Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | 29-May-15 | Jun. 30, 2014 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Bankrate, Inc. | ||
Entity Central Index Key | 1518222 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,068,750,481 | ||
Entity Common Stock, Shares Outstanding | 103,884,733 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $141,725 | $131,732 | $175,381 | $243,297 | $229,674 | $190,850 | $111,554 | $88,603 | $83,262 | $70,883 | $77,562 | $64,205 | $55,588 | $63,916 | $60,993 |
Accounts receivable, net of allowance for doubtful accounts of $419 and $620 at December 31, 2014 and December 31, 2013, respectively | 70,865 | 79,207 | 77,175 | 78,334 | 61,859 | 68,406 | 58,523 | 58,922 | 52,293 | 60,315 | 66,165 | 61,226 | 61,595 | 70,226 | 61,989 |
Deferred income taxes | 6,407 | 19,258 | 19,258 | 9,258 | 9,258 | 3,363 | 3,363 | 3,363 | 3,363 | 8,555 | 8,555 | 8,113 | 8,113 | 10,081 | 10,081 |
Prepaid expenses and other current assets | 35,652 | 43,819 | 33,947 | 9,878 | 13,587 | 27,277 | 21,502 | 20,446 | 22,998 | 11,874 | 5,737 | 4,505 | 3,454 | 10,239 | 20,811 |
Assets held for sale | 1,627 | 1,359 | 1,458 | 1,637 | 1,476 | 1,627 | 1,362 | 1,584 | 1,231 | 1,093 | 1,262 | 1,048 | 1,298 | 1,222 | 889 |
Total current assets | 256,276 | 275,875 | 307,719 | 342,404 | 315,854 | 291,523 | 196,304 | 172,918 | 163,147 | 152,720 | 159,281 | 139,097 | 130,048 | 155,684 | 154,763 |
Furniture, fixtures and equipment, net of accumulated depreciation of $24,756 and $17,524 at December 31, 2014 and December 31, 2013, respectively | 13,299 | 12,682 | 12,037 | 12,574 | 11,258 | 10,338 | 10,241 | 8,969 | 8,324 | 8,658 | 8,084 | 7,489 | 7,997 | 8,315 | 6,651 |
Intangible assets, net of accumulated amortization of $228,667 and $177,140 at December 31, 2014 and December 31, 2013, respectively | 338,988 | 348,459 | 351,814 | 335,011 | 347,175 | 359,596 | 363,425 | 375,823 | 376,780 | 388,747 | 377,217 | 369,904 | 375,968 | 349,955 | 353,774 |
Goodwill | 641,367 | 637,303 | 637,267 | 611,233 | 611,233 | 610,207 | 601,656 | 601,656 | 601,431 | 601,431 | 596,844 | 596,544 | 594,185 | 572,408 | 572,408 |
Other assets | 13,499 | 12,670 | 12,434 | 11,403 | 13,375 | 15,180 | 11,028 | 12,357 | 11,775 | 12,470 | 11,710 | 10,725 | 10,604 | 10,691 | 12,751 |
Total assets | 1,263,429 | 1,286,989 | 1,321,271 | 1,312,625 | 1,298,895 | 1,286,844 | 1,182,654 | 1,171,723 | 1,161,457 | 1,164,026 | 1,153,136 | 1,123,759 | 1,118,802 | 1,097,053 | 1,100,347 |
Liabilities | |||||||||||||||
Accounts payable | 8,047 | 10,864 | 8,224 | 9,221 | 7,144 | 9,856 | 7,447 | 7,510 | 8,221 | 7,661 | 10,389 | 10,833 | 11,774 | 7,743 | 8,372 |
Accrued expenses | 46,030 | 43,694 | 25,270 | 35,168 | 38,686 | 28,727 | 24,330 | 23,287 | 22,060 | 24,540 | 28,209 | 22,015 | 23,138 | 17,869 | 24,867 |
Deferred revenue and customer deposits | 4,303 | 4,559 | 4,589 | 3,868 | 3,665 | 3,704 | 3,949 | 3,854 | 3,750 | 3,335 | 3,420 | 3,967 | 5,734 | 2,619 | 3,476 |
Accrued interest | 6,980 | 2,297 | 6,891 | 2,319 | 7,379 | 2,758 | 10,591 | 4,860 | 10,588 | 4,898 | 10,588 | 4,860 | 10,588 | 4,859 | 10,565 |
Other current liabilities | 13,629 | 32,348 | 30,753 | 20,740 | 24,569 | 23,053 | 19,935 | 19,044 | 5,075 | 13,413 | 4,586 | 6,161 | 2,568 | 2,005 | 1,945 |
Liabilities subject to sale | 1,074 | 875 | 784 | 714 | 172 | 151 | 169 | 142 | 142 | 82 | 156 | 288 | 332 | 169 | 162 |
Total current liabilities | 80,063 | 94,637 | 76,511 | 72,030 | 81,615 | 68,249 | 66,421 | 58,697 | 49,836 | 53,929 | 57,348 | 48,124 | 54,134 | 35,264 | 49,387 |
Deferred income taxes | 51,633 | 68,000 | 68,000 | 56,500 | 56,500 | 69,262 | 69,262 | 69,262 | 69,262 | 67,196 | 67,196 | 67,196 | 67,196 | 78,560 | 78,560 |
Long term debt, net of unamortized discount | 297,598 | 297,450 | 297,305 | 297,162 | 297,021 | 296,882 | 194,125 | 194,033 | 193,943 | 193,857 | 193,773 | 193,692 | 193,613 | 193,537 | 193,463 |
Other liabilities | 10,849 | 18,783 | 17,597 | 20,965 | 28,186 | 22,536 | 20,637 | 20,013 | 22,467 | 26,851 | 17,879 | 15,173 | 15,347 | 18,146 | 17,283 |
Total liabilities | 440,143 | 478,870 | 459,413 | 446,657 | 463,322 | 456,929 | 350,445 | 342,005 | 335,508 | 341,833 | 336,196 | 324,185 | 330,290 | 325,507 | 338,693 |
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - 300,000,000 shares authorized at December 31, 2014 and December 31, 2013; 104,701,530 shares and 101,749,513 shares issued at December 31, 2014 and December 31, 2013, respectively; 101,485,200 shares and 101,698,985 shares outstanding at December 31, 2014 and December 31, 2013, respectively | 1,047 | 1,049 | 1,049 | 1,048 | 1,017 | 1,015 | 1,014 | 1,001 | 1,000 | 1,001 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Additional paid-in capital | 892,738 | 899,689 | 895,286 | 890,856 | 864,152 | 854,137 | 848,617 | 845,647 | 843,407 | 841,101 | 837,769 | 835,119 | 832,797 | 830,216 | 827,706 |
Accumulated deficit | -23,639 | -33,940 | -26,918 | -24,725 | -28,811 | -24,380 | -16,311 | -15,797 | -17,615 | -19,049 | -20,810 | -36,078 | -44,660 | -59,097 | -66,605 |
Less: Treasury stock, at cost - 3,216,330 shares and 50,528 shares at December 31, 2014 and December 31, 2013, respectively | -46,494 | -58,440 | -7,520 | -1,043 | -592 | -592 | -592 | -592 | -592 | -592 | -589 | ||||
Accumulated other comprehensive loss | -366 | -239 | -39 | -168 | -193 | -265 | -519 | -541 | -250 | -268 | -430 | -467 | -625 | -573 | -447 |
Total stockholders' equity | 823,286 | 808,119 | 861,858 | 865,968 | 835,573 | 829,915 | 832,209 | 829,718 | 825,950 | 822,193 | 816,940 | 799,574 | 788,512 | 771,546 | 761,654 |
Total liabilities and stockholders' equity | $1,263,429 | $1,286,989 | $1,321,271 | $1,312,625 | $1,298,895 | $1,286,844 | $1,182,654 | $1,171,723 | $1,161,458 | $1,164,026 | $1,153,136 | $1,123,759 | $1,118,802 | $1,097,053 | $1,100,347 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $419 | $620 |
Accumulated depreciation | 24,756 | 17,524 |
Accumulated amortization | $228,667 | $177,140 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 104,701,530 | 101,749,513 |
Common stock, shares outstanding | 101,485,200 | 101,698,985 |
Treasury stock, shares | 3,216,330 | 50,528 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||
Revenue | $136,651 | $141,650 | $130,367 | $136,275 | $121,978 | $120,695 | $105,905 | $108,358 | $93,403 | $116,782 | $121,552 | $124,232 | $113,666 | $113,270 | $98,393 | $98,996 | $544,943 | $456,936 | $455,969 | $424,325 | |
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 85,528 | 78,174 | 78,508 | 68,910 | 71,723 | 61,701 | 61,698 | 58,972 | 72,540 | 69,592 | 71,926 | 59,172 | 63,344 | 54,497 | 55,162 | 322,080 | 264,032 | 273,030 | 232,175 | ||
Sales and marketing | 6,228 | 6,347 | 6,087 | 6,047 | 6,176 | 6,390 | 6,304 | 6,139 | 5,642 | 6,201 | 6,115 | 6,101 | 5,823 | 5,728 | 4,014 | 24,332 | 24,917 | 24,097 | 21,666 | ||
Product development and technology | 7,399 | 6,979 | 6,875 | 6,221 | 5,523 | 5,381 | 5,249 | 4,725 | 3,975 | 4,462 | 5,031 | 4,997 | 4,741 | 3,768 | 3,602 | 29,001 | 22,374 | 18,193 | 17,108 | ||
General and administrative | 28,992 | 11,724 | 12,542 | 17,283 | 9,171 | 8,731 | 8,440 | 7,612 | 7,780 | 8,302 | 8,184 | 8,230 | 6,866 | 5,234 | 5,978 | 67,717 | 43,625 | 31,878 | 26,308 | ||
Legal settlements | -7,732 | 9,190 | 1 | -24 | 833 | 3 | 62 | 1,403 | 874 | ||||||||||||
Acquisition, offering and related expenses | 248 | 159 | 2,403 | 31 | 30 | 20 | -32 | 39 | 398 | 196 | 2,207 | 512 | 38,048 | 576 | 3,590 | 81 | 601 | 41,343 | |||
Restructuring charges | 49 | 218 | 134 | 238 | 267 | 372 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 682 | 743 | 1,407 | 9,825 | 2,142 | 2,949 | 2,464 | -4,526 | 1,772 | 364 | 43 | 45 | -24 | 2,832 | 3,633 | 17,380 | -2,347 | 21 | |||
Depreciation and amortization | 14,964 | 14,590 | 13,856 | 14,011 | 14,138 | 14,163 | 13,864 | 13,755 | 13,458 | 12,075 | 11,546 | 10,779 | 10,781 | 10,755 | 10,724 | 43,410 | 58,628 | 56,176 | 50,834 | 43,039 | |
Total costs and expenses | 136,309 | 127,906 | 121,679 | 122,328 | 108,903 | 99,335 | 98,019 | 86,621 | 106,039 | 101,446 | 103,321 | 91,620 | 92,067 | 118,313 | 80,032 | 510,384 | 428,585 | 397,427 | 382,032 | ||
Income from operations | 5,341 | 2,461 | 14,596 | -350 | 11,792 | 6,570 | 10,339 | 6,782 | 10,743 | 20,106 | 20,911 | 22,046 | 21,203 | -19,920 | 18,964 | 34,559 | 28,351 | 58,542 | 42,293 | ||
Interest and other expenses, net | 5,231 | 5,162 | 5,190 | 5,159 | 6,761 | 6,528 | 6,531 | 6,430 | 6,214 | 6,466 | 6,423 | 6,461 | 6,519 | 9,481 | 9,345 | 20,831 | 24,979 | 25,533 | 31,806 | ||
Loss on early extinguishment of debt | 17,175 | 16,627 | 17,175 | 16,627 | |||||||||||||||||
Income (loss) before taxes | 10,205 | 110 | -2,701 | 9,406 | -5,509 | -12,144 | 42 | 3,808 | 352 | 4,529 | 13,640 | 14,488 | 15,585 | 14,684 | -46,028 | 9,619 | 13,728 | -13,803 | 33,009 | -6,140 | |
Income tax expense (benefit) | 6,927 | -874 | 4,874 | -1,308 | -4,405 | 228 | 1,635 | -1,354 | 2,466 | -1,886 | 5,637 | 737 | 6,926 | -6,248 | 4,175 | 7,635 | -3,850 | 4,863 | 5,590 | ||
Net income (loss) from continuing operations | 10,303 | -6,817 | -1,827 | 4,532 | -4,201 | -7,739 | -186 | 2,173 | 1,706 | 2,063 | 15,526 | 8,851 | 14,848 | 7,758 | -39,780 | 5,444 | -4,112 | 6,093 | -9,953 | 28,146 | -11,730 |
Net loss from discontinued operations, net of income taxes | -207 | -366 | -446 | -234 | -331 | -327 | -351 | -270 | -302 | -260 | -269 | -408 | -251 | -223 | -287 | -921 | -1,243 | -1,101 | -1,169 | ||
Net income (loss) | -7,024 | -2,193 | 4,086 | -4,435 | -8,070 | -513 | 1,822 | 1,436 | 1,761 | 15,266 | 8,582 | 14,440 | 7,507 | -40,003 | 5,157 | 5,172 | -11,196 | 27,045 | -12,899 | ||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.16 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||||
Basic net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||
Diluted net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.08 | $0.14 | $0.07 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 100,607,876 | 101,894,188 | 100,876,470 | 100,205,228 | 100,127,658 | 100,050,989 | 100,047,441 | 100,097,969 | 99,918,198 | 99,896,608 | 99,879,865 | 99,879,865 | 99,879,865 | 89,302,942 | 87,379,865 | 100,399,458 | 100,108,316 | 99,985,782 | 94,160,687 | ||
Diluted | 100,607,876 | 101,894,188 | 103,081,843 | 100,205,228 | 100,127,658 | 100,050,989 | 100,053,107 | 100,101,578 | 100,541,993 | 101,088,756 | 101,712,071 | 100,933,237 | 100,427,391 | 89,302,942 | 87,379,865 | 102,417,273 | 100,108,316 | 100,831,459 | 94,160,687 | ||
Other comprehensive (loss) income, net of tax | -200 | 129 | 25 | 72 | 254 | 22 | -291 | 18 | 162 | 37 | 158 | -52 | -126 | -13 | 212 | -173 | 57 | 375 | 21 | ||
Comprehensive income (loss) | ($7,224) | ($2,064) | $4,111 | ($4,363) | ($7,816) | ($491) | $1,531 | $1,454 | $1,923 | $15,303 | $8,740 | $14,388 | $7,381 | ($40,016) | $5,369 | $4,999 | ($11,139) | $27,420 | ($12,878) |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional paid-in capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss - Foreign Currency Translation [Member] | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $1,000 | $832,797 | ($44,660) | ($625) | $788,512 | |
Balance, Shares at Dec. 31, 2011 | 99,992,000 | |||||
Class of Stock [Line Items] | ||||||
Other comprehensive income, net of taxes | 375 | 375 | ||||
Treasury stock purchased | -592 | -592 | ||||
Treasury stock purchased, Shares | -50,000 | |||||
Restricted stock forfeited, Shares | -10,000 | |||||
Common stock issued | 1,462 | 1,462 | ||||
