Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 203,135,651 | ||
Entity Public Float | $ 4,746,522,344 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 117,558 | $ 434,159 |
Accounts receivable, net of allowance for doubtful accounts of $5,944 and $2,957, respectively (Note 3) | 241,307 | 169,951 |
Prepaid expenses and other current assets | 31,119 | 27,511 |
Prepaid income taxes | 23,012 | 40,627 |
Restricted cash | 2,116 | 2,818 |
Total current assets | 415,112 | 675,066 |
Property, plant and equipment: | ||
Land | 2,655 | 2,655 |
Building and improvements | 42,749 | 37,855 |
Equipment, furniture, and fixtures | 120,011 | 97,274 |
Total property and equipment | 165,415 | 137,784 |
Less: accumulated depreciation | (85,020) | (70,641) |
Net property, plant and equipment | 80,395 | 67,143 |
Deferred income taxes | 2,410 | 2,199 |
Goodwill (Note 2) | 3,652,733 | 3,549,212 |
Intangible and other assets, net of accumulated amortization of $730,234 and $536,929, respectively (Note 2) | 1,556,321 | 1,508,622 |
Total assets | 5,706,971 | 5,802,242 |
Current liabilities: | ||
Current portion of long-term debt (Note 6) | 126,144 | 32,281 |
Accounts payable | 16,490 | 11,957 |
Income taxes payable | 3,473 | 1,428 |
Accrued employee compensation and benefits | 104,118 | 83,894 |
Interest payable | 21,470 | 28,903 |
Other accrued expenses | 53,708 | 36,231 |
Deferred revenue | 235,222 | 222,024 |
Total current liabilities | 560,625 | 416,718 |
Long-term debt, net of current portion (Note 6) | 2,374,986 | 2,719,070 |
Other long-term liabilities | 59,227 | 51,434 |
Deferred income taxes | 453,555 | 509,574 |
Total liabilities | 3,448,393 | 3,696,796 |
Commitments and contingencies (Note 12) | ||
Common stock: | ||
Common stock | 2,046 | 1,932 |
Additional paid-in capital | 1,921,256 | 1,793,149 |
Accumulated other comprehensive loss | (139,073) | (83,170) |
Retained earnings | 492,349 | 411,493 |
Stockholders' equity before treasury stock | 2,276,578 | 2,123,431 |
Less: cost of common stock in treasury, 1,573,339 and 1,572,878 shares, respectively | (18,000) | (17,985) |
Total stockholders’ equity | 2,258,578 | 2,105,446 |
Total liabilities and stockholders’ equity | $ 5,706,971 | 5,802,242 |
Class A Non-Voting Common Stock [Member] | ||
Common stock: | ||
Common stock | 27 | |
Total stockholders’ equity | $ 27 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 5,944 | $ 2,957 |
Accumulated amortization of finite-lived intangible assets | $ 730,234 | $ 536,929 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 204,616,054 | 193,104,452 |
Common stock, shares outstanding | 203,042,715 | 191,531,574 |
Common stock, shares unvested | 11,252 | 24,876 |
Treasury stock, shares | 1,573,339 | 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 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Software-enabled services | $ 956,791 | $ 670,170 | $ 592,528 |
Maintenance and term licenses | 414,710 | 246,422 | 115,609 |
Total recurring revenues | 1,371,501 | 916,592 | 708,137 |
Perpetual licenses | 23,960 | 31,467 | 26,328 |
Professional services | 85,975 | 52,226 | 33,396 |
Total non-recurring revenues | 109,935 | 83,693 | 59,724 |
Total revenues | 1,481,436 | 1,000,285 | 767,861 |
Cost of revenues: | |||
Software-enabled services | 544,356 | 373,394 | 342,625 |
Maintenance and term licenses | 184,162 | 113,865 | 41,424 |
Total recurring cost of revenues | 728,518 | 487,259 | 384,049 |
Perpetual licenses | 2,399 | 3,116 | 3,531 |
Professional services | 69,572 | 41,975 | 23,151 |
Total non-recurring cost of revenues | 71,971 | 45,091 | 26,682 |
Total cost of revenues | 800,489 | 532,350 | 410,731 |
Gross profit | 680,947 | 467,935 | 357,130 |
Operating expenses: | |||
Selling and marketing | 117,098 | 94,950 | 48,592 |
Research and development | 152,689 | 110,415 | 57,287 |
General and administrative | 122,465 | 97,832 | 50,879 |
Total operating expenses | 392,252 | 303,197 | 156,758 |
Operating income | 288,695 | 164,738 | 200,372 |
Interest income | 1,488 | 1,976 | 1,705 |
Interest expense | (129,942) | (79,333) | (27,177) |
Other income, net | 3,375 | 3,878 | 2,754 |
Loss on extinguishment of debt | (30,417) | ||
Income before income taxes | 163,616 | 60,842 | 177,654 |
Provision for income taxes (Note 5) | 32,620 | 17,980 | 46,527 |
Net income | $ 130,996 | $ 42,862 | $ 131,127 |
Basic earnings per share | $ 0.65 | $ 0.24 | $ 0.79 |
Basic weighted average number of common shares outstanding | 200,252 | 182,196 | 166,628 |
Diluted earnings per share | $ 0.64 | $ 0.22 | $ 0.75 |
Diluted weighted average number of common and common equivalent shares outstanding | 205,793 | 190,896 | 174,662 |
Net income | $ 130,996 | $ 42,862 | $ 131,127 |
Other comprehensive loss, net of tax: | |||
Foreign currency exchange translation adjustment | (55,903) | (68,049) | (45,495) |
Total comprehensive loss, net of tax | (55,903) | (68,049) | (45,495) |
Comprehensive income (loss) | $ 75,093 | $ (25,187) | $ 85,632 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities: | |||
Net income | $ 130,996 | $ 42,862 | $ 131,127 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 228,683 | 150,834 | 99,831 |
Stock-based compensation expense | 50,564 | 44,079 | 11,483 |
Income tax benefit related to exercise of stock options | (46,207) | (32,960) | (15,454) |
Amortization and write-offs of loan origination costs | 10,680 | 8,126 | 5,839 |
Loss on extinguishment of debt | 3,954 | ||
Loss on sale or disposition of property and equipment | 162 | 336 | 687 |
Deferred income taxes | (47,836) | (39,806) | (13,583) |
Provision for doubtful accounts | 3,486 | 1,137 | 610 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | |||
Accounts receivable | (10,850) | (12,160) | 3,902 |
Prepaid expenses and other current assets | (2,844) | (6,019) | (6,419) |
Accounts payable | (1,300) | (5,586) | 1,525 |
Accrued expenses | 20,679 | 4,073 | 10,140 |
Income taxes prepaid and payable | 65,117 | 11,514 | 21,560 |
Deferred revenue | 17,077 | 60,240 | 1,284 |
Net cash provided by operating activities | 418,407 | 230,624 | 252,532 |
Cash flow from investing activities: | |||
Additions to property and equipment | (27,926) | (13,600) | (15,040) |
Proceeds from sale of property and equipment | 71 | 64 | 42 |
Cash paid for business acquisitions, net of cash acquired (Note 11) | (457,511) | (2,730,956) | (86,911) |
Additions to capitalized software | (9,621) | (4,273) | (3,517) |
Purchase of long-term investment | (1,000) | ||
Net changes in restricted cash | 700 | 453 | 983 |
Net cash used in investing activities | (495,287) | (2,748,312) | (104,443) |
Cash flow from financing activities: | |||
Cash received from debt borrowings, net of original issue discount | 120,000 | 3,068,075 | 75,000 |
Repayments of debt | (383,436) | (903,448) | (212,000) |
Proceeds from exercise of stock options | 39,239 | 30,092 | 24,110 |
Withholding taxes related to equity award net share settlement | (7,430) | (6,939) | |
Payment of contingent consideration | (500) | ||
Income tax benefit related to exercise of stock options | 46,207 | 32,960 | 15,454 |
Proceeds from common stock issuance, net | 717,802 | ||
Purchase of common stock for treasury | (15) | (11,223) | |
Payment of fees related to refinancing activities | (519) | (46,025) | (512) |
Dividends paid on common stock | (50,140) | (45,451) | (10,494) |
Net cash (used in) provided by financing activities | (236,094) | 2,847,066 | (120,165) |
Effect of exchange rate changes on cash and cash equivalents | (3,627) | (4,796) | (2,817) |
Net (decrease) increase in cash and cash equivalents | (316,601) | 324,582 | 25,107 |
Cash and cash equivalents, beginning of period | 434,159 | 109,577 | 84,470 |
Cash and cash equivalents, end of period | 117,558 | 434,159 | 109,577 |
Supplemental disclosure of cash paid for: | |||
Interest | 126,693 | 42,221 | 21,330 |
Income taxes, net of refunds | $ 8,809 | $ 42,210 | $ 33,414 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Class A Non-Voting Common Stock [Member] |
Beginning balance at Dec. 31, 2013 | $ 1,231,708 | $ 1,608 | $ 913,012 | $ 293,449 | $ 30,374 | $ (6,762) | $ 27 |
Beginning balance, shares at Dec. 31, 2013 | 160,956,000 | 2,704,000 | |||||
Net income | 131,127 | 131,127 | |||||
Foreign exchange translation adjustment | (45,495) | (45,495) | |||||
Stock-based compensation expense | 11,483 | 11,483 | |||||
Exercise of options | 24,110 | $ 36 | 24,074 | ||||
Exercise of options, shares | 3,580,000 | ||||||
Income tax benefit related to exercise of stock options | 15,454 | 15,454 | |||||
Cash dividends declared - [$-value] per share (Note 4) | (10,494) | (10,494) | |||||
Purchase of common stock | (11,223) | (11,223) | |||||
Ending balance at Dec. 31, 2014 | 1,346,670 | $ 1,644 | 964,023 | 414,082 | (15,121) | (17,985) | $ 27 |
Ending balance, shares at Dec. 31, 2014 | 164,536,000 | 2,704,000 | |||||
Net income | 42,862 | 42,862 | |||||
Foreign exchange translation adjustment | (68,049) | (68,049) | |||||
Stock-based compensation expense | 43,746 | 43,746 | |||||
Exercise of options | 23,153 | $ 44 | 23,109 | ||||
Exercise of options, shares | 4,414,000 | ||||||
Non-cash purchase price consideration (Note 11) | 11,753 | 11,753 | |||||
Income tax benefit related to exercise of stock options | 32,960 | 32,960 | |||||
Cash dividends declared - [$-value] per share (Note 4) | (45,451) | (45,451) | |||||
Issuance of common stock | 717,802 | $ 244 | 717,558 | ||||
Issuance of common stock, shares | 24,154,000 | ||||||
Ending balance at Dec. 31, 2015 | $ 2,105,446 | $ 1,932 | 1,793,149 | 411,493 | (83,170) | (17,985) | $ 27 |
Ending balance, shares at Dec. 31, 2015 | 193,104,452 | 193,104,000 | 2,703,846 | ||||
Net income | $ 130,996 | 130,996 | |||||
Foreign exchange translation adjustment | (55,903) | (55,903) | |||||
Stock-based compensation expense | 50,178 | 50,178 | |||||
Exercise of options | 31,809 | $ 60 | 31,749 | ||||
Exercise of options, shares | 6,104,000 | ||||||
Conversion of Class A common stock | $ 54 | (27) | $ (27) | ||||
Conversion of Class A common stock, shares | 5,408,000 | (2,704,000) | |||||
Income tax benefit related to exercise of stock options | 46,207 | 46,207 | |||||
Cash dividends declared - [$-value] per share (Note 4) | (50,140) | (50,140) | |||||
Purchase of common stock | (15) | (15) | |||||
Ending balance at Dec. 31, 2016 | $ 2,258,578 | $ 2,046 | $ 1,921,256 | $ 492,349 | $ (139,073) | $ (18,000) | |
Ending balance, shares at Dec. 31, 2016 | 204,616,054 | 204,616,000 | 0 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends declared per share | $ 0.25 | $ 0.25 | $ 0.0625 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1—Organization The Company provides software products and software-enabled services to the financial services industry, primarily in North America. The Company also has operations in Europe, Asia, Australia and Africa. The Company’s portfolio of approximately 90 products and software-enabled services allows its clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, performance measurement, reconciliation, reporting, processing and clearing. The Company provides its products and related services in eight vertical markets in the financial services industry: 1. Alternative investments; 2. Insurance and pension funds; 3. Asset and wealth management; 4. Financial institutions; 5. Commercial lenders; 6. Real estate property management; 7. Municipal finance; and 8. Financial markets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Use of Estimates The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, collectability of accounts receivable, costs to complete certain contracts, valuation of acquired assets and liabilities, valuation of stock options, income tax accruals and the value of deferred tax assets. Estimates are also used to determine the remaining economic lives and carrying value of fixed assets, goodwill and intangible assets. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Unconsolidated investments in entities over which the Company does not have control but has the ability to exercise influence over operating and financial policies, if any, are accounted for under the equity method of accounting. Earnings and losses from such investments are recorded on a pre-tax basis, if any. Revenue Recognition The Company’s payment terms for software licenses typically require that the total fee be paid upon signing of the contract. Maintenance services are typically due in full at the beginning of the maintenance period. Professional services and software-enabled services are typically due and payable monthly in arrears. Normally, the Company’s arrangements do not provide for any refund rights, and payments are not contingent on specific milestones or customer acceptance conditions. For arrangements that do contain such provisions, the Company defers revenue until the rights or conditions have expired or have been met. Unbilled accounts receivable primarily relates to professional services and software-enabled services revenue that has been earned as of month end but is not invoiced until the subsequent month, and to software license revenue that has been earned and is realizable but not invoiced to clients until future dates specified in the client contract. Deferred revenue consists of billings or payments received related to product delivery, maintenance and other services, which have been paid by customers prior to the recognition of revenue. Deferred revenue relates primarily to cash received for maintenance contracts in advance of services being performed over the contractual term. Software-enabled Services Revenue The Company primarily offers software-enabled outsourcing services in which the Company utilizes its own software to offer comprehensive fund administration services for alternative investment managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting. The Company also offers subscription-based on-demand software applications that are managed and hosted at the Company’s facilities. The software-enabled services arrangements provide an alternative for clients who do not wish to install, run and maintain complicated financial software. Under these arrangements, the client does not have the right to take possession of the software, rather, the Company agrees to provide access to its applications, remote use of its equipment to process transactions, access to client’s data stored on its equipment, and connectivity between its environment and the client’s computing systems. Software-enabled services are generally provided under non-cancelable contracts with initial terms of one to five years that require monthly or quarterly payments, and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. The Company recognizes software-enabled services revenues on a monthly basis as the software-enabled services are provided and when pervasive evidence of an arrangement exists, the price is fixed or determinable and collectability is reasonably assured. The Company does not recognize any revenue before services are performed. Certain contracts contain additional fees for increases in market value, pricing and trading activity. Revenues related to these additional fees are recognized in the month in which the activity occurs based upon the Company’s summarization of account information and trading volume. Maintenance and Term Licenses Revenue Agreements Maintenance agreements generally require the Company to provide technical support and software updates (on a when-and-if-available basis) to its clients. Such services are generally provided under one-year renewable contracts. Maintenance revenues are recognized ratably over the term of the maintenance agreement. The Company also sells term licenses ranging from one to seven years, many of which include bundled maintenance services. For those arrangements with bundled maintenance services, vendor-specific objective evidence (“VSOE”) does not exist for the maintenance element and therefore the total fee is recognized ratably over the contractual term of the arrangement. Perpetual Licenses Revenue The Company follows the principles of accounting standards relating to software revenue recognition, which provide guidance on applying GAAP in recognizing revenue on software transactions. Accounting standards require that revenue recognized from software transactions be allocated to each element of the transaction based on the relative fair values of the elements, such as software products, specified upgrades, enhancements, post-contract client support, installation or training. The determination of fair value is based upon VSOE. The Company recognizes perpetual licenses revenues allocated to software products and enhancements generally upon delivery of each of the related products or enhancements, assuming all other revenue recognition criteria are met. In the rare occasion that a perpetual license agreement includes the right to a specified upgrade or product, the Company defers all revenues under the arrangement until the specified upgrade or product is delivered, since typically VSOE does not exist to support the fair value of the specified upgrade or product. The Company generally recognizes revenue from sales of software or products including proprietary software upon product shipment and receipt of a signed contract, provided that collection is probable and all other revenue recognition criteria are met. The Company sells perpetual software licenses in conjunction with professional services for installation and maintenance. For these arrangements, the total contract value is attributed first to the maintenance arrangement based on its fair value, which is derived from stated renewal rates. The contract value is then attributed to professional services based on estimated fair value, which is derived from the rates charged for similar services provided on a stand-alone basis. The Company’s software license agreements generally do not require significant modification or customization of the underlying software, and, accordingly, implementation services provided by the Company are not considered essential to the functionality of the software. The remainder of the total contract value is then attributed to the software license based on the residual method. The Company occasionally enters into license agreements requiring significant customization of the Company’s software. The Company accounts for the license fees under these agreements on the percentage-of-completion basis. This method requires estimates to be made for costs to complete the agreement utilizing an estimate of development man-hours remaining. Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis, and are made in the period in which such losses are first estimated or determined. Professional Services Revenue The Company provides consulting and training services to its clients. Revenues for such services are generally recognized over the period during which the services are performed. The Company typically charges for professional services on a time-and-materials basis. However, some contracts are for a fixed fee. For the fixed-fee arrangements, an estimate is made of the total hours expected to be incurred to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Revenues are recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Research and Development Research and development costs associated with computer software are charged to expense as incurred. Capitalization of internally developed computer software costs begins upon the establishment of technological feasibility based on a working model. Net capitalized software costs of $8.8 million and $4.7 million are included in the December 31, 2016 and 2015 Consolidated Balance Sheets, respectively, under “Intangible and other assets”. The Company’s policy is to amortize these costs upon a product’s general release to the client. Amortization of capitalized software costs is calculated by the greater of (a) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or (b) the straight-line method over the remaining estimated economic life of the product, including the period being reported on, typically two to five years. It is reasonably possible that those estimates of anticipated future gross revenues, the remaining estimated economic life of the product, or both could be reduced significantly due to competitive pressures. Amortization expense related to capitalized software development costs was $3.5 million, $2.4 million, and $1.8 million for each of the years ended December 31, 2016, 2015, and 2014, respectively. Stock-based Compensation Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options, expected volatility of the Company’s stock price, and the number of awards expected to be forfeited. Differences between actual results and these estimates could have a material effect on the Company’s financial results. A deferred income tax asset is recorded over the vesting period as stock compensation expense is recorded for non-qualified option awards. The realizability of the deferred tax asset is ultimately based on the actual value of the stock-based award upon exercise. If the actual value is lower than the fair value determined on the date of grant, then there could be an income tax expense for the portion of the deferred tax asset that is not realizable. Income Taxes The Company accounts for income taxes in accordance with the relevant accounting literature. An asset and liability approach is used to recognize deferred tax assets and liabilities for the future tax consequences of items that are recognized in the Company’s financial statements and tax returns in different years. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company accounts for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. Cash and Cash Equivalents The Company considers all highly liquid marketable securities with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company did not hold any cash equivalents at December 31, 2016. The Company held $303.1 million in cash equivalents at December 31, 2015. Restricted Cash Restricted cash includes monies held by a bank as security for letters of credit issued due to lease requirements for office space. The letters of credit are expected to be renewed within the next twelve months, and as such, the restricted cash is classified as a current asset on the Consolidated Balance Sheets. Additionally, movements of restricted cash are included in other investing activities on the Consolidated Statements of Cash Flows. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: Description Useful Life Land — Buildings and improvements 40 years Equipment and software 3-5 years Furniture and fixtures 7-10 years Leasehold improvements Shorter of lease term or estimated useful life Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $23.7 million, $18.9 million and $14.3 million, respectively. Maintenance and repairs are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is included in other income (expense), net. Goodwill and Intangible Assets The Company tests goodwill annually for impairment as of December 31st (and in interim periods if certain events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount). The Company has completed the required impairment tests for goodwill and has determined that no impairment existed as of December 31, 2016 or 2015. The first step of the impairment analysis, which is based on the Company’s reporting unit structure, indicated that the fair value significantly exceeded the carrying value at December 31, 2016. There were no other indefinite-lived intangible assets as of December 31, 2016 or 2015. The following table summarizes changes in goodwill (in thousands): Balance at December 31, 2014 $ 1,573,227 2015 acquisitions 2,031,451 Adjustments to prior acquisitions (67 ) Effect of foreign currency translation (55,399 ) Balance at December 31, 2015 $ 3,549,212 2016 acquisitions 148,235 Adjustments to prior acquisitions (4,787 ) Effect of foreign currency translation (39,927 ) Balance at December 31, 2016 $ 3,652,733 Customer relationships, completed technology, trade names and other identifiable intangible assets are amortized over lives ranging from three to 17 years based on the ratio that current cash flows for the intangible asset bear to the total of current and expected future cash flows for the intangible asset. Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $201.5 million, $129.5 million and $83.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. A summary of the components of intangible assets is as follows (in thousands): December 31, 2016 2015 Customer relationships $ 1,645,515 $ 1,459,550 Completed technology 545,273 497,030 Trade names 60,128 61,573 Other 2,709 2,680 Total intangible assets 2,253,625 2,020,833 Less: accumulated amortization (720,930 ) (530,792 ) Total intangible assets, net $ 1,532,695 $ 1,490,041 Total estimated amortization expense, related to intangible assets, for each of the next five years, as of December 31, 2016, is expected to approximate (in thousands): Year Ending December 31, 2017 $ 204,812 2018 208,746 2019 191,072 2020 172,427 2021 133,792 Total $ 910,849 Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets when there is evidence that events or changes in circumstances have made recovery of the assets’ carrying value unlikely. