SS&C Technologies (SSNC) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	SSNC
Entity Registrant Name	SS&C Technologies Holdings Inc
Entity Central Index Key	1,402,436
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		96,702,774

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 729,808	$ 109,577
Accounts receivable, net of allowance for doubtful accounts of $2,390 and $2,241, respectively	94,733	94,359
Prepaid expenses and other current assets	13,789	14,927
Prepaid income taxes	5,090	11,857
Deferred income taxes	2,857	2,975
Restricted cash	1,478	1,477
Total current assets	847,755	235,172
Property, plant and equipment:
Land	2,655	2,655
Building and improvements	28,953	28,521
Equipment, furniture, and fixtures	82,715	79,564
Total property and equipment	114,323	110,740
Less: accumulated depreciation	(62,999)	(56,463)
Net property, plant and equipment	51,324	54,277
Deferred income taxes	1,892	1,135
Goodwill	1,558,785	1,573,227
Intangible and other assets, net of accumulated amortization of $458,011 and $416,708, respectively	376,615	421,511
Total assets	2,836,371	2,285,322
Current liabilities:
Current portion of long-term debt (Note 4)	17,224	20,470
Accounts payable	8,659	12,004
Income taxes payable		1,116
Accrued employee compensation and benefits	28,030	53,975
Deferred taxes		110
Other accrued expenses	29,504	30,666
Deferred maintenance and other revenue	67,280	73,254
Total current liabilities	150,697	191,595
Long-term debt, net of current portion (Note 4)	448,382	618,435
Other long-term liabilities	25,086	26,446
Deferred income taxes	94,692	102,176
Total liabilities	$ 718,857	$ 938,652
Commitments and contingencies (Note 5)
Common stock:
Common stock	$ 948	$ 822
Additional paid-in capital	1,704,701	964,845
Accumulated other comprehensive loss	(28,532)	(15,121)
Retained earnings	458,355	414,082
Total common stock	2,135,499	1,364,655
Less: cost of common stock in treasury, 786 shares	(17,985)	(17,985)
Total stockholders' equity	2,117,514	1,346,670
Total liabilities and stockholders' equity	2,836,371	2,285,322
Class A Non-Voting Common Stock [Member]
Common stock:
Common stock	$ 27	$ 27

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts receivable	$ 2,390	$ 2,241
Accumulated amortization of finite-lived intangible assets	$ 458,011	$ 416,708
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	100,000,000
Common stock, shares issued	94,783,000	82,268,000
Common stock, shares outstanding	93,997,000	81,482,000
Common stock, shares unvested	16,000	17,000
Treasury stock, shares	786,000	786,000
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	2,704,000	2,704,000
Common stock, shares outstanding	2,704,000	2,704,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Software-enabled services	$ 150,123	$ 145,547	$ 303,690	$ 290,930
Software licenses	16,090	9,866	23,416	17,365
Maintenance	35,836	25,691	71,554	51,217
Professional services	10,719	7,618	19,843	15,020
Total revenues	212,768	188,722	418,503	374,532
Cost of revenues:
Software-enabled services	88,548	86,040	177,150	171,731
Software licenses	1,390	806	2,780	1,657
Maintenance	11,969	10,077	25,770	20,008
Professional services	7,596	5,310	16,110	10,336
Total cost of revenues	109,503	102,233	221,810	203,732
Gross profit	103,265	86,489	196,693	170,800
Operating expenses:
Selling and marketing	13,931	12,203	27,318	24,101
Research and development	17,520	13,939	37,128	27,526
General and administrative	13,463	14,958	30,763	26,759
Total operating expenses	44,914	41,100	95,209	78,386
Operating income	58,351	45,389	101,484	92,414
Interest expense, net	(5,419)	(6,569)	(11,019)	(13,667)
Other expense, net	(164)	(59)	(1,671)	(745)
Income before income taxes	52,768	38,761	88,794	78,002
Provision for income taxes	13,640	11,516	23,420	24,309
Net income	$ 39,128	$ 27,245	$ 65,374	$ 53,693
Basic earnings per share	$ 0.46	$ 0.33	$ 0.77	$ 0.65
Basic weighted average number of common shares outstanding	85,405	83,118	84,837	82,921
Diluted earnings per share	$ 0.44	$ 0.31	$ 0.73	$ 0.62
Diluted weighted average number of common and common equivalent shares outstanding	89,552	87,091	88,987	86,999
Net income	$ 39,128	$ 27,245	$ 65,374	$ 53,693
Other comprehensive income (loss):
Foreign currency exchange translation adjustment	22,808	15,922	(13,411)	9,616
Total comprehensive income (loss)	22,808	15,922	(13,411)	9,616
Comprehensive income	$ 61,936	$ 43,167	$ 51,963	$ 63,309