Common stock issued, Shares | 116,000 | |||||
Stock-based compensation | 9,121 | 9,121 | ||||
Excess tax benefit | 27 | 27 | ||||
Net income (loss) | 27,045 | 27,045 | ||||
Balance at Dec. 31, 2012 | 1,000 | 843,407 | -17,615 | -592 | -250 | 825,950 |
Balance, Shares at Dec. 31, 2012 | -50,000 | |||||
Balance, Shares at Dec. 31, 2012 | 100,098,000 | |||||
Class of Stock [Line Items] | ||||||
Other comprehensive income, net of taxes | 57 | 57 | ||||
Restricted stock issued, net of cancellations | 11 | -11 | ||||
Restricted stock issued, net of cancellations, Shares | 1,043,000 | |||||
Performance stock issued, net of cancellations | 4 | -4 | ||||
Performance stock issued, net of cancellations, Shares | 420,000 | |||||
Common stock issued | 2 | 2,827 | 2,829 | |||
Common stock issued, Shares | 188,000 | |||||
Stock-based compensation | 17,960 | 17,960 | ||||
Excess tax benefit | -27 | -27 | ||||
Net income (loss) | -11,196 | -11,196 | ||||
Balance at Dec. 31, 2013 | 1,017 | 864,152 | -28,811 | -592 | -193 | 835,573 |
Balance, Shares at Dec. 31, 2013 | -50,000 | 101,698,985 | ||||
Balance, Shares at Dec. 31, 2013 | 101,749,000 | 101,749,513 | ||||
Class of Stock [Line Items] | ||||||
Other comprehensive income, net of taxes | -173 | -173 | ||||
Treasury stock purchased | -57,879 | -57,879 | ||||
Treasury stock purchased, Shares | -3,940,000 | |||||
Restricted stock issued, net of cancellations | 8 | -10,993 | 10,985 | |||
Restricted stock issued, net of cancellations, Shares | 824,000 | 701,000 | ||||
Performance stock issued, net of cancellations | 6 | -998 | 992 | |||
Performance stock issued, net of cancellations, Shares | 528,000 | 73,000 | ||||
Common stock issued | 16 | 22,810 | 22,826 | |||
Common stock issued, Shares | 1,540,000 | |||||
Common stock issued as acquisition payment | 700 | 700 | ||||
Common stock issued as acquisition payment, Shares | 60,000 | |||||
Stock-based compensation | 17,067 | 17,067 | ||||
Net income (loss) | 5,172 | 5,172 | ||||
Balance at Dec. 31, 2014 | $1,047 | $892,738 | ($23,639) | ($46,494) | ($366) | $823,286 |
Balance, Shares at Dec. 31, 2014 | -3,216,000 | 101,485,200 | ||||
Balance, Shares at Dec. 31, 2014 | 104,701,000 | 104,701,530 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities | |||||||||
Net income (loss) from continuing operations | $4,532,000 | $2,173,000 | $8,851,000 | $5,444,000 | ($4,112,000) | $6,093,000 | ($9,953,000) | $28,146,000 | ($11,730,000) |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities | |||||||||
Depreciation and amortization | 13,856,000 | 13,864,000 | 11,546,000 | 10,724,000 | 43,410,000 | 58,628,000 | 56,176,000 | 50,834,000 | 43,039,000 |
Provision for doubtful accounts receivable | 390,000 | 494,000 | 499,000 | 661,000 | |||||
Deferred income taxes | -382,000 | -18,656,000 | 6,816,000 | ||||||
Amortization of deferred financing charges and original issue discount | 1,632,000 | 2,201,000 | 2,529,000 | 2,510,000 | |||||
Loss on early extinguishment of debt | 17,175,000 | 16,627,000 | |||||||
Stock-based compensation | 3,923,000 | 2,241,000 | 2,322,000 | 12,742,000 | 17,067,000 | 17,960,000 | 9,121,000 | ||
Excess tax benefit from stock-based compensation | 27,000 | -27,000 | |||||||
Loss on disposal of assets | 399,000 | 47,000 | |||||||
Changes in fair value of contingent acquisition consideration | 1,407,000 | 2,464,000 | 43,000 | -24,000 | 2,832,000 | 3,633,000 | 17,380,000 | -2,347,000 | 21,000 |
Change in operating assets and liabilities, net of effect of business acquisitions | |||||||||
Accounts receivable | -16,433,000 | -8,184,000 | -6,315,000 | 8,643,000 | |||||
Prepaid expenses and other assets | -29,943,000 | -22,561,000 | 7,621,000 | -20,779,000 | |||||
Accounts payable | 2,517,000 | -317,000 | -1,631,000 | -3,425,000 | |||||
Accrued expenses | 4,404,000 | 6,677,000 | 16,819,000 | -2,414,000 | |||||
Other liabilities | 1,270,000 | -21,506,000 | 1,540,000 | -5,456,000 | |||||
Deferred revenue | 664,000 | 408,000 | -85,000 | -2,323,000 | |||||
Net cash provided by operating activities - continuing operations | -2,554,000 | 11,817,000 | 12,545,000 | -1,381,000 | 19,373,000 | 42,251,000 | 101,485,000 | 70,007,000 | 47,228,000 |
Net cash provided by (used in) operating activities - discontinued operations | 301,000 | 412,000 | -203,000 | 7,000 | 78,000 | 256,000 | 402,000 | -58,000 | 598,000 |
Net cash provided by operating activities | -2,253,000 | 12,229,000 | 12,342,000 | -1,374,000 | 19,451,000 | 42,507,000 | 101,887,000 | 69,949,000 | 47,826,000 |
Cash flows from investing activities | |||||||||
Purchases of furniture, fixtures and equipment and capitalized website development costs | -7,353,000 | -10,656,000 | -10,094,000 | -7,304,000 | |||||
Cash used in business acquisitions, net | -62,184,000 | -71,729,000 | -22,125,000 | -31,393,000 | |||||
Restricted cash | -4,000 | 6,000 | 5,000 | -304,000 | |||||
Net cash used in investing activities - continuing operations | -1,852,000 | -6,394,000 | -3,245,000 | -14,966,000 | -69,541,000 | -82,379,000 | -32,214,000 | -39,001,000 | -94,878,000 |
Net cash used in investing activities - discontinued operations | -68,000 | -105,000 | -110,000 | -94,000 | -222,000 | -316,000 | -369,000 | -398,000 | -345,000 |
Net cash used in investing activities | -1,920,000 | -6,499,000 | -3,355,000 | -15,060,000 | -69,763,000 | -82,695,000 | -32,583,000 | -39,399,000 | -95,223,000 |
Cash flows from financing activities | |||||||||
Proceeds from issuance of long term debt | 300,000,000 | ||||||||
Underwriting fees and direct costs on issuance of long term debt | -11,882,000 | ||||||||
Cash paid for contingent acquisition consideration | -12,683,000 | -12,683,000 | -4,700,000 | -4,241,000 | |||||
Repurchase of senior secured notes | -209,024,000 | ||||||||
Purchase of Company common stock | -57,848,000 | -57,879,000 | -592,000 | ||||||
Proceeds from exercise of stock options, net of costs | 22,826,000 | 2,829,000 | 1,462,000 | ||||||
Excess tax benefit from stock-based compensation | -27,000 | 27,000 | |||||||
Net cash (used in) provided by financing activities - continuing operations | 18,025,000 | -1,000,000 | -61,829,000 | -47,705,000 | -47,736,000 | 77,196,000 | -3,344,000 | -11,797,000 | |
Net cash provided by financing activities - discontinued operations | |||||||||
Net cash (used in) provided by financing activities | 18,025,000 | -1,000,000 | -61,829,000 | -47,705,000 | -47,736,000 | 77,196,000 | -3,344,000 | -11,797,000 | |
Effect of exchange rate on cash and cash equivalents | -79,000 | -96,000 | -19,000 | 171,000 | |||||
Net (decrease) increase in cash | -98,096,000 | -88,020,000 | 146,481,000 | 27,377,000 | |||||
Cash - beginning of period | 230,071,000 | 83,590,000 | 56,213,000 | 230,071,000 | 230,071,000 | 83,590,000 | 56,213,000 | ||
Cash - end of period | 131,975,000 | 142,051,000 | 230,071,000 | 83,590,000 | 56,213,000 | ||||
Less cash of discontinued operations - end of period | 243,000 | 326,000 | 397,000 | 328,000 | |||||
Cash of continuing operations - end of period | 243,297,000 | 88,603,000 | 64,205,000 | 131,732,000 | 141,725,000 | 229,674,000 | 83,262,000 | 55,588,000 | |
Supplemental disclosure of other cash flow activities | |||||||||
Cash paid for interest | 19,532,000 | 25,826,000 | 23,292,000 | ||||||
Cash paid (refunded) for taxes, net of refunds (payments) | 48,444,000 | -10,853,000 | 19,705,000 | ||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||
Contingent acquisition consideration | $1,930,000 | $11,600,000 | $20,800,000 |
Organization_And_Basis_Of_Pres
Organization And Basis Of Presentation | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Organization And Basis Of Presentation [Abstract] | ||||
Organization And Basis Of Presentation | NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION | |||
The Company | ||||
Bankrate, Inc. and its subsidiaries (“Bankrate” or the “Company,” “we,” “us,” “our”) own and operate an Internet-based consumer banking and personal finance network (“Online Network”). Our flagship websites, Bankrate.com, CreditCards.com, insuranceQuotes.com and Caring.com are some of the Internet’s leading aggregators of information on more than 300 financial products and services, including mortgages, deposits, credit cards, insurance, and other personal finance categories. Additionally, we provide financial applications and information to a network of distribution partners and through national and state publications. | ||||
During 2014, subsequent to Mr. Esterow’s appointment as our chief executive officer, the Company reevaluated and re-aligned its management reporting structure and how the chief operating decision maker manages, assesses performance and allocates resources for the business. The Company now operates the following business segments: | ||||
· | Banking – we offer information on rates for various types of mortgages, home lending and refinancing. We maintain current rate information for more than 600 local markets, covering all 50 U.S. states. Consumers can customize searches for mortgage rates by loan size, type, maturity, and location through our online portals. We also offer rate information and original editorial content on various deposit products, retirement, taxes and debt management. | |||
· | Credit Cards – we present visitors a comprehensive selection of consumer and business credit and prepaid cards, providing detailed information and comparison capabilities, and host news and advice on personal finance, credit card and bank policies, as well as tools and calculators to estimate credit scores and card benefits. | |||
· | Insurance – in conjunction with local agents and insurance carriers, we facilitate a consumer’s ability to receive multiple competitive insurance quotes, provide advice and detailed descriptions of insurance terms and articles on topical subjects. | |||
· | Other – includes the results of operations of Caring.com and aggregated smaller operating units, which operate businesses dissimilar to those of the reportable segments, and the results of the Company’s investments, unallocated corporate overhead and the elimination of transactions between segments. | |||
Basis of Presentation | ||||
The accompanying consolidated financial statements include the accounts of Bankrate, Inc., and subsidiaries NetQuote Holdings, Inc. (“NetQuote”), NetQuote Inc., CreditCards.com, Inc. (“CreditCards”), LinkOffers, Inc., CreditCards.com Limited (United Kingdom), Freedom Marketing Limited (United Kingdom), Caring, Inc., and Wallaby Financial Inc. after elimination of all intercompany accounts and transactions. During the quarter ended September 30, 2014, the Company commenced the process of divesting its operations in China. The operating results and the assets and liabilities of the operations in China are classified as discontinued operations for all periods presented in the Company’s consolidated financial statements. | ||||
Reclassification | ||||
Certain reclassifications have been made to the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2013 and 2012 to conform to the presentation for the year ended December 31, 2014. In the third quarter 2014, the Company announced that it has commenced the process of divesting its operations in China. In accordance with GAAP, the results of our operations in China are presented as discontinued operations, and, as such, have been excluded from continuing operations in the Consolidated Statements of Comprehensive Income (Loss) for all periods presented. The assets and liabilities of the operations in China at December 31, 2014 and December 31, 2013 have been reclassified and segregated as held for sale in the Consolidated Balance Sheets. The cash flows related to the operations in China have been reclassified and segregated in the Consolidated Statement of Cash Flows for all periods presented. Amounts related to the operations in China are consistently excluded from the Notes to Consolidated Financial Statements for all periods presented. | ||||
