Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'SS&C Technologies Holdings Inc | ' |
Entity Central Index Key | '0001402436 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 82,228,873 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $81,575 | $86,160 |
Accounts receivable, net of allowance for doubtful accounts of $2,957 and $2,359, respectively | 85,871 | 91,690 |
Prepaid expenses and other current assets | 20,263 | 11,548 |
Prepaid income taxes | 23,203 | 9,651 |
Deferred income taxes | 4,031 | 5,408 |
Restricted cash | 2,460 | 2,460 |
Total current assets | 217,403 | 206,917 |
Property, plant and equipment: | ' | ' |
Land | 2,655 | 2,655 |
Building and improvements | 29,937 | 28,557 |
Equipment, furniture, and fixtures | 64,700 | 58,046 |
Total property and equipment | 97,292 | 89,258 |
Less accumulated depreciation | -43,975 | -34,219 |
Net property, plant and equipment | 53,317 | 55,039 |
Deferred income taxes | 733 | 1,459 |
Goodwill | 1,542,947 | 1,559,607 |
Intangible and other assets, net of accumulated amortization of $317,922 and $255,449, respectively | 478,432 | 539,883 |
Total assets | 2,292,832 | 2,362,905 |
Current liabilities: | ' | ' |
Current portion of long-term debt (Note 4) | 21,782 | 22,248 |
Accounts payable | 17,298 | 10,528 |
Income taxes payable | ' | 1,314 |
Accrued employee compensation and benefits | 34,730 | 39,812 |
Other accrued expenses | 28,675 | 22,650 |
Deferred maintenance and other revenue | 59,108 | 63,700 |
Total current liabilities | 161,593 | 160,252 |
Long-term debt, net of current portion (Note 4) | 814,377 | 989,890 |
Other long-term liabilities | 12,569 | 17,102 |
Deferred income taxes | 108,246 | 120,158 |
Total liabilities | 1,096,785 | 1,287,402 |
Commitments and contingencies (Note 5) | ' | ' |
Common stock: | ' | ' |
Common stock | 800 | 781 |
Additional paid-in capital | 902,356 | 853,455 |
Accumulated other comprehensive income | 32,115 | 51,518 |
Retained earnings | 266,568 | 175,554 |
Total common stock | 1,201,866 | 1,081,322 |
Less: cost of common stock in treasury, 488 shares | -5,819 | -5,819 |
Total stockholders' equity | 1,196,047 | 1,075,503 |
Total liabilities and stockholders' equity | 2,292,832 | 2,362,905 |
Class A Non-voting Common Stock [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | $27 | $14 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $2,957 | $2,359 |
Accumulated amortization of Intangible and other assets | $317,922 | $255,449 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 79,997 | 78,141 |
Common stock, shares outstanding | 79,509 | 77,653 |
Common stock, shares unvested | 25 | 0 |
Treasury stock, shares | 488 | 488 |
Class A Non-voting Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 2,704 | 1,429 |
Common stock, shares outstanding | 2,704 | 1,429 |
Common stock, shares unvested | 0 | 13 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Software-enabled services | $138,123 | $125,605 | $411,909 | $275,069 |
Software licenses | 8,184 | 5,885 | 20,880 | 15,463 |
Maintenance | 26,178 | 25,519 | 77,603 | 67,993 |
Professional services | 7,020 | 8,553 | 19,788 | 21,562 |
Total revenues | 179,505 | 165,562 | 530,180 | 380,087 |
Cost of revenues: | ' | ' | ' | ' |
Software-enabled services | 79,875 | 75,965 | 240,847 | 155,940 |
Software licenses | 1,286 | 1,764 | 3,908 | 4,609 |
Maintenance | 10,150 | 10,883 | 30,953 | 29,338 |
Professional services | 4,884 | 5,126 | 14,689 | 13,803 |
Total cost of revenues | 96,195 | 93,738 | 290,397 | 203,690 |
Gross profit | 83,310 | 71,824 | 239,783 | 176,397 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 10,849 | 8,970 | 30,876 | 24,628 |
Research and development | 13,117 | 13,193 | 40,558 | 32,478 |
General and administrative | 11,480 | 11,668 | 33,197 | 24,527 |
Transaction costs | ' | 748 | ' | 14,322 |
Total operating expenses | 35,446 | 34,579 | 104,631 | 95,955 |
Operating income | 47,864 | 37,245 | 135,152 | 80,442 |
Interest expense, net | -9,036 | -13,726 | -33,325 | -18,760 |
Other (expense) income, net | -110 | -1,808 | 2,406 | -16,225 |
Loss on extinguishment of debt | ' | ' | ' | -4,355 |
Income before income taxes | 38,718 | 21,711 | 104,233 | 41,102 |
(Benefit) provision for income taxes | -4,748 | 4,096 | 13,219 | 11,364 |
Net income | 43,466 | 17,615 | 91,014 | 29,738 |
Basic earnings per share | $0.53 | $0.22 | $1.13 | $0.38 |
Basic weighted average number of common shares outstanding | 81,784 | 78,548 | 80,779 | 78,123 |
Diluted earnings per share | $0.51 | $0.21 | $1.07 | $0.36 |
Diluted weighted average number of common and common equivalent shares outstanding | 86,068 | 83,202 | 85,126 | 82,744 |
Net income | 43,466 | 17,615 | 91,014 | 29,738 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency exchange translation adjustment | 21,807 | 24,649 | -19,403 | 28,119 |
Total other comprehensive income (loss) | 21,807 | 24,649 | -19,403 | 28,119 |
Comprehensive income | $65,273 | $42,264 | $71,611 | $57,857 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $91,014 | $29,738 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 74,441 | 50,620 |
Amortization and write-offs of loan origination costs | 4,408 | 7,814 |
Income tax benefit related to exercise of stock options | -11,796 | -2,863 |
Deferred income taxes | -10,049 | -7,723 |
Stock-based compensation expense | 6,010 | 3,798 |
Provision for doubtful accounts | 528 | 473 |
