Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'SS&C Technologies Holdings Inc | ' | ' |
Entity Central Index Key | '0001402436 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 82,725,609 | ' |
Entity Public Float | ' | ' | $1,932,188,147 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $84,470 | $86,160 |
Accounts receivable, net of allowance for doubtful accounts of $2,500 and $2,359, respectively (Note 3) | 91,221 | 91,690 |
Prepaid expenses and other current assets | 16,567 | 11,548 |
Prepaid income taxes | 19,932 | 9,651 |
Deferred income taxes (Note 5) | 6,526 | 5,408 |
Restricted cash | 2,460 | 2,460 |
Total current assets | 221,176 | 206,917 |
Property, plant and equipment: | ' | ' |
Land | 2,655 | 2,655 |
Building and improvements | 30,053 | 28,557 |
Equipment, furniture, and fixtures | 65,977 | 58,046 |
Total property and equipment | 98,685 | 89,258 |
Less accumulated depreciation | -46,988 | -34,219 |
Net property, plant and equipment | 51,697 | 55,039 |
Deferred income taxes (Note 5) | 1,077 | 1,459 |
Goodwill | 1,541,386 | 1,559,607 |
Intangible and other assets, net of accumulated amortization of $338,888 and $255,449, respectively | 459,988 | 539,883 |
Total assets | 2,275,324 | 2,362,905 |
Current liabilities: | ' | ' |
Current portion of long-term debt (Note 6) | 23,212 | 22,248 |
Accounts payable | 8,368 | 10,528 |
Income taxes payable | 2,169 | 1,314 |
Accrued employee compensation and benefits | 44,664 | 39,812 |
Other accrued expenses | 26,028 | 22,650 |
Deferred maintenance and other revenue | 62,561 | 63,700 |
Total current liabilities | 167,002 | 160,252 |
Long-term debt, net of current portion (Note 6) | 751,295 | 989,890 |
Other long-term liabilities | 14,913 | 17,102 |
Deferred income taxes (Note 5) | 110,406 | 120,158 |
Total liabilities | 1,043,616 | 1,287,402 |
Commitments and contingencies (Note 14) | ' | ' |
Common stock: | ' | ' |
Common stock | 804 | 781 |
Additional paid-in capital | 913,816 | 853,455 |
Accumulated other comprehensive income | 30,374 | 51,518 |
Retained earnings | 293,449 | 175,554 |
Total common stock | 1,238,470 | 1,081,322 |
Less: cost of common stock in treasury, 511 and 488 shares, respectively | -6,762 | -5,819 |
Total stockholders' equity | 1,231,708 | 1,075,503 |
Total liabilities and stockholders' equity | 2,275,324 | 2,362,905 |
Class A Non-voting Common Stock [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | 27 | 14 |
Total stockholders' equity | $27 | $14 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $2,500 | $2,359 |
Accumulated amortization of Intangible and other assets | $338,888 | $255,449 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 80,478,620 | 78,141,289 |
Common stock, shares outstanding | 79,966,907 | 77,653,476 |
Common stock, shares unvested | 25,000 | 0 |
Treasury stock, shares | 511,000 | 488,000 |
Class A Non-voting Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 2,703,846 | 1,428,846 |
Common stock, shares outstanding | 2,703,846 | 1,428,846 |
Common stock, shares unvested | 0 | 12,824 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Software-enabled services | $552,565 | $406,477 | $246,007 |
Software licenses | 28,687 | 22,466 | 23,507 |
Maintenance | 103,409 | 93,760 | 78,266 |
Professional services | 28,041 | 29,139 | 23,048 |
Total revenues | 712,702 | 551,842 | 370,828 |
Cost of revenues: | ' | ' | ' |
Software-enabled services | 322,719 | 234,214 | 126,921 |
Software licenses | 5,302 | 6,336 | 6,825 |
Maintenance | 41,046 | 40,394 | 34,993 |
Professional services | 19,733 | 18,973 | 15,549 |
Total cost of revenues | 388,800 | 299,917 | 184,288 |
Gross profit | 323,902 | 251,925 | 186,540 |
Operating expenses: | ' | ' | ' |
Selling and marketing | 41,885 | 33,858 | 28,892 |
Research and development | 53,862 | 45,779 | 35,650 |
General and administrative | 45,187 | 34,797 | 28,221 |
Transaction costs | ' | 14,275 | ' |
Total operating expenses | 140,934 | 128,709 | 92,763 |
Operating income | 182,968 | 123,216 | 93,777 |
Interest income | 1,116 | 417 | 120 |
Interest expense | -42,395 | -32,918 | -14,748 |
Other income (expense), net | 3,498 | -15,875 | -423 |
Loss on extinguishment of debt | ' | -4,355 | -4,787 |
Income before income taxes | 145,187 | 70,485 | 73,939 |
Provision for income taxes (Note 5) | 27,292 | 24,665 | 22,918 |
Net income | 117,895 | 45,820 | 51,021 |
Basic earnings per share | $1.45 | $0.59 | $0.67 |
Basic weighted average number of common shares outstanding | 81,195 | 78,321 | 76,482 |
Diluted earnings per share | $1.38 | $0.55 | $0.63 |
Diluted weighted average number of common and common equivalent shares outstanding | 85,616 | 82,888 | 80,709 |
Net income | 117,895 | 45,820 | 51,021 |
Other comprehensive (loss) income: | ' | ' | ' |
Foreign currency exchange translation adjustment | -21,144 | 26,105 | -7,286 |
Total comprehensive (loss) income | -21,144 | 26,105 | -7,286 |
Comprehensive income | $96,751 | $71,925 | $43,735 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flow from operating activities: | ' | ' | ' |
Net income | $117,895 | $45,820 | $51,021 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 99,780 | 75,814 | 42,224 |
Stock-based compensation expense | 8,386 | 5,590 | 13,493 |
Income tax benefit related to exercise of stock options | -24,194 | -3,531 | -4,934 |
Amortization and write-offs of loan origination costs | 5,830 | 9,215 | 4,485 |
Loss on sale or disposition of property and equipment | 317 | 13 | 11 |
Deferred income taxes | -11,069 | -6,350 | -12,423 |
Provision for doubtful accounts | 666 | 413 | 802 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | ' | ' | ' |
Accounts receivable | 814 | -14,051 | -1,818 |
Prepaid expenses and other current assets | -4,695 | 7,579 | -324 |
Accounts payable | -4,032 | 1,835 | 278 |
Accrued expenses | 1,695 | 3,015 | 4,076 |
Income taxes prepaid and payable | 18,060 | 5,039 | 9,115 |
Deferred maintenance and other revenue | -1,184 | 4,021 | 4,401 |
Net cash provided by operating activities | 208,269 | 134,422 | 110,407 |
Cash flow from investing activities: | ' | ' | ' |
Additions to property and equipment | -11,921 | -17,187 | -6,222 |
Proceeds from sale of property and equipment | 67 | 374 | ' |
Cash paid for business acquisitions, net of cash acquired (Note 12) | -3,657 | -967,149 | -20,577 |
Additions to capitalized software | -2,399 | -1,105 | -1,406 |
Other | ' | 87 | -1,149 |
Net cash used in investing activities | -17,910 | -984,980 | -29,354 |
Cash flow from financing activities: | ' | ' | ' |
Cash received from debt borrowings, net of loan origination costs | ' | 1,304,037 | 100,000 |
Repayments of debt | -239,000 | -425,600 | -291,050 |
Proceeds from exercise of stock options | 27,817 | 14,354 | 8,787 |
Payment of contingent consideration | ' | -1,800 | ' |
Income tax benefit related to exercise of stock options | 24,194 | 3,531 | 4,934 |
Proceeds from common stock issuance, net | ' | ' | 51,971 |
Purchase of common stock for treasury | -943 | ' | ' |
Other | -1,917 | ' | ' |
Net cash (used in) provided by financing activities | -189,849 | 894,522 | -125,358 |
Effect of exchange rate changes on cash | -2,200 | 1,878 | -220 |
Net (decrease) increase in cash | -1,690 | 45,842 | -44,525 |
Cash, beginning of period | 86,160 | 40,318 | 84,843 |
Cash, end of period | 84,470 | 86,160 | 40,318 |
Supplemental disclosure of cash paid for: | ' | ' | ' |
Interest | 36,551 | 29,550 | 14,210 |
Income taxes, net of refunds | $21,584 | $28,817 | $25,247 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Class A Non-voting Common Stock [Member] |
In Thousands, except Share data | |||||||
Beginning balance at Dec. 31, 2010 | $857,183 | $725 | $750,857 | $78,713 | $32,699 | ($5,819) | $8 |
Beginning balance, shares at Dec. 31, 2010 | ' | 72,489,000 | ' | ' | ' | ' | 791,000 |
Net income | 51,021 | ' | ' | 51,021 | ' | ' | ' |
Foreign exchange translation adjustment | -7,286 | ' | ' | ' | -7,286 | ' | ' |
Stock-based compensation expense | 13,493 | ' | 13,493 | ' | ' | ' | ' |
Exercise of options | 8,787 | 11 | 8,770 | ' | ' | ' | 6 |
Exercise of options, shares | 1,771,776 | 1,134,000 | ' | ' | ' | ' | 638,000 |
Income tax benefit related to exercise of stock options | 4,934 | ' | 4,934 | ' | ' | ' | ' |
Issuance of common stock | 51,971 | 31 | 51,940 | ' | ' | ' | ' |
Issuance of common stock, shares | ' | 3,100,000 | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 980,103 | 767 | 829,994 | 129,734 | 25,413 | -5,819 | 14 |
Ending balance, shares at Dec. 31, 2011 | ' | 76,723,000 | ' | ' | ' | ' | 1,429,000 |
Net income | 45,820 | ' | ' | 45,820 | ' | ' | ' |
Foreign exchange translation adjustment | 26,105 | ' | ' | ' | 26,105 | ' | ' |
Stock-based compensation expense | 5,590 | ' | 5,590 | ' | ' | ' | ' |
Exercise of options | 14,354 | 14 | 14,340 | ' | ' | ' | ' |
Exercise of options, shares | 1,418,034 | 1,418,000 | ' | ' | ' | ' | ' |
Income tax benefit related to exercise of stock options | 3,531 | ' | 3,531 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 1,075,503 | 781 | 853,455 | 175,554 | 51,518 | -5,819 | 14 |
Ending balance, shares at Dec. 31, 2012 | ' | 78,141,000 | ' | ' | ' | ' | 1,429,000 |
Net income | 117,895 | ' | ' | 117,895 | ' | ' | ' |
Foreign exchange translation adjustment | -21,144 | ' | ' | ' | -21,144 | ' | ' |
Stock-based compensation expense | 8,386 | ' | 8,386 | ' | ' | ' | ' |
Exercise of options | 27,817 | 23 | 27,781 | ' | ' | ' | 13 |
Exercise of options, shares | 3,587,331 | 2,312,000 | ' | ' | ' | ' | 1,275,000 |
Income tax benefit related to exercise of stock options | 24,194 | ' | 24,194 | ' | ' | ' | ' |
Issuance of common stock, shares | ' | 25,000 | ' | ' | ' | ' | ' |
Purchase of common stock | -943 | ' | ' | ' | ' | -943 | ' |
Ending balance at Dec. 31, 2013 | $1,231,708 | $804 | $913,816 | $293,449 | $30,374 | ($6,762) | $27 |
Ending balance, shares at Dec. 31, 2013 | ' | 80,478,000 | ' | ' | ' | ' | 2,704,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
1. Organization | |
The Company provides software products and software-enabled services to the financial services industry, primarily in North America. The Company also has operations in the United Kingdom, the Netherlands, Singapore, Malaysia, Ireland, Luxembourg, Australia, Curacao, Grand Cayman, Bermuda, Hong Kong and India. The Company’s portfolio of over 80 products and software-enabled services allows its clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, performance measurement, reconciliation, reporting, processing and clearing. The Company provides its products and related services in eight vertical markets in the financial services industry: | |
1. Alternative investments; | |
2. Insurance and pension funds; | |
3. Asset and wealth management; | |
4. Financial institutions; | |
5. Commercial lenders; | |
6. Real estate property management; | |
7. Municipal finance; and | |
8. Financial markets. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of the consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, collectability of accounts receivable, costs to complete certain contracts, valuation of acquired assets and liabilities, valuation of stock options, income tax accruals and the value of deferred tax assets. Estimates are also used to determine the remaining economic lives and carrying value of fixed assets, goodwill and intangible assets. Actual results could differ from those estimates. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Unconsolidated investments in entities over which the Company does not have control but has the ability to exercise influence over operating and financial policies, if any, are accounted for under the equity method of accounting. Earnings and losses from such investments are recorded on a pre-tax basis. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company’s payment terms for software licenses typically require that the total fee be paid upon signing of the contract. Maintenance services are typically due in full at the beginning of the maintenance period. Professional services and software-enabled services are typically due and payable monthly in arrears. Normally, the Company’s arrangements do not provide for any refund rights, and payments are not contingent on specific milestones or customer acceptance conditions. For arrangements that do contain such provisions, the Company defers revenue until the rights or conditions have expired or have been met. | |||||||||||||
Unbilled accounts receivable primarily relates to professional services and software-enabled services revenue that has been earned as of month end but is not invoiced until the subsequent month, and to software license revenue that has been earned and is realizable but not invoiced to clients until future dates specified in the client contract. | |||||||||||||
Deferred revenue consists of payments received related to product delivery, maintenance and other services, which have been paid by customers prior to the recognition of revenue. Deferred revenue relates primarily to cash received for maintenance contracts in advance of services being performed over the contractual term. | |||||||||||||
Software-enabled Services | |||||||||||||
The Company’s software-enabled services arrangements make its software applications available to its clients for processing of transactions. The software-enabled services arrangements provide an alternative for clients who do not wish to install, run and maintain complicated financial software. Under the arrangements, the client does not have the right to take possession of the software, rather, the Company agrees to provide access to its applications, remote use of its equipment to process transactions, access to client’s data stored on its equipment, and connectivity between its environment and the client’s computing systems. Software-enabled services are generally provided under non-cancelable contracts with initial terms of one to five years that require monthly or quarterly payments, and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. | |||||||||||||
The Company recognizes software-enabled services revenues on a monthly basis as the software-enabled services are provided and when persuasive evidence of an arrangement exists, the price is fixed or determinable and collectability is reasonably assured. The Company does not recognize any revenue before services are performed. Certain contracts contain additional fees for increases in market value, pricing and trading activity. Revenues related to these additional fees are recognized in the month in which the activity occurs based upon the Company’s summarization of account information and trading volume. | |||||||||||||
License Revenue | |||||||||||||
The Company follows the principles of accounting standards relating to software revenue recognition, which provide guidance on applying GAAP in recognizing revenue on software transactions. Accounting standards require that revenue recognized from software transactions be allocated to each element of the transaction based on the relative fair values of the elements, such as software products, specified upgrades, enhancements, post-contract client support, installation or training. The determination of fair value is based upon vendor-specific objective evidence (“VSOE”). The Company recognizes software license revenues allocated to software products and enhancements generally upon delivery of each of the related products or enhancements, assuming all other revenue recognition criteria are met. In the rare occasion that a software license agreement includes the right to a specified upgrade or product, the Company defers all revenues under the arrangement until the specified upgrade or product is delivered, since typically VSOE does not exist to support the fair value of the specified upgrade or product. | |||||||||||||
The Company generally recognizes revenue from sales of software or products including proprietary software upon product shipment and receipt of a signed contract, provided that collection is probable and all other revenue recognition criteria are met. The Company sells perpetual software licenses in conjunction with professional services for installation and maintenance. For these arrangements, the total contract value is attributed first to the maintenance arrangement based on its fair value, which is derived from stated renewal rates. The contract value is then attributed to professional services based on estimated fair value, which is derived from the rates charged for similar services provided on a stand-alone basis. The Company’s software license agreements generally do not require significant modification or customization of the underlying software, and, accordingly, implementation services provided by the Company are not considered essential to the functionality of the software. The remainder of the total contract value is then attributed to the software license based on the residual method. | |||||||||||||
The Company also sells term licenses ranging from one to seven years, some of which include bundled maintenance services. For those arrangements with bundled maintenance services, VSOE does not exist for the maintenance element and therefore the total fee is recognized ratably over the contractual term of the arrangement. The Company classifies revenues from bundled term license arrangements as both software licenses and maintenance revenues by allocating a portion of the revenues from the arrangement to maintenance revenues and classifying the remainder in software licenses revenues. The Company uses its renewal rates for maintenance under perpetual license agreements for the purpose of determining the portion of the arrangement fee that is classified as maintenance revenues. | |||||||||||||
The Company occasionally enters into license agreements requiring significant customization of the Company’s software. The Company accounts for the license fees under these agreements on the percentage-of-completion basis. This method requires estimates to be made for costs to complete the agreement utilizing an estimate of development man-hours remaining. Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis, and are made in the period in which such losses are first estimated or determined. | |||||||||||||
Maintenance Agreements | |||||||||||||
Maintenance agreements generally require the Company to provide technical support and software updates (on a when-and-if-available basis) to its clients. Such services are generally provided under one-year renewable contracts. Maintenance revenues are recognized ratably over the term of the maintenance agreement. | |||||||||||||
Professional Services | |||||||||||||
The Company provides consulting and training services to its clients. Revenues for such services are generally recognized over the period during which the services are performed. The Company typically charges for professional services on a time-and-materials basis. However, some contracts are for a fixed fee. For the fixed-fee arrangements, an estimate is made of the total hours expected to be incurred to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Revenues are recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. | |||||||||||||
Research and Development | |||||||||||||
Research and development costs associated with computer software are charged to expense as incurred. Capitalization of internally developed computer software costs begins upon the establishment of technological feasibility based on a working model. Net capitalized software costs of $3.5 million and $2.4 million are included in the December 31, 2013 and 2012 balance sheets, respectively, under “Intangible and other assets”. | |||||||||||||
The Company’s policy is to amortize these costs upon a product’s general release to the client. Amortization of capitalized software costs is calculated by the greater of (a) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or (b) the straight-line method over the remaining estimated economic life of the product, including the period being reported on, typically two to five years. It is reasonably possible that those estimates of anticipated future gross revenues, the remaining estimated economic life of the product, or both could be reduced significantly due to competitive pressures. Amortization expense related to capitalized software development costs was $1.0 million, $0.5 million, and $0.2 million for each of the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Stock-based Compensation | |||||||||||||
Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options, expected volatility of the Company’s stock price, and the number of awards expected to be forfeited. Differences between actual results and these estimates could have a material effect on the Company’s financial results. A deferred income tax asset is recorded over the vesting period as stock compensation expense is recorded for non-qualified option awards. The realizability of the deferred tax asset is ultimately based on the actual value of the stock-based award upon exercise. If the actual value is lower than the fair value determined on the date of grant, then there could be an income tax expense for the portion of the deferred tax asset that is not realizable. | |||||||||||||
Other Income (Expense), Net | |||||||||||||
Other income, net for 2013 consists primarily of foreign currency transaction gains of $3.4 million. Other expense, net for 2012 consists primarily of foreign currency transaction losses of $12.4 million and a loss of $3.8 million recorded on foreign currency contracts associated with the acquisition of GlobeOp Financial Services, S.A. (“GlobeOp”), which is discussed further in Note 12. These losses were partially offset by a reduction of the Company’s remaining contingent consideration liability associated with the BenefitsXML, Inc. (“BXML”) acquisition from $0.3 million to $0. Other expense, net for 2011 consists primarily of an increase of $0.5 million in the contingent consideration liability from $1.8 million to $2.3 million, fees of $0.3 million associated with the redemption of SS&C’s 11 3⁄4 senior subordinated notes due 2013, which is discussed further in Note 6 below, and foreign currency transaction losses of $0.1 million. These costs were partially offset by a refund of facilities charges of $0.5 million. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes in accordance with the relevant accounting literature. An asset and liability approach is used to recognize deferred tax assets and liabilities for the future tax consequences of items that are recognized in the Company’s financial statements and tax returns in different years. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. | |||||||||||||
