Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SSNC | |
Entity Registrant Name | SS&C Technologies Holdings Inc | |
Entity Central Index Key | 1,402,436 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 204,008,460 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 108,842 | $ 117,558 |
Accounts receivable, net of allowance for doubtful accounts of $6,860 and $5,944, respectively | 247,553 | 241,307 |
Prepaid expenses and other current assets | 33,256 | 31,119 |
Prepaid income taxes | 15,674 | 23,012 |
Restricted cash | 2,071 | 2,116 |
Total current assets | 407,396 | 415,112 |
Property, plant and equipment: | ||
Land | 2,655 | 2,655 |
Building and improvements | 45,218 | 42,749 |
Equipment, furniture, and fixtures | 125,657 | 120,011 |
Total property and equipment | 173,530 | 165,415 |
Less: accumulated depreciation | (91,603) | (85,020) |
Net property, plant and equipment | 81,927 | 80,395 |
Deferred income taxes | 2,342 | 2,410 |
Goodwill (Note 3) | 3,659,631 | 3,652,733 |
Intangible and other assets, net of accumulated amortization of $784,547 and $730,234, respectively | 1,507,787 | 1,556,321 |
Total assets | 5,659,083 | 5,706,971 |
Current liabilities: | ||
Current portion of long-term debt (Note 2) | 100,812 | 126,144 |
Accounts payable | 23,642 | 16,490 |
Income taxes payable | 3,473 | |
Accrued employee compensation and benefits | 42,060 | 104,118 |
Interest payable | 7,420 | 21,470 |
Other accrued expenses | 54,685 | 53,708 |
Deferred revenue | 249,296 | 235,222 |
Total current liabilities | 477,915 | 560,625 |
Long-term debt, net of current portion (Note 2) | 2,343,737 | 2,374,986 |
Other long-term liabilities | 65,057 | 59,227 |
Deferred income taxes | 443,300 | 453,555 |
Total liabilities | 3,330,009 | 3,448,393 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity (Note 5): | ||
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized; no shares issued | ||
Common stock | 2,055 | 2,046 |
Additional paid-in capital | 1,945,533 | 1,921,256 |
Accumulated other comprehensive loss | (128,294) | (139,073) |
Retained earnings | 527,780 | 492,349 |
Stockholders' equity before treasury stock | 2,347,074 | 2,276,578 |
Less: cost of common stock in treasury, 1,573,339 shares | (18,000) | (18,000) |
Total stockholders’ equity | 2,329,074 | 2,258,578 |
Total liabilities and stockholders’ equity | 5,659,083 | 5,706,971 |
Class A Non-Voting Common Stock [Member] | ||
Stockholders’ equity (Note 5): | ||
Common stock |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivable | $ 6,860 | $ 5,944 |
Accumulated amortization of finite-lived intangible assets | $ 784,547 | $ 730,234 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 205,546,797 | 204,616,054 |
Common stock, shares outstanding | 203,973,458 | 203,042,715 |
Common stock, shares unvested | 7,938 | 11,252 |
Treasury stock, shares | 1,573,339 | 1,573,339 |
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 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Software-enabled services | $ 276,452 | $ 205,647 |
Maintenance and term licenses | 110,557 | 95,120 |
Total recurring revenues | 387,009 | 300,767 |
Perpetual licenses | 2,828 | 5,215 |
Professional services | 17,862 | 18,149 |
Total non-recurring revenues | 20,690 | 23,364 |
Total revenues | 407,699 | 324,131 |
Cost of revenues: | ||
Software-enabled services | 154,006 | 113,728 |
Maintenance and term licenses | 46,985 | 46,946 |
Total recurring cost of revenues | 200,991 | 160,674 |
Perpetual licenses | 565 | 498 |
Professional services | 15,903 | 15,512 |
Total non-recurring cost of revenues | 16,468 | 16,010 |
Total cost of revenues | 217,459 | 176,684 |
Gross profit | 190,240 | 147,447 |
Operating expenses: | ||
Selling and marketing | 30,242 | 29,861 |
Research and development | 38,449 | 36,447 |
General and administrative | 31,832 | 30,695 |
Total operating expenses | 100,523 | 97,003 |
Operating income | 89,717 | 50,444 |
Interest expense, net | (29,020) | (33,089) |
Other expense, net | (71) | (1,847) |
Loss on extinguishment of debt | (2,326) | |
Income before income taxes | 58,300 | 15,508 |
Provision for income taxes | 10,153 | 8,503 |
Net income | $ 48,147 | $ 7,005 |
Basic earnings per share | $ 0.24 | $ 0.04 |
Diluted earnings per share | $ 0.23 | $ 0.03 |
Basic weighted average number of common shares outstanding | 203,376 | 197,520 |
Diluted weighted average number of common and common equivalent shares outstanding | 209,704 | 204,262 |
Cash dividends declared and paid per common share | $ 0.0625 | $ 0.0625 |
Net income | $ 48,147 | $ 7,005 |
Other comprehensive income, net of tax: | ||
Foreign currency exchange translation adjustment | 10,779 | 9,321 |
Total comprehensive income, net of tax | 10,779 | 9,321 |
Comprehensive income | $ 58,926 | $ 16,326 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flow from operating activities: | ||
Net income | $ 48,147 | $ 7,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 58,557 | 55,273 |
Stock-based compensation expense | 10,900 | 15,347 |
Income tax benefit related to exercise of stock options | (8,174) | |
Amortization and write-offs of loan origination costs | 2,656 | 2,653 |
Loss on extinguishment of debt | 963 | |
Loss (gain) on sale or disposition of property and equipment | 10 | (2) |
Deferred income taxes | (7,295) | (6,274) |
Provision for doubtful accounts | 1,154 | 679 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | ||
Accounts receivable | (7,087) | (33,203) |
Prepaid expenses and other assets | (2,532) | (1,221) |
Accounts payable | 6,106 | 3,592 |
Accrued expenses | (72,908) | (52,843) |
Income taxes prepaid and payable | 5,077 | 10,526 |
Deferred revenue | 12,777 | 25,260 |
Net cash provided by operating activities | 56,525 | 18,618 |
Cash flow from investing activities: | ||
Additions to property and equipment | (5,990) | (2,808) |
Proceeds from sale of property and equipment | 2 | |
Cash paid for business acquisitions, net of cash acquired | 1,805 | (317,554) |
Additions to capitalized software | (3,277) | (2,169) |
Net cash used in investing activities | (7,462) | (322,529) |
Cash flow from financing activities: | ||
Cash received from debt borrowings | 45,000 | |
Repayments of debt | (105,200) | (29,825) |
Proceeds from exercise of stock options | 14,017 | 7,629 |
Withholding taxes related to equity award net share settlement | (589) | (1,559) |
Income tax benefit related to exercise of stock options | 8,174 | |
Dividends paid on common stock | (12,715) | (12,353) |
Net cash used in financing activities | (59,487) | (27,934) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,663 | (488) |
Net decrease in cash, cash equivalents and restricted cash | (8,761) | (332,333) |
Cash, cash equivalents and restricted cash, beginning of period | 119,674 | 436,977 |