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flow from operating activities:
Net income	$ 65,374	$ 53,693
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,103	49,832
Amortization of loan origination costs	2,874	2,956
Income tax benefit related to exercise of stock options	(5,065)	(8,235)
Deferred income taxes	(7,395)	(5,550)
Stock-based compensation expense	8,314	5,770
Provision for doubtful accounts	299	473
Loss on sale or disposition of property and equipment	209	698
Changes in operating assets and liabilities, excluding effects from acquisitions:
Accounts receivable	(1,804)	1,532
Prepaid expenses and other assets	2,488	(1,403)
Income taxes prepaid and payable	11,064	13,250
Accounts payable	(2,405)	789
Accrued expenses	(20,186)	(15,507)
Deferred maintenance and other revenue	(5,148)	(5,478)
Net cash provided by operating activities	100,722	92,820
Cash flow from investing activities:
Additions to property and equipment	(5,750)	(9,460)
Proceeds from sale of property and equipment		1
Cash paid for business acquisitions, net of cash acquired	(7,863)
Additions to capitalized software	(1,792)	(1,704)
Net changes in restricted cash		983
Net cash used in investing activities	(15,405)	(10,180)
Cash flow from financing activities:
Repayments of debt	(174,000)	(107,000)
Income tax benefit related to exercise of stock options	5,065	8,235
Proceeds from exercise of stock options	8,735	12,337
Proceeds from common stock issuance, net	717,866
Dividends paid on common stock	(21,101)
Purchase of common stock for treasury		(7,386)
Payment of fees related to refinancing activities		(512)
Net cash provided by (used in) financing activities	536,565	(94,326)
Effect of exchange rate changes on cash	(1,651)	736
Net increase (decrease) in cash	620,231	(10,950)
Cash, beginning of period	109,577	84,470
Cash, end of period	$ 729,808	$ 73,520

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles were applied on a basis consistent with those of the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2015 (the “2014 Form 10-K”). In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, except as noted elsewhere in the notes to the condensed consolidated financial statements) necessary for a fair statement of its financial position as of June 30, 2015, the results of its operations for the three and six months ended June 30, 2015 and 2014 and its cash flows for the six months ended June 30, 2015 and 2014. These statements do not include all of the information and footnotes required by GAAP for annual financial statements. The financial statements contained herein should be read in conjunction with the audited consolidated financial statements and footnotes as of and for the year ended December 31, 2014, which were included in the 2014 Form 10-K. The December 31, 2014 consolidated balance sheet data were derived from audited financial statements but do not include all disclosures required by GAAP for annual financial statements. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the expected results for any subsequent quarters or the full year. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU more closely aligns the treatment of debt issuance costs with debt discounts and premiums and requires debt issuance costs be presented as a direct deduction from the carrying amount of the related debt. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is currently evaluating the potential impact of this ASU on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). This ASU establishes specific guidance to an organization’s management on their responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. The provisions of ASU 2014-15 are effective for interim and annual periods beginning after December 15, 2016. This ASU is not expected to have an impact on the Company’s financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue by removing inconsistencies and weaknesses in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. The guidance was initially effective January 1, 2017 and early adoption was not permitted. In July 2015, the FASB approved a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. As a result, the provisions of this ASU are now effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