Loss on sale or disposition of property and equipment | 316 | 13 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | ' | ' |
Accounts receivable | 5,911 | -14,652 |
Prepaid expenses and other assets | -8,405 | 8,873 |
Income taxes prepaid and payable | 8,854 | -4,333 |
Accounts payable | 5,189 | -2,240 |
Accrued expenses | -7,611 | -5,420 |
Deferred maintenance and other revenue | -4,534 | -3,432 |
Net cash provided by operating activities | 154,276 | 60,666 |
Cash flow from investing activities: | ' | ' |
Additions to property and equipment | -9,933 | -8,839 |
Proceeds from sale of property and equipment | 61 | ' |
Cash paid for business acquisitions, net of cash acquired | ' | -964,523 |
Additions to capitalized software | -1,570 | -640 |
Other | ' | 87 |
Net cash used in investing activities | -11,442 | -973,915 |
Cash flow from financing activities: | ' | ' |
Cash received from debt borrowings, net of loan origination costs | ' | 1,304,210 |
Repayments of debt | -177,000 | -366,600 |
Income tax benefit related to exercise of stock options | 11,796 | 2,863 |
Payment of contingent consideration | ' | -1,800 |
Proceeds from exercise of stock options | 22,360 | 12,325 |
Other | -1,917 | ' |
Net cash (used in) provided by financing activities | -144,761 | 950,998 |
Effect of exchange rate changes on cash | -2,658 | 2,188 |
Net (decrease) increase in cash | -4,585 | 39,937 |
Cash, beginning of period | 86,160 | 40,318 |
Cash, end of period | 81,575 | 80,255 |
Supplemental disclosure of non-cash activities: | ' | ' |
Excess tax benefit related to stock option exercises | $10,279 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles were applied on a basis consistent with those of the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2013 (the “2012 Form 10-K”). In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, except as noted elsewhere in the notes to the condensed consolidated financial statements) necessary for a fair statement of its financial position as of September 30, 2013, the results of its operations for the three and nine months ended September 30, 2013 and 2012 and its cash flows for the nine months ended September 30, 2013 and 2012. These statements do not include all of the information and footnotes required by GAAP for annual financial statements. The financial statements contained herein should be read in conjunction with the audited consolidated financial statements and footnotes as of and for the year ended December 31, 2012, which were included in the 2012 Form 10-K. The December 31, 2012 consolidated balance sheet data contained in the accompanying financial statements were derived from the Company’s audited financial statements but do not include all disclosures required by GAAP for annual financial statements. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the expected results for any subsequent quarters or the full year. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which amends the accounting guidance for the presentation of comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income, but do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. For public companies, these amendments are effective prospectively for reporting periods beginning after December 15, 2012. The new guidance affects disclosures only and did not have any impact on the Company’s financial position, results of operations or cash flows. | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350)— Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), to simplify how entities, both public and nonpublic, test indefinite-lived intangible assets for impairment. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this standard in the first quarter of 2013 did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Equity_and_StockBased_Compensa
Equity and Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Equity and Stock-Based Compensation | ' | ||||||||||||||||
2. Equity and Stock-based Compensation | |||||||||||||||||
During the three months ended September 30, 2013, the Company granted 25,000 restricted shares of its common stock, which vest over a period of four years. | |||||||||||||||||
For stock options and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Statements of Comprehensive Income Classification | |||||||||||||||||
Cost of software-enabled services | $ | 721 | $ | 383 | $ | 2,191 | $ | 942 | |||||||||
Cost of maintenance | 66 | 57 | 204 | 171 | |||||||||||||
Cost of professional services | 81 | 61 | 252 | 184 | |||||||||||||
Total cost of revenues | 868 | 501 | 2,647 | 1,297 | |||||||||||||
Selling and marketing | 375 | 255 | 981 | 726 | |||||||||||||
Research and development | 215 | 145 | 681 | 384 | |||||||||||||
General and administrative | 517 | 485 | 1,701 | 1,391 | |||||||||||||
Total operating expenses | 1,107 | 885 | 3,363 | 2,501 | |||||||||||||
Total stock-based compensation expense | $ | 1,975 | $ | 1,386 | $ | 6,010 | $ | 3,798 | |||||||||
A summary of stock option activity as of and for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Shares of Common | |||||||||||||||||
Stock Underlying | |||||||||||||||||
Options | |||||||||||||||||
Outstanding at January 1, 2013 | 13,411,130 | ||||||||||||||||
Granted | 234,500 | ||||||||||||||||
Cancelled/forfeited | (261,958 | ) | |||||||||||||||
Exercised | (3,106,423 | ) | |||||||||||||||
Outstanding at September 30, 2013 | 10,277,249 | ||||||||||||||||