The Company accounts for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid marketable securities with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company did not hold any cash equivalents at December 31, 2013 and 2012. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes monies held by a bank as security for a letter of credit issued due to lease requirements for office space. The letter of credit is expected to be renewed within the next twelve months, and as such, the restricted cash is classified as a current asset on the Consolidated Balance Sheet. Additionally, cash movements of restricted cash is included in other investing activities on the Consolidated Statement of Cash Flows. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: | |||||||||||||
Description | Useful Life | ||||||||||||
Land | — | ||||||||||||
Buildings and improvements | 40 years | ||||||||||||
Equipment | 3-5 years | ||||||||||||
Furniture and fixtures | 7-10 years | ||||||||||||
Leasehold improvements | Shorter of lease term or estimated useful life | ||||||||||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $14.7 million, $10.7 million and $5.4 million, respectively. | |||||||||||||
Maintenance and repairs are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is included in other income (expense), net. | |||||||||||||
Registration Costs | |||||||||||||
During the year ended December 31, 2011, the Company incurred a total of $0.9 million in professional fees and other costs related to its secondary offering. These costs were netted against the related offering proceeds in the accompanying financial statements. There were no such costs during the years ended December 31, 2013 and 2012. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
The Company tests goodwill annually for impairment as of December 31st (and in interim periods if certain events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount). The Company has completed the required impairment tests for goodwill and has determined that no impairment existed as of December 31, 2013 or 2012. The first step of the impairment analysis, which is based on our reporting unit structure, indicated that the fair value significantly exceeded the carrying value at December 31, 2013. There were no other indefinite-lived intangible assets as of December 31, 2013 or 2012. | |||||||||||||
The following table summarizes changes in goodwill (in thousands): | |||||||||||||
Balance at December 31, 2011 | $ | 931,639 | |||||||||||
2012 acquisitions | 610,073 | ||||||||||||
Adjustments to previous acquisitions | 53 | ||||||||||||
Income tax benefit on rollover options exercised | (37 | ) | |||||||||||
Effect of foreign currency translation | 17,879 | ||||||||||||
Balance at December 31, 2012 | 1,559,607 | ||||||||||||
2013 acquisitions | 910 | ||||||||||||
Adjustments to previous acquisitions | (202 | ) | |||||||||||
Income tax benefit on rollover options exercised | (3,567 | ) | |||||||||||
Effect of foreign currency translation | (15,362 | ) | |||||||||||
Balance at December 31, 2013 | $ | 1,541,386 | |||||||||||
Completed technology and other identifiable intangible assets are amortized over lives ranging from three to 17 years based on the ratio that current cash flows for the intangible asset bear to the total of current and expected future cash flows for the intangible asset. Amortization expense associated with completed technology and other amortizable intangible assets was $84.1 million, $64.6 million and $36.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
A summary of the components of intangible assets is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Customer relationships | $ | 599,186 | $ | 596,396 | |||||||||
Completed technology | 122,758 | 123,787 | |||||||||||
Trade names | 36,072 | 35,524 | |||||||||||
Other | 2,887 | 2,981 | |||||||||||
760,903 | 758,688 | ||||||||||||
Less: accumulated amortization | (336,712 | ) | (254,259 | ) | |||||||||
$ | 424,191 | $ | 504,429 | ||||||||||
Total estimated amortization expense, related to intangible assets, for each of the next five years, as of December 31, 2013, is expected to approximate (in thousands): | |||||||||||||
Year Ending December 31, | |||||||||||||
2014 | $ | 83,265 | |||||||||||
2015 | 81,082 | ||||||||||||
2016 | 72,149 | ||||||||||||
2017 | 54,245 | ||||||||||||
2018 | 48,583 | ||||||||||||
$ | 339,324 | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company evaluates the recoverability of its long-lived assets when there is evidence that events or changes in circumstances have made recovery of the assets’ carrying value unlikely. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. The Company has identified no such impairment losses. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, cash equivalents, marketable securities, and trade receivables. The Company has cash investment policies that limit investments to investment grade securities. Concentrations of credit risk, with respect to trade receivables, are limited due to the fact that the Company’s client base is highly diversified. As of December 31, 2013 and 2012, the Company had no significant concentrations of credit. | |||||||||||||
International Operations and Foreign Currency | |||||||||||||
The functional currency of each foreign subsidiary is the local currency. Accordingly, assets and liabilities of foreign subsidiaries are translated to U.S. dollars at period-end exchange rates, and capital stock accounts are translated at historical rates. Revenues and expenses are translated using the average rates during the period. The resulting translation adjustments are excluded from net earnings and accumulated as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included within other income (expense) in the results of operations in the periods in which they occur. | |||||||||||||
Comprehensive Income | |||||||||||||
Items defined as comprehensive income, such as foreign currency translation adjustments, are separately classified in the financial statements. The accumulated balance of other comprehensive income is reported separately from retained earnings and additional paid-in capital in the equity section of the Consolidated Balance Sheet. Total comprehensive income consists of net income and other accumulated comprehensive income disclosed in the equity section of the Consolidated Balance Sheet. | |||||||||||||
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. | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) – Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). The objective is to end some inconsistent practices with regard to the presentation on the balance sheet of unrecognized tax benefits. ASU 2013-11 is effective for financial statement periods beginning after December 15, 2013, wither early adoption permitted. The Company will adopt this standard beginning January 1, 2014. The Company does not expect these changes to have a material impact on its financial position, results of operations or cash flows. | |||||||||||||
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 total 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): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding — used in calculation of basic EPS | 81,195 | 78,321 | 76,482 | ||||||||||
Weighted average common stock equivalents — options and restricted shares | 4,421 | 4,567 | 4,227 | ||||||||||
Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS | 85,616 | 82,888 | 80,709 | ||||||||||
Options to purchase 133,598, 703,446 and 272,266 shares were outstanding for the years ended December 31, 2013, 2012 and 2011, respectively, but were not included in the computation of diluted EPS because the effect of including the options would be anti-dilutive. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Accounts Receivable, Net | ' | ||||||||||||
3. Accounts Receivable, net | |||||||||||||
Accounts receivable are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable | $ | 57,634 | $ | 62,673 | |||||||||
Unbilled accounts receivable | 36,087 | 31,376 | |||||||||||
Allowance for doubtful accounts | (2,500 | ) | (2,359 | ) | |||||||||
Total accounts receivable, net | $ | 91,221 | $ | 91,690 | |||||||||
The following table represents the activity for the allowance for doubtful accounts during the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
Allowance for Doubtful Accounts: | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 2,359 | $ | 2,006 | $ | 1,986 | |||||||
Charge to costs and expenses | 666 | 413 | 802 | ||||||||||
Write-offs, net of recoveries | (510 | ) | (400 | ) | (758 | ) | |||||||
Other adjustments | (15 | ) | 340 | (24 | ) | ||||||||
Balance at end of period | $ | 2,500 | $ | 2,359 | $ | 2,006 | |||||||
Management establishes the allowance for doubtful accounts based on historical bad debt experience. In addition, management analyzes client accounts, client concentrations, client creditworthiness, current economic trends and changes in the client’s payment terms when evaluating the adequacy of the allowance for doubtful accounts. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
4. Stockholders’ Equity | |||||||||||||
At December 31, 2013, 100,000,000 shares of common stock were authorized and 80,478,620 and 79,966,907 shares of common stock were issued and outstanding, respectively, of which 25,000 were unvested. At December 31, 2012, 100,000,000 shares of common stock were authorized and 78,141,289 and 77,653,476 shares of common stock were issued and outstanding, respectively. | |||||||||||||
At December 31, 2013, 5,000,000 shares of Class A non-voting common stock were authorized and 2,703,846 were issued and outstanding. At December 31, 2012, 5,000,000 shares of Class A non-voting common stock were authorized and 1,428,846 shares were issued and outstanding, of which 12,824 were unvested. | |||||||||||||
In October 2013, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock on the open market or in privately negotiated transactions. During the year ended December 31, 2013, the Company repurchased 23,900 shares of common stock at an average price of $39.46 per share. During the year ended December 31, 2012, the Company did not repurchase any shares of common stock. The Company uses the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account. | |||||||||||||
The following table summarizes information about quarterly share repurchases: | |||||||||||||
Fiscal 2013 | |||||||||||||
Price Range | |||||||||||||
Quarter | Shares | High | Low | ||||||||||
Fourth | 23,900 | $ | 40 | $ | 39.33 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
5. Income Taxes | |||||||||||||||||
The sources of income before income taxes were as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
U.S. | $ | 90,332 | $ | 50,710 | $ | 47,082 | |||||||||||
Foreign | 54,855 | 19,775 | 26,857 | ||||||||||||||
Income before income taxes | $ | 145,187 | $ | 70,485 | $ | 73,939 | |||||||||||
The income tax provision consists of the following (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 24,634 | $ | 13,690 | $ | 20,140 | |||||||||||
Foreign | 6,339 | 12,169 | 10,052 | ||||||||||||||
State | 6,502 | 5,156 | 5,149 | ||||||||||||||
Total | 37,475 | 31,015 | 35,341 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (6,986 | ) | (3,085 | ) | (7,411 | ) | |||||||||||
Foreign | (987 | ) | (3,649 | ) | (2,061 | ) | |||||||||||
State | (2,210 | ) | 384 | (2,951 | ) | ||||||||||||
Total | (10,183 | ) | (6,350 | ) | (12,423 | ) | |||||||||||
Total | $ | 27,292 | $ | 24,665 | $ | 22,918 | |||||||||||
The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 35% to income before income taxes as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Computed “expected” tax expense | $ | 50,816 | $ | 24,670 | $ | 25,879 | |||||||||||
Increase (decrease) in income tax expense resulting from: | |||||||||||||||||
State income taxes (net of federal income tax benefit) | 2,751 | 2,097 | 1,635 | ||||||||||||||
Foreign operations | (17,942 | ) | (4,693 | ) | (4,077 | ) | |||||||||||
Rate change impact on tax liabilities | (2,679 | ) | (2,367 | ) | — | ||||||||||||
Effect of valuation allowance | 785 | 3,525 | (19 | ) | |||||||||||||
Uncertain tax positions | (2,791 | ) | (193 | ) | 607 | ||||||||||||
Tax credits | (3,325 | ) | — | — | |||||||||||||
Non-deductible transaction costs | — | 1,723 | 54 | ||||||||||||||
Other | (323 | ) | (97 | ) | (1,161 | ) | |||||||||||
Provision for income taxes | $ | 27,292 | $ | 24,665 | $ | 22,918 | |||||||||||
The components of deferred income taxes at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred | Deferred | Deferred | Deferred | ||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Deferred compensation | $ | 13,291 | $ | — | $ | 14,772 | $ | — | |||||||||
Tax credit carryforwards | 8,535 | — | 4,911 | — | |||||||||||||
Net operating loss carryforwards | 5,813 | — | 8,429 | — | |||||||||||||
Accrued expenses | 1,704 | — | 1,850 | — | |||||||||||||
Impaired investment interest | 829 | — | 827 | — | |||||||||||||
Other | 611 | — | 362 | — | |||||||||||||
Purchased in-process research and development | 147 | — | 229 | — | |||||||||||||
Customer relationships | — | 86,562 | — | 109,318 | |||||||||||||
Other intangible assets | — | 25,070 | — | 13,728 | |||||||||||||
Trade names | — | 5,831 | — | 7,071 | |||||||||||||
Unremitted foreign earnings | — | 5,745 | — | — | |||||||||||||
Property and equipment | — | 4,115 | — | 3,998 | |||||||||||||
Acquired technology | — | 1,365 | — | 5,544 | |||||||||||||
Total | 30,930 | 128,688 | 31,380 | 139,659 | |||||||||||||
Valuation allowance | (5,045 | ) | — | (5,012 | ) | — | |||||||||||
Total | $ | 25,885 | $ | 128,688 | $ | 26,368 | $ | 139,659 | |||||||||
At December 31, 2013, the Company had accrued deferred income taxes of $5.7 million on its unremitted earnings of its Canadian subsidiary. The Company had not accrued deferred income taxes on unremitted earnings of any of its other non-U.S. subsidiaries. The earnings were approximately $31.0 million as of December 31, 2013. It is not practicable to estimate the amount of tax that would be payable upon repatriation of the earnings as such earnings are expected to be permanently reinvested overseas. | |||||||||||||||||
At December 31, 2013, the Company had foreign net operating loss carryforwards of $18.3 million, of which $18.2 million can be carried forward indefinitely. The remaining $0.1 million will begin to expire in 2016. The Company had domestic state net operating loss carryforwards of $10.7 million, which will begin to expire in 2020. | |||||||||||||||||
At December 31, 2013, the Company had tax credit carryforwards of $8.5 million relating to domestic and foreign jurisdictions, of which $7.6 million relate to domestic tax credits that will be utilized before they begin to expire in 2014 and $0.9 million relate to alternative minimum tax credit carryforwards at the Company’s India operations that begin to expire in 2020. It is expected that $0.5 million of the credits in India will expire before being utilized. | |||||||||||||||||
The Company has recorded valuation allowances of $5.0 million at December 31, 2013 related to certain foreign net operating loss and credit carryforwards and $5.0 million at 2012 related to net operating loss carryforwards in certain state and foreign jurisdictions. | |||||||||||||||||
The Company operates under tax holidays in some foreign jurisdictions, which begin to expire in 2017. The availability of the tax holidays are subject to fulfillment of certain conditions. The impact of the tax holidays decreased foreign taxes by $0.5 million for the year ended December 31, 2013. The benefit of tax holidays did not have an impact on net income per share (diluted) for the year ended December 31, 2013. | |||||||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Balance at January 1, 2012 | $ | 9,579 | |||||||||||||||
Increases related to current year tax positions | 380 | ||||||||||||||||
Increases related to acquired tax positions | 218 | ||||||||||||||||
Lapse in statute of limitation | (2,482 | ) | |||||||||||||||
Foreign exchange translation adjustment | 137 | ||||||||||||||||
Balance at December 31, 2012 | 7,832 | ||||||||||||||||
Increases related to current year tax positions | 4,693 | ||||||||||||||||
Increases related to prior tax positions | 265 | ||||||||||||||||
Lapse in statute of limitation | (4,850 | ) | |||||||||||||||
Foreign exchange translation adjustment | (300 | ) | |||||||||||||||
Balance at December 31, 2013 | $ | 7,640 | |||||||||||||||
The Company accrued potential penalties and interest on the unrecognized tax benefits of $0.1 million and $0.6 million during 2013 and 2012, respectively, and has recorded a total liability for potential penalties and interest of $0.1 million and $2.9 million at December 31, 2013 and 2012, respectively. As a result of a lapse in statute, the Company derecognized $2.9 million of penalties and interest accrued in prior years. The Company’s unrecognized tax benefits as of December 31, 2013 relate to domestic and foreign taxing jurisdictions and are recorded in other long-term liabilities on the Company’s Consolidated Balance Sheet at December 31, 2013. | |||||||||||||||||
The Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as the U.S., Canada, United Kingdom, India, Connecticut and New York. In these major jurisdictions, the Company is no longer subject to examination by tax authorities for years prior to 2009, 2009, 2006, 2010, 2009 and 2009, respectively. The Company’s U.S. federal income tax returns are currently under audit for the tax periods ended December 31, 2009 through 2012. The Company’s Connecticut and New York state income tax returns are currently under audit for the tax periods ended December 31, 2009 through 2011. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
6. Debt | |||||||||
At December 31, 2013 and 2012, debt consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Credit facility, weighted-average interest rate of 3.09% and 4.42%, respectively | $ | 782,000 | $ | 1,021,000 | |||||
Unamortized original issue discount | (7,493 | ) | (8,862 | ) | |||||
774,507 | 1,012,138 | ||||||||
Short-term borrowings and current portion of long-term debt | (23,212 | ) | (22,248 | ) | |||||
Long-term debt | $ | 751,295 | $ | 989,890 | |||||
The carrying value of the Company’s credit facilities approximate fair value given the variable rate nature of the debt, and as such, are a Level 2 liability (as discussed in Note 8). | |||||||||
Capitalized financing costs of $4.4 million, $2.6 million and $2.1 million were amortized to interest expense in the years ended December 31, 2013, 2012 and 2011, respectively, and the Company amortized to interest expense $1.4 million and $0.8 million of the original issue discount associated with the credit agreement (“Credit Agreement”) for the years ended December 31, 2013 and 2012, respectively. The unamortized balance of capitalized financing costs is included in intangible and other assets in the Company’s Consolidated Balance Sheet. Additionally, the Company had $4.4 million in losses on extinguishment of debt associated with the repayment of the prior senior credit facility in 2012 and $4.8 million in losses on extinguishment of debt associated with the redemption of the 11 3⁄4% senior subordinated notes due 2013 in 2011, as shown on the Company’s Consolidated Statements of Comprehensive Income and described below. | |||||||||
Credit facility. On March 14, 2012, Holdings entered into a Credit Agreement with SS&C and SS&C Technologies Holdings Europe S.A.R.L., an indirect wholly-owned subsidiary of SS&C (“SS&C Sarl”), as the borrowers. The Credit Agreement has four tranches of term loans: (i) a $0 term A-1 facility with a five and one-half year term for borrowings by SS&C, (ii) a $325 million term A-2 facility with a five and one-half year term for borrowings by SS&C Sarl, (iii) a $725 million term B-1 facility with a seven year term for borrowings by SS&C and (iv) a $75 million term B-2 facility with a seven year term for borrowings by SS&C Sarl. In addition, the Credit Agreement had a $142 million bridge loan facility, of which $31.6 million was immediately drawn, with a 364-day term available for borrowings by SS&C Sarl and has a revolving credit facility with a five and one-half year term available for borrowings by SS&C with $100 million in commitments. The revolving credit facility contains a $25 million letter of credit sub-facility and a $20 million swingline loan sub-facility. The bridge loan was repaid in July 2012 and is no longer available for borrowing. | |||||||||
The term loans and the revolving credit facility bear interest, at the election of the borrowers, at the base rate (as defined in Credit Agreement) or LIBOR, plus the applicable interest rate margin for the credit facility. The term A loans and the revolving credit facility initially bore interest at either LIBOR plus 2.75% or at the base rate plus 1.75%, and then will be subject to a step-down based on SS&C’s consolidated net senior secured leverage ratio and would be equal to 2.50% in the case of the LIBOR margin, and 1.50% in the case of the base rate margin. The term B loans initially bore interest at either LIBOR plus 4.00% or at base rate plus 3.00%, with LIBOR subject to a 1.00% floor. | |||||||||