Cash, cash equivalents and restricted cash, end of period | $ 110,913 | $ 104,644 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1—Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles were applied on a basis consistent with those of the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2017 (the “2016 Form 10-K”). In the opinion of the Company, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments, except as noted elsewhere in the notes to the Condensed Consolidated Financial Statements) necessary for a fair statement of its financial position as of March 31, 2017, the results of its operations for the three months ended March 31, 2017 and 2016 and its cash flows for the three months ended March 31, 2017 and 2016. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, operating income or net income. These statements do not include all of the information and footnotes required by GAAP for annual financial statements. The Condensed Consolidated Financial Statements contained herein should be read in conjunction with the audited Consolidated Financial Statements and footnotes as of and for the year ended December 31, 2016, which were included in the 2016 Form 10-K. The December 31, 2016 Consolidated Balance Sheet data were derived from audited financial statements but do not include all disclosures required by GAAP for annual financial statements. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the expected results for any subsequent quarters or the full year. Recently Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows: Restricted Cash In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recent Accounting Pronouncements Not Yet Effective In January 2017, the FASB issued 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 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments 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 Condensed Consolidated Balance Sheet. The Company is continuing its assessment, which may identify additional impacts this ASU will have on the Company’s Condensed Consolidated Financial Statements and related disclosures and internal controls over financial reporting. 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 Revenue from Contracts with Customers (Topic 606) – Technical Corrections and Improvements to Topic 606 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 is continuing its assessment, which may identify additional impacts this ASU will have on the Company’s Condensed Consolidated Financial Statements and related disclosures and internal controls over financial reporting. The Company intends to adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 2—Debt At March 31, 2017 and December 31, 2016, debt consisted of the following (in thousands): March 31, 2017 December 31, 2016 Senior secured credit facilities, weighted-average interest rate of 3.17% and 3.94%, respectively $ 1,833,425 $ 1,865,625 5.875% senior notes due 2023 600,000 600,000 Senior secured credit facilities revolving portion, weighted- average interest rate of 3.41% and 3.50%, respectively 66,000 94,000 Unamortized original issue discount and debt issuance costs (54,876 ) (58,495 ) 2,444,549 2,501,130 Less current portion of long-term debt 100,812 126,144 Long-term debt $ 2,343,737 $ 2,374,986 On March 2, 2017, the Company entered into an amendment (the “Amendment”) to our senior secured credit agreement dated July 8, 2015. Pursuant to the Amendment, the highest (non-default) interest rate margin applicable to Term Loan A was reduced from LIBOR plus 2.75% to LIBOR plus 1.75%, and the highest (non-default) interest rate margin applicable to Term Loan B was reduced from LIBOR plus 3.25% to LIBOR plus 2.25%. The LIBOR “floor” was also amended for the Term Loan A and the Term Loan B to be 0%. Subject to certain exceptions, in the event the Company and/or its subsidiaries enters into a transaction within six months from the Amendment Effective Date, the effect of which is to lower the “effective yield” of all or a portion of either the Term Loan A or the Term Loan B, the Company will pay to the applicable lenders a 1% prepayment premium on the loans subject to such transaction. No changes were made to the financial covenants, outstanding principal amounts or the scheduled amortization. The Amendment was evaluated in accordance with FASB Accounting Standards Codification 470-50, Debt-Modifications and Extinguishments , for debt modification and extinguishment accounting. The Company accounted for the debt re-pricing as a debt modification with respect to amounts that remained obligations of the same lender in the syndicate with minor changes in cash flows and as a debt extinguishment with respect to amounts that were obligations of lenders that exited the syndicate or remained in the syndicate but experienced a change in cash flows of greater than 10%. See Loss on extinguishment of debt section below. Loss on extinguishment of debt. The Company recorded a $2.3 million loss on extinguishment of debt in the three months ended March 31, 2017 in connection with the Amendment. The loss on early extinguishment of debt includes the write-off of a portion of the unamortized capitalized financing fees related to the senior secured credit facility for amounts accounted for as a debt extinguishment, as well as new financing fees related to the senior secured credit facility for amounts accounted for as a debt modification. Fair value of debt. The carrying amounts and fair values of financial instruments are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 1,833,425 $ 1,840,616 $ 1,865,625 $ 1,887,043 5.875% senior notes due 2023 600,000 634,500 600,000 619,500 Senior secured credit facilities, revolving portion 66,000 65,885 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. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 3—Goodwill The change in carrying value of goodwill as of and for the three months ended March 31, 2017 is as follows (in thousands): Balance at December 31, 2016 $ 3,652,733 Adjustments to prior acquisitions (1,200 ) Effect of foreign currency translation 8,098 Balance at March 31, 2017 $ 3,659,631 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 4—Earnings per Share Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing net income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares is anti-dilutive because their total assumed proceeds exceed the average fair value of common stock for the period. The following table sets forth the computation of basic and diluted EPS (in thousands, except per share amounts): For the Three Months Ended March 31, 2017 2016 Net income 48,147 7,005 Shares: Weighted average common shares outstanding — used in calculation of basic EPS 203,376 197,520 Weighted average common stock equivalents — options and restricted shares 6,328 6,742 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 209,704 204,262 Earnings per share - Basic $ 0.24 $ 0.04 Earnings per share - Diluted $ 0.23 $ 0.03 Weighted average stock options, SARs, RSUs and RSAs representing 14,455,614 and 13,807,238 shares were outstanding for the three months ended March 31, 2017 and 2016, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. Dividends . In 2017, the Company paid a quarterly cash dividend of $0.0625 per share of common stock on March 15, 2017, to stockholders of record as of the close of business on March 1, 2017 totaling $12.7 million. In 2016, the Company paid a quarterly cash dividend of $0.0625 per share of common stock on March 15, 2016 to stockholders of record as of the close of business on March 7, 2016 totaling $12.4 million. |
Equity and Stock-based Compensa