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. The Company has identified no such impairment losses in the years ended December 31, 2016 and 2015. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, cash equivalents, marketable securities, and trade receivables. The Company has cash investment policies that limit investments to investment grade securities. Concentrations of credit risk, with respect to trade receivables, are limited due to the fact that the Company’s client base is highly diversified. As of December 31, 2016 and 2015, the Company had no significant concentrations of credit. International Operations and Foreign Currency The functional currency of each foreign subsidiary is generally the local currency. Accordingly, assets and liabilities of foreign subsidiaries are translated to U.S. dollars at period-end exchange rates, and capital stock accounts are translated at historical rates. Revenues and expenses are translated using the average rates during the period. The resulting translation adjustments are excluded from net earnings and accumulated as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included within other income (expense) in the Consolidated Statements of Comprehensive Income (Loss) in the periods in which they occur. Comprehensive Income (Loss) Items defined as comprehensive income (loss), such as foreign currency translation adjustments, are separately classified in the Consolidated Financial Statements. The accumulated balance of other comprehensive income (loss) is reported separately from retained earnings and additional paid-in capital in the equity section of the Consolidated Balance Sheets. Total comprehensive income (loss) consists of net income (loss) and other accumulated comprehensive income (loss) disclosed in the equity section of the Consolidated Balance Sheets. Treasury Stock Treasury stock purchases are accounted for under the cost method and are included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Under the cost method, the price paid for the stock is charged to the treasury stock account. Basic and Diluted Earnings per Share Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options, stock appreciation rights (“SARs”) and 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 computation of basic and diluted EPS (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Net income $ 130,996 $ 42,862 $ 131,127 Shares: Weighted average common shares outstanding — used in calculation of basic EPS 200,252 182,196 166,628 Weighted average common stock equivalents — options and restricted shares 5,541 8,700 8,034 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 205,793 190,896 174,662 Earnings per share - Basic $ 0.65 $ 0.24 $ 0.79 Earnings per share - Diluted $ 0.64 $ 0.22 $ 0.75 Weighted average stock options, SARs, RSUs and RSAs representing 14,094,402, 7,001,656 and 3,683,680 shares were outstanding for the years ended December 31, 2016, 2015 and 2014, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Statement of Cash Flows: Restricted Cash In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) recognize the majority of the Company’s operating lease commitments as operating lease liabilities and right-of-use assets upon adoption, which will result in a material increase in the assets and liabilities recorded on the Company’s Consolidated Balance Sheet. The Company is continuing its assessment, which may identify additional impacts this ASU will have on the Company’s Consolidated Financial Statements and related disclosures and internal controls over financial reporting. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Subsequent to the issuance of ASU 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 The new revenue standard is expected to change the revenue recognition practices for the Company’s perpetual and term software license arrangements. More specifically, the Company does not expect that the license component of the Company’s term license arrangements will be recognized ratably over the contractual term. The Company continues to evaluate the implications of the standard change. The Company intends to adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach . |
Accounts Receivable, net
Accounts Receivable, net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable, net | Note 3—Accounts Receivable, net Accounts receivable are as follows (in thousands): December 31, 2016 2015 Accounts receivable $ 172,642 $ 130,394 Unbilled accounts receivable 74,609 42,514 Allowance for doubtful accounts (5,944 ) (2,957 ) Total accounts receivable, net $ 241,307 $ 169,951 The following table represents the activity for the allowance for doubtful accounts during the years ended December 31, 2016, 2015 and 2014 (in thousands): Year Ended December 31, Allowance for Doubtful Accounts: 2016 2015 2014 Balance at beginning of period $ 2,957 $ 2,241 $ 2,500 Charge to costs and expenses 3,486 1,137 610 Write-offs, net of recoveries (390 ) (273 ) (785 ) Other adjustments (109 ) (148 ) (84 ) Balance at end of period $ 5,944 $ 2,957 $ 2,241 Management establishes the allowance for doubtful accounts based on historical bad debt experience. In addition, management analyzes client accounts, client concentrations, client creditworthiness, current economic trends and changes in the client’s payment terms when evaluating the adequacy of the allowance for doubtful accounts. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Note 4—Stockholders’ Equity Two-for-one Stock Split. 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. 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 5,407,692 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. Public offering. In June 2015, the Company completed a public offering of its common stock. The offering included 24,150,000 newly issued shares of common stock sold by the Company (including 3,150,000 shares of common stock sold pursuant to the underwriters’ option to purchase additional shares) at an offering price of $30.75 per share for which the Company received total net proceeds of approximately $717.8 million. Authorized shares. In March 2015, the Company’s stockholders approved an increase in the number of authorized shares of the Company’s common stock from 200,000,000 shares to 400,000,000 shares. Dividends. In 2016, the Company paid quarterly cash dividends of $0.0625 per share of common stock on March 15, 2016, June 15, 2016, September 15, 2016 and December 15, 2016 to stockholders of record as of the close of business on March 7, 2016, June 1, 2016, September 1, 2016 and December 1, 2016, respectively, totaling $50.1 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 and December 15, 2015 to stockholders of record as of the close of business on March 2, 2015, June 1, 2015, September 1, 2015 and December 1, 2015, respectively, totaling $45.5 million. Stock repurchase program. In November 2014, the Company’s Board of Directors authorized the continued repurchase of up to $200 million of the Company’s common stock on the open market or in privately negotiated transactions. Under the repurchase programs, the Company purchased a total of 549,452 shares for approximately $11.2 million during the year ended December 31, 2014. There were no repurchases in 2015 under the repurchase program, which expired in November 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5—Income Taxes The sources of income before income taxes were as follows (in thousands): Year Ended December 31, 2016 2015 2014 U.S. $ 68,222 $ 15,897 $ 124,032 Foreign 95,394 44,945 53,622 Income before income taxes $ 163,616 $ 60,842 $ 177,654 The income tax provision consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 47,588 $ 36,345 $ 36,205 Foreign 18,953 15,204 13,603 State 13,915 6,237 10,302 Total 80,456 57,786 60,110 Deferred: Federal (38,571 ) (25,083 ) (9,697 ) Foreign (4,148 ) (9,367 ) (5,318 ) State (5,117 ) (5,356 ) 1,432 Total (47,836 ) (39,806 ) (13,583 ) Total $ 32,620 $ 17,980 $ 46,527 The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 35% to income before income taxes as follows (in thousands): Year Ended December 31, 2016 2015 2014 Computed “expected” tax expense $ 57,265 $ 21,295 $ 62,179 Increase (decrease) in income tax expense resulting from: State income taxes (net of federal income tax benefit) 5,674 2,656 7,217 Foreign operations (33,614 ) (11,281 ) (26,232 ) Rate change impact on tax liabilities — (1,021 ) — Effect of valuation allowance 2,076 3,242 1,351 Uncertain tax positions 6,515 3,903 3,933 Tax credits (3,748 ) (3,493 ) (993 ) Non-deductible transaction costs — 2,354 — Other (1,548 ) 325 (928 ) Provision for income taxes $ 32,620 $ 17,980 $ 46,527 The components of deferred income taxes at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Net operating loss carryforwards $ 34,666 $ — $ 23,249 $ — Deferred compensation 26,196 — 23,625 — Tax credit carryforwards 21,905 — 31,257 — Accrued expenses 8,478 — 9,589 — Other 1,699 — 773 — Impaired investment interest 810 — 846 — Customer relationships — 351,448 — 390,348 Acquired technology — 100,691 — 125,022 Other intangible assets — 38,728 — 26,520 Trade names — 10,404 — 12,379 Unremitted foreign earnings — 6,111 — 5,502 Deferred revenue — 3,166 — 20,689 Property and equipment — 2,989 1,766 — Total 93,754 513,537 91,105 580,460 Valuation allowance (31,362 ) — (18,020 ) — Total $ 62,392 $ 513,537 $ 73,085 $ 580,460 At December 31, 2016 and 2015, the Company had accrued a deferred income tax liability of $6.1 million and $5.5 million, respectively, on unremitted earnings of its Canadian subsidiary. At December 31, 2016, the Company had not accrued a deferred income tax liability of approximately $2.9 million on unremitted earnings of $77.6 million that are permanently reinvested in its other foreign subsidiaries. It is not practicable to estimate the amount of foreign tax credits that would be available to offset the $2.9 million tax liability due to complexities surrounding the foreign tax credit. At December 31, 2016, the Company had domestic state net operating loss carryforwards of $57.6 million, which will begin to expire in 2020. At December 31, 2016, the Company had foreign net operating loss carryforwards of $123.0 million, of which $122.2 million can be carried forward indefinitely. The remaining $0.8 million will begin to expire in 2017. At December 31, 2016, the Company had tax credit carryforwards of $21.9 million relating to domestic and foreign jurisdictions, of which $19.4 million relate to domestic tax credits that are expected to be utilized before they begin to expire in 2017, $1.3 million relate to domestic tax credits that are not expected to be utilized before they begin to expire in 2022 and $1.2 million relate to minimum alternative tax credit carryforwards at the Company’s India operations, of which $1.1 million are expected to be utilized before they begin to expire in 2020. The Company has recorded valuation allowances of $31.4 million at December 31, 2016 related to certain foreign net operating loss carryforwards and tax credit carryforwards and $18.0 million at December 31, 2015 related to certain foreign net operating loss carryforwards and tax credit carryforwards. Of the $31.4 million valuation allowance recorded at December 31, 2016, $29.8 million relates to foreign net operating losses that do not expire. The change in the valuation allowance from 2015 to 2016 is primarily due to a valuation allowance recorded on foreign net operating losses generated in 2016. The following table summarizes the activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2016 and 2015 (in thousands): Balance at December 31, 2014 $ 15,657 Increases related to current year tax positions 4,880 Increases related to prior tax positions 1,179 Increases related to acquired tax positions 37,456 Settlements (2,883 ) Lapse in statute of limitation (60 ) Foreign exchange translation adjustment (489 ) Balance at December 31, 2015 55,740 Increases related to current year tax positions 7,567 Increases related to prior tax positions 4,896 Increases related to acquired tax positions 453 Lapse in statute of limitation (5,629 ) Foreign exchange translation adjustment (39 ) Balance at December 31, 2016 $ 62,988 The Company accrued potential penalties and interest on the unrecognized tax benefits of $(0.3) million and $0.8 million during 2016 and 2015, respectively, and has recorded a total liability for potential penalties and interest, including penalties and interest related to acquired unrecognized tax benefits, of $3.1 million and $3.5 million at December 31, 2016 and 2015, respectively. The Company’s unrecognized tax benefits increased significantly from 2014 to 2015 due to positions taken on tax returns of acquired companies. The Company’s unrecognized tax benefits increased from 2015 to 2016 due to increases related to current and prior tax positions, offset partially by a lapse in the statute of limitations for certain domestic tax filings. The Company believes it is reasonably possible that the amount of unrecognized tax benefits could decrease by $2.7 million due to the closure of tax statutes within the next 12 months. The Company’s unrecognized tax benefits as of December 31, 2016 relate to domestic and foreign taxing jurisdictions and are recorded in other long-term liabilities on the Company’s Consolidated Balance Sheet at December 31, 2016. The Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as the U.S., Canada, United Kingdom, India, California, Connecticut and New York. In these major jurisdictions, the Company is no longer subject to examination by tax authorities prior to tax years ending 2009, 2012, 2013, 2014, 2001, 2012 and 2011, respectively. The Company’s U.S. federal income tax returns are currently under audit for the tax periods ended December 31, 2009 through 2013. The Company’s California state income tax returns are currently under audit for the tax periods ended December 31, 2001 through 2007 and December 31, 2012 through 2013. The Company’s New York state income tax returns are currently under audit for the tax periods ended December 31, 2011 through 2014. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 6—Debt At December 31, 2016 and 2015, debt consisted of the following (in thousands): December 31, 2016 2015 Senior secured credit facilities, weighted-average interest rate of 3.94% and 3.94%, respectively $ 1,865,625 $ 2,220,000 5.875% senior notes due 2023 600,000 600,000 Senior secured credit facilities revolving portion, weighted- average interest rate of 3.50% 94,000 — Unamortized original issue discount and debt issuance costs (58,495 ) (68,649 ) 2,501,130 2,751,351 Less current portion of long-term debt 126,144 32,281 Long-term debt $ 2,374,986 $ 2,719,070 Senior Secured Credit Facilities On July 8, 2015, in connection with its acquisition of Advent Software, Inc. (“Advent”), the Company entered into a credit agreement with SS&C, SS&C European Holdings S.A.R.L., an indirect wholly-owned subsidiary of SS&C (“SS&C Sarl”) and SS&C Technologies Holdings Europe S.A.R.L., an indirect wholly-owned subsidiary of SS&C (“SS&C Tech Sarl”) as the borrowers (“Credit Agreement”). The Credit Agreement has four tranches of term loans (together the “Term Loans”): (i) a $98 million term A-1 facility with a five year term for borrowings by SS&C Sarl (“Term A-1 Loan”); (ii) a $152 million term A-2 facility with a five year term for borrowings by SS&C Tech Sarl (“Term A-2 Loan”); (iii) a $1.82 billion term B-1 facility with a seven year term for borrowings by SS&C (“Term B-1 Loan”); and (iv) a $410 million term B-2 facility with a seven year term for borrowings by SS&C Sarl (“Term B-2 Loan”). In addition, the Credit Agreement has a revolving credit facility with a five year term available for borrowings by SS&C with $150 million in available commitments (“Revolving Credit Facility”), of which $94.0 million was drawn as of December 31, 2016. No amount was drawn on the Revolving Credit Facility as of December 31, 2015. The Revolving Credit Facility also contains a $25 million letter of credit sub-facility, of which $0.6 million was drawn as of December 31, 2016. No amount was drawn on the letter of credit sub-facility as of December 31, 2015. The Term Loans and Revolving Credit Facility bear interest, at the election of the borrowers, at the base rate (as defined in the Credit Agreement) or LIBOR, plus the applicable interest rate margin for the credit facility. The Term A-1 Loan, Term A-2 Loan and the Revolving Credit Facility initially bear interest at either LIBOR plus 2.75% or at the base rate plus 1.75%, and are subject to a step-down at any time SS&C’s consolidated net senior secured leverage ratio is less than 3.0 times, to 2.50% in the case of the LIBOR margin and 1.50% in the case of the base rate margin. The Term B-1 Loan and Term B-2 Loan initially bear interest at either LIBOR plus 3.25%, with LIBOR subject to a 0.75% floor, or at the base rate plus 2.25%, and are subject to a step-down at any time SS&C’s consolidated net leverage ratio is less than 4.0 times, to 3.00% in the case of the LIBOR margin and 2.00% in the case of the base rate margin. A portion of the initial proceeds from the Term Loans was used to satisfy the consideration required to fund the acquisition of Advent and to repay all amounts outstanding under the Company’s then-existing credit facility (“Prior Facility”), which was subsequently terminated. At the time of the termination of the Prior Facility, all liens and other security interests that SS&C had granted to the lenders under the Prior Facility were released. The refinancing of the Prior Facility was evaluated in accordance with FASB Accounting Standards Codification 470-50, Debt-Modifications and Extinguishments Loss on extinguishment of debt The Company is required to make scheduled quarterly payments of 0.25% of the original principal amount of the Term B-1 Loan and Term B-2 Loan, with the balance due and payable on the seventh anniversary of its incurrence. The Company is required to make scheduled quarterly payments of 1.25% of the original principal amount of the Term A-1 Loan and Term A-2 Loan until September 30, 2017 and quarterly payments of 2.50% of the original principal amount of the Term A-1 Loan and Term A-2 Loan from December 31, 2017 until June 30, 2020 with the balance due and payable on the fifth anniversary of the incurrence thereof. No amortization is required under the Revolving Credit Facility. The Company’s obligations under the Term Loans are guaranteed by (i) Holdings and each of its existing and future U.S. wholly-owned restricted subsidiaries, in the case of the Term B-1 Loan and the Revolving Credit Facility and (ii) Holdings, SS&C and each of its existing and future wholly-owned restricted subsidiaries, in the case of the Term A-1 Loan, the Term A-2 Loan and the Term B-2 Loan. The obligations of the U.S. loan parties under the Credit Agreement are secured by substantially all of the assets of such persons (subject to customary exceptions and limitations), including a pledge of all of the capital stock of substantially all of the U.S. wholly-owned restricted subsidiaries of such persons (with customary exceptions and limitations) and 65% of the capital stock of certain foreign restricted subsidiaries of such persons (with customary exceptions and limitations). All obligations of the non-U.S. loan parties under the Credit Agreement are secured by substantially all of Holdings’ and the other guarantors’ assets (subject to customary exceptions and limitations), including a pledge of all of the capital stock of substantially all of Holdings’ wholly-owned restricted subsidiaries (with customary exceptions and limitations). The Credit Agreement includes negative covenants that, among other things and subject to certain thresholds and exceptions, limit the Company’s ability and the ability of its restricted subsidiaries to incur debt or liens, make investments (including in the form of loans and acquisitions), merge, liquidate or dissolve, sell property and assets, including capital stock of its subsidiaries, pay dividends on its capital stock or redeem, repurchase or retire its capital stock, alter the business the Company conducts, amend, prepay, redeem or purchase subordinated debt, or engage in transactions with its affiliates. The Credit Agreement also contains customary representations and warranties, affirmative covenants and events of default, subject to customary thresholds and exceptions. In addition, the Credit Agreement contains a financial covenant for the benefit of the Revolving Credit Facility as well as the Term A-1 Loan and the Term A-2 Loan, requiring the Company to maintain a consolidated net senior secured leverage ratio. In addition, under the Credit Agreement, certain defaults under agreements governing other material indebtedness could result in an event of default under the Credit Agreement, in which case the lenders could elect to accelerate payments under the Credit Agreement and terminate any commitments they have to provide future borrowings. As of December 31, 2016, the Company was in compliance with the financial and non-financial covenants. Senior Notes On July 8, 2015, in connection with the acquisition of Advent, the Company issued $600.0 million aggregate principal amount of 5.875% Senior Notes due 2023 (“Senior Notes”). The Senior Notes are guaranteed by SS&C and each of the Company’s wholly-owned domestic subsidiaries that borrows or guarantees obligations under the Credit Agreement. The guarantees are full and unconditional and joint and several. The Senior Notes are unsecured senior obligations that are equal in right of payments to all existing and future senior debt, including the Credit Agreement. On April 20, 2016, the Company commenced an offer to exchange for the Senior Notes, new notes identical in all material respects to the Senior Notes, except that the new notes have been registered under the Securities Act of 1933. The exchange offer expired on May 18, 2016 and 100% of the Senior Notes were exchanged for the new notes. At any time after July 15, 2018, the Company may redeem some or all of the Senior Notes, in whole or in part, at the redemption prices set forth in the indenture governing the Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before July 15, 2018, the Company may to redeem up to 35% of the aggregate principal amount of the Senior Notes at a redemption price equal to 105.875% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. The indenture governing the Senior Notes contains a number of covenants that restrict, subject to certain thresholds and exceptions, the Company’s ability and the ability of its restricted subsidiaries to incur debt or liens, make certain investments, pay dividends, repurchase or redeem subordinated debt, dispose of certain assets, engage in mergers or acquisitions or engage in transactions with its affiliates. Any event of default under the Credit Agreement that leads to an acceleration of those amounts due also results in a default under the indenture governing the Senior Notes. As of December 31, 2016, there were $600.0 million in principal amount of Senior Notes outstanding. Debt issuance costs In connection with the Credit Agreement and the Senior Notes, the Company capitalized an aggregate of $45.8 million in financing costs. Capitalized financing costs of $8.5 million, $6.4 million and $4.4 million were amortized to interest expense in the years ended December 31, 2016, 2015 and 2014, respectively, and the Company amortized to interest expense $2.2 million, $1.8 million and $1.4 million of the original issue discount associated with the Credit Agreement and Prior Facility for the years ended December 31, 2016, 2015 and 2014, respectively. The unamortized balance of capitalized financing costs is included in long-term debt in the Company’s Consolidated Balance Sheets. Loss on extinguishment of debt The Company recorded a $30.4 million loss on extinguishment of debt in 2015 in connection with the repayment and termination of its Prior Facility. The loss on early extinguishment of debt includes the write-off of a portion of the unamortized capitalized financing costs and the unamortized original issue discounts related to the Prior Facility for amounts accounted for as a debt extinguishment, as well as a portion of the financing costs related to the Credit Agreement for amounts accounted for as a debt modification. Future maturities of debt At December 31, 2016, annual maturities of long-term debt during the next five years and thereafter are as follows (in thousands): Year ending December 31, 2017 $ 126,144 2018 41,519 2019 41,519 2020 185,269 2021 and thereafter 2,165,174 Total $ 2,559,625 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7—Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The authoritative guidance relating to fair value measurements and disclosure establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. ● Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. As of December 31, 2016 and 2015, the Company did not have any significant nonfinancial assets and nonfinancial liabilities that are measured at fair value on a non-recurring basis. Recurring Fair Value Measurements The Company did not have any material financial assets or liabilities that were measured at fair value as of December 31, 2016 and 2015. Fair value of debt The carrying amounts and fair values of financial instruments are as follows (in thousands): December 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 1,865,625 $ 1,887,043 $ 2,220,000 $ 2,202,105 5.875% senior notes due 2023 600,000 619,500 600,000 616,500 Senior secured credit facilities, revolving portion 94,000 93,883 — — 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Note 8—Leases The Company is obligated under noncancelable operating leases for office space and office equipment. Total rental expense was $33.3 million, $24.4 million and $16.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. The lease for the corporate facility in Windsor, Connecticut expires in 2022. Future minimum lease payments under the Company’s operating leases, excluding future sublease income, as of December 31, 2016, are as follows (in thousands): Year Ending December 31, 2017 $ 41,209 2018 45,443 2019 35,957 2020 33,029 2021 and thereafter 227,425 Total $ 383,063 The Company subleases office space to other parties under noncancelable leases. The Company received rental income under these leases of $1.3 million, $0.2 million and $0.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. Future minimum lease receipts under these leases as of December 31, 2016 are as follows (in thousands): Year Ending December 31, 2017 $ 5,438 2018 5,478 2019 5,092 2020 5,217 2021 and thereafter 19,965 Total $ 41,190 |
