is based on implied volatility from traded options of the Company’s Common Stock combined with historical volatility of the Company’s Common Stock. The expected term represents the period of time that options are expected to be outstanding following their grant date, and was determined using historical exercise data combined with assumptions for future exercise activity. The risk-free rate is based on the U.S. Treasury yield curve for periods equal to the expected term of the options on the grant date. Years Ended December 31, 2016 2015 2014 Expected dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 0.35 - 0.44 0.41 - 0.48 0.47 - 0.49 Risk-free interest rate 0.86% - 1.71 % 1.01% - 1.56 % 1.16% - 1.72 % Expected term (years) 3.9 - 4.8 4.1 - 4.7 4.2 - 5.0 Weighted-average fair value of options granted during the period $ 15.16 $ 16.26 $ 17.58 Restricted Stock The Company’s Restricted Stock consists of shares of the Company’s Common Stock which have been awarded to employees with restrictions that cause them to be subject to substantial risk of forfeiture and restrict their sale or other transfer by the employee until they vest. Generally, the Company’s Restricted Stock grants vest ratably over periods ranging from three to four years from their individual award dates, subject to continued employment on the applicable vesting dates. The following table summarizes the activity of the Company’s Restricted Stock: Years Ended December 31, 2016 2015 2014 Shares Weighted Shares Weighted Shares Weighted Balance at the beginning of the year 854,845 $ 39.17 904,083 $ 35.58 1,184,961 $ 33.07 Granted 457,600 50.04 441,920 42.96 177,200 43.84 Vested (293,967 ) 34.90 (331,558 ) 35.72 (324,453 ) 32.70 Forfeited (138,452 ) 43.06 (159,600 ) 36.57 (133,625 ) 31.29 Balance at the end of the year 880,026 $ 45.97 854,845 $ 39.17 904,083 $ 35.58 During November 2016, the Compensation Committee of the Board of Directors granted a total of 55,000 shares of performance-based Restricted Stock to two senior executives that will vest and be earned so long as the executive is employed at the end of the performance period, which is December 31, 2019, and only to the extent that the Committee determines that the performance criteria have been satisfied; provided, however, that the conditions to vesting and performance criteria may be deemed to have been met in certain circumstances, including in connection with a change in control of the Company. The performance criteria are based on Average Adjusted EBITDA during the performance period of January 1, 2016 through December 31, 2019. The 55,000 shares of performance-based Restricted Stock are included in the above table. Proceeds received from the exercise of options to purchase shares of the Company’s Common Stock were $65,309, $21,939 and $40,602 for the years ended December 31, 2016, 2015 and 2014, respectively. Additionally, in connection with the exercise of certain stock options and the vesting of restricted stock, the Company made payments of $17,599, $6,438 and $33,385 during the years ended December 31, 2016, 2015 and 2014, respectively, related to employee statutory withholding taxes that were satisfied by withholding shares of Common Stock of equal value from the respective employees. The proceeds and payments described above are reflected within cash flows from financing activities within the accompanying consolidated statements of cash flows. The intrinsic value related to stock options that were exercised, combined with the fair value of shares of restricted stock that vested, aggregated $86,080, $34,670 and $100,232 for the years ended December 31, 2016, 2015 and 2014, respectively. Other Each year the Company issues shares of its Common Stock, under the 2005 Plan, to non-employee Summary of Stock-Based Compensation Expense The following table summarizes the components and classification of stock-based compensation expense: Years Ended December 31, 2016 2015 2014 Stock options $ 18,556 $ 21,336 $ 21,117 Restricted stock 10,306 11,940 11,114 Other 467 467 315 Total stock-based compensation expense $ 29,329 $ 33,743 $ 32,546 Included in: Cost of operations $ 5,216 $ 5,217 $ 5,940 Sales and marketing 5,942 7,290 7,221 General and administrative 18,171 21,236 19,385 Total stock-based compensation expense $ 29,329 $ 33,743 $ 32,546 In the table above, stock-based compensation expense included in general and administrative expense for 2016 includes the net reversal of $2,394 of stock-based compensation expense recorded in prior periods for stock-based awards that were forfeited by the Company’s former Chief Executive Officer and former Chief Financial Officer upon their termination of employment in September 2016. As of December 31, 2016, approximately $62,194 of unrecognized stock-based compensation expense related to unvested awards (net of estimated forfeitures) is expected to be recognized over a weighted-average period of approximately 2.7 years, related to the Plans. Tax benefits attributable to stock-based compensation represented approximately 38% of stock-based compensation expense during each of the years ended December 31, 2016 and 2015 and 39% of stock-based compensation expense during the year ended December 31, 2014. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | 9. Retirement Plans The Company maintains certain defined contribution retirement plans covering substantially all of its employees, which provide for matching and discretionary contributions. The Company has recorded expenses related to these plans of $4,854, $4,495 and $3,971 for 2016, 2015 and 2014, respectively, related to these matching and discretionary contributions. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | 10. Equity Treasury Stock Repurchased shares are recorded under the cost method and are reflected as treasury stock in the accompanying consolidated balance sheets, unless the shares are cancelled and retired. Tender Offers On December 15, 2016, the Company completed a tender offer (the “2016 Tender Offer”) through which it repurchased 2,000,000 shares of its Common Stock at a price of $55.00 per share for total consideration of $110,413, which includes $413 of costs directly attributable to the purchase. The shares repurchased through the 2016 Tender Offer are reflected as treasury stock in the accompanying consolidated balance sheets. On September 9, 2014, the Company completed a tender offer (the “2014 Tender Offer”) through which it repurchased 2,000,000 shares of its Common Stock at a price of $48.50 per share for total consideration of $97,588, which includes $588 of costs directly attributable to the purchase. The shares repurchased through the 2014 Tender Offer are reflected as treasury stock in the accompanying consolidated balance sheets. Stock Repurchase Program In August 2011, the Board of Directors established a stock repurchase program (the “Program”) through which the Company was authorized to use up to $75,000 to purchase shares of WebMD Common Stock, from time to time, in the open market, through block trades or in private transactions, depending on market conditions and other factors. In October 2011, February 2014, March 2014, April 2014, November 2014 and September 2015, the Company’s Board of Directors authorized increases to the Program of $75,000, $50,000, $40,000, $30,000, $23,895 and $27,451, respectively. Additionally, on September 16, 2016, the Company’s Board of Directors authorized an increase in the Program of $35,198, bringing the total then available under the Program to $50,000. During 2016, 2015 and 2014, the Company repurchased 456,218 shares, 688,467 shares and 3,160,070 shares of its Common Stock, respectively, at an aggregate cost of $23,643, $28,406 and $128,748, respectively, under the Program. As of December 31, 2016, $45,611 remained available for repurchases under the Program. Accumulated Other Comprehensive Income (“AOCI”) The following table summarizes the Company’s changes in Accumulated Other Comprehensive Income: Unrealized Gains net of tax Unrealized Gains on net of tax Total Balance at December 31, 2014 $ 976 $ — $ 976 Unrealized loss before reclassifications (536 ) — (536 ) Amounts reclassified from AOCI to gain on investments (83 ) — (83 ) Net current period other comprehensive loss (619 ) — (619 ) Balance at December 31, 2015 357 — 357 Unrealized (loss) gain before reclassifications (96 ) 760 664 Amounts reclassified from AOCI to cost of operations — (519 ) (519 ) Net current period other comprehensive (loss) income (96 ) 241 145 Balance at December 31, 2016 $ 261 $ 241 $ 502 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) were as follows: December 31, 2016 2015 Deferred tax assets: Federal net operating loss carryforwards $ 30,533 $ 83,071 State net operating loss carryforwards 31,468 33,320 Capital losses 201 292 Federal tax credits 28,698 28,555 Accrued expenses 20,426 19,086 Stock-based compensation 17,090 24,294 Property and equipment 1,556 — Intangible assets 3,603 3,610 Other 3,776 3,808 Total deferred tax assets 137,351 196,036 Valuation allowance (85,957 ) (142,604 ) Net deferred tax assets 51,394 53,432 Deferred tax liabilities: Property and equipment — (1,466 ) Goodwill and indefinite-lived intangible asset (36,548 ) (33,465 ) Other (302 ) (2,807 ) Total deferred tax liabilities (36,850 ) (37,738 ) Net deferred tax assets $ 14,544 $ 15,694 The income tax provision was as follows: Years Ended December 31, 2016 2015 2014 Current: Federal $ (4,396 ) $ 1,076 $ (622 ) State 6,161 4,773 3,047 Foreign 99 268 369 Current income tax provision 1,864 6,117 2,794 Deferred: Federal 737 (8,456 ) 12,570 State 729 743 2,147 Foreign (383 ) — — Deferred income tax provision (benefit) 1,083 (7,713 ) 14,717 Reversal of valuation allowance applied to additional paid-in 52,583 37,443 13,196 Total income tax provision $ 55,530 $ 35,847 $ 30,707 The reconciliation between the federal statutory rate and the effective income tax rate is as follows: Years Ended December 31, 2016 2015 2014 United States federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes (net of federal benefit) 4.2 5.7 7.4 Valuation allowance (2.7 ) (7.1 ) (3.3 ) Non-deductible 0.5 1.4 2.2 Other 0.8 0.9 1.6 Effective income tax rate 37.8 % 35.9 % 42.9 % During 2016, 2015 and 2014, the Company reversed $52,583, $37,443 and $13,196, respectively, of its valuation allowance through additional paid-in paid-in At December 31, 2016, the Company had net operating loss carryforwards for federal income tax purposes of approximately $512,000, primarily all of which expire in 2022 through 2034, and federal tax credits of $63,112, which excludes the impact of any unrecognized tax benefits, of which $44,172 expire in 2017 through 2031 and $18,940 can be carried forward indefinitely. The Company uses the “with-and-without” “with-and-without” paid-in The net operating loss carryforwards that are presented on a tax effected basis within the deferred tax assets include approximately $79,000 of gross excess tax benefits related to share-based payments. Since this amount was recorded through additional paid-in paid-in paid-in The tender offer completed on November 25, 2008 resulted in a cumulative change of more than 50% of the ownership of the Company’s capital, as determined under rules prescribed by the U.S. Internal Revenue Code and applicable Treasury regulations. As a result of the ownership change, there is an annual limitation imposed on the Company’s net operating loss carryforwards and federal tax credits. The Company experienced another cumulative change on February 25, 2011. Despite this second ownership change, the Company’s net operating loss carryforwards and federal tax credits continue to be limited by the November 25, 2008 annual limitation. As of December 31, 2016 and 2015, the Company had unrecognized income tax benefits of $15,516 and $14,815, respectively, which would result in an income tax benefit if realized. Included in the unrecognized income tax benefits as of December 31, 2016 and 2015 are accrued interest and penalties of $869 and $738, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits as part of the income tax provision. The following table summarizes the activity of unrecognized tax benefits, excluding accrued interest and penalties, for the years ended December 31, 2016, 2015 and 2014: Years Ended December 31, 2016 2015 2014 Balance at the beginning of the year $ 14,077 $ 12,972 $ 13,392 Increases related to prior year tax positions 76 776 15 Increases related to current year tax positions 691 394 — Decreases related to prior year tax positions (158 ) — (379 ) Settlements — (15 ) — Expiration of the statute of limitations for the assessment of taxes (39 ) (50 ) (56 ) Balance at the end of the year $ 14,647 $ 14,077 $ 12,972 Although the Company files U.S. federal and various state and other tax returns, the major taxing jurisdiction is the U.S. The Company is currently under audit in a number of state and local taxing jurisdictions and will have statutes of limitations with respect to certain tax returns expiring within the next twelve months. As a result, it is reasonably possible that there may be a reduction in the unrecognized income tax benefits, prior to any annual increase, in the range of $100 to $200 within the next twelve months. With the exception of adjusting net operating loss carryforwards that may be utilized, the Company is no longer subject to federal income tax examinations for tax years before 2013 and for state and local income tax examinations for tax years before 2012. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 12. Fair Value of Financial Instruments The Company accounts for certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, the Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Cash and Marketable Securities The following table sets forth the Company’s Level 1 financial assets that were measured and recorded at fair value on a recurring basis as of December 31, 2016 and 2015: Fair Value December 31, 2016 December 31, 2015 Amortized Fair Value Gross Amortized Fair Value Gross Cash and cash equivalents Level 1 $ 492,424 $ 492,424 $ — $ 641,165 $ 641,165 $ — U.S. Treasury securities Level 1 $ 498,359 $ 498,500 $ 141 $ — $ — $ — Equity security Level 1 $ — $ 278 $ 278 $ — $ 598 $ 598 During 2016, the Company invested $948,078 in U.S. Treasury securities that matured on December 22, 2016. Following this maturity, the Company invested $498,332 in U.S. Treasury securities that have a maturity date of June 29, 2017. These securities are reflected within Investments on the accompanying consolidated balance sheet as of December 31, 2016. The unrealized gain related to these securities, net of tax, is included within accumulated other comprehensive income in the accompanying consolidated balance sheet as of December 31, 2016. The Company’s Level 1 equity security consists of an equity investment in a publicly traded company that completed its initial public offering in December 2014. During 2015, the Company recorded a gain on investments of $139, which represents the proceeds received by the Company when it sold a portion of this security. The unrealized gain related to this investment, net of tax, is included within accumulated other comprehensive income in the accompanying consolidated balance sheets as of December 31, 2016 and 2015. Foreign Currency Forward Contracts The Company is exposed to fluctuations in foreign currencies related to contracts with certain of the Company’s customers that are denominated in foreign currencies, principally the British Pound and the Euro. In order to manage this risk, the Company has hedged portions of its foreign currency denominated customer contracts with foreign currency forward contracts. At December 31, 2016, the Company had foreign currency forward contracts with U.S. dollar equivalent notional amounts of $15,401, all of which were designated as and qualified as cash flow hedges. The Company did not have any foreign currency forward contracts at December 31, 2015. These forward contracts are intended to fix the amount of these foreign currency obligations in terms of the Company’s functional currency, the U.S. dollar. All of the Company’s derivative instruments are utilized for risk management purposes, and the Company does not use derivatives for speculative trading purposes. The Company recognizes the fair value of its foreign currency forward contracts as either assets or liabilities on the consolidated balance sheets. Changes in the fair value of hedging instruments are recorded each period in accumulated other comprehensive income (loss) as unrealized gains and losses until the forecasted underlying transaction occurs. Realized gains and losses for the effective portion of such contracts are recognized in cost of operations in the consolidated statement of operations in the period when the forecasted underlying transaction occurs. The Company classifies the cash flows from hedging instruments in the same category as the cash flows from the hedged items. The Company assesses, both at inception and on an ongoing basis, whether the foreign currency forward contracts used in hedging transactions are highly effective in offsetting the changes in cash flows of the hedged items. The Company also assesses hedge ineffectiveness quarterly and, if determined to be ineffective, records the gain or loss related to the ineffective portion in its consolidated statements of operations. Gains and losses related to hedge ineffectiveness were not material during the periods presented. The following table sets forth the fair values of foreign currency forward contracts, which are valued using Level 2 inputs, and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) December 31, December 31, Prepaid expenses and other current assets $ 806 $ — Other assets $ 256 $ — Accrued expenses $ (163 ) $ — Other long-term liabilities $ (9 ) $ — The impact on accumulated other comprehensive income and net income from foreign currency forward contracts were as follows: Years Ended December 31, 2016 2015 2014 Gain recognized in AOCI $ 1,226 $ — $ — Gain reclassified from AOCI to cost of operations $ 837 $ — $ — Other For disclosure purposes, the Company is required to measure the outstanding value of its debt on a recurring basis. The following table presents the principal amount and estimated fair value (based on Level 2 market price data) of the Company’s convertible notes as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Principal Fair Value Principal Fair Value 2.25% Notes $ — $ — $ 102,682 $ 102,618 2.50% Notes $ 400,000 $ 409,000 $ 400,000 $ 416,000 1.50% Notes $ 300,000 $ 338,565 $ 300,000 $ 340,566 2.625% Notes $ 360,000 $ 341,928 $ — $ — The Company also holds an investment in a privately held company which is carried at cost, and not subject to fair value measurements. However, if events or circumstances indicate that its carrying amount may not be recoverable, it would be reviewed for impairment. The total amount of the Company’s investment in this privately held company was $3,872 and $6,471 as of December 31, 2016 and 2015, respectively. The decrease in 2016 was due to partial cash redemptions of this investment. Since the Company does not have the ability to exercise significant influence over this company, the investment is accounted for under the cost method and it is included in other assets on the accompanying consolidated balance sheets as of December 31, 2016 and 2015. |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Expense | 13. Other Expense For 2016, other expense represents cash severance and related expenses in connection with the September 2016 departure of the Chief Executive Officer and the Chief Financial Officer of the Company. For 2015, other expense represents a charge related to the resolution of a patent infringement claim made by International Business Machines Corporation against the Company. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 14. Supplemental Disclosures of Cash Flow Information Supplemental information related to the consolidated statements of cash flows is summarized below: Years Ended December 31, 2016 2015 2014 Supplemental Disclosure of Cash Flow Information: Interest paid $ 20,748 $ 19,792 $ 20,225 Taxes paid, net (a) $ 3,809 $ 2,850 $ 277 (a) As the Company generally files its tax returns on a consolidated basis, taxes paid, net of refunds, includes all taxes paid by the Company, including those of the Company’s discontinued operations. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 15. Quarterly Financial Data (Unaudited) The following table summarizes the quarterly financial data for 2016 and 2015. The per common share calculations for each of the quarters are based on the weighted-average number of common shares for each period; therefore, the sum of the quarters may not necessarily be equal to the full year per common share amount. 2016 First Second Third Fourth Revenue $ 158,553 $ 167,583 $ 171,438 $ 207,472 Cost of operations 62,513 65,788 65,458 72,895 Sales and marketing 33,756 35,614 35,264 41,328 General and administrative 23,756 23,983 20,005 23,397 Depreciation and amortization 7,487 7,672 7,912 7,721 Interest income 206 367 1,034 938 Interest expense 5,100 5,265 7,065 7,066 Other expense — — 1,712 — Income before income tax provision 26,147 29,628 35,056 56,003 Income tax provision 10,429 11,848 13,438 19,815 Net income $ 15,718 $ 17,780 $ 21,618 $ 36,188 Net income per common share – Basic $ 0.42 $ 0.47 $ 0.57 $ 0.95 Net income per common share – Diluted $ 0.36 $ 0.39 $ 0.47 $ 0.73 Net Income per Common Share: Numerator: Net income – Basic $ 15,718 $ 17,780 $ 21,618 $ 36,188 Interest expense on 1.50% Notes, net of tax 878 878 878 878 Interest expense on 2.50% Notes, net of tax 1,827 1,827 1,827 1,827 Interest expense on 2.25% Notes, net of tax 457 — — — Interest expense on 2.625% Notes, net of tax — — 1,675 1,676 Net income – Diluted $ 18,880 $ 20,485 $ 25,998 $ 40,569 Denominator: Weighted-average shares – Basic 37,267 38,041 38,103 38,006 Stock options and restricted stock 1,755 2,008 1,709 1,158 1.50% Notes 5,694 5,694 5,694 5,699 2.50% Notes 6,205 6,205 6,205 6,210 2.25% Notes 1,414 — — — 2.625% Notes — — 4,134 4,138 Adjusted weighted-average shares after assumed conversions – Diluted 52,335 51,948 55,845 55,211 2015 First Second Third Fourth Revenue $ 143,343 $ 148,320 $ 152,607 $ 192,129 Cost of operations 57,877 60,407 59,552 69,475 Sales and marketing 32,476 32,570 32,850 40,129 General and administrative 21,453 23,002 22,942 24,183 Depreciation and amortization 8,245 7,592 7,266 7,418 Interest income 17 9 10 15 Interest expense 6,172 6,171 5,681 5,099 Loss on convertible notes — — 2,058 — Gain on investments — 139 — — Other expense — 4,100 — — Income before income tax provision 17,137 14,626 22,268 45,840 Income tax provision 7,133 1,255 9,080 18,379 Net income $ 10,004 $ 13,371 $ 13,188 $ 27,461 Net income per common share – Basic $ 0.27 $ 0.36 $ 0.36 $ 0.75 Net income per common share – Diluted $ 0.25 $ 0.32 $ 0.32 $ 0.60 Net Income per Common Share: Numerator: Net income – Basic $ 10,004 $ 13,371 $ 13,188 $ 27,461 Interest expense on 1.50% Notes, net of tax 864 864 864 864 Interest expense on 2.50% Notes, net of tax — 1,797 1,797 1,797 Interest expense on 2.25% Notes, net of tax — 1,103 — 449 Net income – Diluted $ 10,868 $ 17,135 $ 15,849 $ 30,571 Denominator: Weighted-average shares – Basic 36,393 36,705 36,721 36,583 Stock options and restricted stock 1,378 1,503 1,338 1,427 1.50% Notes 5,694 5,694 5,694 5,694 2.50% Notes — 6,205 6,205 6,205 2.25% Notes — 3,511 — 1,429 Adjusted weighted-average shares after assumed conversions – Diluted 43,465 53,618 49,958 51,338 |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent event | 16. Subsequent event On February 16, 2017, the Company announced that its Board of Directors, working together with its management team and legal and financial advisors, had commenced a process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value. These alternatives could include, among other things, the sale of part or all of the Company, a merger with another party or other strategic transaction, or continuing to execute on WebMD’s business plan. The Company’s Board of Directors has not set a timetable for this process. There can be no assurance that the exploration of strategic alternatives will result in a transaction. |
Schedule II. Valuation and Qual
Schedule II. Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II. Valuation and Qualifying Accounts | Schedule II. Valuation and Qualifying Accounts Years Ended December 31, 2016, 2015 and 2014 Balance at Charged to Write-offs Other Balance at (in thousands) December 31, 2016 Allowance for Doubtful Accounts $ 1,040 $ 571 $ (79 ) $ — $ 1,532 Valuation Allowance for Deferred Tax Assets 142,604 (3,969 ) — (52,678 ) (a) 85,957 December 31, 2015 Allowance for Doubtful Accounts 631 874 (465 ) — 1,040 Valuation Allowance for Deferred Tax Assets 157,644 (7,061 ) — (7,979 ) (b) 142,604 December 31, 2014 Allowance for Doubtful Accounts 793 577 (739 ) — 631 Valuation Allowance for Deferred Tax Assets 174,592 (2,350 ) — (14,598 ) (a) 157,644 (a) Primarily represents the valuation allowance released as a result of the utilization during the year ended December 31, 2016, and the utilization and expiration during the year ended December 31, 2014, of net operating loss carryforwards generated by excess tax benefits of share-based payments. (b) Primarily represents the valuation allowance released as a result of the utilization of net operating loss carryforwards generated by excess tax benefits of share-based payments, offset by a correcting adjustment, made in the quarter ended June 30, 2015, related to the realization of excess tax benefits of share-based payments during the years ended December 31, 2011 and 2010. |
Background and Basis of Prese25
Background and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Background | Background WebMD Health Corp. (the “Company” or “WebMD”) is a Delaware corporation that was incorporated on May 3, 2005. The Company completed an initial public offering on September 28, 2005. The Company’s Common Stock trades under the symbol “WBMD” on the Nasdaq Global Select Market. The Company generates revenue from the advertising and sponsorship services of The WebMD Health Network WebMD Health Services Advertising and Sponsorship The WebMD Health Network www.WebMD.com www.Medscape.com e-mailed The WebMD Health Network The WebMD Health Network WebMD Magazine Health Services WebMD Health Services WebMD Health Services WebMD Health Services WebMD Digital Health Assistant SM WebMD Health Services per-participant Information Services. de-identified de-identified |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries and have been prepared in United States dollars, and in accordance with U.S. generally accepted accounting principles (“GAAP”). The results of operations for companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal. All material intercompany balances and transactions have been eliminated in consolidation. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect the allowance for doubtful accounts, the carrying value of long-lived assets (including goodwill and intangible assets), the amortization period of long-lived assets (excluding goodwill and indefinite-lived intangible assets), the carrying value, capitalization and amortization of software and Website development costs, the carrying value of investments, the provision for income taxes and related deferred tax accounts, certain accrued liabilities, revenue recognition, contingencies, litigation and related legal accruals and the value attributed to employee stock options and other stock-based awards. |
Seasonality | Seasonality The timing of the Company’s revenue is affected by seasonal factors. The Company’s advertising and sponsorship revenue is seasonal, primarily due to the annual spending patterns of the Company’s advertising and sponsorship clients. This portion of the Company’s revenue is usually the lowest in the first quarter of each calendar year, and generally increases during each consecutive quarter throughout the year. Additionally, the timing of revenue in relation to the Company’s expenses, many of which do not vary directly with revenue, has an impact on cost of operations, sales and marketing, and general and administrative expenses as a percentage of revenue in each calendar quarter. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity from the date of purchase of three months or less are considered to be cash equivalents. These investments are stated at cost, which approximates market. The Company’s cash and cash equivalents are generally invested in various money market accounts. |