During the nine months ended September 30, 2013, the Company recorded $24.1 million of income tax benefits related to the exercise of stock options. Of this amount, $3.6 million was recorded to goodwill and $20.5 million was recorded to additional paid-in capital on the Company’s Condensed Consolidated Balance Sheet. The Company realized $13.8 million of cash savings through September 30, 2013 related to these benefits, of which a proportional amount relating to the additional paid in capital was recognized as cash inflows from financing activities while the remainder was recognized as cash inflows from operations on its Condensed Consolidated Statements of Cash Flows. |
Basic_and_Diluted_Earnings_Per
Basic and Diluted Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
3. Basic and Diluted Earnings per Share | |||||||||||||||||
Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options and restricted stock using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares is anti-dilutive because their exercise prices together with other assumed proceeds exceed the average fair value of common stock for the period. The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method. | |||||||||||||||||
The following table sets forth the weighted average common shares used in the computation of basic and diluted EPS (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding | 81,784 | 78,548 | 80,779 | 78,123 | |||||||||||||
Weighted average common stock equivalents – options and restricted shares | 4,284 | 4,654 | 4,347 | 4,621 | |||||||||||||
Weighted average common and common equivalent shares outstanding | 86,068 | 83,202 | 85,126 | 82,744 | |||||||||||||
Options to purchase 94,587 and 577,556 shares were outstanding for the three months ended September 30, 2013 and 2012, respectively, and options to purchase 40,007 and 407,589 shares were outstanding for the nine months ended September 30, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because the effect of including the options would be anti-dilutive. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
4. Debt | |||||||||
At September 30, 2013 and December 31, 2012, debt consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Credit facility, weighted-average interest rate of 3.34% and 4.42%, respectively | $ | 844,000 | $ | 1,021,000 | |||||
Unamortized original issue discount | (7,841 | ) | (8,862 | ) | |||||
836,159 | 1,012,138 | ||||||||
Short-term borrowings and current portion of long-term debt | (21,782 | ) | (22,248 | ) | |||||
Long-term debt | $ | 814,377 | $ | 989,890 | |||||
Capitalized financing costs of $1.1 million and $1.0 million were amortized to interest expense in the three months ended September 30, 2013 and 2012, respectively. Capitalized financing costs of $3.4 million and $1.5 million were amortized to interest expense in the nine months ended September 30, 2013 and 2012, respectively. Additionally, the Company amortized to interest expense $0.3 million and $1.0 million of the original issue discount in the three and nine months ended September 30, 2013, respectively. During the three and nine months ended September 30, 2012, the Company amortized to interest expense $0.3 million and $0.4 million, respectively, of the original issue discount. During the nine months ended September 30, 2012, the Company incurred expenses of $4.4 million in losses on extinguishment of debt associated with the repayment of the prior senior credit facility. The unamortized balance of capitalized financing costs is included in intangible and other assets in the Company’s Condensed Consolidated Balance Sheets. | |||||||||
The estimated fair value of the Company’s credit facility, which is a Level 2 liability, was $845.4 million and $1,030.0 million at September 30, 2013 and December 31, 2012, respectively. These fair values were computed based on comparable quoted market prices. | |||||||||
In June 2013, the Company completed a repricing of its $620.2 million term B-1 loans and $64.2 million term B-2 loans, which replaced these loans with new term B-1 loans and term B-2 loans at the same outstanding principal balance of $684.4 million, but at a different interest rate. The applicable interest rates have been reduced to either LIBOR plus 2.75% or the base rate plus 1.75%, and the LIBOR floor has been reduced from 1.00% to 0.75%, subject to a step-down at any time that the consolidated net senior secured leverage ratio is less than 2.75 times, to 2.50% in the case of the LIBOR margin, and 1.50% in the case of the base rate margin. The maturity date of the new loans remains June 8, 2019, and no changes were made to the financial covenants or scheduled amortization. | |||||||||
The repricing of the debt was evaluated in accordance with FASB Accounting Standards Codification 470-50, Debt – Modifications and Extinguishments, for modification and extinguishment accounting. The Company accounted for the repricing as a debt modification with respect to amounts that remained in the syndicate and a debt extinguishment with respect to the amounts that exited the syndicate. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
5. Commitments and Contingencies | |
As described below, the Company’s subsidiary, GlobeOp Financial Services S.A. (“GlobeOp”), is a defendant in pending litigation relating to several clients for which GlobeOp performed services. | |