In the fourth quarter 2014, the Company changed the presentation of its Consolidated Statements of Comprehensive Income (Loss). Costs directly related to traffic acquisition, which include website advertising, click-through charges and all other direct marketing-related expenses, have been reclassified from sales and marketing to Cost of Revenue. Credit card fees have been reclassified from general and administrative operating expenses to Cost of Revenue. All remaining marketing expenses are now presented within Sales and Marketing. These amounts have been reclassified in the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2013 and 2012 to conform to the current presentation for the year ended December 31, 2014. | ||||
Restatement_Of_Consolidated_Fi
Restatement Of Consolidated Financial Statements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restatement Of Consolidated Financial Statements [Abstract] | ||||||||||||||||
Restatement Of Consolidated Financial Statements | NOTE 2 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||
Background | ||||||||||||||||
On September 15, 2014, the Company announced that the U.S. Securities and Exchange Commission (“SEC” or “Commission”) is conducting a non-public formal investigation of Bankrate’s financial reporting, with the principal focus on the quarters ending March 31, 2012 and June 30, 2012. On the same date, the Company also announced that Edward J. DiMaria, the Company’s Chief Financial Officer at such time, had resigned as Chief Financial Officer, and that the Company had hired Steven D. Barnhart to serve as Interim Chief Financial Officer. Mr. DiMaria’s employment with the Company was terminated on October 8, 2014 as a result of his failure to cooperate in the SEC investigation. On March 12, 2015, the Company announced that Mr. Barnhart had been appointed Senior Vice President, Chief Financial Officer of Bankrate. | ||||||||||||||||
In connection with the ongoing SEC investigation, on September 14, 2014, Bankrate’s Audit Committee, which is comprised entirely of independent outside directors, concluded that the Company’s previously issued financial statements for each of years 2011, 2012 and 2013 should no longer be relied upon pending the conclusion of a full internal review of these matters. The Audit Committee retained independent counsel who retained independent forensic accountants, who were assisted in their review by the Company’s current Chief Financial Officer. In addition, as previously disclosed, the DOJ has informed the Company that it is investigating the matters that are the subject of the SEC investigation. | ||||||||||||||||
The Company has agreed to the terms of a potential settlement of the SEC investigation with respect to the Company that the SEC enforcement staff has indicated it is prepared to recommend to the Commission. The proposed settlement is subject to acceptance and authorization by the Commission and would, among other things, require the Company to pay a $15 million penalty. As a result, the Company recorded an accrual as of September 30, 2014 in the amount of $15 million. However, the terms of the settlement have not been approved by the Commission and therefore there can be no assurance that the Company’s efforts to resolve the SEC’s investigation with respect to the Company will be successful, that the settlement amount will be as anticipated or that the accrual with respect thereto will be sufficient, and the Company cannot predict the ultimate timing or the final terms of any settlement. In addition, it is not possible to predict when the DOJ investigation will be completed, the final outcome of the investigation, and what, if any, actions may be taken by the DOJ. | ||||||||||||||||
During the course of its review, Bankrate’s Audit Committee concluded that the accounting for certain historical business activities had been recorded in a manner that was not consistent with generally accepted accounting principles in the United States (“GAAP”). The Company determined that all of these incorrect entries should be (and have been) corrected in the accompanying financial statements, whether or not material, individually or in the aggregate. | ||||||||||||||||
The Company also made certain adjustments including certain corrections that had been previously identified but not recorded, because at the time they were identified they were determined to be not material in the aggregate to the Company’s consolidated financial statements. These certain adjustments include corrections to purchase accounting, equity compensation expense, certain accruals and revenue recognition. | ||||||||||||||||
The Company has restated its audited consolidated financial statements for the years ending December 31, 2013, December 31, 2012 and December 31, 2011 and the related disclosures for 2013 and 2012 as necessary. The Company has not amended its previously filed Annual Reports on Form 10-K for the years ended December 31, 2013, 2012 and 2011 or its Quarterly Reports on Form 10-Q for the three month periods ending March 31 and June 30, 2014 or March 31, June 30 and September 30, 2013, 2012 and 2011, except to correct these errors, except as provided in this Form 10-K. | ||||||||||||||||
The impact of the Restatement on the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2013, 2012 and 2011, and the consolidated balance sheets for the years then ended are presented below. In addition, see Note 15–Quarterly Financial Data (unaudited), for the effects of the Restatement on net income and cash flows for the quarters in 2014, 2013, 2012 and 2011 and the balance sheets for the quarterly periods then ended. | ||||||||||||||||
The Restatement adjustments had no impact on the cash and cash equivalent balances as of December 31, 2014 or during the Restated Period. The Restatement had an impact on net cash flows from operating activities, investing activities and financing activities. These impacts were offsetting within any of the Restated Periods. | ||||||||||||||||
Impact of Restatement | ||||||||||||||||
The impact of the adjustments that affected net income tended to offset each other over the Restated Period with respect to many of the entries recorded and described below; therefore, the net adjustment for the entire restatement period is smaller than the adjustments made in certain quarters. The restated and revised financial statements include the following types of adjustments: | ||||||||||||||||
1 | Revenue recognition: Certain accruals of revenue or related reserves were incorrectly recorded beginning in the quarter ended September 30, 2011 and continuing through the end of the quarter ended June 30, 2013. | |||||||||||||||
2 | Management incentive plan expense: Accruals for the management incentive plan (“MIP”) expense were recorded incorrectly beginning in the quarter ended December 31, 2010 and continuing through the quarter ended June 30, 2012. | |||||||||||||||
3 | Search engine marketing expense: During the Restated Periods, reconciliations of the accrued cost of search engine marketing expenses were not properly prepared, causing these expenses to be accrued incorrectly in those periods. | |||||||||||||||
4 | Information technology: Some service and maintenance costs were depreciated over periods that were longer than those supported by the underlying contracts. In addition, during the Restated Periods, certain information technology expenses were incorrectly recorded as fixed assets. | |||||||||||||||
5 | Contingent consideration: Certain accruals and subsequent payments were incorrectly accounted for as consideration transferred and initially recognized as contingent liabilities in acquisition accounting related to the acquisition of certain entities. We determined that these payments should be recognized as compensation expense. | |||||||||||||||
6 | Professional fees: Certain accruals for professional fees were not recorded in the proper periods. There was no net adjustment to professional fee expense for the restated periods, because the adjustments to the periods offset. | |||||||||||||||
7 | Restructuring: From the fourth quarter of 2010 through the third quarter of 2012, certain payments to employees were recorded as restructuring charges. We determined that such payments should have been recorded as compensation expense due to the terms of the employment contracts in force. | |||||||||||||||
8 | Income tax expense: Certain income tax provisions were not properly prepared during the Restated Periods, causing these expenses to be accrued incorrectly in those periods. | |||||||||||||||
9 | Other: In addition to making the adjustments described above, the Company also recorded other adjustments related to capitalized labor, expense accruals, allowances against accounts receivable, amortization expense, compensation expense, revenue, and other items identified during the Restatement process. These included adjustments related to certain items that had been previously identified but not recorded because they had been deemed at the time in the aggregate not to be material to the financial statements. | |||||||||||||||
The following tables include the impact of the Restatement adjustments on our consolidated financial statements. Unrelated to the Restatement, during the quarter ended September 30, 2014, the Company announced that it had commenced the process of divesting its operations in China. This component has been classified as discontinued operations in the consolidated financial statements resulting in reclassifications for all periods presented. | ||||||||||||||||
Following are the restated Consolidated Balance Sheets (in thousands, except per share data): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 230,071 | $ | - | $ | - | $ | -397 | $ | 229,674 | ||||||
Accounts receivable, net | 61,962 | - | - | -103 | 61,859 | |||||||||||
Deferred income taxes | 7,155 | 2,103 | - | - | 9,258 | |||||||||||
Prepaid expenses and other current assets | 9,736 | 4,136 | - | -285 | 13,587 | |||||||||||
Assets held for sale | - | - | - | 1,476 | 1,476 | |||||||||||
Total current assets | 308,924 | 6,239 | - | 691 | 315,854 | |||||||||||
Furniture, fixtures and equipment, net | 12,930 | -1,161 | - | -511 | 11,258 | |||||||||||
Intangible assets, net | 350,206 | -2,851 | - | -180 | 347,175 | |||||||||||
Goodwill | 611,975 | -742 | - | - | 611,233 | |||||||||||
Other assets | 12,776 | 599 | - | - | 13,375 | |||||||||||
Total assets | $ | 1,296,811 | $ | 2,084 | $ | - | $ | - | $ | 1,298,895 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,149 | $ | - | $ | - | $ | -5 | $ | 7,144 | ||||||
Accrued expenses | 40,546 | -1,846 | - | -14 | 38,686 | |||||||||||
Deferred revenue and customer deposits | 3,792 | - | - | -127 | 3,665 | |||||||||||
Accrued interest | 7,379 | - | - | - | 7,379 | |||||||||||
Other current liabilities | 24,595 | - | - | -26 | 24,569 | |||||||||||
Liabilities subject to sale | - | - | - | 172 | 172 | |||||||||||
Total current liabilities | 83,461 | -1,846 | - | - | 81,615 | |||||||||||