In June 2013, the Company completed a repricing of its term B-1 loans and 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, but at a different interest rate. The applicable interest rates were reduced to either LIBOR plus 2.75% or the base rate plus 1.75%, and the LIBOR floor was 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. | |||||||||
Holdings, SS&C and the material domestic subsidiaries of SS&C have pledged substantially all of their tangible and intangible assets as security to support the obligations of SS&C and SS&C Sarl under the Credit Agreement. In addition, SS&C Sarl has agreed, in certain circumstances, to cause subsidiaries in foreign jurisdictions to guarantee SS&C Sarl’s obligations and pledge substantially all of their assets to support the obligations of SS&C Sarl under the Credit Agreement. The Credit Agreement contains customary restrictive covenants and a financial covenant requiring the Company to maintain a specified consolidated net senior secured leverage ratio. As of December 31, 2013, the Company was in compliance with the financial and non-financial covenants. | |||||||||
In connection with the entry into the Credit Agreement, SS&C terminated its prior senior credit facility (“Senior Credit Facility”) and used the initial proceeds of the borrowings to repay all amounts outstanding under the Senior Credit Facility, including an aggregate principal amount of outstanding borrowings of approximately $260.0 million, and to satisfy a portion of the consideration required to fund the Company’s acquisition of GlobeOp. At the time of the termination of the Senior Credit Facility, all liens and other security interests that SS&C had granted to the lenders under the Senior Credit Facility were released. | |||||||||
In connection with the entry into the Senior Credit Facility in December 2011, SS&C terminated its then existing credit agreement (“Prior Facility”) and used the proceeds from advances made under the Senior Credit Facility to repay all amounts outstanding under the Prior Facility, including an aggregate principal amount of outstanding borrowings of approximately $99.7 million. At the time of the termination of the Prior Facility, all liens and other security interests that SS&C had granted to the lenders under the Prior Facility were released. | |||||||||
11 3⁄4% Senior Subordinated Notes due 2013. The 11 3⁄4% senior subordinated notes due 2013 were unsecured senior subordinated obligations of SS&C that were subordinated in right of payment to all existing and future senior debt of SS&C, including the Prior Facility. The senior subordinated notes were jointly and severally fully and unconditionally guaranteed on an unsecured senior subordinated basis, in each case subject to certain customary release provisions, by all existing and future direct and indirect domestic subsidiaries of SS&C that guarantee the obligations under the Prior Facility or any of SS&C’s other indebtedness or the indebtedness of the guarantors. | |||||||||
On December 19, 2011, the Company completed a full redemption of the remaining $66.6 million outstanding principal balance of the 11 3⁄4% senior subordinated notes due 2013, at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, on such amount to, but excluding, the date of redemption. The Company recorded a loss on extinguishment of debt of $1.9 million, which relates to the write-off of capitalized financing costs attributable to the redeemed notes. | |||||||||
The Company had previously completed two partial redemptions of the outstanding 11 3⁄4% senior subordinated notes due 2013: | |||||||||
• | On March 17, 2011, the Company completed a partial redemption for $66.6 million in principal amount at a redemption price of 102.9375% of the principal amount, plus accrued and unpaid interest on such amount to, but excluding, the date of redemption. The Company recorded a loss on extinguishment of debt of $2.9 million in connection with the redemption, which includes the redemption premium of $2.0 million and $0.9 million relating to the write-off of capitalized financing costs attributable to the redeemed notes. | ||||||||
• | On May 24, 2010, the Company completed a partial redemption of $71.75 million in principal amount at a redemption price of 105.875% of the principal amount, plus accrued and unpaid interest on such amount to, but excluding, the date of redemption. The Company recorded a loss on extinguishment of debt of $5.5 million, which includes the redemption premium of $4.2 million and $1.3 million relating to the write-off of capitalized financing costs attributable to the redeemed notes. | ||||||||
At December 31, 2013, annual maturities of long-term debt during the next five years and thereafter are as follows (in thousands): | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 23,212 | |||||||
2015 | 29,048 | ||||||||
2016 | 31,967 | ||||||||
2017 | 154,528 | ||||||||
2018 and thereafter | 543,245 | ||||||||
$ | 782,000 |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Derivatives and Hedging Activities | ' |
7. Derivatives and Hedging Activities | |
Derivative financial instruments are recognized on the consolidated balance sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative qualifies for hedge accounting and is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes. The Company had no derivative instruments as of December 31, 2013 and 2012. | |
On March 14, 2012, SS&C and SS&C Sarl entered into a cooperation agreement with GlobeOp, pursuant to which SS&C Sarl issued an announcement disclosing that the Company and GlobeOp had agreed on the terms of a recommended cash offer (the “Offer”) to be made by SS&C Sarl to acquire the entire issued and to be issued share capital of GlobeOp for cash of 485 pence per share. As a result of the Offer’s foreign currency denomination, the Company was exposed to market risks relating to fluctuations in foreign currency exchange rates. In conjunction with the Offer, the Company entered into a forward currency transaction and a currency option transaction to protect against the foreign currency exchange rate risk that existed. The transactions were contingent upon the Offer meeting the acceptance conditions and were not designated as hedge transactions. During the three months ended June 30, 2012, the forward contract was utilized at an average exchange rate of $1.584 to £1.0 on a notional amount of £423.0 million, and the option contract was sold. These transactions resulted in a loss of $14.3 million recorded in other expense on the Consolidated Statements of Comprehensive Income for the year ended December 31, 2012. There were no associated losses recorded in the year ended December 31, 2011. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
8. Fair Value Measurements | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. | |||||||||||||||||
The fair values of cash, accounts receivable, net, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. | |||||||||||||||||
The authoritative guidance relating to fair value measurements and disclosure establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. | ||||||||||||||||
A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||
As of December 31, 2013 and 2012, the Company did not have any significant nonfinancial assets and nonfinancial liabilities that are measured at fair value on a non-recurring basis. | |||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
The table below segregates all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine their fair value at the measurement date (in thousands): | |||||||||||||||||
Total Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Total liabilities | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
The Company determines the fair value of the contingent consideration liabilities associated with its acquisitions based on the potential payments of the liability associated with the unobservable input of the estimated post-acquisition financial results (the achievement of certain revenue and EBITDA targets) of the related acquisition through a certain date. As such, contingent consideration liabilities are a Level 3 liability. As of December 31, 2013, the Company’s contingent consideration liability of $0.5 million was measured at fair value using estimated future cash flows based on the potential payments of the liability based on the unobservable input of the estimated post-acquisition financial results of Prime Management Limited (“Prime”) through September 30, 2014. During the year ended December 31, 2011, the Company increased its contingent consideration liability associated with the estimated post-acquisition financial results of BenefitsXML, Inc. (“BXML”) through February 28, 2013 to $2.3 million. In the second quarter of 2012, the Company paid out $2.0 million of contingent consideration and reduced the remaining fair value to $0.3 million. As of December 31, 2012, the Company reduced the liability to $0 and recorded the adjustment to other income. See Note 12 for further discussion of acquisitions. | |||||||||||||||||
The carrying amounts and fair values of financial instruments at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Financial liabilities: | |||||||||||||||||
Credit facility | $ | 774,507 | $ | 783,606 | $ | 1,012,138 | $ | 1,029,951 | |||||||||
The above fair values were computed based on comparable quoted market prices or an estimate of the amount to be paid to terminate or settle the agreement, as applicable. The fair values of cash, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
9. Leases | |||||
The Company is obligated under noncancelable operating leases for office space and office equipment. Total rental expense was $17.7 million, $16.6 million and $12.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. The lease for the corporate facility in Windsor, Connecticut expires in 2022. Future minimum lease payments under the Company’s operating leases, excluding future sublease income, as of December 31, 2013, are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 13,878 | |||
2015 | 13,207 | ||||
2016 | 12,853 | ||||
2017 | 10,553 | ||||
2018 and thereafter | 33,695 | ||||
$ | 84,186 | ||||
The Company subleases office space to other parties under noncancelable leases. The Company received rental income under these leases of $1.2 million, $1.4 million, and $1.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
Future minimum lease receipts under these leases as of December 31, 2013 are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 207 | |||
2015 | — | ||||
2016 | — | ||||
2017 | — | ||||
2018 and thereafter | — | ||||
$ | 207 | ||||
Defined_Contribution_Plans
Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Defined Contribution Plans | ' |
10. Defined Contribution Plans | |
The Company has a 401(k) Retirement Plan (the “Plan”) that covers substantially all domestic employees. Each employee may elect to contribute to the Plan, through payroll deductions, up to 50% of his or her cash compensation, subject to certain limitations. The Plan provides for a Company match of employees’ contributions in an amount equal to 50% of an employee’s contributions up to $4,000 per year. The Company offers employees a selection of various public mutual funds and several other investment options through a brokerage account but does not include Company common stock as an investment option in its Plan. | |
During the years ended December 31, 2013, 2012 and 2011, the Company incurred $3.9 million, $3.1 million and $2.0 million, respectively, of matching contribution expenses related to the Plan. |
Equity_and_StockBased_Compensa
Equity and Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Equity and Stock-Based Compensation | ' | ||||||||||||||||||||||||||||
11. Equity and Stock-based Compensation | |||||||||||||||||||||||||||||
In April 2008, the Company’s Board of Directors adopted, and its stockholders approved, an equity-based incentive plan (“the 2008 Plan”), which authorizes equity awards to be granted for up to 8,081,645 shares of the Company’s common stock, which is calculated based on an initial authorization of 1,416,661 shares of the Company’s common stock and an annual increase to be added on the first day of each of the Company’s fiscal years during the term of the 2008 stock incentive plan beginning in fiscal 2009 equal to the lesser of (i) 1,416,661 shares of common stock, (ii) 2% of the outstanding shares on such date or (iii) an amount determined by the Company’s board of directors. Under the 2008 Plan, which became effective in July 2008, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. The Company has granted time-based options under the 2008 Plan. | |||||||||||||||||||||||||||||
In August 2006, the Company’s Board of Directors adopted an equity-based incentive plan (“the 2006 Plan”), which authorizes equity awards to be granted for up to 11,173,819 shares of the Company’s common stock. Under the 2006 Plan, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. The Company has granted restricted shares of its common stock and both time-based and performance-based options under the 2006 Plan. | |||||||||||||||||||||||||||||
The Company generally settles stock option exercises with newly issued common shares. | |||||||||||||||||||||||||||||
Restricted shares. During the year ended December 31, 2013, the Company granted 25,000 restricted shares of its common stock under the 2006 Plan, which vest 25% on the first anniversary of the grant date and 1/12th of the remaining balance each quarter thereafter for three years. The restricted shares vest in full upon a change in control, subject to certain conditions. | |||||||||||||||||||||||||||||
Time-based options. Time-based options granted under the 2006 Plan or the 2008 Plan generally vest 25% on the first anniversary of the grant date and 1/36th of the remaining balance each month thereafter for 36 months. All time-based options vest upon a change in control, subject to certain conditions. Time-based options granted during 2013, 2012 and 2011 have a weighted-average grant date fair value of $9.86, $5.79 and $4.34 per share, respectively, based on the Black-Scholes option pricing model. Compensation expense is recorded on a straight-line basis over the requisite service period. The fair value of time-based options vested during the years ended December 31, 2013, 2012 and 2011 was approximately $8.2 million, $4.9 million and $3.2 million, respectively. At December 31, 2013, there was approximately $33.7 million of unearned non-cash stock-based compensation related to time-based options that the Company expects to recognize as expense over a weighted average remaining period of approximately three years. | |||||||||||||||||||||||||||||
For the time-based options valued using the Black-Scholes option-pricing model, the Company used the following weighted-average assumptions: | |||||||||||||||||||||||||||||
Time-Based awards | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Expected term to exercise (years) | 4 | 4 | 4 | ||||||||||||||||||||||||||
Expected volatility | 28.04 | % | 32.14 | % | 36.13 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.16 | % | 0.45 | % | 0.81 | % | |||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||||
Expected volatility is based on a combination of the Company’s historical volatility as a public company and historical volatility of the Company’s peer group. Expected term to exercise is based on the Company’s historical stock option exercise experience. | |||||||||||||||||||||||||||||
Performance-based options. Certain performance-based options granted under the 2006 Plan vest upon the attainment of annual EBITDA targets for the Company during the five fiscal year periods following the date of grant. Additionally, EBITDA in excess of the EBITDA target in any given year shall be applied to the EBITDA of any previous year for which the EBITDA target was not met in full such that attainment of a prior year EBITDA target can be achieved subsequently. In the event all EBITDA targets of previous years were met in full, the excess EBITDA shall be applied to the EBITDA of future years. These performance-based options also vest upon a change in control, subject to certain conditions. There were no such performance-based options granted during 2013, 2012 or 2011. Compensation expense is recorded at the time that the attainment of the annual and cumulative EBITDA targets becomes probable. For purposes of this Note 11, references to EBITDA mean the Company’s Consolidated EBITDA, as further adjusted to exclude acquired EBITDA and cost savings. | |||||||||||||||||||||||||||||
• | In February 2010, the Company’s Board of Directors established SS&C’s annual EBITDA target range for 2010. As of that date, the Company estimated the weighted-average fair value of the performance-based options that vest upon the attainment of the 2010 EBITDA target range to be $6.90 per share. In estimating the common stock value, the Company valued the Company using the income approach and the guideline company method. The Company used the following weighted-average assumptions to estimate the option value: expected term to exercise of 2.5 years; expected volatility of 43.0%; risk-free interest rate of 1.2%; and no dividend yield. Expected volatility is based on a combination of the Company’s historical volatility adjusted for the November 23, 2005 transactions in connection with the acquisition of SS&C by Holdings (the “Transaction”) and historical volatility of the Company’s peer group. Expected term to exercise is based on the Company’s historical stock option exercise experience, adjusted for the Transaction. | ||||||||||||||||||||||||||||
• | In February 2010, the Company’s Board of Directors amended the 2006 Plan to provide for the conversion of the outstanding performance-based options that would vest only upon a change in control into performance-based options that vest 50% based on EBITDA performance in each of 2010 and 2011. This amendment affected 1,680,868 outstanding options. | ||||||||||||||||||||||||||||
• | In March 2011, the Company’s Board of Directors established SS&C’s annual EBITDA target range for 2011. As of that date, the Company estimated the weighted-average fair value of the performance-based options that vest upon the attainment of the 2011 EBITDA target range to be $11.41 per share. In estimating the common stock value, the Company valued the Company using the income approach and the guideline company method. The Company used the following weighted-average assumptions to estimate the option value: expected term to exercise of 2.5 years; expected volatility of 38.0%; risk-free interest rate of 1.0%; and no dividend yield. Expected volatility is based on a combination of the Company’s historical volatility adjusted for the Transaction and historical volatility of the Company’s peer group. Expected term to exercise is based on the Company’s historical stock option exercise experience, adjusted for the Transaction. | ||||||||||||||||||||||||||||
The fair value of these performance-based options that vested during the year ended December 31, 2011 was approximately $9.6 million. At December 31, 2011, there was no unearned non-cash stock-based compensation to be recognized in the future. | |||||||||||||||||||||||||||||
Total restricted shares and stock-based option awards. The amount of stock-based compensation expense recognized in the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2013, 2012 and 2011 was as follows (in thousands): | |||||||||||||||||||||||||||||
Statement of Comprehensive Income Classification | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Cost of software-enabled services | $ | 2,925 | $ | 1,557 | $ | 2,448 | |||||||||||||||||||||||
Cost of maintenance | 273 | 228 | 367 | ||||||||||||||||||||||||||
Cost of professional services | 338 | 239 | 519 | ||||||||||||||||||||||||||
Total cost of revenues | 3,536 | 2,024 | 3,334 | ||||||||||||||||||||||||||
Selling and marketing(1) | 1,475 | 1,001 | 2,373 | ||||||||||||||||||||||||||
Research and development | 901 | 574 | 1,386 | ||||||||||||||||||||||||||
General and administrative(2) | 2,474 | 1,991 | 6,400 | ||||||||||||||||||||||||||
Total operating expenses | 4,850 | 3,566 | 10,159 | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 8,386 | $ | 5,590 | $ | 13,493 | |||||||||||||||||||||||
-1 | For the year ended December 31, 2013, includes stock-based compensation expense of $0.1 million associated with restricted shares of its common stock. At December 31, 2013, there was approximately $0.8 million of unearned non-cash stock-based compensation related to the restricted stock that the Company expects to recognize as expense over a remaining period of 44 months. | ||||||||||||||||||||||||||||
-2 | For the year ended December 31, 2013, includes stock-based compensation expense of $0.1 million associated with restricted Class A stock. At December 31, 2013 there was no unearned non-cash stock based compensation related to the restricted stock. For the year ended December 31, 2012, includes stock-based compensation expense of $0.7 million associated with restricted Class A stock. At December 31, 2012, there was approximately $0.1 million of unearned non-cash stock-based compensation related to the restricted stock that the Company expects to recognize as expense over an average remaining period of approximately three months. For the year ended December 31, 2011, includes stock-based compensation expense of $0.7 million associated with restricted Class A stock. At December 31, 2011, there was approximately $0.9 million of unearned non-cash stock-based compensation related to the restricted stock that the Company expects to recognize as expense over an average remaining period of approximately 1 year. | ||||||||||||||||||||||||||||
The associated future income tax benefit recognized was $2.7 million, $1.9 million and $4.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