Fairfield Greenwich-Related Actions | |
In April 2009, GlobeOp was named as a defendant in a putative class action (the “Anwar Action”), filed by Pasha S. Anwar in the United States District Court for the Southern District of New York against multiple defendants relating to Greenwich Sentry L.P. and Greenwich Sentry Partners L.P., (the “FG Funds”), and the alleged losses sustained by the FG Funds’ investors as a result of Bernard Madoff’s Ponzi scheme. The complaint alleges breach of fiduciary duties by GlobeOp and negligence in the performance of its duties and seeks to recover as damages the net losses sustained by investors in the putative class, together with applicable interest, costs, and attorneys’ fees. GlobeOp served as administrator for the Greenwich Sentry fund from October 2003 through August 2006 and for the Greenwich Sentry Partners fund from May 2006 through August 2006, during which time the approximate net asset value of the Greenwich Sentry Fund was $135.0 million and the Greenwich Sentry Partners Fund was $6.0 million. In February 2013, the U.S. District Court for the Southern District of New York granted the plaintiffs’ motion for class certification of a class consisting of all net loss investors in the litigated funds (excluding investors from a number of enumerated foreign countries). GlobeOp petitioned the Court of Appeals to permit an interlocutory appeal of the class certification order, but subsequently requested that the Court of Appeals hold its petition in abeyance pending the consummation of a settlement, as detailed below. | |
GlobeOp was also named as one of five defendants in two derivative actions (the “Derivative Actions”) that were initially filed in New York State Supreme Court in February 2009. Following initial motion practice, the court ordered the plaintiffs to arbitrate the claims asserted against GlobeOp. A litigation trustee on behalf of the bankrupt FG Funds subsequently substituted in as the plaintiff in these actions, which relate to the same losses alleged in the Anwar Action. The litigation trustee is seeking unspecified compensatory and punitive damages, together with applicable interest, costs, and attorneys’ fees, as well as contribution and indemnification from GlobeOp for the FG Funds’ settlement with Irving Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities, LLC. GlobeOp maintains that the prior orders compelling arbitration apply to the litigation trustee. The litigation trustee has not yet commenced arbitration proceedings. | |
In August 2013, GlobeOp and the plaintiffs in the Anwar Action and the Derivative Actions, as well as certain insurers who have agreed to provide GlobeOp with coverage for these claims, entered into a settlement agreement resolving all disputes and claims between and among the parties. The prospective settlements are subject to approval by the court in which the Anwar Action is pending and various other conditions. GlobeOp’s insurers have funded the entirety of the contemplated settlement payments into escrow where funds are being held subject to final consummation of the settlement agreement. | |
Millennium Actions | |
Several actions (the “Millennium Actions”) have been filed in various jurisdictions against GlobeOp alleging claims and damages with respect to services performed by GlobeOp under a valuation agent services agreement for the Millennium Funds. These actions include (i) a class action in the U.S. District Court for the Southern District of New York on behalf of investors in the Millennium Funds filed in May 2012 asserting claims of $844.0 million (the alleged aggregate value of assets under management by the Millennium Funds at the funds’ peak valuation); (ii) an arbitration proceeding in the United Kingdom on behalf of the Millennium Funds’ investment manager, which commenced with a request for arbitration in July 2011, seeking an indemnity of $26.5 million for sums paid by way of settlement to the Millennium Funds in a separate arbitration to which GlobeOp was not a party, as well as an indemnity for any losses that may be incurred by the investment manager in the U.S. class action; and (iii) a claim in the same arbitration proceeding by the Millennium Global Emerging Credit Master Fund Ltd against GlobeOp for damages alleged to be in excess of $160.0 million. These actions allege that GlobeOp breached its contractual obligations and/or negligently breached a duty of care in the performance of services for the funds and that, inter alia, GlobeOp should have discovered and reported a fraudulent scheme perpetrated by the portfolio manager employed by the investment manager. The putative class action pending in the Southern District of New York also asserts claims against SS&C identical to the claims against GlobeOp in that action. In the arbitration, GlobeOp has asserted counterclaims against both the investment managers and the Millennium Emerging Credit Mast Fund Ltd. for indemnity, including in respect of the U.S. class action. | |
A hearing on the merits of the claims asserted in the United Kingdom arbitration was conducted in London in July and August 2013. The hearing has been adjourned and is not expected to be reconvened until 2014. | |
GlobeOp has secured insurance coverage that provides reimbursement of various litigation costs up to pre-determined limits. GlobeOp was reimbursed for litigation costs incurred in 2012 and 2013 under the applicable insurance policy. | |