Deferred income taxes | 51,699 | 4,801 | - | - | 56,500 | |||||||||||
Long term debt, net of unamortized discount | 297,021 | - | - | - | 297,021 | |||||||||||
Other liabilities | 25,668 | 2,518 | - | - | 28,186 | |||||||||||
Total liabilities | 457,849 | 5,473 | - | - | 463,322 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,017 | - | - | - | 1,017 | |||||||||||
Additional paid-in capital | 864,152 | - | - | - | 864,152 | |||||||||||
Accumulated deficit | -25,266 | -3,545 | - | - | -28,811 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -350 | 157 | - | - | -193 | |||||||||||
Total stockholders' equity | 838,962 | -3,389 | - | - | 835,573 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,296,811 | $ | 2,084 | $ | - | $ | - | $ | 1,298,895 | ||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 83,590 | $ | - | $ | - | $ | -328 | $ | 83,262 | ||||||
Accounts receivable, net | 52,598 | -305 | - | - | 52,293 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 13,691 | 9,530 | - | -223 | 22,998 | |||||||||||
Assets held for sale | - | - | - | 1,231 | 1,231 | |||||||||||
Total current assets | 153,642 | 8,825 | - | 680 | 163,147 | |||||||||||
Furniture, fixtures and equipment, net | 10,024 | -1,167 | - | -533 | 8,324 | |||||||||||
Intangible assets, net | 382,732 | -5,805 | - | -147 | 376,780 | |||||||||||
Goodwill | 602,173 | -742 | - | - | 601,431 | |||||||||||
Other assets | 11,579 | 196 | - | - | 11,775 | |||||||||||
Total assets | $ | 1,160,150 | $ | 1,307 | $ | - | $ | - | $ | 1,161,457 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 8,227 | $ | - | $ | - | $ | -6 | $ | 8,221 | ||||||
Accrued expenses | 22,033 | 43 | - | -16 | 22,060 | |||||||||||
Deferred revenue and customer deposits | 3,861 | - | - | -111 | 3,750 | |||||||||||
Accrued interest | 10,588 | - | - | - | 10,588 | |||||||||||
Other current liabilities | 6,399 | -1,315 | - | -9 | 5,075 | |||||||||||
Liabilities subject to sale | - | - | - | 142 | 142 | |||||||||||
Total current liabilities | 51,108 | -1,272 | - | - | 49,836 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 193,943 | - | - | - | 193,943 | |||||||||||
Other liabilities | 22,466 | 1 | - | - | 22,467 | |||||||||||
Total liabilities | 331,999 | 3,509 | - | - | 335,508 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 843,393 | 14 | - | - | 843,407 | |||||||||||
Accumulated deficit | -15,264 | -2,351 | - | - | -17,615 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -387 | 137 | - | - | -250 | |||||||||||
Total stockholders' equity | 828,151 | -2,201 | - | - | 825,950 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,160,150 | $ | 1,308 | $ | - | $ | - | $ | 1,161,458 | ||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 56,213 | $ | - | $ | - | $ | -625 | $ | 55,588 | ||||||
Accounts receivable, net | 60,543 | 1,055 | - | -3 | 61,595 | |||||||||||
Deferred income taxes | 24,690 | -16,577 | - | - | 8,113 | |||||||||||
Prepaid expenses and other current assets | 2,535 | 1,059 | - | -140 | 3,454 | |||||||||||
Assets held for sale | - | - | - | 1,298 | 1,298 | |||||||||||
Total current assets | 143,981 | -14,463 | - | 530 | 130,048 | |||||||||||
Furniture, fixtures and equipment, net | 9,065 | -639 | - | -429 | 7,997 | |||||||||||
Intangible assets, net | 378,240 | -2,171 | - | -101 | 375,968 | |||||||||||
Goodwill | 595,522 | -1,337 | - | - | 594,185 | |||||||||||
Other assets | 10,604 | - | - | - | 10,604 | |||||||||||
Total assets | $ | 1,137,412 | $ | -18,610 | $ | - | $ | - | $ | 1,118,802 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 9,564 | $ | 2,218 | $ | - | $ | -8 | $ | 11,774 | ||||||
Accrued expenses | 26,288 | -3,006 | - | -144 | 23,138 | |||||||||||
Deferred revenue and customer deposits | 5,891 | - | - | -157 | 5,734 | |||||||||||
Accrued interest | 10,588 | - | - | - | 10,588 | |||||||||||
Other current liabilities | 3,969 | -1,378 | - | -23 | 2,568 | |||||||||||
Liabilities subject to sale | - | - | - | 332 | 332 | |||||||||||
Total current liabilities | 56,300 | -2,166 | - | - | 54,134 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,613 | - | - | - | 193,613 | |||||||||||
Other liabilities | 16,367 | -1,020 | - | - | 15,347 | |||||||||||
Total liabilities | 348,950 | -18,660 | - | - | 330,290 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 832,797 | - | - | - | 832,797 | |||||||||||
Accumulated deficit | -44,595 | -65 | - | - | -44,660 | |||||||||||
Less: Treasury stock, at cost | - | - | - | - | - | |||||||||||
Accumulated other comprehensive (loss) income | -740 | 115 | - | - | -625 | |||||||||||
Total stockholders' equity | 788,462 | 50 | - | - | 788,512 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,137,412 | $ | -18,610 | $ | - | $ | - | $ | 1,118,802 | ||||||
Following are the restated Consolidated Statements of Comprehensive Income (in thousands, except share and per share data): | ||||||||||||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | Operations | As restated | ||||||||||||
Revenue | $ | 457,433 | $ | 200 | $ | - | $ | -697 | $ | 456,936 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 151,050 | 1,779 | 111,242 | -39 | 264,032 | |||||||||||
Sales and marketing | - | - | 25,073 | -156 | 24,917 | |||||||||||
Sales | 15,067 | - | -15,067 | - | - | |||||||||||
Marketing | 113,478 | - | -113,478 | - | - | |||||||||||
Product development and technology | 18,746 | 605 | 3,023 | - | 22,374 | |||||||||||
General and administrative | 56,134 | -332 | -10,793 | -1,384 | 43,625 | |||||||||||
Acquisition, offering and related expenses | 50 | 31 | - | - | 81 | |||||||||||
Changes in fair value of contingent acquisition consideration | 16,065 | 1,315 | - | - | 17,380 | |||||||||||
Depreciation and amortization | 60,127 | -3,593 | - | -358 | 56,176 | |||||||||||
Total costs and expenses | 430,717 | -195 | - | -1,937 | 428,585 | |||||||||||
Income from operations | 26,716 | 395 | - | 1,240 | 28,351 | |||||||||||
Interest and other expenses, net | 24,982 | - | - | -3 | 24,979 | |||||||||||
Loss on early extinguishment of debt | 17,175 | - | - | - | 17,175 | |||||||||||
(Loss) income before taxes | -15,441 | 395 | - | 1,243 | -13,803 | |||||||||||
Income tax (benefit) expense | -5,439 | 1,589 | - | - | -3,850 | |||||||||||
Net loss from continuing operations | -10,002 | -1,194 | - | 1,243 | -9,953 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -1,243 | -1,243 | |||||||||||
Net (loss) income | $ | -10,002 | $ | -1,194 | $ | - | $ | - | $ | -11,196 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Discontinued operations | - | - | -0.01 | -0.01 | ||||||||||||
Basic net (loss) income per share | $ | -0.1 | - | -0.01 | $ | -0.11 | ||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.1 | $ | -0.01 | $ | 0.01 | $ | -0.1 | ||||||||
Discontinued operations | - | -0.01 | - | -0.01 | ||||||||||||
Diluted net loss per share | $ | -0.1 | -0.02 | 0.00 | $ | -0.11 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,108,316 | 100,108,316 | ||||||||||||||
Diluted | 100,108,316 | 100,108,316 | ||||||||||||||
Net (loss) income | $ | -10,002 | $ | -1,194 | $ | - | $ | - | $ | -11,196 | ||||||
Other comprehensive income, net of tax | 37 | -16 | - | 36 | 57 | |||||||||||
Comprehensive loss | $ | -9,965 | $ | -1,210 | $ | - | $ | 36 | $ | -11,139 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | Operations | As restated | ||||||||||||
Revenue | $ | 457,164 | $ | -944 | $ | - | $ | -251 | $ | 455,969 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 146,357 | 2,299 | 124,405 | -31 | 273,030 | |||||||||||
Sales and marketing | - | 123 | 24,043 | -69 | 24,097 | |||||||||||
Sales | 16,114 | - | -16,114 | - | - | |||||||||||
Marketing | 126,222 | - | -126,222 | - | - | |||||||||||
Product development and technology | 17,023 | 696 | 474 | - | 18,193 | |||||||||||
General and administrative | 37,431 | 2,037 | -6,586 | -1,004 | 31,878 | |||||||||||
Legal settlements | 874 | - | - | - | 874 | |||||||||||
Acquisition, offering and related expenses | 335 | 266 | - | - | 601 | |||||||||||
Restructuring charges | - | 267 | - | - | 267 | |||||||||||
Changes in fair value of contingent acquisition consideration | -2,645 | 259 | 39 | - | -2,347 | |||||||||||
Depreciation and amortization | 52,854 | -1,773 | - | -247 | 50,834 | |||||||||||
Total costs and expenses | 394,565 | 4,174 | 39 | -1,351 | 397,427 | |||||||||||
Income from operations | 62,599 | -5,118 | -39 | 1,100 | 58,542 | |||||||||||
Interest and other expenses, net | 25,771 | -198 | -39 | -1 | 25,533 | |||||||||||
Income (loss) before taxes | 36,828 | -4,920 | - | 1,101 | 33,009 | |||||||||||
Income tax expense (benefit) | 7,497 | -2,634 | - | - | 4,863 | |||||||||||
Net income (loss) from continuing operations | 29,331 | -2,286 | - | 1,101 | 28,146 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -1,101 | -1,101 | |||||||||||
Net income (loss) | $ | 29,331 | $ | -2,286 | $ | - | $ | - | $ | 27,045 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.29 | $ | -0.02 | $ | 0.01 | $ | 0.28 | ||||||||
Discontinued operations | - | - | -0.01 | -0.01 | ||||||||||||
Basic net income (loss) per share | $ | 0.29 | -0.02 | - | $ | 0.27 | ||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.29 | $ | -0.02 | $ | 0.01 | $ | 0.28 | ||||||||
Discontinued operations | - | -0.01 | -0.01 | -0.01 | ||||||||||||
Diluted net income per share | $ | 0.29 | -0.03 | -0.01 | $ | 0.27 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,985,782 | 99,985,782 | 99,985,782 | 99,985,782 | ||||||||||||
Diluted | 100,831,459 | 100,831,459 | 100,831,459 | 100,831,459 | ||||||||||||
Net income (loss) | $ | 29,331 | $ | -2,286 | $ | - | $ | - | $ | 27,045 | ||||||
Other comprehensive income, net of tax | 353 | -137 | - | 159 | 375 | |||||||||||
Comprehensive income | $ | 29,684 | $ | -2,423 | $ | - | $ | 159 | $ | 27,420 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 424,201 | $ | 460 | $ | - | $ | -336 | $ | 424,325 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 143,710 | 210 | 88,287 | -32 | 232,175 | |||||||||||
Sales and marketing | - | - | 21,853 | -187 | 21,666 | |||||||||||
Sales | 12,980 | - | -12,980 | - | - | |||||||||||
Marketing | 86,053 | - | -86,053 | - | - | |||||||||||
Product development and technology | 14,866 | 366 | 1,876 | - | 17,108 | |||||||||||
General and administrative | 36,662 | 3,713 | -12,984 | -1,083 | 26,308 | |||||||||||
Acquisition, offering and related expenses and related party fees | 44,248 | -2,905 | - | - | 41,343 | |||||||||||
Restructuring charges | 1,272 | -900 | - | - | 372 | |||||||||||
Changes in fair value of contingent acquisition consideration | 292 | - | -271 | - | 21 | |||||||||||
Depreciation and amortization | 43,536 | -294 | - | -203 | 43,039 | |||||||||||
Total costs and expenses | 383,619 | 190 | -272 | -1,505 | 382,032 | |||||||||||
Income from operations | 40,582 | 270 | 272 | 1,169 | 42,293 | |||||||||||
Interest and other expenses, net | 31,787 | -252 | 271 | - | 31,806 | |||||||||||
Loss on early extinguishment of debt | 16,629 | -3 | 1 | - | 16,627 | |||||||||||
(Loss) income before taxes | -7,834 | 525 | - | 1,169 | -6,140 | |||||||||||
Income tax expense (benefit) | 5,588 | 2 | - | - | 5,590 | |||||||||||
Net loss from continuing operations | -13,422 | 523 | - | 1,169 | -11,730 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -1,169 | -1,169 | |||||||||||
Net (loss) income | $ | -13,422 | $ | 523 | $ | - | $ | - | $ | -12,899 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.14 | $ | - | $ | - | $ | - | $ | -0.12 | ||||||