Equity and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity and Stock-based Compensation | Note 5—Equity and Stock-based Compensation Total stock options, SARs, RSUs and RSAs . The amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income for three months ended March 31, 2017 and 2016 was as follows (in thousands): Three Months Ended March 31, Consolidated Statements of Comprehensive Income Classification 2017 2016 Cost of software-enabled services $ 2,729 $ 2,405 Cost of maintenance and term licenses 564 811 Cost of recurring revenues 3,293 3,216 Cost of professional services 542 644 Cost of non-recurring revenues 542 644 Total cost of revenues 3,835 3,860 Selling and marketing 2,673 3,585 Research and development 1,987 2,216 General and administrative 2,405 5,686 Total operating expenses 7,065 11,487 Total stock-based compensation expense $ 10,900 $ 15,347 The following table summarizes stock option and SAR activity as of and for the three months ended March 31, 2017: Shares Outstanding at December 31, 2016 25,028,100 Granted 5,069,478 Cancelled/forfeited (222,288 ) Exercised (1,004,874 ) Outstanding at March 31, 2017 28,870,416 The following table summarizes RSU activity as of and for the three months ended March 31, 2017: Shares Outstanding at December 31, 2016 357,292 Granted - Cancelled/forfeited (7,592 ) Vested (9,820 ) Outstanding at March 31, 2017 339,880 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6—Income Taxes The effective tax rate was 17% and 55% for the three months ended March 31, 2017 and 2016, respectively. The change in the effective tax rate for the three months ended March 31, 2017 was primarily due to the recognition of windfall tax benefits from stock awards in the current quarter and the absence of unfavorable impact of a change in state apportionment on our domestic deferred tax liabilities as a result of the acquisition of Citigroup AIS in the first quarter of 2016, partially offset by the unfavorable impact from an increase in pre-tax income from domestic operations taxed at a high statutory rate. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 7—Acquisitions The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisitions of Conifer Financial Services LLC (“Conifer”), Wells Fargo's Global Fund Services business (“GFS”) and Citigroup’s Alternative Investor Services business occurred on January 1, 2015. This unaudited pro forma information (in thousands, except per share data) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. For the Three Months Ended March 31, 2016 Revenues $ 405,300 Net income $ 17,363 Basic EPS $ 0.09 Diluted EPS $ 0.09 Basic weighted average number of common shares outstanding 197,520 Diluted weighted average number of common and common equivalent shares outstanding 204,262 During the first quarter of 2017, the Company received cash purchase price adjustments totaling $1.8 million related to the acquisitions of Conifer and GFS. This amount is reflected in “Cash paid for business acquisitions, net of cash acquired” for the three months ended March 31, 2017 on the Company’s Condensed Consolidated Statement of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8—Commitments and Contingencies From time to time, the Company is subject to legal proceedings and claims. In the opinion of the Company's management, the Company is not involved in any litigation or proceedings that would have a material adverse effect on the Company or its business. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Financial Statements | Note 9—Supplemental Guarantor Financial Statements On July 8, 2015, the Company issued $600.0 million aggregate principal amount of 5.875% Senior Notes due 2023 (the “Senior Notes”). The Senior Notes are jointly and severally and fully and unconditionally guaranteed, in each case subject to certain customary release provisions, by substantially all wholly-owned domestic subsidiaries of the Company that guarantee the Company’s Amended Senior Secured Credit Agreement (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 Amended Senior Secured Credit Agreement. 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. During the three months ended March 31, 2017, the Company added certain U.S. subsidiaries as Guarantors to the Senior Notes. The condensed consolidating balance sheet as of December 31, 2016 below reflects the addition of these entities as Guarantor Subsidiaries. Condensed consolidating financial information as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 are presented. The condensed consolidating financial information of the Company and its subsidiaries are as follows (in thousands): March 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 26,291 $ 82,551 $ — $ 108,842 Accounts receivable, net — 177,016 70,537 — 247,553 Prepaid expenses and other current assets — 20,444 12,812 — 33,256 Prepaid income taxes — 15,759 16 (101 ) 15,674 Restricted cash — 1,743 328 — 2,071 Net property, plant and equipment — 44,839 37,088 — 81,927 Investment in subsidiaries 2,989,978 811,769 — (3,801,747 ) — Intercompany receivables — 180,696 46,533 (227,229 ) — Deferred income taxes, long-term — — 2,342 — 2,342 Goodwill, intangible and other assets, net — 3,983,038 1,184,380 — 5,167,418 Total assets $ 2,989,978 $ 5,261,595 $ 1,436,587 $ (4,029,077 ) $ 5,659,083 Current portion of long-term debt — 80,797 20,015 — 100,812 Accounts payable — 17,875 5,767 — 23,642 Accrued expenses 7,344 57,451 39,370 — 104,165 Income taxes payable — — 101 (101 ) — Deferred revenue — 221,051 28,245 — 249,296 Long-term debt, net of current portion 600,000 1,415,163 328,574 — 2,343,737 Other long-term liabilities — 33,066 31,991 — 65,057 Intercompany payables 53,560 46,533 127,136 (227,229 ) — Deferred income taxes, long-term — 399,681 43,619 — 443,300 Total liabilities 660,904 2,271,617 624,818 (227,330 ) 3,330,009 Total stockholders’ equity 2,329,074 2,989,978 811,769 (3,801,747 ) 2,329,074 Total liabilities and stockholders’ equity $ 2,989,978 $ 5,261,595 $ 1,436,587 $ (4,029,077 ) $ 5,659,083 December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 33,723 $ 83,835 $ — $ 117,558 Accounts receivable, net — 174,927 66,380 — 241,307 Prepaid expenses and other current assets — 18,129 12,990 — 31,119 Prepaid income taxes — 21,600 1,412 — 23,012 Restricted cash — 1,788 328 — 2,116 Net property, plant and equipment — 42,358 38,037 — 80,395 Investment in subsidiaries 2,910,669 769,716 — (3,680,385 ) — Intercompany receivables — 162,791 39,894 (202,685 ) — Deferred income taxes, long-term — — 2,410 — 2,410 Goodwill, intangible and other assets, net — 4,021,445 1,187,609 — 5,209,054 Total assets $ 2,910,669 $ 5,246,477 $ 1,432,895 $ (3,883,070 ) $ 5,706,971 Current portion of long-term debt — 108,989 17,155 — 126,144 Accounts payable — 10,714 5,776 — 16,490 Accrued expenses 16,155 109,746 53,395 — 179,296 Income taxes payable — — 3,473 — 3,473 Deferred revenue — 212,890 22,332 — 235,222 Long-term debt, net of current portion 600,000 1,416,695 358,291 — 2,374,986 Other long-term liabilities — 29,827 29,400 — 59,227 Intercompany payables 35,936 39,894 126,855 (202,685 ) — Deferred income taxes, long-term — 407,053 46,502 — 453,555 Total liabilities 652,091 2,335,808 663,179 (202,685 ) 3,448,393 Total stockholders’ equity 2,258,578 2,910,669 769,716 (3,680,385 ) 2,258,578 Total liabilities and stockholders’ equity $ 2,910,669 $ 5,246,477 $ 1,432,895 $ (3,883,070 ) $ 