The Company cannot predict the outcome of these matters, but the Company believes that it has strong defenses to the Millennium Actions and is vigorously contesting these matters. The full amount of any potential loss, if any at all, cannot be reasonably estimated at this time. | |
In addition to the foregoing legal proceedings, from time to time, the Company is subject to other legal proceedings and claims that arise in the normal course of its business. In the opinion of the Company’s management, the Company is not involved in any other such litigation or proceedings with third parties that would have a material adverse effect on the Company or its business. |
Goodwill
Goodwill | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill | ' | ||||
6. Goodwill | |||||
The change in carrying value of goodwill as of and for the nine months ended September 30, 2013 is as follows (in thousands): | |||||
Balance at December 31, 2012 | $ | 1,559,607 | |||
Adjustments to prior acquisitions | 117 | ||||
Income tax benefit on rollover options exercised | (3,557 | ) | |||
Effect of foreign currency translation | (13,220 | ) | |||
Balance at September 30, 2013 | $ | 1,542,947 | |||
Product_and_Geographic_Sales_I
Product and Geographic Sales Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Product and Geographic Sales Information | ' | ||||||||||||||||
7. Product and Geographic Sales Information | |||||||||||||||||
The Company operates in one reportable segment. The Company attributes net sales to an individual country based upon location of the client. The Company manages its business primarily on a geographic basis. The Company operates in the following geographic locations: the United States, Canada, Americas excluding the United States and Canada, Europe and Asia Pacific and Japan. The European region includes European countries as well as the Middle East and Africa. | |||||||||||||||||
Revenues by geography were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 121,390 | $ | 105,553 | $ | 347,603 | $ | 253,668 | |||||||||
Canada | 12,737 | 14,248 | 44,740 | 42,723 | |||||||||||||
Americas excluding United States and Canada | 4,118 | 4,278 | 13,028 | 8,503 | |||||||||||||
Europe | 36,538 | 37,499 | 110,329 | 65,544 | |||||||||||||
Asia Pacific and Japan | 4,722 | 3,984 | 14,480 | 9,649 | |||||||||||||
$ | 179,505 | $ | 165,562 | $ | 530,180 | $ | 380,087 | ||||||||||
Revenues by product group were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Portfolio management/accounting | $ | 161,451 | $ | 146,959 | $ | 476,464 | $ | 324,861 | |||||||||
Trading/treasury operations | 7,980 | 8,888 | 24,498 | 27,571 | |||||||||||||
Financial modeling | 2,156 | 2,124 | 6,323 | 6,491 | |||||||||||||
Loan management/accounting | 1,705 | 1,652 | 5,060 | 5,318 | |||||||||||||
Property management | 3,804 | 4,052 | 10,944 | 10,387 | |||||||||||||
Money market processing | 1,977 | 1,357 | 5,568 | 3,907 | |||||||||||||
Training | 432 | 530 | 1,323 | 1,552 | |||||||||||||
$ | 179,505 | $ | 165,562 | $ | 530,180 | $ | 380,087 | ||||||||||
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
8. Acquisitions | |||||||||
The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the 2012 acquisitions of Hedgemetrix LLC (“Hedgemetrix”), Gravity Financial, LLC (“Gravity”), GlobeOp and Thomson Reuters’ PORTIA business (the “PORTIA Business”), occurred on January 1, 2011. There were no acquisitions during the nine months ended September 30, 2013. This unaudited pro forma information (in thousands, except per share data) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. The net assets and results of operations for these acquisitions are included in the Company’s condensed consolidated financial statements as of and for the three and nine months ended September 30, 2013. | |||||||||
Three Months | Nine Months | ||||||||
Ended | Ended | ||||||||
September 30, | September 30, | ||||||||
2012 | 2012 | ||||||||
Revenues | $ | 166,895 | $ | 496,413 | |||||
Net income | $ | 18,340 | $ | 44,221 | |||||
Basic earnings per share | $ | 0.23 | $ | 0.57 | |||||
Basic weighted average number of common shares outstanding | 78,548 | 78,123 | |||||||
Diluted earnings per share | $ | 0.22 | $ | 0.53 | |||||
Diluted weighted average number of common and common equivalent shares outstanding | 83,202 | 82,744 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
9. Income Taxes | |
The Company’s effective tax rates decreased from 2012 to 2013 primarily due to discrete items recorded during the three months ended September 30, 2013. The third quarter 2013 effective rate was benefited by the recognition of previously unrecognized tax benefits of approximately $7.3 million, an enacted rate change in the United Kingdom, which resulted in a tax benefit of approximately $2.9 million, and research and development credits and other discrete items, which resulted in tax benefits of approximately $5.6 million. The decrease in the effective rate on a year-to-date basis was primarily due to the effect of these discrete items recorded during the three months ended September 30, 2013. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
10. Subsequent Events | |