Defined Contribution Plans
Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plans | Note 9—Defined Contribution Plans The Company has a 401(k) Retirement Plan (the “Plan”) that covers substantially all domestic employees. Each employee may elect to contribute to the Plan, through payroll deductions, up to 50% of his or her cash compensation, subject to certain limitations. The Plan provides for a Company match of employees’ contributions in an amount equal to 50% of an employee’s contributions up to $4,000 per year. Company matching contributions are subject to a four year graduated vesting schedule. The Company offers employees a selection of various public mutual funds and several other investment options through a brokerage account but does not include Company common stock as an investment option in its Plan. During the years ended December 31, 2016, 2015 and 2014, the Company incurred $9.2 million, $5.8 million and $4.1 million, respectively, of matching contribution expenses related to the Plan. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | Note 10—Stock-based Compensation In February 2016, the Company’s Board of Directors adopted the Amended and Restated 2014 Stock Incentive Plan (the “Amended 2014 Plan”), which amends and restates our 2014 Stock Option Plan (the “the 2014 Plan”). The primary changes to the Amended 2014 Plan, which became effective in May 2016 upon stockholder approval, 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, RSAs and RSUs) 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. In February 2014, the Company’s Board of Directors adopted an equity-based incentive plan (“the 2014 Plan”), which authorizes stock options to be granted for up to 6,000,000 shares of the Company’s common stock, Under the 2014 Plan, which became effective in May 2014 upon stockholder approval, the exercise price of stock options is set on the grant date and may not be less than the fair market value per share on such date. Generally, stock options expire ten years from the date of grant. The Company has granted time-based stock options under the 2014 Plan. In April 2008, the Company’s Board of Directors adopted, and its stockholders approved, an equity-based incentive plan (“the 2008 Plan”), which authorizes equity awards to be granted for up to 21,829,934 shares of the Company’s common stock, which is calculated based on an initial authorization of 2,833,322 shares of the Company’s common stock and an annual increase to be added on the first day of each of the Company’s fiscal years during the term of the 2008 Plan beginning in fiscal 2009 equal to the lesser of (i) 2,833,322 shares of common stock, (ii) 2% of the outstanding shares on such date or (iii) an amount determined by the Company’s Board of Directors. Under the 2008 Plan, which became effective in July 2008, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. The Company has granted time-based options and RSUs under the 2008 Plan. In August 2006, the Company’s Board of Directors adopted an equity-based incentive plan (“the 2006 Plan”), which authorizes equity awards to be granted for up to 22,347,638 shares of the Company’s common stock. Under the 2006 Plan, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. The Company has granted RSAs of its common stock and both time-based and performance-based options under the 2006 Plan. The Company generally settles RSUs, RSAs, SARs and stock option exercises with newly issued common shares. Restricted stock units. The Company did not grant any RSUs during the year ended December 31, 2016. During the year ended December 31, 2015, the Company granted 20,790 RSUs under the 2008 Plan, which vest 25% on the first anniversary of the grant date and continue to vest 1/12th of the remaining balance each quarter thereafter for three years. The RSUs vest in full upon a change in control, subject to certain conditions. At December 31, 2016 and 2015, there was approximately $5.7 million and $17.8 million of unearned non-cash stock-based compensation related to the RSUs that the Company expects to recognize as expense over a remaining period of approximately 1.5 and 3.5 years, respectively. Restricted stock awards. The Company did not grant any RSAs during the years ended December 31, 2016 and 2014. During the year ended December 31, 2015, the Company granted 3,000 RSAs of its common stock under the 2006 Plan, which vest 25% on the first anniversary of the grant date and continue to vest 1/12th of the remaining balance each quarter thereafter for three years. The RSAs vest in full upon a change in control, subject to certain conditions. At December 31, 2016 and 2015, there was approximately $0.2 million and $0.4 million of unearned non-cash stock-based compensation related to the RSAs that the Company expects to recognize as expense over a remaining period of approximately 13 and 22 months, respectively. Time-based options and SARs. Time-based options and SARs granted under the 2006 Plan, the 2008 Plan, the 2014 Plan or the Amended 2014 Plan generally vest 25% on the first anniversary of the grant date and 1/36th of the remaining balance each month thereafter for 36 months. All outstanding time-based options and SARs vest upon a change in control, subject to certain conditions. Time-based options and SARs granted during 2016, 2015 and 2014 have a weighted-average grant date fair value of $6.62, $7.29 and $6.39 per share, respectively, based on the Black-Scholes option pricing model. Compensation expense is recorded on a straight-line basis over the requisite service period. The fair value of time-based options and SARs vested during the years ended December 31, 2016, 2015 and 2014 was approximately $41.4 million, $43.5 million and $11.3 million, respectively. At December 31, 2016 and 2015, there was approximately $74.9 million and $109.6 million of unearned non-cash stock-based compensation related to time-based options and SARs that the Company expects to recognize as expense over a weighted average remaining period of approximately 2.6 and 3.0 years, respectively. For the time-based options and SARs valued using the Black-Scholes option-pricing model, the Company used the following weighted-average assumptions: Time-Based awards 2016 2015 2014 Expected term to exercise (years) 4.0 4.0 4.0 Expected volatility 27.64 % 26.63 % 29.04 % Risk-free interest rate 1.30 % 1.42 % 1.36 % Expected dividend yield 0.82 % 0.74 % 0.84 % Expected volatility prior to March 2014 was based on a combination of the Company’s historical volatility as a public company and historical volatility of the Company’s peer group. Beginning in March 2014 on the four-year anniversary of the Company’s initial public offering, expected volatility is based on the Company’s historical volatility as a public company. Expected term to exercise is based on the Company’s historical stock option exercise experience. Total stock options, SARs, RSUs and RSAs. The amount of stock-based compensation expense recognized in the Company’s Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2016, 2015 and 2014 was as follows (in thousands): 2016 2015 2014 (1) Consolidated Statements of Comprehensive Income (Loss) Classification Options, SARs RSUs RSAs Total Options, SARs RSUs RSAs Total Options, SARs RSAs Total Cost of software-enabled services $ 10,120 $ 127 $ 23 $ 10,270 $ 6,460 $ 372 $ 17 $ 6,849 $ 3,940 $ — $ 3,940 Cost of maintenance and term licenses 1,622 1,073 — 2,695 1,022 366 — 1,388 282 — 282 Cost of recurring revenues 11,742 1,200 23 12,965 7,482 738 17 8,237 4,222 — 4,222 Cost of professional services 1,859 385 — 2,244 1,166 222 — 1,388 443 — 443 Cost of non-recurring revenues 1,859 385 — 2,244 1,166 222 — 1,388 443 — 443 Total cost of revenues 13,601 1,585 23 15,209 8,648 960 17 9,625 4,665 — 4,665 Selling and marketing 8,860 2,384 223 11,467 10,637 3,806 222 14,665 2,043 222 2,265 Research and development 5,972 2,372 — 8,344 5,676 2,912 — 8,588 1,165 — 1,165 General and administrative 11,300 4,244 — 15,544 8,270 2,931 — 11,201 3,388 — 3,388 Total operating expenses 26,132 9,000 223 35,355 24,583 9,649 222 34,454 6,596 222 6,818 Total stock-based compensation expense $ 39,733 $ 10,585 $ 246 $ 50,564 $ 33,231 $ 10,609 $ 239 $ 44,079 $ 11,261 $ 222 $ 11,483 (1) There was no stock-based compensation expense associated with RSUs in 2014. The associated future income tax benefit recognized was $18.4 million, $20.7 million and $3.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. For the year ended December 31, 2016, the amount of cash received from the exercise of stock options was $39.2 million, with an associated tax benefit from stock awards realized of $62.1 million. The intrinsic value of options and SARs exercised during the year ended December 31, 2016 was approximately $141.2 million. For the year ended December 31, 2015, the amount of cash received from the exercise of stock options was $30.1 million, with an associated tax benefit from stock awards realized of $44.2 million. The intrinsic value of options and SARs exercised during the year ended December 31, 2015 was approximately $120.9 million. For the year ended December 31, 2014, the amount of cash received from the exercise of stock options was $24.1 million, with an associated tax benefit from stock awards realized of $18.8 million. The intrinsic value of options and SARs exercised during the year ended December 31, 2014 was approximately $56.1 million. In connection with its acquisition of Advent, the Company assumed Advent’s outstanding unvested equity awards which were converted into 5.0 million unvested stock options and SARs and 1.3 million unvested RSUs. The awards were converted into rights to receive SS&C common stock. All other terms and conditions of the awards remained unchanged. During the year ended December 31, 2015, the Company recognized stock-based compensation expense of $26.3 million related to these assumed awards, of which $11.5 million related to one-time charges for the accelerated vesting of certain awards. The following table summarizes stock option and SAR activity as of and for the years ended December 31, 2016, 2015 and 2014: Weighted Average Shares Exercise Price Outstanding at December 31, 2013 23,031,284 9.35 Granted (1) 4,397,650 27.87 Cancelled/forfeited (407,172 ) 15.26 Exercised (3,580,466 ) 6.74 Outstanding at December 31, 2014 23,441,296 13.12 Equity awards assumed from Advent 4,961,906 25.14 Granted (2) 7,636,590 33.96 Cancelled/forfeited (1,261,688 ) 25.25 Exercised (4,499,740 ) 7.73 Outstanding at December 31, 2015 30,278,364 20.64 Granted (3) 2,386,300 30.39 Cancelled/forfeited (1,621,260 ) 31.15 Exercised (6,015,304 ) 7.53 Outstanding at December 31, 2016 25,028,100 24.04 (1) Of the grants during 2014, 900,000 were granted under the 2014 Plan, 3,265,650 were granted under the 2008 Plan and 232,000 were granted under the 2006 Plan. (2) Of the grants during 2015, 1,030,000 were granted under the 2014 Plan, 5,479,690 were granted under the 2008 Plan and 1,126,900 were granted under the 2006 Plan. (3) Of the grants during 2016, 950,000 were granted under the Amended 2014 Plan, 1,436,300 were granted under the 2008 Plan. The following table summarizes RSU activity as of and for the years ended December 31, 2016 and 2015: Shares Outstanding at January 1, 2015 — Equity awards assumed from Advent 1,320,034 Granted 20,790 Cancelled/forfeited (138,388 ) Vested (244,984 ) Outstanding at December 31, 2015 957,452 Granted - Cancelled/forfeited (72,584 ) Vested (527,576 ) Outstanding at December 31, 2016 357,292 The following table summarizes information about vested stock options and SARs outstanding that are currently exercisable and stock options and SARs outstanding that are expected to vest at December 31, 2016: Outstanding, Vested Stock Options and SARs Currently Exercisable Outstanding Stock Options and SARs Expected to Vest Weighted Weighted Weighted Average Weighted Average Average Aggregate Remaining Average Aggregate Remaining Exercise Intrinsic Contractual Exercise Intrinsic Contractual Shares Price Value Term Shares Price Value Term (In thousands) (Years) (In thousands) (Years) 13,697,958 $ 18.56 $ 149,782 6.46 25,028,100 $ 24.04 $ 159,457 7.44 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 11—Acquisitions 2016 Acquisitions Conifer Financial Services LLC On December 15, 2016, the Company purchased all of the outstanding stock of Conifer Financial Services LLC ("Conifer") for approximately $86.5 million, plus the costs of effecting the transaction and the assumption of certain liabilities. Conifer provides independent asset services to pensions, endowments, foundations, family offices, registered investment advisers, traditional asset managers, private equity and hedge funds. The net assets and results of operations of Conifer have been included in the Company’s Consolidated Financial Statements from December 15, 2016. The fair value of the intangible assets, consisting of customer relationships, was determined using the income approach. Specifically, the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The customer relationships are being amortized over approximately 15 years, the estimated life of the assets. The remainder of the purchase price was allocated to goodwill and is tax deductible. There are $1.5 million in revenues from Conifer operations included in the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2016. Wells Fargo's Global Fund Services Business On December 1, 2016, the Company purchased all of the outstanding stock of Wells Fargo's Global Fund Services business ("GFS") for approximately $73.0 million, plus the costs of effecting the transaction and the assumption of certain liabilities. GFS is a leading provider of comprehensive administration, middle-office, operations, and cash/collateral management services. The net assets and results of operations of GFS have been included in the Company’s Consolidated Financial Statements from December 1, 2016. The fair value of the intangible assets, consisting of customer relationships and completed technology, was determined using the income approach and cost savings method, respectively. 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 approximately fourteen years and the completed technology is amortized over approximately two years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is tax deductible. There are $3.5 million in revenues from GFS operations included in the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2016. Citigroup’s Alternative Investor Services Business On March 11, 2016, the Company purchased all of the outstanding stock of Citigroup’s Alternative Investor Services business, which includes Hedge Fund Services and Private Equity Fund Services (“Citigroup AIS”), for approximately $296.4 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 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 and cost savings method. 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 approximately thirteen years and completed technology is amortized over 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. There are $171.7 million in revenues from Citigroup AIS operations included in the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2016. 2015 Acquisitions Primatics Financial On November 16, 2015, the Company purchased all of the outstanding stock of Primatics for approximately $115.2 million, plus the costs of effecting the transaction and the assumption of certain liabilities. Primatics provides cloud-based integrated risk, compliance and financing solution for the banking industry. The net assets and results of operations of Primatics have been included in the Company’s Consolidated Financial Statements from November 16, 2015. The fair value of the intangible assets, consisting of customer relationships, completed technology and trade name, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and trade name and the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology is amortized over approximately ten years, customer relationships are amortized over approximately one to 15 years and trade name are amortized over approximately ten years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is not tax deductible. Varden Technologies On September 1, 2015, the Company purchased the assets of Varden for approximately $23.1 million, plus the costs of effecting the transaction and the assumption of certain liabilities. Varden provides cloud-based client and advisor communication solutions for investment firms. The net assets and results of operations of Varden have been included in the Company’s Consolidated Financial Statements from September 1, 2015. The fair value of the intangible assets, consisting of customer relationships, completed technology, trade name and a non-compete agreement, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and trade name, the excess earnings method was utilized for the customer relationships and the lost profits method was utilized for the non-compete agreement. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology is amortized over approximately eight years, customer relationships and trade name are amortized over approximately ten years and the non-compete agreement is amortized over approximately three years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is tax deductible. Advent Software, Inc. On July 8, 2015, the Company purchased all of the outstanding stock of Advent for approximately $2.6 billion in cash, equating to $44.25 per share plus the costs, fees and expenses associated with the transaction, in part, using the equity and debt financing discussed in Notes 4 and 6. Advent provides software and services for the global investment management industry. The net assets and results of operations of Advent have been included in the Company’s Consolidated Financial Statements from July 8, 2015. The fair value of the intangible assets, consisting of customer relationships, completed technology and trade name, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and trade name, and the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology is amortized over approximately twelve years, customer relationships are amortized over approximately twelve years and trade name is amortized over approximately ten years, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is not tax deductible. The following summarizes the preliminary allocation of the purchase price for the 2016 acquisitions of Conifer, GFS and Citigroup AIS and the final allocation of the purchase price for the 2015 acquisitions of Primatics, Varden and Advent (in thousands): Conifer GFS Citigroup AIS Primatics Varden Advent Accounts receivable $ 3,995 $ 6,169 $ 58,366 $ 9,337 $ 1,186 $ 57,326 Fixed assets 3,049 356 103 2,956 26 15,898 Other assets 1,364 465 1,985 3,439 — 20,510 Acquired client relationships and contracts 40,500 37,700 124,600 36,980 9,000 823,000 Completed technology — 8,700 44,600 33,900 3,700 311,000 Trade names — — — 4,100 300 18,000 Non-compete agreements — — — — 100 — Goodwill 43,100 23,514 78,904 61,685 12,925 1,956,841 Deferred revenue (103 ) — (3,910 ) (5,330 ) (835 ) (90,126 ) Deferred income taxes — — — (24,943 ) — (424,489 ) Other liabilities assumed (5,367 ) (3,948 ) (8,228 ) (6,943 ) (3,268 ) (91,428 ) Consideration paid, net of cash acquired $ 86,538 $ 72,956 $ 296,420 $ 115,181 $ 23,134 $ 2,596,532 Additionally, the Company acquired Salentica in October 2016 for approximately $2.0 million. The consideration paid, net of cash acquired for Citigroup AIS includes purchase price adjustments totaling $20.8 million, which was received during the third and fourth quarters of 2016. This amount is reflected in “Cash paid for business acquisitions, net of cash acquired” for the year ended December 31, 2016 on the Company’s Consolidated Statement of Cash Flows. The consideration paid, net of cash acquired for Advent above includes $11.8 million of non-cash consideration related to the fair value of unvested acquired equity awards with a pre-acquisition service period. This amount is excluded from “Cash paid for business acquisitions, net of cash acquired” for the year ended December 31, 2015 on the Company’s Consolidated Statement of Cash Flows. The fair value of acquired accounts receivable balances approximates the contractual amounts due from acquired customers, except for approximately $0.4 million, $1.7 million, $0.4 million and $2.6 million of contractual amounts that are not expected to be collected as of the acquisition date and that were also reserved by the companies acquired – Conifer, Citigroup AIS, Primatics and Advent, respectively. The goodwill associated with each of the transactions above is a result of expected synergies from combining the operations of businesses acquired with the Company and intangible assets that do not qualify for separate recognition, such as an assembled workforce. The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisitions of Conifer, GFS, Salentica and Citigroup AIS occurred on January 1, 2015 and Primatics, Varden and Advent 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 Year Ended December 31, 2016 2015 2014 Revenues $ 1,641,009 $ 1,641,100 $ 1,208,148 Net income (loss) $ 152,391 $ 31,382 $ (49,718 ) Basic earnings (loss) per share $ 0.76 $ 0.17 $ (0.30 ) Basic weighted average number of common shares outstanding 200,252 182,196 166,628 Diluted earnings (loss) per share $ 0.74 $ 0.16 $ (0.30 ) Diluted weighted average number of common and common equivalent shares outstanding 205,793 190,896 166,628 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12—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 litigation or proceedings that would have a material adverse effect on the Company or its business. |
Product and Geographic Sales In
Product and Geographic Sales Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Product and Geographic Sales Information | Note 13—Product and Geographic Sales Information The Company operates in one reportable segment. There were no sales to any individual clients during the periods in the three-year period ended December 31, 2016 that represented 10% or more of net sales. The Company attributes net sales to an individual country based upon location of the client. The Company manages its business primarily on a geographic basis. The Company’s reportable regions consist of the United States, Canada, Americas excluding the United States and Canada, Europe and Asia Pacific and Japan. The European region includes European countries as well as the Middle East and Africa. Revenues by geography for the years ended December 31, were (in thousands): 2016 2015 2014 United States $ 1,081,260 $ 682,293 $ 514,803 United Kingdom 105,381 107,081 99,163 Europe, excluding United Kingdom 101,320 68,347 49,929 Asia-Pacific and Japan 90,086 64,816 25,184 Canada 65,682 55,562 63,037 Americas, excluding United States and Canada 37,707 22,186 15,745 Total $ 1,481,436 $ 1,000,285 $ 767,861 Long-lived assets as of December 31, were (in thousands): 2016 2015 2014 United States $ 76,929 $ 64,141 $ 60,373 Canada 6,909 5,493 6,376 Asia-Pacific and Japan 6,454 5,715 4,738 Europe 4,163 4,336 10,204 Americas, excluding United States and Canada 782 1,301 1,499 Total $ 95,237 $ 80,986 $ 83,190 Revenues by product group for the years ended December 31, were (in thousands): 2016 2015 2014 Portfolio management/accounting $ 1,347,736 $ 918,888 $ 691,915 Loan management/accounting 64,267 14,205 8,382 Trading/treasury operations 32,171 31,992 32,705 Property management 17,833 16,176 15,217 Money market processing 9,299 8,677 9,421 Financial modeling 8,928 9,078 8,664 Training 1,202 1,269 1,557 Total $ 1,481,436 $ 1,000,285 $ 767,861 |
