Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 202,815,308 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 101,800 | $ 434,159 |
Accounts receivable, net of allowance for doubtful accounts of $5,315 and $2,957, respectively | 237,495 | 169,951 |
Prepaid expenses and other current assets | 32,720 | 27,511 |
Prepaid income taxes | 39,776 | 40,627 |
Restricted cash | 2,116 | 2,818 |
Total current assets | 413,907 | 675,066 |
Property, plant and equipment: | ||
Land | 2,655 | 2,655 |
Building and improvements | 37,539 | 37,855 |
Equipment, furniture, and fixtures | 112,909 | 97,274 |
Total property and equipment | 153,103 | 137,784 |
Less: accumulated depreciation | (81,975) | (70,641) |
Net property, plant and equipment | 71,128 | 67,143 |
Deferred income taxes | 2,071 | 2,199 |
Goodwill (Note 3) | 3,616,060 | 3,549,212 |
Intangible and other assets, net of accumulated amortization of $683,690 and $536,929, respectively | 1,519,294 | 1,508,622 |
Total assets | 5,622,460 | 5,802,242 |
Current liabilities: | ||
Current portion of long-term debt (Note 2) | 29,813 | 32,281 |
Accounts payable | 16,480 | 11,957 |
Income taxes payable | 1,428 | |
Accrued employee compensation and benefits | 74,006 | 83,894 |
Interest payable | 13,259 | 28,903 |
Other accrued expenses | 50,979 | 36,231 |
Deferred revenue | 231,285 | 222,024 |
Total current liabilities | 415,822 | 416,718 |
Long-term debt, net of current portion (Note 2) | 2,460,457 | 2,719,070 |
Other long-term liabilities | 61,968 | 51,434 |
Deferred income taxes | 459,025 | 509,574 |
Total liabilities | 3,397,272 | 3,696,796 |
Commitments and contingencies (Note 8) | ||
Common stock: | ||
Common stock | 2,043 | 1,932 |
Additional paid-in capital | 1,905,834 | 1,793,149 |
Accumulated other comprehensive loss | (112,702) | (83,170) |
Retained earnings | 448,011 | 411,493 |
Stockholders' equity before treasury stock | 2,243,186 | 2,123,431 |
Less: cost of common stock in treasury, 1,573,269 and 1,572,878 shares, respectively | (17,998) | (17,985) |
Total stockholders’ equity | 2,225,188 | 2,105,446 |
Total liabilities and stockholders’ equity | $ 5,622,460 | 5,802,242 |
Class A Non-Voting Common Stock [Member] | ||
Common stock: | ||
Common stock | $ 27 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 5,315 | $ 2,957 |
Accumulated amortization of finite-lived intangible assets | $ 683,690 | $ 536,929 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 204,356,540 | 193,104,452 |
Common stock, shares outstanding | 202,783,271 | 191,531,574 |
Common stock, shares unvested | 14,564 | 24,876 |
Treasury stock, shares | 1,573,269 | 1,572,878 |
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 | 0 | 2,703,846 |
Common stock, shares outstanding | 0 | 2,703,846 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Software-enabled services | $ 248,772 | $ 180,744 | $ 699,091 | $ 484,434 |
Maintenance and term licenses | 106,925 | 80,097 | 305,437 | 159,049 |
Total recurring revenues | 355,697 | 260,841 | 1,004,528 | 643,483 |
Perpetual licenses | 4,389 | 6,508 | 14,643 | 22,526 |
Professional services | 23,218 | 13,545 | 61,341 | 33,388 |
Total non-recurring revenues | 27,607 | 20,053 | 75,984 | 55,914 |
Total revenues | 383,304 | 280,894 | 1,080,512 | 699,397 |
Cost of revenues: | ||||
Software-enabled services | 143,074 | 96,151 | 403,045 | 273,301 |
Maintenance and term licenses | 45,458 | 43,391 | 138,864 | 69,896 |
Total recurring cost of revenues | 188,532 | 139,542 | 541,909 | 343,197 |
Perpetual licenses | 608 | 1,036 | 1,749 | 3,081 |
Professional services | 18,887 | 11,286 | 51,532 | 27,396 |
Total non-recurring cost of revenues | 19,495 | 12,322 | 53,281 | 30,477 |
Total cost of revenues | 208,027 | 151,864 | 595,190 | 373,674 |
Gross profit | 175,277 | 129,030 | 485,322 | 325,723 |
Operating expenses: | ||||
Selling and marketing | 27,328 | 37,082 | 85,724 | 64,400 |
Research and development | 37,701 | 37,389 | 114,975 | 74,517 |
General and administrative | 33,345 | 39,607 | 91,239 | 70,370 |
Total operating expenses | 98,374 | 114,078 | 291,938 | 209,287 |
Operating income | 76,903 | 14,952 | 193,384 | 116,436 |
Interest expense, net | (31,648) | (32,645) | (97,583) | (43,664) |
Other income, net | 2,655 | 6,953 | 820 | 5,282 |
Loss on extinguishment of debt | (30,417) | (30,417) | ||
Income (loss) before income taxes | 47,910 | (41,157) | 96,621 | 47,637 |
Provision (benefit) for income taxes | 9,163 | (6,547) | 22,648 | 16,873 |
Net income (loss) | $ 38,747 | $ (34,610) | $ 73,973 | $ 30,764 |
Basic earnings (loss) per share | $ 0.19 | $ (0.18) | $ 0.37 | $ 0.17 |
Basic weighted average number of common shares outstanding | 201,782 | 193,706 | 199,365 | 177,772 |
Diluted earnings (loss) per share | $ 0.19 | $ (0.18) | $ 0.36 | $ 0.16 |
Diluted weighted average number of common and common equivalent shares outstanding | 206,635 | 193,706 | 205,334 | 186,470 |
Net income (loss) | $ 38,747 | $ (34,610) | $ 73,973 | $ 30,764 |
Other comprehensive loss, net of tax: | ||||
Foreign currency exchange translation adjustment | (12,060) | (38,005) | (29,532) | (51,416) |
Total comprehensive loss, net of tax | (12,060) | (38,005) | (29,532) | (51,416) |
Comprehensive income (loss) | $ 26,687 | $ (72,615) | $ 44,441 | $ (20,652) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flow from operating activities: | ||
Net income | $ 73,973 | $ 30,764 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 170,910 | 100,840 |
Stock-based compensation expense | 40,402 | 31,435 |
Income tax benefit related to exercise of stock options | (44,975) | (11,141) |
Amortization and write-offs of loan origination costs | 7,994 | 5,473 |
Loss on extinguishment of debt | 3,954 | |
Loss on sale or disposition of property and equipment | 159 | 339 |
Deferred income taxes | (39,712) | (27,030) |
Provision for doubtful accounts | 2,684 | 601 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | ||
Accounts receivable | (14,603) | (5,234) |
Prepaid expenses and other assets | (2,595) | (5,109) |
Accounts payable | 2,610 | (1,755) |
Accrued expenses | (18,429) | (28,437) |
Income taxes prepaid and payable | 44,840 | (1,125) |
Deferred revenue | 13,758 | 26,992 |
Net cash provided by operating activities | 237,016 | 120,567 |
Cash flow from investing activities: | ||
Additions to property and equipment | (18,870) | (9,462) |
Proceeds from sale of property and equipment | 69 | 56 |
Cash paid for business acquisitions, net of cash acquired | (309,432) | (2,614,785) |
Additions to capitalized software | (6,137) | (3,370) |
Purchase of long-term investment | (1,000) | |
Net changes in restricted cash | 700 | |
Net cash used in investing activities | (334,670) | (2,627,561) |
Cash flow from financing activities: | ||
Cash received from debt borrowings, net of original issue discount | 3,068,075 | |
Repayments of debt | (268,550) | (823,448) |
Proceeds from exercise of stock options | 34,767 | 10,618 |
Withholding taxes related to equity award net share settlement | (7,051) | |
Income tax benefit related to exercise of stock options | 44,975 | 11,141 |
Proceeds from common stock issuance, net | 717,802 | |
Purchase of common stock for treasury | (13) | |
Payment of fees related to refinancing activities | (503) | (45,781) |
Dividends paid on common stock | (37,452) | (33,216) |
Net cash (used in) provided by financing activities | (233,827) | 2,905,191 |
Effect of exchange rate changes on cash and cash equivalents | (878) | (3,964) |
Net (decrease) increase in cash and cash equivalents | (332,359) | 394,233 |
Cash and cash equivalents, beginning of period | 434,159 | 109,577 |