Fair Value | Fair Value The carrying amount of cash and cash equivalents, accounts receivable, accrued expenses and deferred revenue is deemed to approximate fair value due to the immediate or short-term maturity of these items. See Note 12 for further information on the fair value of the Company’s investments. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts receivable reflects the Company’s best estimate of losses inherent in the Company’s receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available evidence. |
Long-Lived Assets | Long-Lived Assets Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. The useful lives are generally as follows: Computer equipment 3 years Office equipment, furniture and fixtures 4 to 7 years Software 3 years Website development costs 3 years Leasehold improvements Shorter of useful life or lease term Expenditures for maintenance, repair and renewals of minor items are charged to expense as incurred. Major improvements are capitalized. Goodwill and Intangible Assets Goodwill and intangible assets result from business combinations accounted for under the acquisition method. Goodwill and other intangible assets with indefinite lives are not amortized and are subjected to impairment review by applying fair value based tests. Intangible assets with definite lives are amortized on a straight-line basis over the individually estimated useful lives of the related assets as follows: Content 3 to 5 years Customer relationships 5 to 12 years Acquired technology and patents 3 years Trade names Up to 10 years Recoverability The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually and whenever indicators of impairment are present. The Company has one reporting unit and tests goodwill for impairment at the reporting unit level only when, after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying value. Fair value is determined using an income approach valuation method. A reporting unit is defined as an operating segment or one level below an operating segment. Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and the fair value. Long-lived assets held for sale are reported at the lower of cost or fair value less costs to sell. Based on the Company’s analysis, there was no impairment of goodwill or indefinite-lived intangible assets during the years ended December 31, 2016, 2015 and 2014. |
Internal Use Software | Internal Use Software Software development costs that are incurred in the preliminary project stage and post-implementation stage are expensed as incurred. Once certain criteria have been met, direct costs incurred in developing or obtaining computer software are capitalized. The Company capitalized $3,951 and $6,441 during the years ended December 31, 2016 and 2015, respectively. Capitalized internal use software development costs are included in property and equipment in the accompanying consolidated balance sheets. Training and data conversion costs are expensed as incurred. Capitalized software costs are depreciated over a three-year period. Depreciation expense related to internal use software was $7,001, $6,403 and $6,449 for the years ended December 31, 2016, 2015 and 2014, respectively. The remaining balance of internal use software, net of accumulated depreciation, was $8,576 and $11,630 as of December 31, 2016 and 2015, respectively. |
Website Development Costs | Website Development Costs Costs related to the planning and post-implementation phases of WebMD’s Website development efforts, as well as minor enhancements and maintenance, are expensed as incurred. Direct costs incurred in the development phase are capitalized. The Company capitalized $8,899 and $4,861 during the years ended December 31, 2016 and 2015, respectively. These capitalized costs are included in property and equipment in the accompanying consolidated balance sheets and are depreciated over a three-year period. Depreciation expense related to Website development costs was $6,020, $6,580 and $6,421 during the years ended December 31, 2016, 2015 and 2014, respectively. The remaining balance of Website development costs, net of accumulated depreciation, was $12,503 and $9,624 as of December 31, 2016 and 2015, respectively. |
Restricted Cash | Restricted Cash The Company’s restricted cash primarily relates to collateral for letters of credit obtained to support the Company’s operations. Total restricted cash was $2,116 and $3,547 as of December 31, 2016 and 2015, respectively, and is included in other assets in the accompanying consolidated balance sheets. |
Deferred Revenue | Deferred Revenue Deferred revenue consists of invoices sent to customers where the Company has the contractual right to bill or payments received from customers, in advance of revenue recognition and is recognized as the revenue recognition criteria are met. Deferred revenue is influenced by several factors, including the timing of invoices to our customers and the timing of payments received from our customers in relation to the timing of the revenue recognition for the related customer contract. Deferred revenue at each balance sheet date is expected to be recognized during the succeeding twelve month period and is therefore classified as a current liability within the accompanying consolidated balance sheets. |
Leases | Leases The Company recognizes rent expense on a straight-line basis, including predetermined fixed escalations, over the initial lease term including reasonably assured renewal periods, net of lease incentives, from the time that the Company controls the leased property. Leasehold improvements made at the inception of the lease are amortized over the shorter of the useful life of the asset or the lease term. Lease incentives are recorded as a deferred credit and recognized as a reduction to rent expense on a straight-line basis over the lease term as described above. |
Presentation of Segment Information | Presentation of Segment Information The Company generates revenue in four groups, as set forth in the table below. The first group is “Advertising and Sponsorship – Biopharma and Medical Device” and consists of advertising and sponsorship revenue from pharmaceutical, biotechnology and medical device clients relating to prescription pharmaceutical products or other regulated devices or products or for sponsoring educational programs. The second category is “Advertising and Sponsorship – OTC, CPG and Other” and consists of advertising and sponsorship revenue relating to non-Rx over-the-counter WebMD Health Services The following table presents the revenues recognized from the four revenue groups described above: Years Ended December 31, 2016 2015 2014 Advertising and sponsorship Biopharma and medical device $ 428,519 $ 371,220 $ 329,329 OTC, CPG and other 132,754 127,805 124,636 561,273 499,025 453,965 Health services 113,937 110,441 103,182 Information services 29,836 26,933 23,302 $ 705,046 $ 636,399 $ 580,449 The Company’s revenue is principally generated in the United States. An adverse change in economic conditions in the United States could negatively affect the Company’s revenue and results of operations. The Company recorded revenue from its international operations of $65,763, $56,979 and $46,095 during the years ended December 31, 2016, 2015 and 2014, respectively. |
Sales, Use and Value Added Tax | Sales, Use and Value Added Tax The Company excludes sales, use and value-added tax from revenue in the accompanying consolidated statements of operations. |
Advertising Costs | Advertising Costs Advertising costs are generally expensed as incurred and totaled $5,903, $4,359 and $4,196 in 2016, 2015 and 2014, respectively. |
Foreign Currency | Foreign Currency The functional currency of the Company’s foreign operations is the U.S. dollar. Fluctuations in foreign currency monetary assets and liabilities result in gains or losses which are credited or charged to income. Foreign currency transactional gains or losses are also credited or charged to income. The Company is exposed to fluctuations in foreign currencies primarily through contracts with certain of the Company’s customers that are denominated in foreign currencies. In order to manage this risk, the Company has hedged portions of its foreign currency denominated customer contracts with foreign currency forward contracts. See Note 12 for further information on the Company’s foreign currency forward contracts. |
Concentration of Credit Risk | Concentration of Credit Risk None of the Company’s customers individually accounted for more than 10% of the Company’s revenue in 2016, 2015 or 2014, or more than 10% of the Company’s accounts receivable as of December 31, 2016 or 2015. |
Loss Contingencies | Loss Contingencies The Company accounts for loss contingencies in accordance with Financial Accounting Standards Board (“FASB”) ASC No. 450, “Contingencies.” Under ASC No. 450, accruals for loss contingencies are recorded when both (i) the information available indicates that it is probable that a liability has been incurred and (ii) the amount of the loss can be reasonably estimated. The Company records adjustments to these accruals to reflect the status of negotiations, settlements, advice of counsel and other information and events related to an individual matter. |
Income Taxes | Income Taxes Deferred income taxes are recognized for the future tax consequence of differences between the tax and financial reporting basis of assets and liabilities at each reporting period. A valuation allowance is established to reduce deferred tax assets to the amount expected to be realized. Tax contingencies are recorded to address potential exposure involving tax positions the Company has taken that could be challenged by tax authorities. These potential exposures result from applications of various statutes, rules, regulations and interpretations. The Company’s estimates of tax contingencies contain assumptions and judgments about potential actions by taxing jurisdictions. The Company reflects interest and penalties related to uncertain tax positions as part of the income tax provision in the accompanying consolidated statements of operations. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Stock-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. The grant-date fair value for stock options is estimated using the Black-Scholes Option Pricing Model. The Company recognizes these compensation costs, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the share-based payment award. |
Revenue Recognition | Revenue Recognition Revenue from advertising is recognized as advertisements are delivered or as publications are distributed. Revenue from sponsorship arrangements, content syndication and distribution arrangements and subscriptions to our WebMD Health Services Contracts that contain multiple deliverables are subject to Accounting Standards Update (“ASU”) No. 2009-13 2009-13”). 2009-13 Pursuant to the guidance of ASU 2009-13, |
Net Income Per Common Share | Net Income per Common Share Basic income per common share has been computed using the weighted-average number of shares of Common Stock outstanding during the periods presented. Diluted income per common share has been computed using the weighted-average number of shares of Common Stock outstanding during the periods, increased to give effect to potentially dilutive securities and assumes that any dilutive convertible notes were converted, only in the periods in which such effect is dilutive (shares in thousands): Years Ended December 31, 2016 2015 2014 Numerator: Income from continuing operations – Basic $ 91,304 $ 64,024 $ 40,941 Interest expense on 1.50% Notes, net of tax 3,513 3,456 3,456 Interest expense on 2.50% Notes, net of tax 7,307 7,189 — Interest expense on 2.25% Notes, net of tax 457 3,460 — Interest expense on 2.625% Notes, net of tax 3,911 — — Income from continuing operations – Diluted $ 106,492 $ 78,129 $ 44,397 Income from discontinued operations, net of tax – Basic and Diluted $ — $ — $ 1,122 Denominator: Weighted-average shares – Basic 37,854 36,600 37,869 Stock options and restricted stock 1,658 1,412 2,060 1.50% Notes 5,695 5,694 5,685 2.50% Notes 6,206 6,205 — 2.25% Notes 353 2,742 — 2.625% Notes 2,413 — — Adjusted weighted-average shares after assumed conversions – Diluted 54,179 52,653 45,614 Basic income per common share: Income from continuing operations $ 2.41 $ 1.75 $ 1.08 Income from discontinued operations — — 0.03 Net income $ 2.41 $ 1.75 $ 1.11 Diluted income per common share: Income from continuing operations $ 1.97 $ 1.48 $ 0.97 Income from discontinued operations — — 0.03 Net income $ 1.97 $ 1.48 $ 1.00 The Company has excluded certain of its convertible notes, as well as certain outstanding stock options and restricted stock, from the calculation of diluted income per common share during the periods in which such securities were anti-dilutive. The following table presents the total weighted-average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share during the periods presented (shares in thousands): Years Ended December 31, 2016 2015 2014 Options and restricted stock 625 3,678 2,594 2.25% Notes — — 3,506 2.50% Notes — — 6,195 625 3,678 12,295 |
Discontinued Operations | Discontinued Operations A business unit is reported as a discontinued operation if its disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. Significant judgments are involved in determining whether a business component meets the criteria for discontinued operation reporting and the period in which these criteria are met. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Adopted During 2016 In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use 350-40): In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes The following table summarizes the reclassifications made to the consolidated balance sheet as of December 31, 2015 in connection with the adoption of ASU No. 2015-03 No. 2015-17: December 31, 2015 As Reported As Adjusted Current assets: Deferred tax assets 16,126 — Total current assets 850,602 834,476 Deferred tax assets — 15,694 Other assets 20,464 10,852 TOTAL ASSETS $ 1,165,967 $ 1,155,923 Current liabilities: 2.25% convertible notes due 2016 102,682 102,523 Total current liabilities 286,061 285,902 2.50% convertible notes due 2018 400,000 396,281 1.50% convertible notes due 2020 300,000 294,266 Other long-term liabilities 23,678 23,246 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,165,967 $ 1,155,923 Accounting Pronouncements to Be Adopted in the Future In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date No. 2014-09 No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers No. 2016-08, No. 2016-10, No. 2016-12 No. 2014-09, No. 2014-09. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): No. 2016-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting No. 2016-09 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property and Equipment Estimated Useful Lives | The useful lives are generally as follows: Computer equipment 3 years Office equipment, furniture and fixtures 4 to 7 years Software 3 years Website development costs 3 years Leasehold improvements Shorter of useful life or lease term |