For the year ended December 31, 2013, the amount of cash received from the exercise of stock options was $27.8 million, with an associated tax benefit realized of $31.8 million. The intrinsic value of options exercised during the year ended December 31, 2013 was approximately $87.8 million. For the year ended December 31, 2012, the amount of cash received from the exercise of stock options was $14.4 million, with an associated tax benefit realized of $6.5 million. The intrinsic value of options exercised during the year ended December 31, 2012 was approximately $17.6 million. For the year ended December 31, 2011, the amount of cash received from the exercise of stock options was $8.8 million, with an associated tax benefit realized of $8.8 million. The intrinsic value of options exercised during the year ended December 31, 2011 was approximately $23.6 million. | |||||||||||||||||||||||||||||
The following table summarizes stock option transactions for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Shares | Exercise | ||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 12,182,192 | $ | 8.51 | ||||||||||||||||||||||||||
Granted(1) | 1,781,250 | 14.3 | |||||||||||||||||||||||||||
Cancelled/forfeited | (107,805 | ) | 13.97 | ||||||||||||||||||||||||||
Exercised | (1,771,776 | ) | 4.96 | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 12,083,861 | 9.83 | |||||||||||||||||||||||||||
Granted(2) | 2,939,750 | 22.39 | |||||||||||||||||||||||||||
Cancelled/forfeited | (194,447 | ) | 15.37 | ||||||||||||||||||||||||||
Exercised | (1,418,034 | ) | 10.12 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 13,411,130 | 12.47 | |||||||||||||||||||||||||||
Granted(3) | 2,024,170 | 40.81 | |||||||||||||||||||||||||||
Cancelled/forfeited | (332,327 | ) | 20.27 | ||||||||||||||||||||||||||
Exercised | (3,587,331 | ) | 7.75 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 11,515,642 | 18.7 | |||||||||||||||||||||||||||
-1 | Of the grants during 2011, 1,275,750 were granted under the 2008 Plan and 505,500 were granted under the 2006 Plan. | ||||||||||||||||||||||||||||
-2 | Of the grants during 2012, 2,883,750 were granted under the 2008 Plan and 56,000 were granted under the 2006 Plan. | ||||||||||||||||||||||||||||
-3 | Of the grants during 2013, 1,798,420 were granted under the 2008 Plan and 225,750 were granted under the 2006 Plan. | ||||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2013: | |||||||||||||||||||||||||||||
Outstanding, Vested Options Currently Exercisable | Outstanding Options Expected to Vest | ||||||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||||||
Weighted | Average | Weighted | Average | ||||||||||||||||||||||||||
Average | Aggregate | Remaining | Average | Aggregate | Remaining | ||||||||||||||||||||||||
Exercise | Intrinsic | Contractual | Exercise | Intrinsic | Contractual | ||||||||||||||||||||||||
Shares | Price | Value | Term | Shares | Price | Value | Term | ||||||||||||||||||||||
(In thousands) | (Years) | (In thousands) | (Years) | ||||||||||||||||||||||||||
6,864,732 | $ | 11.79 | $ | 222,873 | 4.35 | 4,650,910 | $ | 28.89 | $ | 109,259 | 9.07 |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Acquisitions | ' | ||||||||||||||||||||
12. Acquisitions | |||||||||||||||||||||
Gravity | |||||||||||||||||||||
On September 27, 2012, SS&C purchased the assets of Gravity Financial (“Gravity”) for approximately $5.7 million, plus the costs of effecting the transaction and the assumption of certain liabilities. Gravity provides full-service fund administration. | |||||||||||||||||||||
The net assets and results of operations of Gravity have been included in the Company’s consolidated financial statements from September 28, 2012. The purchase price was allocated to tangible and intangible assets based on their fair value at the date of acquisition. The fair value of the intangible assets, consisting of trade name and customer relationships, was determined using the income approach. Specifically, the discounted cash flows method was utilized for customer relationships, and the relief-from-royalty method was utilized for the trade name. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The customer relationships and trade name are each amortized over approximately seven years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is tax deductible. | |||||||||||||||||||||
GlobeOp | |||||||||||||||||||||
On May 31, 2012, SS&C purchased the issued and to be issued share capital of GlobeOp for approximately $834.4 million using existing cash and debt financing as discussed in Note 6, plus the costs of effecting the transaction and the assumption of liabilities. GlobeOp provides independent fund services, specializing in middle and back office services and integrated risk-reporting to hedge funds, asset management firms and other sectors of the financial industry. | |||||||||||||||||||||
The net assets and results of operations of GlobeOp have been included in the Company’s consolidated financial statements from June 1, 2012. The purchase price was allocated to tangible and intangible assets based on their fair value at the date of acquisition. The fair value of the intangible assets, consisting of completed technology, trade name and customer relationships, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and trade name, and the discounted cash flows method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology is amortized over approximately eight years, customer relationships are amortized over approximately nine years and trade name is amortized over approximately seventeen years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is not tax deductible. | |||||||||||||||||||||
The PORTIA Business | |||||||||||||||||||||
On May 9, 2012, SS&C purchased the assets of Thomson Reuters’ PORTIA Business (“the PORTIA Business”) for approximately $170.0 million, plus the costs of effecting the transaction and the assumption of certain liabilities. The PORTIA Business provides a broad set of middle-to-back office capabilities that allow investment managers to track and manage the day-to-day activity in their investment portfolios. | |||||||||||||||||||||
The net assets and results of operations of the PORTIA Business have been included in the Company’s consolidated financial statements from May 10, 2012. The purchase price was allocated to tangible and intangible assets based on their fair value at the date of acquisition. The fair value of the intangible assets, consisting of non-compete agreement, completed technology, trade name and customer relationships, was determined using the income approach. Specifically, the discounted cash flows method was utilized for the non-compete agreement and customer relationships, and the relief-from-royalty method was utilized for the completed technology and trade name. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The non-compete agreement is amortized over approximately three years, completed technology is amortized over approximately seven years, customer relationships are amortized over approximately ten years and trade name is amortized over approximately nine years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is tax deductible. | |||||||||||||||||||||
Ireland Fund Administration | |||||||||||||||||||||
On September 8, 2011, the Company purchased all of the outstanding stock of BDO Simpson Xavier Fund Administration Services Limited (“Ireland Fund Admin”), a division of BDO, for approximately $5.4 million in cash plus the assumption of certain liabilities. Ireland Fund Admin is a Dublin-based fund administrator that provides software-enabled services in the European regulated funds market. | |||||||||||||||||||||
The net assets and results of operations of Ireland Fund Admin have been included in the Company’s consolidated financial statements from September 9, 2011. The purchase price was allocated to tangible and intangible customer relationships based on their fair value at the date of acquisition. The fair value of customer relationships was determined using the income approach. Specifically, the discounted cash flows method was utilized. The customer relationships are amortized each year based on the ratio that current cash flows for the customer relationships bear to the total of current and expected future cash flows for the customer relationships. The customer relationships are amortized over approximately six years, the estimated life of the asset. The remainder of the purchase price was allocated to goodwill and is not tax deductible. | |||||||||||||||||||||
BenefitsXML | |||||||||||||||||||||
On March 10, 2011, the Company purchased all of the outstanding stock of BXML for approximately $14.8 million in cash, plus the costs of effecting the transaction and the assumption of certain liabilities. BXML provides technology solutions for employee benefit plan providers. | |||||||||||||||||||||
The net assets and results of operations of BXML have been included in the Company’s consolidated financial statements from March 11, 2011. The purchase price was allocated to tangible and intangible assets based on their fair value at the date of acquisition. The fair value of the intangible assets, consisting of completed technology, trade name and client contracts, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and trade name, and the discounted cash flows method was utilized for the contractual relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology is amortized over approximately five years, contractual relationships are amortized over approximately five years and trade name is amortized over approximately seven years, the estimated lives of the assets. The Company initially recorded a contingent consideration liability of $1.8 million, which was based on the attainment of certain revenue and EBITDA targets by the acquired business through February 28, 2013. The total possible range of undiscounted payments was from zero to $3.0 million. As of December 31, 2012, the liability was $0 and is discussed above in Note 8. The remainder of the purchase price was allocated to goodwill and is tax deductible (excluding the portion relating to the contingent consideration liability, which is not tax deductible until paid). | |||||||||||||||||||||
The following summarizes the allocation of the purchase price for the acquisitions of Gravity, GlobeOp, the PORTIA Business, Ireland Fund Admin, and BXML (in thousands): | |||||||||||||||||||||
Gravity | GlobeOp | The | Ireland | BXML | |||||||||||||||||
PORTIA | Fund | ||||||||||||||||||||
Business | Admin | ||||||||||||||||||||
Accounts receivable | $ | 326 | $ | 21,611 | $ | 8,465 | $ | 155 | $ | 462 | |||||||||||
Fixed assets | — | 33,507 | 744 | — | 58 | ||||||||||||||||
Other assets | 44 | 27,065 | 88 | — | 21 | ||||||||||||||||
Acquired client relationships and contracts | 3,600 | 276,000 | 56,600 | 3,555 | 3,700 | ||||||||||||||||
Completed technology | — | 39,000 | 9,500 | — | 1,600 | ||||||||||||||||
Trade names | 100 | 15,000 | 1,700 | — | 100 | ||||||||||||||||
Non-compete agreements | — | — | 600 | — | — | ||||||||||||||||
Goodwill | 1,698 | 503,089 | 104,223 | 2,180 | 10,850 | ||||||||||||||||
Deferred revenue | — | (731 | ) | (12,198 | ) | — | (190 | ) | |||||||||||||
Deferred income taxes | — | (92,302 | ) | — | (444 | ) | — | ||||||||||||||
Other liabilities assumed | (34 | ) | (33,325 | ) | (561 | ) | (85 | ) | (1,817 | ) | |||||||||||
Consideration paid, net of cash acquired | $ | 5,734 | $ | 788,914 | $ | 169,161 | $ | 5,364 | $ | 14,784 | |||||||||||
Additionally, the Company acquired Prime in October 2013 for approximately $4.0 million, Hedgemetrix LLC (“Hedgemetrix”) in October 2012 for approximately $3.1 million, and software-as-a-service assets from Teledata Communications, Inc. in December 2011 for approximately $0.7 million. | |||||||||||||||||||||
The fair value of acquired accounts receivable balances approximates the contractual amounts due from acquired customers, except for approximately $0.3 million and $1.2 million of contractual amounts that are not expected to be collected as of the acquisition date and that were also reserved by the companies acquired —GlobeOp and, the PORTIA Business, respectively. | |||||||||||||||||||||
The goodwill associated with each of the transactions above is a result of expected synergies from combining the operations of businesses acquired with the Company and intangible assets that do not qualify for separate recognition, such as an assembled workforce. | |||||||||||||||||||||
The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisition of Prime occurred on January 1, 2012 and the acquisitions of Hedgemetrix, Gravity, GlobeOp, and the PORTIA Business, occurred on January 1, 2011. 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. | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Revenues | $ | 717,864 | $ | 675,016 | |||||||||||||||||
Net income | $ | 118,286 | $ | 60,764 | |||||||||||||||||
Basic EPS | $ | 1.46 | $ | 0.78 | |||||||||||||||||
Basic weighted average number of common shares outstanding | 81,195 | 78,321 | |||||||||||||||||||
Diluted EPS | $ | 1.38 | $ | 0.73 | |||||||||||||||||
Diluted weighted average number of common and common equivalent shares outstanding | 85,616 | 82,888 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
13. Related Party Transactions | |
In 2008, the Company agreed to provide fund administration services to certain investment funds affiliated with The Carlyle Group. The Company recorded revenues of $1.1 million under this arrangement during the year ended December 31, 2011. There were no such revenues recorded during the years ended December 31, 2013 and 2012. | |
In 2009, the Company agreed to provide processing services to the Carlyle Investment Management L.L.C., including investment accounting and data processing services. The agreement was amended in June 2011 to extend the term through June 21, 2014. The Company will be paid a monthly charge based on annual rates derived from the net asset value of Carlyle Investment Management L.L.C., subject to a minimum monthly fee. The Company will also receive other fees for certain ancillary services that it provides under the agreement. In 2013, 2012 and 2011, the Company recorded revenue of $0.2 million, $0.2 million and $0.4 million, respectively, under this arrangement. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
14. Commitments and Contingencies | |
As described below, the Company’s subsidiary, 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 alleged breach of fiduciary duties by GlobeOp and negligence in the performance of its duties and sought 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 million and the Greenwich Sentry Partners Fund was $6 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 sought 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 the Irving Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities, LLC. GlobeOp maintained that the prior orders compelling arbitration apply to the litigation trustee. | |
In August 2013, GlobeOp and the plaintiffs in the Anwar Action and the Derivative Actions, as well as certain insurers that 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. After notice and certification of a settlement class, the settlement was approved by an order of the United States District Court for the Southern District of New York on November 22, 2013 (the “Settlement Order”). No appeals of the Settlement Order were filed by the January 27, 2014 deadline and, accordingly, the settlement is now final. On January 28, 2014, a notice of voluntary dismissal with prejudice was filed in the New York State Court overseeing the Derivative Actions. On or about January 30, 2014, the settlement amount was released from two escrow accounts to the plaintiffs in the Anwar Action and the Derivative Actions. The entirety of the settlement amount was funded by GlobeOp’s insurers. Accordingly, the settlement of the Anwar Action and the Derivative Actions has been consummated and the matters are concluded. | |
Millennium Actions | |
Several actions (the “Millennium Actions”) have been filed in various jurisdictions against GlobeOp alleging claims and damages with respect to a valuation agent services agreement performed by GlobeOp for the Millennium Global Emerging Credit Fund, L.P. and Millennium Global Emerging Credit Fund Ltd. (the “Millennium Funds”). These actions include (i) a putative class action in the U.S. District Court for the Southern District of New York (the “U.S. Class Action”) on behalf of a putative class of investors in the Millennium Funds filed in May 2012 asserting claims of $844 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 (the “UK Arbitration”) on behalf of Millennium Global Investments Ltd. and Millennium Asset Management Ltd., the Millennium Funds’ investment manager and administrative manager, respectively (together, the “Millennium Managers”), 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 Millennium Managers in the U.S. Class Action; and (iii) a claim in the same arbitration proceeding by the liquidators on behalf of the Millennium Global Emerging Credit Master Fund Ltd. (the “Master Fund”) against GlobeOp for damages alleged to be in excess of $160 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 Millennium Fund and that, inter alia, GlobeOp should have discovered and reported a fraudulent scheme perpetrated by the portfolio manager employed by the investment manager. The U.S. Class Action 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 Millennium Managers and the Master Fund for indemnity, including in respect of the U.S. Class Action. | |
A hearing on the merits of the claims asserted in the UK arbitration was conducted in London in July and August 2013. The hearing has been adjourned and is not expected to be reconvened until September 2014. | |
GlobeOp has secured insurance coverage that provides reimbursement of various litigation costs up to pre-determined limits. In 2012 and 2013, GlobeOp was reimbursed for litigation costs under the applicable insurance policy. | |
In January 2014, GlobeOp, SS&C, the Millennium Managers and the plaintiff in the U.S. Class Action entered into a settlement agreement resolving all disputes and claims between and among the parties (including a separate mutual release between and among GlobeOp and SS&C, on the one hand, and the Millennium Managers on the other). The parties have presented the settlement agreement for approval by the United States District Court for the Southern District of New York. As part of the settlement, GlobeOp and the Millennium Managers have agreed to withdraw their claims against each other in the UK Arbitration upon approval of the settlement agreement by the United States District Court. Pending that approval, the UK Arbitration has been stayed in relation to the claims between Millennium and GlobeOp. The settlement agreement does not affect the claims counterclaims and/or defenses as between GlobeOp and the Master Fund. | |
GlobeOp’s insurers have agreed to fund the entirety of the settlement amount contemplated to be contributed by GlobeOp. | |
The Company cannot predict the outcome of these matters. The Company believes that it has strong defenses in the U.S. Class Action and the UK Arbitration and is vigorously contesting the UK Arbitration (as described above, the U.S. Class Action is the subject of a proposed settlement agreement). The 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 management believes would have a material adverse effect on the Company or its business. |
Product_and_Geographic_Sales_I
Product and Geographic Sales Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Product and Geographic Sales Information | ' | ||||||||||||
15. Product and Geographic Sales Information | |||||||||||||
The Company operates in one reportable segment. There were no sales to any individual clients during the periods in the three-year period ended December 31, 2013 that represented 10% or more of net sales. 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’s reportable regions consist of 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. | |||||||||||||
The Company relies exclusively on its operations in the Netherlands for sales of its Altair product. Total revenue derived from this product was $1.4 million, $1.3 million and $1.1 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Revenues by geography for the years ended December 31, were (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 466,670 | $ | 360,438 | $ | 259,762 | |||||||
Canada | 60,980 | 59,206 | 53,846 | ||||||||||
Americas, excluding United States and Canada | 16,760 | 12,269 | 9,507 | ||||||||||
Europe | 148,640 | 104,527 | 38,126 | ||||||||||
Asia-Pacific and Japan | 19,652 | 15,402 | 9,587 | ||||||||||
$ | 712,702 | $ | 551,842 | $ | 370,828 | ||||||||
Long-lived assets as of December 31, were (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 57,966 | $ | 63,402 | $ | 13,256 | |||||||
Canada | 6,881 | 6,979 | 3,855 | ||||||||||
Americas, excluding United States and Canada | 4,676 | 111 | 93 | ||||||||||
Europe | 9,426 | 10,071 | 861 | ||||||||||
Asia-Pacific and Japan | 5,079 | 7,319 | 525 | ||||||||||
$ | 84,028 | $ | 87,882 | $ | 18,590 | ||||||||
Revenues by product group for the years ended December 31, were (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Portfolio management/accounting | $ | 640,075 | $ | 476,703 | $ | 290,927 | |||||||
Trading/treasury operations | 32,949 | 36,640 | 41,118 | ||||||||||
Financial modeling | 8,366 | 8,325 | 7,810 | ||||||||||
Loan management/accounting | 6,683 | 7,174 | 7,681 | ||||||||||
Property management | 14,622 | 14,830 | 14,983 | ||||||||||
Money market processing | 8,279 | 6,169 | 5,786 | ||||||||||
Training | 1,728 | 2,001 | 2,523 | ||||||||||
$ | 712,702 | $ | 551,842 | $ | 370,828 | ||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
16. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||
Unaudited quarterly results for 2013 and 2012 were: | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter(1) | Quarter | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Revenue | $ | 173,218 | $ | 177,457 | $ | 179,505 | $ | 182,522 | |||||||||