Supplemental Guarantor Condense
Supplemental Guarantor Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Condensed Consolidating Financial Statements | Note 14—Supplemental Guarantor Condensed Consolidating Financial Statements On July 8, 2015, the Company issued $600.0 million aggregate principal amount of 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 December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014 are presented. The condensed consolidating financial information of the Company and its subsidiaries are as follows (in thousands): December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 32,393 $ 85,165 $ — $ 117,558 Accounts receivable, net — 162,649 78,658 — 241,307 Prepaid expenses and other current assets — 16,929 14,190 — 31,119 Prepaid income taxes — 21,600 — 1,412 23,012 Restricted cash — 1,788 328 — 2,116 Net property, plant and equipment — 39,342 41,053 — 80,395 Investment in subsidiaries 2,910,669 927,693 — (3,838,362 ) — Intercompany receivables — 162,791 35,071 (197,862 ) — Deferred income taxes, long-term — — 2,410 — 2,410 Goodwill, intangible and other assets, net — 3,869,957 1,339,097 — 5,209,054 Total assets $ 2,910,669 $ 5,235,142 $ 1,595,972 $ (4,034,812 ) $ 5,706,971 Current portion of long-term debt — 108,989 17,155 — 126,144 Accounts payable — 8,431 8,059 — 16,490 Accrued expenses 16,155 105,816 57,325 — 179,296 Income taxes payable — — 2,061 1,412 3,473 Deferred revenue — 212,883 22,339 — 235,222 Long-term debt, net of current portion 600,000 1,416,695 358,291 — 2,374,986 Other long-term liabilities — 29,535 29,692 — 59,227 Intercompany payables 35,936 35,071 126,855 (197,862 ) — Deferred income taxes, long-term — 407,053 46,502 — 453,555 Total liabilities 652,091 2,324,473 668,279 (196,450 ) 3,448,393 Total stockholders’ equity 2,258,578 2,910,669 927,693 (3,838,362 ) 2,258,578 Total liabilities and stockholders’ equity $ 2,910,669 $ 5,235,142 $ 1,595,972 $ (4,034,812 ) $ 5,706,971 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 Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 1,007,522 $ 475,713 $ (1,799 ) $ 1,481,436 Cost of revenues — 522,445 279,843 (1,799 ) 800,489 Gross profit — 485,077 195,870 — 680,947 Operating expenses: Selling and marketing — 88,067 29,031 — 117,098 Research and development — 107,648 45,041 — 152,689 General and administrative — 87,527 34,938 — 122,465 Total operating expenses — 283,242 109,010 — 392,252 Operating income — 201,835 86,860 — 288,695 Interest expense, net (35,086 ) (68,312 ) (25,056 ) — (128,454 ) Other (expense) income, net — (45,590 ) 48,965 — 3,375 Earnings from subsidiaries 166,082 88,750 — (254,832 ) — Income before income taxes 130,996 176,683 110,769 (254,832 ) 163,616 Provision for income taxes — 10,601 22,019 — 32,620 Net income $ 130,996 $ 166,082 $ 88,750 $ (254,832 ) $ 130,996 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (55,903 ) (55,903 ) (57,783 ) 113,686 (55,903 ) Comprehensive income $ 75,093 $ 110,179 $ 30,967 $ (141,146 ) $ 75,093 Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 596,497 $ 405,371 $ (1,583 ) $ 1,000,285 Cost of revenues — 290,979 242,954 (1,583 ) 532,350 Gross profit — 305,518 162,417 — 467,935 Operating expenses: Selling and marketing — 65,157 29,793 — 94,950 Research and development — 70,090 40,325 — 110,415 General and administrative — 74,011 23,821 — 97,832 Total operating expenses — 209,258 93,939 — 303,197 Operating income — 96,260 68,478 — 164,738 Interest expense, net (17,006 ) (41,432 ) (18,919 ) — (77,357 ) Other (expense) income, net — (23,985 ) 27,863 — 3,878 Loss on extinguishment of debt — (23,375 ) (7,042 ) — (30,417 ) Earnings from subsidiaries 59,868 62,375 — (122,243 ) — Income before income taxes 42,862 69,843 70,380 (122,243 ) 60,842 Provision for income taxes — 9,975 8,005 — 17,980 Net income $ 42,862 $ 59,868 $ 62,375 $ (122,243 ) $ 42,862 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (68,049 ) (68,049 ) (54,490 ) 122,539 (68,049 ) Comprehensive (loss) income $ (25,187 ) $ (8,181 ) $ 7,885 $ 296 $ (25,187 ) Year Ended December 31, 2014 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 400,554 $ 369,226 $ (1,919 ) $ 767,861 Cost of revenues — 187,040 225,610 (1,919 ) 410,731 Gross profit — 213,514 143,616 — 357,130 Operating expenses: Selling and marketing — 31,012 17,580 — 48,592 Research and development — 35,121 22,166 — 57,287 General and administrative — 32,694 18,185 — 50,879 Total operating expenses — 98,827 57,931 — 156,758 Operating income — 114,687 85,685 — 200,372 Interest expense, net — (11,024 ) (14,448 ) — (25,472 ) Other (expense) income, net — (915 ) 3,669 — 2,754 Earnings from subsidiaries 131,127 67,974 — (199,101 ) — Income before income taxes 131,127 170,722 74,906 (199,101 ) 177,654 Provision for income taxes — 39,595 6,932 — 46,527 Net income $ 131,127 $ 131,127 $ 67,974 $ (199,101 ) $ 131,127 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (45,495 ) (45,495 ) (49,947 ) 95,442 (45,495 ) Comprehensive income $ 85,632 $ 85,632 $ 18,027 $ (103,659 ) $ 85,632 Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 130,996 $ 166,082 $ 88,750 $ (254,832 ) $ 130,996 Non-cash adjustments — 135,476 64,056 — 199,532 Intercompany transactions 35,935 (172,636 ) 136,701 — — Earnings from subsidiaries (166,082 ) (88,750 ) — 254,832 — Changes in operating assets and liabilities (849 ) 87,219 1,509 — 87,879 Net cash provided by operating activities — 127,391 291,016 — 418,407 Cash Flow from Investment Activities: Additions to property and equipment — (14,660 ) (13,266 ) — (27,926 ) Proceeds from sale of property and equipment — 68 3 — 71 Cash paid for business acquisitions, net of cash acquired — (433,747 ) (23,764 ) — (457,511 ) Additions to capitalized software — (5,231 ) (4,390 ) — (9,621 ) Purchase of long-term investment — (1,000 ) — — (1,000 ) Net changes in restricted cash — 702 (2 ) — 700 Net cash used in investing activities — (453,868 ) (41,419 ) — (495,287 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 120,000 — — 120,000 Repayments of debt — (265,800 ) (117,636 ) — (383,436 ) Transactions involving Holding's common stock — 27,861 — — 27,861 Intercompany transactions — 116,745 (116,745 ) — — Payment of fees related to refinancing activities — (519 ) — — (519 ) Net cash (used in) provided by financing activities — (1,713 ) (234,381 ) — (236,094 ) Effect of exchange rate changes on cash and cash equivalents — — (3,627 ) — (3,627 ) Net (decrease) increase in cash and cash equivalents — (328,190 ) 11,589 — (316,601 ) Cash and cash equivalents, beginning of period — 360,583 73,576 — 434,159 Cash and cash equivalents, end of period $ — $ 32,393 $ 85,165 $ — $ 117,558 Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 42,862 $ 59,868 $ 62,375 $ (122,243 ) $ 42,862 Non-cash adjustments — 97,829 37,871 — 135,700 Intercompany transactions — (11,122 ) 11,122 — — Earnings from subsidiaries (59,868 ) (62,375 ) — 122,243 — Changes in operating assets and liabilities 17,006 56,657 (21,601 ) — 52,062 Net cash provided by operating activities — 140,857 89,767 — 230,624 Cash Flow from Investment Activities: Additions to property and equipment — (7,878 ) (5,722 ) — (13,600 ) Proceeds from sale of property and equipment — 5 59 — 64 Cash paid for business acquisitions, net of cash acquired — (2,723,168 ) (7,788 ) — (2,730,956 ) Additions to capitalized software — (1,651 ) (2,622 ) — (4,273 ) Net changes in restricted cash — 453 — — 453 Net cash used in investing activities — (2,732,239 ) (16,073 ) — (2,748,312 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 2,410,527 657,548 — 3,068,075 Repayments of debt — (554,604 ) (348,844 ) — (903,448 ) Transactions involving Holding's common stock — 726,689 1,775 — 728,464 Intercompany transactions — 373,832 (373,832 ) — — Payment of fees related to refinancing activities — (39,130 ) (6,895 ) — (46,025 ) Net cash provided by (used in) financing activities — 2,917,314 (70,248 ) — 2,847,066 Effect of exchange rate changes on cash and cash equivalents — — (4,796 ) — (4,796 ) Net increase (decrease) in cash and cash equivalents — 325,932 (1,350 ) — 324,582 Cash and cash equivalents, beginning of period — 34,651 74,926 — 109,577 Cash and cash equivalents, end of period $ — $ 360,583 $ 73,576 $ — $ 434,159 Year Ended December 31, 2014 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 131,127 $ 131,127 $ 67,974 $ (199,101 ) $ 131,127 Non-cash adjustments — 37,290 52,123 — 89,413 Intercompany transactions — 30,072 (30,072 ) — — Earnings from subsidiaries (131,127 ) (67,974 ) — 199,101 — Changes in operating assets and liabilities — 23,415 8,577 — 31,992 Net cash provided by operating activities — 153,930 98,602 — 252,532 Cash Flow from Investment Activities: Additions to property and equipment — (9,051 ) (5,989 ) — (15,040 ) Proceeds from sale of property and equipment — 20 22 — 42 Cash paid for business acquisitions, net of cash acquired — (2,363 ) (84,548 ) — (86,911 ) Additions to capitalized software — (964 ) (2,553 ) — (3,517 ) Net changes in restricted cash — (1 ) 984 — 983 Net cash used in investing activities — (12,359 ) (92,084 ) — (104,443 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 75,000 — — 75,000 Repayments of debt — (132,175 ) (79,825 ) — (212,000 ) Transactions involving Holding's common stock — 16,738 1,109 — 17,847 Intercompany transactions — (90,950 ) 90,950 — — Payment of contingent consideration — — (500 ) — (500 ) Payment of fees related to refinancing activities — — (512 ) — (512 ) Net cash (used in) provided by financing activities — (131,387 ) 11,222 — (120,165 ) Effect of exchange rate changes on cash and cash equivalents — — (2,817 ) — (2,817 ) Net increase in cash and cash equivalents — 10,184 14,923 — 25,107 Cash and cash equivalents, beginning of period — 24,467 60,003 — 84,470 Cash and cash equivalents, end of period $ — $ 34,651 $ 74,926 $ — $ 109,577 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 15—Selected Quarterly Financial Data (Unaudited) Unaudited quarterly results for 2016 and 2015 were: First Second Third Fourth Quarter Quarter Quarter Quarter ($ in thousands, except per share data) 2016 Revenue $ 324,131 $ 373,077 $ 383,304 $ 400,924 Gross profit 147,447 162,598 175,277 195,625 Operating income 50,444 66,037 76,903 95,311 Net income 7,005 28,221 38,747 57,023 Basic earnings per share $ 0.04 $ 0.14 $ 0.19 $ 0.28 Diluted earnings per share $ 0.03 $ 0.14 $ 0.19 $ 0.28 Cash dividends declared per common share $ 0.0625 $ 0.0625 $ 0.0625 $ 0.0625 First Second Third Fourth Quarter Quarter Quarter (1) Quarter ($ in thousands, except per share data) 2015 Revenue $ 205,735 $ 212,768 $ 280,894 $ 300,888 Gross profit 93,428 103,265 129,030 142,212 Operating income 43,133 58,351 14,952 48,302 Net income (loss) 26,246 39,128 (34,610 ) 12,098 Basic earnings (loss) per share $ 0.16 $ 0.23 $ (0.18 ) $ 0.06 Diluted earnings (loss) per share $ 0.15 $ 0.22 $ (0.18 ) $ 0.06 Cash dividends declared per common share $ 0.0625 $ 0.0625 $ 0.0625 $ 0.0625 (1) During the third quarter of 2015, the Company recognized a loss on extinguishment of debt of $30.4 million and professional fees of $13.5 million associated with the Company’s acquisition of Advent, both of which decreased net income for the period. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 16—Subsequent Event Dividend declared. On February 17, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.0625 per share of common stock payable on March 15, 2017 to stockholders of record as of the close of business on March 1, 2017. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, collectability of accounts receivable, costs to complete certain contracts, valuation of acquired assets and liabilities, valuation of stock options, income tax accruals and the value of deferred tax assets. Estimates are also used to determine the remaining economic lives and carrying value of fixed assets, goodwill and intangible assets. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Unconsolidated investments in entities over which the Company does not have control but has the ability to exercise influence over operating and financial policies, if any, are accounted for under the equity method of accounting. Earnings and losses from such investments are recorded on a pre-tax basis, if any. |
Revenue Recognition | Revenue Recognition The Company’s payment terms for software licenses typically require that the total fee be paid upon signing of the contract. Maintenance services are typically due in full at the beginning of the maintenance period. Professional services and software-enabled services are typically due and payable monthly in arrears. Normally, the Company’s arrangements do not provide for any refund rights, and payments are not contingent on specific milestones or customer acceptance conditions. For arrangements that do contain such provisions, the Company defers revenue until the rights or conditions have expired or have been met. Unbilled accounts receivable primarily relates to professional services and software-enabled services revenue that has been earned as of month end but is not invoiced until the subsequent month, and to software license revenue that has been earned and is realizable but not invoiced to clients until future dates specified in the client contract. Deferred revenue consists of billings or payments received related to product delivery, maintenance and other services, which have been paid by customers prior to the recognition of revenue. Deferred revenue relates primarily to cash received for maintenance contracts in advance of services being performed over the contractual term. |
Software-enabled Services Revenue | Software-enabled Services Revenue The Company primarily offers software-enabled outsourcing services in which the Company utilizes its own software to offer comprehensive fund administration services for alternative investment managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting. The Company also offers subscription-based on-demand software applications that are managed and hosted at the Company’s facilities. The software-enabled services arrangements provide an alternative for clients who do not wish to install, run and maintain complicated financial software. Under these arrangements, the client does not have the right to take possession of the software, rather, the Company agrees to provide access to its applications, remote use of its equipment to process transactions, access to client’s data stored on its equipment, and connectivity between its environment and the client’s computing systems. Software-enabled services are generally provided under non-cancelable contracts with initial terms of one to five years that require monthly or quarterly payments, and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. The Company recognizes software-enabled services revenues on a monthly basis as the software-enabled services are provided and when pervasive evidence of an arrangement exists, the price is fixed or determinable and collectability is reasonably assured. The Company does not recognize any revenue before services are performed. Certain contracts contain additional fees for increases in market value, pricing and trading activity. Revenues related to these additional fees are recognized in the month in which the activity occurs based upon the Company’s summarization of account information and trading volume. |
Maintenance and Term Licenses Revenue Agreements | Maintenance and Term Licenses Revenue Agreements Maintenance agreements generally require the Company to provide technical support and software updates (on a when-and-if-available basis) to its clients. Such services are generally provided under one-year renewable contracts. Maintenance revenues are recognized ratably over the term of the maintenance agreement. The Company also sells term licenses ranging from one to seven years, many of which include bundled maintenance services. For those arrangements with bundled maintenance services, vendor-specific objective evidence (“VSOE”) does not exist for the maintenance element and therefore the total fee is recognized ratably over the contractual term of the arrangement. |
Perpetual Licenses Revenue | Perpetual Licenses Revenue The Company follows the principles of accounting standards relating to software revenue recognition, which provide guidance on applying GAAP in recognizing revenue on software transactions. Accounting standards require that revenue recognized from software transactions be allocated to each element of the transaction based on the relative fair values of the elements, such as software products, specified upgrades, enhancements, post-contract client support, installation or training. The determination of fair value is based upon VSOE. The Company recognizes perpetual licenses revenues allocated to software products and enhancements generally upon delivery of each of the related products or enhancements, assuming all other revenue recognition criteria are met. In the rare occasion that a perpetual license agreement includes the right to a specified upgrade or product, the Company defers all revenues under the arrangement until the specified upgrade or product is delivered, since typically VSOE does not exist to support the fair value of the specified upgrade or product. The Company generally recognizes revenue from sales of software or products including proprietary software upon product shipment and receipt of a signed contract, provided that collection is probable and all other revenue recognition criteria are met. The Company sells perpetual software licenses in conjunction with professional services for installation and maintenance. For these arrangements, the total contract value is attributed first to the maintenance arrangement based on its fair value, which is derived from stated renewal rates. The contract value is then attributed to professional services based on estimated fair value, which is derived from the rates charged for similar services provided on a stand-alone basis. The Company’s software license agreements generally do not require significant modification or customization of the underlying software, and, accordingly, implementation services provided by the Company are not considered essential to the functionality of the software. The remainder of the total contract value is then attributed to the software license based on the residual method. The Company occasionally enters into license agreements requiring significant customization of the Company’s software. The Company accounts for the license fees under these agreements on the percentage-of-completion basis. This method requires estimates to be made for costs to complete the agreement utilizing an estimate of development man-hours remaining. Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis, and are made in the period in which such losses are first estimated or determined. |
Professional Services Revenue | Professional Services Revenue The Company provides consulting and training services to its clients. Revenues for such services are generally recognized over the period during which the services are performed. The Company typically charges for professional services on a time-and-materials basis. However, some contracts are for a fixed fee. For the fixed-fee arrangements, an estimate is made of the total hours expected to be incurred to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs may be revised. Such revisions are recognized in the period in which the revisions are determined. Revenues are recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. |
Research and Development | Research and Development Research and development costs associated with computer software are charged to expense as incurred. Capitalization of internally developed computer software costs begins upon the establishment of technological feasibility based on a working model. Net capitalized software costs of $8.8 million and $4.7 million are included in the December 31, 2016 and 2015 Consolidated Balance Sheets, respectively, under “Intangible and other assets”. The Company’s policy is to amortize these costs upon a product’s general release to the client. Amortization of capitalized software costs is calculated by the greater of (a) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or (b) the straight-line method over the remaining estimated economic life of the product, including the period being reported on, typically two to five years. It is reasonably possible that those estimates of anticipated future gross revenues, the remaining estimated economic life of the product, or both could be reduced significantly due to competitive pressures. Amortization expense related to capitalized software development costs was $3.5 million, $2.4 million, and $1.8 million for each of the years ended December 31, 2016, 2015, and 2014, respectively. |
Stock-based Compensation | Stock-based Compensation Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options, expected volatility of the Company’s stock price, and the number of awards expected to be forfeited. Differences between actual results and these estimates could have a material effect on the Company’s financial results. A deferred income tax asset is recorded over the vesting period as stock compensation expense is recorded for non-qualified option awards. The realizability of the deferred tax asset is ultimately based on the actual value of the stock-based award upon exercise. If the actual value is lower than the fair value determined on the date of grant, then there could be an income tax expense for the portion of the deferred tax asset that is not realizable. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the relevant accounting literature. An asset and liability approach is used to recognize deferred tax assets and liabilities for the future tax consequences of items that are recognized in the Company’s financial statements and tax returns in different years. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company accounts for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid marketable securities with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company did not hold any cash equivalents at December 31, 2016. The Company held $303.1 million in cash equivalents at December 31, 2015. |