Intangible Assets with Definite Lives are Amortized on Straight-Line Basis over Individually Estimated Useful Lives of Related Assets | Intangible assets with definite lives are amortized on a straight-line basis over the individually estimated useful lives of the related assets as follows: Content 3 to 5 years Customer relationships 5 to 12 years Acquired technology and patents 3 years Trade names Up to 10 years |
Summary of Revenues from Four Revenue Groups | The following table presents the revenues recognized from the four revenue groups described above: Years Ended December 31, 2016 2015 2014 Advertising and sponsorship Biopharma and medical device $ 428,519 $ 371,220 $ 329,329 OTC, CPG and other 132,754 127,805 124,636 561,273 499,025 453,965 Health services 113,937 110,441 103,182 Information services 29,836 26,933 23,302 $ 705,046 $ 636,399 $ 580,449 |
Schedule of Net Income Per Common Shares | Basic income per common share has been computed using the weighted-average number of shares of Common Stock outstanding during the periods presented. Diluted income per common share has been computed using the weighted-average number of shares of Common Stock outstanding during the periods, increased to give effect to potentially dilutive securities and assumes that any dilutive convertible notes were converted, only in the periods in which such effect is dilutive (shares in thousands): Years Ended December 31, 2016 2015 2014 Numerator: Income from continuing operations – Basic $ 91,304 $ 64,024 $ 40,941 Interest expense on 1.50% Notes, net of tax 3,513 3,456 3,456 Interest expense on 2.50% Notes, net of tax 7,307 7,189 — Interest expense on 2.25% Notes, net of tax 457 3,460 — Interest expense on 2.625% Notes, net of tax 3,911 — — Income from continuing operations – Diluted $ 106,492 $ 78,129 $ 44,397 Income from discontinued operations, net of tax – Basic and Diluted $ — $ — $ 1,122 Denominator: Weighted-average shares – Basic 37,854 36,600 37,869 Stock options and restricted stock 1,658 1,412 2,060 1.50% Notes 5,695 5,694 5,685 2.50% Notes 6,206 6,205 — 2.25% Notes 353 2,742 — 2.625% Notes 2,413 — — Adjusted weighted-average shares after assumed conversions – Diluted 54,179 52,653 45,614 Basic income per common share: Income from continuing operations $ 2.41 $ 1.75 $ 1.08 Income from discontinued operations — — 0.03 Net income $ 2.41 $ 1.75 $ 1.11 Diluted income per common share: Income from continuing operations $ 1.97 $ 1.48 $ 0.97 Income from discontinued operations — — 0.03 Net income $ 1.97 $ 1.48 $ 1.00 |
Weighted Average Number of Potentially Dilutive Common Shares Excluded from Computation of Diluted Income Per Common Share | The Company has excluded certain of its convertible notes, as well as certain outstanding stock options and restricted stock, from the calculation of diluted income per common share during the periods in which such securities were anti-dilutive. The following table presents the total weighted-average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share during the periods presented (shares in thousands): Years Ended December 31, 2016 2015 2014 Options and restricted stock 625 3,678 2,594 2.25% Notes — — 3,506 2.50% Notes — — 6,195 625 3,678 12,295 |
Summary of Reclassifications Made to Previously Reported Balance Sheet | The following table summarizes the reclassifications made to the consolidated balance sheet as of December 31, 2015 in connection with the adoption of ASU No. 2015-03 No. 2015-17: December 31, 2015 As Reported As Adjusted Current assets: Deferred tax assets 16,126 — Total current assets 850,602 834,476 Deferred tax assets — 15,694 Other assets 20,464 10,852 TOTAL ASSETS $ 1,165,967 $ 1,155,923 Current liabilities: 2.25% convertible notes due 2016 102,682 102,523 Total current liabilities 286,061 285,902 2.50% convertible notes due 2018 400,000 396,281 1.50% convertible notes due 2020 300,000 294,266 Other long-term liabilities 23,678 23,246 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,165,967 $ 1,155,923 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Balances of Convertible Notes | The balances of the Company’s convertible notes consisted of the following: December 31, 2016 December 31, 2015 Principal Less Net Principal Less Net 2.25% Notes $ — $ — $ — $ 102,682 $ (159 ) $ 102,523 2.50% Notes $ 400,000 $ (1,934 ) $ 398,066 $ 400,000 $ (3,719 ) $ 396,281 1.50% Notes $ 300,000 $ (4,568 ) $ 295,432 $ 300,000 $ (5,734 ) $ 294,266 2.625% Notes $ 360,000 $ (8,810 ) $ 351,190 $ — $ — $ — |
Long-Lived Assets (Tables)
Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consist of the following: December 31, 2016 2015 Software $ 70,622 $ 66,708 Computer equipment 77,739 69,973 Web site development costs 71,683 62,784 Leasehold improvements 61,246 72,679 Office equipment, furniture and fixtures 15,844 17,398 Land and buildings 291 291 297,425 289,833 Less: accumulated depreciation (214,129 ) (208,806 ) Property and equipment, net $ 83,296 $ 81,027 |
Schedule of Finite and Indefinite Lived Intangible Assets | Intangible assets consist of the following: December 31, 2016 December 31, 2015 Gross Accumulated Net Weighted (a) Gross Accumulated Net Weighted (a) Content $ 15,954 $ (15,954 ) $ — — $ 15,954 $ (15,954 ) $ — — Customer relationships 34,057 (31,274 ) 2,783 1.9 34,057 (29,218 ) 4,839 2.7 Technology and patents 17,882 (17,355 ) 527 0.5 17,882 (16,291 ) 1,591 1.5 Trade names-definite lives 2,530 (2,530 ) — — 2,530 (2,530 ) — — Trade names-indefinite lives 4,464 — 4,464 n/a 4,464 — 4,464 n/a Total $ 74,887 $ (67,113 ) $ 7,774 $ 74,887 $ (63,993 ) $ 10,894 (a) The calculation of the weighted average remaining useful life is based on the net book value and the remaining amortization period of each respective intangible asset. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization expense was $3,120, $3,321 and $2,801 in 2016, 2015 and 2014, respectively. Future amortization expense for intangible assets is estimated to be: Year Ending December 31: 2017 $ 2,044 2018 $ 1,266 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses consist of the following: December 31, 2016 2015 Accrued compensation $ 43,082 $ 45,715 Accrued outside services 11,173 10,775 Accrued marketing and distribution 7,110 5,383 Accrued interest 4,962 5,119 Other accrued liabilities 12,270 13,672 $ 78,597 $ 80,664 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Commitments | Future minimum lease commitments under non-cancelable Year Ending December 31: 2017 $ 15,507 2018 15,031 2019 14,128 2020 14,412 2021 13,389 Thereafter 20,306 Total minimum lease payments $ 92,773 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Compensation, Stock Options, Activity | The following table summarizes stock option activity for the Plans: Shares Weighted Weighted Aggregate (a) Outstanding at January 1, 2014 11,429,279 $ 29.12 Granted 899,200 43.03 Exercised (3,875,410 ) 24.40 Cancelled (905,543 ) 33.42 Outstanding at December 31, 2014 7,547,526 32.69 Granted 2,134,900 42.75 Exercised (989,993 ) 24.53 Cancelled (821,998 ) 38.68 Outstanding at December 31, 2015 7,870,435 35.81 Granted 1,975,300 49.96 Exercised (3,136,400 ) 32.66 Cancelled (590,511 ) 40.53 Outstanding at December 31, 2016 6,118,824 $ 41.55 7.5 $ 51,231 Vested and exercisable at the end of the period 2,218,561 $ 34.44 5.3 $ 33,815 (a) The aggregate intrinsic value is based on the market price of the Company’s Common Stock on December 30, 2016, the last trading day in December 2016, which was $49.57, less the applicable exercise price of the underlying option. This aggregate intrinsic value represents the amount that would have been realized if all the option holders had exercised their options on December 30, 2016. |
Summarized Information with Respect to Options Outstanding and Options Exercisable | The following table summarizes information with respect to options outstanding and options exercisable at December 31, 2016: Outstanding Exercisable Exercise Prices Shares Weighted Weighted Shares Weighted $13.15 - $29.89 596,311 $ 20.32 3.9 551,011 $ 20.32 $30.00 - $36.59 641,889 32.90 6.0 506,856 32.65 $36.62 - $39.46 567,993 38.07 5.9 408,034 37.89 $39.50 - $42.98 689,533 39.98 7.1 274,720 39.95 $42.99 943,675 42.99 8.0 101,994 42.99 $43.05 - $48.75 731,032 45.74 7.5 269,355 45.70 $49.00 1,631,000 49.00 9.8 — — $49.13 - $63.45 317,391 56.29 7.3 106,591 51.90 6,118,824 $ 41.55 7.5 2,218,561 $ 34.44 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The risk-free rate is based on the U.S. Treasury yield curve for periods equal to the expected term of the options on the grant date. Years Ended December 31, 2016 2015 2014 Expected dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 0.35 - 0.44 0.41 - 0.48 0.47 - 0.49 Risk-free interest rate 0.86% - 1.71 % 1.01% - 1.56 % 1.16% - 1.72 % Expected term (years) 3.9 - 4.8 4.1 - 4.7 4.2 - 5.0 Weighted-average fair value of options granted during the period $ 15.16 $ 16.26 $ 17.58 |
Schedule of Share-based Compensation, Restricted Stock Awards, Activity | The following table summarizes the activity of the Company’s Restricted Stock: Years Ended December 31, 2016 2015 2014 Shares Weighted Shares Weighted Shares Weighted Balance at the beginning of the year 854,845 $ 39.17 904,083 $ 35.58 1,184,961 $ 33.07 Granted 457,600 50.04 441,920 42.96 177,200 43.84 Vested (293,967 ) 34.90 (331,558 ) 35.72 (324,453 ) 32.70 Forfeited (138,452 ) 43.06 (159,600 ) 36.57 (133,625 ) 31.29 Balance at the end of the year 880,026 $ 45.97 854,845 $ 39.17 904,083 $ 35.58 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the components and classification of stock-based compensation expense: Years Ended December 31, 2016 2015 2014 Stock options $ 18,556 $ 21,336 $ 21,117 Restricted stock 10,306 11,940 11,114 Other 467 467 315 Total stock-based compensation expense $ 29,329 $ 33,743 $ 32,546 Included in: Cost of operations $ 5,216 $ 5,217 $ 5,940 Sales and marketing 5,942 7,290 7,221 General and administrative 18,171 21,236 19,385 Total stock-based compensation expense $ 29,329 $ 33,743 $ 32,546 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the Company’s changes in Accumulated Other Comprehensive Income: Unrealized Gains net of tax Unrealized Gains on net of tax Total Balance at December 31, 2014 $ 976 $ — $ 976 Unrealized loss before reclassifications (536 ) — (536 ) Amounts reclassified from AOCI to gain on investments (83 ) — (83 ) Net current period other comprehensive loss (619 ) — (619 ) Balance at December 31, 2015 357 — 357 Unrealized (loss) gain before reclassifications (96 ) 760 664 Amounts reclassified from AOCI to cost of operations — (519 ) (519 ) Net current period other comprehensive (loss) income (96 ) 241 145 Balance at December 31, 2016 $ 261 $ 241 $ 502 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Significant Components of the Company's Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets (liabilities) were as follows: December 31, 2016 2015 Deferred tax assets: Federal net operating loss carryforwards $ 30,533 $ 83,071 State net operating loss carryforwards 31,468 33,320 Capital losses 201 292 Federal tax credits 28,698 28,555 Accrued expenses 20,426 19,086 Stock-based compensation 17,090 24,294 Property and equipment 1,556 — Intangible assets 3,603 3,610 Other 3,776 3,808 Total deferred tax assets 137,351 196,036 Valuation allowance (85,957 ) (142,604 ) Net deferred tax assets 51,394 53,432 Deferred tax liabilities: Property and equipment — (1,466 ) Goodwill and indefinite-lived intangible asset (36,548 ) (33,465 ) Other (302 ) (2,807 ) Total deferred tax liabilities (36,850 ) (37,738 ) Net deferred tax assets $ 14,544 $ 15,694 |
Income Tax Provision | The income tax provision was as follows: Years Ended December 31, 2016 2015 2014 Current: Federal $ (4,396 ) $ 1,076 $ (622 ) State 6,161 4,773 3,047 Foreign 99 268 369 Current income tax provision 1,864 6,117 2,794 Deferred: Federal 737 (8,456 ) 12,570 State 729 743 2,147 Foreign (383 ) — — Deferred income tax provision (benefit) 1,083 (7,713 ) 14,717 Reversal of valuation allowance applied to additional paid-in 52,583 37,443 13,196 Total income tax provision $ 55,530 $ 35,847 $ 30,707 |
Reconciliation between Federal Statutory Rate and Effective Income Tax Rate | The reconciliation between the federal statutory rate and the effective income tax rate is as follows: Years Ended December 31, 2016 2015 2014 United States federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes (net of federal benefit) 4.2 5.7 7.4 Valuation allowance (2.7 ) (7.1 ) (3.3 ) Non-deductible 0.5 1.4 2.2 Other 0.8 0.9 1.6 Effective income tax rate 37.8 % 35.9 % 42.9 % |
Activity of Unrecognized Tax Benefits, Excluding Accrued Interest and Penalties | The following table summarizes the activity of unrecognized tax benefits, excluding accrued interest and penalties, for the years ended December 31, 2016, 2015 and 2014: Years Ended December 31, 2016 2015 2014 Balance at the beginning of the year $ 14,077 $ 12,972 $ 13,392 Increases related to prior year tax positions 76 776 15 Increases related to current year tax positions 691 394 — Decreases related to prior year tax positions (158 ) — (379 ) Settlements — (15 ) — Expiration of the statute of limitations for the assessment of taxes (39 ) (50 ) (56 ) Balance at the end of the year $ 14,647 $ 14,077 $ 12,972 |
Fair Value of Financial Instr34