5,706,971 For the Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 286,034 $ 122,100 $ (435 ) $ 407,699 Cost of revenues — 144,757 73,137 (435 ) 217,459 Gross profit — 141,277 48,963 — 190,240 Operating expenses: Selling and marketing — 22,625 7,617 — 30,242 Research and development — 27,169 11,280 — 38,449 General and administrative — 22,608 9,224 — 31,832 Total operating expenses — 72,402 28,121 — 100,523 Operating income — 68,875 20,842 — 89,717 Interest expense, net (8,813 ) (15,004 ) (5,203 ) — (29,020 ) Other (expense) income, net — (17,731 ) 17,660 — (71 ) Loss on extinguishment of debt — (1,743 ) (583 ) — (2,326 ) Earnings from subsidiaries 56,960 28,629 — (85,589 ) — Income before income taxes 48,147 63,026 32,716 (85,589 ) 58,300 Provision for income taxes — 6,066 4,087 — 10,153 Net income $ 48,147 $ 56,960 $ 28,629 $ (85,589 ) $ 48,147 Other comprehensive income, net of tax: Foreign currency exchange translation adjustment 10,779 10,779 10,109 (20,888 ) 10,779 Comprehensive income $ 58,926 $ 67,739 $ 38,738 $ (106,477 ) $ 58,926 For the Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 218,989 $ 105,584 $ (442 ) $ 324,131 Cost of revenues — 113,502 63,624 (442 ) 176,684 Gross profit — 105,487 41,960 — 147,447 Operating expenses: Selling and marketing — 22,747 7,114 — 29,861 Research and development — 25,364 11,083 — 36,447 General and administrative — 22,479 8,216 — 30,695 Total operating expenses — 70,590 26,413 — 97,003 Operating income — 34,897 15,547 — 50,444 Interest expense, net (8,649 ) (17,916 ) (6,524 ) — (33,089 ) Other (expense) income, net — (14,401 ) 12,554 — (1,847 ) Earnings from subsidiaries 15,654 17,837 — (33,491 ) — Income before income taxes 7,005 20,417 21,577 (33,491 ) 15,508 Provision for income taxes — 4,763 3,740 — 8,503 Net income $ 7,005 $ 15,654 $ 17,837 $ (33,491 ) $ 7,005 Other comprehensive income, net of tax: Foreign currency exchange translation adjustment 9,321 9,321 4,773 (14,094 ) 9,321 Comprehensive income $ 16,326 $ 24,975 $ 22,610 $ (47,585 ) $ 16,326 For the Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 48,147 $ 56,960 $ 28,629 $ (85,589 ) $ 48,147 Non-cash adjustments — 50,458 16,487 — 66,945 Intercompany transactions 17,625 (12,791 ) (4,834 ) — — Earnings from subsidiaries (56,960 ) (28,629 ) — 85,589 — Changes in operating assets and liabilities (8,812 ) (36,492 ) (13,263 ) — (58,567 ) Net cash provided by operating activities — 29,506 27,019 — 56,525 Cash Flow from Investment Activities: Additions to property and equipment — (5,027 ) (963 ) — (5,990 ) Cash paid for business acquisitions, net of cash acquired — 1,802 3 — 1,805 Additions to capitalized software — (2,331 ) (946 ) — (3,277 ) Net cash used in investing activities — (5,556 ) (1,906 ) — (7,462 ) Cash Flow from Financing Activities: Cash received from debt borrowings — 45,000 — — 45,000 Repayments of debt — (77,200 ) (28,000 ) — (105,200 ) Transactions involving Holding's common stock — 713 — — 713 Intercompany transactions — 60 (60 ) — — Net cash used in financing activities — (31,427 ) (28,060 ) — (59,487 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — 1,663 — 1,663 Net decrease in cash, cash equivalents and restricted cash — (7,477 ) (1,284 ) — (8,761 ) Cash, cash equivalents and restricted cash, beginning of period — 35,511 84,163 — 119,674 Cash, cash equivalents and restricted cash, end of period $ — $ 28,034 $ 82,879 $ — $ 110,913 For the Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 7,005 $ 15,654 $ 17,837 $ (33,491 ) $ 7,005 Non-cash adjustments — 42,812 16,690 — 59,502 Intercompany transactions 18,310 (20,863 ) 2,553 — — Earnings from subsidiaries (15,654 ) (17,837 ) — 33,491 — Changes in operating assets and liabilities (9,661 ) (15,800 ) (22,428 ) — (47,889 ) Net cash provided by operating activities — 3,966 14,652 — 18,618 Cash Flow from Investment Activities: Additions to property and equipment — (1,068 ) (1,740 ) — (2,808 ) Proceeds from sale of property and equipment — 2 — — 2 Cash paid for business acquisitions, net of cash acquired — (219,276 ) (98,278 ) — (317,554 ) Additions to capitalized software — (1,253 ) (916 ) — (2,169 ) Net cash used in investing activities — (221,595 ) (100,934 ) — (322,529 ) Cash Flow from Financing Activities: Repayments of debt — (20,000 ) (9,825 ) — (29,825 ) Transactions involving Holding's common stock — 1,891 — — 1,891 Intercompany transactions — (90,798 ) 90,798 — — Net cash (used in) provided by financing activities — (108,907 ) 80,973 — (27,934 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (488 ) — (488 ) Net decrease in cash, cash equivalents and restricted cash — (326,536 ) (5,797 ) — (332,333 ) Cash, cash equivalents and restricted cash, beginning of period — 363,073 73,904 — 436,977 Cash, cash equivalents and restricted cash, end of period $ — $ 36,537 $ 68,107 $ — $ 104,644 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows: Restricted Cash In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective In January 2017, the FASB issued 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 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments 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 Condensed Consolidated Balance Sheet. The Company is continuing its assessment, which may identify additional impacts this ASU will have on the Company’s Condensed Consolidated Financial Statements and related disclosures and internal controls over financial reporting. 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 Revenue from Contracts with Customers (Topic 606) – Technical Corrections and Improvements to Topic 606 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 is continuing its assessment, which may identify additional impacts this ASU will have on the Company’s Condensed Consolidated Financial Statements and related disclosures and internal controls over financial reporting. The Company intends to adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach . |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Component of Debt | At March 31, 2017 and December 31, 2016, debt consisted of the following (in thousands): March 31, 2017 December 31, 2016 Senior secured credit facilities, weighted-average interest rate of 3.17% and 3.94%, respectively $ 1,833,425 $ 1,865,625 5.875% senior notes due 2023 600,000 600,000 Senior secured credit facilities revolving portion, weighted- average interest rate of 3.41% and 3.50%, respectively 66,000 94,000 Unamortized original issue discount and debt issuance costs (54,876 ) (58,495 ) 2,444,549 2,501,130 Less current portion of long-term debt 100,812 126,144 Long-term debt $ 2,343,737 $ 2,374,986 |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 1,833,425 $ 1,840,616 $ 1,865,625 $ 1,887,043 5.875% senior notes due 2023 600,000 634,500 600,000 619,500 Senior secured credit facilities, revolving portion 66,000 65,885 94,000 93,883 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Value of Goodwill | The change in carrying value of goodwill as of and for the three months ended March 31, 2017 is as follows (in thousands): Balance at December 31, 2016 $ 3,652,733 Adjustments to prior acquisitions (1,200 ) Effect of foreign currency translation 8,098 Balance at March 31, 2017 $ 3,659,631 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted EPS (in thousands, except per share amounts): For the Three Months Ended March 31, 2017 2016 Net income 48,147 7,005 Shares: Weighted average common shares outstanding — used in calculation of basic EPS 203,376 197,520 Weighted average common stock equivalents — options and restricted shares 6,328 6,742 Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS 209,704 204,262 Earnings per share - Basic $ 0.24 $ 0.04 Earnings per share - Diluted $ 0.23 $ 0.03 |