Equity and Stock-based Compensa

Equity and Stock-based Compensation	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity and Stock-based Compensation	2. Equity and Stock-based Compensation In June 2015, the Company completed a public offering of its common stock. The offering included 12,075,000 newly issued shares of common stock sold by the Company at an offering price of $61.50 per share for which the Company received total net proceeds of approximately $717.9 million. In March 2015, the Company’s stockholders approved an increase in the number of authorized shares of the Company’s common stock from 100,000,000 shares to 200,000,000 shares. For stock options and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Statements of Comprehensive Income Classification Cost of software-enabled services $ 1,525 $ 924 $ 3,129 $ 2,008 Cost of maintenance 101 66 202 157 Cost of professional services 159 99 325 216 Total cost of revenues 1,785 1,089 3,656 2,381 Selling and marketing 745 498 1,488 1,135 Research and development 444 273 894 583 General and administrative 1,234 935 2,276 1,671 Total operating expenses 2,423 1,706 4,658 3,389 Total stock-based compensation expense $ 4,208 $ 2,795 $ 8,314 $ 5,770 A summary of stock option activity as of and for the six months ended June 30, 2015 is as follows: Shares of Common Outstanding at January 1, 2015 11,720,648 Granted 80,950 Cancelled/forfeited (158,364 ) Exercised (438,046 ) Outstanding at June 30, 2015 11,205,188 The Company recorded $5.1 million and $8.2 million of income tax benefits related to the exercise of stock options during the six months ended June 30, 2015 and 2014, respectively. These amounts were recorded entirely to Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	3. Earnings per Share Earnings per share (“EPS”) is calculated in accordance with the relevant accounting standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options and restricted stock using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares is anti-dilutive because their exercise prices together with other assumed proceeds exceed the average fair value of common stock for the period. The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method. The following table sets forth the weighted average common shares used in the computation of basic and diluted earnings per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average common shares outstanding 85,405 83,118 84,837 82,921 Weighted average common stock equivalents – options and restricted shares 4,147 3,973 4,150 4,078 Weighted average common and common equivalent shares outstanding 89,552 87,091 88,987 86,999 Options to purchase 2,061,369 and 1,881,474 shares were outstanding for the three months ended June 30, 2015 and 2014, respectively, and options to purchase 2,059,509 and 1,883,870 shares were outstanding for the six months ended June 30, 2015 and 2014, respectively, but were not included in the computation of diluted earnings per share because the effect of including the options would be anti-dilutive. In 2015, the Company paid quarterly cash dividends of $0.125 per share of common stock on March 16, 2015 and June 15, 2015 to stockholders of record as of the close of business on March 2, 2015 and June 1, 2015, respectively, totaling $21.1 million.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	4. Debt At June 30, 2015 and December 31, 2014, debt consisted of the following (in thousands): June 30, 2015 December 31, Credit facility, weighted-average interest rate of 2.97% and 2.93%, respectively $ 471,000 $ 645,000 Unamortized original issue discount (5,394 ) (6,095 ) 465,606 638,905 Short-term borrowings and current portion of long-term debt (17,224 ) (20,470 ) Long-term debt $ 448,382 $ 618,435 Capitalized financing costs of $1.1 million were amortized to interest expense in each of the three months ended June 30, 2015 and 2014. Capitalized financing costs of $2.2 million and $2.3 million were amortized to interest expense in the six months ended June 30, 2015 and 2014, respectively. Additionally, the Company amortized to interest expense $0.3 million of the original issue discount in each of the three months ended June 30, 2015 and 2014 and $0.7 million of the original issue discount in each of the six months ended June 30, 2015 and 2014. The unamortized balance of capitalized financing costs is included in intangible and other assets in the Company’s Condensed Consolidated Balance Sheet. In June 2015, the Company repaid the $75.0 million in principal amount outstanding under the revolving credit facility. The estimated fair value of the Company’s credit facility, which is a Level 2 liability, was $470.8 million and $641.1 million at June 30, 2015 and December 31, 2014, respectively. These fair values were computed based on comparable quoted market prices.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Millennium Actions Several actions (the “Millennium Actions”) have been filed in various jurisdictions against the Company’s subsidiary, GlobeOp Financial Services S.A. (“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 UK 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 has secured insurance coverage that provides reimbursement of various litigation costs up to pre-determined limits. Since 2012, GlobeOp has been 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 that covers claims asserted in the UK Arbitration). The settlement agreement was approved by the United States District Court for the Southern District of New York on July 7, 2014 and consummated in August 2014. Accordingly, the U.S. Class Action matter has been dismissed with prejudice and is now concluded. GlobeOp’s insurers funded the entirety of the settlement amount contemplated to be contributed by GlobeOp. The resolution of the U.S. Class Action does not affect the claims, counterclaims and/or defenses as between GlobeOp and the Master Fund that have been asserted in the UK Arbitration. Hearings in the UK Arbitration were conducted in London in July and August 2013, September 2014 and December 2014, and the matter is currently pending before the arbitrator for decision. The Company cannot predict the outcome of the UK Arbitration. The Company believes that it has strong defenses and has vigorously contested the UK Arbitration (as described above, the U.S. Class Action has been concluded). 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. 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.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	6. Goodwill The change in carrying value of goodwill as of and for the six months ended June 30, 2015 is as follows (in thousands): Balance at December 31, 2014 $ 1,573,227 Adjustments to previous acquisitions 137 Effect of foreign currency translation (14,579 ) Balance at June 30, 2015 $ 1,558,785