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured and Recorded at Fair Value on Recurring Basis | The following table sets forth the Company’s Level 1 financial assets that were measured and recorded at fair value on a recurring basis as of December 31, 2016 and 2015: Fair Value December 31, 2016 December 31, 2015 Amortized Fair Value Gross Amortized Fair Value Gross Cash and cash equivalents Level 1 $ 492,424 $ 492,424 $ — $ 641,165 $ 641,165 $ — U.S. Treasury securities Level 1 $ 498,359 $ 498,500 $ 141 $ — $ — $ — Equity security Level 1 $ — $ 278 $ 278 $ — $ 598 $ 598 |
Schedule of Fair Values of Foreign Currency Forward Contracts, Assets and Liabilities | The following table sets forth the fair values of foreign currency forward contracts, which are valued using Level 2 inputs, and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) December 31, December 31, Prepaid expenses and other current assets $ 806 $ — Other assets $ 256 $ — Accrued expenses $ (163 ) $ — Other long-term liabilities $ (9 ) $ — |
Impact on Accumulated Other Comprehensive Income and Net Income from Foreign Currency Forward Contracts | The impact on accumulated other comprehensive income and net income from foreign currency forward contracts were as follows: Years Ended December 31, 2016 2015 2014 Gain recognized in AOCI $ 1,226 $ — $ — Gain reclassified from AOCI to cost of operations $ 837 $ — $ — |
Principal Amount and Estimated Fair Value of Company's Convertible Notes | The following table presents the principal amount and estimated fair value (based on Level 2 market price data) of the Company’s convertible notes as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Principal Fair Value Principal Fair Value 2.25% Notes $ — $ — $ 102,682 $ 102,618 2.50% Notes $ 400,000 $ 409,000 $ 400,000 $ 416,000 1.50% Notes $ 300,000 $ 338,565 $ 300,000 $ 340,566 2.625% Notes $ 360,000 $ 341,928 $ — $ — |
Supplemental Disclosures of C35
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental information related to the consolidated statements of cash flows is summarized below: Years Ended December 31, 2016 2015 2014 Supplemental Disclosure of Cash Flow Information: Interest paid $ 20,748 $ 19,792 $ 20,225 Taxes paid, net (a) $ 3,809 $ 2,850 $ 277 (a) As the Company generally files its tax returns on a consolidated basis, taxes paid, net of refunds, includes all taxes paid by the Company, including those of the Company’s discontinued operations. |
Quarterly Financial Data (Una36
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following table summarizes the quarterly financial data for 2016 and 2015. The per common share calculations for each of the quarters are based on the weighted-average number of common shares for each period; therefore, the sum of the quarters may not necessarily be equal to the full year per common share amount. 2016 First Second Third Fourth Revenue $ 158,553 $ 167,583 $ 171,438 $ 207,472 Cost of operations 62,513 65,788 65,458 72,895 Sales and marketing 33,756 35,614 35,264 41,328 General and administrative 23,756 23,983 20,005 23,397 Depreciation and amortization 7,487 7,672 7,912 7,721 Interest income 206 367 1,034 938 Interest expense 5,100 5,265 7,065 7,066 Other expense — — 1,712 — Income before income tax provision 26,147 29,628 35,056 56,003 Income tax provision 10,429 11,848 13,438 19,815 Net income $ 15,718 $ 17,780 $ 21,618 $ 36,188 Net income per common share – Basic $ 0.42 $ 0.47 $ 0.57 $ 0.95 Net income per common share – Diluted $ 0.36 $ 0.39 $ 0.47 $ 0.73 Net Income per Common Share: Numerator: Net income – Basic $ 15,718 $ 17,780 $ 21,618 $ 36,188 Interest expense on 1.50% Notes, net of tax 878 878 878 878 Interest expense on 2.50% Notes, net of tax 1,827 1,827 1,827 1,827 Interest expense on 2.25% Notes, net of tax 457 — — — Interest expense on 2.625% Notes, net of tax — — 1,675 1,676 Net income – Diluted $ 18,880 $ 20,485 $ 25,998 $ 40,569 Denominator: Weighted-average shares – Basic 37,267 38,041 38,103 38,006 Stock options and restricted stock 1,755 2,008 1,709 1,158 1.50% Notes 5,694 5,694 5,694 5,699 2.50% Notes 6,205 6,205 6,205 6,210 2.25% Notes 1,414 — — — 2.625% Notes — — 4,134 4,138 Adjusted weighted-average shares after assumed conversions – Diluted 52,335 51,948 55,845 55,211 2015 First Second Third Fourth Revenue $ 143,343 $ 148,320 $ 152,607 $ 192,129 Cost of operations 57,877 60,407 59,552 69,475 Sales and marketing 32,476 32,570 32,850 40,129 General and administrative 21,453 23,002 22,942 24,183 Depreciation and amortization 8,245 7,592 7,266 7,418 Interest income 17 9 10 15 Interest expense 6,172 6,171 5,681 5,099 Loss on convertible notes — — 2,058 — Gain on investments — 139 — — Other expense — 4,100 — — Income before income tax provision 17,137 14,626 22,268 45,840 Income tax provision 7,133 1,255 9,080 18,379 Net income $ 10,004 $ 13,371 $ 13,188 $ 27,461 Net income per common share – Basic $ 0.27 $ 0.36 $ 0.36 $ 0.75 Net income per common share – Diluted $ 0.25 $ 0.32 $ 0.32 $ 0.60 Net Income per Common Share: Numerator: Net income – Basic $ 10,004 $ 13,371 $ 13,188 $ 27,461 Interest expense on 1.50% Notes, net of tax 864 864 864 864 Interest expense on 2.50% Notes, net of tax — 1,797 1,797 1,797 Interest expense on 2.25% Notes, net of tax — 1,103 — 449 Net income – Diluted $ 10,868 $ 17,135 $ 15,849 $ 30,571 Denominator: Weighted-average shares – Basic 36,393 36,705 36,721 36,583 Stock options and restricted stock 1,378 1,503 1,338 1,427 1.50% Notes 5,694 5,694 5,694 5,694 2.50% Notes — 6,205 6,205 6,205 2.25% Notes — 3,511 — 1,429 Adjusted weighted-average shares after assumed conversions – Diluted 43,465 53,618 49,958 51,338 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Property and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Useful life | 3 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Useful life | 3 years |
Website Development Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Useful life | 3 years |
Minimum [Member] | Office Equipment, Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Useful life | 4 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Useful life | Shorter of useful life or lease term |
Maximum [Member] | Office Equipment, Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Useful life | 7 years |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Intangible Assets with Definite Lives are Amortized on Straight-Line Basis over Individually Estimated Useful Lives of Related Asset (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Technology and Patents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 3 years |
Minimum [Member] | Content [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 3 years |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Maximum [Member] | Content [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 12 years |
Maximum [Member] | Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 10 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)UnitSegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 26, 2013 | Mar. 14, 2011 | Jan. 11, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of reporting unit | Unit | 1 | |||||
Goodwill or indefinite-lived intangible assets impairment charge | $ 0 | $ 0 | $ 0 | |||
Depreciation expense | 27,672,000 | 27,200,000 | 27,010,000 | |||
Property and equipment, net | 83,296,000 | 81,027,000 | ||||
Restricted cash | $ 2,116,000 | 3,547,000 | ||||
Reportable segments | Segment | 1 | |||||
Advertising expense | $ 5,903,000 | 4,359,000 | 4,196,000 | |||
Decrease to other long-term liabilities | (28,731,000) | (23,246,000) | ||||
Foreign Country Customers [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Revenue from international operations | 65,763,000 | 56,979,000 | 46,095,000 | |||
Software [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Capitalized web development cost | 3,951,000 | 6,441,000 | ||||
Depreciation expense | 7,001,000 | 6,403,000 | 6,449,000 | |||
Property and equipment, net | 8,576,000 | 11,630,000 | ||||
Website Development Costs [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Capitalized web development cost | 8,899,000 | 4,861,000 | ||||
Depreciation expense | 6,020,000 | 6,580,000 | $ 6,421,000 | |||
Property and equipment, net | $ 12,503,000 | $ 9,624,000 | ||||
Senior Notes [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest on convertible notes | 2.25% | |||||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease to current deferred tax assets | $ (16,126,000) | |||||
Increase to noncurrent deferred tax assets | 15,694,000 | |||||
Decrease to other long-term liabilities | $ 432,000 | |||||
2.25% Convertible Notes Due 2016 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest on convertible notes | 2.25% | 2.25% | ||||
2.25% Convertible Notes Due 2016 [Member] | Senior Notes [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in carrying amount | $ (159,000) | |||||
Interest on convertible notes | 2.25% | 2.25% | ||||
2.50% Convertible Notes Due 2018 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest on convertible notes | 2.50% | 2.50% | ||||
2.50% Convertible Notes Due 2018 [Member] | Senior Notes [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in carrying amount | $ (3,719,000) | |||||
Interest on convertible notes | 2.50% | 2.50% | ||||
1.50% Convertible Notes Due 2020 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest on convertible notes | 1.50% | 1.50% | 1.50% | |||
1.50% Convertible Notes Due 2020 [Member] | Senior Notes [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in carrying amount | $ (5,734,000) | |||||
Interest on convertible notes | 1.50% | 1.50% | ||||
Other Assets [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Recent accounting pronouncements, decrease in assets or liabilities | $ 9,612,000 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Summary of Revenues from Four Revenue Groups (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of revenues relating to public and private portal | |||||||||||
Revenue | $ 207,472 | $ 171,438 | $ 167,583 | $ 158,553 | $ 192,129 | $ 152,607 | $ 148,320 | $ 143,343 | $ 705,046 | $ 636,399 | $ 580,449 |
Biopharma and Medical Device [Member] | |||||||||||
Summary of revenues relating to public and private portal | |||||||||||
Revenue | 428,519 | 371,220 | 329,329 | ||||||||
OTC, CPG and Other [Member] | |||||||||||
Summary of revenues relating to public and private portal | |||||||||||
Revenue | 132,754 | 127,805 | 124,636 | ||||||||
Advertising and Sponsorship [Member] | |||||||||||
Summary of revenues relating to public and private portal | |||||||||||
Revenue | 561,273 | 499,025 | 453,965 | ||||||||
Health Services [Member] | |||||||||||
Summary of revenues relating to public and private portal | |||||||||||
Revenue | 113,937 | 110,441 | 103,182 | ||||||||
Information Services [Member] | |||||||||||
Summary of revenues relating to public and private portal | |||||||||||
Revenue | $ 29,836 | $ 26,933 | $ 23,302 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Net Income Per Common Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Income from continuing operations - Basic | $ 36,188 | $ 21,618 | $ 17,780 | $ 15,718 | $ 27,461 | $ 13,188 | $ 13,371 | $ 10,004 | $ 91,304 | $ 64,024 | $ 40,941 |
Income from continuing operations - Diluted | $ 40,569 | $ 25,998 | $ 20,485 | $ 18,880 | $ 30,571 | $ 15,849 | $ 17,135 | $ 10,868 | $ 106,492 | $ 78,129 | 44,397 |
Income from discontinued operations, net of tax - Basic and Diluted | $ 1,122 | ||||||||||
Denominator: | |||||||||||
Weighted-average shares - Basic | 38,006 | 38,103 | 38,041 | 37,267 | 36,583 | 36,721 | 36,705 | 36,393 | 37,854 | 36,600 | 37,869 |
Stock options and restricted stock | 1,158 | 1,709 | 2,008 | 1,755 | 1,427 | 1,338 | 1,503 | 1,378 | 1,658 | 1,412 | 2,060 |
Adjusted weighted-average shares after assumed conversions - Diluted | 55,211 | 55,845 | 51,948 | 52,335 | 51,338 | 49,958 | 53,618 | 43,465 | 54,179 | 52,653 | 45,614 |
Basic income per common share: | |||||||||||
Income from continuing operations | $ 0.95 | $ 0.57 | $ 0.47 | $ 0.42 | $ 0.75 | $ 0.36 | $ 0.36 | $ 0.27 | $ 2.41 | $ 1.75 | $ 1.08 |
Income from discontinued operations | 0.03 | ||||||||||
Net income - Basic | 2.41 | 1.75 | 1.11 | ||||||||
Diluted income per common share: | |||||||||||
Income from continuing operations | $ 0.73 | $ 0.47 | $ 0.39 | $ 0.36 | $ 0.60 | $ 0.32 | $ 0.32 | $ 0.25 | 1.97 | 1.48 | 0.97 |
Income from discontinued operations | 0.03 | ||||||||||
Net income - Diluted | $ 1.97 | $ 1.48 | $ 1 | ||||||||
1.50% Convertible Notes Due 2020 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense, net of tax | $ 878 | $ 878 | $ 878 | $ 878 | $ 864 | $ 864 | $ 864 | $ 864 | $ 3,513 | $ 3,456 | $ 3,456 |
Denominator: | |||||||||||
Convertible note | 5,699 | 5,694 | 5,694 | 5,694 | 5,694 | 5,694 | 5,694 | 5,694 | 5,695 | 5,694 | 5,685 |
2.50% Convertible Notes Due 2018 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense, net of tax | $ 1,827 | $ 1,827 | $ 1,827 | $ 1,827 | $ 1,797 | $ 1,797 | $ 1,797 | $ 7,307 | $ 7,189 | ||
Denominator: | |||||||||||
Convertible note | 6,210 | 6,205 | 6,205 | 6,205 | 6,205 | 6,205 | 6,205 | 6,206 | 6,205 | ||
2.25% Convertible Notes Due 2016 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense, net of tax | $ 457 | $ 449 | $ 1,103 | $ 457 | $ 3,460 | ||||||
Denominator: | |||||||||||
Convertible note | 1,414 | 1,429 | 3,511 | 353 | 2,742 | ||||||
2.625% Convertible Notes Due 2023 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense, net of tax | $ 1,676 | $ 1,675 | $ 3,911 | ||||||||
Denominator: | |||||||||||
Convertible note | 4,138 | 4,134 | 2,413 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Schedule of Net Income Per Common Shares (Parenthetical) (Detail) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
1.50% Convertible Notes Due 2020 [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Interest on notes | 1.50% | 1.50% | 1.50% |
2.50% Convertible Notes Due 2018 [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Interest on notes | 2.50% | 2.50% | |
2.25% Convertible Notes Due 2016 [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Interest on notes | 2.25% | 2.25% | |