Equity and Stock-based Compen19
Equity and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Stock-Based Compensation Expense Recognized | Total stock options, SARs, RSUs and RSAs . The amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income for three months ended March 31, 2017 and 2016 was as follows (in thousands): Three Months Ended March 31, Consolidated Statements of Comprehensive Income Classification 2017 2016 Cost of software-enabled services $ 2,729 $ 2,405 Cost of maintenance and term licenses 564 811 Cost of recurring revenues 3,293 3,216 Cost of professional services 542 644 Cost of non-recurring revenues 542 644 Total cost of revenues 3,835 3,860 Selling and marketing 2,673 3,585 Research and development 1,987 2,216 General and administrative 2,405 5,686 Total operating expenses 7,065 11,487 Total stock-based compensation expense $ 10,900 $ 15,347 |
Summary of Stock Option and SAR Activity | The following table summarizes stock option and SAR activity as of and for the three months ended March 31, 2017: Shares Outstanding at December 31, 2016 25,028,100 Granted 5,069,478 Cancelled/forfeited (222,288 ) Exercised (1,004,874 ) Outstanding at March 31, 2017 28,870,416 |
Summary of RSU Activity | The following table summarizes RSU activity as of and for the three months ended March 31, 2017: Shares Outstanding at December 31, 2016 357,292 Granted - Cancelled/forfeited (7,592 ) Vested (9,820 ) Outstanding at March 31, 2017 339,880 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Unaudited Pro Forma Information | The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisitions of Conifer Financial Services LLC (“Conifer”), Wells Fargo's Global Fund Services business (“GFS”) and Citigroup’s Alternative Investor Services business occurred on January 1, 2015. This unaudited pro forma information (in thousands, except per share data) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. For the Three Months Ended March 31, 2016 Revenues $ 405,300 Net income $ 17,363 Basic EPS $ 0.09 Diluted EPS $ 0.09 Basic weighted average number of common shares outstanding 197,520 Diluted weighted average number of common and common equivalent shares outstanding 204,262 |
Supplemental Guarantor Financ21
Supplemental Guarantor Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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): March 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 26,291 $ 82,551 $ — $ 108,842 Accounts receivable, net — 177,016 70,537 — 247,553 Prepaid expenses and other current assets — 20,444 12,812 — 33,256 Prepaid income taxes — 15,759 16 (101 ) 15,674 Restricted cash — 1,743 328 — 2,071 Net property, plant and equipment — 44,839 37,088 — 81,927 Investment in subsidiaries 2,989,978 811,769 — (3,801,747 ) — Intercompany receivables — 180,696 46,533 (227,229 ) — Deferred income taxes, long-term — — 2,342 — 2,342 Goodwill, intangible and other assets, net — 3,983,038 1,184,380 — 5,167,418 Total assets $ 2,989,978 $ 5,261,595 $ 1,436,587 $ (4,029,077 ) $ 5,659,083 Current portion of long-term debt — 80,797 20,015 — 100,812 Accounts payable — 17,875 5,767 — 23,642 Accrued expenses 7,344 57,451 39,370 — 104,165 Income taxes payable — — 101 (101 ) — Deferred revenue — 221,051 28,245 — 249,296 Long-term debt, net of current portion 600,000 1,415,163 328,574 — 2,343,737 Other long-term liabilities — 33,066 31,991 — 65,057 Intercompany payables 53,560 46,533 127,136 (227,229 ) — Deferred income taxes, long-term — 399,681 43,619 — 443,300 Total liabilities 660,904 2,271,617 624,818 (227,330 ) 3,330,009 Total stockholders’ equity 2,329,074 2,989,978 811,769 (3,801,747 ) 2,329,074 Total liabilities and stockholders’ equity $ 2,989,978 $ 5,261,595 $ 1,436,587 $ (4,029,077 ) $ 5,659,083 December 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash and cash equivalents $ — $ 33,723 $ 83,835 $ — $ 117,558 Accounts receivable, net — 174,927 66,380 — 241,307 Prepaid expenses and other current assets — 18,129 12,990 — 31,119 Prepaid income taxes — 21,600 1,412 — 23,012 Restricted cash — 1,788 328 — 2,116 Net property, plant and equipment — 42,358 38,037 — 80,395 Investment in subsidiaries 2,910,669 769,716 — (3,680,385 ) — Intercompany receivables — 162,791 39,894 (202,685 ) — Deferred income taxes, long-term — — 2,410 — 2,410 Goodwill, intangible and other assets, net — 4,021,445 1,187,609 — 5,209,054 Total assets $ 2,910,669 $ 5,246,477 $ 1,432,895 $ (3,883,070 ) $ 5,706,971 Current portion of long-term debt — 108,989 17,155 — 126,144 Accounts payable — 10,714 5,776 — 16,490 Accrued expenses 16,155 109,746 53,395 — 179,296 Income taxes payable — — 3,473 — 3,473 Deferred revenue — 212,890 22,332 — 235,222 Long-term debt, net of current portion 600,000 1,416,695 358,291 — 2,374,986 Other long-term liabilities — 29,827 29,400 — 59,227 Intercompany payables 35,936 39,894 126,855 (202,685 ) — Deferred income taxes, long-term — 407,053 46,502 — 453,555 Total liabilities 652,091 2,335,808 663,179 (202,685 ) 3,448,393 Total stockholders’ equity 2,258,578 2,910,669 769,716 (3,680,385 ) 2,258,578 Total liabilities and stockholders’ equity $ 2,910,669 $ 5,246,477 $ 1,432,895 $ (3,883,070 ) $ 5,706,971 For the Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 286,034 $ 122,100 $ (435 ) $ 407,699 Cost of revenues — 144,757 73,137 (435 ) 217,459 Gross profit — 141,277 48,963 — 190,240 Operating expenses: Selling and marketing — 22,625 7,617 — 30,242 Research and development — 27,169 11,280 — 38,449 General and administrative — 22,608 9,224 — 31,832 Total operating expenses — 72,402 28,121 — 100,523 Operating income — 68,875 20,842 — 89,717 Interest expense, net (8,813 ) (15,004 ) (5,203 ) — (29,020 ) Other (expense) income, net — (17,731 ) 17,660 — (71 ) Loss on extinguishment of debt — (1,743 ) (583 ) — (2,326 ) Earnings from subsidiaries 56,960 28,629 — (85,589 ) — Income before income taxes 48,147 63,026 32,716 (85,589 ) 58,300 Provision for income taxes — 6,066 4,087 — 10,153 Net income $ 48,147 $ 56,960 $ 28,629 $ (85,589 ) $ 48,147 Other comprehensive income, net of tax: Foreign currency exchange translation adjustment 10,779 10,779 10,109 (20,888 ) 10,779 Comprehensive income $ 58,926 $ 67,739 $ 38,738 $ (106,477 ) $ 58,926 For the Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Revenues $ — $ 218,989 $ 105,584 $ (442 ) $ 324,131 Cost of revenues — 113,502 63,624 (442 ) 176,684 Gross profit — 105,487 41,960 — 147,447 Operating expenses: Selling and marketing — 22,747 7,114 — 29,861 Research and development — 25,364 11,083 — 36,447 General and administrative — 22,479 8,216 — 30,695 Total operating expenses — 70,590 26,413 — 97,003 Operating income — 34,897 15,547 — 50,444 Interest expense, net (8,649 ) (17,916 ) (6,524 ) — (33,089 ) Other (expense) income, net — (14,401 ) 12,554 — (1,847 ) Earnings from subsidiaries 15,654 17,837 — (33,491 ) — Income before income taxes 7,005 20,417 21,577 (33,491 ) 15,508 Provision for income taxes — 4,763 3,740 — 8,503 Net income $ 7,005 $ 15,654 $ 17,837 $ (33,491 ) $ 7,005 Other comprehensive income, net of tax: Foreign currency exchange translation adjustment 9,321 9,321 4,773 (14,094 ) 9,321 Comprehensive income $ 16,326 $ 24,975 $ 22,610 $ (47,585 ) $ 16,326 For the Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 48,147 $ 56,960 $ 28,629 $ (85,589 ) $ 48,147 Non-cash adjustments — 50,458 16,487 — 66,945 Intercompany transactions 17,625 (12,791 ) (4,834 ) — — Earnings from subsidiaries (56,960 ) (28,629 ) — 85,589 — Changes in operating assets and liabilities (8,812 ) (36,492 ) (13,263 ) — (58,567 ) Net cash provided by operating activities — 29,506 27,019 — 56,525 Cash Flow from Investment Activities: Additions to property and equipment — (5,027 ) (963 ) — (5,990 ) Cash paid for business acquisitions, net of cash acquired — 1,802 3 — 1,805 Additions to capitalized software — (2,331 ) (946 ) — (3,277 ) Net cash used in investing activities — (5,556 ) (1,906 ) — (7,462 ) Cash Flow from Financing Activities: Cash received from debt borrowings — 45,000 — — 45,000 Repayments of debt — (77,200 ) (28,000 ) — (105,200 ) Transactions involving Holding's common stock — 713 — — 713 Intercompany transactions — 60 (60 ) — — Net cash used in financing activities — (31,427 ) (28,060 ) — (59,487 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — 1,663 — 1,663 Net decrease in cash, cash equivalents and restricted cash — (7,477 ) (1,284 ) — (8,761 ) Cash, cash equivalents and restricted cash, beginning of period — 35,511 84,163 — 119,674 Cash, cash equivalents and restricted cash, end of period $ — $ 28,034 $ 82,879 $ — $ 110,913 For the Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Consolidating and Eliminating Adjustments Consolidated Cash Flow from Operating Activities: Net income $ 7,005 $ 15,654 $ 17,837 $ (33,491 ) $ 7,005 Non-cash adjustments — 42,812 16,690 — 59,502 Intercompany transactions 18,310 (20,863 ) 2,553 — — Earnings from subsidiaries (15,654 ) (17,837 ) — 33,491 — Changes in operating assets and liabilities (9,661 ) (15,800 ) (22,428 ) — (47,889 ) Net cash provided by operating activities — 3,966 14,652 — 18,618 Cash Flow from Investment Activities: Additions to property and equipment — (1,068 ) (1,740 ) — (2,808 ) Proceeds from sale of property and equipment — 2 — — 2 Cash paid for business acquisitions, net of cash acquired — (219,276 ) (98,278 ) — (317,554 ) Additions to capitalized software — (1,253 ) (916 ) — (2,169 ) Net cash used in investing activities — (221,595 ) (100,934 ) — (322,529 ) Cash Flow from Financing Activities: Repayments of debt — (20,000 ) (9,825 ) — (29,825 ) Transactions involving Holding's common stock — 1,891 — — 1,891 Intercompany transactions — (90,798 ) 90,798 — — Net cash (used in) provided by financing activities — (108,907 ) 80,973 — (27,934 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (488 ) — (488 ) Net decrease in cash, cash equivalents and restricted cash — (326,536 ) (5,797 ) — (332,333 ) Cash, cash equivalents and restricted cash, beginning of period — 363,073 73,904 — 436,977 Cash, cash equivalents and restricted cash, end of period $ — $ 36,537 $ 68,107 $ — $ 104,644 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
ASU 2016-09 [Member] | Discrete Tax Benefits Recognized in Provision for Income Taxes [Member] | |
Accounting Policies [Line Items] | |
Discrete tax benefits due to adoption of new ASU | $ 5.1 |
Debt - Component of Debt (Detai
Debt - Component of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Unamortized original issue discount and debt issuance costs | $ (54,876) | $ (58,495) |
Debt | 2,444,549 | 2,501,130 |
Less current portion of long-term debt | 100,812 | 126,144 |
Long-term debt | 2,343,737 | 2,374,986 |
Senior Secured Credit Facilities Revolving Portion [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 66,000 | 94,000 |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 1,833,425 | 1,865,625 |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Senior Secured Credit Facilities Revolving Portion [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 3.41% | 3.50% | |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 3.17% | 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) - USD ($) $ in Thousands | Mar. 02, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | $ (2,326) | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of change in cash flows due to debt extinguishment obligation | 10.00% | |
Amended Senior Secured Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Period of transaction to be entered from amendment effective date | 6 months | |
Debt instrument, prepayment premium percentage | 1.00% | |
Term Loan A [Member] | LIBOR Plus [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.75% | |
Term Loan A [Member] | Amended Senior Secured Credit Agreement [Member] | LIBOR Plus [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, floor rate | 0.00% | |
Term Loan A [Member] | Amended Senior Secured Credit Agreement [Member] | LIBOR Plus [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.75% | |
Term Loan B [Member] | LIBOR Plus [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.25% | |
Term Loan B [Member] | Amended Senior Secured Credit Agreement [Member] | LIBOR Plus [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, floor rate | 0.00% | |
Term Loan B [Member] | Amended Senior Secured Credit Agreement [Member] | LIBOR Plus [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.25% |
Debt - Schedule of Carrying Amo
Debt - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | $ 1,833,425 | $ 1,865,625 |
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 | 66,000 | 94,000 |
Fair Value [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | 1,840,616 | 1,887,043 |
Fair Value [Member] | 5.875% Senior Notes due 2023 [Member] | ||
Financial liabilities: | ||
Credit facility | 634,500 | 619,500 |
Fair Value [Member] | Senior Secured Credit Facilities Revolving Portion [Member] | ||
Financial liabilities: | ||
Credit facility | $ 65,885 | $ 93,883 |
Goodwill - Summary of Change in
Goodwill - Summary of Change in Carrying Value of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 3,652,733 |
Adjustments to prior acquisitions | (1,200) |
Effect of foreign currency translation | 8,098 |
Ending balance | $ 3,659,631 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 48,147 | $ 7,005 |
Shares: | ||
Weighted average common shares outstanding — used in calculation of basic EPS | 203,376 | 197,520 |
Weighted average common stock equivalents — options and restricted shares | 6,328 | 6,742 |
Weighted average common and common equivalent shares outstanding — used in calculation of diluted EPS | 209,704 | 204,262 |
Earnings per share - Basic | $ 0.24 | $ 0.04 |
Earnings per share - Diluted | $ 0.23 | $ 0.03 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Line Items] | ||
Dividends paid on common stock | $ 12,715 | $ 12,353 |
Quarterly cash dividend paid | $ 0.0625 | $ 0.0625 |
Dividend record date | Mar. 1, 2017 | Mar. 7, 2016 |
Dividend paid date | Mar. 15, 2017 | Mar. 15, 2016 |
Stock Options [Member] | ||