Cash and cash equivalents, end of period | $ 101,800 | $ 503,810 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 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, 2015, filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2016 (the “2015 Form 10-K”). In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, except as noted elsewhere in the notes to the condensed consolidated financial statements) necessary for a fair statement of its financial position as of September 30, 2016, the results of its operations for the three and nine months ended September 30, 2016 and 2015 and its cash flows for the nine months ended September 30, 2016 and 2015. These statements do not include all of the information and footnotes required by GAAP for annual financial statements. The condensed consolidated 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, 2015, which were included in the 2015 Form 10-K. The December 31, 2015 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 nine months ended September 30, 2016 are not necessarily indicative of the expected results for any subsequent quarters or the full year. Reclassifications The Company’s prior presentation of revenues on its Condensed Consolidated Statements of Comprehensive Income (Loss) displayed total recurring Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation : Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Subsequent to the issuance of ASU No. 2014-09, the FASB has issued the following updates: ASU 2016-08, Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 2—Debt At September 30, 2016 and December 31, 2015, debt consisted of the following (in thousands): September 30, 2016 December 31, 2015 Senior secured credit facilities, weighted-average interest rate of 3.91% and 3.94%, respectively $ 1,951,450 $ 2,220,000 5.875% senior notes due 2023 600,000 600,000 Unamortized original issue discount and debt issuance costs (61,180 ) (68,649 ) 2,490,270 2,751,351 Less current portion of long-term debt 29,813 32,281 Long-term debt $ 2,460,457 $ 2,719,070 Fair value of debt. The carrying amounts and fair values of financial instruments are as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 1,951,450 $ 1,963,242 $ 2,220,000 $ 2,202,105 5.875% senior notes due 2023 600,000 631,500 600,000 616,500 The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices. 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. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 3—Goodwill The change in carrying value of goodwill as of and for the nine months ended September 30, 2016 is as follows (in thousands): Balance at December 31, 2015 $ 3,549,212 2016 acquisitions 91,533 Adjustments to prior acquisitions (4,720 ) Effect of foreign currency translation (19,965 ) Balance at September 30, 2016 $ 3,616,060 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 4—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 net 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, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) 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): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average common shares outstanding — used in calculation of basic EPS 201,782 193,706 199,365 177,772 Weighted average common stock equivalents — options and restricted shares 4,853 — 5,969 8,698 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 206,635 193,706 205,334 186,470 Weighted average stock options, SARs, RSUs and RSAs representing 10,702,466 and 28,806,708 shares were outstanding for the three months ended September 30, 2016 and 2015, respectively, and weighted average stock options, SARs, RSUs and RSAs representing 14,094,402 and 6,219,720 for the nine months ended September 30, 2016 and 2015, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. No dilutive securities were included in the diluted EPS calculation for the three months ended September 30, 2015 due to the Company’s reported net loss for the quarter. Conversion of Class A Common Stock . On March 30, 2016, William C. Stone converted 2,703,846 shares of Class A non-voting stock into 2,703,846 shares of common stock. Each share of Class A non-voting common stock converted automatically into one share of the Company’s common stock upon the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Dividends . In 2016, the Company paid a quarterly cash dividend of $0.0625 per share of common stock on March 15, 2016, June 15, 2016 and September 15, 2016 to stockholders of record as of the close of business on March 7, 2016, June 1, 2016, and September 1, 2016, respectively, totaling $37.5 million. In 2015, the Company paid quarterly cash dividends of $0.0625 per share of common stock on March 16, 2015, June 15, 2015 and September 15, 2015 to stockholders of record as of the close of business on March 2, 2015, June 1, 2015 and September 1, 2015, respectively, totaling $33.2 million. |
Equity and Stock-based Compensa
Equity and Stock-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Equity and Stock-based Compensation | Note 5—Equity and Stock-based Compensation On May 25, 2016, the Company’s Board of Directors approved a two-for-one stock split to be effected in the form of a stock dividend. The record date for the stock split was June 7, 2016 and the payment date was June 24, 2016. All share and per share amounts (other than for the Company’s Class A non-voting common stock) have been retroactively restated for all periods presented to reflect the stock split. At the Company’s annual meeting of shareholders held on May 25, 2016, the Company’s shareholders approved the Company’s Amended and Restated 2014 Stock Incentive Plan (the “Amended 2014 Plan”). The primary changes to the Amended 2014 Plan are to (i) increase the shares available for equity awards by 24 million shares and (ii) add flexibility to use this plan as the Company’s only equity plan by authorizing the issuance of full-value awards (that is, restricted stock and restricted stock units) and expanding the class of participants to include non-employee directors. Following the approval of the 2014 Amended Plan, the Company will no longer make grants under the Company’s 2008 Stock Incentive Plan or the Company’s 2006 Equity Incentive Plan. Total stock options, SARs, RSUs and RSAs . The amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for three and nine months ended September 30, 2016 was as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Condensed Consolidated Statements of Comprehensive Income (Loss) Classification 2016 2015 2016 2015 Cost of software-enabled services $ 2,732 $ 1,846 $ 7,916 $ 4,976 Cost of maintenance and term licenses 605 589 2,116 791 Cost of recurring revenues 3,337 2,435 10,032 5,767 Cost of professional services 493 530 1,736 855 Cost of non-recurring revenues 493 530 1,736 855 Total cost of revenues 3,830 2,965 11,768 6,622 Selling and marketing 2,521 9,936 8,966 11,423 Research and development 2,004 5,464 6,402 6,359 General and administrative 4,134 4,756 13,266 7,031 Total operating expenses 8,659 20,156 28,634 24,813 Total stock-based compensation expense $ 12,489 $ 23,121 $ 40,402 $ 31,435 The following table summarizes stock option and SAR activity as of and for the nine months ended September 30, 2016: Shares Outstanding at December 31, 2015 30,278,364 Granted 1,454,300 Cancelled/forfeited (1,391,958 ) Exercised (5,762,429 ) Outstanding at September 30, 2016 24,578,277 The following table summarizes RSU activity as of and for the nine months ended September 30, 2016: Shares Outstanding at December 31, 2015 957,452 Granted - Cancelled/forfeited (67,266 ) Vested (501,906 ) Outstanding at September 30, 2016 388,280 The Company recorded $45.0 million and $11.1 million of income tax benefits related to the exercise of stock options during the nine months ended September 30, 2016 and 2015, respectively. These amounts were recorded entirely to Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6—Income Taxes The effective tax rate was 19% and 16% for the three months ended September 30, 2016 and 2015, respectively, and the effective tax rate was 23% and 35% for the nine months ended September 30, 2016 and 2015, respectively. The change in the effective tax rate for the three months ended September 30, 2016 was primarily due to an increase in pre-tax income from domestic operations taxed at a high statutory rate compared to the prior year, partially offset by the absence of the unfavorable impact of nondeductible transaction costs and repatriation of foreign earnings in the prior year. The change in the effective tax rate was primarily due to the absence of the unfavorable impact of nondeductible transaction costs and repatriation of foreign earnings in the prior year, partially offset by an increase in pre-tax income from domestic operations taxed at a high statutory rate and the unfavorable impact of a change in state apportionment on the Company’s domestic deferred tax liabilities as a result of the acquisition of Citigroup AIS during the first quarter. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 7—Acquisitions Citigroup’s Alternative Investor Services On March 11, 2016, the Company purchased the assets of Citigroup’s Alternative Investor Services business, which includes Hedge Fund Services and Private Equity Fund Services (“Citigroup AIS”), for approximately $310.2 million, plus the costs of effecting the transaction and the assumption of certain liabilities. Citigroup AIS is a leading provider of hedge fund and private equity fund administration services. The net assets and results of operations of Citigroup AIS have been included in the Company’s condensed consolidated financial statements from March 11, 2016. The fair value of the intangible assets, consisting of customer relationships and completed technology, was determined using the income approach. Specifically, the excess earnings method was utilized for the customer relationships, and the cost savings method was utilized for the completed technology. The customer relationships 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. Completed technology is amortized based on a straight-line basis. The customer relationships are amortized over an estimated life of approximately thirteen years and completed technology is amortized over an estimated life of approximately four years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is tax deductible. The following summarizes the preliminary allocation of the purchase price for the acquisition of Citigroup AIS (in thousands): Citigroup AIS Accounts receivable $ 58,479 Fixed assets 103 Other assets 1,985 Acquired client relationships and contracts 124,600 Completed technology 44,600 Goodwill 91,533 Deferred revenue (3,910 ) Other liabilities assumed (7,229 ) Consideration paid, net of cash acquired $ 310,161 The consideration paid, net of cash acquired for Citigroup AIS includes a working capital adjustment of $7.9 million, which was received during the third quarter of 2016. This amount is reflected in “Cash paid for business acquisitions, net of cash acquired” for the nine months ended September 30, 2016 on the Company’s Condensed Consolidated Statement of Cash Flows. The fair value of acquired accounts receivable balances for Citigroup AIS approximates the contractual amounts due from acquired customers, except for approximately $1.7 million of contractual amounts that are not expected to be collected as of the acquisition date and that were also reserved by Citigroup AIS. The Company reported revenues totaling $118.6 million from Citigroup AIS from its acquisition date through September 30, 2016. The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisition of Citigroup AIS occurred on January 1, 2015 and acquisitions of Primatics Financial, Varden Technologies and Advent Software, Inc. occurred on January 1, 2014. 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. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 391,865 $ 384,312 $ 1,158,376 $ 1,160,828 Net income $ 45,510 $ 14,281 $ 101,393 $ 14,791 Basic earnings per share $ 0.23 $ 0.07 $ 0.51 $ 0.08 Basic weighted average number of common shares outstanding 201,782 193,706 199,365 177,772 Diluted earnings per share $ 0.22 $ 0.07 $ 0.49 $ 0.08 Diluted weighted average number of common and common equivalent shares outstanding 206,635 202,624 205,334 186,470 Pending acquisitions On September 14, 2016, the Company announced the acquisition of Wells Fargo Global Fund Services ("GFS"), a leading provider of comprehensive administration, middle-office, operations and cash/collateral management services to alternative investment managers. The transaction is subject to approvals by relevant regulatory authorities and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2016. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8—Commitments and Contingencies From time to time, the Company is subject to 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. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Financial Statements | Note 9—Supplemental Guarantor Financial Statements On July 8, 2015, the Company issued $600.0 million aggregate principal amount of 5.875% Senior Notes due 2023 (the “Senior Notes”). The Senior Notes are jointly and severally and fully and unconditionally guaranteed, in each case subject to certain customary release provisions, by substantially all wholly-owned domestic subsidiaries of the Company that guarantee the Company’s Senior Secured Credit Facilities (collectively “Guarantors”). All of the Guarantors are 100% owned by the Company. All other subsidiaries of the Company, either direct or indirect, do not guarantee the Senior Notes (“Non-Guarantors”). The Guarantors also unconditionally guarantee the Senior Secured Credit Facilities. There are no significant restrictions on the ability of the Company or any of the subsidiaries that are Guarantors to obtain funds from its subsidiaries by dividend or loan. Condensed consolidating financial information as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 are presented. The condensed consolidating financial information of the Company and its subsidiaries are as follows (in thousands): September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 23,423 $ 78,377 $ — $ 101,800 Accounts receivable, net — 174,082 63,413 — 237,495 Prepaid expenses and other current assets — 21,486 11,234 — 32,720 Prepaid income taxes — 42,909 — (3,133 ) 39,776 Restricted cash — 1,788 328 — 2,116 Net property, plant and equipment — 32,327 38,801 — 71,128 Investment in subsidiaries 2,868,467 780,155 — (3,648,622 ) — Intercompany receivables — 159,942 59,683 (219,625 ) — Deferred income taxes, long-term — — 2,071 — 2,071 Goodwill, intangible and other assets, net — 3,921,368 1,213,986 — 5,135,354 Total assets $ 2,868,467 $ 5,157,480 $ 1,467,893 $ (3,871,380 ) $ 5,622,460 Current portion of long-term debt — 15,399 14,414 — 29,813 Accounts payable — 10,924 5,556 — 16,480 Accrued expenses 7,344 88,178 42,722 — 138,244 Income taxes payable — — 3,133 (3,133 ) — Deferred revenue — 207,664 23,621 — 231,285 Long-term debt, net of current portion 600,000 1,458,478 401,979 — 2,460,457 Other long-term liabilities — 38,864 23,104 — 61,968 Intercompany payables 35,935 59,683 124,007 (219,625 ) — Deferred income taxes, long-term — 409,823 49,202 — 459,025 Total liabilities 643,279 2,289,013 687,738 (222,758 ) 3,397,272 Total stockholders’ equity 2,225,188 2,868,467 780,155 (3,648,622 ) 2,225,188 Total liabilities and stockholders’ equity $ 2,868,467 $ 5,157,480 $ 1,467,893 $ (3,871,380 ) $ 5,622,460 December 31, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 360,583 $ 73,576 $ — $ 434,159 Accounts receivable, net — 127,446 42,505 — 169,951 Prepaid expenses and other current assets — 15,920 11,591 — 27,511 Prepaid income taxes — 38,155 2,472 — 40,627 Restricted cash — 2,490 328 — 2,818 Net property, plant and equipment — 31,940 35,203 — 67,143 Investment in subsidiaries 2,722,452 654,278 — (3,376,730 ) — Intercompany receivables — 100,992 34,220 (135,212 ) — Deferred income taxes, long-term — — 2,199 — 2,199 Goodwill, intangible and other assets, net — 3,861,711 1,196,123 — 5,057,834 Total assets $ 2,722,452 $ 5,193,515 $ 1,398,217 $ (3,511,942 ) $ 5,802,242 Current portion of long-term debt — 17,243 15,038 — 32,281 Accounts payable — 7,367 4,590 — 11,957 Accrued expenses 17,006 84,174 47,848 — 149,028 Income taxes payable — — 1,428 — 1,428 Deferred revenue — 202,252 19,772 — 222,024 Long-term debt, net of current portion 600,000 1,646,396 472,674 — 2,719,070 Other long-term liabilities — 31,748 19,686 — 51,434 Intercompany payables — 34,220 100,992 (135,212 ) — Deferred income taxes, long-term — 447,663 61,911 — 509,574 Total liabilities 617,006 2,471,063 743,939 (135,212 ) 3,696,796 Total stockholders’ equity 2,105,446 2,722,452 654,278 (3,376,730 ) 2,105,446 Total liabilities and stockholders’ equity $ 2,722,452 $ 5,193,515 $ 1,398,217 $ (3,511,942 ) $ 5,802,242 For the Three Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 262,350 $ 121,385 $ (431 ) $ 383,304 Cost of revenues — 137,369 71,089 (431 ) 208,027 Gross profit — 124,981 50,296 — 175,277 Operating expenses: Selling and marketing — 20,448 6,880 — 27,328 Research and development — 26,575 11,126 — 37,701 General and administrative — 24,824 8,521 — 33,345 Total operating expenses — 71,847 26,527 — 98,374 Operating income — 53,134 23,769 — 76,903 Interest expense, net (8,812 ) (16,651 ) (6,185 ) — (31,648 ) Other (expense) income, net — (15,364 ) 18,019 — 2,655 Earnings from subsidiaries 47,559 30,522 — (78,081 ) — Income before income taxes 38,747 51,641 35,603 (78,081 ) 47,910 Provision for income taxes — 4,082 5,081 — 9,163 Net income $ 38,747 $ 47,559 $ 30,522 $ (78,081 ) $ 38,747 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (12,060 ) (12,060 ) (10,844 ) 22,904 (12,060 ) Comprehensive income $ 26,687 $ 35,499 $ 19,678 $ (55,177 ) $ 26,687 For the Three Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 180,515 $ 100,492 $ (113 ) $ 280,894 Cost of revenues — 91,930 60,047 (113 ) 151,864 Gross profit — 88,585 40,445 — 129,030 Operating expenses: Selling and marketing — 26,193 10,889 — 37,082 Research and development — 26,350 11,039 — 37,389 General and administrative — 33,070 6,537 — 39,607 Total operating expenses — 85,613 28,465 — 114,078 Operating income — 2,972 11,980 — 14,952 Interest expense, net (8,193 ) (17,743 ) (6,709 ) — (32,645 ) Other (expense) income, net — (14,182 ) 21,135 — 6,953 Loss on extinguishment of debt — (23,375 ) (7,042 ) — (30,417 ) (Loss) earnings from subsidiaries (26,417 ) 16,349 — 10,068 — (Loss) income before income taxes (34,610 ) (35,979 ) 19,364 10,068 (41,157 ) (Benefit) provision for income taxes — (9,562 ) 3,015 — (6,547 ) Net (loss) income $ (34,610 ) $ (26,417 ) $ 16,349 $ 10,068 $ (34,610 ) Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (38,005 ) (38,005 ) (33,040 ) 71,045 (38,005 ) Comprehensive loss $ (72,615 ) $ (64,422 ) $ (16,691 ) $ 81,113 $ (72,615 ) For the Nine Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 738,655 $ 343,153 $ (1,296 ) $ 1,080,512 Cost of revenues — 389,133 207,353 (1,296 ) 595,190 Gross profit — 349,522 135,800 — 485,322 Operating expenses: Selling and marketing — 64,313 21,411 — 85,724 Research and development — 80,794 34,181 — 114,975 General and administrative — 65,906 25,333 — 91,239 Total operating expenses — 211,013 80,925 — 291,938 Operating income — 138,509 54,875 — 193,384 Interest expense, net (26,274 ) (52,116 ) (19,193 ) — (97,583 ) Other (expense) income, net — (47,381 ) 48,201 — 820 Earnings from subsidiaries 100,247 71,885 — (172,132 ) — Income before income taxes 73,973 110,897 83,883 (172,132 ) 96,621 Provision for income taxes — 10,650 11,998 — 22,648 Net income $ 73,973 $ 100,247 $ 71,885 $ (172,132 ) $ 73,973 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (29,532 ) (29,532 ) (33,293 ) 62,825 (29,532 ) Comprehensive income $ 44,441 $ 70,715 $ 38,592 $ (109,307 ) $ 44,441 For the Nine Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 396,839 $ 303,473 $ (915 ) $ 699,397 Cost of revenues — 193,006 181,583 (915 ) 373,674 Gross profit — 203,833 121,890 — 325,723 Operating expenses: Selling and marketing — 43,261 21,139 — 64,400 Research and development — 45,080 29,437 — 74,517 General and administrative — 53,482 16,888 — 70,370 Total operating expenses — 141,823 67,464 — 209,287 Operating income — 62,010 54,426 — 116,436 Interest expense, net (8,193 ) (23,066 ) (12,405 ) — (43,664 ) Other (expense) income, net — (13,079 ) 18,361 — 5,282 Loss on extinguishment of debt — (23,375 ) (7,042 ) — (30,417 ) Earnings from subsidiaries 38,957 43,303 — (82,260 ) — Income before income taxes 30,764 45,793 53,340 (82,260 ) 47,637 Provision for income taxes — 6,836 10,037 — 16,873 Net income $ 30,764 $ 38,957 $ 43,303 $ (82,260 ) $ 30,764 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (51,416 ) (51,416 ) (40,641 ) 92,057 (51,416 ) Comprehensive (loss) income $ (20,652 ) $ (12,459 ) $ 2,662 $ 9,797 $ (20,652 ) For the Nine Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 73,973 $ 100,247 $ 71,885 $ (172,132 ) $ 73,973 Non-cash adjustments — 89,915 47,547 — 137,462 Intercompany transactions 35,935 (21,251 ) (14,684 ) — — Earnings from subsidiaries (100,247 ) (71,885 ) — 172,132 — Changes in operating assets and liabilities (9,661 ) 40,315 (5,073 ) — 25,581 Net cash provided by operating activities — 137,341 99,675 — 237,016 Cash Flow from Investment Activities: Additions to property and equipment — (7,672 ) (11,198 ) — (18,870 ) Proceeds from sale of property and equipment — 67 2 — 69 Cash paid for business acquisitions, net of cash acquired — (214,689 ) (94,743 ) — (309,432 ) Additions to capitalized software — (3,860 ) (2,277 ) — (6,137 ) Purchase of long-term investment — (1,000 ) — — (1,000 ) Net changes in restricted cash — 702 (2 ) — 700 Net cash used in investing activities — (226,452 ) (108,218 ) — (334,670 ) Cash Flow from Financing Activities: Repayments of debt — (195,500 ) (73,050 ) — (268,550 ) Transactions involving Holding's common stock — 35,226 — — 35,226 Intercompany transactions — (87,272 ) 87,272 — — Payment of fees related to refinancing activities — (503 ) — — (503 ) Net cash (used in) provided by financing activities — (248,049 ) 14,222 — (233,827 ) Effect of exchange rate changes on cash and cash equivalents — — (878 ) — (878 ) Net (decrease) increase in cash and cash equivalents — (337,160 ) 4,801 — (332,359 ) Cash and cash equivalents, beginning of period — 360,583 73,576 — 434,159 Cash and cash equivalents, end of period $ — $ 23,423 $ 78,377 $ — $ 101,800 For the Nine Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 30,764 $ 38,957 $ 43,303 $ (82,260 ) $ 30,764 Non-cash adjustments — 51,400 53,071 — 104,471 Intercompany transactions — 8 (8 ) — — Earnings from subsidiaries (38,957 ) (43,303 ) — 82,260 — Changes in operating assets and liabilities 8,193 (10,322 ) (12,539 ) — (14,668 ) Net cash provided by operating activities — 36,740 83,827 — 120,567 Cash Flow from Investment Activities: Additions to property and equipment — (5,496 ) (3,966 ) — (9,462 ) Proceeds from sale of property and equipment — 5 51 — 56 Cash paid for business acquisitions, net of cash acquired — (2,606,923 ) (7,862 ) — (2,614,785 ) Additions to capitalized software — (1,268 ) (2,102 ) — (3,370 ) Net changes in restricted cash — (1,731 ) 1,731 — — Net cash (used in) provided by investing activities — (2,615,413 ) (12,148 ) — (2,627,561 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 2,410,770 657,305 — 3,068,075 Repayments of debt — (504,604 ) (318,844 ) — (823,448 ) Transactions involving Holding's common stock — 706,345 — — 706,345 Intercompany transactions — 399,572 (399,572 ) — — Payment of fees related to refinancing activities — (39,130 ) (6,651 ) — (45,781 ) Net cash provided by (used in) financing activities — 2,972,953 (67,762 ) — 2,905,191 Effect of exchange rate changes on cash and cash equivalents — — (3,964 ) — (3,964 ) Net increase (decrease) in cash and cash equivalents — 394,280 (47 ) — 394,233 Cash and cash equivalents, beginning of period — 34,651 74,926 — 109,577 Cash and cash equivalents, end of period $ — $ 428,931 $ 74,879 $ — $ 503,810 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Reclassifications | Reclassifications The Company’s prior presentation of revenues on its Condensed Consolidated Statements of Comprehensive Income (Loss) displayed total recurring |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation : Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Subsequent to the issuance of ASU No. 2014-09, the FASB has issued the following updates: ASU 2016-08, Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Component of Debt | At September 30, 2016 and December 31, 2015, debt consisted of the following (in thousands): September 30, 2016 December 31, 2015 Senior secured credit facilities, weighted-average interest rate of 3.91% and 3.94%, respectively $ 1,951,450 $ 2,220,000 5.875% senior notes due 2023 600,000 600,000 Unamortized original issue discount and debt issuance costs (61,180 ) (68,649 ) 2,490,270 2,751,351 Less current portion of long-term debt 29,813 32,281 Long-term debt $ 2,460,457 $ 2,719,070 |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 1,951,450 $ 1,963,242 $ 2,220,000 $ 2,202,105 5.875% senior notes due 2023 600,000 631,500 600,000 616,500 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 nine months ended September 30, 2016 is as follows (in thousands): Balance at December 31, 2015 $ 3,549,212 2016 acquisitions 91,533 Adjustments to prior acquisitions (4,720 ) Effect of foreign currency translation (19,965 ) Balance at September 30, 2016 $ 3,616,060 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
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): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average common shares outstanding — used in calculation of basic EPS 201,782 193,706 199,365 177,772 Weighted average common stock equivalents — options and restricted shares 4,853 — 5,969 8,698 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 206,635 193,706 205,334 186,470 |
Equity and Stock-based Compen19
Equity and Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of Stock-Based Compensation Expense Recognized | Total stock options, SARs, RSUs and RSAs . The amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for three and nine months ended September 30, 2016 was as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Condensed Consolidated Statements of Comprehensive Income (Loss) Classification 2016 2015 2016 2015 Cost of software-enabled services $ 2,732 $ 1,846 $ 7,916 $ 4,976 Cost of maintenance and term licenses 605 589 2,116 791 Cost of recurring revenues 3,337 2,435 10,032 5,767 Cost of professional services 493 530 1,736 855 Cost of non-recurring revenues 493 530 1,736 855 Total cost of revenues 3,830 2,965 11,768 6,622 Selling and marketing 2,521 9,936 8,966 11,423 Research and development 2,004 5,464 6,402 6,359 General and administrative 4,134 4,756 13,266 7,031 Total operating expenses 8,659 20,156 28,634 24,813 Total stock-based compensation expense $ 12,489 $ 23,121 $ 40,402 $ 31,435 |
Summary of Stock Option Activity | The following table summarizes stock option and SAR activity as of and for the nine months ended September 30, 2016: Shares Outstanding at December 31, 2015 30,278,364 Granted 1,454,300 Cancelled/forfeited (1,391,958 ) Exercised (5,762,429 ) Outstanding at September 30, 2016 24,578,277 |