Gross profit | 75,777 | 80,696 | 83,310 | 84,119 | |||||||||||||
Operating income | 41,996 | 45,292 | 47,864 | 47,816 | |||||||||||||
Net income | 21,429 | 26,119 | 43,466 | 26,881 | |||||||||||||
Basic EPS | $ | 0.27 | $ | 0.32 | $ | 0.53 | $ | 0.33 | |||||||||
Diluted EPS | $ | 0.26 | $ | 0.31 | $ | 0.51 | $ | 0.31 | |||||||||
-1 | During the third quarter of 2013, the Company’s 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. | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter(1) | Quarter(2) | Quarter(3) | Quarter | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2012 | |||||||||||||||||
Revenue | $ | 93,675 | $ | 120,850 | $ | 165,562 | $ | 171,755 | |||||||||
Gross profit | 46,823 | 57,750 | 71,824 | 75,528 | |||||||||||||
Operating income | 22,071 | 21,126 | 37,245 | 42,774 | |||||||||||||
Net income (loss) | 17,883 | (5,760 | ) | 17,615 | 16,082 | ||||||||||||
Basic EPS | $ | 0.23 | $ | (0.07 | ) | $ | 0.22 | $ | 0.2 | ||||||||
Diluted EPS | $ | 0.22 | $ | (0.07 | ) | $ | 0.21 | $ | 0.19 | ||||||||
-1 | During the first quarter of 2012, the Company incurred transaction costs of $4.2 million, which are associated with the acquisitions of GlobeOp and the PORTIA Business discussed further in Note 12, and decreased net income for the period. | ||||||||||||||||
-2 | During the second quarter of 2012, the Company recognized a loss of $14.3 million on foreign currency contracts and a loss on extinguishment of debt of $4.4 million and incurred transaction costs of $9.4 million, all of which is associated with the acquisitions of GlobeOp and the PORTIA Business discussed further in Note 12, and resulted in a net loss for the period. | ||||||||||||||||
-3 | During the third quarter of 2012, the Company incurred transaction costs of $0.7 million, which is associated with the acquisitions of GlobeOp and the PORTIA Business discussed further in Note 12, and decreased net income for the period. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
17. Subsequent Events | |
On February 12, 2014, the Company completed a repricing of its $213.2 million term A-2 loans, which replaced these loans with new term A-2 loans at the same outstanding principal balance of $213.2 million, but at a different interest rate. The applicable interest rates have been reduced to either LIBOR plus 2.0% or the base rate plus 1.0%. The maturity date of the new loans remains December 8, 2017, and no changes were made to the financial covenants or scheduled amortization. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of the consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, collectability of accounts receivable, costs to complete certain contracts, valuation of acquired assets and liabilities, valuation of stock options, income tax accruals and the value of deferred tax assets. Estimates are also used to determine the remaining economic lives and carrying value of fixed assets, goodwill and intangible assets. Actual results could differ from those estimates. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Unconsolidated investments in entities over which the Company does not have control but has the ability to exercise influence over operating and financial policies, if any, are accounted for under the equity method of accounting. Earnings and losses from such investments are recorded on a pre-tax basis. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company’s payment terms for software licenses typically require that the total fee be paid upon signing of the contract. Maintenance services are typically due in full at the beginning of the maintenance period. Professional services and software-enabled services are typically due and payable monthly in arrears. Normally, the Company’s arrangements do not provide for any refund rights, and payments are not contingent on specific milestones or customer acceptance conditions. For arrangements that do contain such provisions, the Company defers revenue until the rights or conditions have expired or have been met. | |||||||||||||
Unbilled accounts receivable primarily relates to professional services and software-enabled services revenue that has been earned as of month end but is not invoiced until the subsequent month, and to software license revenue that has been earned and is realizable but not invoiced to clients until future dates specified in the client contract. | |||||||||||||
Deferred revenue consists of payments received related to product delivery, maintenance and other services, which have been paid by customers prior to the recognition of revenue. Deferred revenue relates primarily to cash received for maintenance contracts in advance of services being performed over the contractual term. | |||||||||||||
Software-enabled Services | ' | ||||||||||||
Software-enabled Services | |||||||||||||
The Company’s software-enabled services arrangements make its software applications available to its clients for processing of transactions. The software-enabled services arrangements provide an alternative for clients who do not wish to install, run and maintain complicated financial software. Under the arrangements, the client does not have the right to take possession of the software, rather, the Company agrees to provide access to its applications, remote use of its equipment to process transactions, access to client’s data stored on its equipment, and connectivity between its environment and the client’s computing systems. Software-enabled services are generally provided under non-cancelable contracts with initial terms of one to five years that require monthly or quarterly payments, and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. | |||||||||||||
The Company recognizes software-enabled services revenues on a monthly basis as the software-enabled services are provided and when persuasive evidence of an arrangement exists, the price is fixed or determinable and collectability is reasonably assured. The Company does not recognize any revenue before services are performed. Certain contracts contain additional fees for increases in market value, pricing and trading activity. Revenues related to these additional fees are recognized in the month in which the activity occurs based upon the Company’s summarization of account information and trading volume. | |||||||||||||
License Revenue | ' | ||||||||||||
License Revenue | |||||||||||||
The Company follows the principles of accounting standards relating to software revenue recognition, which provide guidance on applying GAAP in recognizing revenue on software transactions. Accounting standards require that revenue recognized from software transactions be allocated to each element of the transaction based on the relative fair values of the elements, such as software products, specified upgrades, enhancements, post-contract client support, installation or training. The determination of fair value is based upon vendor-specific objective evidence (“VSOE”). The Company recognizes software license revenues allocated to software products and enhancements generally upon delivery of each of the related products or enhancements, assuming all other revenue recognition criteria are met. In the rare occasion that a software license agreement includes the right to a specified upgrade or product, the Company defers all revenues under the arrangement until the specified upgrade or product is delivered, since typically VSOE does not exist to support the fair value of the specified upgrade or product. | |||||||||||||
The Company generally recognizes revenue from sales of software or products including proprietary software upon product shipment and receipt of a signed contract, provided that collection is probable and all other revenue recognition criteria are met. The Company sells perpetual software licenses in conjunction with professional services for installation and maintenance. For these arrangements, the total contract value is attributed first to the maintenance arrangement based on its fair value, which is derived from stated renewal rates. The contract value is then attributed to professional services based on estimated fair value, which is derived from the rates charged for similar services provided on a stand-alone basis. The Company’s software license agreements generally do not require significant modification or customization of the underlying software, and, accordingly, implementation services provided by the Company are not considered essential to the functionality of the software. The remainder of the total contract value is then attributed to the software license based on the residual method. | |||||||||||||
The Company also sells term licenses ranging from one to seven years, some of which include bundled maintenance services. For those arrangements with bundled maintenance services, VSOE does not exist for the maintenance element and therefore the total fee is recognized ratably over the contractual term of the arrangement. The Company classifies revenues from bundled term license arrangements as both software licenses and maintenance revenues by allocating a portion of the revenues from the arrangement to maintenance revenues and classifying the remainder in software licenses revenues. The Company uses its renewal rates for maintenance under perpetual license agreements for the purpose of determining the portion of the arrangement fee that is classified as maintenance revenues. | |||||||||||||
The Company occasionally enters into license agreements requiring significant customization of the Company’s software. The Company accounts for the license fees under these agreements on the percentage-of-completion basis. This method requires estimates to be made for costs to complete the agreement utilizing an estimate of development man-hours remaining. Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis, and are made in the period in which such losses are first estimated or determined. | |||||||||||||
Maintenance Agreements | ' | ||||||||||||
Maintenance Agreements | |||||||||||||
Maintenance agreements generally require the Company to provide technical support and software updates (on a when-and-if-available basis) to its clients. Such services are generally provided under one-year renewable contracts. Maintenance revenues are recognized ratably over the term of the maintenance agreement. | |||||||||||||
Professional Services | ' | ||||||||||||
Professional Services | |||||||||||||
The Company provides consulting and training services to its clients. Revenues for such services are generally recognized over the period during which the services are performed. The Company typically charges for professional services on a time-and-materials basis. However, some contracts are for a fixed fee. For the fixed-fee arrangements, an estimate is made of the total hours expected to be incurred to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Revenues are recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development | |||||||||||||
Research and development costs associated with computer software are charged to expense as incurred. Capitalization of internally developed computer software costs begins upon the establishment of technological feasibility based on a working model. Net capitalized software costs of $3.5 million and $2.4 million are included in the December 31, 2013 and 2012 balance sheets, respectively, under “Intangible and other assets”. | |||||||||||||
The Company’s policy is to amortize these costs upon a product’s general release to the client. Amortization of capitalized software costs is calculated by the greater of (a) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or (b) the straight-line method over the remaining estimated economic life of the product, including the period being reported on, typically two to five years. It is reasonably possible that those estimates of anticipated future gross revenues, the remaining estimated economic life of the product, or both could be reduced significantly due to competitive pressures. Amortization expense related to capitalized software development costs was $1.0 million, $0.5 million, and $0.2 million for each of the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Stock-based Compensation | ' | ||||||||||||
Stock-based Compensation | |||||||||||||
Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options, expected volatility of the Company’s stock price, and the number of awards expected to be forfeited. Differences between actual results and these estimates could have a material effect on the Company’s financial results. A deferred income tax asset is recorded over the vesting period as stock compensation expense is recorded for non-qualified option awards. The realizability of the deferred tax asset is ultimately based on the actual value of the stock-based award upon exercise. If the actual value is lower than the fair value determined on the date of grant, then there could be an income tax expense for the portion of the deferred tax asset that is not realizable. | |||||||||||||
Other Income (Expense), Net | ' | ||||||||||||
Other Income (Expense), Net | |||||||||||||
Other income, net for 2013 consists primarily of foreign currency transaction gains of $3.4 million. Other expense, net for 2012 consists primarily of foreign currency transaction losses of $12.4 million and a loss of $3.8 million recorded on foreign currency contracts associated with the acquisition of GlobeOp Financial Services, S.A. (“GlobeOp”), which is discussed further in Note 12. These losses were partially offset by a reduction of the Company’s remaining contingent consideration liability associated with the BenefitsXML, Inc. (“BXML”) acquisition from $0.3 million to $0. Other expense, net for 2011 consists primarily of an increase of $0.5 million in the contingent consideration liability from $1.8 million to $2.3 million, fees of $0.3 million associated with the redemption of SS&C’s 11 3⁄4 senior subordinated notes due 2013, which is discussed further in Note 6 below, and foreign currency transaction losses of $0.1 million. These costs were partially offset by a refund of facilities charges of $0.5 million. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes in accordance with the relevant accounting literature. An asset and liability approach is used to recognize deferred tax assets and liabilities for the future tax consequences of items that are recognized in the Company’s financial statements and tax returns in different years. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. | |||||||||||||
The Company accounts for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid marketable securities with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company did not hold any cash equivalents at December 31, 2013 and 2012. | |||||||||||||
Restricted Cash | ' | ||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes monies held by a bank as security for a letter of credit issued due to lease requirements for office space. The letter of credit is expected to be renewed within the next twelve months, and as such, the restricted cash is classified as a current asset on the Consolidated Balance Sheet. Additionally, cash movements of restricted cash is included in other investing activities on the Consolidated Statement of Cash Flows. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: | |||||||||||||
Description | Useful Life | ||||||||||||
Land | — | ||||||||||||
Buildings and improvements | 40 years | ||||||||||||
Equipment | 3-5 years | ||||||||||||
Furniture and fixtures | 7-10 years | ||||||||||||
Leasehold improvements | Shorter of lease term or estimated useful life | ||||||||||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $14.7 million, $10.7 million and $5.4 million, respectively. | |||||||||||||
Maintenance and repairs are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is included in other income (expense), net. | |||||||||||||
Registration Costs | ' | ||||||||||||
Registration Costs | |||||||||||||
During the year ended December 31, 2011, the Company incurred a total of $0.9 million in professional fees and other costs related to its secondary offering. These costs were netted against the related offering proceeds in the accompanying financial statements. There were no such costs during the years ended December 31, 2013 and 2012. | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
The Company tests goodwill annually for impairment as of December 31st (and in interim periods if certain events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount). The Company has completed the required impairment tests for goodwill and has determined that no impairment existed as of December 31, 2013 or 2012. The first step of the impairment analysis, which is based on our reporting unit structure, indicated that the fair value significantly exceeded the carrying value at December 31, 2013. There were no other indefinite-lived intangible assets as of December 31, 2013 or 2012. | |||||||||||||
The following table summarizes changes in goodwill (in thousands): | |||||||||||||
Balance at December 31, 2011 | $ | 931,639 | |||||||||||
2012 acquisitions | 610,073 | ||||||||||||
Adjustments to previous acquisitions | 53 | ||||||||||||
Income tax benefit on rollover options exercised | (37 | ) | |||||||||||
Effect of foreign currency translation | 17,879 | ||||||||||||
Balance at December 31, 2012 | 1,559,607 | ||||||||||||
2013 acquisitions | 910 | ||||||||||||
Adjustments to previous acquisitions | (202 | ) | |||||||||||
Income tax benefit on rollover options exercised | (3,567 | ) | |||||||||||
Effect of foreign currency translation | (15,362 | ) | |||||||||||
Balance at December 31, 2013 | $ | 1,541,386 | |||||||||||
Completed technology and other identifiable intangible assets are amortized over lives ranging from three to 17 years based on the ratio that current cash flows for the intangible asset bear to the total of current and expected future cash flows for the intangible asset. Amortization expense associated with completed technology and other amortizable intangible assets was $84.1 million, $64.6 million and $36.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
A summary of the components of intangible assets is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Customer relationships | $ | 599,186 | $ | 596,396 | |||||||||
Completed technology | 122,758 | 123,787 | |||||||||||
Trade names | 36,072 | 35,524 | |||||||||||
Other | 2,887 | 2,981 | |||||||||||
760,903 | 758,688 | ||||||||||||
Less: accumulated amortization | (336,712 | ) | (254,259 | ) | |||||||||
$ | 424,191 | $ | 504,429 | ||||||||||
Total estimated amortization expense, related to intangible assets, for each of the next five years, as of December 31, 2013, is expected to approximate (in thousands): | |||||||||||||
Year Ending December 31, | |||||||||||||
2014 | $ | 83,265 | |||||||||||
2015 | 81,082 | ||||||||||||
2016 | 72,149 | ||||||||||||
2017 | 54,245 | ||||||||||||
2018 | 48,583 | ||||||||||||
$ | 339,324 | ||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company evaluates the recoverability of its long-lived assets when there is evidence that events or changes in circumstances have made recovery of the assets’ carrying value unlikely. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. The Company has identified no such impairment losses. | |||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, cash equivalents, marketable securities, and trade receivables. The Company has cash investment policies that limit investments to investment grade securities. Concentrations of credit risk, with respect to trade receivables, are limited due to the fact that the Company’s client base is highly diversified. As of December 31, 2013 and 2012, the Company had no significant concentrations of credit. | |||||||||||||
International Operations and Foreign Currency | ' | ||||||||||||
International Operations and Foreign Currency | |||||||||||||
The functional currency of each foreign subsidiary is the local currency. Accordingly, assets and liabilities of foreign subsidiaries are translated to U.S. dollars at period-end exchange rates, and capital stock accounts are translated at historical rates. Revenues and expenses are translated using the average rates during the period. The resulting translation adjustments are excluded from net earnings and accumulated as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included within other income (expense) in the results of operations in the periods in which they occur. | |||||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Items defined as comprehensive income, such as foreign currency translation adjustments, are separately classified in the financial statements. The accumulated balance of other comprehensive income is reported separately from retained earnings and additional paid-in capital in the equity section of the Consolidated Balance Sheet. Total comprehensive income consists of net income and other accumulated comprehensive income disclosed in the equity section of the Consolidated Balance Sheet. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
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. | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) – Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). The objective is to end some inconsistent practices with regard to the presentation on the balance sheet of unrecognized tax benefits. ASU 2013-11 is effective for financial statement periods beginning after December 15, 2013, wither early adoption permitted. The Company will adopt this standard beginning January 1, 2014. The Company does not expect these changes to have a material impact on its financial position, results of operations or cash flows. | |||||||||||||
Basic and Diluted Earnings per Share | ' | ||||||||||||