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The effective tax rate was 26% and 30% for the three months ended June 30, 2015 and 2014, respectively, and the effective tax rate was 26% and 31% for the six months ended June 30, 2015 and 2014, respectively. The change for the three months ended June 30, 2015 was primarily due to the recognition of previously unrecognized tax benefits and a greater percentage of earnings being generated in foreign jurisdictions taxed at a lower rate than the U.S. statutory rate as compared to the prior year, partially offset by an unfavorable impact related to an enacted law change in New York City. The change for the six months ended June 30, 2015 was primarily due to the recognition of the aforementioned previously unrecognized tax benefits.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	8. Acquisitions The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisition of DST Global Solutions (“DSTGS”) occurred on January 1, 2013. There were no acquisitions completed during the six months ended June 30, 2015. 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 acquisition had actually occurred on that date, nor of the results that may be obtained in the future. The net assets and results of operations for this acquisition are included in the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2015. Three June 30, Six Months June 30, Revenues $ 204,490 $ 405,451 Net income $ 24,803 $ 48,669 Basic earnings per share $ 0.30 $ 0.59 Basic weighted average number of common shares outstanding 83,118 82,921 Diluted earnings per share $ 0.28 $ 0.56 Diluted weighted average number of common and common equivalent shares outstanding 87,091 86,999 The consideration paid, net of cash acquired for DSTGS as disclosed in the footnotes of the Company’s 2014 Form 10-K included an estimated working capital adjustment of $7.9 million, which was paid in the second quarter of 2015.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	9. Subsequent Event Advent acquisition.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Earnings per Share	Earnings per share (“EPS”) is calculated in accordance with the relevant accounting standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options and restricted stock using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares is anti-dilutive because their exercise prices together with other assumed proceeds exceed the average fair value of common stock for the period. The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU more closely aligns the treatment of debt issuance costs with debt discounts and premiums and requires debt issuance costs be presented as a direct deduction from the carrying amount of the related debt. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is currently evaluating the potential impact of this ASU on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). This ASU establishes specific guidance to an organization’s management on their responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. The provisions of ASU 2014-15 are effective for interim and annual periods beginning after December 15, 2016. This ASU is not expected to have an impact on the Company’s financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue by removing inconsistencies and weaknesses in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. The guidance was initially effective January 1, 2017 and early adoption was not permitted. In July 2015, the FASB approved a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. As a result, the provisions of this ASU are now effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