2.625% Convertible Notes Due 2023 [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Interest on notes | 2.625% | 2.625% |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Weighted Average Number of Potentially Dilutive Common Shares Excluded from Computation of Diluted Income Per Common Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share | 625 | 3,678 | 12,295 |
Options and Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share | 625 | 3,678 | 2,594 |
2.25% Convertible Notes Due 2016 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share | 3,506 | ||
2.50% Convertible Notes Due 2018 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of potentially dilutive common shares that were excluded from the computation of diluted income per common share | 6,195 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Summary of Reclassifications Made to Previously Reported Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Total current assets | $ 1,185,672 | $ 834,476 |
Other assets | 6,920 | 10,852 |
TOTAL ASSETS | 1,501,186 | 1,155,923 |
Current liabilities: | ||
Total current liabilities | 183,907 | 285,902 |
Other long-term liabilities | 28,731 | 23,246 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,501,186 | 1,155,923 |
2.25% Convertible Notes Due 2016 [Member] | ||
Current liabilities: | ||
convertible notes current | 102,523 | |
2.50% Convertible Notes Due 2018 [Member] | ||
Current liabilities: | ||
Convertible notes | 398,066 | 396,281 |
1.50% Convertible Notes Due 2020 [Member] | ||
Current liabilities: | ||
Convertible notes | $ 295,432 | 294,266 |
Adjustments for New Accounting Pronouncement [Member] | ||
Current assets: | ||
Total current assets | 834,476 | |
Deferred tax assets | 15,694 | |
Other assets | 10,852 | |
TOTAL ASSETS | 1,155,923 | |
Current liabilities: | ||
Total current liabilities | 285,902 | |
Other long-term liabilities | 23,246 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,155,923 | |
Adjustments for New Accounting Pronouncement [Member] | 2.25% Convertible Notes Due 2016 [Member] | ||
Current liabilities: | ||
convertible notes current | 102,523 | |
Adjustments for New Accounting Pronouncement [Member] | 2.50% Convertible Notes Due 2018 [Member] | ||
Current liabilities: | ||
Convertible notes | 396,281 | |
Adjustments for New Accounting Pronouncement [Member] | 1.50% Convertible Notes Due 2020 [Member] | ||
Current liabilities: | ||
Convertible notes | 294,266 | |
As Reported [Member] | Adjustments for New Accounting Pronouncement [Member] | ||
Current assets: | ||
Deferred tax assets | 16,126 | |
Total current assets | 850,602 | |
Other assets | 20,464 | |
TOTAL ASSETS | 1,165,967 | |
Current liabilities: | ||
Total current liabilities | 286,061 | |
Other long-term liabilities | 23,678 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,165,967 | |
As Reported [Member] | Adjustments for New Accounting Pronouncement [Member] | 2.25% Convertible Notes Due 2016 [Member] | ||
Current liabilities: | ||
convertible notes current | 102,682 | |
As Reported [Member] | Adjustments for New Accounting Pronouncement [Member] | 2.50% Convertible Notes Due 2018 [Member] | ||
Current liabilities: | ||
Convertible notes | 400,000 | |
As Reported [Member] | Adjustments for New Accounting Pronouncement [Member] | 1.50% Convertible Notes Due 2020 [Member] | ||
Current liabilities: | ||
Convertible notes | $ 300,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consolidated income from discontinued operations, net of tax | $ 1,122 | |
Porex [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Payments related to completion of audit | 384 | |
Consolidated income from discontinued operations, net of tax | $ 1,122 | |
Porex [Member] | Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Remaining estimate of tax indemnification liability related to Porex included within liabilities of discontinued operations | $ 1,506 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 16, 2016shares$ / shares | Jun. 01, 2016USD ($)shares$ / shares | Mar. 31, 2016USD ($) | Sep. 10, 2014shares$ / shares | Nov. 26, 2013USD ($)shares$ / shares | Sep. 11, 2013shares$ / shares | Apr. 04, 2012shares$ / shares | Mar. 14, 2011USD ($)shares$ / shares | Jan. 11, 2011USD ($)shares$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)shares |
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from sale of notes | $ 350,394 | |||||||||||||
Cash paid to repurchase common stock | 23,643 | $ 28,406 | $ 128,748 | |||||||||||
Pre-tax loss on repurchase of notes | $ (2,058) | (2,058) | ||||||||||||
Maturity of convertible notes | 102,682 | 151,038 | ||||||||||||
Amortization of debt issuance costs | 3,906 | $ 4,172 | 4,511 | |||||||||||
Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest on convertible notes | 2.25% | |||||||||||||
Amortization of debt issuance costs | 3,906 | $ 4,172 | $ 4,511 | |||||||||||
Issuance costs written off | 571 | |||||||||||||
2.50% Convertible Notes Due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 400,000 | $ 400,000 | ||||||||||||
Interest on convertible notes | 2.50% | 2.50% | ||||||||||||
Convertible notes | $ 398,066 | $ 396,281 | ||||||||||||
2.50% Convertible Notes Due 2018 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 400,000 | |||||||||||||
Interest on convertible notes | 2.50% | 2.50% | ||||||||||||
Debt instrument, maturity date | Jan. 31, 2018 | |||||||||||||
Proceeds from sale of notes | $ 387,345 | |||||||||||||
Offering expenses | 12,655 | |||||||||||||
Cash paid to repurchase common stock | $ 100,000 | |||||||||||||
Common stock repurchased, shares | shares | 1,920,490 | |||||||||||||
Common stock repurchased, price per share | $ / shares | $ 52.07 | |||||||||||||
Conversion price per share of common stock | $ / shares | $ 64.16 | $ 64.47 | $ 64.61 | $ 65.26 | $ 66.13 | |||||||||
Conversion rate of notes per thousand dollar of principal amount | 15.5854 | 15.5118 | 15.4764 | 15.3223 | 15.1220 | |||||||||
Common stock available upon conversion | shares | 6,234,160 | 6,204,720 | 6,190,560 | 6,128,920 | 6,048,800 | |||||||||
Percentage of principal amount equal to repurchase price | 100.00% | |||||||||||||
2.25% Convertible Notes Due 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 102,682 | |||||||||||||
Interest on convertible notes | 2.25% | 2.25% | ||||||||||||
2.25% Convertible Notes Due 2016 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 400,000 | |||||||||||||
Interest on convertible notes | 2.25% | 2.25% | ||||||||||||
Proceeds from sale of notes | $ 387,400 | |||||||||||||
Offering expenses | 12,595 | |||||||||||||
Cash paid to repurchase common stock | $ 50,000 | |||||||||||||
Common stock repurchased, shares | shares | 868,507 | |||||||||||||
Common stock repurchased, price per share | $ / shares | $ 57.57 | |||||||||||||
Conversion price per share of common stock | $ / shares | $ 71.84 | $ 72 | $ 72.73 | $ 73.69 | ||||||||||
Conversion rate of notes per thousand dollar of principal amount | 13.9202 | 13.8884 | 13.7502 | 13.5704 | ||||||||||
Common stock available upon conversion | shares | 3,511,120 | 5,555,360 | 5,500,080 | 5,428,160 | 1,429,354 | 3,503,099 | ||||||||
Pre-tax loss on repurchase of notes | $ (2,058) | $ (4,871) | ||||||||||||
Convertible notes | 102,682 | 252,232 | ||||||||||||
Maturity of convertible notes | $ 102,682 | |||||||||||||
2.25% Convertible Notes Due 2016 [Member] | Senior Notes [Member] | Privately Negotiated Transaction [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes repurchased | 149,550 | 100,000 | ||||||||||||
Repurchased amount in cash open market | 151,038 | 101,750 | ||||||||||||
2.25% Convertible Notes Due 2016 [Member] | Senior Notes [Member] | Open Market [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes repurchased | 47,768 | |||||||||||||
Repurchased amount in cash open market | $ 48,604 | |||||||||||||
1.50% Convertible Notes Due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 300,000 | $ 300,000 | ||||||||||||
Interest on convertible notes | 1.50% | 1.50% | 1.50% | |||||||||||
Convertible notes | $ 295,432 | $ 294,266 | ||||||||||||
1.50% Convertible Notes Due 2020 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 300,000 | |||||||||||||
Interest on convertible notes | 1.50% | 1.50% | ||||||||||||
Debt instrument, maturity date | Dec. 1, 2020 | |||||||||||||
Proceeds from sale of notes | $ 291,823 | |||||||||||||
Offering expenses | $ 8,177 | |||||||||||||
Conversion price per share of common stock | $ / shares | $ 52.44 | $ 52.69 | $ 52.81 | |||||||||||
Conversion rate of notes per thousand dollar of principal amount | 19.0695 | 18.9795 | 18.9362 | |||||||||||
Common stock available upon conversion | shares | 5,720,850 | 5,693,850 | 5,680,860 | |||||||||||
Percentage of principal amount equal to repurchase price | 100.00% | |||||||||||||
Minimum percentage of consideration received or to be received by holders of common stock for repurchase option | 90.00% | |||||||||||||
2.625% Convertible Notes Due 2023 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 360,000 | |||||||||||||
Interest on convertible notes | 2.625% | 2.625% | ||||||||||||
Convertible notes | $ 351,190 | |||||||||||||
2.625% Convertible Notes Due 2023 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Convertible notes due | $ 360,000 | |||||||||||||
Interest on convertible notes | 2.625% | |||||||||||||
Debt instrument, maturity date | Jun. 15, 2023 | |||||||||||||
Proceeds from sale of notes | $ 350,394 | |||||||||||||
Offering expenses | $ 9,606 | |||||||||||||
Conversion price per share of common stock | $ / shares | $ 86.66 | $ 87.07 | ||||||||||||
Conversion rate of notes per thousand dollar of principal amount | 11.5389 | 11.4845 | ||||||||||||
Common stock available upon conversion | shares | 4,154,004 | 4,134,420 | ||||||||||||
Percentage of principal amount equal to repurchase price | 100.00% | |||||||||||||
Minimum percentage of consideration received or to be received by holders of common stock for repurchase option | 90.00% |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Balances of Convertible Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2.25% Convertible Notes Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 102,682 | |
Unamortized Debt Issuance Costs | (159) | |
Net Carrying Amount | 102,523 | |
2.50% Convertible Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 400,000 | 400,000 |
Unamortized Debt Issuance Costs | (1,934) | (3,719) |
Net Carrying Amount | 398,066 | 396,281 |
1.50% Convertible Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 300,000 | 300,000 |
Unamortized Debt Issuance Costs | (4,568) | (5,734) |
Net Carrying Amount | 295,432 | $ 294,266 |
2.625% Convertible Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 360,000 | |
Unamortized Debt Issuance Costs | (8,810) | |
Net Carrying Amount | $ 351,190 |
Long-Lived Assets - Components
Long-Lived Assets - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 297,425 | $ 289,833 |
Less: accumulated depreciation | (214,129) | (208,806) |
Property and equipment, net | 83,296 | 81,027 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 70,622 | 66,708 |
Property and equipment, net | 8,576 | 11,630 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 77,739 | 69,973 |
Website Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 71,683 | 62,784 |
Property and equipment, net | 12,503 | 9,624 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 61,246 | 72,679 |
Office Equipment, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,844 | 17,398 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 291 | $ 291 |
Long-Lived Assets - Additional
Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill And Intangible Assets [Line Items] | ||||
Depreciation expense | $ 27,672 | $ 27,200 | $ 27,010 | |
Goodwill | 202,980 | 202,980 | ||
Cash paid to acquire intangible assets | $ 3,182 | |||
Amortization expense | $ 3,120 | $ 3,321 | $ 2,801 | |
Technology [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Amortization period of assets | 3 years |
Long-Lived Assets - Schedule of
Long-Lived Assets - Schedule of Finite and Indefinite Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite and finite lived intangible assets, Gross Carrying Amount | $ 74,887 | $ 74,887 |
Intangible Assets, Accumulated Amortization | (67,113) | (63,993) |
Indefinite and finite lived intangible assets, Net | 7,774 | 10,894 |
Content [Member] | ||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, Gross Carrying Amount | 15,954 | 15,954 |
Intangible Assets, Accumulated Amortization | (15,954) | (15,954) |
Customer Relationships [Member] | ||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, Gross Carrying Amount | 34,057 | 34,057 |
Intangible Assets, Accumulated Amortization | (31,274) | (29,218) |
Finite lived intangible assets, Net | $ 2,783 | $ 4,839 |
Intangible Assets, Weighted Average Remaining Useful Life | 1 year 10 months 24 days | 2 years 8 months 12 days |
Technology and Patents [Member] | ||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, Gross Carrying Amount | $ 17,882 | $ 17,882 |
Intangible Assets, Accumulated Amortization | (17,355) | (16,291) |
Finite lived intangible assets, Net | $ 527 | $ 1,591 |
Intangible Assets, Weighted Average Remaining Useful Life | 6 months | 1 year 6 months |
Trade Names-Definitive Lives [Member] | ||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, Gross Carrying Amount | $ 2,530 | $ 2,530 |
Intangible Assets, Accumulated Amortization | (2,530) | (2,530) |
Trade Names-Indefinite Lives [Member] | ||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Carrying Amount | 4,464 | 4,464 |
Indefinite-lived intangible assets, Net | $ 4,464 | $ 4,464 |
Long-Lived Assets - Schedule 51
Long-Lived Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 2,044 |
2,018 | $ 1,266 |
Accrued Expense - Components of
Accrued Expense - Components of Accrued Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 43,082 | $ 45,715 |
Accrued outside services | 11,173 | 10,775 |
Accrued marketing and distribution | 7,110 | 5,383 |
Accrued interest | 4,962 | 5,119 |
Other accrued liabilities | 12,270 | 13,672 |
Accrued expenses | $ 78,597 | $ 80,664 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Jan. 25, 2016Defendants | May 08, 2015DefendantsPlaintiff | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | |||||
Rent expense for operating leases | $ | $ 13,177 | $ 6,506 | $ 9,194 | ||