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 total 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): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding — used in calculation of basic EPS | 81,195 | 78,321 | 76,482 | ||||||||||
Weighted average common stock equivalents — options and restricted shares | 4,421 | 4,567 | 4,227 | ||||||||||
Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS | 85,616 | 82,888 | 80,709 | ||||||||||
Options to purchase 133,598, 703,446 and 272,266 shares were outstanding for the years ended December 31, 2013, 2012 and 2011, respectively, but were not included in the computation of diluted EPS because the effect of including the options would be anti-dilutive. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Estimated Useful Lives of the Assets | ' | ||||||||||||
Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: | |||||||||||||
Description | Useful Life | ||||||||||||
Land | — | ||||||||||||
Buildings and improvements | 40 years | ||||||||||||
Equipment | 3-5 years | ||||||||||||
Furniture and fixtures | 7-10 years | ||||||||||||
Leasehold improvements | Shorter of lease term or estimated useful life | ||||||||||||
Summary of Changes in Goodwill | ' | ||||||||||||
The following table summarizes changes in goodwill (in thousands): | |||||||||||||
Balance at December 31, 2011 | $ | 931,639 | |||||||||||
2012 acquisitions | 610,073 | ||||||||||||
Adjustments to previous acquisitions | 53 | ||||||||||||
Income tax benefit on rollover options exercised | (37 | ) | |||||||||||
Effect of foreign currency translation | 17,879 | ||||||||||||
Balance at December 31, 2012 | 1,559,607 | ||||||||||||
2013 acquisitions | 910 | ||||||||||||
Adjustments to previous acquisitions | (202 | ) | |||||||||||
Income tax benefit on rollover options exercised | (3,567 | ) | |||||||||||
Effect of foreign currency translation | (15,362 | ) | |||||||||||
Balance at December 31, 2013 | $ | 1,541,386 | |||||||||||
Summary of the Components of Intangible Assets | ' | ||||||||||||
A summary of the components of intangible assets is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Customer relationships | $ | 599,186 | $ | 596,396 | |||||||||
Completed technology | 122,758 | 123,787 | |||||||||||
Trade names | 36,072 | 35,524 | |||||||||||
Other | 2,887 | 2,981 | |||||||||||
760,903 | 758,688 | ||||||||||||
Less: accumulated amortization | (336,712 | ) | (254,259 | ) | |||||||||
$ | 424,191 | $ | 504,429 | ||||||||||
Schedule of Estimated Amortization Expense, Related to Intangible Assets | ' | ||||||||||||
Total estimated amortization expense, related to intangible assets, for each of the next five years, as of December 31, 2013, is expected to approximate (in thousands): | |||||||||||||
Year Ending December 31, | |||||||||||||
2014 | $ | 83,265 | |||||||||||
2015 | 81,082 | ||||||||||||
2016 | 72,149 | ||||||||||||
2017 | 54,245 | ||||||||||||
2018 | 48,583 | ||||||||||||
$ | 339,324 | ||||||||||||
Computation of Basic and Diluted EPS | ' | ||||||||||||
The following table sets forth the weighted average common shares used in the computation of basic and diluted EPS (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding — used in calculation of basic EPS | 81,195 | 78,321 | 76,482 | ||||||||||
Weighted average common stock equivalents — options and restricted shares | 4,421 | 4,567 | 4,227 | ||||||||||
Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS | 85,616 | 82,888 | 80,709 | ||||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Summary of Accounts Receivable | ' | ||||||||||||
Accounts receivable are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable | $ | 57,634 | $ | 62,673 | |||||||||
Unbilled accounts receivable | 36,087 | 31,376 | |||||||||||
Allowance for doubtful accounts | (2,500 | ) | (2,359 | ) | |||||||||
Total accounts receivable, net | $ | 91,221 | $ | 91,690 | |||||||||
Schedule of Allowance for Doubtful Accounts | ' | ||||||||||||
The following table represents the activity for the allowance for doubtful accounts during the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
Allowance for Doubtful Accounts: | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 2,359 | $ | 2,006 | $ | 1,986 | |||||||
Charge to costs and expenses | 666 | 413 | 802 | ||||||||||
Write-offs, net of recoveries | (510 | ) | (400 | ) | (758 | ) | |||||||
Other adjustments | (15 | ) | 340 | (24 | ) | ||||||||
Balance at end of period | $ | 2,500 | $ | 2,359 | $ | 2,006 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Quarterly Share Repurchases | ' | ||||||||||||
The following table summarizes information about quarterly share repurchases: | |||||||||||||
Fiscal 2013 | |||||||||||||
Price Range | |||||||||||||
Quarter | Shares | High | Low | ||||||||||
Fourth | 23,900 | $ | 40 | $ | 39.33 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Sources of Income Before Income Taxes | ' | ||||||||||||||||
The sources of income before income taxes were as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
U.S. | $ | 90,332 | $ | 50,710 | $ | 47,082 | |||||||||||
Foreign | 54,855 | 19,775 | 26,857 | ||||||||||||||
Income before income taxes | $ | 145,187 | $ | 70,485 | $ | 73,939 | |||||||||||
Component of Income Tax Provision | ' | ||||||||||||||||
The income tax provision consists of the following (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 24,634 | $ | 13,690 | $ | 20,140 | |||||||||||
Foreign | 6,339 | 12,169 | 10,052 | ||||||||||||||
State | 6,502 | 5,156 | 5,149 | ||||||||||||||
Total | 37,475 | 31,015 | 35,341 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (6,986 | ) | (3,085 | ) | (7,411 | ) | |||||||||||
Foreign | (987 | ) | (3,649 | ) | (2,061 | ) | |||||||||||
State | (2,210 | ) | 384 | (2,951 | ) | ||||||||||||
Total | (10,183 | ) | (6,350 | ) | (12,423 | ) | |||||||||||
Total | $ | 27,292 | $ | 24,665 | $ | 22,918 | |||||||||||
Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision | ' | ||||||||||||||||
The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 35% to income before income taxes as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Computed “expected” tax expense | $ | 50,816 | $ | 24,670 | $ | 25,879 | |||||||||||
Increase (decrease) in income tax expense resulting from: | |||||||||||||||||
State income taxes (net of federal income tax benefit) | 2,751 | 2,097 | 1,635 | ||||||||||||||
Foreign operations | (17,942 | ) | (4,693 | ) | (4,077 | ) | |||||||||||
Rate change impact on tax liabilities | (2,679 | ) | (2,367 | ) | — | ||||||||||||
Effect of valuation allowance | 785 | 3,525 | (19 | ) | |||||||||||||
Uncertain tax positions | (2,791 | ) | (193 | ) | 607 | ||||||||||||
Tax credits | (3,325 | ) | — | — | |||||||||||||
Non-deductible transaction costs | — | 1,723 | 54 | ||||||||||||||
Other | (323 | ) | (97 | ) | (1,161 | ) | |||||||||||
Provision for income taxes | $ | 27,292 | $ | 24,665 | $ | 22,918 | |||||||||||
Components of Deferred Income Taxes | ' | ||||||||||||||||
The components of deferred income taxes at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred | Deferred | Deferred | Deferred | ||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Deferred compensation | $ | 13,291 | $ | — | $ | 14,772 | $ | — | |||||||||
Tax credit carryforwards | 8,535 | — | 4,911 | — | |||||||||||||
Net operating loss carryforwards | 5,813 | — | 8,429 | — | |||||||||||||
Accrued expenses | 1,704 | — | 1,850 | — | |||||||||||||
Impaired investment interest | 829 | — | 827 | — | |||||||||||||
Other | 611 | — | 362 | — | |||||||||||||
Purchased in-process research and development | 147 | — | 229 | — | |||||||||||||
Customer relationships | — | 86,562 | — | 109,318 | |||||||||||||
Other intangible assets | — | 25,070 | — | 13,728 | |||||||||||||
Trade names | — | 5,831 | — | 7,071 | |||||||||||||
Unremitted foreign earnings | — | 5,745 | — | — | |||||||||||||
Property and equipment | — | 4,115 | — | 3,998 | |||||||||||||
Acquired technology | — | 1,365 | — | 5,544 | |||||||||||||
Total | 30,930 | 128,688 | 31,380 | 139,659 | |||||||||||||
Valuation allowance | (5,045 | ) | — | (5,012 | ) | — | |||||||||||
Total | $ | 25,885 | $ | 128,688 | $ | 26,368 | $ | 139,659 | |||||||||
Summary of Activity Related to Company's Unrecognized Tax Benefits | ' | ||||||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Balance at January 1, 2012 | $ | 9,579 | |||||||||||||||
Increases related to current year tax positions | 380 | ||||||||||||||||
Increases related to acquired tax positions | 218 | ||||||||||||||||
Lapse in statute of limitation | (2,482 | ) | |||||||||||||||
Foreign exchange translation adjustment | 137 | ||||||||||||||||
Balance at December 31, 2012 | 7,832 | ||||||||||||||||
Increases related to current year tax positions | 4,693 | ||||||||||||||||
Increases related to prior tax positions | 265 | ||||||||||||||||
Lapse in statute of limitation | (4,850 | ) | |||||||||||||||
Foreign exchange translation adjustment | (300 | ) | |||||||||||||||
Balance at December 31, 2013 | $ | 7,640 | |||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Component of Debt | ' | ||||||||
At December 31, 2013 and 2012, debt consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Credit facility, weighted-average interest rate of 3.09% and 4.42%, respectively | $ | 782,000 | $ | 1,021,000 | |||||
Unamortized original issue discount | (7,493 | ) | (8,862 | ) | |||||
774,507 | 1,012,138 | ||||||||
Short-term borrowings and current portion of long-term debt | (23,212 | ) | (22,248 | ) | |||||
Long-term debt | $ | 751,295 | $ | 989,890 | |||||
Summary of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter | ' | ||||||||
At December 31, 2013, annual maturities of long-term debt during the next five years and thereafter are as follows (in thousands): | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 23,212 | |||||||
2015 | 29,048 | ||||||||
2016 | 31,967 | ||||||||
2017 | 154,528 | ||||||||
2018 and thereafter | 543,245 | ||||||||
$ | 782,000 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | ' | ||||||||||||||||
The table below segregates all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine their fair value at the measurement date (in thousands): | |||||||||||||||||
Total Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Total liabilities | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Schedule of Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||
The carrying amounts and fair values of financial instruments at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Financial liabilities: | |||||||||||||||||
Credit facility | $ | 774,507 | $ | 783,606 | $ | 1,012,138 | $ | 1,029,951 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments under Company's Operating Leases, Excluding Future Sublease Income | ' | ||||
Future minimum lease payments under the Company’s operating leases, excluding future sublease income, as of December 31, 2013, are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 13,878 | |||
2015 | 13,207 | ||||
2016 | 12,853 | ||||
2017 | 10,553 | ||||
2018 and thereafter | 33,695 | ||||
$ | 84,186 | ||||
Schedule of Future Minimum Lease Receipts under these Leases | ' | ||||
Future minimum lease receipts under these leases as of December 31, 2013 are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 207 | |||
2015 | — | ||||
2016 | — | ||||
2017 | — | ||||
2018 and thereafter | — | ||||
$ | 207 |
Equity_and_StockBased_Compensa1
Equity and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model | ' | ||||||||||||||||||||||||||||
For the time-based options valued using the Black-Scholes option-pricing model, the Company used the following weighted-average assumptions: | |||||||||||||||||||||||||||||
Time-Based awards | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Expected term to exercise (years) | 4 | 4 | 4 | ||||||||||||||||||||||||||
Expected volatility | 28.04 | % | 32.14 | % | 36.13 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.16 | % | 0.45 | % | 0.81 | % | |||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||||
Schedule of Stock-Based Compensation Expense Recognized | ' | ||||||||||||||||||||||||||||
Total restricted shares and stock-based option awards. The amount of stock-based compensation expense recognized in the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2013, 2012 and 2011 was as follows (in thousands): | |||||||||||||||||||||||||||||
Statement of Comprehensive Income Classification | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Cost of software-enabled services | $ | 2,925 | $ | 1,557 | $ | 2,448 | |||||||||||||||||||||||
Cost of maintenance | 273 | 228 | 367 | ||||||||||||||||||||||||||
Cost of professional services | 338 | 239 | 519 | ||||||||||||||||||||||||||
Total cost of revenues | 3,536 | 2,024 | 3,334 | ||||||||||||||||||||||||||
Selling and marketing(1) | 1,475 | 1,001 | 2,373 | ||||||||||||||||||||||||||
Research and development | 901 | 574 | 1,386 | ||||||||||||||||||||||||||
General and administrative(2) | 2,474 | 1,991 | 6,400 | ||||||||||||||||||||||||||
Total operating expenses | 4,850 | 3,566 | 10,159 | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 8,386 | $ | 5,590 | $ | 13,493 | |||||||||||||||||||||||
-1 | For the year ended December 31, 2013, includes stock-based compensation expense of $0.1 million associated with restricted shares of its common stock. At December 31, 2013, there was approximately $0.8 million of unearned non-cash stock-based compensation related to the restricted stock that the Company expects to recognize as expense over a remaining period of 44 months. | ||||||||||||||||||||||||||||
-2 | For the year ended December 31, 2013, includes stock-based compensation expense of $0.1 million associated with restricted Class A stock. At December 31, 2013 there was no unearned non-cash stock based compensation related to the restricted stock. For the year ended December 31, 2012, includes stock-based compensation expense of $0.7 million associated with restricted Class A stock. At December 31, 2012, there was approximately $0.1 million of unearned non-cash stock-based compensation related to the restricted stock that the Company expects to recognize as expense over an average remaining period of approximately three months. For the year ended December 31, 2011, includes stock-based compensation expense of $0.7 million associated with restricted Class A stock. At December 31, 2011, there was approximately $0.9 million of unearned non-cash stock-based compensation related to the restricted stock that the Company expects to recognize as expense over an average remaining period of approximately 1 year. | ||||||||||||||||||||||||||||
Summary of Stock Option Transactions | ' | ||||||||||||||||||||||||||||
The following table summarizes stock option transactions for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Shares | Exercise | ||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 12,182,192 | $ | 8.51 | ||||||||||||||||||||||||||
Granted(1) | 1,781,250 | 14.3 | |||||||||||||||||||||||||||
Cancelled/forfeited | (107,805 | ) | 13.97 | ||||||||||||||||||||||||||
Exercised | (1,771,776 | ) | 4.96 | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 12,083,861 | 9.83 | |||||||||||||||||||||||||||
Granted(2) | 2,939,750 | 22.39 | |||||||||||||||||||||||||||
Cancelled/forfeited | (194,447 | ) | 15.37 | ||||||||||||||||||||||||||
Exercised | (1,418,034 | ) | 10.12 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 13,411,130 | 12.47 | |||||||||||||||||||||||||||
Granted(3) | 2,024,170 | 40.81 | |||||||||||||||||||||||||||
Cancelled/forfeited | (332,327 | ) | 20.27 | ||||||||||||||||||||||||||
Exercised | (3,587,331 | ) | 7.75 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 11,515,642 | 18.7 | |||||||||||||||||||||||||||
-1 | Of the grants during 2011, 1,275,750 were granted under the 2008 Plan and 505,500 were granted under the 2006 Plan. | ||||||||||||||||||||||||||||
-2 | Of the grants during 2012, 2,883,750 were granted under the 2008 Plan and 56,000 were granted under the 2006 Plan. | ||||||||||||||||||||||||||||
-3 | Of the grants during 2013, 1,798,420 were granted under the 2008 Plan and 225,750 were granted under the 2006 Plan. | ||||||||||||||||||||||||||||
Summary of Stock Options Outstanding that are Expected to Vest and Stock Options Outstanding that are Exercisable | ' | ||||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2013: | |||||||||||||||||||||||||||||
Outstanding, Vested Options Currently Exercisable | Outstanding Options Expected to Vest | ||||||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||||||
Weighted | Average | Weighted | Average | ||||||||||||||||||||||||||
Average | Aggregate | Remaining | Average | Aggregate | Remaining | ||||||||||||||||||||||||
Exercise | Intrinsic | Contractual | Exercise | Intrinsic | Contractual | ||||||||||||||||||||||||
Shares | Price | Value | Term | Shares | Price | Value | Term | ||||||||||||||||||||||
(In thousands) | (Years) | (In thousands) | (Years) | ||||||||||||||||||||||||||
6,864,732 | $ | 11.79 | $ | 222,873 | 4.35 | 4,650,910 | $ | 28.89 | $ | 109,259 | 9.07 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Summary of Allocation of Purchase Price for Acquisitions of Acquiree | ' | ||||||||||||||||||||
The following summarizes the allocation of the purchase price for the acquisitions of Gravity, GlobeOp, the PORTIA Business, Ireland Fund Admin, and BXML (in thousands): | |||||||||||||||||||||
Gravity | GlobeOp | The | Ireland | BXML | |||||||||||||||||
PORTIA | Fund | ||||||||||||||||||||
Business | Admin | ||||||||||||||||||||
Accounts receivable | $ | 326 | $ | 21,611 | $ | 8,465 | $ | 155 | $ | 462 | |||||||||||
Fixed assets | — | 33,507 | 744 | — | 58 | ||||||||||||||||
Other assets | 44 | 27,065 | 88 | — | 21 | ||||||||||||||||
Acquired client relationships and contracts | 3,600 | 276,000 | 56,600 | 3,555 | 3,700 | ||||||||||||||||
Completed technology | — | 39,000 | 9,500 | — | 1,600 | ||||||||||||||||
Trade names | 100 | 15,000 | 1,700 | — | 100 | ||||||||||||||||
Non-compete agreements | — | — | 600 | — | — | ||||||||||||||||
Goodwill | 1,698 | 503,089 | 104,223 | 2,180 | 10,850 | ||||||||||||||||
Deferred revenue | — | (731 | ) | (12,198 | ) | — | (190 | ) | |||||||||||||
Deferred income taxes | — | (92,302 | ) | — | (444 | ) | — | ||||||||||||||
Other liabilities assumed | (34 | ) | (33,325 | ) | (561 | ) | (85 | ) | (1,817 | ) | |||||||||||
Consideration paid, net of cash acquired | $ | 5,734 | $ | 788,914 | $ | 169,161 | $ | 5,364 | $ | 14,784 | |||||||||||
Summary of Unaudited Pro Forma Information | ' | ||||||||||||||||||||
The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisition of Prime occurred on January 1, 2012 and the acquisitions of Hedgemetrix, Gravity, GlobeOp, and the PORTIA Business, occurred on January 1, 2011. 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. | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Revenues | $ | 717,864 | $ | 675,016 | |||||||||||||||||
Net income | $ | 118,286 | $ | 60,764 | |||||||||||||||||
Basic EPS | $ | 1.46 | $ | 0.78 | |||||||||||||||||
Basic weighted average number of common shares outstanding | 81,195 | 78,321 | |||||||||||||||||||
Diluted EPS | $ | 1.38 | $ | 0.73 | |||||||||||||||||
Diluted weighted average number of common and common equivalent shares outstanding | 85,616 | 82,888 |
Product_and_Geographic_Sales_I1
Product and Geographic Sales Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of Revenues by Geography | ' | ||||||||||||
Revenues by geography for the years ended December 31, were (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 466,670 | $ | 360,438 | $ | 259,762 | |||||||
Canada | 60,980 | 59,206 | 53,846 | ||||||||||
Americas, excluding United States and Canada | 16,760 | 12,269 | 9,507 | ||||||||||
Europe | 148,640 | 104,527 | 38,126 | ||||||||||
Asia-Pacific and Japan | 19,652 | 15,402 | 9,587 | ||||||||||
$ | 712,702 | $ | 551,842 | $ | 370,828 | ||||||||
Summary of Long-Lived Assets | ' | ||||||||||||
Long-lived assets as of December 31, were (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 57,966 | $ | 63,402 | $ | 13,256 | |||||||
Canada | 6,881 | 6,979 | 3,855 | ||||||||||
Americas, excluding United States and Canada | 4,676 | 111 | 93 | ||||||||||
Europe | 9,426 | 10,071 | 861 | ||||||||||
Asia-Pacific and Japan | 5,079 | 7,319 | 525 | ||||||||||
$ | 84,028 | $ | 87,882 | $ | 18,590 | ||||||||
Summary of Revenues by Product Group | ' | ||||||||||||
Revenues by product group for the years ended December 31, were (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Portfolio management/accounting | $ | 640,075 | $ | 476,703 | $ | 290,927 | |||||||
Trading/treasury operations | 32,949 | 36,640 | 41,118 | ||||||||||
Financial modeling | 8,366 | 8,325 | 7,810 | ||||||||||
Loan management/accounting | 6,683 | 7,174 | 7,681 | ||||||||||
Property management | 14,622 | 14,830 | 14,983 | ||||||||||
Money market processing | 8,279 | 6,169 | 5,786 | ||||||||||
Training | 1,728 | 2,001 | 2,523 | ||||||||||
$ | 712,702 | $ | 551,842 | $ | 370,828 | ||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Unaudited Quarterly Results | ' | ||||||||||||||||
Unaudited quarterly results for 2013 and 2012 were: | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter(1) | Quarter | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Revenue | $ | 173,218 | $ | 177,457 | $ | 179,505 | $ | 182,522 | |||||||||
Gross profit | 75,777 | 80,696 | 83,310 | 84,119 | |||||||||||||
Operating income | 41,996 | 45,292 | 47,864 | 47,816 | |||||||||||||
Net income | 21,429 | 26,119 | 43,466 | 26,881 | |||||||||||||
Basic EPS | $ | 0.27 | $ | 0.32 | $ | 0.53 | $ | 0.33 | |||||||||
Diluted EPS | $ | 0.26 | $ | 0.31 | $ | 0.51 | $ | 0.31 | |||||||||
-1 | During the third quarter of 2013, the Company’s 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. | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter(1) | Quarter(2) | Quarter(3) | Quarter | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2012 | |||||||||||||||||
Revenue | $ | 93,675 | $ | 120,850 | $ | 165,562 | $ | 171,755 | |||||||||
Gross profit | 46,823 | 57,750 | 71,824 | 75,528 | |||||||||||||