Equity and Stock-based Compen16

Equity and Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Stock-Based Compensation Expense Recognized	For stock options and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Statements of Comprehensive Income Classification Cost of software-enabled services $ 1,525 $ 924 $ 3,129 $ 2,008 Cost of maintenance 101 66 202 157 Cost of professional services 159 99 325 216 Total cost of revenues 1,785 1,089 3,656 2,381 Selling and marketing 745 498 1,488 1,135 Research and development 444 273 894 583 General and administrative 1,234 935 2,276 1,671 Total operating expenses 2,423 1,706 4,658 3,389 Total stock-based compensation expense $ 4,208 $ 2,795 $ 8,314 $ 5,770
Summary of Stock Option Activity	A summary of stock option activity as of and for the six months ended June 30, 2015 is as follows: Shares of Common Outstanding at January 1, 2015 11,720,648 Granted 80,950 Cancelled/forfeited (158,364 ) Exercised (438,046 ) Outstanding at June 30, 2015 11,205,188

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The following table sets forth the weighted average common shares used in the computation of basic and diluted earnings per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average common shares outstanding 85,405 83,118 84,837 82,921 Weighted average common stock equivalents – options and restricted shares 4,147 3,973 4,150 4,078 Weighted average common and common equivalent shares outstanding 89,552 87,091 88,987 86,999

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Component of Debt	At June 30, 2015 and December 31, 2014, debt consisted of the following (in thousands): June 30, 2015 December 31, Credit facility, weighted-average interest rate of 2.97% and 2.93%, respectively $ 471,000 $ 645,000 Unamortized original issue discount (5,394 ) (6,095 ) 465,606 638,905 Short-term borrowings and current portion of long-term debt (17,224 ) (20,470 ) Long-term debt $ 448,382 $ 618,435

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Change in Carrying Value of Goodwill	The change in carrying value of goodwill as of and for the six months ended June 30, 2015 is as follows (in thousands): Balance at December 31, 2014 $ 1,573,227 Adjustments to previous acquisitions 137 Effect of foreign currency translation (14,579 ) Balance at June 30, 2015 $ 1,558,785

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
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 DST Global Solutions (“DSTGS”) occurred on January 1, 2013. There were no acquisitions completed during the six months ended June 30, 2015. 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 acquisition had actually occurred on that date, nor of the results that may be obtained in the future. The net assets and results of operations for this acquisition are included in the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2015. Three June 30, Six Months June 30, Revenues $ 204,490 $ 405,451 Net income $ 24,803 $ 48,669 Basic earnings per share $ 0.30 $ 0.59 Basic weighted average number of common shares outstanding 83,118 82,921 Diluted earnings per share $ 0.28 $ 0.56 Diluted weighted average number of common and common equivalent shares outstanding 87,091 86,999

Equity and Stock-based Compen21

Equity and Stock-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from common stock issuance, net	$ 717,900	$ 717,866
Common stock, shares authorized	200,000,000	200,000,000		200,000,000	100,000,000
Income tax benefits related to the exercise of stock options		$ 5,100	$ 8,200
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued	12,075,000
Common stock offering price	$ 61.50	$ 61.50

Equity and Stock-based Compen22

Equity and Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,208	$ 2,795	$ 8,314	$ 5,770
Cost of Software-Enabled Services [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,525	924	3,129	2,008
Cost of Maintenance [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	101	66	202	157
Cost of Professional Services [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	159	99	325	216
Total Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,785	1,089	3,656	2,381
Selling and Marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	745	498	1,488	1,135
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	444	273	894	583
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,234	935	2,276	1,671
Total Operating Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,423	$ 1,706	$ 4,658	$ 3,389