Amount related to lease incentives and the difference between rent expense and the rental amount payable for leases | $ | $ 16,948 | $ 12,071 | |||
Dual Diagnosis Treatment Center [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | Plaintiff | 6 | ||||
Dual Diagnosis Treatment Center [Member] | Blue Cross Blue Shield [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | 28 | ||||
Dual Diagnosis Treatment Center [Member] | Claims Against Health Plan [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | 41 | ||||
Dual Diagnosis Treatment Center Amended Complaint [Member] | Claims Against Health Plan [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | 184 |
Commitments and Contingencies54
Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 15,507 |
2,018 | 15,031 |
2,019 | 14,128 |
2,020 | 14,412 |
2,021 | 13,389 |
Thereafter | 20,306 |
Total minimum lease payments | $ 92,773 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares authorized under 2005 Plan | 24,975,000 | ||||
Common stock available for future grants | 607,739 | ||||
Proceeds from exercise of stock options | $ 65,309 | $ 21,939 | $ 40,602 | ||
Employee withholding tax paid | 17,599 | 6,438 | 33,385 | ||
Combined value of stock options exercised and vested restricted stock | 86,080 | 34,670 | 100,232 | ||
Stock-based compensation expense | 29,329 | $ 33,743 | $ 32,546 | ||
Unrecognized stock-based compensation expense related to unvested awards | $ 62,194 | ||||
Period for recognition of unrecognized stock based compensation expense | 2 years 8 months 12 days | ||||
Percentage of tax benefit attributable to stock-based compensation | 38.00% | 38.00% | 39.00% | ||
General and Administrative [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Stock-based compensation expense | $ 18,171 | $ 21,236 | $ 19,385 | ||
Net reversal of stock-based compensation expense for awards forfeited | $ 2,394 | ||||
Non Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Common stock available for future grants | 242,700 | ||||
Directors [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Stock-based compensation expense | $ 467 | 467 | 315 | ||
Stock Options [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Expiration period from grant date | 10 years | ||||
Stock-based compensation expense | $ 18,556 | $ 21,336 | $ 21,117 | ||
Restricted Stock [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Performance-based Restricted Stock granted to two senior executives | 457,600 | 441,920 | 177,200 | ||
Stock-based compensation expense | $ 10,306 | $ 11,940 | $ 11,114 | ||
Restricted Stock [Member] | Performance Shares [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Performance-based Restricted Stock granted to two senior executives | 55,000 | ||||
Minimum [Member] | Stock Options [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share based compensation arrangement by share based payment award, award vesting period | 3 years | ||||
Minimum [Member] | Restricted Stock [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share based compensation arrangement by share based payment award, award vesting period | 3 years | ||||
Maximum [Member] | Stock Options [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share based compensation arrangement by share based payment award, award vesting period | 4 years | ||||
Maximum [Member] | Restricted Stock [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share based compensation arrangement by share based payment award, award vesting period | 4 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Share-Based Compensation, Stock Options, Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares Outstanding, Beginning Balance | 7,870,435 | 7,547,526 | 11,429,279 |
Granted, Shares | 1,975,300 | 2,134,900 | 899,200 |
Exercised, Shares | (3,136,400) | (989,993) | (3,875,410) |
Cancelled, Shares | (590,511) | (821,998) | (905,543) |
Shares Outstanding, Ending Balance | 6,118,824 | 7,870,435 | 7,547,526 |
Weighted Average Exercise Price Per Share, Outstanding, at the beginning of the period | $ 35.81 | $ 32.69 | $ 29.12 |
Vested and Exercisable, Shares | 2,218,561 | ||
Weighted Average Exercise Price Per Share, Granted | $ 49.96 | 42.75 | 43.03 |
Weighted Average Exercise Price Per Share, Exercised | 32.66 | 24.53 | 24.40 |
Weighted Average Exercise Price Per Share, Cancelled | 40.53 | 38.68 | 33.42 |
Weighted Average Exercise Price Per Share, Outstanding, at the end of the period | 41.55 | $ 35.81 | $ 32.69 |
Weighted Average Exercise Price per Share, Vested and exercisable at the end of the period | $ 34.44 | ||
Weighted Average Remaining Contractual Life (In Years), Outstanding | 7 years 6 months | ||
Weighted Average Remaining Contractual Life (In Years), Vested and exercisable at the end of the period | 5 years 3 months 18 days | ||
Aggregate Intrinsic Value, Outstanding | $ 51,231 | ||
Aggregate Intrinsic Value, Vested and Exercisable | $ 33,815 |
Stock-Based Compensation - Sc57
Stock-Based Compensation - Schedule of Share-Based Compensation, Stock Options, Activity (Parenthetical) (Detail) | Dec. 31, 2016$ / shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Market price of common stock | $ 49.57 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summarized Information with Respect to Options Outstanding and Options Exercisable (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Shares | 6,118,824 | 7,870,435 | 7,547,526 | 11,429,279 |
Outstanding, Weighted Average Exercise Price Per Share | $ 41.55 | $ 35.81 | $ 32.69 | $ 29.12 |
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 7 years 6 months | |||
Exercisable Shares | 2,218,561 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 34.44 | |||
$13.15 - $29.89 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 13.15 | |||
Exercise Price, Upper Range Limit | $ 29.89 | |||
Outstanding, Shares | 596,311 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 20.32 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 3 years 10 months 24 days | |||
Exercisable Shares | 551,011 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 20.32 | |||
$30.00 - $36.59 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 30 | |||
Exercise Price, Upper Range Limit | $ 36.59 | |||
Outstanding, Shares | 641,889 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 32.90 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 6 years | |||
Exercisable Shares | 506,856 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 32.65 | |||
$36.62 - $39.46 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 36.62 | |||
Exercise Price, Upper Range Limit | $ 39.46 | |||
Outstanding, Shares | 567,993 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 38.07 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 5 years 10 months 24 days | |||
Exercisable Shares | 408,034 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 37.89 | |||
$39.50 - $42.98 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 39.50 | |||
Exercise Price, Upper Range Limit | $ 42.98 | |||
Outstanding, Shares | 689,533 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 39.98 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 7 years 1 month 6 days | |||
Exercisable Shares | 274,720 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 39.95 | |||
$42.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | $ 42.99 | |||
Outstanding, Shares | 943,675 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 42.99 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 8 years | |||
Exercisable Shares | 101,994 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 42.99 | |||
$43.05 - $48.75 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 43.05 | |||
Exercise Price, Upper Range Limit | $ 48.75 | |||
Outstanding, Shares | 731,032 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 45.74 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 7 years 6 months | |||
Exercisable Shares | 269,355 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 45.70 | |||
$49.00 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | $ 49 | |||
Outstanding, Shares | 1,631,000 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 49 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 9 years 9 months 18 days | |||
$49.13 - $63.45 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | $ 49.13 | |||
Exercise Price, Upper Range Limit | $ 63.45 | |||
Outstanding, Shares | 317,391 | |||
Outstanding, Weighted Average Exercise Price Per Share | $ 56.29 | |||
Outstanding, Weighted Average Remaining Contractual Life (In Years) | 7 years 3 months 18 days | |||
Exercisable Shares | 106,591 | |||
Exercisable, Weighted Average Exercise Price Per Share | $ 51.90 |
Stock-Based Compensation - Sc59
Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, Minimum | 35.00% | 41.00% | 47.00% |
Expected volatility, Maximum | 44.00% | 48.00% | 49.00% |
Risk-free interest rate, Minimum | 0.86% | 1.01% | 1.16% |
Risk-free interest rate, Maximum | 1.71% | 1.56% | 1.72% |
Weighted-average fair value of options granted during the period | $ 15.16 | $ 16.26 | $ 17.58 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 3 years 10 months 24 days | 4 years 1 month 6 days | 4 years 2 months 12 days |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 4 years 9 months 18 days | 4 years 8 months 12 days | 5 years |
Stock-Based Compensation - Sc60
Stock-Based Compensation - Schedule of Share-based Compensation, Restricted Stock Awards, Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Awards, Shares, Balance at the beginning of the year | 854,845 | 904,083 | 1,184,961 |
Restricted Stock Awards, Shares, Granted | 457,600 | 441,920 | 177,200 |
Restricted Stock Awards, Shares, Vested | (293,967) | (331,558) | (324,453) |
Restricted Stock Awards, Shares, Forfeited | (138,452) | (159,600) | (133,625) |
Restricted Stock Awards, Shares, Balance at the end of the year | 880,026 | 854,845 | 904,083 |
Weighted Average Grant Date Fair Value, Balance at the beginning of the year | $ 39.17 | $ 35.58 | $ 33.07 |
Weighted Average Grant Date Fair Value, Granted | 50.04 | 42.96 | 43.84 |
Weighted Average Grant Date Fair Value, Vested | 34.90 | 35.72 | 32.70 |
Weighted Average Grant Date Fair Value, Forfeited | 43.06 | 36.57 | 31.29 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 45.97 | $ 39.17 | $ 35.58 |
Stock-Based Compensation - Sc61
Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 29,329 | $ 33,743 | $ 32,546 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 18,556 | 21,336 | 21,117 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 10,306 | 11,940 | 11,114 |
Cost of Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 5,216 | 5,217 | 5,940 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 5,942 | 7,290 | 7,221 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 18,171 | 21,236 | 19,385 |
Other [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 467 | $ 467 | $ 315 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Expense related to retirement plans | $ 4,854 | $ 4,495 | $ 3,971 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2016 | Sep. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 17, 2016 | Sep. 16, 2016 | Sep. 30, 2015 | Nov. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Oct. 31, 2011 | Aug. 31, 2011 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Common stock repurchased, total consideration | $ 23,643 | $ 28,406 | $ 128,748 | |||||||||||
Cash paid to repurchase common stock | $ 23,643 | $ 28,406 | $ 128,748 | |||||||||||
2016 Tender Offer [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Common stock repurchased, shares | 2,000,000 | |||||||||||||
Common stock repurchased, price per share | $ 55 | |||||||||||||
Common stock repurchased, total consideration | $ 110,413 | |||||||||||||
Costs directly attributable to repurchase of common stock | $ 413 | |||||||||||||
2014 Tender Offer [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Common stock repurchased, shares | 2,000,000 | |||||||||||||
Common stock repurchased, price per share | $ 48.50 | |||||||||||||
Common stock repurchased, total consideration | $ 97,588 | |||||||||||||
Costs directly attributable to repurchase of common stock | $ 588 | |||||||||||||
2011 Program [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Common stock repurchased, shares | 456,218 | 688,467 | 3,160,070 | |||||||||||
Funds authorized to repurchase common stock | $ 50,000 | $ 35,198 | $ 27,451 | $ 23,895 | $ 30,000 | $ 40,000 | $ 50,000 | $ 75,000 | $ 75,000 | |||||
Cash paid to repurchase common stock | $ 23,643 | $ 28,406 | $ 128,748 | |||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 45,611 |
Equity - Summary of Changes in
Equity - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 357 | ||
Net current period other comprehensive (loss) income | 145 | $ (619) | $ 976 |
Ending Balance | 502 | 357 | |
Unrealized Gains on Marketable Securities, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 357 | 976 | |
Unrealized (loss) gain before reclassifications | (96) | (536) | |
Amounts reclassified from AOCI to gain on/ cost of investments | (83) | ||
Net current period other comprehensive (loss) income | (96) | (619) | |
Ending Balance | 261 | 357 | 976 |
Unrealized Gains on Foreign Currency Forward Contracts, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized (loss) gain before reclassifications | 760 | ||
Amounts reclassified from AOCI to gain on/ cost of investments | (519) | ||
Net current period other comprehensive (loss) income | 241 | ||
Ending Balance | 241 | ||
Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 357 | 976 | |
Unrealized (loss) gain before reclassifications | 664 | (536) | |
Amounts reclassified from AOCI to gain on/ cost of investments | (519) | (83) | |
Net current period other comprehensive (loss) income | 145 | (619) | 976 |
Ending Balance | $ 502 | $ 357 | $ 976 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Federal net operating loss carryforwards | $ 30,533 | $ 83,071 |
State net operating loss carryforwards | 31,468 | 33,320 |
Capital losses | 201 | 292 |
Federal tax credits | 28,698 | 28,555 |
Accrued expenses | 20,426 | 19,086 |
Stock-based compensation | 17,090 | 24,294 |
Property and equipment | 1,556 | |
Intangible assets | 3,603 | 3,610 |
Other | 3,776 | 3,808 |
Total deferred tax assets | 137,351 | 196,036 |