Discontinued operations | - | - | - | -0.01 | -0.02 | |||||||||||
Basic net (loss) income per share | $ | -0.14 | - | - | -0.01 | $ | -0.14 | |||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.14 | $ | 0.01 | $ | - | $ | 0.01 | $ | -0.12 | ||||||
Discontinued operations | - | -0.01 | - | - | -0.02 | |||||||||||
Diluted net loss per share | $ | -0.14 | 0 | -0.01 | 0.00 | $ | -0.14 | |||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 94,160,687 | 94,160,687 | ||||||||||||||
Diluted | 94,160,687 | 94,160,687 | ||||||||||||||
Net (loss) income | $ | -13,422 | $ | 523 | $ | - | $ | - | $ | -12,899 | ||||||
Other comprehensive income, net of tax | - | 6 | - | 15 | 21 | |||||||||||
Comprehensive loss | $ | -13,422 | $ | 529 | $ | - | $ | 15 | $ | -12,878 | ||||||
Following are the restated Consolidated Statements of Cash Flows (in thousands): | ||||||||||||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As Filed | adjustments | Reclassification | operations | As Restated | ||||||||||||
Net cash flows provided by (used in) operating activities - continuing operations | $ | 105,303 | $ | -3,416 | $ | - | $ | -402 | $ | 101,485 | ||||||
Net cash flows provided by operating activities - discontinued operations | - | - | - | 402 | 402 | |||||||||||
Net cash flows provided by (used in) operating activities | $ | 105,303 | $ | -3,416 | $ | - | $ | - | $ | 101,887 | ||||||
Net cash flows (used in) provided by investing activities - continuing operations | $ | -33,213 | $ | 630 | $ | - | $ | 369 | $ | -32,214 | ||||||
Net cash flows (used in) investing activities - discontinued operations | - | - | - | -369 | -369 | |||||||||||
Net cash flows (used in) provided by investing activities | $ | -33,213 | $ | 630 | $ | - | $ | - | $ | -32,583 | ||||||
Net cash flows provided by financing activities - continuing operations | $ | 74,410 | $ | 2,786 | $ | - | $ | - | $ | 77,196 | ||||||
Net cash flows provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash flows provided by financing activities | $ | 74,410 | $ | 2,786 | $ | - | $ | - | $ | 77,196 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As Filed | adjustments | Reclassification | operations | As Restated | ||||||||||||
Net cash flows provided by (used in) operating activities - continuing operations | $ | 77,281 | $ | -7,332 | $ | - | $ | 58 | $ | 70,007 | ||||||
Net cash flows used in operating activities - discontinued operations | - | - | - | -58 | -58 | |||||||||||
Net cash flows provided by (used in) operating activities | $ | 77,281 | $ | -7,332 | $ | - | $ | - | $ | 69,949 | ||||||
Net cash flows (used in) provided by investing activities - continuing operations | $ | -45,334 | $ | 5,935 | $ | - | $ | 398 | $ | -39,001 | ||||||
Net cash flows used in investing activities - discontinued operations | - | - | - | -398 | -398 | |||||||||||
Net cash flows (used in) provided by investing activities | $ | -45,334 | $ | 5,935 | $ | - | $ | - | $ | -39,399 | ||||||
Net cash flows (used in) provided by financing activities - continuing operations | $ | -4,741 | $ | 1,397 | $ | - | $ | - | $ | -3,344 | ||||||
Net cash flows provided by (used in) financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash flows (used in) provided by financing activities | $ | -4,741 | $ | 1,397 | $ | - | $ | - | $ | -3,344 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As Filed | adjustments | Reclassification | operations | As Restated | ||||||||||||
Net cash flows provided by (used in) operating activities - continuing operations | $ | 48,315 | $ | -489 | $ | - | $ | -598 | $ | 47,228 | ||||||
Net cash flows provided by (used in) operating activities - discontinued operations | - | - | - | 598 | 598 | |||||||||||
Net cash flows provided by (used in) operating activities | $ | 48,315 | $ | -489 | $ | - | $ | - | $ | 47,826 | ||||||
Net cash flows (used in) provided by investing activities - continuing operations | $ | -95,712 | $ | 489 | $ | - | $ | 345 | $ | -94,878 | ||||||
Net cash flows used in investing activities - discontinued operations | - | - | - | -345 | -345 | |||||||||||
Net cash flows (used in) provided by investing activities | $ | -95,712 | $ | 489 | $ | - | $ | - | $ | -95,223 | ||||||
Net cash flows used in financing activities - continuing operations | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Net cash flows used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash flows used in financing activities | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 3—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We believe that the judgments, estimates and assumptions involved in the accounting for revenue recognition, income taxes, the allowance for doubtful accounts receivable, useful lives of intangible assets, share based payments and intangible asset impairment, goodwill impairment, acquisition accounting including the fair value of contingent acquisition consideration, and contingencies have the greatest potential impact on our financial statements, so we consider these to be our critical accounting policies. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
We consider all highly liquid debt investments with an original maturity of less than three months when purchased, to be cash equivalents. The carrying value of these investments approximates fair value. As of December 31, 2014, our cash and cash equivalents consisted of approximately $140.2 million of operating cash subject to the $250,000 FDIC insured deposit limit, and approximately $1.5 million held in British pound sterling. | |
Allowance for Doubtful Accounts | |
We maintain an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of our customers to make required payments. We look at historical write-offs and sales growth when determining the adequacy of the allowance. Should the financial condition of our customers deteriorate, resulting in an impairment of their ability to make payments, or if the level of accounts receivable increases, the need for possible additional allowances may be necessary. Any additions to the allowance for doubtful accounts are recorded as bad debt expense and included in general and administrative expenses. During the years ended December 31, 2014, 2013 and 2012 we charged approximately $494,000, $499,000 and $661,000, respectively, to bad debt expense. During the years ended December 31, 2014, 2013 and 2012 we wrote off (net of recoveries) approximately $387,000, $642,000 and $1.7 million, respectively, of accounts deemed uncollectible. | |
Investments in debt securities | |
Securities held-to-maturity and available-for-sale: Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each statement of financial position date. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in other income. Interest on securities classified as held-to-maturity is included in other income. | |
Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in other income. With respect to debt securities, when the fair value of a debt security classified as held to maturity or available for sale is less than its amortized cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions is met, the Company must recognize an other-than-temporary impairment through earnings for the difference between the debt security’s amortized cost basis and its fair value. | |
For debt securities that do not meet the above criteria and the Company does not expect to recover a security’s amortized cost basis, the security is considered other-than-temporarily impaired. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income. For debt securities for which we have recognized an other-than-temporary impairment through earnings, if through subsequent evaluation there is a significant increase in the cash flow expected, the difference between the amortized cost basis and the cash flows expected to be collected is accreted as interest income. | |
Furniture, Fixtures and Equipment | |
Furniture, fixtures and equipment are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the assets which range from three to seven years. Expenditures related to maintenance, support and subscriptions are expensed as incurred. Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful lives of the improvements, not to exceed twenty years. Certain equipment held under capital leases are classified as equipment and the related obligations are recorded as capital lease obligations. | |
Intangible Assets | |
Intangible assets consist primarily of domain names and URLs, customer relationships, affiliate relationships and developed technologies acquired in connection with the Bankrate Acquisition and our subsequent acquisitions. Intangible assets are being amortized over their estimated useful lives on both straight-line and accelerated bases. | |
Impairment of Long-Lived Assets Including Intangible Assets with Finite Lives | |
ASC 360, Property, Plant and Equipment, requires that long-lived assets including intangible assets with finite lives be amortized over their estimated useful life and reviewed for impairment. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets may not be recoverable. When such events or changes in circumstances occur, we assess the recoverability of such assets by determining whether the carrying value will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of such assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. | |
There was no impairment of long-lived assets including intangible assets with finite lives for the years ended December 31, 2014, 2013 and 2012. | |
Goodwill | |
The Company records the excess of purchase price over the fair value of the net tangible and identified intangible assets acquired as goodwill. The goodwill is tested for impairment annually, as well as when an event, or change in circumstances, indicates an impairment may have occurred. In accordance with ASC 350, Intangibles—Goodwill and Other, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (a likelihood of more than 50%) that the fair value of our reporting unit is less than its carrying amount. We perform this assessment annually, on October 1st of each year, or more frequently, if facts and circumstances warrant a review, at the reporting unit level. If after assessing the qualitative factors, we determine that it is not more likely than not that the fair value of the reporting unit is less than the carrying value then we conclude that we have no goodwill impairment and no further testing is performed, otherwise, we proceed to the two-step process. The first step under the two step process, since the carrying amount of our reporting unit is greater than zero, is to compare the fair value of the reporting unit to its carrying value. If the fair value exceeds the carrying value, goodwill is not impaired and no further testing is performed. The second step is performed if the carrying value exceeds the fair value. The implied fair value of the reporting unit’s goodwill must be determined and compared to the carrying value of the goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, an impairment loss equal to the difference will be recorded. We performed impairment evaluations in each period presented and concluded that there was no impairment of goodwill. When the Company moved to segment reporting in the quarter ended September 30, 2014, the evaluation of the impairment of goodwill was performed at the segment level. | |
Website and Internal-Use Software Development Costs | |