Equity and Stock-based Compen23

Equity and Stock-based Compensation - Summary of Stock Option Activity (Detail)	6 Months Ended
	Jun. 30, 2015shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at January 1, 2015	11,720,648
Granted	80,950
Cancelled/forfeited	(158,364)
Exercised	(438,046)
Outstanding at June 30, 2015	11,205,188

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average common shares outstanding	85,405	83,118	84,837	82,921
Weighted average common stock equivalents - options and restricted shares	4,147	3,973	4,150	4,078
Weighted average common and common equivalent shares outstanding	89,552	87,091	88,987	86,999

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Line Items]
Dividends paid on common stock			$ 21,101
First Quarter Dividend [Member]
Earnings Per Share [Line Items]
Quarterly cash dividend paid			$ 0.125
Dividend paid date			Mar. 16, 2015
Dividend record date			Mar. 2, 2015
Second Quarter Dividend [Member]
Earnings Per Share [Line Items]
Quarterly cash dividend paid			$ 0.125
Dividend paid date			Jun. 15, 2015
Dividend record date			Jun. 1, 2015
Stock Options [Member]
Earnings Per Share [Line Items]
Options to purchase shares outstanding	2,061,369	1,881,474	2,059,509	1,883,870

Debt - Component of Debt (Detai

Debt - Component of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt from credit facility	$ 471,000	$ 645,000
Unamortized original issue discount	(5,394)	(6,095)
Debt	465,606	638,905
Debt	465,606	638,905
Short-term borrowings and current portion of long-term debt	(17,224)	(20,470)
Long-term debt	$ 448,382	$ 618,435

Debt - Component of Debt (Paren

Debt - Component of Debt (Parenthetical) (Detail)	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Weighted-average interest rate of credit facility	2.97%	2.93%

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Capitalized financing costs amortized to interest expense		$ 1.1	$ 1.1	$ 2.2	$ 2.3
Company amortized to interest expense		0.3	$ 0.3	0.7	$ 0.7
Estimated fair value of credit facility	$ 470.8	$ 470.8		$ 470.8		$ 641.1
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of principal amount outstanding	$ 75

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Commitments and Contingencies Disclosure [Abstract]
Funds asserting claims	$ 844
Millennium actions indemnity amount claimed by investment managers	26.5
Millennium actions UK Arbitration proceeding claim amount	$ 160

Goodwill - Summary of Change in

Goodwill - Summary of Change in Carrying Value of Goodwill (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2014	$ 1,573,227
Adjustments to previous acquisitions	137
Effect of foreign currency translation	(14,579)
Balance at June 30, 2015	$ 1,558,785

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	26.00%	30.00%	26.00%	31.00%

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - Jun. 30, 2014 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Total	Total
Business Combinations [Abstract]
Revenues	$ 204,490	$ 405,451
Net income	$ 24,803	$ 48,669
Basic earnings per share	$ 0.30	$ 0.59
Basic weighted average number of common shares outstanding	83,118	82,921
Diluted earnings per share	$ 0.28	$ 0.56
Diluted weighted average number of common and common equivalent shares outstanding	87,091	86,999

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Business Acquisition [Line Items]
Cash paid for business acquisitions, net of cash acquired		$ 7,863
DSTGS [Member]
Business Acquisition [Line Items]
Cash paid for business acquisitions, net of cash acquired	$ 7,863

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Jul. 08, 2015 - Subsequent Events [Member] - USD ($)	Total
Secured Debt [Member] | New Senior Secured Credit Facilities [Member]
Subsequent Event [Line Items]
Debt aggregate principal amount	$ 2,630,000,000
Undrawn revolver	150,000,000
Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member]
Subsequent Event [Line Items]
Debt aggregate principal amount	$ 600,000,000
Debt, interest rate	5.875%
Debt, due date	2,023
Advent Software, Inc. [Member]
Subsequent Event [Line Items]
Consideration paid, net of cash plus the costs of transaction	$ 2,600,000,000
Business acquisition, share price	$ 44.25