Valuation allowance | (85,957) | (142,604) |
Net deferred tax assets | 51,394 | 53,432 |
Deferred tax liabilities: | ||
Property and equipment | (1,466) | |
Goodwill and indefinite-lived intangible asset | (36,548) | (33,465) |
Other | (302) | (2,807) |
Total deferred tax liabilities | (36,850) | (37,738) |
Net deferred tax assets | $ 14,544 | $ 15,694 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $ (4,396) | $ 1,076 | $ (622) | ||||||||
State | 6,161 | 4,773 | 3,047 | ||||||||
Foreign | 99 | 268 | 369 | ||||||||
Current income tax provision | 1,864 | 6,117 | 2,794 | ||||||||
Deferred: | |||||||||||
Federal | 737 | (8,456) | 12,570 | ||||||||
State | 729 | 743 | 2,147 | ||||||||
Foreign | (383) | ||||||||||
Deferred income tax provision (benefit) | 1,083 | (7,713) | 14,717 | ||||||||
Reversal of valuation allowance applied to additional paid-in capital | 52,583 | 37,443 | 13,196 | ||||||||
Total income tax provision | $ 19,815 | $ 13,438 | $ 11,848 | $ 10,429 | $ 18,379 | $ 9,080 | $ 1,255 | $ 7,133 | $ 55,530 | $ 35,847 | $ 30,707 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Federal Statutory Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal benefit) | 4.20% | 5.70% | 7.40% |
Valuation allowance | (2.70%) | (7.10%) | (3.30%) |
Non-deductible officer compensation | 0.50% | 1.40% | 2.20% |
Other | 0.80% | 0.90% | 1.60% |
Effective income tax rate | 37.80% | 35.90% | 42.90% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 25, 2008 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Valuation allowance reversed through additional paid-in capital | $ 52,583 | $ 37,443 | $ 13,196 | ||
Deferred tax asset, state net operating loss carry forwards | 31,468 | 33,320 | |||
Increase (Decrease) in valuation allowance for deferred tax asset | (56,647) | (15,040) | |||
Reversal of valuation allowance through tax provision | $ 24,775 | ||||
Net operating loss carryforwards for federal income tax purposes | 512,000 | ||||
Federal tax credits | 63,112 | ||||
Federal tax credits, unrecognized tax benefits | $ 44,172 | ||||
Federal tax credits, unrecognized tax benefits, expiration dates | 2017 through 2031 | ||||
Expiration period of operating loss carryforwards | 2022 through 2034 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 18,940 | ||||
Excess tax benefits related to share-based payments, deferred tax assets | 79,000 | ||||
Excess tax benefits, adjustment related to share-based payments | 499,000 | ||||
Percentage of ownership in company's capital | 50.00% | ||||
Unrecognized income tax benefits | 15,516 | 14,815 | |||
Accrued interest and penalties | 869 | 738 | |||
Minimum [Member] | |||||
Reduction in unrecognized income tax benefits | 100 | ||||
Maximum [Member] | |||||
Reduction in unrecognized income tax benefits | 200 | ||||
Valuation Allowance, Operating Loss Carryforwards [Member] | |||||
Deferred tax asset, state net operating loss carry forwards | $ 1,298 | $ 1,455 | 1,311 | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Valuation allowance reversed through additional paid-in capital | $ 1,359 |
Income Taxes - Activity of Unre
Income Taxes - Activity of Unrecognized Tax Benefits, Excluding Accrued Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 14,077 | $ 12,972 | $ 13,392 |
Increases related to prior year tax positions | 76 | 776 | 15 |
Increases related to current year tax positions | 691 | 394 | |
Decreases related to prior year tax positions | (158) | (379) | |
Settlements | (15) | ||
Expiration of the statute of limitations for the assessment of taxes | (39) | (50) | (56) |
Balance at the end of the year | $ 14,647 | $ 14,077 | $ 12,972 |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Financial Assets Measured and Recorded at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Amortized Cost Basis | $ 492,424 | $ 641,165 | $ 706,776 | $ 824,880 |
U.S. Treasury securities, Amortized Cost Basis | 498,500 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Amortized Cost Basis | 492,424 | 641,165 | ||
Cash and cash equivalents, Fair Value | 492,424 | 641,165 | ||
Cash and cash equivalents, Gross Unrealized Gains | 0 | 0 | ||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Security [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity security, Fair value | 278 | 598 | ||
Equity security, Gross unrealized gains | 278 | $ 598 | ||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
U.S. Treasury securities, Amortized Cost Basis | 498,359 | |||
U.S. Treasury securities, Fair Value | 498,500 | |||
U.S. Treasury securities, Gross Unrealized Gains | $ 141 |
Fair Value of Financial Instr71
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | $ 498,500 | ||
Gain on investments | $ 139 | $ 139 | |
Derivative, notional amount | 15,401 | ||
U.S. Treasury Securities Matured on December 22, 2016 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 948,078 | ||
U.S. Treasury Securities Mature On June 29, 2017 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 498,332 | ||
Privately Held Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | $ 6,471 | $ 3,872 |
Fair Value of Financial Instr72
Fair Value of Financial Instruments - Schedule of Fair Values of Foreign Currency Forward Contracts, Assets and Liabilities (Detail) - Level 2 [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Accrued Expenses [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair values of foreign currency forward contracts, liabilities | $ (163) |
Prepaid Expenses and Other Current Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair values of foreign currency forward contracts, assets | 806 |
Other Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair values of foreign currency forward contracts, assets | 256 |
Other Long-Term Liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair values of foreign currency forward contracts, liabilities | $ (9) |
Fair Value of Financial Instr73
Fair Value of Financial Instruments - Impact on Accumulated Other Comprehensive Income and Net Income from Foreign Currency Forward Contracts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Foreign Currency Derivatives [Abstract] | |
Gain recognized in AOCI | $ 1,226 |
Gain reclassified from AOCI to cost of operations | $ 837 |
Fair Value of Financial Instr74
Fair Value of Financial Instruments - Principal Amount and Estimated Fair Value of Company's Convertible Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 01, 2016 | Dec. 31, 2015 | Nov. 26, 2013 | Mar. 14, 2011 | Jan. 11, 2011 |
2.25% Convertible Notes Due 2016 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | $ 102,682 | |||||
2.50% Convertible Notes Due 2018 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | $ 400,000 | 400,000 | ||||
1.50% Convertible Notes Due 2020 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | 300,000 | 300,000 | ||||
2.625% Convertible Notes Due 2023 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | 360,000 | |||||
Senior Notes [Member] | 2.25% Convertible Notes Due 2016 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | $ 400,000 | |||||
Senior Notes [Member] | 2.50% Convertible Notes Due 2018 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | $ 400,000 | |||||
Senior Notes [Member] | 1.50% Convertible Notes Due 2020 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | $ 300,000 | |||||
Senior Notes [Member] | 2.625% Convertible Notes Due 2023 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | $ 360,000 | |||||
Level 2 [Member] | Senior Notes [Member] | 2.25% Convertible Notes Due 2016 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | 102,682 | |||||
Notes, Fair Value | 102,618 | |||||
Level 2 [Member] | Senior Notes [Member] | 2.50% Convertible Notes Due 2018 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | 400,000 | 400,000 | ||||
Notes, Fair Value | 409,000 | 416,000 | ||||
Level 2 [Member] | Senior Notes [Member] | 1.50% Convertible Notes Due 2020 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | 300,000 | 300,000 | ||||
Notes, Fair Value | 338,565 | $ 340,566 | ||||
Level 2 [Member] | Senior Notes [Member] | 2.625% Convertible Notes Due 2023 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes, Principal Amount | 360,000 | |||||
Notes, Fair Value | $ 341,928 |
Fair Value of Financial Instr75
Fair Value of Financial Instruments - Principal Amount and Estimated Fair Value of Company's Convertible Notes (Parenthetical) (Detail) | Dec. 31, 2016 | Jun. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 26, 2013 | Mar. 14, 2011 | Jan. 11, 2011 |
Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.25% | ||||||
2.25% Convertible Notes Due 2016 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.25% | 2.25% | |||||
2.25% Convertible Notes Due 2016 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.25% | 2.25% | |||||
2.50% Convertible Notes Due 2018 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.50% | 2.50% | |||||
2.50% Convertible Notes Due 2018 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.50% | 2.50% | |||||
1.50% Convertible Notes Due 2020 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 1.50% | 1.50% | 1.50% | ||||
1.50% Convertible Notes Due 2020 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 1.50% | 1.50% | |||||
2.625% Convertible Notes Due 2023 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.625% | 2.625% | |||||
2.625% Convertible Notes Due 2023 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.625% | ||||||
Level 2 [Member] | 2.25% Convertible Notes Due 2016 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.25% | 2.25% | |||||
Level 2 [Member] | 2.50% Convertible Notes Due 2018 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.50% | 2.50% | |||||
Level 2 [Member] | 1.50% Convertible Notes Due 2020 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 1.50% | 1.50% | |||||
Level 2 [Member] | 2.625% Convertible Notes Due 2023 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest on convertible notes | 2.625% | 2.625% |
Supplemental Disclosures of C76
Supplemental Disclosures of Cash Flow Information - Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | $ 20,748 | $ 19,792 | $ 20,225 |
Taxes paid, net | $ 3,809 | $ 2,850 | $ 277 |
Quarterly Financial Data (Una77
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Revenue | $ 207,472 | $ 171,438 | $ 167,583 | $ 158,553 | $ 192,129 | $ 152,607 | $ 148,320 | $ 143,343 | $ 705,046 | $ 636,399 | $ 580,449 |
Cost of operations | 72,895 | 65,458 | 65,788 | 62,513 | 69,475 | 59,552 | 60,407 | 57,877 | 266,654 | 247,311 | 224,094 |
Sales and marketing | 41,328 | 35,264 | 35,614 | 33,756 | 40,129 | 32,850 | 32,570 | 32,476 | 145,962 | 138,025 | 136,160 |
General and administrative | 23,397 | 20,005 | 23,983 | 23,756 | 24,183 | 22,942 | 23,002 | 21,453 | 91,141 | 91,580 | 94,119 |
Depreciation and amortization | 7,721 | 7,912 | 7,672 | 7,487 | 7,418 | 7,266 | 7,592 | 8,245 | 30,792 | 30,521 | 29,811 |
Interest income | 938 | 1,034 | 367 | 206 | 15 | 10 | 9 | 17 | 2,545 | 51 | 69 |
Interest expense | 7,066 | 7,065 | 5,265 | 5,100 | 5,099 | 5,681 | 6,171 | 6,172 | 24,496 | 23,123 | 24,686 |
Loss on convertible notes | 2,058 | 2,058 | |||||||||
Gain on investments | 139 | 139 | |||||||||
Other expense | 1,712 | 4,100 | 1,712 | 4,100 | |||||||
Income from continuing operations before income tax provision | 56,003 | 35,056 | 29,628 | 26,147 | 45,840 | 22,268 | 14,626 | 17,137 | 146,834 | 99,871 | 71,648 |
Income tax provision | 19,815 | 13,438 | 11,848 | 10,429 | 18,379 | 9,080 | 1,255 | 7,133 | 55,530 | 35,847 | 30,707 |
Net income | $ 36,188 | $ 21,618 | $ 17,780 | $ 15,718 | $ 27,461 | $ 13,188 | $ 13,371 | $ 10,004 | $ 91,304 | $ 64,024 | $ 42,063 |
Net income per common share - Basic | $ 0.95 | $ 0.57 | $ 0.47 | $ 0.42 | $ 0.75 | $ 0.36 | $ 0.36 | $ 0.27 | $ 2.41 | $ 1.75 | $ 1.08 |
Net income per common share - Diluted | $ 0.73 | $ 0.47 | $ 0.39 | $ 0.36 | $ 0.60 | $ 0.32 | $ 0.32 | $ 0.25 | $ 1.97 | $ 1.48 | $ 0.97 |
Numerator: | |||||||||||
Net income - Basic | $ 36,188 | $ 21,618 | $ 17,780 | $ 15,718 | $ 27,461 | $ 13,188 | $ 13,371 | $ 10,004 | $ 91,304 | $ 64,024 | $ 40,941 |
Net income - Diluted | $ 40,569 | $ 25,998 | $ 20,485 | $ 18,880 | $ 30,571 | $ 15,849 | $ 17,135 | $ 10,868 | $ 106,492 | $ 78,129 | $ 44,397 |
Denominator: | |||||||||||
Weighted-average shares - Basic | 38,006 | 38,103 | 38,041 | 37,267 | 36,583 | 36,721 | 36,705 | 36,393 | 37,854 | 36,600 | 37,869 |
Stock options and restricted stock | 1,158 | 1,709 | 2,008 | 1,755 | 1,427 | 1,338 | 1,503 | 1,378 | 1,658 | 1,412 | 2,060 |
Adjusted weighted-average shares after assumed conversions - Diluted | 55,211 | 55,845 | 51,948 | 52,335 | 51,338 | 49,958 | 53,618 | 43,465 | 54,179 | 52,653 | 45,614 |
1.50% Convertible Notes Due 2020 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense on Notes, net of tax | $ 878 | $ 878 | $ 878 | $ 878 | $ 864 | $ 864 | $ 864 | $ 864 | $ 3,513 | $ 3,456 | $ 3,456 |
Denominator: | |||||||||||
Convertible notes, Shares | 5,699 | 5,694 | 5,694 | 5,694 | 5,694 | 5,694 | 5,694 | 5,694 | 5,695 | 5,694 | 5,685 |
2.50% Convertible Notes Due 2018 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense on Notes, net of tax | $ 1,827 | $ 1,827 | $ 1,827 | $ 1,827 | $ 1,797 | $ 1,797 | $ 1,797 | $ 7,307 | $ 7,189 | ||
Denominator: | |||||||||||
Convertible notes, Shares | 6,210 | 6,205 | 6,205 | 6,205 | 6,205 | 6,205 | 6,205 | 6,206 | 6,205 | ||
2.25% Convertible Notes Due 2016 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense on Notes, net of tax | $ 457 | $ 449 | $ 1,103 | $ 457 | $ 3,460 | ||||||
Denominator: | |||||||||||
Convertible notes, Shares | 1,414 | 1,429 | 3,511 | 353 | 2,742 | ||||||
2.625% Convertible Notes Due 2023 [Member] | |||||||||||
Numerator: | |||||||||||
Interest expense on Notes, net of tax | $ 1,676 | $ 1,675 | $ 3,911 | ||||||||
Denominator: | |||||||||||
Convertible notes, Shares | 4,138 | 4,134 | 2,413 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 1,040 | $ 631 | $ 793 |
Charged to Costs and Expenses | 571 | 874 | 577 |
Write-offs | (79) | (465) | (739) |
Balance at End of Year | 1,532 | 1,040 | 631 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 142,604 | 157,644 | 174,592 |
Charged to Costs and Expenses | (3,969) | (7,061) | (2,350) |
Other | (52,678) | (7,979) | (14,598) |
Balance at End of Year | $ 85,957 | $ 142,604 | $ 157,644 |