In October 2013, the Company purchased all of the outstanding stock of Prime Management Limited (“Prime”) for approximately $4.0 million in cash, plus the cost of effecting the transaction and the assumption of certain liabilities. Prime provides fund administration to investment structures, sponsors and managers in the insurance-linked securities market. The net assets and results of operations of Prime will be included in the Company’s consolidated financial statements from October 1, 2013. The relevant business combination disclosures will be included in the Company’s consolidated financial statements once the preliminary accounting has been finalized. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Reporting of Reclassifications Out of Accumulated Other Comprehensive Income | ' |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which amends the accounting guidance for the presentation of comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income, but do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. For public companies, these amendments are effective prospectively for reporting periods beginning after December 15, 2012. The new guidance affects disclosures only and did not have any impact on the Company’s financial position, results of operations or cash flows. | |
Intangibles-Goodwill and Other | ' |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350)— Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), to simplify how entities, both public and nonpublic, test indefinite-lived intangible assets for impairment. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this standard in the first quarter of 2013 did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Equity_and_StockBased_Compensa1
Equity and Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock-Based Compensation Expense | ' | ||||||||||||||||
For stock options and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Statements of Comprehensive Income Classification | |||||||||||||||||
Cost of software-enabled services | $ | 721 | $ | 383 | $ | 2,191 | $ | 942 | |||||||||
Cost of maintenance | 66 | 57 | 204 | 171 | |||||||||||||
Cost of professional services | 81 | 61 | 252 | 184 | |||||||||||||
Total cost of revenues | 868 | 501 | 2,647 | 1,297 | |||||||||||||
Selling and marketing | 375 | 255 | 981 | 726 | |||||||||||||
Research and development | 215 | 145 | 681 | 384 | |||||||||||||
General and administrative | 517 | 485 | 1,701 | 1,391 | |||||||||||||
Total operating expenses | 1,107 | 885 | 3,363 | 2,501 | |||||||||||||
Total stock-based compensation expense | $ | 1,975 | $ | 1,386 | $ | 6,010 | $ | 3,798 | |||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity as of and for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Shares of Common | |||||||||||||||||
Stock Underlying | |||||||||||||||||
Options | |||||||||||||||||
Outstanding at January 1, 2013 | 13,411,130 | ||||||||||||||||
Granted | 234,500 | ||||||||||||||||
Cancelled/forfeited | (261,958 | ) | |||||||||||||||
Exercised | (3,106,423 | ) | |||||||||||||||
Outstanding at September 30, 2013 | 10,277,249 | ||||||||||||||||
Basic_and_Diluted_Earnings_Per1
Basic and Diluted Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the weighted average common shares used in the computation of basic and diluted EPS (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding | 81,784 | 78,548 | 80,779 | 78,123 | |||||||||||||
Weighted average common stock equivalents – options and restricted shares | 4,284 | 4,654 | 4,347 | 4,621 | |||||||||||||
Weighted average common and common equivalent shares outstanding | 86,068 | 83,202 | 85,126 | 82,744 | |||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Component of Debt | ' | ||||||||
At September 30, 2013 and December 31, 2012, debt consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Credit facility, weighted-average interest rate of 3.34% and 4.42%, respectively | $ | 844,000 | $ | 1,021,000 | |||||
Unamortized original issue discount | (7,841 | ) | (8,862 | ) | |||||
836,159 | 1,012,138 | ||||||||
Short-term borrowings and current portion of long-term debt | (21,782 | ) | (22,248 | ) | |||||
Long-term debt | $ | 814,377 | $ | 989,890 | |||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Summary of Changes in Carrying Value of Goodwill | ' | ||||
The change in carrying value of goodwill as of and for the nine months ended September 30, 2013 is as follows (in thousands): | |||||
Balance at December 31, 2012 | $ | 1,559,607 | |||
Adjustments to prior acquisitions | 117 | ||||
Income tax benefit on rollover options exercised | (3,557 | ) | |||
Effect of foreign currency translation | (13,220 | ) | |||
Balance at September 30, 2013 | $ | 1,542,947 | |||
Product_and_Geographic_Sales_I1
Product and Geographic Sales Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Revenues by Geography | ' | ||||||||||||||||
Revenues by geography were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 121,390 | $ | 105,553 | $ | 347,603 | $ | 253,668 | |||||||||
Canada | 12,737 | 14,248 | 44,740 | 42,723 | |||||||||||||
Americas excluding United States and Canada | 4,118 | 4,278 | 13,028 | 8,503 | |||||||||||||
Europe | 36,538 | 37,499 | 110,329 | 65,544 | |||||||||||||
Asia Pacific and Japan | 4,722 | 3,984 | 14,480 | 9,649 | |||||||||||||
$ | 179,505 | $ | 165,562 | $ | 530,180 | $ | 380,087 | ||||||||||
Summary of Revenues by Product Group | ' | ||||||||||||||||
