SS&C Technologies (SSNC) 10-Q 6 Nov 13 2013 Q3 Quarterly report Financial data

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