Earnings Per Share [Line Items] | ||
Options to purchase shares outstanding | 14,455,614 | 13,807,238 |
Equity and Stock-based Compen30
Equity and Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 10,900 | $ 15,347 |
Cost of Software-Enabled Services [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 2,729 | 2,405 |
Cost of Maintenance and Term Licenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 564 | 811 |
Cost of Recurring Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 3,293 | 3,216 |
Cost of Professional Services [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 542 | 644 |
Cost of Non-Recurring Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 542 | 644 |
Total Cost of Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 3,835 | 3,860 |
Selling and Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 2,673 | 3,585 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 1,987 | 2,216 |
General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 2,405 | 5,686 |
Total Operating Expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 7,065 | $ 11,487 |
Equity and Stock-based Compen31
Equity and Stock-based Compensation - Summary of Stock Option and SAR Activity (Detail) | 3 Months Ended |
Mar. 31, 2017shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Outstanding Opening | 25,028,100 |
Granted | 5,069,478 |
Cancelled/forfeited | (222,288) |
Exercised | (1,004,874) |
Number of Shares, Outstanding Closing | 28,870,416 |
Equity and Stock-based Compen32
Equity and Stock-based Compensation - Summary of RSU Activity (Detail) | 3 Months Ended |
Mar. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding Opening | 11,252 |
Number of Shares, Outstanding Closing | 7,938 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding Opening | 357,292 |
Cancelled/forfeited | (7,592) |
Vested | (9,820) |
Number of Shares, Outstanding Closing | 339,880 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 17.00% | 55.00% |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Business Combinations [Abstract] | |
Revenues | $ | $ 405,300 |
Net income | $ | $ 17,363 |
Basic EPS | $ / shares | $ 0.09 |
Diluted EPS | $ / shares | $ 0.09 |
Basic weighted average number of common shares outstanding | shares | 197,520 |
Diluted weighted average number of common and common equivalent shares outstanding | shares | 204,262 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Conifer and GFS [Member] | |
Business Acquisition [Line Items] | |
Cash purchase price adjustments received in first quarter of 2017 | $ 1.8 |
Supplemental Guarantor Financ36
Supplemental Guarantor Financial Statements - Additional Information (Detail) - USD ($) | Jul. 08, 2015 | Mar. 31, 2017 | Dec. 31, 2016 |
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 | ||
Debt, interest rate | 5.875% | 5.875% | 5.875% |
Debt, due date | 2,023 | 2,023 |
Supplemental Guarantor Financ37
Supplemental Guarantor Financial Statements - Condensed Consolidating Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Condensed Financial Statements Captions [Line Items] | |||
Cash and cash equivalents | $ 108,842 | $ 117,558 | |
Accounts receivable, net | 247,553 | 241,307 | |
Prepaid expenses and other current assets | 33,256 | 31,119 | |
Prepaid income taxes | 15,674 | 23,012 | |
Restricted cash | 2,071 | 2,116 | |
Net property, plant and equipment | 81,927 | 80,395 | |
Deferred income taxes, long-term | 2,342 | 2,410 | |
Goodwill, intangible and other assets, net | 5,167,418 | 5,209,054 | |
Total assets | 5,659,083 | 5,706,971 | |
Less current portion of long-term debt | 100,812 | 126,144 | |
Accounts payable | 23,642 | 16,490 | |
Accrued expenses | 104,165 | 179,296 | |
Income taxes payable | 3,473 | ||
Deferred revenue | 249,296 | 235,222 | |
Long-term debt, net of current portion (Note 2) | 2,343,737 | 2,374,986 | |
Other long-term liabilities | 65,057 | 59,227 | |
Deferred income taxes, long-term | 443,300 | 453,555 | |
Total liabilities | 3,330,009 | 3,448,393 | |
Total stockholders’ equity | 2,329,074 | 2,258,578 | |
Total liabilities and stockholders’ equity | 5,659,083 | 5,706,971 | |
Revenues | 407,699 | $ 324,131 | |
Cost of revenues | 217,459 | 176,684 | |
Gross profit | 190,240 | 147,447 | |
Operating expenses: | |||
Selling and marketing | 30,242 | 29,861 | |
Research and development | 38,449 | 36,447 | |
General and administrative | 31,832 | 30,695 | |
Total operating expenses | 100,523 | 97,003 | |
Operating income | 89,717 | 50,444 | |
Interest expense, net | (29,020) | (33,089) | |
Other (expense) income, net | (71) | (1,847) | |
Loss on extinguishment of debt | (2,326) | ||
Income before income taxes | 58,300 | 15,508 | |
Provision for income taxes | 10,153 | 8,503 | |
Net income | 48,147 | 7,005 | |
Other comprehensive income, net of tax: | |||
Foreign currency exchange translation adjustment | 10,779 | 9,321 | |
Comprehensive income | 58,926 | 16,326 | |
Cash Flow from Operating Activities: | |||
Net income | 48,147 | 7,005 | |
Non-cash adjustments | 66,945 | 59,502 | |
Changes in operating assets and liabilities | (58,567) | (47,889) | |
Net cash provided by operating activities | 56,525 | 18,618 | |
Cash Flow from Investment Activities: | |||
Additions to property and equipment | (5,990) | (2,808) | |
Proceeds from sale of property and equipment | 2 | ||
Cash paid for business acquisitions, net of cash acquired | 1,805 | (317,554) | |
Additions to capitalized software | (3,277) | (2,169) | |
Net cash used in investing activities | (7,462) | (322,529) | |
Cash Flow from Financing Activities: | |||
Cash received from debt borrowings | 45,000 | ||
Repayments of debt | (105,200) | (29,825) | |
Transactions involving Holding's common stock | 713 | 1,891 | |
Net cash (used in) provided by financing activities | (59,487) | (27,934) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,663 | (488) | |
Net decrease in cash, cash equivalents and restricted cash | (8,761) | (332,333) | |
Cash, cash equivalents and restricted cash, beginning of period | 119,674 | 436,977 | |
Cash, cash equivalents and restricted cash, end of period | 110,913 | 104,644 | |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Investment in subsidiaries | 2,989,978 | 2,910,669 | |
Total assets | 2,989,978 | 2,910,669 | |
Accrued expenses | 7,344 | 16,155 | |
Long-term debt, net of current portion (Note 2) | 600,000 | 600,000 | |
Intercompany payables | 53,560 | 35,936 | |
Total liabilities | 660,904 | 652,091 | |
Total stockholders’ equity | 2,329,074 | 2,258,578 | |
Total liabilities and stockholders’ equity | 2,989,978 | 2,910,669 | |
Operating expenses: | |||
Interest expense, net | (8,813) | (8,649) | |
Earnings from subsidiaries | 56,960 | 15,654 | |
Income before income taxes | 48,147 | 7,005 | |
Net income | 48,147 | 7,005 | |
Other comprehensive income, net of tax: | |||
Foreign currency exchange translation adjustment | 10,779 | 9,321 | |
Comprehensive income | 58,926 | 16,326 | |
Cash Flow from Operating Activities: | |||
Net income | 48,147 | 7,005 | |
Intercompany transactions | 17,625 | 18,310 | |
Earnings from subsidiaries | (56,960) | (15,654) | |
Changes in operating assets and liabilities | (8,812) | (9,661) | |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Cash and cash equivalents | 26,291 | 33,723 | |