Summary of RSU Activity | The following table summarizes RSU activity as of and for the nine months ended September 30, 2016: Shares Outstanding at December 31, 2015 957,452 Granted - Cancelled/forfeited (67,266 ) Vested (501,906 ) Outstanding at September 30, 2016 388,280 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of Purchase Price for Acquisitions of Acquiree | The following summarizes the preliminary allocation of the purchase price for the acquisition of Citigroup AIS (in thousands): Citigroup AIS Accounts receivable $ 58,479 Fixed assets 103 Other assets 1,985 Acquired client relationships and contracts 124,600 Completed technology 44,600 Goodwill 91,533 Deferred revenue (3,910 ) Other liabilities assumed (7,229 ) Consideration paid, net of cash acquired $ 310,161 |
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 Citigroup AIS occurred on January 1, 2015 and acquisitions of Primatics Financial, Varden Technologies and Advent Software, Inc. occurred on January 1, 2014. 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. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 391,865 $ 384,312 $ 1,158,376 $ 1,160,828 Net income $ 45,510 $ 14,281 $ 101,393 $ 14,791 Basic earnings per share $ 0.23 $ 0.07 $ 0.51 $ 0.08 Basic weighted average number of common shares outstanding 201,782 193,706 199,365 177,772 Diluted earnings per share $ 0.22 $ 0.07 $ 0.49 $ 0.08 Diluted weighted average number of common and common equivalent shares outstanding 206,635 202,624 205,334 186,470 |
Supplemental Guarantor Financ21
Supplemental Guarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule Of Condensed Consolidating Financial Information | The condensed consolidating financial information of the Company and its subsidiaries are as follows (in thousands): September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 23,423 $ 78,377 $ — $ 101,800 Accounts receivable, net — 174,082 63,413 — 237,495 Prepaid expenses and other current assets — 21,486 11,234 — 32,720 Prepaid income taxes — 42,909 — (3,133 ) 39,776 Restricted cash — 1,788 328 — 2,116 Net property, plant and equipment — 32,327 38,801 — 71,128 Investment in subsidiaries 2,868,467 780,155 — (3,648,622 ) — Intercompany receivables — 159,942 59,683 (219,625 ) — Deferred income taxes, long-term — — 2,071 — 2,071 Goodwill, intangible and other assets, net — 3,921,368 1,213,986 — 5,135,354 Total assets $ 2,868,467 $ 5,157,480 $ 1,467,893 $ (3,871,380 ) $ 5,622,460 Current portion of long-term debt — 15,399 14,414 — 29,813 Accounts payable — 10,924 5,556 — 16,480 Accrued expenses 7,344 88,178 42,722 — 138,244 Income taxes payable — — 3,133 (3,133 ) — Deferred revenue — 207,664 23,621 — 231,285 Long-term debt, net of current portion 600,000 1,458,478 401,979 — 2,460,457 Other long-term liabilities — 38,864 23,104 — 61,968 Intercompany payables 35,935 59,683 124,007 (219,625 ) — Deferred income taxes, long-term — 409,823 49,202 — 459,025 Total liabilities 643,279 2,289,013 687,738 (222,758 ) 3,397,272 Total stockholders’ equity 2,225,188 2,868,467 780,155 (3,648,622 ) 2,225,188 Total liabilities and stockholders’ equity $ 2,868,467 $ 5,157,480 $ 1,467,893 $ (3,871,380 ) $ 5,622,460 December 31, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 360,583 $ 73,576 $ — $ 434,159 Accounts receivable, net — 127,446 42,505 — 169,951 Prepaid expenses and other current assets — 15,920 11,591 — 27,511 Prepaid income taxes — 38,155 2,472 — 40,627 Restricted cash — 2,490 328 — 2,818 Net property, plant and equipment — 31,940 35,203 — 67,143 Investment in subsidiaries 2,722,452 654,278 — (3,376,730 ) — Intercompany receivables — 100,992 34,220 (135,212 ) — Deferred income taxes, long-term — — 2,199 — 2,199 Goodwill, intangible and other assets, net — 3,861,711 1,196,123 — 5,057,834 Total assets $ 2,722,452 $ 5,193,515 $ 1,398,217 $ (3,511,942 ) $ 5,802,242 Current portion of long-term debt — 17,243 15,038 — 32,281 Accounts payable — 7,367 4,590 — 11,957 Accrued expenses 17,006 84,174 47,848 — 149,028 Income taxes payable — — 1,428 — 1,428 Deferred revenue — 202,252 19,772 — 222,024 Long-term debt, net of current portion 600,000 1,646,396 472,674 — 2,719,070 Other long-term liabilities — 31,748 19,686 — 51,434 Intercompany payables — 34,220 100,992 (135,212 ) — Deferred income taxes, long-term — 447,663 61,911 — 509,574 Total liabilities 617,006 2,471,063 743,939 (135,212 ) 3,696,796 Total stockholders’ equity 2,105,446 2,722,452 654,278 (3,376,730 ) 2,105,446 Total liabilities and stockholders’ equity $ 2,722,452 $ 5,193,515 $ 1,398,217 $ (3,511,942 ) $ 5,802,242 For the Three Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 262,350 $ 121,385 $ (431 ) $ 383,304 Cost of revenues — 137,369 71,089 (431 ) 208,027 Gross profit — 124,981 50,296 — 175,277 Operating expenses: Selling and marketing — 20,448 6,880 — 27,328 Research and development — 26,575 11,126 — 37,701 General and administrative — 24,824 8,521 — 33,345 Total operating expenses — 71,847 26,527 — 98,374 Operating income — 53,134 23,769 — 76,903 Interest expense, net (8,812 ) (16,651 ) (6,185 ) — (31,648 ) Other (expense) income, net — (15,364 ) 18,019 — 2,655 Earnings from subsidiaries 47,559 30,522 — (78,081 ) — Income before income taxes 38,747 51,641 35,603 (78,081 ) 47,910 Provision for income taxes — 4,082 5,081 — 9,163 Net income $ 38,747 $ 47,559 $ 30,522 $ (78,081 ) $ 38,747 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (12,060 ) (12,060 ) (10,844 ) 22,904 (12,060 ) Comprehensive income $ 26,687 $ 35,499 $ 19,678 $ (55,177 ) $ 26,687 For the Three Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 180,515 $ 100,492 $ (113 ) $ 280,894 Cost of revenues — 91,930 60,047 (113 ) 151,864 Gross profit — 88,585 40,445 — 129,030 Operating expenses: Selling and marketing — 26,193 10,889 — 37,082 Research and development — 26,350 11,039 — 37,389 General and administrative — 33,070 6,537 — 39,607 Total operating expenses — 85,613 28,465 — 114,078 Operating income — 2,972 11,980 — 14,952 Interest expense, net (8,193 ) (17,743 ) (6,709 ) — (32,645 ) Other (expense) income, net — (14,182 ) 21,135 — 6,953 Loss on extinguishment of debt — (23,375 ) (7,042 ) — (30,417 ) (Loss) earnings from subsidiaries (26,417 ) 16,349 — 10,068 — (Loss) income before income taxes (34,610 ) (35,979 ) 19,364 10,068 (41,157 ) (Benefit) provision for income taxes — (9,562 ) 3,015 — (6,547 ) Net (loss) income $ (34,610 ) $ (26,417 ) $ 16,349 $ 10,068 $ (34,610 ) Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (38,005 ) (38,005 ) (33,040 ) 71,045 (38,005 ) Comprehensive loss $ (72,615 ) $ (64,422 ) $ (16,691 ) $ 81,113 $ (72,615 ) For the Nine Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 738,655 $ 343,153 $ (1,296 ) $ 1,080,512 Cost of revenues — 389,133 207,353 (1,296 ) 595,190 Gross profit — 349,522 135,800 — 485,322 Operating expenses: Selling and marketing — 64,313 21,411 — 85,724 Research and development — 80,794 34,181 — 114,975 General and administrative — 65,906 25,333 — 91,239 Total operating expenses — 211,013 80,925 — 291,938 Operating income — 138,509 54,875 — 193,384 Interest expense, net (26,274 ) (52,116 ) (19,193 ) — (97,583 ) Other (expense) income, net — (47,381 ) 48,201 — 820 Earnings from subsidiaries 100,247 71,885 — (172,132 ) — Income before income taxes 73,973 110,897 83,883 (172,132 ) 96,621 Provision for income taxes — 10,650 11,998 — 22,648 Net income $ 73,973 $ 100,247 $ 71,885 $ (172,132 ) $ 73,973 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (29,532 ) (29,532 ) (33,293 ) 62,825 (29,532 ) Comprehensive income $ 44,441 $ 70,715 $ 38,592 $ (109,307 ) $ 44,441 For the Nine Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 396,839 $ 303,473 $ (915 ) $ 699,397 Cost of revenues — 193,006 181,583 (915 ) 373,674 Gross profit — 203,833 121,890 — 325,723 Operating expenses: Selling and marketing — 43,261 21,139 — 64,400 Research and development — 45,080 29,437 — 74,517 General and administrative — 53,482 16,888 — 70,370 Total operating expenses — 141,823 67,464 — 209,287 Operating income — 62,010 54,426 — 116,436 Interest expense, net (8,193 ) (23,066 ) (12,405 ) — (43,664 ) Other (expense) income, net — (13,079 ) 18,361 — 5,282 Loss on extinguishment of debt — (23,375 ) (7,042 ) — (30,417 ) Earnings from subsidiaries 38,957 43,303 — (82,260 ) — Income before income taxes 30,764 45,793 53,340 (82,260 ) 47,637 Provision for income taxes — 6,836 10,037 — 16,873 Net income $ 30,764 $ 38,957 $ 43,303 $ (82,260 ) $ 30,764 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (51,416 ) (51,416 ) (40,641 ) 92,057 (51,416 ) Comprehensive (loss) income $ (20,652 ) $ (12,459 ) $ 2,662 $ 9,797 $ (20,652 ) For the Nine Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 73,973 $ 100,247 $ 71,885 $ (172,132 ) $ 73,973 Non-cash adjustments — 89,915 47,547 — 137,462 Intercompany transactions 35,935 (21,251 ) (14,684 ) — — Earnings from subsidiaries (100,247 ) (71,885 ) — 172,132 — Changes in operating assets and liabilities (9,661 ) 40,315 (5,073 ) — 25,581 Net cash provided by operating activities — 137,341 99,675 — 237,016 Cash Flow from Investment Activities: Additions to property and equipment — (7,672 ) (11,198 ) — (18,870 ) Proceeds from sale of property and equipment — 67 2 — 69 Cash paid for business acquisitions, net of cash acquired — (214,689 ) (94,743 ) — (309,432 ) Additions to capitalized software — (3,860 ) (2,277 ) — (6,137 ) Purchase of long-term investment — (1,000 ) — — (1,000 ) Net changes in restricted cash — 702 (2 ) — 700 Net cash used in investing activities — (226,452 ) (108,218 ) — (334,670 ) Cash Flow from Financing Activities: Repayments of debt — (195,500 ) (73,050 ) — (268,550 ) Transactions involving Holding's common stock — 35,226 — — 35,226 Intercompany transactions — (87,272 ) 87,272 — — Payment of fees related to refinancing activities — (503 ) — — (503 ) Net cash (used in) provided by financing activities — (248,049 ) 14,222 — (233,827 ) Effect of exchange rate changes on cash and cash equivalents — — (878 ) — (878 ) Net (decrease) increase in cash and cash equivalents — (337,160 ) 4,801 — (332,359 ) Cash and cash equivalents, beginning of period — 360,583 73,576 — 434,159 Cash and cash equivalents, end of period $ — $ 23,423 $ 78,377 $ — $ 101,800 For the Nine Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 30,764 $ 38,957 $ 43,303 $ (82,260 ) $ 30,764 Non-cash adjustments — 51,400 53,071 — 104,471 Intercompany transactions — 8 (8 ) — — Earnings from subsidiaries (38,957 ) (43,303 ) — 82,260 — Changes in operating assets and liabilities 8,193 (10,322 ) (12,539 ) — (14,668 ) Net cash provided by operating activities — 36,740 83,827 — 120,567 Cash Flow from Investment Activities: Additions to property and equipment — (5,496 ) (3,966 ) — (9,462 ) Proceeds from sale of property and equipment — 5 51 — 56 Cash paid for business acquisitions, net of cash acquired — (2,606,923 ) (7,862 ) — (2,614,785 ) Additions to capitalized software — (1,268 ) (2,102 ) — (3,370 ) Net changes in restricted cash — (1,731 ) 1,731 — — Net cash (used in) provided by investing activities — (2,615,413 ) (12,148 ) — (2,627,561 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 2,410,770 657,305 — 3,068,075 Repayments of debt — (504,604 ) (318,844 ) — (823,448 ) Transactions involving Holding's common stock — 706,345 — — 706,345 Intercompany transactions — 399,572 (399,572 ) — — Payment of fees related to refinancing activities — (39,130 ) (6,651 ) — (45,781 ) Net cash provided by (used in) financing activities — 2,972,953 (67,762 ) — 2,905,191 Effect of exchange rate changes on cash and cash equivalents — — (3,964 ) — (3,964 ) Net increase (decrease) in cash and cash equivalents — 394,280 (47 ) — 394,233 Cash and cash equivalents, beginning of period — 34,651 74,926 — 109,577 Cash and cash equivalents, end of period $ — $ 428,931 $ 74,879 $ — $ 503,810 |
Debt - Component of Debt (Detai
Debt - Component of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized original issue discount and debt issuance costs | $ (61,180) | $ (68,649) |
Debt | 2,490,270 | 2,751,351 |
Less current portion of long-term debt | 29,813 | 32,281 |
Long-term debt | 2,460,457 | 2,719,070 |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 1,951,450 | 2,220,000 |
Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | $ 600,000 | $ 600,000 |
Debt - Component of Debt (Paren
Debt - Component of Debt (Parenthetical) (Detail) | Jul. 08, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 3.91% | 3.94% | |
Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate | 5.875% | 5.875% | 5.875% |
Debt, due date | 2,023 | 2,023 | 2,023 |
Debt - Schedule of Carrying Amo
Debt - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Carrying Amount [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | $ 1,951,450 | $ 2,220,000 |
Carrying Amount [Member] | 5.875% Senior Notes due 2023 [Member] | ||
Financial liabilities: | ||
Senior notes | 600,000 | 600,000 |
Fair Value [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | 1,963,242 | 2,202,105 |
Fair Value [Member] | 5.875% Senior Notes due 2023 [Member] | ||
Financial liabilities: | ||
Senior notes | $ 631,500 | $ 616,500 |
Goodwill - Summary of Change in
Goodwill - Summary of Change in Carrying Value of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 3,549,212 |
2016 acquisitions | 91,533 |
Adjustments to prior acquisitions | (4,720) |
Effect of foreign currency translation | (19,965) |
Ending balance | $ 3,616,060 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted EPS (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Number Of Shares Outstanding Diluted Disclosure Items [Abstract] | ||||
Weighted average common shares outstanding — used in calculation of basic EPS | 201,782 | 193,706 | 199,365 | 177,772 |
Weighted average common stock equivalents — options and restricted shares | 4,853 | 5,969 | 8,698 | |
Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS | 206,635 | 193,706 | 205,334 | 186,470 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Earnings Per Share [Line Items] | |||||
Dilutive securities included in diluted EPS calculation | 0 | ||||
Dividends paid on common stock | $ 37,452 | $ 33,216 | |||
First Quarter Dividend [Member] | |||||
Earnings Per Share [Line Items] | |||||
Quarterly cash dividend paid | $ 0.0625 | $ 0.0625 | |||
Dividend record date | Mar. 7, 2016 | Mar. 2, 2015 | |||
Dividend paid date | Mar. 15, 2016 | Mar. 16, 2015 | |||
Second Quarter Dividend [Member] | |||||
Earnings Per Share [Line Items] | |||||
Quarterly cash dividend paid | $ 0.0625 | $ 0.0625 | |||
Dividend record date | Jun. 1, 2016 | Jun. 1, 2015 | |||
Dividend paid date | Jun. 15, 2016 | Jun. 15, 2015 | |||
Third Quarter Dividend [Member] | |||||
Earnings Per Share [Line Items] | |||||
Quarterly cash dividend paid | $ 0.0625 | $ 0.0625 | |||
Dividend record date | Sep. 1, 2016 | Sep. 1, 2015 | |||
Dividend paid date | Sep. 15, 2016 | Sep. 15, 2015 | |||
Class A Non-Voting Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Conversion of common stock number of shares converted | 2,703,846 | ||||
Conversion of common stock number of shares issued | 2,703,846 | ||||
Common stock convertible conversion ratio | 100.00% | ||||
Stock Options [Member] | |||||
Earnings Per Share [Line Items] | |||||
Options to purchase shares outstanding | 10,702,466 | 28,806,708 | 14,094,402 | 6,219,720 |
Equity and Stock-based Compen28
Equity and Stock-based Compensation - Additional Information (Detail) $ in Millions | May 25, 2016shares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock split, description | Board of Directors approved a two-for-one stock split to be effected in the form of a stock dividend. | ||
Stock split, conversion ratio | 2 | ||
Income tax benefits related to the exercise of stock options | $ | $ 45 | $ 11.1 | |
Amended 2014 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Increase in shares available for equity awards | shares | 24,000,000 |
Equity and Stock-based Compen29
Equity and Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 12,489 | $ 23,121 | $ 40,402 | $ 31,435 |
Cost of Software-Enabled Services [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,732 | 1,846 | 7,916 | 4,976 |
Cost of Maintenance and Term Licenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 605 | 589 | 2,116 | 791 |
Cost of Recurring Revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 3,337 | 2,435 | 10,032 | 5,767 |
Cost of Professional Services [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 493 | 530 | 1,736 | 855 |
Cost of Non Recurring Revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 493 | 530 | 1,736 | 855 |
Total Cost of Revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 3,830 | 2,965 | 11,768 | 6,622 |
Selling and Marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,521 | 9,936 | 8,966 | 11,423 |
Research and Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,004 | 5,464 | 6,402 | 6,359 |
General and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 4,134 | 4,756 | 13,266 | 7,031 |
Total Operating Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 8,659 | $ 20,156 | $ 28,634 | $ 24,813 |
Equity and Stock-based Compen30
Equity and Stock-based Compensation - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2016shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Outstanding Opening | 30,278,364 |
Granted | 1,454,300 |
Cancelled/forfeited | (1,391,958) |
Exercised | (5,762,429) |
Number of Shares, Outstanding Closing | 24,578,277 |
Equity and Stock-based Compen31
Equity and Stock-based Compensation - Summary of RSU Activity (Detail) | 9 Months Ended |
Sep. 30, 2016shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding Opening | 24,876 |
Number of Shares, Outstanding Closing | 14,564 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding Opening | 957,452 |
Cancelled/forfeited | (67,266) |
Vested | (501,906) |