We account for website development costs under ASC 350-50, Intangibles—Goodwill and Other—Website Development Costs. ASC 350-50 provides guidance on the accounting for the costs of development of company websites, dividing the website development costs into five stages: (i) the planning stage, during which the business and/or project plan is formulated and functionalities, necessary hardware and technology are determined, (ii) the website application and infrastructure development stage, which involves acquiring or developing hardware and software to operate the website, (iii) the graphics development stage, during which the initial graphics and layout of each page are designed and coded, (iv) the content development stage, during which the information to be presented on the website, which may be either textual or graphical in nature, is developed, and (v) the operating stage, during which training, administration, maintenance and other costs to operate the existing website are incurred. The costs incurred in the website application and infrastructure stage, the graphics development stage and the content development stage are capitalized; all other costs are expensed as incurred. In addition, the Company incurs costs to develop software for internal use which are accounted for under ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software. The Company expenses all costs that relate to the preliminary project and post-implementation operation phases of development as product development expense. Costs incurred in the application development phase are capitalized until the project is completed and the asset is placed in service. The Company capitalized website and internal-use software development costs totaling approximately $7.3 million, $5.9 million and $5.2 million during the years ended December 31, 2014, 2013 and 2012, respectively which are recorded as a component of other assets on the balance sheet. These amounts are amortized over a three year period upon being placed into service and transferred to furniture, fixtures and equipment. | |
Basic and Diluted Income (Loss) Per Share | |
We compute basic income (loss) per share by dividing net income (loss) for the year by the weighted average number of shares outstanding for the year. Diluted income (loss) per share includes the effects of dilutive common stock equivalents, consisting of outstanding share-based awards, in accordance with ASC 718, Compensation—Stock Compensation, to the extent the effect is not antidilutive, using the treasury stock method. Since we had a net loss attributable to common shareholders, basic and diluted loss per share are the same for the year ended December 31, 2013. | |
Deferred Compensation Plan | |
During 2002, we established a non-qualified deferred compensation plan that permitted eligible employees to defer a portion of their compensation. The deferred compensation liability (other non-current liabilities) was $228,000 and $222,000 at December 31, 2014 and 2013, respectively. We have established a grantor trust (Rabbi Trust) to provide funding for benefits payable under our non-qualified deferred compensation plan. The assets held in the trust amounted to $172,000 and $168,000 at December 31, 2014 and 2013, respectively. The Rabbi Trust’s assets consist of short-term cash investments and a managed portfolio of equity securities. These assets are included in other assets in the accompanying consolidated balance sheets. The plan is no longer accepting additional deferrals. | |
Deferred Financing Costs | |
In connection with the issuance of the Senior Notes on August 7, 2013, the Company incurred approximately $7.2 million in underwriting fees and direct costs that have been classified as deferred financing costs related to the issuance of the Senior Notes, which are amortized to interest expense using the effective interest method over the term of the related debt. | |
In connection with the issuance of the Credit Agreement in an aggregate amount of $70.0 million in August 2013, the Company incurred $1.5 million in bank and legal fees. These fees have been classified as deferred financing costs and are being amortized to interest expense using an effective interest method over the term of the Credit Agreement. | |
During the years ended December 31, 2014, 2013 and 2012, we amortized approximately $1.6 million, $2.1 million and $2.2 million, respectively, in deferred financing costs which is recorded in interest expense. In addition, the Company expensed approximately $3.4 million of deferred financing cost in August 2013 as a result of the redemption of $195.0 million aggregate principal amount of outstanding Senior Secured Notes, respectively, which are included in loss on early extinguishment of debt on the accompanying consolidated statements of comprehensive income (loss). At December 31, 2014 and 2013, deferred financing costs had a balance of approximately $6.9 million and $8.1 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. | |
Income Tax Expense (Benefit) | |
We account for income taxes in accordance with ASC 740, Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, we consider tax regulations of the jurisdictions in which we operate, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results, or the ability to implement tax-planning strategies varies, adjustments to the carrying value of the deferred tax assets and liabilities may be required. Valuation allowances are based on the “more likely than not” criteria of ASC 740. | |
The accounting for uncertain tax positions guidance under ASC 740 requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. We recognize interest and penalties on uncertain tax positions as a component of income tax expense. | |
Foreign Currency Translation | |
Our foreign operations generally use the local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect on the balance sheet date. Income statement items are translated at the prevailing monthly average rate of exchange. The impact of currency fluctuations is recorded in accumulated other comprehensive loss as a currency translation adjustment. | |
Comprehensive Income (Loss) | |
Comprehensive income (loss) consists of net income (loss) and other gains (losses) for foreign currency translation that, under accounting principles generally accepted in the United States, are excluded from net income (loss). | |
Revenue Recognition | |
Online revenue comprised 99%, 98% and 98% of total revenues during the years ended December 31, 2014, 2013 and 2012, respectively. Online advertising is monetized through the sale of advertising and sponsorships through displays, hyperlinks, and lead generation within the many owned and operated websites of our Online Network. In general, the amount of advertising we sell is a function of a number of market conditions including (i) the number of visitors to our Online Network, (ii) the number of ad pages we serve to those visitors, (iii) the click-through rate of our visitors on hyperlinks, (iv) the number of advertisements per page, (v) the rate at which visitors apply for and are approved for financial product offerings, and (vi) advertiser demand. | |
The print publishing and licensing business is primarily engaged in the sale of advertising in the Mortgage Guide and CD & Deposit Guide rate tables, newsletter subscriptions, and licensing of research information. | |
Consumer Inquiry Revenue | |
In the banking segment, we deliver consumer inquiries in the form of clicks and calls and recognize revenue monthly for each inquiry based on the number of clicks at a fixed cost-per-click-for our mortgage and deposit and other banking products. Additionally, we recognize revenue based on the number of calls at a contracted rate per-call. | |
In the credit card segment, we deliver consumer inquiries as a click or call to our advertisers and recognize revenue on a per-completed or approved application basis. | |
In the insurance segment we deliver consumer inquiries in the form of leads, clicks and calls. We recognize revenue from delivered clicks at the cost-per-click contracted for during an auction bidding process for inclusion in a click listing of insurance links and we recognize revenue on a per-lead basis based on the number of valid leads delivered. In addition, we recognize revenue based on the number of validly transferred calls at a contracted rate per-call. | |
In the senior care vertical we deliver consumer inquiries to senior care facilities after qualifying them through our call center and matching them to a number of potential facilities. We recognize revenue per consumer that actually moves into a facility that we have referred them to. We have also entered into revenue sharing arrangements with our vertical content and affiliate partners based on the revenue earned from their consumer inquiries. | |
Revenue is recorded at gross amounts and partnership and affiliate payments are recorded in cost of revenue, pursuant to the provisions of ASC Topic 605-45, Reporting Revenue Gross as a Principal versus Net as an Agent. | |
Display Advertising Revenue | |
Display advertising sales are invoiced monthly at amounts based on specific contract terms predominantly based on the number of impressions actually delivered to the advertiser. | |
Print Publishing and Licensing Revenue | |
We charge for placement in the Mortgage Guide and CD & Deposit Guide in a print publication. Advertising revenue is recognized when the Mortgage Guide and CD & Deposit Guide run in the publication. Revenue from our newsletters is recognized ratably over the period of the subscription, which is generally up to one year. Revenue from the sale of research information is recognized ratably over the contract period. | |
Revenue for distributing editorial rate tables is recognized ratably over the contract or subscription periods. | |
Marketing expense | |
Marketing costs represent expenses associated with expanding brand awareness of our products and services to consumers and included print and internet advertising, marketing and promotion costs. Marketing costs are expensed as incurred within sales and marketing expenses. | |
Fair Value Measurement | |
Fair value, in accordance with ASC 820, Fair Value Measurement, 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. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Valuation techniques include the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques may be based upon observable and unobservable inputs. The three levels of inputs used to measure fair value pursuant to the guidance are as follows: | |
Level 1—Quoted prices in active markets for identical assets or liabilities. | |
Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accrued interest, and our Senior Secured Notes. Given their short term nature, the carrying amounts of cash and cash equivalents, accounts receivable and accrued interest approximate estimated fair value and are considered Level 1 investments. The Senior Secured Notes are considered Level 2 investments and the Company uses market information in measuring the fair value. These estimates require considerable judgment in interpreting market data, and changes in assumptions or estimation methods could significantly affect the fair value estimates. | |