Operating income | 22,071 | 21,126 | 37,245 | 42,774 | |||||||||||||
Net income (loss) | 17,883 | (5,760 | ) | 17,615 | 16,082 | ||||||||||||
Basic EPS | $ | 0.23 | $ | (0.07 | ) | $ | 0.22 | $ | 0.2 | ||||||||
Diluted EPS | $ | 0.22 | $ | (0.07 | ) | $ | 0.21 | $ | 0.19 | ||||||||
-1 | During the first quarter of 2012, the Company incurred transaction costs of $4.2 million, which are associated with the acquisitions of GlobeOp and the PORTIA Business discussed further in Note 12, and decreased net income for the period. | ||||||||||||||||
-2 | During the second quarter of 2012, the Company recognized a loss of $14.3 million on foreign currency contracts and a loss on extinguishment of debt of $4.4 million and incurred transaction costs of $9.4 million, all of which is associated with the acquisitions of GlobeOp and the PORTIA Business discussed further in Note 12, and resulted in a net loss for the period. | ||||||||||||||||
-3 | During the third quarter of 2012, the Company incurred transaction costs of $0.7 million, which is associated with the acquisitions of GlobeOp and the PORTIA Business discussed further in Note 12, and decreased net income for the period. |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Markets | |
Portfolios | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Company's products and software-enabled services | 80 |
Number of vertical markets in which company provides its products and related services | 8 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 10, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | 11 3/4% Senior Subordinated Notes Due 2013 [Member] | BenefitsXML Inc [Member] | BenefitsXML Inc [Member] | BenefitsXML Inc [Member] | GlobeOp [Member] | Completed Technology and Other [Member] | Completed Technology and Other [Member] | Completed Technology and Other [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||
Licensing Agreements [Member] | Software Development [Member] | Software Development [Member] | Completed Technology and Other [Member] | Licensing Agreements [Member] | Software Development [Member] | Software Development [Member] | Completed Technology and Other [Member] | |||||||||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Completed technology and other identifiable intangible assets are amortized over lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '2 years | '3 years | '7 years | '5 years | '5 years | '17 years |
Maintenance agreements renewal period | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net capitalized software costs | ' | $3,500,000 | $2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to capitalized software development costs | ' | 1,000,000 | 500,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency transaction gains (losses) | -14,300,000 | 3,400,000 | -12,400,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | -3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 0 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (charges) relating to the contingent liability | ' | 3,498,000 | -15,875,000 | -423,000 | ' | ' | ' | ' | ' | 300,000 | -500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees associated with redemption | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refund of facilities charges | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized upon settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents, maturity period | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | 14,700,000 | 10,700,000 | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional fees and other costs | ' | 0 | 0 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment loss | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite lived intangible assets | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense associated with completed technology and other amortizable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,100,000 | 64,600,000 | 36,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets held for use | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration of credit risk | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase shares outstanding | ' | ' | ' | ' | 133,598 | 703,446 | 272,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Land [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Useful Life | ' |
Building and Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Useful Life | '40 years |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Useful Life | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Useful Life | '5 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Useful Life | '7 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Useful Life | '10 years |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, Estimated Useful Lives | 'Shorter of lease term or estimated useful life |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Beginning Balance | $1,559,607 | $931,639 |
2012/2013 acquisitions | 910 | 610,073 |
Adjustments to previous acquisitions | -202 | 53 |
Income tax benefit on rollover options exercised | -3,567 | -37 |
Effect of foreign currency translation | -15,362 | 17,879 |
Ending Balance | $1,541,386 | $1,559,607 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of the Components of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross, Total | $760,903 | $758,688 |
Less: accumulated amortization | -336,712 | -254,259 |
Total of intangible assets, Net | 424,191 | 504,429 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross, Total | 599,186 | 596,396 |
Completed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross, Total | 122,758 | 123,787 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross, Total | 36,072 | 35,524 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross, Total | $2,887 | $2,981 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Schedule of Estimated Amortization Expense, Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
2014 | $83,265 |
2015 | 81,082 |
2016 | 72,149 |
2017 | 54,245 |
2018 | 48,583 |
Total of amortization expense, related to intangible assets | $339,324 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Computation of Basic and Diluted EPS (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted Average Number Of Shares Outstanding Diluted Disclosure Items [Abstract] | ' | ' | ' |
Weighted average common shares outstanding - used in calculation of basic EPS | 81,195 | 78,321 | 76,482 |
Weighted average common stock equivalents - options and restricted shares | 4,421 | 4,567 | 4,227 |
Weighted average common and common equivalent shares outstanding - used in calculation of diluted EPS | 85,616 | 82,888 | 80,709 |
Accounts_Receivable_Net_Summar
Accounts Receivable, Net - Summary of Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ' | ' | ' | ' |
Accounts receivable | $57,634 | $62,673 | ' | ' |
Unbilled accounts receivable | 36,087 | 31,376 | ' | ' |
Allowance for doubtful accounts | -2,500 | -2,359 | -2,006 | -1,986 |
Total accounts receivable, net | $91,221 | $91,690 | ' | ' |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net - Schedule of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance at beginning of period | $2,359 | $2,006 | $1,986 |
Charge to costs and expenses | 666 | 413 | 802 |
Write-offs, net of recoveries | -510 | -400 | -758 |
Other adjustments | -15 | 340 | -24 |
Balance at end of period | $2,500 | $2,359 | $2,006 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Maximum [Member] | Class A Non-voting Common Stock [Member] | Class A Non-voting Common Stock [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | 5,000,000 | 5,000,000 |
Common stock, shares issued | 80,478,620 | 78,141,289 | ' | 2,703,846 | 1,428,846 |
Common stock, shares outstanding | 79,966,907 | 77,653,476 | ' | 2,703,846 | 1,428,846 |
Common stock, shares unvested | 25,000 | 0 | ' | 0 | 12,824 |
Amount authorized for share repurchase program | ' | ' | $100 | ' | ' |
Number of common stock shares repurchased | 23,900 | 0 | ' | ' | ' |
Common stock repurchased, average price per share | $39.46 | ' | ' | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Quarterly Share Repurchases (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | ' | ' |
Number of common stock shares repurchased | 23,900 | 0 |
Maximum [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Repurchased shares, price per share | 40 | ' |
Minimum [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Repurchased shares, price per share | 39.33 | ' |
Income_Taxes_Schedule_of_Sourc
Income Taxes - Schedule of Sources of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. | $90,332 | $50,710 | $47,082 |
Foreign | 54,855 | 19,775 | 26,857 |
Income before income taxes | $145,187 | $70,485 | $73,939 |
Income_Taxes_Component_of_Inco
Income Taxes - Component of Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $24,634 | $13,690 | $20,140 |
Foreign | 6,339 | 12,169 | 10,052 |
State | 6,502 | 5,156 | 5,149 |
Total | 37,475 | 31,015 | 35,341 |
Deferred: | ' | ' | ' |
Federal | -6,986 | -3,085 | -7,411 |
Foreign | -987 | -3,649 | -2,061 |
State | -2,210 | 384 | -2,951 |
Deferred income taxes | -10,183 | -6,350 | -12,423 |
Provision for income taxes | $27,292 | $24,665 | $22,918 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' |
U.S. federal corporate income tax rate | 35.00% | ' |
Deferred income taxes on unremitted earnings of Canadian Subsidiary | $5,745,000 | ' |
Unremitted earnings | 31,000,000 | ' |
Foreign net operating loss carryforwards | 18,300,000 | ' |
Remaining foreign net operating loss carryforwards | 100,000 | ' |
Foreign net operating loss carryforwards expiry period | '2016 | ' |
Federal and state loss carryforward | '2020 | ' |
Tax credit carryforwards relating to domestic and foreign jurisdiction | 8,500,000 | ' |
Income tax credit carryforward | 900,000 | ' |
Tax credit carryforward expiration period | '2014 | ' |
Valuation allowance | 5,045,000 | 5,012,000 |
Impact of the tax holidays decreased foreign taxes | 500,000 | ' |
Potential penalties and interest on unrecognized tax benefits | 100,000 | 600,000 |
Potential penalties and interest | 100,000 | ' |
Derecognized penalties and interest | 2,900,000 | ' |
Increase related to prior tax positions | 265,000 | ' |
Canadian Subsidiary [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Deferred income taxes on unremitted earnings of Canadian Subsidiary | 5,700,000 | ' |
Foreign Subsidiary [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Deferred income taxes on unremitted earnings of Canadian Subsidiary | 0 | ' |
India [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Tax credit carryforwards relating to domestic and foreign jurisdiction | 900,000 | ' |
Tax credit carryforward expiration period of India operation | '2020 | ' |
Foreign [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Operating loss carryforwards | 18,200,000 | ' |
Valuation allowance | 5,000,000 | ' |
Income tax holiday expiration | '2017 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Operating loss carryforwards | 10,700,000 | ' |
Domestic [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Tax credit carryforwards relating to domestic and foreign jurisdiction | $7,600,000 | ' |
US Federal Income Tax Authority [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Income tax returns are currently in audit | 'DecemberB 31, 2009 through 2012 | ' |
Connecticut And New York State Income Tax Authority [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Income tax returns are currently in audit | 'DecemberB 31, 2009 through 2011 | ' |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed "expected" tax expense | $50,816 | $24,670 | $25,879 |
Increase (decrease) in income tax expense resulting from: | ' | ' | ' |
State income taxes (net of federal income tax benefit) | 2,751 | 2,097 | 1,635 |
Foreign operations | -17,942 | -4,693 | -4,077 |
Rate change impact on tax liabilities | -2,679 | -2,367 | ' |
Effect of valuation allowance | 785 | 3,525 | -19 |
Uncertain tax positions | -2,791 | -193 | 607 |
Tax credits | -3,325 | ' | ' |
Non-deductible transaction costs | ' | 1,723 | 54 |
Other | -323 | -97 | -1,161 |
Provision for income taxes | $27,292 | $24,665 | $22,918 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Deferred compensation | $13,291 | $14,772 |
Tax credit carryforwards | 8,535 | 4,911 |
Net operating loss carryforwards | 5,813 | 8,429 |
Accrued expenses | 1,704 | 1,850 |
Impaired investment interest | 829 | 827 |
Other | 611 | 362 |
Purchased in-process research and development | 147 | 229 |
Total | 30,930 | 31,380 |
Valuation allowance | -5,045 | -5,012 |
Total | 25,885 | 26,368 |
Deferred Tax Liabilities | ' | ' |
Customer relationships | 86,562 | 109,318 |
Other intangible assets | 25,070 | 13,728 |
Trade names | 5,831 | 7,071 |
Unremitted foreign earnings | 5,745 | ' |
Property and equipment | 4,115 | 3,998 |
Acquired technology | 1,365 | 5,544 |
Total | 128,688 | 139,659 |
Total | $128,688 | $139,659 |
Income_Taxes_Summary_of_Activi
Income Taxes - Summary of Activity Related to Company's Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning Balance | $7,832 | $9,579 |
Increases related to current year tax positions | 4,693 | 380 |
Increases related to acquired tax positions | ' | 218 |
Increases related to prior tax positions | 265 | ' |
Lapse in statute of limitation | -4,850 | -2,482 |
Foreign exchange translation adjustment | -300 | 137 |
Ending Balance | $7,640 | $7,832 |
Debt_Component_of_Debt_Detail
Debt - Component of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Debt from credit facility | $782,000 | $1,021,000 |
Unamortized original issue discount | -7,493 | -8,862 |
Debt and capital lease obligations | 774,507 | 1,012,138 |
Short-term borrowings and current portion of long-term debt | -23,212 | -22,248 |
Long-term debt | $751,295 | $989,890 |
Debt_Component_of_Debt_Parenth
Debt - Component of Debt (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Weighted-average interest rate of credit facility | 3.09% | 4.42% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 19, 2011 | Mar. 17, 2011 | 24-May-10 | Dec. 31, 2011 | Dec. 31, 2013 | |
Tranches | Revolving Credit Facility [Member] | Letter of Credit [Member] | Swingline Loan Sub-Facility [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Base Rate Plus [Member] | Base Rate Plus [Member] | Prior Facility [Member] | Term Loan A-1 [Member] | Term Loan A-2 [Member] | Term Loan B-1 [Member] | Term Loan B-2 [Member] | Bridge Loan Facility [Member] | Term A Loan [Member] | Term A Loan [Member] | Term B Loan [Member] | Term B Loan [Member] | Term B Loan [Member] | Term B Loans [Member] | Term B Loans [Member] | Term B Loans [Member] | Term B Loans [Member] | Prior Senior Credit Facility [Member] | 11 3/4% Senior Subordinated Notes Due 2013 [Member] | 11 3/4% Senior Subordinated Notes Due 2013 [Member] | 11 3/4% Senior Subordinated Notes Due 2013 [Member] | 11 3/4% Senior Subordinated Notes Due 2013 [Member] | 11 3/4% Senior Subordinated Notes Due 2013 [Member] | |||||
LIBOR Plus [Member] | Base Rate Plus [Member] | LIBOR Plus [Member] | Base Rate Plus [Member] | Interest Rate Floor [Member] | LIBOR Plus [Member] | Base Rate Plus [Member] | Interest Rate Floor [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized financing costs amortized to interest expense | ' | ' | $4,400,000 | $2,600,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company amortized to interest expense | ' | ' | 1,400,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | 4,400,000 | ' | 4,355,000 | 4,787,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 1,900,000 | 2,900,000 | 5,500,000 | 4,800,000 | ' |
Number of tranche of term loan | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement of term loan borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 325,000,000 | 725,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 6 months | '5 years 6 months | '7 years | '7 years | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | 100,000,000 | 25,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,700,000 | ' | ' | ' | ' | 31,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | 2.75% | 1.75% | 4.00% | 3.00% | 1.00% | ' | 2.75% | 1.75% | 0.75% | ' | ' | ' | ' | ' | ' |
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 | ' | 'The term A loans and the revolving credit facility initially bear interest at either LIBOR plus 2.75% or at the base rate plus 1.75%, and then will be subject to a step-down based on SS&C's consolidated net senior secured leverage ratio and would be equal to 2.50% in the case of the LIBOR margin, and 1.50% in the case of the base rate margin. The term B loans bear interest at either LIBOR plus 4.00% or at base rate plus 3.00%, with LIBOR subject to a 1.00% floor. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Minimum senior secured leverage ratio required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Basis for Effective Rate | ' | ' | ' | ' | ' | ' | ' | ' | '2.50% in the case of the LIBOR margin | ' | '1.50% in the case of the base rate margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior subordinated notes maturity period | ' | ' | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, Senior subordinate notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.75% |
Redemption of outstanding principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,600,000 | 66,600,000 | 71,750,000 | ' | ' |
Percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 102.94% | 105.88% | ' | ' |
Senior Subordinated Notes redemption terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Company completed a full redemption of the remaining $66.6 million outstanding principal balance of the 11 3/4% senior subordinated notes due 2013, at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, on such amount to, but excluding, the date of redemption | 'Company completed a partial redemption for $66.6 million in principal amount at a redemption price of 102.9375% of the principal amount, plus accrued and unpaid interest on such amount to, but excluding, the date of redemption | 'Company completed a partial redemption of $71.75 million in principal amount at a redemption price of 105.875% of the principal amount, plus accrued and unpaid interest on such amount to, but excluding, the date of redemption | ' | ' |
Redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 4,200,000 | ' | ' |
Amortization and write-offs of loan origination costs | ' | ' | $5,830,000 | $9,215,000 | $4,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | $1,300,000 | ' | ' |
Debt_Summary_of_Annual_Maturit
Debt - Summary of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $23,212 |
2015 | 29,048 |
2016 | 31,967 |
2017 | 154,528 |
2018 and thereafter | 543,245 |
Total | $782,000 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Mar. 14, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | GBP (£) | Forward Contracts [Member] | Forward Contracts [Member] | Options Contract [Member] | ||
USD ($) | GBP (£) | USD ($) | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments balance | $0 | $0 | ' | ' | ' | ' | ' | ' |
Share purchase price (in pence per share) | ' | ' | ' | ' | £ 485 | ' | ' | ' |
Forward contract fixes the exchange rate | ' | ' | ' | 1.584 | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | 423,000,000 | ' |
Other (expense) income | 3,498,000 | -15,875,000 | -423,000 | ' | ' | ' | ' | 14,300,000 |
Associated losses | ' | ' | ' | ' | ' | $0 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Liabilities: | ' |
Contingent consideration | $500 |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' |
Assets | ' |
Liabilities: | ' |
Contingent consideration | 500 |
Total liabilities | 500 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' |
Assets | ' |
Liabilities: | ' |
Contingent consideration | ' |
Total liabilities | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' |
Assets | ' |
Liabilities: | ' |
Contingent consideration | ' |
Total liabilities | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' |
Assets | ' |
Liabilities: | ' |
Contingent consideration | 500 |
Total liabilities | $500 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Minimum [Member] | BenefitsXML Inc [Member] | BenefitsXML Inc [Member] | ||
Level 3 [Member] | ||||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' | ' | ' |
Contingent consideration liability | $500,000 | ' | ' | ' |
Potential payments liability | 30-Sep-14 | ' | ' | ' |
Contingent consideration | ' | ' | ' | 2,300,000 |
Contingent consideration amount paid | ' | ' | 2,000,000 | ' |
Contingent consideration remaining amount | ' | $0 | $300,000 | ' |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (Credit Facility [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
Financial liabilities: | ' | ' |
Credit facility | $774,507 | $1,012,138 |
Fair Value [Member] | ' | ' |
Financial liabilities: | ' | ' |
Credit facility | $783,606 | $1,029,951 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Total rental expenses | $17.70 | $16.60 | $12.10 |
Lease expire | '2022 | ' | ' |
Rental income under sublease | $1.20 | $1.40 | $1.30 |
Leases_Schedule_of_Future_Mini
Leases - Schedule of Future Minimum Lease Payments under Company's Operating Leases, Excluding Future Sublease Income (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $13,878 |
2015 | 13,207 |
2016 | 12,853 |
2017 | 10,553 |
2018 and thereafter | 33,695 |
Total | $84,186 |
Leases_Schedule_of_Future_Mini1
Leases - Schedule of Future Minimum Lease Receipts under these Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $207 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 and thereafter | ' |
Total | $207 |
Defined_Contribution_Plans_Add
Defined Contribution Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company match of employees contributions in amount in percentage | 50.00% | ' | ' |
Employees contributions amount up to per year | $4,000 | ' | ' |
Company incurred matching contribution expenses related to plan | $3,900,000 | $3,100,000 | $2,000,000 |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employee's contribute payroll deductions of compensation | 50.00% | ' | ' |