Number of Shares, Outstanding Closing | 388,280 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 19.00% | 16.00% | 23.00% | 35.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Citigroup's Alternative Investor Services [Member] - USD ($) $ in Millions | Mar. 11, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2016 |
Business Acquisition [Line Items] | ||||
Consideration paid, net of cash plus the costs of transaction | $ 310.2 | |||
Business acquisition, effective date of acquisition | Mar. 11, 2016 | |||
Working capital adjustment received during third quarter of 2016 | $ 7.9 | |||
Fair value of acquired accounts receivable | $ 1.7 | |||
Reported revenues from acquisition | $ 118.6 | |||
Completed Technology [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortized period | 4 years | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortized period | 13 years |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Allocation of Purchase Price for Acquisitions of Acquiree (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 11, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,616,060 | $ 3,549,212 | |
Citigroup's Alternative Investor Services [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 58,479 | ||
Fixed assets | 103 | ||
Other assets | 1,985 | ||
Goodwill | 91,533 | ||
Deferred revenue | (3,910) | ||
Other liabilities assumed | (7,229) | ||
Consideration paid, net of cash acquired | 310,161 | ||
Citigroup's Alternative Investor Services [Member] | Acquired Client Relationships and Contracts [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 124,600 | ||
Citigroup's Alternative Investor Services [Member] | Completed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | $ 44,600 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Combinations [Abstract] | ||||
Revenues | $ 391,865 | $ 384,312 | $ 1,158,376 | $ 1,160,828 |
Net income | $ 45,510 | $ 14,281 | $ 101,393 | $ 14,791 |
Basic earnings per share | $ 0.23 | $ 0.07 | $ 0.51 | $ 0.08 |
Basic weighted average number of common shares outstanding | 201,782 | 193,706 | 199,365 | 177,772 |
Diluted earnings per share | $ 0.22 | $ 0.07 | $ 0.49 | $ 0.08 |
Diluted weighted average number of common and common equivalent shares outstanding | 206,635 | 202,624 | 205,334 | 186,470 |
Supplemental Guarantor Financ36
Supplemental Guarantor Financial Statements - Additional Information (Detail) - USD ($) $ in Millions | Jul. 08, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
SS&C Technologies Holdings, Inc [Member] | |||
Supplemental Guarantor Financial Statements [Line Items] | |||
Ownership in subsidiary percentage | 100.00% | ||
5.875% Senior Notes due 2023 [Member] | Senior Notes [Member] | |||
Supplemental Guarantor Financial Statements [Line Items] | |||
Debt principal amount | $ 600 | ||
Debt, interest rate | 5.875% | 5.875% | 5.875% |
Debt, due date | 2,023 | 2,023 | 2,023 |
Supplemental Guarantor Financ37
Supplemental Guarantor Financial Statements - Condensed Consolidating Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Supplemental Guarantor Financial Statements [Line Items] | ||||||
Cash and cash equivalents | $ 101,800 | $ 503,810 | $ 101,800 | $ 109,577 | $ 101,800 | $ 434,159 |
Accounts receivable, net | 237,495 | 169,951 | ||||
Prepaid expenses and other current assets | 32,720 | 27,511 | ||||
Prepaid income taxes | 39,776 | 40,627 | ||||
Restricted cash | 2,116 | 2,818 | ||||
Net property, plant and equipment | 71,128 | 67,143 | ||||
Deferred income taxes, long-term | 2,071 | 2,199 | ||||
Goodwill, intangible and other assets, net | 5,135,354 | 5,057,834 | ||||
Total assets | 5,622,460 | 5,802,242 | ||||
Less current portion of long-term debt | 29,813 | 32,281 | ||||
Accounts payable | 16,480 | 11,957 | ||||
Accrued expenses | 138,244 | 149,028 | ||||
Income taxes payable | 1,428 | |||||
Deferred revenue | 231,285 | 222,024 | ||||
Long-term debt, net of current portion (Note 2) | 2,460,457 | 2,719,070 | ||||
Other long-term liabilities | 61,968 | 51,434 | ||||
Deferred income taxes, long-term | 459,025 | 509,574 | ||||
Total liabilities | 3,397,272 | 3,696,796 | ||||
Total stockholders’ equity | 2,225,188 | 2,105,446 | ||||
Total liabilities and stockholders’ equity | 5,622,460 | 5,802,242 | ||||
Revenues | 383,304 | 280,894 | 1,080,512 | 699,397 | ||
Cost of revenues | 208,027 | 151,864 | 595,190 | 373,674 | ||
Gross profit | 175,277 | 129,030 | 485,322 | 325,723 | ||
Operating expenses: | ||||||
Selling and marketing | 27,328 | 37,082 | 85,724 | 64,400 | ||
Research and development | 37,701 | 37,389 | 114,975 | 74,517 | ||
General and administrative | 33,345 | 39,607 | 91,239 | 70,370 | ||
Total operating expenses | 98,374 | 114,078 | 291,938 | 209,287 | ||
Operating income | 76,903 | 14,952 | 193,384 | 116,436 | ||
Interest expense, net | (31,648) | (32,645) | (97,583) | (43,664) | ||
Other (expense) income, net | 2,655 | 6,953 | 820 | 5,282 | ||
Loss on extinguishment of debt | (30,417) | (30,417) | ||||
Income (loss) before income taxes | 47,910 | (41,157) | 96,621 | 47,637 | ||
(Benefit) provision for income taxes | 9,163 | (6,547) | 22,648 | 16,873 | ||
Net income (loss) | 38,747 | (34,610) | 73,973 | 30,764 | ||
Other comprehensive loss, net of tax: | ||||||
Foreign currency exchange translation adjustment | (12,060) | (38,005) | (29,532) | (51,416) | ||
Comprehensive income (loss) | 26,687 | (72,615) | 44,441 | (20,652) | ||
Cash Flow from Operating Activities: | ||||||
Net income (loss) | 38,747 | (34,610) | 73,973 | 30,764 | ||
Non-cash adjustments | 137,462 | 104,471 | ||||
Changes in operating assets and liabilities | 25,581 | (14,668) | ||||
Net cash provided by operating activities | 237,016 | 120,567 | ||||
Cash Flow from Investment Activities: | ||||||
Additions to property and equipment | (18,870) | (9,462) | ||||
Proceeds from sale of property and equipment | 69 | 56 | ||||
Cash paid for business acquisitions, net of cash acquired | (309,432) | (2,614,785) | ||||
Additions to capitalized software | (6,137) | (3,370) | ||||
Purchase of long-term investment | (1,000) | |||||
Net changes in restricted cash | 700 | |||||
Net cash used in investing activities | (334,670) | (2,627,561) | ||||
Cash Flow from Financing Activities: | ||||||
Cash received from debt borrowings, net of original issue discount | 3,068,075 | |||||
Repayments of debt | (268,550) | (823,448) | ||||
Transactions involving Holding's common stock | 35,226 | 706,345 | ||||
Payment of fees related to refinancing activities | (503) | (45,781) | ||||
Net cash (used in) provided by financing activities | (233,827) | 2,905,191 | ||||
Effect of exchange rate changes on cash and cash equivalents | (878) | (3,964) | ||||
Net (decrease) increase in cash and cash equivalents | (332,359) | 394,233 | ||||
Cash and cash equivalents, beginning of period | 434,159 | 109,577 | ||||
Cash and cash equivalents, end of period | 101,800 | 503,810 | 101,800 | 503,810 | ||
Parent Company [Member] | ||||||
Supplemental Guarantor Financial Statements [Line Items] | ||||||
Investment in subsidiaries | 2,868,467 | 2,722,452 | ||||
Total assets | 2,868,467 | 2,722,452 | ||||
Accrued expenses | 7,344 | 17,006 | ||||
Long-term debt, net of current portion (Note 2) | 600,000 | 600,000 | ||||
Intercompany payables | 35,935 | |||||
Total liabilities | 643,279 | 617,006 | ||||
Total stockholders’ equity | 2,225,188 | 2,105,446 | ||||
Total liabilities and stockholders’ equity | 2,868,467 | 2,722,452 | ||||
Operating expenses: | ||||||
Interest expense, net | (8,812) | (8,193) | (26,274) | (8,193) | ||
(Loss) earnings from subsidiaries | 47,559 | (26,417) | 100,247 | 38,957 | ||
Income (loss) before income taxes | 38,747 | (34,610) | 73,973 | 30,764 | ||
Net income (loss) | 38,747 | (34,610) | 73,973 | 30,764 | ||
Other comprehensive loss, net of tax: | ||||||
Foreign currency exchange translation adjustment | (12,060) | (38,005) | (29,532) | (51,416) | ||
Comprehensive income (loss) | 26,687 | (72,615) | 44,441 | (20,652) | ||
Cash Flow from Operating Activities: | ||||||
Net income (loss) | 38,747 | (34,610) | 73,973 | 30,764 | ||
Intercompany transactions | 35,935 | |||||
Earnings from subsidiaries | (47,559) | 26,417 | (100,247) | (38,957) | ||
Changes in operating assets and liabilities | (9,661) | 8,193 | ||||
Guarantor Subsidiaries [Member] | ||||||
Supplemental Guarantor Financial Statements [Line Items] | ||||||
Cash and cash equivalents | 23,423 | 428,931 | 23,423 | 34,651 | 23,423 | 360,583 |
Accounts receivable, net | 174,082 | 127,446 | ||||
Prepaid expenses and other current assets | 21,486 | 15,920 | ||||
Prepaid income taxes | 42,909 | 38,155 | ||||
Restricted cash | 1,788 | 2,490 | ||||
Net property, plant and equipment | 32,327 | 31,940 | ||||
Investment in subsidiaries | 780,155 | 654,278 | ||||
Intercompany receivables | 159,942 | 100,992 | ||||