Revenues by product group were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Portfolio management/accounting | $ | 161,451 | $ | 146,959 | $ | 476,464 | $ | 324,861 | |||||||||
Trading/treasury operations | 7,980 | 8,888 | 24,498 | 27,571 | |||||||||||||
Financial modeling | 2,156 | 2,124 | 6,323 | 6,491 | |||||||||||||
Loan management/accounting | 1,705 | 1,652 | 5,060 | 5,318 | |||||||||||||
Property management | 3,804 | 4,052 | 10,944 | 10,387 | |||||||||||||
Money market processing | 1,977 | 1,357 | 5,568 | 3,907 | |||||||||||||
Training | 432 | 530 | 1,323 | 1,552 | |||||||||||||
$ | 179,505 | $ | 165,562 | $ | 530,180 | $ | 380,087 | ||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Summary of Unaudited Pro Forma Information | ' | ||||||||
The net assets and results of operations for these acquisitions are included in the Company’s condensed consolidated financial statements as of and for the three and nine months ended September 30, 2013. | |||||||||
Three Months | Nine Months | ||||||||
Ended | Ended | ||||||||
September 30, | September 30, | ||||||||
2012 | 2012 | ||||||||
Revenues | $ | 166,895 | $ | 496,413 | |||||
Net income | $ | 18,340 | $ | 44,221 | |||||
Basic earnings per share | $ | 0.23 | $ | 0.57 | |||||
Basic weighted average number of common shares outstanding | 78,548 | 78,123 | |||||||
Diluted earnings per share | $ | 0.22 | $ | 0.53 | |||||
Diluted weighted average number of common and common equivalent shares outstanding | 83,202 | 82,744 |
Equity_and_StockBased_Compensa2
Equity and Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Restricted Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted shares, granted | ' | 25,000 |
Restricted shares, vesting period | ' | '4 years |
Income tax benefits related to the exercise of stock options | $24,100,000 | ' |
Income tax benefit on rollover options exercised | -3,557,000 | ' |
Additional paid-in capital | 20,500,000 | ' |
Realized cash savings through income tax benefits | $13,800,000 | ' |
Equity_and_StockBased_Compensa3
Equity and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | $1,975 | $1,386 | $6,010 | $3,798 |
Cost of Software-Enabled Services [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 721 | 383 | 2,191 | 942 |
Cost of Maintenance [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 66 | 57 | 204 | 171 |
Cost of Professional Services [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 81 | 61 | 252 | 184 |
Total Cost of Revenues [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 868 | 501 | 2,647 | 1,297 |
Selling and Marketing [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 375 | 255 | 981 | 726 |
Research and Development [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 215 | 145 | 681 | 384 |
General and Administrative [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 517 | 485 | 1,701 | 1,391 |
Total Operating Expenses [Member] | ' | ' | ' | ' |
Schedule of stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | $1,107 | $885 | $3,363 | $2,501 |
Equity_and_StockBased_Compensa4
Equity and Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding at January 1, 2013 | 13,411,130 |
Granted | 234,500 |
Cancelled/forfeited | -261,958 |
Exercised | -3,106,423 |
Outstanding at September 30, 2013 | 10,277,249 |
Basic_and_Diluted_Earnings_Per2
Basic and Diluted Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding | 81,784 | 78,548 | 80,779 | 78,123 |
Weighted average common stock equivalents - options and restricted shares | 4,284 | 4,654 | 4,347 | 4,621 |
Weighted average common and common equivalent shares outstanding | 86,068 | 83,202 | 85,126 | 82,744 |
Basic_and_Diluted_Earnings_Per3
Basic and Diluted Earnings Per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Options to purchase shares outstanding | 94,587 | 577,556 | 40,007 | 407,589 |
Debt_Component_of_Debt_Detail
Debt - Component of Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Unamortized original issue discount | ($7,841) | ($8,862) |
Debt and capital lease obligations | 836,159 | 1,012,138 |
Short-term borrowings and current portion of long-term debt | -21,782 | -22,248 |
Long-term debt | 814,377 | 989,890 |
Credit Facility, Weighted-Average Interest Rate of 3.34% and 4.42% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | $844,000 | $1,021,000 |
Debt_Component_of_Debt_Parenth
Debt - Component of Debt (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Weighted-average interest rate of credit facility | 3.34% | 4.42% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization and write-offs of loan origination costs | ' | $1,100,000 | $1,000,000 | $4,408,000 | $7,814,000 | ' |
Company amortized to interest expense | ' | 300,000 | 300,000 | 1,000,000 | 400,000 | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | -4,355,000 | ' |
Estimated fair value of credit facility | ' | 845,400,000 | ' | 845,400,000 | ' | 1,030,000,000 |
Debt instrument principal amount repriced | 684,400,000 | ' | ' | ' | ' | ' |
Debt instrument, interest rate terms | 'The applicable interest rates have been reduced to either LIBOR plus 2.75% or the base rate plus 1.75%, and the LIBOR floor has been reduced from 1.00% to 0.75%, subject to a step-down at any time that the consolidated net senior secured leverage ratio is less than 2.75 times, to 2.50% in the case of the LIBOR margin, and 1.50% in the case of the base rate margin | ' | ' | ' | ' | ' |