Contingent liabilities include contingent acquisition consideration in connection with certain earnout provisions included in certain of the Company’s acquisitions. The contingent liabilities are recognized at fair value on the acquisition date and remeasured each reporting period with subsequent adjustments recognized in the consolidated statements of income. The fair value of the contingent acquisition consideration liability is expected to increase each period with the recognition of change in fair value of contingent consideration resulting from the passage of time at the applicable discount rate as we approach the payment dates of the contingent consideration absent any significant changes in assumptions related to the valuation or the probability of payment. Contingent acquisition consideration is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs. The Company believes its estimates and assumptions are reasonable, however, there is significant judgment involved. See Note 8 for further information. | |
Stock-Based Compensation | |
We account for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Under the fair value recognition provisions of ASC 718, share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The valuation provisions of ASC 718 apply to new grants and to grants that were outstanding as of the effective date of ASC 718 and are subsequently modified. See Note 9 for further information regarding our stock-based compensation assumptions and expense. | |
New Accounting Pronouncements | |
Recently Adopted Pronouncements | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2013-05, Foreign Currency Matters (Topic 830): “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” Under this guidance, when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. The Company adopted this amendment on January 1, 2014, as required, and it did not have a material impact on the Company's consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in ASU 2013-11 require an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward except when: (i) a NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; or (ii) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. The amendment does not affect the recognition or measurement of uncertain tax positions under ASC 740. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The Company adopted this amendment on January 1, 2014, as required, and it did not have a material impact on the Company's consolidated financial statements. | |
Recently Issued Pronouncements, Not Adopted as of December 31, 2014 | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued operations criteria. This ASU requires discontinued operations treatment for disposals of a component or group of components of an entity that represent a strategic shift that has or will have a major impact on an entity’s operations or financial results. ASU 2014-08 also expands the scope of ASC 205-20, “Discontinued Operations,” to disposals of equity method investments and acquired businesses held for sale. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09: “Revenue from Contracts with Customers.” The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period,” which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide related footnote disclosures in certain circumstances. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s consolidated financial statements. | |
In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items.” This guidance eliminates the concept of an extraordinary item, which required that an entity separately classify, present, and disclose extraordinary events and transactions, on the income statement, net of tax after earnings from continuing operations and disclose applicable income taxes and earnings per share date applicable to the extraordinary item. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and may be applied prospectively and retrospectively. The Company is currently evaluating the impact on its consolidated financial statements of adopting this new guidance but at this time does not expect it to have an impact on the Company’s consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, “Imputation of Interest – Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that the debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt discount. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements of adopting this new guidance but at this time does not expect it to have an impact on the Company’s consolidated financial statements. | |
Financial_Statement_Details
Financial Statement Details | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Financial Statement Details [Abstract] | ||||||
Financial Statement Details | NOTE 4 – FINANCIAL STATEMENT DETAILS | |||||
Prepaid Expenses and Other Current Assets | ||||||
Prepaid expenses and other current assets consisted of the following: | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Prepaid income taxes | $ | 27,456 | $ | 4,417 | ||
Other current assets | 8,196 | 9,170 | ||||
$ | 35,652 | $ | 13,587 | |||
Furniture, Fixtures and Equipment | ||||||
Furniture, fixtures and equipment consisted of the following: | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Furniture and fixtures | $ | 936 | $ | 759 | ||
Computers and software | 33,757 | 25,074 | ||||
Equipment | 1,423 | 1,233 | ||||
Leasehold improvements | 1,939 | 1,716 | ||||
38,055 | 28,782 | |||||
Less accumulated depreciation and amortization | 24,756 | 17,524 | ||||
$ | 13,299 | $ | 11,258 | |||
Depreciation expense was approximately $6.9 million, $5.8 million and $5.0 million for the years ended December 31, 2014, 2013 and 2012. The net book value of equipment recorded under capital leases was approximately $13,000 and $21,000 at December 31, 2014 and 2013, respectively. | ||||||
Accrued Expenses | ||||||
Accrued expenses consisted of the following: | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Income and franchise taxes | $ | 1,551 | $ | 10,492 | ||
Accrued payroll and related benefits | 8,152 | 8,409 | ||||
Due to distribution partners | 8,448 | 7,539 | ||||
Marketing | 4,883 | 4,269 | ||||
Accrued SEC settlement | 15,000 | - | ||||
Other | 7,996 | 7,977 | ||||
$ | 46,030 | $ | 38,686 | |||
Other Current Liabilities | ||||||
Other current liabilities consisted of the following: | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Current contingent acquisition consideration | $ | 13,623 | $ | 24,529 | ||
Other | 6 | 40 | ||||
$ | 13,629 | $ | 24,569 | |||
Other Liabilities | ||||||
Other liabilities consisted of the following: | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Noncurrent contingent acquisition consideration | $ | 5,448 | $ | 14,348 | ||
Liability for uncertain tax positions | 5,174 | 13,615 | ||||
Other | 227 | 223 | ||||
$ | 10,849 | $ | 28,186 | |||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill And Intangible Assets [Abstract] | ||||||||||||
Goodwill And Intangible Assets | NOTE 5 – GOODWILL AND INTANGIBLE ASSETS | |||||||||||
Goodwill activity for the year ended December 31, 2014 is shown below: | ||||||||||||
(In thousands) | ||||||||||||
Balance, January 1, 2014 (restated) | $ | 611,233 | ||||||||||
Acquisition of Caring, Inc. | 22,998 | |||||||||||
Acquisition of certain assets and liabilities of various entities | 7,318 | |||||||||||
Adjustment during the measurement period of previous acquisition | -182 | |||||||||||
Balance, December 31, 2014 | $ | 641,367 | ||||||||||
Intangible assets consist primarily of domain names and URLs, customer relationships, affiliate relationships and developed technologies. Intangible assets are being amortized over their estimated useful lives on both straight-line and accelerated bases. During the year ended December 31, 2012, the Company shortened the useful lives of certain developed technology intangible assets and recorded an additional $274,000 of amortization expense as a result of the change in estimate. | ||||||||||||
Intangible assets subject to amortization were as follows as of December 31, 2014: | ||||||||||||
(In thousands) | Cost | Accumulated Amortization | Net | Weighted Average Amortization Period Years | ||||||||
Trademarks and URLs | $ | 293,241 | $ | -75,176 | $ | 218,065 | 15.7 | |||||
Customer relationships | 223,906 | -122,201 | 101,705 | 8.7 | ||||||||
Affiliate relationships | 22,780 | -12,617 | 10,163 | 8.3 | ||||||||
Developed technology | 27,728 | -18,673 | 9,055 | 4.5 | ||||||||
$ | 567,655 | $ | -228,667 | $ | 338,988 | 12.1 | ||||||
Intangible assets subject to amortization were as follows as of December 31, 2013: | ||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Amortization Period Years | |||||||||
(In thousands) | (restated) | (restated) | (restated) | |||||||||
Trademarks and URLs | $ | 253,400 | $ | -52,654 | $ | 200,746 | 16.9 | |||||
Customer relationships | 224,041 | -96,523 | 127,518 | 8.7 | ||||||||
Affiliate relationships | 22,740 | -11,721 | 11,019 | 8.3 | ||||||||
Developed technology | 24,134 | -16,242 | 7,892 | 4.4 | ||||||||
$ | 524,315 | $ | -177,140 | $ | 347,175 | 12.4 | ||||||
Amortization expense for the years ended December 31, 2014, 2013 and 2012 was approximately $51.7 million, $50.4 million and $45.8 million, respectively. | ||||||||||||
Future amortization expense as of December 31, 2014 is expected to be: | ||||||||||||
Amortization | ||||||||||||
(In thousands) | Expense | |||||||||||
2015 | $ | 53,991 | ||||||||||
2016 | 53,035 | |||||||||||
2017 | 48,296 | |||||||||||
2018 | 38,594 | |||||||||||
2019 | 26,046 | |||||||||||
Thereafter | 119,026 | |||||||||||
Total expected amortization expense for intangible assets | $ | 338,988 | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | NOTE 6 – EARNINGS PER SHARE | |||||||||
We compute basic earnings per share by dividing net income (loss) for the period by the weighted average number of shares outstanding for the period. Diluted earnings per share includes the effects of dilutive common stock equivalents, consisting of outstanding stock-based awards, in accordance with ASC 718, Compensation – Stock Compensation, to the extent the effect is not anti-dilutive, using the treasury stock method. | ||||||||||
The following table presents the computation of basic and diluted earnings per share: | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2012 | |||||||
(restated) | (restated) | |||||||||
Net income (loss) from continuing operations | $ | 6,093 | $ | -9,953 | $ | 28,146 | ||||
Net loss from discontinued operations, net of income taxes | -921 | -1,243 | -1,101 | |||||||
Net income (loss) | $ | 5,172 | $ | -11,196 | $ | 27,045 | ||||
Weighted average common shares outstanding for basic earnings per share | 100,399,458 | 100,108,316 | 99,985,782 | |||||||
Additional dilutive shares related to share based awards | 2,017,815 | - | 845,677 | |||||||
Weighted average common shares outstanding for diluted earnings per share | 102,417,273 | 100,108,316 | 100,831,459 | |||||||
Basic net income (loss) per share: | ||||||||||
Continuing operations | $ | 0.06 | $ | -0.1 | $ | 0.28 | ||||
Discontinued operations | -0.01 | -0.01 | -0.01 | |||||||
Basic net income (loss) per share | $ | 0.05 | $ | -0.11 | $ | 0.27 | ||||
Diluted net income (loss) per share: | ||||||||||
Continuing operations | $ | 0.06 | $ | -0.1 | $ | 0.28 | ||||
Discontinued operations | -0.01 | -0.01 | -0.01 | |||||||
Diluted net income (loss) per share | $ | 0.05 | $ | -0.11 | $ | 0.27 | ||||