Equity_and_StockBased_Compensa2
Equity and Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2008 | Apr. 30, 2008 | Dec. 31, 2013 | Mar. 31, 2011 | Feb. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2008 Plan [Member] | 2008 Plan [Member] | 2008 Plan [Member] | 2008 Plan [Member] | 2008 Plan [Member] | 2008 Plan [Member] | Performance-Based Options [Member] | Performance-Based Options [Member] | Performance-Based Options [Member] | Performance-Based Options [Member] | Performance-Based Options [Member] | Time-Based Awards [Member] | Time-Based Awards [Member] | Time-Based Awards [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | 2006 Plan [Member] | |||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under equity-based incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | 11,173,819 | ' | ' | ' | ' | ' | 8,081,645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,416,661 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity-based incentive plan, description | ' | ' | ' | ' | ' | ' | ' | ' | 'Under the 2006 Plan, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. | ' | ' | ' | ' | ' | 'There is an annual increase to be added on the first day of each of the Companybs fiscal years during the term of the 2008 stock incentive plan beginning in fiscal 2009 equal to the lesser of (i) 1,416,661 shares of common stock, (ii) 2% of the outstanding shares on such date or (iii) an amount determined by the Companybs board of directors. Under the 2008 Plan, which became effective in July 2008, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. The Company has granted time-based options under the 2008 Plan. | ' | ' | ' | ' | ' | ' | 'Time-based options granted under the 2006 Plan or the 2008 Plan generally vest 25% on the first anniversary of the grant date and 1/36th of the remaining balance each month thereafter for 36 months. All time-based options vest upon a change in control, subject to certain conditions. | ' | ' | ' | ' | ' | ' | ' |
Percentage increase in share of outstanding share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity based incentive plan expiry period from date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' |
Performance based option vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | '3 years |
Equity based incentive plan percentage of first anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | 25.00% | ' |
Remaining balance percentage of equity based incentive plan period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.03% | ' | ' | ' | ' | ' | 0.08% | ' |
Time based options granted weighted average granted fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.86 | $5.79 | $4.34 | ' | ' | ' | ' | ' |
Share-based payment award, options, vested in period, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.60 | $8.20 | $4.90 | $3.20 | ' | ' | ' | ' | ' |
Stock based compensation related to time based options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 33.7 | ' | ' | ' | ' | ' | ' | ' |
Employee service share-based compensation period for recognition of expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '44 months | '3 months | '1 year | ' | ' |
Performance based options granted | ' | 2,024,170 | 2,939,750 | 1,781,250 | ' | 225,750 | 56,000 | 505,500 | ' | ' | 1,798,420 | 2,883,750 | 1,275,750 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Targeted earnings before interest taxes depreciation and amortization for vesting of performance based options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.41 | $6.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance based option expected term to exercise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 6 months | '2 years 6 months | ' | ' | ' | '4 years | '4 years | '4 years | ' | ' | ' | ' | ' |
Performance based option expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38.00% | 43.00% | ' | ' | ' | 28.04% | 32.14% | 36.13% | ' | ' | ' | ' | ' |
Performance based option risk free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.20% | ' | ' | ' | 1.16% | 0.45% | 0.81% | ' | ' | ' | ' | ' |
Performance based option dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' |
Options expected to vest percentage under 2006 plan | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of option outstanding | ' | 11,515,642 | 13,411,130 | 12,083,861 | 12,182,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,680,868 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendment in 2006 plan | 'Company's Board of Directors amended the 2006 Plan to provide for the conversion of the outstanding performance-based options that would vest only upon a change in control into performance-based options that vest 50% based on EBITDA performance in each of 2010 and 2011. This amendment affected 1,680,868 outstanding options. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from compensation expense | ' | 2.7 | 1.9 | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | ' | 27.8 | 14.4 | 8.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received associated with tax benefit | ' | 31.8 | 6.5 | 8.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | $87.80 | $17.60 | $23.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_and_StockBased_Compensa3
Equity and Stock-Based Compensation - Summary of Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model (Detail) (Time-Based Awards [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Time-Based Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term to exercise (years), Time-Based awards | '4 years | '4 years | '4 years |
Expected volatility, Time-Based awards | 28.04% | 32.14% | 36.13% |
Risk-free interest rate, Time-Based awards | 1.16% | 0.45% | 0.81% |
Expected dividend yield, Time-Based awards | 0.00% | 0.00% | 0.00% |
Equity_and_StockBased_Compensa4
Equity and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $8,386 | $5,590 | $13,493 |
Cost of Software-Enabled Services [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 2,925 | 1,557 | 2,448 |
Cost of Maintenance [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 273 | 228 | 367 |
Cost of Professional Services [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 338 | 239 | 519 |
Total Cost of Revenues [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 3,536 | 2,024 | 3,334 |
Selling and Marketing [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 1,475 | 1,001 | 2,373 |
Research and Development [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 901 | 574 | 1,386 |
General and Administrative [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 2,474 | 1,991 | 6,400 |
Total Operating Expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $4,850 | $3,566 | $10,159 |
Equity_and_StockBased_Compensa5
Equity and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $8,386,000 | $5,590,000 | $13,493,000 |
Restricted Stock [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock based Compensation not yet Recognized | 800,000 | 100,000 | 900,000 |
Employee service share-based compensation period for recognition of expense | '44 months | '3 months | '1 year |
Restricted Stock [Member] | Class A Non-voting Common Stock [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $100,000 | $700,000 | $700,000 |
Equity_and_StockBased_Compensa6
Equity and Stock-Based Compensation - Summary of Stock Option Transactions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares, Outstanding Opening | 13,411,130 | 12,083,861 | 12,182,192 |
Granted | 2,024,170 | 2,939,750 | 1,781,250 |
Cancelled/forfeited | -332,327 | -194,447 | -107,805 |
Exercised | -3,587,331 | -1,418,034 | -1,771,776 |
Number of Shares, Outstanding Closing | 11,515,642 | 13,411,130 | 12,083,861 |
Weighted Average Exercise Price, Outstanding Opening | $12.47 | $9.83 | $8.51 |
Granted , Weighted Average Exercise Price | $40.81 | $22.39 | $14.30 |
Cancelled/forfeited, Weighted Average Exercise Price | $20.27 | $15.37 | $13.97 |
Exercised, Weighted Average Exercise Price | $7.75 | $10.12 | $4.96 |
Weighted Average Exercise Price, Outstanding closing | $18.70 | $12.47 | $9.83 |
Equity_and_StockBased_Compensa7
Equity and Stock-Based Compensation - Summary of Stock Option Transactions (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance based options granted | 2,024,170 | 2,939,750 | 1,781,250 |
2006 Plan [Member] | ' | ' | ' |
Performance based options granted | 225,750 | 56,000 | 505,500 |
2008 Plan [Member] | ' | ' | ' |
Performance based options granted | 1,798,420 | 2,883,750 | 1,275,750 |
Equity_and_StockBased_Compensa8
Equity and Stock-Based Compensation - Summary of Stock Options Outstanding that are Expected to Vest and Stock Options Outstanding that are Exercisable (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding, Vested Options Currently Exercisable, Shares | 6,864,732 |
Outstanding, Vested Options Currently Exercisable, Weighted Average Exercise Price | $11.79 |
Outstanding, Vested Options Currently Exercisable, Aggregate Intrinsic Value | $222,873 |
Outstanding, Vested Options Currently Exercisable, Weighted Average Remaining Contractual Term (Years) | '4 years 4 months 6 days |
Outstanding Options Expected to Vest, Shares | 4,650,910 |
Outstanding Options Expected to Vest, Weighted Average Exercise Price | $28.89 |
Outstanding Options Expected to Vest, Aggregate Intrinsic Value | $109,259 |
Outstanding Options Expected to Vest, Weighted Average Remaining Contractual Term (Years) | '9 years 26 days |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 9-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 08, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 10, 2011 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2011 |
The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | Gravity [Member] | Gravity [Member] | Gravity [Member] | Gravity [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | Ireland Fund Admin [Member] | Ireland Fund Admin [Member] | Ireland Fund Admin [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | Prime [Member] | Hedgemetrix [Member] | Teledata Communications, Inc. [Member] | |||
Doubtful [Member] | Customer Relationships [Member] | Trade Names [Member] | Completed Technology [Member] | Non-Compete Agreements [Member] | Customer Relationships [Member] | Trade Names [Member] | Doubtful [Member] | Customer Relationships [Member] | Trade Names [Member] | Completed Technology [Member] | Customer Relationships [Member] | Minimum [Member] | Maximum [Member] | Trade Names [Member] | Completed Technology [Member] | Contractual Relationships [Member] | ||||||||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid, net of cash plus the costs of transaction | ' | ' | $170,000,000 | $169,161,000 | ' | ' | ' | ' | ' | $5,700,000 | $5,734,000 | ' | ' | $834,400,000 | $788,914,000 | ' | ' | ' | ' | $5,400,000 | $5,364,000 | ' | $14,800,000 | $14,784,000 | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | $3,100,000 | $700,000 |
Business acquisition, effective date of acquisition | ' | ' | ' | 9-May-12 | ' | ' | ' | ' | ' | ' | 27-Sep-12 | ' | ' | ' | 1-Jun-12 | ' | ' | ' | ' | ' | 8-Sep-11 | ' | ' | 10-Mar-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized period | ' | ' | ' | ' | ' | '10 years | '9 years | '7 years | '3 years | ' | ' | '7 years | '7 years | ' | ' | ' | '9 years | '17 years | '8 years | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | '7 years | '5 years | '5 years | ' | ' | ' |
Contingent consideration liability fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible undiscounted payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,000,000 | ' | ' | ' | ' | ' | ' |
The total liability | 1,043,616,000 | 1,287,402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of acquired accounts receivable | ' | ' | ' | ' | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Summary_of_Alloca
Acquisitions - Summary of Allocation of Purchase Price for Acquisitions of Acquiree (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 9-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 08, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 10, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | The PORTIA Business [Member] | Gravity [Member] | Gravity [Member] | Gravity [Member] | Gravity [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | GlobeOp [Member] | Ireland Fund Admin [Member] | Ireland Fund Admin [Member] | Ireland Fund Admin [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | BXML [Member] | |||
Acquired Client Relationships and Contracts [Member] | Completed Technology [Member] | Trade Names [Member] | Non-Compete Agreements [Member] | Acquired Client Relationships and Contracts [Member] | Trade Names [Member] | Acquired Client Relationships and Contracts [Member] | Completed Technology [Member] | Trade Names [Member] | Acquired Client Relationships and Contracts [Member] | Acquired Client Relationships and Contracts [Member] | Completed Technology [Member] | Trade Names [Member] | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | $8,465 | ' | ' | ' | ' | ' | $326 | ' | ' | ' | $21,611 | ' | ' | ' | ' | $155 | ' | ' | $462 | ' | ' | ' |
Fixed assets | ' | ' | ' | ' | 744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,507 | ' | ' | ' | ' | ' | ' | ' | 58 | ' | ' | ' |
Other assets | ' | ' | ' | ' | 88 | ' | ' | ' | ' | ' | 44 | ' | ' | ' | 27,065 | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' |
Acquired client relationships and contracts | ' | ' | ' | ' | ' | 56,600 | 9,500 | 1,700 | 600 | ' | ' | 3,600 | 100 | ' | ' | 276,000 | 39,000 | 15,000 | ' | ' | 3,555 | ' | ' | 3,700 | 1,600 | 100 |
Goodwill | 1,541,386 | 1,559,607 | 931,639 | ' | 104,223 | ' | ' | ' | ' | ' | 1,698 | ' | ' | ' | 503,089 | ' | ' | ' | ' | 2,180 | ' | ' | 10,850 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | -12,198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -731 | ' | ' | ' | ' | ' | ' | ' | -190 | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -92,302 | ' | ' | ' | ' | -444 | ' | ' | ' | ' | ' | ' |
Other liabilities assumed | ' | ' | ' | ' | -561 | ' | ' | ' | ' | ' | -34 | ' | ' | ' | -33,325 | ' | ' | ' | ' | -85 | ' | ' | -1,817 | ' | ' | ' |
Consideration paid, net of cash acquired | ' | ' | ' | $170,000 | $169,161 | ' | ' | ' | ' | $5,700 | $5,734 | ' | ' | $834,400 | $788,914 | ' | ' | ' | $5,400 | $5,364 | ' | $14,800 | $14,784 | ' | ' | ' |
Acquisitions_Summary_of_Unaudi
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Revenues | $717,864 | $675,016 |
Net income | $118,286 | $60,764 |
Basic EPS | $1.46 | $0.78 |
Basic weighted average number of common shares outstanding | 81,195 | 78,321 |
Diluted EPS | $1.38 | $0.73 |
Diluted weighted average number of common and common equivalent shares outstanding | 85,616 | 82,888 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Carlyle Investment Management L.L.C. [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Extend term date for processing services | 21-Jun-14 | ' | ' |
Revenue from processing services | $0.20 | $0.20 | $0.40 |
The Carlyle Group [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Revenue from fund administration services | $0 | $0 | $1.10 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Accounts | |
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 |
Settlement amount released description | 'On or about January 30, 2014, the settlement amount was released from two escrow accounts to the plaintiffs |
Number of escrow accounts | 2 |
Funds asserting claims | 844 |
Millennium actions indemnity amount claimed by investment managers | 26.5 |
Millennium actions arbitration proceeding claim amount | $160 |
Product_and_Geographic_Sales_I2
Product and Geographic Sales Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segment | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Sales to any individual clients | $182,522 | $179,505 | $177,457 | $173,218 | $171,755 | $165,562 | $120,850 | $93,675 | $712,702 | $551,842 | $370,828 |
Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net sales | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Altair [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to any individual clients | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | 1,300 | 1,100 |
Major Customers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to any individual clients | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Product_and_Geographic_Sales_I3
Product and Geographic Sales Information - Summary of Revenue by Geography (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $182,522 | $179,505 | $177,457 | $173,218 | $171,755 | $165,562 | $120,850 | $93,675 | $712,702 | $551,842 | $370,828 |
Operating Segments [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 466,670 | 360,438 | 259,762 |
Operating Segments [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 60,980 | 59,206 | 53,846 |
Operating Segments [Member] | Americas, Excluding United States and Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,760 | 12,269 | 9,507 |
Operating Segments [Member] | Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 148,640 | 104,527 | 38,126 |
Operating Segments [Member] | Asia-Pacific and Japan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $19,652 | $15,402 | $9,587 |
Product_and_Geographic_Sales_I4
Product and Geographic Sales Information - Summary of Long-Lived Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total Long-Lived Assets | $84,028 | $87,882 | $18,590 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total Long-Lived Assets | 57,966 | 63,402 | 13,256 |
Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total Long-Lived Assets | 6,881 | 6,979 | 3,855 |
Americas, Excluding United States and Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total Long-Lived Assets | 4,676 | 111 | 93 |
Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total Long-Lived Assets | 9,426 | 10,071 | 861 |
Asia-Pacific and Japan [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total Long-Lived Assets | $5,079 | $7,319 | $525 |
Product_and_Geographic_Sales_I5
Product and Geographic Sales Information - Summary of Revenues by Product Group (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $182,522 | $179,505 | $177,457 | $173,218 | $171,755 | $165,562 | $120,850 | $93,675 | $712,702 | $551,842 | $370,828 |
Operating Segments [Member] | Portfolio Management/Accounting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 640,075 | 476,703 | 290,927 |
Operating Segments [Member] | Trading/Treasury Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 32,949 | 36,640 | 41,118 |
Operating Segments [Member] | Financial Modeling [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,366 | 8,325 | 7,810 |
Operating Segments [Member] | Loan Management/Accounting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,683 | 7,174 | 7,681 |
Operating Segments [Member] | Property Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,622 | 14,830 | 14,983 |
Operating Segments [Member] | Money Market Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,279 | 6,169 | 5,786 |
Operating Segments [Member] | Training [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,728 | $2,001 | $2,523 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $182,522 | $179,505 | $177,457 | $173,218 | $171,755 | $165,562 | $120,850 | $93,675 | $712,702 | $551,842 | $370,828 |
Gross profit | 84,119 | 83,310 | 80,696 | 75,777 | 75,528 | 71,824 | 57,750 | 46,823 | 323,902 | 251,925 | 186,540 |
Operating income | 47,816 | 47,864 | 45,292 | 41,996 | 42,774 | 37,245 | 21,126 | 22,071 | 182,968 | 123,216 | 93,777 |
Net income | $26,881 | $43,466 | $26,119 | $21,429 | $16,082 | $17,615 | ($5,760) | $17,883 | $117,895 | $45,820 | $51,021 |
Basic EPS | $0.33 | $0.53 | $0.32 | $0.27 | $0.20 | $0.22 | ($0.07) | $0.23 | $1.45 | $0.59 | $0.67 |
Diluted EPS | $0.31 | $0.51 | $0.31 | $0.26 | $0.19 | $0.21 | ($0.07) | $0.22 | $1.38 | $0.55 | $0.63 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Results (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Mar. 31, 2012 | |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | $7,300,000 | ' | ' | ' | ' | ' | ' |
Tax benefit | 2,900,000 | ' | ' | ' | ' | ' | ' |
Research and development credits and other discrete items , tax benefits | 5,600,000 | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | 9,400,000 | ' | ' | ' | 700,000 | 4,200,000 |
Foreign currency transaction loss | ' | 14,300,000 | -3,400,000 | 12,400,000 | 100,000 | ' | ' |
Loss on extinguishment of debt | ' | $4,400,000 | ' | $4,355,000 | $4,787,000 | ' | ' |
Subsequent_Events_Additional_i
Subsequent Events - Additional information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 |
LIBOR Plus [Member] | LIBOR Plus [Member] | Base Rate Plus [Member] | Base Rate Plus [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||
Term Loan A-2 [Member] | New Term A-2 Loans [Member] | LIBOR Plus [Member] | Base Rate Plus [Member] | |||||||
New Term A-2 Loans [Member] | New Term A-2 Loans [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount repriced | ' | ' | ' | ' | ' | ' | $213.20 | $213.20 | ' | ' |
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 | 'The term A loans and the revolving credit facility initially bear interest at either LIBOR plus 2.75% or at the base rate plus 1.75%, and then will be subject to a step-down based on SS&C's consolidated net senior secured leverage ratio and would be equal to 2.50% in the case of the LIBOR margin, and 1.50% in the case of the base rate margin. The term B loans bear interest at either LIBOR plus 4.00% or at base rate plus 3.00%, with LIBOR subject to a 1.00% floor. | ' | ' | ' | ' | ' | 'The applicable interest rates have been reduced to either LIBOR plus 2.0% or the base rate plus 1.0%. | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | 2.50% | 2.50% | 1.50% | 1.50% | ' | ' | 2.00% | 1.00% |
Term loan maturity date | ' | ' | ' | ' | ' | ' | ' | 8-Dec-17 | ' | ' |