LIBOR Plus [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | 2.50% | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Basis for Effective Rate | '2.50% in the case of the LIBOR margin | ' | ' | ' | ' | ' |
Base Rate Plus [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | 1.50% | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Basis for Effective Rate | '1.50% in the case of the base rate margin | ' | ' | ' | ' | ' |
Term Loan B-1 [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount repriced | 620,200,000 | ' | ' | ' | ' | ' |
Term Loan B-2 [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount repriced | $64,200,000 | ' | ' | ' | ' | ' |
Term B Loans [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Minimum senior secured leverage ratio required | 2.75 | ' | ' | ' | ' | ' |
Term loan maturity date | 8-Jun-19 | ' | ' | ' | ' | ' |
Term B Loans [Member] | LIBOR Plus [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | 2.75% | ' | ' | ' | ' | ' |
Term B Loans [Member] | Base Rate Plus [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | 1.75% | ' | ' | ' | ' | ' |
Term B Loans [Member] | Interest Rate Floor [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | 0.75% | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | 1.00% | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Derivative_Actions | |
Defendant | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Net asset value of Greenwich Sentry Fund | $135 |
Net asset value of Greenwich Sentry Partners Fund | 6 |
Number of defendants | 5 |
Number of derivative actions filed | 2 |
Funds asserting claims | 844 |
Millennium actions indemnity amount claimed by investment managers | 26.5 |
Millennium actions arbitration proceeding claim amount | $160 |
Goodwill_Summary_of_Changes_in
Goodwill - Summary of Changes in Carrying Value of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Balance at December 31, 2012 | $1,559,607 |
Adjustments to prior acquisitions | 117 |
Income tax benefit on rollover options exercised | -3,557 |
Effect of foreign currency translation | -13,220 |
Balance at September 30, 2013 | $1,542,947 |
Product_and_Geographic_Sales_I2
Product and Geographic Sales Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segment | 1 |
Product_and_Geographic_Sales_I3
Product and Geographic Sales Information - Summary of Revenues by Geography (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenues | $179,505 | $165,562 | $530,180 | $380,087 |
Operating Segments [Member] | United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenues | 121,390 | 105,553 | 347,603 | 253,668 |
Operating Segments [Member] | Canada [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenues | 12,737 | 14,248 | 44,740 | 42,723 |
Operating Segments [Member] | Americas Excluding United States and Canada [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenues | 4,118 | 4,278 | 13,028 | 8,503 |
Operating Segments [Member] | Europe [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenues | 36,538 | 37,499 | 110,329 | 65,544 |
Operating Segments [Member] | Asia Pacific and Japan [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenues | $4,722 | $3,984 | $14,480 | $9,649 |
Product_and_Geographic_Sales_I4
Product and Geographic Sales Information - Summary of Revenues by Product Group (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $179,505 | $165,562 | $530,180 | $380,087 |
Operating Segments [Member] | Portfolio Management/Accounting [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 161,451 | 146,959 | 476,464 | 324,861 |
Operating Segments [Member] | Trading/Treasury Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 7,980 | 8,888 | 24,498 | 27,571 |
Operating Segments [Member] | Financial Modeling [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 2,156 | 2,124 | 6,323 | 6,491 |
Operating Segments [Member] | Loan Management/Accounting [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,705 | 1,652 | 5,060 | 5,318 |
Operating Segments [Member] | Property Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 3,804 | 4,052 | 10,944 | 10,387 |
Operating Segments [Member] | Money Market Processing [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,977 | 1,357 | 5,568 | 3,907 |
Operating Segments [Member] | Training [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $432 | $530 | $1,323 | $1,552 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Acquisition | |
Business Combinations [Abstract] | ' |
Number of acquisition | 0 |
Acquisitions_Summary_of_Unaudi
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' |
Revenues | $166,895 | $496,413 |
Net income | $18,340 | $44,221 |
Basic earnings per share | $0.23 | $0.57 |
Basic weighted average number of common shares outstanding | 78,548 | 78,123 |
Diluted earnings per share | $0.22 | $0.53 |
Diluted weighted average number of common and common equivalent shares outstanding | 83,202 | 82,744 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Recognition of unrecognized tax benefits | $7.30 |
Tax benefit resulted from change in income tax rate | 2.9 |
Tax benefits from research and development credits | $5.60 |
Subsequent_Events_Additional_i
Subsequent Events - Additional information (Detail) (Subsequent Events [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Subsequent Events [Member] | ' |
Subsequent Event [Line Items] | ' |
Purchase amount of outstanding stock of Prime Management Limited | $4 |