Accounts receivable, net | 177,016 | 174,927 | |
Prepaid expenses and other current assets | 20,444 | 18,129 | |
Prepaid income taxes | 15,759 | 21,600 | |
Restricted cash | 1,743 | 1,788 | |
Net property, plant and equipment | 44,839 | 42,358 | |
Investment in subsidiaries | 811,769 | 769,716 | |
Intercompany receivables | 180,696 | 162,791 | |
Goodwill, intangible and other assets, net | 3,983,038 | 4,021,445 | |
Total assets | 5,261,595 | 5,246,477 | |
Less current portion of long-term debt | 80,797 | 108,989 | |
Accounts payable | 17,875 | 10,714 | |
Accrued expenses | 57,451 | 109,746 | |
Deferred revenue | 221,051 | 212,890 | |
Long-term debt, net of current portion (Note 2) | 1,415,163 | 1,416,695 | |
Other long-term liabilities | 33,066 | 29,827 | |
Intercompany payables | 46,533 | 39,894 | |
Deferred income taxes, long-term | 399,681 | 407,053 | |
Total liabilities | 2,271,617 | 2,335,808 | |
Total stockholders’ equity | 2,989,978 | 2,910,669 | |
Total liabilities and stockholders’ equity | 5,261,595 | 5,246,477 | |
Revenues | 286,034 | 218,989 | |
Cost of revenues | 144,757 | 113,502 | |
Gross profit | 141,277 | 105,487 | |
Operating expenses: | |||
Selling and marketing | 22,625 | 22,747 | |
Research and development | 27,169 | 25,364 | |
General and administrative | 22,608 | 22,479 | |
Total operating expenses | 72,402 | 70,590 | |
Operating income | 68,875 | 34,897 | |
Interest expense, net | (15,004) | (17,916) | |
Other (expense) income, net | (17,731) | (14,401) | |
Loss on extinguishment of debt | (1,743) | ||
Earnings from subsidiaries | 28,629 | 17,837 | |
Income before income taxes | 63,026 | 20,417 | |
Provision for income taxes | 6,066 | 4,763 | |
Net income | 56,960 | 15,654 | |
Other comprehensive income, net of tax: | |||
Foreign currency exchange translation adjustment | 10,779 | 9,321 | |
Comprehensive income | 67,739 | 24,975 | |
Cash Flow from Operating Activities: | |||
Net income | 56,960 | 15,654 | |
Non-cash adjustments | 50,458 | 42,812 | |
Intercompany transactions | (12,791) | (20,863) | |
Earnings from subsidiaries | (28,629) | (17,837) | |
Changes in operating assets and liabilities | (36,492) | (15,800) | |
Net cash provided by operating activities | 29,506 | 3,966 | |
Cash Flow from Investment Activities: | |||
Additions to property and equipment | (5,027) | (1,068) | |
Proceeds from sale of property and equipment | 2 | ||
Cash paid for business acquisitions, net of cash acquired | 1,802 | (219,276) | |
Additions to capitalized software | (2,331) | (1,253) | |
Net cash used in investing activities | (5,556) | (221,595) | |
Cash Flow from Financing Activities: | |||
Cash received from debt borrowings | 45,000 | ||
Repayments of debt | (77,200) | (20,000) | |
Transactions involving Holding's common stock | 713 | 1,891 | |
Intercompany transactions | 60 | (90,798) | |
Net cash (used in) provided by financing activities | (31,427) | (108,907) | |
Net decrease in cash, cash equivalents and restricted cash | (7,477) | (326,536) | |
Cash, cash equivalents and restricted cash, beginning of period | 35,511 | 363,073 | |
Cash, cash equivalents and restricted cash, end of period | 28,034 | 36,537 | |
Non-guarantor Subsidiaries [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Cash and cash equivalents | 82,551 | 83,835 | |
Accounts receivable, net | 70,537 | 66,380 | |
Prepaid expenses and other current assets | 12,812 | 12,990 | |
Prepaid income taxes | 16 | 1,412 | |
Restricted cash | 328 | 328 | |
Net property, plant and equipment | 37,088 | 38,037 | |
Intercompany receivables | 46,533 | 39,894 | |
Deferred income taxes, long-term | 2,342 | 2,410 | |
Goodwill, intangible and other assets, net | 1,184,380 | 1,187,609 | |
Total assets | 1,436,587 | 1,432,895 | |
Less current portion of long-term debt | 20,015 | 17,155 | |
Accounts payable | 5,767 | 5,776 | |
Accrued expenses | 39,370 | 53,395 | |
Income taxes payable | 101 | 3,473 | |
Deferred revenue | 28,245 | 22,332 | |
Long-term debt, net of current portion (Note 2) | 328,574 | 358,291 | |
Other long-term liabilities | 31,991 | 29,400 | |
Intercompany payables | 127,136 | 126,855 | |
Deferred income taxes, long-term | 43,619 | 46,502 | |
Total liabilities | 624,818 | 663,179 | |
Total stockholders’ equity | 811,769 | 769,716 | |
Total liabilities and stockholders’ equity | 1,436,587 | 1,432,895 | |
Revenues | 122,100 | 105,584 | |
Cost of revenues | 73,137 | 63,624 | |
Gross profit | 48,963 | 41,960 | |
Operating expenses: | |||
Selling and marketing | 7,617 | 7,114 | |
Research and development | 11,280 | 11,083 | |
General and administrative | 9,224 | 8,216 | |
Total operating expenses | 28,121 | 26,413 | |
Operating income | 20,842 | 15,547 | |
Interest expense, net | (5,203) | (6,524) | |
Other (expense) income, net | 17,660 | 12,554 | |
Loss on extinguishment of debt | (583) | ||
Income before income taxes | 32,716 | 21,577 | |
Provision for income taxes | 4,087 | 3,740 | |
Net income | 28,629 | 17,837 | |
Other comprehensive income, net of tax: | |||
Foreign currency exchange translation adjustment | 10,109 | 4,773 | |
Comprehensive income | 38,738 | 22,610 | |
Cash Flow from Operating Activities: | |||
Net income | 28,629 | 17,837 | |
Non-cash adjustments | 16,487 | 16,690 | |
Intercompany transactions | (4,834) | 2,553 | |
Changes in operating assets and liabilities | (13,263) | (22,428) | |
Net cash provided by operating activities | 27,019 | 14,652 | |
Cash Flow from Investment Activities: | |||
Additions to property and equipment | (963) | (1,740) | |
Cash paid for business acquisitions, net of cash acquired | 3 | (98,278) | |
Additions to capitalized software | (946) | (916) | |
Net cash used in investing activities | (1,906) | (100,934) | |
Cash Flow from Financing Activities: | |||
Repayments of debt | (28,000) | (9,825) | |
Intercompany transactions | (60) | 90,798 | |
Net cash (used in) provided by financing activities | (28,060) | 80,973 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,663 | (488) | |
Net decrease in cash, cash equivalents and restricted cash | (1,284) | (5,797) | |
Cash, cash equivalents and restricted cash, beginning of period | 84,163 | 73,904 | |
Cash, cash equivalents and restricted cash, end of period | 82,879 | 68,107 | |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Prepaid income taxes | (101) | ||
Investment in subsidiaries | (3,801,747) | (3,680,385) | |
Intercompany receivables | (227,229) | (202,685) | |
Total assets | (4,029,077) | (3,883,070) | |
Income taxes payable | (101) | ||
Intercompany payables | (227,229) | (202,685) | |
Total liabilities | (227,330) | (202,685) | |
Total stockholders’ equity | (3,801,747) | (3,680,385) | |
Total liabilities and stockholders’ equity | (4,029,077) | $ (3,883,070) | |
Revenues | (435) | (442) | |
Cost of revenues | (435) | (442) | |
Operating expenses: | |||
Earnings from subsidiaries | (85,589) | (33,491) | |
Income before income taxes | (85,589) | (33,491) | |
Net income | (85,589) | (33,491) | |
Other comprehensive income, net of tax: | |||
Foreign currency exchange translation adjustment | (20,888) | (14,094) | |
Comprehensive income | (106,477) | (47,585) | |
Cash Flow from Operating Activities: | |||
Net income | (85,589) | (33,491) | |
Earnings from subsidiaries | $ 85,589 | $ 33,491 |