Restricted Cash | Restricted Cash Restricted cash includes monies held by a bank as security for letters of credit issued due to lease requirements for office space. The letters of credit are expected to be renewed within the next twelve months, and as such, the restricted cash is classified as a current asset on the Consolidated Balance Sheets. Additionally, movements of restricted cash are included in other investing activities on the Consolidated Statements of Cash Flows. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: Description Useful Life Land — Buildings and improvements 40 years Equipment and software 3-5 years Furniture and fixtures 7-10 years Leasehold improvements Shorter of lease term or estimated useful life Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $23.7 million, $18.9 million and $14.3 million, respectively. Maintenance and repairs are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is included in other income (expense), net. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company tests goodwill annually for impairment as of December 31st (and in interim periods if certain events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount). The Company has completed the required impairment tests for goodwill and has determined that no impairment existed as of December 31, 2016 or 2015. The first step of the impairment analysis, which is based on the Company’s reporting unit structure, indicated that the fair value significantly exceeded the carrying value at December 31, 2016. There were no other indefinite-lived intangible assets as of December 31, 2016 or 2015. The following table summarizes changes in goodwill (in thousands): Balance at December 31, 2014 $ 1,573,227 2015 acquisitions 2,031,451 Adjustments to prior acquisitions (67 ) Effect of foreign currency translation (55,399 ) Balance at December 31, 2015 $ 3,549,212 2016 acquisitions 148,235 Adjustments to prior acquisitions (4,787 ) Effect of foreign currency translation (39,927 ) Balance at December 31, 2016 $ 3,652,733 Customer relationships, completed technology, trade names and other identifiable intangible assets are amortized over lives ranging from three to 17 years based on the ratio that current cash flows for the intangible asset bear to the total of current and expected future cash flows for the intangible asset. Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $201.5 million, $129.5 million and $83.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. A summary of the components of intangible assets is as follows (in thousands): December 31, 2016 2015 Customer relationships $ 1,645,515 $ 1,459,550 Completed technology 545,273 497,030 Trade names 60,128 61,573 Other 2,709 2,680 Total intangible assets 2,253,625 2,020,833 Less: accumulated amortization (720,930 ) (530,792 ) Total intangible assets, net $ 1,532,695 $ 1,490,041 Total estimated amortization expense, related to intangible assets, for each of the next five years, as of December 31, 2016, is expected to approximate (in thousands): Year Ending December 31, 2017 $ 204,812 2018 208,746 2019 191,072 2020 172,427 2021 133,792 Total $ 910,849 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets when there is evidence that events or changes in circumstances have made recovery of the assets’ carrying value unlikely. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. The Company has identified no such impairment losses in the years ended December 31, 2016 and 2015. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, cash equivalents, marketable securities, and trade receivables. The Company has cash investment policies that limit investments to investment grade securities. Concentrations of credit risk, with respect to trade receivables, are limited due to the fact that the Company’s client base is highly diversified. As of December 31, 2016 and 2015, the Company had no significant concentrations of credit. |
International Operations and Foreign Currency | International Operations and Foreign Currency The functional currency of each foreign subsidiary is generally the local currency. Accordingly, assets and liabilities of foreign subsidiaries are translated to U.S. dollars at period-end exchange rates, and capital stock accounts are translated at historical rates. Revenues and expenses are translated using the average rates during the period. The resulting translation adjustments are excluded from net earnings and accumulated as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included within other income (expense) in the Consolidated Statements of Comprehensive Income (Loss) in the periods in which they occur. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Items defined as comprehensive income (loss), such as foreign currency translation adjustments, are separately classified in the Consolidated Financial Statements. The accumulated balance of other comprehensive income (loss) is reported separately from retained earnings and additional paid-in capital in the equity section of the Consolidated Balance Sheets. Total comprehensive income (loss) consists of net income (loss) and other accumulated comprehensive income (loss) disclosed in the equity section of the Consolidated Balance Sheets. |
Treasury Stock | Treasury Stock Treasury stock purchases are accounted for under the cost method and are included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Under the cost method, the price paid for the stock is charged to the treasury stock account. |
Basic and Diluted Earnings per Share | Basic and Diluted Earnings per Share Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options, stock appreciation rights (“SARs”) and 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 computation of basic and diluted EPS (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Net income $ 130,996 $ 42,862 $ 131,127 Shares: Weighted average common shares outstanding — used in calculation of basic EPS 200,252 182,196 166,628 Weighted average common stock equivalents — options and restricted shares 5,541 8,700 8,034 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 205,793 190,896 174,662 Earnings per share - Basic $ 0.65 $ 0.24 $ 0.79 Earnings per share - Diluted $ 0.64 $ 0.22 $ 0.75 Weighted average stock options, SARs, RSUs and RSAs representing 14,094,402, 7,001,656 and 3,683,680 shares were outstanding for the years ended December 31, 2016, 2015 and 2014, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Statement of Cash Flows: Restricted Cash In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) recognize the majority of the Company’s operating lease commitments as operating lease liabilities and right-of-use assets upon adoption, which will result in a material increase in the assets and liabilities recorded on the Company’s Consolidated Balance Sheet. The Company is continuing its assessment, which may identify additional impacts this ASU will have on the Company’s Consolidated Financial Statements and related disclosures and internal controls over financial reporting. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Subsequent to the issuance of ASU 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 The new revenue standard is expected to change the revenue recognition practices for the Company’s perpetual and term software license arrangements. More specifically, the Company does not expect that the license component of the Company’s term license arrangements will be recognized ratably over the contractual term. The Company continues to evaluate the implications of the standard change. The Company intends to adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach . |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of the Assets | Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: Description Useful Life Land — Buildings and improvements 40 years Equipment and software 3-5 years Furniture and fixtures 7-10 years Leasehold improvements Shorter of lease term or estimated useful life |
Summary of Changes in Goodwill | The following table summarizes changes in goodwill (in thousands): Balance at December 31, 2014 $ 1,573,227 2015 acquisitions 2,031,451 Adjustments to prior acquisitions (67 ) Effect of foreign currency translation (55,399 ) Balance at December 31, 2015 $ 3,549,212 2016 acquisitions 148,235 Adjustments to prior acquisitions (4,787 ) Effect of foreign currency translation (39,927 ) Balance at December 31, 2016 $ 3,652,733 |
Summary of the Components of Intangible Assets | A summary of the components of intangible assets is as follows (in thousands): December 31, 2016 2015 Customer relationships $ 1,645,515 $ 1,459,550 Completed technology 545,273 497,030 Trade names 60,128 61,573 Other 2,709 2,680 Total intangible assets 2,253,625 2,020,833 Less: accumulated amortization (720,930 ) (530,792 ) Total intangible assets, net $ 1,532,695 $ 1,490,041 |
Schedule of Estimated Amortization Expense, Related to Intangible Assets | Total estimated amortization expense, related to intangible assets, for each of the next five years, as of December 31, 2016, is expected to approximate (in thousands): Year Ending December 31, 2017 $ 204,812 2018 208,746 2019 191,072 2020 172,427 2021 133,792 Total $ 910,849 |
Computation of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted EPS (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Net income $ 130,996 $ 42,862 $ 131,127 Shares: Weighted average common shares outstanding — used in calculation of basic EPS 200,252 182,196 166,628 Weighted average common stock equivalents — options and restricted shares 5,541 8,700 8,034 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 205,793 190,896 174,662 Earnings per share - Basic $ 0.65 $ 0.24 $ 0.79 Earnings per share - Diluted $ 0.64 $ 0.22 $ 0.75 |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable are as follows (in thousands): December 31, 2016 2015 Accounts receivable $ 172,642 $ 130,394 Unbilled accounts receivable 74,609 42,514 Allowance for doubtful accounts (5,944 ) (2,957 ) Total accounts receivable, net $ 241,307 $ 169,951 |
Schedule of Allowance for Doubtful Accounts | The following table represents the activity for the allowance for doubtful accounts during the years ended December 31, 2016, 2015 and 2014 (in thousands): Year Ended December 31, Allowance for Doubtful Accounts: 2016 2015 2014 Balance at beginning of period $ 2,957 $ 2,241 $ 2,500 Charge to costs and expenses 3,486 1,137 610 Write-offs, net of recoveries (390 ) (273 ) (785 ) Other adjustments (109 ) (148 ) (84 ) Balance at end of period $ 5,944 $ 2,957 $ 2,241 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Sources of Income Before Income Taxes | The sources of income before income taxes were as follows (in thousands): Year Ended December 31, 2016 2015 2014 U.S. $ 68,222 $ 15,897 $ 124,032 Foreign 95,394 44,945 53,622 Income before income taxes $ 163,616 $ 60,842 $ 177,654 |
Component of Income Tax Provision | The income tax provision consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 47,588 $ 36,345 $ 36,205 Foreign 18,953 15,204 13,603 State 13,915 6,237 10,302 Total 80,456 57,786 60,110 Deferred: Federal (38,571 ) (25,083 ) (9,697 ) Foreign (4,148 ) (9,367 ) (5,318 ) State (5,117 ) (5,356 ) 1,432 Total (47,836 ) (39,806 ) (13,583 ) Total $ 32,620 $ 17,980 $ 46,527 |
Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision | The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 35% to income before income taxes as follows (in thousands): Year Ended December 31, 2016 2015 2014 Computed “expected” tax expense $ 57,265 $ 21,295 $ 62,179 Increase (decrease) in income tax expense resulting from: State income taxes (net of federal income tax benefit) 5,674 2,656 7,217 Foreign operations (33,614 ) (11,281 ) (26,232 ) Rate change impact on tax liabilities — (1,021 ) — Effect of valuation allowance 2,076 3,242 1,351 Uncertain tax positions 6,515 3,903 3,933 Tax credits (3,748 ) (3,493 ) (993 ) Non-deductible transaction costs — 2,354 — Other (1,548 ) 325 (928 ) Provision for income taxes $ 32,620 $ 17,980 $ 46,527 |
Components of Deferred Income Taxes | The components of deferred income taxes at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Net operating loss carryforwards $ 34,666 $ — $ 23,249 $ — Deferred compensation 26,196 — 23,625 — Tax credit carryforwards 21,905 — 31,257 — Accrued expenses 8,478 — 9,589 — Other 1,699 — 773 — Impaired investment interest 810 — 846 — Customer relationships — 351,448 — 390,348 Acquired technology — 100,691 — 125,022 Other intangible assets — 38,728 — 26,520 Trade names — 10,404 — 12,379 Unremitted foreign earnings — 6,111 — 5,502 Deferred revenue — 3,166 — 20,689 Property and equipment — 2,989 1,766 — Total 93,754 513,537 91,105 580,460 Valuation allowance (31,362 ) — (18,020 ) — Total $ 62,392 $ 513,537 $ 73,085 $ 580,460 |
Summary of Activity Related to Company's Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2016 and 2015 (in thousands): Balance at December 31, 2014 $ 15,657 Increases related to current year tax positions 4,880 Increases related to prior tax positions 1,179 Increases related to acquired tax positions 37,456 Settlements (2,883 ) Lapse in statute of limitation (60 ) Foreign exchange translation adjustment (489 ) Balance at December 31, 2015 55,740 Increases related to current year tax positions 7,567 Increases related to prior tax positions 4,896 Increases related to acquired tax positions 453 Lapse in statute of limitation (5,629 ) Foreign exchange translation adjustment (39 ) Balance at December 31, 2016 $ 62,988 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Component of Debt | At December 31, 2016 and 2015, debt consisted of the following (in thousands): December 31, 2016 2015 Senior secured credit facilities, weighted-average interest rate of 3.94% and 3.94%, respectively $ 1,865,625 $ 2,220,000 5.875% senior notes due 2023 600,000 600,000 Senior secured credit facilities revolving portion, weighted- average interest rate of 3.50% 94,000 — Unamortized original issue discount and debt issuance costs (58,495 ) (68,649 ) 2,501,130 2,751,351 Less current portion of long-term debt 126,144 32,281 Long-term debt $ 2,374,986 $ 2,719,070 |
Schedule of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter | At December 31, 2016, annual maturities of long-term debt during the next five years and thereafter are as follows (in thousands): Year ending December 31, 2017 $ 126,144 2018 41,519 2019 41,519 2020 185,269 2021 and thereafter 2,165,174 Total $ 2,559,625 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows (in thousands): December 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 1,865,625 $ 1,887,043 $ 2,220,000 $ 2,202,105 5.875% senior notes due 2023 600,000 619,500 600,000 616,500 Senior secured credit facilities, revolving portion 94,000 93,883 — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Company's Operating Leases, Excluding Future Sublease Income | Future minimum lease payments under the Company’s operating leases, excluding future sublease income, as of December 31, 2016, are as follows (in thousands): Year Ending December 31, 2017 $ 41,209 2018 45,443 2019 35,957 2020 33,029 2021 and thereafter 227,425 Total $ 383,063 |
Schedule of Future Minimum Lease Receipts under these Leases | Future minimum lease receipts under these leases as of December 31, 2016 are as follows (in thousands): Year Ending December 31, 2017 $ 5,438 2018 5,478 2019 5,092 2020 5,217 2021 and thereafter 19,965 Total $ 41,190 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2016, 2015 and 2014 was as follows (in thousands): 2016 2015 2014 (1) Consolidated Statements of Comprehensive Income (Loss) Classification Options, SARs RSUs RSAs Total Options, SARs RSUs RSAs Total Options, SARs RSAs Total Cost of software-enabled services $ 10,120 $ 127 $ 23 $ 10,270 $ 6,460 $ 372 $ 17 $ 6,849 $ 3,940 $ — $ 3,940 Cost of maintenance and term licenses 1,622 1,073 — 2,695 1,022 366 — 1,388 282 — 282 Cost of recurring revenues 11,742 1,200 23 12,965 7,482 738 17 8,237 4,222 — 4,222 Cost of professional services 1,859 385 — 2,244 1,166 222 — 1,388 443 — 443 Cost of non-recurring revenues 1,859 385 — 2,244 1,166 222 — 1,388 443 — 443 Total cost of revenues 13,601 1,585 23 15,209 8,648 960 17 9,625 4,665 — 4,665 Selling and marketing 8,860 2,384 223 11,467 10,637 3,806 222 14,665 2,043 222 2,265 Research and development 5,972 2,372 — 8,344 5,676 2,912 — 8,588 1,165 — 1,165 General and administrative 11,300 4,244 — 15,544 8,270 2,931 — 11,201 3,388 — 3,388 Total operating expenses 26,132 9,000 223 35,355 24,583 9,649 222 34,454 6,596 222 6,818 Total stock-based compensation expense $ 39,733 $ 10,585 $ 246 $ 50,564 $ 33,231 $ 10,609 $ 239 $ 44,079 $ 11,261 $ 222 $ 11,483 (1) There was no stock-based compensation expense associated with RSUs in 2014. |
Summary of Stock Option and SAR Activity | The following table summarizes stock option and SAR activity as of and for the years ended December 31, 2016, 2015 and 2014: Weighted Average Shares Exercise Price Outstanding at December 31, 2013 23,031,284 9.35 Granted (1) 4,397,650 27.87 Cancelled/forfeited (407,172 ) 15.26 Exercised (3,580,466 ) 6.74 Outstanding at December 31, 2014 23,441,296 13.12 Equity awards assumed from Advent 4,961,906 25.14 Granted (2) 7,636,590 33.96 Cancelled/forfeited (1,261,688 ) 25.25 Exercised (4,499,740 ) 7.73 Outstanding at December 31, 2015 30,278,364 20.64 Granted (3) 2,386,300 30.39 Cancelled/forfeited (1,621,260 ) 31.15 Exercised (6,015,304 ) 7.53 Outstanding at December 31, 2016 25,028,100 24.04 (1) Of the grants during 2014, 900,000 were granted under the 2014 Plan, 3,265,650 were granted under the 2008 Plan and 232,000 were granted under the 2006 Plan. (2) Of the grants during 2015, 1,030,000 were granted under the 2014 Plan, 5,479,690 were granted under the 2008 Plan and 1,126,900 were granted under the 2006 Plan. (3) Of the grants during 2016, 950,000 were granted under the Amended 2014 Plan, 1,436,300 were granted under the 2008 Plan. |
Summary of RSU Activity | The following table summarizes RSU activity as of and for the years ended December 31, 2016 and 2015: Shares Outstanding at January 1, 2015 — Equity awards assumed from Advent 1,320,034 Granted 20,790 Cancelled/forfeited (138,388 ) Vested (244,984 ) Outstanding at December 31, 2015 957,452 Granted - Cancelled/forfeited (72,584 ) Vested (527,576 ) Outstanding at December 31, 2016 357,292 |
Summary of Vested Stock Options and SARs Outstanding that are Currently Exercisable and Stock Options and SARs Outstanding that are Expected to Vest | The following table summarizes information about vested stock options and SARs outstanding that are currently exercisable and stock options and SARs outstanding that are expected to vest at December 31, 2016: Outstanding, Vested Stock Options and SARs Currently Exercisable Outstanding Stock Options and SARs Expected to Vest Weighted Weighted Weighted Average Weighted Average Average Aggregate Remaining Average Aggregate Remaining Exercise Intrinsic Contractual Exercise Intrinsic Contractual Shares Price Value Term Shares Price Value Term (In thousands) (Years) (In thousands) (Years) 13,697,958 $ 18.56 $ 149,782 6.46 25,028,100 $ 24.04 $ 159,457 7.44 |
Time-Based Options and SARs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model | For the time-based options and SARs valued using the Black-Scholes option-pricing model, the Company used the following weighted-average assumptions: Time-Based awards 2016 2015 2014 Expected term to exercise (years) 4.0 4.0 4.0 Expected volatility 27.64 % 26.63 % 29.04 % Risk-free interest rate 1.30 % 1.42 % 1.36 % Expected dividend yield 0.82 % 0.74 % 0.84 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Allocation of Purchase Price for Acquisitions of Acquiree | The following summarizes the preliminary allocation of the purchase price for the 2016 acquisitions of Conifer, GFS and Citigroup AIS and the final allocation of the purchase price for the 2015 acquisitions of Primatics, Varden and Advent (in thousands): Conifer GFS Citigroup AIS Primatics Varden Advent Accounts receivable $ 3,995 $ 6,169 $ 58,366 $ 9,337 $ 1,186 $ 57,326 Fixed assets 3,049 356 103 2,956 26 15,898 Other assets 1,364 465 1,985 3,439 — 20,510 Acquired client relationships and contracts 40,500 37,700 124,600 36,980 9,000 823,000 Completed technology — 8,700 44,600 33,900 3,700 311,000 Trade names — — — 4,100 300 18,000 Non-compete agreements — — — — 100 — Goodwill 43,100 23,514 78,904 61,685 12,925 1,956,841 Deferred revenue (103 ) — (3,910 ) (5,330 ) (835 ) (90,126 ) Deferred income taxes — — — (24,943 ) — (424,489 ) Other liabilities assumed (5,367 ) (3,948 ) (8,228 ) (6,943 ) (3,268 ) (91,428 ) Consideration paid, net of cash acquired $ 86,538 $ 72,956 $ 296,420 $ 115,181 $ 23,134 $ 2,596,532 |
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 acquisitions of Conifer, GFS, Salentica and Citigroup AIS occurred on January 1, 2015 and Primatics, Varden and Advent 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 Year Ended December 31, 2016 2015 2014 Revenues $ 1,641,009 $ 1,641,100 $ 1,208,148 Net income (loss) $ 152,391 $ 31,382 $ (49,718 ) Basic earnings (loss) per share $ 0.76 $ 0.17 $ (0.30 ) Basic weighted average number of common shares outstanding 200,252 182,196 166,628 Diluted earnings (loss) per share $ 0.74 $ 0.16 $ (0.30 ) Diluted weighted average number of common and common equivalent shares outstanding 205,793 190,896 166,628 |
Product and Geographic Sales 33
Product and Geographic Sales Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Revenues by Geography | Revenues by geography for the years ended December 31, were (in thousands): 2016 2015 2014 United States $ 1,081,260 $ 682,293 $ 514,803 United Kingdom 105,381 107,081 99,163 Europe, excluding United Kingdom 101,320 68,347 49,929 Asia-Pacific and Japan 90,086 64,816 25,184 Canada 65,682 55,562 63,037 Americas, excluding United States and Canada 37,707 22,186 15,745 Total $ 1,481,436 $ 1,000,285 $ 767,861 |
Summary of Long-lived Assets | Long-lived assets as of December 31, were (in thousands): 2016 2015 2014 United States $ 76,929 $ 64,141 $ 60,373 Canada 6,909 5,493 6,376 Asia-Pacific and Japan 6,454 5,715 4,738 Europe 4,163 4,336 10,204 Americas, excluding United States and Canada 782 1,301 1,499 Total $ 95,237 $ 80,986 $ 83,190 |
Summary of Revenues by Product Group | Revenues by product group for the years ended December 31, were (in thousands): 2016 2015 2014 Portfolio management/accounting $ 1,347,736 $ 918,888 $ 691,915 Loan management/accounting 64,267 14,205 8,382 Trading/treasury operations 32,171 31,992 32,705 Property management 17,833 16,176 15,217 Money market processing 9,299 8,677 9,421 Financial modeling 8,928 9,078 8,664 Training 1,202 1,269 1,557 Total $ 1,481,436 $ 1,000,285 $ 767,861 |
Supplemental Guarantor Conden34
Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 32,393 $ 85,165 $ — $ 117,558 Accounts receivable, net — 162,649 78,658 — 241,307 Prepaid expenses and other current assets — 16,929 14,190 — 31,119 Prepaid income taxes — 21,600 — 1,412 23,012 Restricted cash — 1,788 328 — 2,116 Net property, plant and equipment — 39,342 41,053 — 80,395 Investment in subsidiaries 2,910,669 927,693 — (3,838,362 ) — Intercompany receivables — 162,791 35,071 (197,862 ) — Deferred income taxes, long-term — — 2,410 — 2,410 Goodwill, intangible and other assets, net — 3,869,957 1,339,097 — 5,209,054 Total assets $ 2,910,669 $ 5,235,142 $ 1,595,972 $ (4,034,812 ) $ 5,706,971 Current portion of long-term debt — 108,989 17,155 — 126,144 Accounts payable — 8,431 8,059 — 16,490 Accrued expenses 16,155 105,816 57,325 — 179,296 Income taxes payable — — 2,061 1,412 3,473 Deferred revenue — 212,883 22,339 — 235,222 Long-term debt, net of current portion 600,000 1,416,695 358,291 — 2,374,986 Other long-term liabilities — 29,535 29,692 — 59,227 Intercompany payables 35,936 35,071 126,855 (197,862 ) — Deferred income taxes, long-term — 407,053 46,502 — 453,555 Total liabilities 652,091 2,324,473 668,279 (196,450 ) 3,448,393 Total stockholders’ equity 2,258,578 2,910,669 927,693 (3,838,362 ) 2,258,578 Total liabilities and stockholders’ equity $ 2,910,669 $ 5,235,142 $ 1,595,972 $ (4,034,812 ) $ 5,706,971 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 Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 1,007,522 $ 475,713 $ (1,799 ) $ 1,481,436 Cost of revenues — 522,445 279,843 (1,799 ) 800,489 Gross profit — 485,077 195,870 — 680,947 Operating expenses: Selling and marketing — 88,067 29,031 — 117,098 Research and development — 107,648 45,041 — 152,689 General and administrative — 87,527 34,938 — 122,465 Total operating expenses — 283,242 109,010 — 392,252 Operating income — 201,835 86,860 — 288,695 Interest expense, net (35,086 ) (68,312 ) (25,056 ) — (128,454 ) Other (expense) income, net — (45,590 ) 48,965 — 3,375 Earnings from subsidiaries 166,082 88,750 — (254,832 ) — Income before income taxes 130,996 176,683 110,769 (254,832 ) 163,616 Provision for income taxes — 10,601 22,019 — 32,620 Net income $ 130,996 $ 166,082 $ 88,750 $ (254,832 ) $ 130,996 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (55,903 ) (55,903 ) (57,783 ) 113,686 (55,903 ) Comprehensive income $ 75,093 $ 110,179 $ 30,967 $ (141,146 ) $ 75,093 Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 596,497 $ 405,371 $ (1,583 ) $ 1,000,285 Cost of revenues — 290,979 242,954 (1,583 ) 532,350 Gross profit — 305,518 162,417 — 467,935 Operating expenses: Selling and marketing — 65,157 29,793 — 94,950 Research and development — 70,090 40,325 — 110,415 General and administrative — 74,011 23,821 — 97,832 Total operating expenses — 209,258 93,939 — 303,197 Operating income — 96,260 68,478 — 164,738 Interest expense, net (17,006 ) (41,432 ) (18,919 ) — (77,357 ) Other (expense) income, net — (23,985 ) 27,863 — 3,878 Loss on extinguishment of debt — (23,375 ) (7,042 ) — (30,417 ) Earnings from subsidiaries 59,868 62,375 — (122,243 ) — Income before income taxes 42,862 69,843 70,380 (122,243 ) 60,842 Provision for income taxes — 9,975 8,005 — 17,980 Net income $ 42,862 $ 59,868 $ 62,375 $ (122,243 ) $ 42,862 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (68,049 ) (68,049 ) (54,490 ) 122,539 (68,049 ) Comprehensive (loss) income $ (25,187 ) $ (8,181 ) $ 7,885 $ 296 $ (25,187 ) Year Ended December 31, 2014 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 400,554 $ 369,226 $ (1,919 ) $ 767,861 Cost of revenues — 187,040 225,610 (1,919 ) 410,731 Gross profit — 213,514 143,616 — 357,130 Operating expenses: Selling and marketing — 31,012 17,580 — 48,592 Research and development — 35,121 22,166 — 57,287 General and administrative — 32,694 18,185 — 50,879 Total operating expenses — 98,827 57,931 — 156,758 