Goodwill, intangible and other assets, net | 3,921,368 | 3,861,711 | ||||
Total assets | 5,157,480 | 5,193,515 | ||||
Less current portion of long-term debt | 15,399 | 17,243 | ||||
Accounts payable | 10,924 | 7,367 | ||||
Accrued expenses | 88,178 | 84,174 | ||||
Deferred revenue | 207,664 | 202,252 | ||||
Long-term debt, net of current portion (Note 2) | 1,458,478 | 1,646,396 | ||||
Other long-term liabilities | 38,864 | 31,748 | ||||
Intercompany payables | 59,683 | 34,220 | ||||
Deferred income taxes, long-term | 409,823 | 447,663 | ||||
Total liabilities | 2,289,013 | 2,471,063 | ||||
Total stockholders’ equity | 2,868,467 | 2,722,452 | ||||
Total liabilities and stockholders’ equity | 5,157,480 | 5,193,515 | ||||
Revenues | 262,350 | 180,515 | 738,655 | 396,839 | ||
Cost of revenues | 137,369 | 91,930 | 389,133 | 193,006 | ||
Gross profit | 124,981 | 88,585 | 349,522 | 203,833 | ||
Operating expenses: | ||||||
Selling and marketing | 20,448 | 26,193 | 64,313 | 43,261 | ||
Research and development | 26,575 | 26,350 | 80,794 | 45,080 | ||
General and administrative | 24,824 | 33,070 | 65,906 | 53,482 | ||
Total operating expenses | 71,847 | 85,613 | 211,013 | 141,823 | ||
Operating income | 53,134 | 2,972 | 138,509 | 62,010 | ||
Interest expense, net | (16,651) | (17,743) | (52,116) | (23,066) | ||
Other (expense) income, net | (15,364) | (14,182) | (47,381) | (13,079) | ||
Loss on extinguishment of debt | (23,375) | (23,375) | ||||
(Loss) earnings from subsidiaries | 30,522 | 16,349 | 71,885 | 43,303 | ||
Income (loss) before income taxes | 51,641 | (35,979) | 110,897 | 45,793 | ||
(Benefit) provision for income taxes | 4,082 | (9,562) | 10,650 | 6,836 | ||
Net income (loss) | 47,559 | (26,417) | 100,247 | 38,957 | ||
Other comprehensive loss, net of tax: | ||||||
Foreign currency exchange translation adjustment | (12,060) | (38,005) | (29,532) | (51,416) | ||
Comprehensive income (loss) | 35,499 | (64,422) | 70,715 | (12,459) | ||
Cash Flow from Operating Activities: | ||||||
Net income (loss) | 47,559 | (26,417) | 100,247 | 38,957 | ||
Non-cash adjustments | 89,915 | 51,400 | ||||
Intercompany transactions | (21,251) | 8 | ||||
Earnings from subsidiaries | (30,522) | (16,349) | (71,885) | (43,303) | ||
Changes in operating assets and liabilities | 40,315 | (10,322) | ||||
Net cash provided by operating activities | 137,341 | 36,740 | ||||
Cash Flow from Investment Activities: | ||||||
Additions to property and equipment | (7,672) | (5,496) | ||||
Proceeds from sale of property and equipment | 67 | 5 | ||||
Cash paid for business acquisitions, net of cash acquired | (214,689) | (2,606,923) | ||||
Additions to capitalized software | (3,860) | (1,268) | ||||
Purchase of long-term investment | (1,000) | |||||
Net changes in restricted cash | 702 | (1,731) | ||||
Net cash used in investing activities | (226,452) | (2,615,413) | ||||
Cash Flow from Financing Activities: | ||||||
Cash received from debt borrowings, net of original issue discount | 2,410,770 | |||||
Repayments of debt | (195,500) | (504,604) | ||||
Transactions involving Holding's common stock | 35,226 | 706,345 | ||||
Intercompany transactions | (87,272) | 399,572 | ||||
Payment of fees related to refinancing activities | (503) | (39,130) | ||||
Net cash (used in) provided by financing activities | (248,049) | 2,972,953 | ||||
Net (decrease) increase in cash and cash equivalents | (337,160) | 394,280 | ||||
Cash and cash equivalents, beginning of period | 360,583 | 34,651 | ||||
Cash and cash equivalents, end of period | 23,423 | 428,931 | 23,423 | 428,931 | ||
Non-guarantor Subsidiaries [Member] | ||||||
Supplemental Guarantor Financial Statements [Line Items] | ||||||
Cash and cash equivalents | 78,377 | 74,879 | 78,377 | 74,926 | 78,377 | 73,576 |
Accounts receivable, net | 63,413 | 42,505 | ||||
Prepaid expenses and other current assets | 11,234 | 11,591 | ||||
Prepaid income taxes | 2,472 | |||||
Restricted cash | 328 | 328 | ||||
Net property, plant and equipment | 38,801 | 35,203 | ||||
Intercompany receivables | 59,683 | 34,220 | ||||
Deferred income taxes, long-term | 2,071 | 2,199 | ||||
Goodwill, intangible and other assets, net | 1,213,986 | 1,196,123 | ||||
Total assets | 1,467,893 | 1,398,217 | ||||
Less current portion of long-term debt | 14,414 | 15,038 | ||||
Accounts payable | 5,556 | 4,590 | ||||
Accrued expenses | 42,722 | 47,848 | ||||
Income taxes payable | 3,133 | 1,428 | ||||
Deferred revenue | 23,621 | 19,772 | ||||
Long-term debt, net of current portion (Note 2) | 401,979 | 472,674 | ||||
Other long-term liabilities | 23,104 | 19,686 | ||||
Intercompany payables | 124,007 | 100,992 | ||||
Deferred income taxes, long-term | 49,202 | 61,911 | ||||
Total liabilities | 687,738 | 743,939 | ||||
Total stockholders’ equity | 780,155 | 654,278 | ||||
Total liabilities and stockholders’ equity | 1,467,893 | 1,398,217 | ||||
Revenues | 121,385 | 100,492 | 343,153 | 303,473 | ||
Cost of revenues | 71,089 | 60,047 | 207,353 | 181,583 | ||
Gross profit | 50,296 | 40,445 | 135,800 | 121,890 | ||
Operating expenses: | ||||||
Selling and marketing | 6,880 | 10,889 | 21,411 | 21,139 | ||
Research and development | 11,126 | 11,039 | 34,181 | 29,437 | ||
General and administrative | 8,521 | 6,537 | 25,333 | 16,888 | ||
Total operating expenses | 26,527 | 28,465 | 80,925 | 67,464 | ||
Operating income | 23,769 | 11,980 | 54,875 | 54,426 | ||
Interest expense, net | (6,185) | (6,709) | (19,193) | (12,405) | ||
Other (expense) income, net | 18,019 | 21,135 | 48,201 | 18,361 | ||
Loss on extinguishment of debt | (7,042) | (7,042) | ||||
Income (loss) before income taxes | 35,603 | 19,364 | 83,883 | 53,340 | ||
(Benefit) provision for income taxes | 5,081 | 3,015 | 11,998 | 10,037 | ||
Net income (loss) | 30,522 | 16,349 | 71,885 | 43,303 | ||
Other comprehensive loss, net of tax: | ||||||
Foreign currency exchange translation adjustment | (10,844) | (33,040) | (33,293) | (40,641) | ||
Comprehensive income (loss) | 19,678 | (16,691) | 38,592 | 2,662 | ||
Cash Flow from Operating Activities: | ||||||
Net income (loss) | 30,522 | 16,349 | 71,885 | 43,303 | ||
Non-cash adjustments | 47,547 | 53,071 | ||||
Intercompany transactions | (14,684) | (8) | ||||
Changes in operating assets and liabilities | (5,073) | (12,539) | ||||
Net cash provided by operating activities | 99,675 | 83,827 | ||||
Cash Flow from Investment Activities: | ||||||
Additions to property and equipment | (11,198) | (3,966) | ||||
Proceeds from sale of property and equipment | 2 | 51 | ||||
Cash paid for business acquisitions, net of cash acquired | (94,743) | (7,862) | ||||
Additions to capitalized software | (2,277) | (2,102) | ||||
Net changes in restricted cash | (2) | 1,731 | ||||
Net cash used in investing activities | (108,218) | (12,148) | ||||
Cash Flow from Financing Activities: | ||||||
Cash received from debt borrowings, net of original issue discount | 657,305 | |||||
Repayments of debt | (73,050) | (318,844) | ||||
Intercompany transactions | 87,272 | (399,572) | ||||
Payment of fees related to refinancing activities | (6,651) | |||||
Net cash (used in) provided by financing activities | 14,222 | (67,762) | ||||
Effect of exchange rate changes on cash and cash equivalents | (878) | (3,964) | ||||
Net (decrease) increase in cash and cash equivalents | 4,801 | (47) | ||||
Cash and cash equivalents, beginning of period | 73,576 | 74,926 | ||||
Cash and cash equivalents, end of period | 78,377 | 74,879 | 78,377 | 74,879 | ||
Consolidation, Eliminations [Member] | ||||||
Supplemental Guarantor Financial Statements [Line Items] | ||||||
Prepaid income taxes | (3,133) | |||||
Investment in subsidiaries | (3,648,622) | (3,376,730) | ||||
Intercompany receivables | (219,625) | (135,212) | ||||
Total assets | (3,871,380) | (3,511,942) | ||||
Income taxes payable | (3,133) | |||||
Intercompany payables | (219,625) | (135,212) | ||||
Total liabilities | (222,758) | (135,212) | ||||
Total stockholders’ equity | (3,648,622) | (3,376,730) | ||||
Total liabilities and stockholders’ equity | $ (3,871,380) | $ (3,511,942) | ||||
Revenues | (431) | (113) | (1,296) | (915) | ||
Cost of revenues | (431) | (113) | (1,296) | (915) | ||
Operating expenses: | ||||||
(Loss) earnings from subsidiaries | (78,081) | 10,068 | (172,132) | (82,260) | ||
Income (loss) before income taxes | (78,081) | 10,068 | (172,132) | (82,260) | ||
Net income (loss) | (78,081) | 10,068 | (172,132) | (82,260) | ||
Other comprehensive loss, net of tax: | ||||||
Foreign currency exchange translation adjustment | 22,904 | 71,045 | 62,825 | 92,057 | ||
Comprehensive income (loss) | (55,177) | 81,113 | (109,307) | 9,797 | ||
Cash Flow from Operating Activities: | ||||||
Net income (loss) | (78,081) | 10,068 | (172,132) | (82,260) | ||
Earnings from subsidiaries | $ 78,081 | $ (10,068) | $ 172,132 | $ 82,260 |