Operating income — 114,687 85,685 — 200,372 Interest expense, net — (11,024 ) (14,448 ) — (25,472 ) Other (expense) income, net — (915 ) 3,669 — 2,754 Earnings from subsidiaries 131,127 67,974 — (199,101 ) — Income before income taxes 131,127 170,722 74,906 (199,101 ) 177,654 Provision for income taxes — 39,595 6,932 — 46,527 Net income $ 131,127 $ 131,127 $ 67,974 $ (199,101 ) $ 131,127 Other comprehensive loss, net of tax: Foreign currency exchange translation adjustment (45,495 ) (45,495 ) (49,947 ) 95,442 (45,495 ) Comprehensive income $ 85,632 $ 85,632 $ 18,027 $ (103,659 ) $ 85,632 Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 130,996 $ 166,082 $ 88,750 $ (254,832 ) $ 130,996 Non-cash adjustments — 135,476 64,056 — 199,532 Intercompany transactions 35,935 (172,636 ) 136,701 — — Earnings from subsidiaries (166,082 ) (88,750 ) — 254,832 — Changes in operating assets and liabilities (849 ) 87,219 1,509 — 87,879 Net cash provided by operating activities — 127,391 291,016 — 418,407 Cash Flow from Investment Activities: Additions to property and equipment — (14,660 ) (13,266 ) — (27,926 ) Proceeds from sale of property and equipment — 68 3 — 71 Cash paid for business acquisitions, net of cash acquired — (433,747 ) (23,764 ) — (457,511 ) Additions to capitalized software — (5,231 ) (4,390 ) — (9,621 ) Purchase of long-term investment — (1,000 ) — — (1,000 ) Net changes in restricted cash — 702 (2 ) — 700 Net cash used in investing activities — (453,868 ) (41,419 ) — (495,287 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 120,000 — — 120,000 Repayments of debt — (265,800 ) (117,636 ) — (383,436 ) Transactions involving Holding's common stock — 27,861 — — 27,861 Intercompany transactions — 116,745 (116,745 ) — — Payment of fees related to refinancing activities — (519 ) — — (519 ) Net cash (used in) provided by financing activities — (1,713 ) (234,381 ) — (236,094 ) Effect of exchange rate changes on cash and cash equivalents — — (3,627 ) — (3,627 ) Net (decrease) increase in cash and cash equivalents — (328,190 ) 11,589 — (316,601 ) Cash and cash equivalents, beginning of period — 360,583 73,576 — 434,159 Cash and cash equivalents, end of period $ — $ 32,393 $ 85,165 $ — $ 117,558 Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 42,862 $ 59,868 $ 62,375 $ (122,243 ) $ 42,862 Non-cash adjustments — 97,829 37,871 — 135,700 Intercompany transactions — (11,122 ) 11,122 — — Earnings from subsidiaries (59,868 ) (62,375 ) — 122,243 — Changes in operating assets and liabilities 17,006 56,657 (21,601 ) — 52,062 Net cash provided by operating activities — 140,857 89,767 — 230,624 Cash Flow from Investment Activities: Additions to property and equipment — (7,878 ) (5,722 ) — (13,600 ) Proceeds from sale of property and equipment — 5 59 — 64 Cash paid for business acquisitions, net of cash acquired — (2,723,168 ) (7,788 ) — (2,730,956 ) Additions to capitalized software — (1,651 ) (2,622 ) — (4,273 ) Net changes in restricted cash — 453 — — 453 Net cash used in investing activities — (2,732,239 ) (16,073 ) — (2,748,312 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 2,410,527 657,548 — 3,068,075 Repayments of debt — (554,604 ) (348,844 ) — (903,448 ) Transactions involving Holding's common stock — 726,689 1,775 — 728,464 Intercompany transactions — 373,832 (373,832 ) — — Payment of fees related to refinancing activities — (39,130 ) (6,895 ) — (46,025 ) Net cash provided by (used in) financing activities — 2,917,314 (70,248 ) — 2,847,066 Effect of exchange rate changes on cash and cash equivalents — — (4,796 ) — (4,796 ) Net increase (decrease) in cash and cash equivalents — 325,932 (1,350 ) — 324,582 Cash and cash equivalents, beginning of period — 34,651 74,926 — 109,577 Cash and cash equivalents, end of period $ — $ 360,583 $ 73,576 $ — $ 434,159 Year Ended December 31, 2014 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 131,127 $ 131,127 $ 67,974 $ (199,101 ) $ 131,127 Non-cash adjustments — 37,290 52,123 — 89,413 Intercompany transactions — 30,072 (30,072 ) — — Earnings from subsidiaries (131,127 ) (67,974 ) — 199,101 — Changes in operating assets and liabilities — 23,415 8,577 — 31,992 Net cash provided by operating activities — 153,930 98,602 — 252,532 Cash Flow from Investment Activities: Additions to property and equipment — (9,051 ) (5,989 ) — (15,040 ) Proceeds from sale of property and equipment — 20 22 — 42 Cash paid for business acquisitions, net of cash acquired — (2,363 ) (84,548 ) — (86,911 ) Additions to capitalized software — (964 ) (2,553 ) — (3,517 ) Net changes in restricted cash — (1 ) 984 — 983 Net cash used in investing activities — (12,359 ) (92,084 ) — (104,443 ) Cash Flow from Financing Activities: Cash received from debt borrowings, net of original issue discount — 75,000 — — 75,000 Repayments of debt — (132,175 ) (79,825 ) — (212,000 ) Transactions involving Holding's common stock — 16,738 1,109 — 17,847 Intercompany transactions — (90,950 ) 90,950 — — Payment of contingent consideration — — (500 ) — (500 ) Payment of fees related to refinancing activities — — (512 ) — (512 ) Net cash (used in) provided by financing activities — (131,387 ) 11,222 — (120,165 ) Effect of exchange rate changes on cash and cash equivalents — — (2,817 ) — (2,817 ) Net increase in cash and cash equivalents — 10,184 14,923 — 25,107 Cash and cash equivalents, beginning of period — 24,467 60,003 — 84,470 Cash and cash equivalents, end of period $ — $ 34,651 $ 74,926 $ — $ 109,577 |
Selected Quarterly Financial 35
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results | Unaudited quarterly results for 2016 and 2015 were: First Second Third Fourth Quarter Quarter Quarter Quarter ($ in thousands, except per share data) 2016 Revenue $ 324,131 $ 373,077 $ 383,304 $ 400,924 Gross profit 147,447 162,598 175,277 195,625 Operating income 50,444 66,037 76,903 95,311 Net income 7,005 28,221 38,747 57,023 Basic earnings per share $ 0.04 $ 0.14 $ 0.19 $ 0.28 Diluted earnings per share $ 0.03 $ 0.14 $ 0.19 $ 0.28 Cash dividends declared per common share $ 0.0625 $ 0.0625 $ 0.0625 $ 0.0625 First Second Third Fourth Quarter Quarter Quarter (1) Quarter ($ in thousands, except per share data) 2015 Revenue $ 205,735 $ 212,768 $ 280,894 $ 300,888 Gross profit 93,428 103,265 129,030 142,212 Operating income 43,133 58,351 14,952 48,302 Net income (loss) 26,246 39,128 (34,610 ) 12,098 Basic earnings (loss) per share $ 0.16 $ 0.23 $ (0.18 ) $ 0.06 Diluted earnings (loss) per share $ 0.15 $ 0.22 $ (0.18 ) $ 0.06 Cash dividends declared per common share $ 0.0625 $ 0.0625 $ 0.0625 $ 0.0625 (1) During the third quarter of 2015, the Company recognized a loss on extinguishment of debt of $30.4 million and professional fees of $13.5 million associated with the Company’s acquisition of Advent, both of which decreased net income for the period. |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016PortfolioMarket | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company's products and software-enabled services | Portfolio | 90 |
Number of vertical markets in which company provides its products and related services | Market | 8 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | |||
Maintenance agreements renewal period | 1 year | ||
Net capitalized software costs | $ 8,800,000 | $ 4,700,000 | |
Amortization expense related to capitalized software development costs | $ 3,500,000 | 2,400,000 | $ 1,800,000 |
Cash equivalents, maturity period | 3 months | ||
Cash equivalents | $ 0 | 303,100,000 | |
Depreciation expense | 23,700,000 | 18,900,000 | $ 14,300,000 |
Goodwill impairment loss | 0 | 0 | |
Indefinite lived intangible assets | 0 | 0 | |
Impairment of long-lived assets held for use | $ 0 | $ 0 | |
Concentration of credit risk | 0.00% | 0.00% | |
Stock Options [Member] | |||
Accounting Policies [Line Items] | |||
Options to purchase shares outstanding | 14,094,402 | 7,001,656 | 3,683,680 |
Completed Technology and Other [Member] | |||
Accounting Policies [Line Items] | |||
Amortization expense associated with completed technology and other amortizable intangible assets | $ 201,500,000 | $ 129,500,000 | $ 83,700,000 |
Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Tax benefit realized upon settlement | 50.00% | ||
Minimum [Member] | Software Development [Member] | |||
Accounting Policies [Line Items] | |||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 2 years | ||
Minimum [Member] | Completed Technology, Trade Names and Other [Member] | |||
Accounting Policies [Line Items] | |||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 3 years | ||
Minimum [Member] | Software-enabled Services [Member] | |||
Accounting Policies [Line Items] | |||
Revenue recognition period | 1 year | ||
Minimum [Member] | Term Licenses [Member] | |||
Accounting Policies [Line Items] | |||
Revenue recognition period | 1 year | ||
Maximum [Member] | Software Development [Member] | |||
Accounting Policies [Line Items] | |||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 5 years | ||
Maximum [Member] | Completed Technology, Trade Names and Other [Member] | |||
Accounting Policies [Line Items] | |||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 17 years | ||
Maximum [Member] | Software-enabled Services [Member] | |||
Accounting Policies [Line Items] | |||
Revenue recognition period | 5 years | ||
Maximum [Member] | Term Licenses [Member] | |||
Accounting Policies [Line Items] | |||
Revenue recognition period | 7 years |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 40 years |
Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 3 years |
Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 7 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Estimated Useful Lives | Shorter of lease term or estimated useful life |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Summary of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Beginning Balance | $ 3,549,212 | $ 1,573,227 |
2015/2016 acquisitions | 148,235 | 2,031,451 |
Adjustments to prior acquisitions | (4,787) | (67) |
Effect of foreign currency translation | (39,927) | (55,399) |
Ending Balance | $ 3,652,733 | $ 3,549,212 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Summary of the Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 2,253,625 | $ 2,020,833 |
Less: accumulated amortization | (720,930) | (530,792) |
Total intangible assets, net | 1,532,695 | 1,490,041 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 1,645,515 | 1,459,550 |
Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 545,273 | 497,030 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 60,128 | 61,573 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 2,709 | $ 2,680 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Estimated Amortization Expense, Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2,017 | $ 204,812 |
2,018 | 208,746 |
2,019 | 191,072 |
2,020 | 172,427 |
2,021 | 133,792 |
Total | $ 910,849 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 57,023 | $ 38,747 | $ 28,221 | $ 7,005 | $ 12,098 | $ (34,610) | $ 39,128 | $ 26,246 | $ 130,996 | $ 42,862 | $ 131,127 |
Shares: | |||||||||||
Weighted average common shares outstanding - used in calculation of basic EPS | 200,252 | 182,196 | 166,628 | ||||||||
Weighted average common stock equivalents — options and restricted shares | 5,541 | 8,700 | 8,034 | ||||||||
Weighted average common and common equivalent shares outstanding - used in calculation of diluted EPS | 205,793 | 190,896 | 174,662 | ||||||||
Earnings per share - Basic | $ 0.28 | $ 0.19 | $ 0.14 | $ 0.04 | $ 0.06 | $ (0.18) | $ 0.23 | $ 0.16 | $ 0.65 | $ 0.24 | $ 0.79 |
Earnings per share - Diluted | $ 0.28 | $ 0.19 | $ 0.14 | $ 0.03 | $ 0.06 | $ (0.18) | $ 0.22 | $ 0.15 | $ 0.64 | $ 0.22 | $ 0.75 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||||
Accounts receivable | $ 172,642 | $ 130,394 | ||
Unbilled accounts receivable | 74,609 | 42,514 | ||
Allowance for doubtful accounts | (5,944) | (2,957) | $ (2,241) | $ (2,500) |
Total accounts receivable, net | $ 241,307 | $ 169,951 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 2,957 | $ 2,241 | $ 2,500 |
Charge to costs and expenses | 3,486 | 1,137 | 610 |
Write-offs, net of recoveries | (390) | (273) | (785) |
Other adjustments | (109) | (148) | (84) |
Balance at end of period | $ 5,944 | $ 2,957 | $ 2,241 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | May 25, 2016 | Mar. 30, 2016shares | Jun. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2015shares | Nov. 30, 2014USD ($) |
Class of Stock [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 | |||||||
Proceeds from common stock issuance, net | $ | $ 717,800,000 | $ 717,802,000 | ||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 200,000,000 | 400,000,000 | ||||
Quarterly cash dividend paid | $ / shares | $ 0.25 | $ 0.25 | $ 0.0625 | |||||
Dividends paid on common stock | $ | $ 50,140,000 | $ 45,451,000 | $ 10,494,000 | |||||
Number of common stock shares repurchased | 0 | 0 | 549,452 | |||||
Repurchase of common stock | $ | $ 15,000 | $ 11,223,000 | ||||||
Stock Repurchase Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of common stock | $ | $ 0 | $ 11,223,000 | ||||||
Stock repurchase program, expiration month and year | 2015-11 | |||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Amount authorized for share repurchase program | $ | $ 200,000,000 | |||||||
First Quarter Dividend [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Quarterly cash dividend paid | $ / shares | $ 0.0625 | $ 0.0625 | ||||||
Dividend paid date | Mar. 15, 2016 | Mar. 16, 2015 | ||||||
Dividend record date | Mar. 7, 2016 | Mar. 2, 2015 | ||||||
Second Quarter Dividend [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Quarterly cash dividend paid | $ / shares | $ 0.0625 | $ 0.0625 | ||||||
Dividend paid date | Jun. 15, 2016 | Jun. 15, 2015 | ||||||
Dividend record date | Jun. 1, 2016 | Jun. 1, 2015 | ||||||
Third Quarter Dividend [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Quarterly cash dividend paid | $ / shares | $ 0.0625 | $ 0.0625 | ||||||
Dividend paid date | Sep. 15, 2016 | Sep. 15, 2015 | ||||||
Dividend record date | Sep. 1, 2016 | Sep. 1, 2015 | ||||||
Fourth Quarter Dividend [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Quarterly cash dividend paid | $ / shares | $ 0.0625 | $ 0.0625 | ||||||
Dividend paid date | Dec. 15, 2016 | Dec. 15, 2015 | ||||||
Dividend record date | Dec. 1, 2016 | Dec. 1, 2015 | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock shares issued | 24,150,000 | 24,154,000 | ||||||
Common stock offering price | $ / shares | $ 30.75 | |||||||
Common Stock [Member] | Underwriters' Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock shares issued | 3,150,000 | |||||||
Class A Non-Voting Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of common stock number of shares converted | 2,703,846 | |||||||
Conversion of common stock number of shares issued | 5,407,692 | |||||||
Common stock convertible conversion ratio | 100.00% | |||||||
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Income Taxes - Schedule of Sour
Income Taxes - Schedule of Sources of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 68,222 | $ 15,897 | $ 124,032 |
Foreign | 95,394 | 44,945 | 53,622 |
Income before income taxes | $ 163,616 | $ 60,842 | $ 177,654 |
Income Taxes - Component of Inc
Income Taxes - Component of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 47,588 | $ 36,345 | $ 36,205 |
Foreign | 18,953 | 15,204 | 13,603 |
State | 13,915 | 6,237 | 10,302 |
Total | 80,456 | 57,786 | 60,110 |
Deferred: | |||
Federal | (38,571) | (25,083) | (9,697) |
Foreign | (4,148) | (9,367) | (5,318) |
State | (5,117) | (5,356) | 1,432 |
Total | (47,836) | (39,806) | (13,583) |
Provision for income taxes | $ 32,620 | $ 17,980 | $ 46,527 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Line Items] | |||
U.S. federal corporate income tax rate | 35.00% | ||
Deferred income taxes on unremitted earnings | $ 6,111,000 | $ 6,111,000 | $ 5,502,000 |
Unremitted earnings | 77,600,000 | 77,600,000 | |
Unrecognized deferred tax liability on foreign subsidiary earnings | $ 2,900,000 | 2,900,000 | |
Federal and state loss carryforward | 2,020 | ||
Foreign net operating loss carryforwards | $ 123,000,000 | 123,000,000 | |
Remaining foreign net operating loss carryforwards | $ 800,000 | 800,000 | |
Foreign net operating loss carryforwards expiry period | 2,017 | ||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 21,900,000 | 21,900,000 | |
Valuation allowance | 31,362,000 | 31,362,000 | 18,020,000 |
Potential penalties and interest on unrecognized tax benefits | (300,000) | (300,000) | 800,000 |
Potential penalties and interest | 3,100,000 | 3,500,000 | |
Reasonably possible decrease in unrecognized tax benefits within next 12 months | 2,700,000 | 2,700,000 | |
India [Member] | |||
Income Taxes [Line Items] | |||
Income tax credit carryforward | $ 1,200,000 | 1,200,000 | |
Tax credit carryforward expiration period of India operation | 2,020 | ||
2020 [Member] | |||
Income Taxes [Line Items] | |||
Income tax credit carryforward | $ 1,100,000 | 1,100,000 | |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 57,600,000 | 57,600,000 | |
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 122,200,000 | 122,200,000 | |
Valuation allowance | 31,400,000 | 31,400,000 | 18,000,000 |
Foreign net operating loss carryforwards | 29,800,000 | 29,800,000 | |
Domestic [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 19,400,000 | 19,400,000 | |
Tax credit carryforward expiration period | 2,017 | ||
Domestic [Member] | 2022 [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 1,300,000 | $ 1,300,000 | |
Tax credit carryforward expiration period | 2,022 | ||
US Federal Income Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | December 31, 2009 through 2013 | ||
New York State Income Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | December 31, 2011 through 2014 | ||
California State Income Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | December 31, 2001 through 2007 and December 31, 2012 through 2013 | ||
Canadian Subsidiary [Member] | |||
Income Taxes [Line Items] | |||
Deferred income taxes on unremitted earnings | $ 6,100,000 | $ 6,100,000 | $ 5,500,000 |
Foreign Subsidiary [Member] | |||
Income Taxes [Line Items] | |||
Deferred income taxes on unremitted earnings | $ 0 | $ 0 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax expense | $ 57,265 | $ 21,295 | $ 62,179 |
Increase (decrease) in income tax expense resulting from: | |||
State income taxes (net of federal income tax benefit) | 5,674 | 2,656 | 7,217 |
Foreign operations | (33,614) | (11,281) | (26,232) |
Rate change impact on tax liabilities | (1,021) | ||
Effect of valuation allowance | 2,076 | 3,242 | 1,351 |
Uncertain tax positions | 6,515 | 3,903 | 3,933 |
Tax credits | (3,748) | (3,493) | (993) |
Non-deductible transaction costs | 2,354 | ||
Other | (1,548) | 325 | (928) |
Provision for income taxes | $ 32,620 | $ 17,980 | $ 46,527 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Net operating loss carryforwards | $ 34,666 | $ 23,249 |
Deferred compensation | 26,196 | 23,625 |
Tax credit carryforwards | 21,905 | 31,257 |
Accrued expenses | 8,478 | 9,589 |
Other | 1,699 | 773 |
Impaired investment interest | 810 | 846 |
Property and equipment | 1,766 | |
Total | 93,754 | 91,105 |
Valuation allowance | (31,362) | (18,020) |
Total | 62,392 | 73,085 |
Deferred Tax Liabilities | ||
Customer relationships | 351,448 | 390,348 |
Acquired technology | 100,691 | 125,022 |
Other intangible assets | 38,728 | 26,520 |
Trade names | 10,404 | 12,379 |
Unremitted foreign earnings | 6,111 | 5,502 |
Deferred revenue | 3,166 | 20,689 |
Property and equipment | 2,989 | |
Total | 513,537 | 580,460 |
Total | $ 513,537 | $ 580,460 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Company's Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 55,740 | $ 15,657 |
Increases related to current year tax positions | 7,567 | 4,880 |
Increases related to prior tax positions | 4,896 | 1,179 |
Increases related to acquired tax positions | 453 | 37,456 |
Settlements | (2,883) | |
Lapse in statute of limitation | (5,629) | (60) |
Foreign exchange translation adjustment | (39) | (489) |
Ending Balance | $ 62,988 | $ 55,740 |
Debt - Component of Debt (Detai
Debt - Component of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized original issue discount and debt issuance costs | $ (58,495) | $ (68,649) |
Debt | 2,501,130 | 2,751,351 |
Less current portion of long-term debt | 126,144 | 32,281 |
Long-term debt | 2,374,986 | 2,719,070 |
Senior Secured Credit Facilities Revolving Portion [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 94,000 | |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 1,865,625 | 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Senior Secured Credit Facilities Revolving Portion [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 3.50% | ||
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 3.94% | 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 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Apr. 20, 2016 | Jul. 08, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)Tranche | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Number of tranche of term loan | Tranche | 4 | |||||
Debt instrument, interest rate terms | The Term Loans and Revolving Credit Facility bear interest, at the election of the borrowers, at the base rate (as defined in the Credit Agreement) or LIBOR, plus the applicable interest rate margin for the credit facility. The Term A-1 Loan, Term A-2 Loan and the Revolving Credit Facility initially bear interest at either LIBOR plus 2.75% or at the base rate plus 1.75%, and are subject to a step-down at any time SS&C’s consolidated net senior secured leverage ratio is less than 3.0 times, to 2.50% in the case of the LIBOR margin and 1.50% in the case of the base rate margin. The Term B-1 Loan and Term B-2 Loan initially bear interest at either LIBOR plus 3.25%, with LIBOR subject to a 0.75% floor, or at the base rate plus 2.25%, and are subject to a step-down at any time SS&C’s consolidated net leverage ratio is less than 4.0 times, to 3.00% in the case of the LIBOR margin and 2.00% in the case of the base rate margin. | |||||
Capitalized financing costs amortized to interest expense | $ 10,680,000 | $ 8,126,000 | $ 5,839,000 | |||
Loss on extinguishment of debt | $ (30,400,000) | (30,417,000) | ||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Expiration date of debt exchange offer | May 18, 2016 | |||||
Percentage of exchanged debt | 100.00% | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of change in cash flows due to debt extinguishment obligation | 10.00% | |||||
Senior Secured Credit Facilities [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, frequency of payments | Quarterly | |||||
Credit facility collateral, percentage of capital stock of foreign restricted subsidiaries | 65.00% | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument term available for borrowings | 5 years | |||||
Debt principal amount | $ 150,000,000 | |||||
Credit facility, amount drawn | $ 94,000,000 | 0 | ||||
Minimum senior secured leverage ratio required | 3.00% | |||||
Company amortized to interest expense | 0 | |||||
Revolving Credit Facility [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||
Revolving Credit Facility [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||
Revolving Credit Facility [Member] | Leverage Ratio is Less Than 3 Times [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Revolving Credit Facility [Member] | Leverage Ratio is Less Than 3 Times [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt principal amount | $ 25,000,000 | |||||
Letter of credit sub-facility, outstanding amount | 600,000 | 0 | ||||
Term A-1 Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum senior secured leverage ratio required | 3.00% | |||||
Term A-1 Loan [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||
Term A-1 Loan [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||
Term A-1 Loan [Member] | Leverage Ratio is Less Than 3 Times [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Term A-1 Loan [Member] | Leverage Ratio is Less Than 3 Times [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Term A-1 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt principal amount | $ 98,000,000 | |||||
Debt instrument term available for borrowings | 5 years | |||||
Term A-1 Loan [Member] | Senior Secured Credit Facilities [Member] | Secured Debt [Member] | Until September 30, 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Quarterly payments percentage on original principal amount | 1.25% | |||||
Term A-1 Loan [Member] | Senior Secured Credit Facilities [Member] | Secured Debt [Member] | From December 31, 2017 Until June 30, 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Quarterly payments percentage on original principal amount | 2.50% | |||||
Term A-2 Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum senior secured leverage ratio required | 3.00% | |||||
Term A-2 Loan [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||
Term A-2 Loan [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||
Term A-2 Loan [Member] | Leverage Ratio is Less Than 3 Times [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Term A-2 Loan [Member] | Leverage Ratio is Less Than 3 Times [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Term A-2 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt principal amount | $ 152,000,000 | |||||
Debt instrument term available for borrowings | 5 years | |||||
Term A-2 Loan [Member] | Senior Secured Credit Facilities [Member] | Secured Debt [Member] | Until September 30, 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Quarterly payments percentage on original principal amount | 1.25% | |||||
Term A-2 Loan [Member] | Senior Secured Credit Facilities [Member] | Secured Debt [Member] | From December 31, 2017 Until June 30, 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Quarterly payments percentage on original principal amount | 2.50% | |||||
Term B-1 Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum senior secured leverage ratio required | 4.00% | |||||
Term B-1 Loan [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.25% | |||||
Debt instrument, floor rate | 0.75% | |||||
Term B-1 Loan [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||
Term B-1 Loan [Member] | Leverage Ratio is Less Than 4 Times [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||
Term B-1 Loan [Member] | Leverage Ratio is Less Than 4 Times [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||
Term B-1 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt principal amount | $ 1,820,000,000 | |||||
Debt instrument term available for borrowings | 7 years | |||||
Term B-1 Loan [Member] | Senior Secured Credit Facilities [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Quarterly payments percentage on original principal amount | 0.25% | |||||
Term B-2 Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum senior secured leverage ratio required | 4.00% | |||||
Term B-2 Loan [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.25% | |||||
Debt instrument, floor rate | 0.75% | |||||
Term B-2 Loan [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||
Term B-2 Loan [Member] | Leverage Ratio is Less Than 4 Times [Member] | LIBOR Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||
Term B-2 Loan [Member] | Leverage Ratio is Less Than 4 Times [Member] | Base Rate Plus [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||
Term B-2 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt principal amount | $ 410,000,000 | |||||
Debt instrument term available for borrowings | 7 years | |||||
Term B-2 Loan [Member] | Senior Secured Credit Facilities [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Quarterly payments percentage on original principal amount | 0.25% | |||||
5.875% Senior Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Company amortized to interest expense | 2,200,000 | 1,800,000 | 1,400,000 | |||
Principal amount of Senior Notes outstanding | 600,000,000 | |||||
Capitalized financing costs, aggregate amount | 45,800,000 | |||||
Capitalized financing costs amortized to interest expense | $ 8,500,000 | $ 6,400,000 | $ 4,400,000 | |||
5.875% Senior Notes due 2023 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt principal amount | $ 600,000,000 | |||||
Debt, interest rate | 5.875% | 5.875% | 5.875% | |||
Debt, due date | 2,023 | 2,023 | ||||
Senior Notes, redemption period, on or before date | Jul. 15, 2018 | |||||
Percentage of principal amount of Senior Notes redeemed | 35.00% | |||||
Senior Notes, redemption price, percentage of principal amount plus accrued and unpaid interest | 105.875% |
Debt - Schedule of Annual Matur
Debt - Schedule of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 126,144 |
2,018 | 41,519 |
2,019 | 41,519 |
2,020 | 185,269 |
2021 and thereafter | 2,165,174 |
Senior Secured Credit Facilities and Senior Notes Member [Member] | |
Debt Instrument [Line Items] | |
Total | $ 2,559,625 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amount [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | $ 1,865,625 | $ 2,220,000 |
Carrying Amount [Member] | 5.875% Senior Notes due 2023 [Member] | ||
Financial liabilities: | ||
Senior notes | 600,000 | 600,000 |
Carrying Amount [Member] | Senior Secured Credit Facilities Revolving Portion [Member] | ||
Financial liabilities: | ||
Long-term debt gross | 94,000 | |
Fair Value [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | 1,887,043 | 2,202,105 |
Fair Value [Member] | 5.875% Senior Notes due 2023 [Member] | ||
Financial liabilities: | ||
Credit facility | 619,500 | $ 616,500 |
Fair Value [Member] | Senior Secured Credit Facilities Revolving Portion [Member] | ||
Financial liabilities: | ||
Credit facility | $ 93,883 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Total rental expenses | $ 33.3 | $ 24.4 | $ 16.7 |
Lease expire | 2,022 | ||
Rental income under sublease | $ 1.3 | $ 0.2 | $ 0.2 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Company's Operating Leases, Excluding Future Sublease Income (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 41,209 |
2,018 | 45,443 |
2,019 | 35,957 |
2,020 | 33,029 |
2021 and thereafter | 227,425 |
Total | $ 383,063 |
Leases - Schedule of Future M59
Leases - Schedule of Future Minimum Lease Receipts under these Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 5,438 |
2,018 | 5,478 |
2,019 | 5,092 |
2,020 | 5,217 |
2021 and thereafter | 19,965 |
Total | $ 41,190 |
Defined Contribution Plans - Ad
Defined Contribution Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Company match of employees contributions in amount in percentage | 50.00% | ||
Employees contributions amount up to per year | $ 4,000 | ||
Matching contributions graduated vesting period | 4 years | ||
Company incurred matching contribution expenses related to plan | $ 9,200,000 | $ 5,800,000 | $ 4,100,000 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee's contribute payroll deductions of compensation | 50.00% |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2014 | Apr. 30, 2008 | Aug. 31, 2006 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Tax benefit from compensation expense | $ 18,400 | $ 20,700 | $ 3,800 | ||||
Cash received from exercise of stock options | 39,200 | 30,100 | 24,100 | ||||
Income tax benefit from stock awards | $ 62,100 | $ 44,200 | 18,800 | ||||
Unvested restricted stock units | 11,252 | 24,876 | |||||
Stock-based compensation expense | $ 50,564 | $ 44,079 | 11,483 | ||||
Advent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 26,300 | ||||||
One-time charges for accelerated vesting awards | $ 11,500 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares, granted | 20,790 | ||||||
Unvested restricted stock units | 357,292 | 957,452 | |||||
Stock-based compensation expense | $ 10,585 | $ 10,609 | 0 | ||||
Restricted Stock Units (RSUs) [Member] | Advent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested restricted stock units | 1,300,000 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 246 | $ 239 | $ 222 | ||||
Time-Based Options and SARs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based incentive plan, description | Time-based options and SARs granted under the 2006 Plan, the 2008 Plan, the 2014 Plan or the Amended 2014 Plan generally vest 25% on the first anniversary of the grant date and 1/36th of the remaining balance each month thereafter for 36 months. All outstanding time-based options and SARs vest upon a change in control, subject to certain conditions. | ||||||
Option vesting period | 36 months | ||||||
Employee service share-based compensation period for recognition of expense | 2 years 7 months 6 days | 3 years | |||||
Awards granted, weighted average granted fair value | $ 6.62 | $ 7.29 | $ 6.39 | ||||
Awards vested, fair value | $ 41,400 | $ 43,500 | $ 11,300 | ||||
Non-cash stock-based compensation expense not yet recognized | 74,900 | 109,600 | |||||
Total intrinsic value of the awards | $ 141,200 | 120,900 | 56,100 | ||||
Time-Based Options and SARs [Member] | Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 25.00% | ||||||
Time-Based Options and SARs [Member] | Tranche Two and Thereafter [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 0.0208% | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 39,733 | $ 33,231 | $ 11,261 | ||||
Stock Appreciation Rights (SARs) [Member] | Advent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested stock options | 5,000,000 | ||||||
Amended 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Increase in shares available for equity awards | 24,000,000 | ||||||
2014 Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity-based incentive plan | 6,000,000 | ||||||
Equity based incentive plan expiry period from date of grant | 10 years | ||||||
2008 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Initial authorized shares | 2,833,322 | ||||||
2008 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares, granted | 0 | 20,790 | |||||
Stock based Compensation not yet Recognized | $ 5,700 | $ 17,800 | |||||
Employee service share-based compensation period for recognition of expense | 1 year 6 months | 3 years 6 months | |||||
2008 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 25.00% | ||||||
2008 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Two and Thereafter [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 0.0625% | ||||||
2008 Plan [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option vesting period | 3 years | ||||||
2008 Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity-based incentive plan | 21,829,934 | ||||||
Equity based incentive plan expiry period from date of grant | 10 years | ||||||
Equity-based incentive plan, description | Company’s common stock and an annual increase to be added on the first day of each of the Company’s fiscal years during the term of the 2008 Plan beginning in fiscal 2009 equal to the lesser of (i) 2,833,322 shares of common stock, (ii) 2% of the outstanding shares on such date or (iii) an amount determined by the Company’s Board of Directors. Under the 2008 Plan, which became effective in July 2008, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. The Company has granted time-based options and RSUs under the 2008 Plan. | ||||||
Percentage increase in share of outstanding share | 2.00% | ||||||
2006 Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares, granted | 0 | 3,000 | 0 | ||||
Stock based Compensation not yet Recognized | $ 200 | $ 400 | |||||
Employee service share-based compensation period for recognition of expense | 13 months | 22 months | |||||
2006 Plan [Member] | Restricted Stock [Member] | Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 25.00% | ||||||
2006 Plan [Member] | Restricted Stock [Member] | Tranche Two and Thereafter [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 0.0625% | ||||||
2006 Plan [Member] | Maximum [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option vesting period | 3 years | ||||||
2006 Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity-based incentive plan | 22,347,638 | ||||||
Equity based incentive plan expiry period from date of grant | 10 years | ||||||
Equity-based incentive plan, description | Under the 2006 Plan, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model (Detail) - Time-Based Options and SARs [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term to exercise (years), Time-Based awards | 4 years | 4 years | 4 years |
Expected volatility, Time-Based awards | 27.64% | 26.63% | 29.04% |
Risk-free interest rate, Time-Based awards | 1.30% | 1.42% | 1.36% |
Expected dividend yield, Time-Based awards | 0.82% | 0.74% | 0.84% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 50,564 | $ 44,079 | $ 11,483 |
Cost of Software-Enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 10,270 | 6,849 | 3,940 |
Cost of Maintenance and Term Licenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,695 | 1,388 | 282 |
Cost of Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 12,965 | 8,237 | 4,222 |
Cost of Professional Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,244 | 1,388 | 443 |
Cost of Non Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,244 | 1,388 | 443 |
Total Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 15,209 | 9,625 | 4,665 |
Selling and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 11,467 | 14,665 | 2,265 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 8,344 | 8,588 | 1,165 |
General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 15,544 | 11,201 | 3,388 |
Total Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 35,355 | 34,454 | 6,818 |
Stock Appreciation Rights (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 39,733 | 33,231 | 11,261 |
Stock Appreciation Rights (SARs) [Member] | Cost of Software-Enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 10,120 | 6,460 | 3,940 |
Stock Appreciation Rights (SARs) [Member] | Cost of Maintenance and Term Licenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,622 | 1,022 | 282 |
Stock Appreciation Rights (SARs) [Member] | Cost of Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 11,742 | 7,482 | 4,222 |
Stock Appreciation Rights (SARs) [Member] | Cost of Professional Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,859 | 1,166 | 443 |
Stock Appreciation Rights (SARs) [Member] | Cost of Non Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,859 | 1,166 | 443 |
Stock Appreciation Rights (SARs) [Member] | Total Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 13,601 | 8,648 | 4,665 |
Stock Appreciation Rights (SARs) [Member] | Selling and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 8,860 | 10,637 | 2,043 |
Stock Appreciation Rights (SARs) [Member] | Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 5,972 | 5,676 | 1,165 |
Stock Appreciation Rights (SARs) [Member] | General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 11,300 | 8,270 | 3,388 |
Stock Appreciation Rights (SARs) [Member] | Total Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 26,132 | 24,583 | 6,596 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 10,585 | 10,609 | 0 |
Restricted Stock Units (RSUs) [Member] | Cost of Software-Enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 127 | 372 | |
Restricted Stock Units (RSUs) [Member] | Cost of Maintenance and Term Licenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,073 | 366 | |
Restricted Stock Units (RSUs) [Member] | Cost of Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,200 | 738 | |
Restricted Stock Units (RSUs) [Member] | Cost of Professional Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 385 | 222 | |
Restricted Stock Units (RSUs) [Member] | Cost of Non Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 385 | 222 | |
Restricted Stock Units (RSUs) [Member] | Total Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,585 | 960 | |
Restricted Stock Units (RSUs) [Member] | Selling and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,384 | 3,806 | |
Restricted Stock Units (RSUs) [Member] | Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,372 | 2,912 | |
Restricted Stock Units (RSUs) [Member] | General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 4,244 | 2,931 | |
Restricted Stock Units (RSUs) [Member] | Total Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 9,000 | 9,649 | |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 246 | 239 | 222 |
Restricted Stock [Member] | Cost of Software-Enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 23 | 17 | |
Restricted Stock [Member] | Cost of Recurring Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 23 | 17 | |
Restricted Stock [Member] | Total Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 23 | 17 | |
Restricted Stock [Member] | Selling and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 223 | 222 | 222 |
Restricted Stock [Member] | Total Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 223 | $ 222 | $ 222 |
Stock-based Compensation - Sc64
Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 50,564 | $ 44,079 | $ 11,483 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 10,585 | $ 10,609 | $ 0 |
Stock-based Compensation - Su65
Stock-based Compensation - Summary of Stock Option and SAR Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares, Outstanding Opening | 30,278,364 | 23,441,296 | 23,031,284 |
Equity awards assumed | 4,961,906 | ||
Granted | 2,386,300 | 7,636,590 | 4,397,650 |
Cancelled/forfeited | (1,621,260) | (1,261,688) | (407,172) |
Exercised | (6,015,304) | (4,499,740) | (3,580,466) |
Number of Shares, Outstanding Closing | 25,028,100 | 30,278,364 | 23,441,296 |
Weighted Average Exercise Price, Outstanding Opening | $ 20.64 | $ 13.12 | $ 9.35 |
Weighted Average Exercise Price, Equity awards assumed | 25.14 | ||
Granted , Weighted Average Exercise Price | 30.39 | 33.96 | 27.87 |
Cancelled/forfeited, Weighted Average Exercise Price | 31.15 | 25.25 | 15.26 |
Exercised, Weighted Average Exercise Price | 7.53 | 7.73 | 6.74 |
Weighted Average Exercise Price, Outstanding closing | $ 24.04 | $ 20.64 | $ 13.12 |
Stock-based Compensation - Su66
Stock-based Compensation - Summary of Stock Option and SAR Activity (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based options granted | 2,386,300 | 7,636,590 | 4,397,650 |
2006 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based options granted | 1,126,900 | 232,000 | |
2008 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based options granted | 1,436,300 | 5,479,690 | 3,265,650 |
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based options granted | 1,030,000 | 900,000 | |
Amended 2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based options granted | 950,000 |
Stock-based Compensation - Su67
Stock-based Compensation - Summary of RSU Activity (Detail) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding Opening | 24,876 | |
Number of Shares, Outstanding Closing | 11,252 | 24,876 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding Opening | 957,452 | |
Equity awards assumed from Advent | 1,320,034 | |
Granted | 20,790 | |
Cancelled/forfeited | (72,584) | (138,388) |
Vested | (527,576) | (244,984) |
Number of Shares, Outstanding Closing | 357,292 | 957,452 |
Stock-Based Compensation - Su68
Stock-Based Compensation - Summary of Vested Stock Options and SARs Outstanding that are Currently Exercisable and Stock Options and SARs Outstanding that are Expected to Vest (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Shares | shares | 13,697,958 |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Weighted Average Exercise Price | $ / shares | $ 18.56 |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Aggregate Intrinsic Value | $ | $ 149,782 |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Weighted Average Remaining Contractual Term (Years) | 6 years 5 months 16 days |
Outstanding Stock Options and SARs Expected to Vest, Shares | shares | 25,028,100 |
Outstanding Stock Options and SARs Expected to Vest, Weighted Average Exercise Price | $ / shares | $ 24.04 |
Outstanding Stock Options and SARs Expected to Vest, Aggregate Intrinsic Value | $ | $ 159,457 |
Outstanding Stock Options and SARs Expected to Vest, Weighted Average Remaining Contractual Term (Years) | 7 years 5 months 9 days |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2016 | Dec. 01, 2016 | Mar. 11, 2016 | Nov. 16, 2015 | Sep. 01, 2015 | Jul. 08, 2015 | Oct. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||||||||||||||
Revenue | $ 400,924 | $ 383,304 | $ 373,077 | $ 324,131 | $ 300,888 | $ 280,894 | $ 212,768 | $ 205,735 | $ 1,481,436 | $ 1,000,285 | $ 767,861 | |||||||
GFS [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 73,000 | |||||||||||||||||
Business acquisition, effective date of acquisition | Dec. 1, 2016 | |||||||||||||||||
Revenue | $ 3,500 | |||||||||||||||||
GFS [Member] | Customer Relationships [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 14 years | |||||||||||||||||
GFS [Member] | Completed Technology [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 2 years | |||||||||||||||||
Citigroup AIS [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 296,400 | |||||||||||||||||
Business acquisition, effective date of acquisition | Mar. 11, 2016 | |||||||||||||||||
Revenue | $ 171,700 | |||||||||||||||||
Purchase price adjustments received in third and fourth quarter of 2016 | 20,800 | |||||||||||||||||
Acquired accounts receivable not expected to be collected | 1,700 | $ 1,700 | ||||||||||||||||
Citigroup AIS [Member] | Customer Relationships [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 13 years | |||||||||||||||||
Citigroup AIS [Member] | Completed Technology [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 4 years | |||||||||||||||||
Varden [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 23,100 | |||||||||||||||||
Business acquisition, effective date of acquisition | Sep. 1, 2015 | |||||||||||||||||
Varden [Member] | Customer Relationships [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 10 years | |||||||||||||||||
Varden [Member] | Completed Technology [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 8 years | |||||||||||||||||
Varden [Member] | Trade Name [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 10 years | |||||||||||||||||
Varden [Member] | Non-Compete Agreement [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 3 years | |||||||||||||||||
Advent [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 2,600,000 | |||||||||||||||||
Business acquisition, effective date of acquisition | Jul. 8, 2015 | |||||||||||||||||
Business acquisition, share price | $ 44.25 | |||||||||||||||||
Non-cash consideration related to fair value of unvested acquired equity awards | $ 11,800 | |||||||||||||||||
Acquired accounts receivable not expected to be collected | 2,600 | $ 2,600 | ||||||||||||||||
Advent [Member] | Customer Relationships [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 12 years | |||||||||||||||||
Advent [Member] | Completed Technology [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 12 years | |||||||||||||||||
Advent [Member] | Trade Name [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 10 years | |||||||||||||||||
Salentica [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 2,000 | |||||||||||||||||
Conifer [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 86,500 | |||||||||||||||||
Business acquisition, effective date of acquisition | Dec. 15, 2016 | |||||||||||||||||
Revenue | $ 1,500 | |||||||||||||||||
Acquired accounts receivable not expected to be collected | 400 | $ 400 | ||||||||||||||||
Conifer [Member] | Customer Relationships [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 15 years | |||||||||||||||||
Primatics Financial [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Consideration paid, net of cash plus the costs of transaction | $ 115,200 | |||||||||||||||||
Business acquisition, effective date of acquisition | Nov. 16, 2015 | |||||||||||||||||
Acquired accounts receivable not expected to be collected | $ 400 | $ 400 | ||||||||||||||||
Primatics Financial [Member] | Customer Relationships [Member] | Minimum [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 1 year | |||||||||||||||||
Primatics Financial [Member] | Customer Relationships [Member] | Maximum [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 15 years | |||||||||||||||||
Primatics Financial [Member] | Completed Technology [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 10 years | |||||||||||||||||
Primatics Financial [Member] | Trade Name [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Amortized period | 10 years |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price for Acquisitions of Acquiree (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,652,733 | $ 3,549,212 | $ 1,573,227 |
Conifer [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 3,995 | ||
Fixed assets | 3,049 | ||
Other assets | 1,364 | ||
Goodwill | 43,100 | ||
Deferred revenue | (103) | ||
Other liabilities assumed | (5,367) | ||
Consideration paid, net of cash acquired | 86,538 | ||
Primatics Financial [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 9,337 | ||
Fixed assets | 2,956 | ||
Other assets | 3,439 | ||
Goodwill | 61,685 | ||
Deferred revenue | (5,330) | ||
Deferred income taxes | (24,943) | ||
Other liabilities assumed | (6,943) | ||
Consideration paid, net of cash acquired | 115,181 | ||
GFS [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 6,169 | ||
Fixed assets | 356 | ||
Other assets | 465 | ||
Goodwill | 23,514 | ||
Other liabilities assumed | (3,948) | ||
Consideration paid, net of cash acquired | 72,956 | ||
Varden [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 1,186 | ||
Fixed assets | 26 | ||
Goodwill | 12,925 | ||
Deferred revenue | (835) | ||
Other liabilities assumed | (3,268) | ||
Consideration paid, net of cash acquired | 23,134 | ||
Citigroup AIS [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 58,366 | ||
Fixed assets | 103 | ||
Other assets | 1,985 | ||
Goodwill | 78,904 | ||
Deferred revenue | (3,910) | ||
Other liabilities assumed | (8,228) | ||
Consideration paid, net of cash acquired | 296,420 | ||
Advent [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 57,326 | ||
Fixed assets | 15,898 | ||
Other assets | 20,510 | ||
Goodwill | 1,956,841 | ||
Deferred revenue | (90,126) | ||
Deferred income taxes | (424,489) | ||
Other liabilities assumed | (91,428) | ||
Consideration paid, net of cash acquired | 2,596,532 | ||
Acquired Client Relationships and Contracts [Member] | Conifer [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 40,500 | ||
Acquired Client Relationships and Contracts [Member] | Primatics Financial [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 36,980 | ||
Acquired Client Relationships and Contracts [Member] | GFS [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 37,700 | ||
Acquired Client Relationships and Contracts [Member] | Varden [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 9,000 | ||
Acquired Client Relationships and Contracts [Member] | Citigroup AIS [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 124,600 | ||
Acquired Client Relationships and Contracts [Member] | Advent [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 823,000 | ||
Completed Technology [Member] | Primatics Financial [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 33,900 | ||
Completed Technology [Member] | GFS [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 8,700 | ||
Completed Technology [Member] | Varden [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 3,700 | ||
Completed Technology [Member] | Citigroup AIS [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 44,600 | ||
Completed Technology [Member] | Advent [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 311,000 | ||
Trade Name [Member] | Primatics Financial [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 4,100 | ||
Trade Name [Member] | Varden [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 300 | ||
Trade Name [Member] | Advent [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | 18,000 | ||
Non-Compete Agreement [Member] | Varden [Member] | |||
Business Acquisition [Line Items] | |||
Acquired client relationships and contracts | $ 100 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Revenues | $ 1,641,009 | $ 1,641,100 | $ 1,208,148 |
Net income (loss) | $ 152,391 | $ 31,382 | $ (49,718) |
Basic earnings (loss) per share | $ 0.76 | $ 0.17 | $ (0.30) |
Basic weighted average number of common shares outstanding | 200,252 | 182,196 | 166,628 |
Diluted earnings (loss) per share | $ 0.74 | $ 0.16 | $ (0.30) |
Diluted weighted average number of common and common equivalent shares outstanding | 205,793 | 190,896 | 166,628 |
Product and Geographic Sales 72
Product and Geographic Sales Information - Additional Information (Detail) - Segment | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segment | 1 | |
Number of individual clients representing net sales | 0.00% | 0.00% |
Sales Revenue Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of individual clients representing net sales | 0.00% |
Product and Geographic Sales 73
Product and Geographic Sales Information - Summary of Revenues by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 400,924 | $ 383,304 | $ 373,077 | $ 324,131 | $ 300,888 | $ 280,894 | $ 212,768 | $ 205,735 | $ 1,481,436 | $ 1,000,285 | $ 767,861 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 1,081,260 | 682,293 | 514,803 | ||||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 65,682 | 55,562 | 63,037 | ||||||||
Americas, Excluding United States and Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 37,707 | 22,186 | 15,745 | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 105,381 | 107,081 | 99,163 | ||||||||
Europe, Excluding United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 101,320 | 68,347 | 49,929 | ||||||||
Asia-Pacific and Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 90,086 | $ 64,816 | $ 25,184 |
Product and Geographic Sales 74
Product and Geographic Sales Information - Summary of Long-lived Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | $ 95,237 | $ 80,986 | $ 83,190 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 76,929 | 64,141 | 60,373 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 6,909 | 5,493 | 6,376 |
Americas, Excluding United States and Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 782 | 1,301 | 1,499 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 4,163 | 4,336 | 10,204 |
Asia-Pacific and Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | $ 6,454 | $ 5,715 | $ 4,738 |
Product and Geographic Sales 75
Product and Geographic Sales Information - Summary of Revenues by Product Group (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 400,924 | $ 383,304 | $ 373,077 | $ 324,131 | $ 300,888 | $ 280,894 | $ 212,768 | $ 205,735 | $ 1,481,436 | $ 1,000,285 | $ 767,861 |
Portfolio Management/Accounting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,347,736 | 918,888 | 691,915 | ||||||||
Trading/Treasury Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 32,171 | 31,992 | 32,705 | ||||||||
Financial Modeling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 8,928 | 9,078 | 8,664 | ||||||||
Loan Management/Accounting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 64,267 | 14,205 | 8,382 | ||||||||
Property Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,833 | 16,176 | 15,217 | ||||||||
Money Market Processing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 9,299 | 8,677 | 9,421 | ||||||||
Training [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 1,202 | $ 1,269 | $ 1,557 |
Supplemental Guarantor Conden76
Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Detail) | Jul. 08, 2015USD ($) |
SS&C Technologies Holdings, Inc [Member] | |
Condensed Financial Statements Captions [Line Items] | |
Ownership in subsidiary percentage | 100.00% |
5.875% Senior Notes due 2023 [Member] | Senior Notes [Member] | |
Condensed Financial Statements Captions [Line Items] | |
Debt principal amount | $ 600,000,000 |
Supplemental Guarantor Conden77
Supplemental Guarantor Condensed Consolidating Financial Statements - Condensed Consolidating Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Cash and cash equivalents | $ 117,558 | $ 434,159 | $ 434,159 | $ 109,577 | $ 117,558 | $ 434,159 | $ 109,577 | $ 117,558 | $ 434,159 | $ 109,577 | $ 84,470 | ||||
Accounts receivable, net | 241,307 | 169,951 | |||||||||||||
Prepaid expenses and other current assets | 31,119 | 27,511 | |||||||||||||
Prepaid income taxes | 23,012 | 40,627 | |||||||||||||
Restricted cash | 2,116 | 2,818 | |||||||||||||
Net property, plant and equipment | 80,395 | 67,143 | |||||||||||||
Deferred income taxes, long-term | 2,410 | 2,199 | |||||||||||||
Goodwill, intangible and other assets, net | 5,209,054 | 5,057,834 | |||||||||||||
Total assets | 5,706,971 | 5,802,242 | |||||||||||||
Less current portion of long-term debt | 126,144 | 32,281 | |||||||||||||
Accounts payable | 16,490 | 11,957 | |||||||||||||
Accrued expenses | 179,296 | 149,028 | |||||||||||||
Income taxes payable | 3,473 | 1,428 | |||||||||||||
Deferred revenue | 235,222 | 222,024 | |||||||||||||
Long-term debt, net of current portion (Note 6) | 2,374,986 | 2,719,070 | |||||||||||||
Other long-term liabilities | 59,227 | 51,434 | |||||||||||||
Deferred income taxes, long-term | 453,555 | 509,574 | |||||||||||||
Total liabilities | 3,448,393 | 3,696,796 | |||||||||||||
Total stockholders’ equity | 2,258,578 | 2,105,446 | 1,346,670 | 1,231,708 | |||||||||||
Total liabilities and stockholders’ equity | 5,706,971 | 5,802,242 | |||||||||||||
Revenues | 400,924 | $ 383,304 | $ 373,077 | 324,131 | 300,888 | $ 280,894 | $ 212,768 | 205,735 | 1,481,436 | 1,000,285 | 767,861 | ||||
Cost of revenues | 800,489 | 532,350 | 410,731 | ||||||||||||
Gross profit | 195,625 | 175,277 | 162,598 | 147,447 | 142,212 | 129,030 | 103,265 | 93,428 | 680,947 | 467,935 | 357,130 | ||||
Operating expenses: | |||||||||||||||
Selling and marketing | 117,098 | 94,950 | 48,592 | ||||||||||||
Research and development | 152,689 | 110,415 | 57,287 | ||||||||||||
General and administrative | 122,465 | 97,832 | 50,879 | ||||||||||||
Total operating expenses | 392,252 | 303,197 | 156,758 | ||||||||||||
Operating income | 95,311 | 76,903 | 66,037 | 50,444 | 48,302 | 14,952 | 58,351 | 43,133 | 288,695 | 164,738 | 200,372 | ||||
Interest expense, net | (128,454) | (77,357) | (25,472) | ||||||||||||
Other (expense) income, net | 3,375 | 3,878 | 2,754 | ||||||||||||
Loss on extinguishment of debt | (30,400) | (30,417) | |||||||||||||
Income before income taxes | 163,616 | 60,842 | 177,654 | ||||||||||||
Provision for income taxes | 32,620 | 17,980 | 46,527 | ||||||||||||
Net income | 57,023 | 38,747 | 28,221 | 7,005 | 12,098 | (34,610) | 39,128 | 26,246 | 130,996 | 42,862 | 131,127 | ||||
Other comprehensive loss, net of tax: | |||||||||||||||
Foreign currency exchange translation adjustment | (55,903) | (68,049) | (45,495) | ||||||||||||
Comprehensive income (loss) | 75,093 | (25,187) | 85,632 | ||||||||||||
Cash Flow from Operating Activities: | |||||||||||||||
Net income | 57,023 | $ 38,747 | $ 28,221 | 7,005 | 12,098 | $ (34,610) | $ 39,128 | 26,246 | 130,996 | 42,862 | 131,127 | ||||
Non-cash adjustments | 199,532 | 135,700 | 89,413 | ||||||||||||
Changes in operating assets and liabilities | 87,879 | 52,062 | 31,992 | ||||||||||||
Net cash provided by operating activities | 418,407 | 230,624 | 252,532 | ||||||||||||
Cash Flow from Investment Activities: | |||||||||||||||
Additions to property and equipment | (27,926) | (13,600) | (15,040) | ||||||||||||
Proceeds from sale of property and equipment | 71 | 64 | 42 | ||||||||||||
Cash paid for business acquisitions, net of cash acquired (Note 11) | (457,511) | (2,730,956) | (86,911) | ||||||||||||
Additions to capitalized software | (9,621) | (4,273) | (3,517) | ||||||||||||
Purchase of long-term investment | (1,000) | ||||||||||||||
Net changes in restricted cash | 700 | 453 | 983 | ||||||||||||
Net cash used in investing activities | (495,287) | (2,748,312) | (104,443) | ||||||||||||
Cash Flow from Financing Activities: | |||||||||||||||
Cash received from debt borrowings, net of original issue discount | 120,000 | 3,068,075 | 75,000 | ||||||||||||
Repayments of debt | (383,436) | (903,448) | (212,000) | ||||||||||||
Transactions involving Holding's common stock | 27,861 | 728,464 | 17,847 | ||||||||||||
Payment of contingent consideration | (500) | ||||||||||||||
Payment of fees related to refinancing activities | (519) | (46,025) | (512) | ||||||||||||
Net cash (used in) provided by financing activities | (236,094) | 2,847,066 | (120,165) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,627) | (4,796) | (2,817) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (316,601) | 324,582 | 25,107 | ||||||||||||
Cash and cash equivalents, beginning of period | 434,159 | 109,577 | 434,159 | 109,577 | 84,470 | ||||||||||
Cash and cash equivalents, end of period | 117,558 | 434,159 | 117,558 | 434,159 | 109,577 | ||||||||||
Parent Company [Member] | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Investment in subsidiaries | 2,910,669 | 2,722,452 | |||||||||||||
Total assets | 2,910,669 | 2,722,452 | |||||||||||||
Accrued expenses | 16,155 | 17,006 | |||||||||||||
Long-term debt, net of current portion (Note 6) | 600,000 | 600,000 | |||||||||||||
Intercompany payables | 35,936 | ||||||||||||||
Total liabilities | 652,091 | 617,006 | |||||||||||||
Total stockholders’ equity | 2,258,578 | 2,105,446 | |||||||||||||
Total liabilities and stockholders’ equity | 2,910,669 | 2,722,452 | |||||||||||||
Operating expenses: | |||||||||||||||
Interest expense, net | (35,086) | (17,006) | |||||||||||||
Earnings from subsidiaries | 166,082 | 59,868 | 131,127 | ||||||||||||
Income before income taxes | 130,996 | 42,862 | 131,127 | ||||||||||||
Net income | 130,996 | 42,862 | 131,127 | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Foreign currency exchange translation adjustment | (55,903) | (68,049) | (45,495) | ||||||||||||
Comprehensive income (loss) | 75,093 | (25,187) | 85,632 | ||||||||||||
Cash Flow from Operating Activities: | |||||||||||||||
Net income | 130,996 | 42,862 | 131,127 | ||||||||||||
Intercompany transactions | 35,935 | ||||||||||||||
Earnings from subsidiaries | (166,082) | (59,868) | (131,127) | ||||||||||||
Changes in operating assets and liabilities | (849) | 17,006 | |||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Cash and cash equivalents | 32,393 | 360,583 | 360,583 | 34,651 | 32,393 | 360,583 | 34,651 | 32,393 | 360,583 | 34,651 | 24,467 | ||||
Accounts receivable, net | 162,649 | 127,446 | |||||||||||||
Prepaid expenses and other current assets | 16,929 | 15,920 | |||||||||||||
Prepaid income taxes | 21,600 | 38,155 | |||||||||||||
Restricted cash | 1,788 | 2,490 | |||||||||||||
Net property, plant and equipment | 39,342 | 31,940 | |||||||||||||
Investment in subsidiaries | 927,693 | 654,278 | |||||||||||||
Intercompany receivables | 162,791 | 100,992 | |||||||||||||
Goodwill, intangible and other assets, net | 3,869,957 | 3,861,711 | |||||||||||||
Total assets | 5,235,142 | 5,193,515 | |||||||||||||
Less current portion of long-term debt | 108,989 | 17,243 | |||||||||||||
Accounts payable | 8,431 | 7,367 | |||||||||||||
Accrued expenses | 105,816 | 84,174 | |||||||||||||
Deferred revenue | 212,883 | 202,252 | |||||||||||||
Long-term debt, net of current portion (Note 6) | 1,416,695 | 1,646,396 | |||||||||||||
Other long-term liabilities | 29,535 | 31,748 | |||||||||||||
Intercompany payables | 35,071 | 34,220 | |||||||||||||
Deferred income taxes, long-term | 407,053 | 447,663 | |||||||||||||
Total liabilities | 2,324,473 | 2,471,063 | |||||||||||||
Total stockholders’ equity | 2,910,669 | 2,722,452 | |||||||||||||
Total liabilities and stockholders’ equity | 5,235,142 | 5,193,515 | |||||||||||||
Revenues | 1,007,522 | 596,497 | 400,554 | ||||||||||||
Cost of revenues | 522,445 | 290,979 | 187,040 | ||||||||||||
Gross profit | 485,077 | 305,518 | 213,514 | ||||||||||||
Operating expenses: | |||||||||||||||
Selling and marketing | 88,067 | 65,157 | 31,012 | ||||||||||||
Research and development | 107,648 | 70,090 | 35,121 | ||||||||||||
General and administrative | 87,527 | 74,011 | 32,694 | ||||||||||||
Total operating expenses | 283,242 | 209,258 | 98,827 | ||||||||||||
Operating income | 201,835 | 96,260 | 114,687 | ||||||||||||
Interest expense, net | (68,312) | (41,432) | (11,024) | ||||||||||||
Other (expense) income, net | (45,590) | (23,985) | (915) | ||||||||||||
Loss on extinguishment of debt | (23,375) | ||||||||||||||
Earnings from subsidiaries | 88,750 | 62,375 | 67,974 | ||||||||||||
Income before income taxes | 176,683 | 69,843 | 170,722 | ||||||||||||
Provision for income taxes | 10,601 | 9,975 | 39,595 | ||||||||||||
Net income | 166,082 | 59,868 | 131,127 | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Foreign currency exchange translation adjustment | (55,903) | (68,049) | (45,495) | ||||||||||||
Comprehensive income (loss) | 110,179 | (8,181) | 85,632 | ||||||||||||
Cash Flow from Operating Activities: | |||||||||||||||
Net income | 166,082 | 59,868 | 131,127 | ||||||||||||
Non-cash adjustments | 135,476 | 97,829 | 37,290 | ||||||||||||
Intercompany transactions | (172,636) | (11,122) | 30,072 | ||||||||||||
Earnings from subsidiaries | (88,750) | (62,375) | (67,974) | ||||||||||||
Changes in operating assets and liabilities | 87,219 | 56,657 | 23,415 | ||||||||||||
Net cash provided by operating activities | 127,391 | 140,857 | 153,930 | ||||||||||||
Cash Flow from Investment Activities: | |||||||||||||||
Additions to property and equipment | (14,660) | (7,878) | (9,051) | ||||||||||||
Proceeds from sale of property and equipment | 68 | 5 | 20 | ||||||||||||
Cash paid for business acquisitions, net of cash acquired (Note 11) | (433,747) | (2,723,168) | (2,363) | ||||||||||||
Additions to capitalized software | (5,231) | (1,651) | (964) | ||||||||||||
Purchase of long-term investment | (1,000) | ||||||||||||||
Net changes in restricted cash | 702 | 453 | (1) | ||||||||||||
Net cash used in investing activities | (453,868) | (2,732,239) | (12,359) | ||||||||||||
Cash Flow from Financing Activities: | |||||||||||||||
Cash received from debt borrowings, net of original issue discount | 120,000 | 2,410,527 | 75,000 | ||||||||||||
Repayments of debt | (265,800) | (554,604) | (132,175) | ||||||||||||
Transactions involving Holding's common stock | 27,861 | 726,689 | 16,738 | ||||||||||||
Intercompany transactions | 116,745 | 373,832 | (90,950) | ||||||||||||
Payment of fees related to refinancing activities | (519) | (39,130) | |||||||||||||
Net cash (used in) provided by financing activities | (1,713) | 2,917,314 | (131,387) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (328,190) | 325,932 | 10,184 | ||||||||||||
Cash and cash equivalents, beginning of period | 360,583 | 34,651 | 360,583 | 34,651 | 24,467 | ||||||||||
Cash and cash equivalents, end of period | 32,393 | 360,583 | 32,393 | 360,583 | 34,651 | ||||||||||
Non-guarantor Subsidiaries [Member] | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Cash and cash equivalents | 85,165 | 73,576 | 73,576 | 74,926 | 85,165 | 73,576 | 74,926 | 85,165 | 73,576 | $ 74,926 | $ 60,003 | ||||
Accounts receivable, net | 78,658 | 42,505 | |||||||||||||
Prepaid expenses and other current assets | 14,190 | 11,591 | |||||||||||||
Prepaid income taxes | 2,472 | ||||||||||||||
Restricted cash | 328 | 328 | |||||||||||||
Net property, plant and equipment | 41,053 | 35,203 | |||||||||||||
Intercompany receivables | 35,071 | 34,220 | |||||||||||||
Deferred income taxes, long-term | 2,410 | 2,199 | |||||||||||||
Goodwill, intangible and other assets, net | 1,339,097 | 1,196,123 | |||||||||||||
Total assets | 1,595,972 | 1,398,217 | |||||||||||||
Less current portion of long-term debt | 17,155 | 15,038 | |||||||||||||
Accounts payable | 8,059 | 4,590 | |||||||||||||
Accrued expenses | 57,325 | 47,848 | |||||||||||||
Income taxes payable | 2,061 | 1,428 | |||||||||||||
Deferred revenue | 22,339 | 19,772 | |||||||||||||
Long-term debt, net of current portion (Note 6) | 358,291 | 472,674 | |||||||||||||
Other long-term liabilities | 29,692 | 19,686 | |||||||||||||
Intercompany payables | 126,855 | 100,992 | |||||||||||||
Deferred income taxes, long-term | 46,502 | 61,911 | |||||||||||||
Total liabilities | 668,279 | 743,939 | |||||||||||||
Total stockholders’ equity | 927,693 | 654,278 | |||||||||||||
Total liabilities and stockholders’ equity | 1,595,972 | 1,398,217 | |||||||||||||
Revenues | 475,713 | 405,371 | 369,226 | ||||||||||||
Cost of revenues | 279,843 | 242,954 | 225,610 | ||||||||||||
Gross profit | 195,870 | 162,417 | 143,616 | ||||||||||||
Operating expenses: | |||||||||||||||
Selling and marketing | 29,031 | 29,793 | 17,580 | ||||||||||||
Research and development | 45,041 | 40,325 | 22,166 | ||||||||||||
General and administrative | 34,938 | 23,821 | 18,185 | ||||||||||||
Total operating expenses | 109,010 | 93,939 | 57,931 | ||||||||||||
Operating income | 86,860 | 68,478 | 85,685 | ||||||||||||
Interest expense, net | (25,056) | (18,919) | (14,448) | ||||||||||||
Other (expense) income, net | 48,965 | 27,863 | 3,669 | ||||||||||||
Loss on extinguishment of debt | (7,042) | ||||||||||||||
Income before income taxes | 110,769 | 70,380 | 74,906 | ||||||||||||
Provision for income taxes | 22,019 | 8,005 | 6,932 | ||||||||||||
Net income | 88,750 | 62,375 | 67,974 | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Foreign currency exchange translation adjustment | (57,783) | (54,490) | (49,947) | ||||||||||||
Comprehensive income (loss) | 30,967 | 7,885 | 18,027 | ||||||||||||
Cash Flow from Operating Activities: | |||||||||||||||
Net income | 88,750 | 62,375 | 67,974 | ||||||||||||
Non-cash adjustments | 64,056 | 37,871 | 52,123 | ||||||||||||
Intercompany transactions | 136,701 | 11,122 | (30,072) | ||||||||||||
Changes in operating assets and liabilities | 1,509 | (21,601) | 8,577 | ||||||||||||
Net cash provided by operating activities | 291,016 | 89,767 | 98,602 | ||||||||||||
Cash Flow from Investment Activities: | |||||||||||||||
Additions to property and equipment | (13,266) | (5,722) | (5,989) | ||||||||||||
Proceeds from sale of property and equipment | 3 | 59 | 22 | ||||||||||||
Cash paid for business acquisitions, net of cash acquired (Note 11) | (23,764) | (7,788) | (84,548) | ||||||||||||
Additions to capitalized software | (4,390) | (2,622) | (2,553) | ||||||||||||
Net changes in restricted cash | (2) | 984 | |||||||||||||
Net cash used in investing activities | (41,419) | (16,073) | (92,084) | ||||||||||||
Cash Flow from Financing Activities: | |||||||||||||||
Cash received from debt borrowings, net of original issue discount | 657,548 | ||||||||||||||
Repayments of debt | (117,636) | (348,844) | (79,825) | ||||||||||||
Transactions involving Holding's common stock | 1,775 | 1,109 | |||||||||||||
Intercompany transactions | (116,745) | (373,832) | 90,950 | ||||||||||||
Payment of contingent consideration | (500) | ||||||||||||||
Payment of fees related to refinancing activities | (6,895) | (512) | |||||||||||||
Net cash (used in) provided by financing activities | (234,381) | (70,248) | 11,222 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,627) | (4,796) | (2,817) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 11,589 | (1,350) | 14,923 | ||||||||||||
Cash and cash equivalents, beginning of period | $ 73,576 | $ 74,926 | 73,576 | 74,926 | 60,003 | ||||||||||
Cash and cash equivalents, end of period | $ 85,165 | $ 73,576 | 85,165 | 73,576 | 74,926 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Prepaid income taxes | 1,412 | ||||||||||||||
Investment in subsidiaries | (3,838,362) | (3,376,730) | |||||||||||||
Intercompany receivables | (197,862) | (135,212) | |||||||||||||
Total assets | (4,034,812) | (3,511,942) | |||||||||||||
Income taxes payable | 1,412 | ||||||||||||||
Intercompany payables | (197,862) | (135,212) | |||||||||||||
Total liabilities | (196,450) | (135,212) | |||||||||||||
Total stockholders’ equity | (3,838,362) | (3,376,730) | |||||||||||||
Total liabilities and stockholders’ equity | $ (4,034,812) | $ (3,511,942) | |||||||||||||
Revenues | (1,799) | (1,583) | (1,919) | ||||||||||||
Cost of revenues | (1,799) | (1,583) | (1,919) | ||||||||||||
Operating expenses: | |||||||||||||||
Earnings from subsidiaries | (254,832) | (122,243) | (199,101) | ||||||||||||
Income before income taxes | (254,832) | (122,243) | (199,101) | ||||||||||||
Net income | (254,832) | (122,243) | (199,101) | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Foreign currency exchange translation adjustment | 113,686 | 122,539 | 95,442 | ||||||||||||
Comprehensive income (loss) | (141,146) | 296 | (103,659) | ||||||||||||
Cash Flow from Operating Activities: | |||||||||||||||
Net income | (254,832) | (122,243) | (199,101) | ||||||||||||
Earnings from subsidiaries | $ 254,832 | $ 122,243 | $ 199,101 |
Selected Quarterly Financial 78
Selected Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 400,924 | $ 383,304 | $ 373,077 | $ 324,131 | $ 300,888 | $ 280,894 | $ 212,768 | $ 205,735 | $ 1,481,436 | $ 1,000,285 | $ 767,861 |
Gross profit | 195,625 | 175,277 | 162,598 | 147,447 | 142,212 | 129,030 | 103,265 | 93,428 | 680,947 | 467,935 | 357,130 |
Operating income | 95,311 | 76,903 | 66,037 | 50,444 | 48,302 | 14,952 | 58,351 | 43,133 | 288,695 | 164,738 | 200,372 |
Net income (loss) | $ 57,023 | $ 38,747 | $ 28,221 | $ 7,005 | $ 12,098 | $ (34,610) | $ 39,128 | $ 26,246 | $ 130,996 | $ 42,862 | $ 131,127 |
Basic earnings (loss) per share | $ 0.28 | $ 0.19 | $ 0.14 | $ 0.04 | $ 0.06 | $ (0.18) | $ 0.23 | $ 0.16 | $ 0.65 | $ 0.24 | $ 0.79 |
Diluted earnings (loss) per share | 0.28 | 0.19 | 0.14 | 0.03 | 0.06 | (0.18) | 0.22 | 0.15 | $ 0.64 | $ 0.22 | $ 0.75 |
Cash dividends declared per common share | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 |
Selected Quarterly Financial 79
Selected Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Results (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | ||
Loss on extinguishment of debt | $ 30,400 | $ 30,417 |
Professional Fees related to acquisition of Advent | $ 13,500 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Feb. 17, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||
Cash dividends declared per share | $ 0.25 | $ 0.25 | $ 0.0625 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared per share | $ 0.0625 | |||
Dividend declared date | Feb. 17, 2017 | |||
Dividend paid date | Mar. 15, 2017 | |||
Dividend record date | Mar. 1, 2017 |