For the years ended December 31, 2014, 2013 and 2012, there were 733,960, 5,058,543 and 4,965,654 stock options, respectively, which are not included in the calculation of diluted earnings per share because their impact would have been anti-dilutive. For the year ended December 31, 2014, 2013 and 2012 there were 2,162,382, 973,193 and 0 restricted shares, respectively, which are not included in the calculation of diluted earnings per share because their impact would have been anti-dilutive. For the year ended December 31, 2014 and 2013, there were 1,020,720 and 419,500, respectively, of performance based restricted shares which are not included in the calculation of diluted earnings per share because their impact would have been anti-dilutive. | ||||||||||
Segment_Information_Geographic
Segment Information, Geographic Data And Concentrations | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information, Geographic Data And Concentrations [Abstract] | ||||||||||
Segment Information, Geographic Data And Concentrations | NOTE 7 – SEGMENT INFORMATION, GEOGRAPHIC DATA AND CONCENTRATIONS | |||||||||
No single country outside of the U.S. accounted for more than 10% of revenue during the years ended December 31, 2014, 2013 and 2012. There was one customer that accounted for 11% of net sales during the years ended December 31, 2014 and 2013 and there were two customers that each accounted for 10% of net sales during the year ended December 31, 2012. There were no customers with accounts receivable balances that constituted more than 10% of the accounts receivable balance as of December 31, 2014 and 2013. | ||||||||||
Revenue related to the U.S. and international operations for the years ended December 31, 2014, 2013 and 2012, and long-lived assets related to the U.S. and international operations as of December 31, 2014 and December 31, 2013 are as follows: | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
(restated) | (restated) | |||||||||
Revenue: | ||||||||||
U.S. | $ | 540,257 | $ | 451,381 | $ | 447,925 | ||||
International | 4,686 | 5,555 | 8,044 | |||||||
$ | 544,943 | $ | 456,936 | $ | 455,969 | |||||
December 31, | December 31, | |||||||||
(In thousands) | 2014 | 2013 | ||||||||
(restated) | ||||||||||
Long lived assets: | ||||||||||
U.S. | $ | 990,768 | $ | 966,149 | ||||||
International | 2,886 | 3,517 | ||||||||
Balance, end of period | $ | 993,654 | $ | 969,666 | ||||||
During 2014, subsequent to Mr. Esterow’s appointment as the Company’s chief executive officer, the Company began a process in which it reevaluated and re-aligned the management structure of the operating units and how the chief operating decision maker manages, assesses performance and allocates resources for the business, which is based upon the separate financial information from the Company’s operating segments. In identifying the reportable segments, the Company also considered the nature of the services provided by its operating segments and other relevant factors. The Company aggregates certain of its operating segments into its reportable segments. | ||||||||||
In evaluating and assessing performance of the Company’s operating segments, and when allocating resources to business units needed in accomplishing its strategic goals, the assets of the business units are not a primary consideration of the chief operating decision maker. | ||||||||||
The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and utilized on a regular basis by its chief operating decision maker, the Company’s chief executive officer, to assess performance and allocate resources. Management evaluates the operating results of each of the Company’s operating segments based upon revenue and “Adjusted EBITDA”, which we define as income from continuing operations before depreciation and amortization, interest, income taxes, changes in fair value of contingent acquisition consideration, stock-based compensation and non-recurring items such as loss on extinguishment of debt, legal settlements, acquisition, offering and related expenses, restructuring charges, CEO transition costs and costs related to unusual regulatory actions, the Internal Review, the Restatement and related litigation. The Company’s presentation of Adjusted EBITDA, a non-GAAP measure, may not be comparable to similarly titled measures used by other companies. | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | (restated) | (restated) | ||||||||
Revenue: | ||||||||||
Banking | $ | 118,465 | $ | 109,057 | $ | 111,596 | ||||
Credit Cards | 226,869 | 192,173 | 138,718 | |||||||
Insurance | 194,639 | 160,657 | 209,802 | |||||||
Other | 4,970 | -4,951 | -4,147 | |||||||
Total Company | $ | 544,943 | $ | 456,936 | $ | 455,969 | ||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | (restated) | (restated) | ||||||||
Adjusted EBITDA: | ||||||||||
Banking | $ | 44,854 | $ | 42,529 | $ | 45,805 | ||||
Credit Cards | 92,227 | 81,596 | 60,038 | |||||||
Insurance | 25,223 | 11,843 | 24,849 | |||||||
Other | -19,282 | -13,761 | -11,551 | |||||||
Total Adjusted EBITDA | $ | 143,022 | $ | 122,207 | $ | 119,141 | ||||
Interest and other expense | 20,831 | 24,979 | 25,533 | |||||||
Depreciation and amortization | 58,628 | 56,176 | 50,834 | |||||||
Change in fair value of contingent liabilities | 3,633 | 17,380 | -2,347 | |||||||
Stock-based compensation expense (A) | 17,067 | 12,148 | 9,121 | |||||||
Loss on extinguishment of debt | - | 17,175 | - | |||||||
Acquisition, offering and related expenses | 3,590 | 81 | 601 | |||||||
Restatement charges (B) | 23,586 | 1,269 | 1,249 | |||||||
Impact of purchase accounting | 556 | - | - | |||||||
Other non-recurring charges (C) | 1,403 | 6,802 | 1,141 | |||||||
Income tax expense (benefit) | 7,635 | -3,850 | 4,863 | |||||||
Net income (loss) from continuing operations | $ | 6,093 | $ | -9,953 | $ | 28,146 | ||||
(A) | Excludes $5.8 million related to CEO transition in 2013, which is included in Other non-recurring charges. | |||||||||
(B) | Restatement charges include expenses related to unusual regulatory actions, the Internal Review, restatement of our financial statements and related litigation. | |||||||||
(C) | Other non-recurring charges includes legal settlements of $1.4 million and $874,000 for the years ending December 31, 2014 and 2012, respectively, CEO transition costs of approximately $6.8 million (of which $5.8 million is stock-based compensation) for the year ended December 31, 2013, and restructuring charges of $267,000 for the year ended December 31, 2012. | |||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Measurement [Abstract] | |||||||||||||
Fair Value Measurement | NOTE 8 – FAIR VALUE MEASUREMENT | ||||||||||||
The carrying amounts of cash, accounts receivable and accrued interest approximate estimated fair value. In measuring the fair value of our long term debt, the Company used market information. These estimates require considerable judgment in interpreting market data, and changes in assumptions or estimation methods could significantly affect the fair value estimates. | |||||||||||||
The following table presents estimated fair value, and related carrying amounts, as of December 31, 2014 and December 31, 2013: | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
(In thousands) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||
Financial Liabilities: | |||||||||||||
Long term debt | $ | 297,598 | $ | 280,500 | $ | 297,021 | $ | 312,000 | |||||
In addition, the Company makes recurring fair value measurements of its contingent acquisition consideration using Level 3 unobservable inputs. The Company recognizes the fair value of contingent acquisition consideration based on its estimated fair value at the date of acquisition using discounted cash flows and subsequent adjustments to the fair value are due to the passage of time as we approach the payment date or changes to management’s estimates of the projected results of the acquired business. In determining the fair value of contingent acquisition consideration, the Company reviews current results of the acquired business along with projected results for the remaining earnout period to calculate the expected contingent acquisition consideration to be paid using the agreed upon formula as laid out in the acquisition agreements. | |||||||||||||
The following tables present the Company’s fair value measurements of its contingent acquisition consideration as of December 31, 2014 and 2013 using the fair value hierarchy. | |||||||||||||
Fair Value Measurement at December 31, 2014 Using | |||||||||||||
(In thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||
Recurring fair value measurement: | |||||||||||||
Contingent acquisition consideration | $ | - | $ | - | $ | 19,028 | $ | 19,028 | |||||
Total recurring fair value measurements | $ | - | $ | - | $ | 19,028 | $ | 19,028 | |||||
Fair Value Measurement at December 31, 2013 Using | |||||||||||||
(In thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||
(restated) | (restated) | (restated) | (restated) | ||||||||||
Recurring fair value measurement: | |||||||||||||
Contingent acquisition consideration | $ | - | $ | - | $ | 38,762 | $ | 38,762 | |||||
Total recurring fair value measurements | $ | - | $ | - | $ | 38,762 | $ | 38,762 | |||||
The following table sets forth a reconciliation of changes in the fair value of the Company’s Level 3 financial assets for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Contingent Acquisition Consideration | |||||||||||||
Year ended | |||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
(restated) | (restated) | ||||||||||||
Balance at beginning of period | $ | 38,762 | $ | 15,882 | $ | 950 | |||||||
Additions to Level 3 | 1,930 | 11,600 | 20,800 | ||||||||||
Transfers into Level 3 | - | - | - | ||||||||||
Transfers out of Level 3 | - | -100 | - | ||||||||||
Change in fair value | 3,633 | 17,380 | -2,628 | ||||||||||
Payments | -25,297 | -6,000 | -3,240 | ||||||||||
Balance at end of period | $ | 19,028 | $ | 38,762 | $ | 15,882 | |||||||
The unobservable inputs used by the Company in determining the fair value of contingent acquisition consideration for earnout periods not yet completed include a discount factor of 16% based on the Company’s weighted average cost of capital and projected results of the acquired businesses. The fair value calculated as of December 31, 2014 is subject to sensitivity as it relates to the projected results of the acquired businesses. Each calculation is based on a separate formula and results that differ from our projections could impact the fair value significantly. During the year ended December 31, 2014, the Company changed certain estimates of the projected results of acquired businesses that resulted in an increase in the fair value of contingent acquisition consideration and a charge to operating income of $530,000. The remaining $3.1 million recorded in the change in fair value of contingent acquisition consideration during the year ended December 31, 2014 related to the passage of time. During the year ended December 31, 2013, the Company changed certain estimates of the projected results of acquired businesses that resulted in an increase in the fair value of contingent acquisition consideration and a charge to operating income of $8.5 million. The remaining $8.9 million recorded in the change in fair value of contingent acquisition consideration during the year ended December 31, 2013 related to the passage of time. As of December 31, 2014, $12.7 million of the $19.1 million total contingent acquisition consideration recorded represents actual payments to be made and therefore no change to the unobservable inputs would result in a change in the fair value recorded. In addition, the remaining $6.4 million represents the discounted fair value of the maximum payments allowed under the acquisition agreements and therefore only a change to the discount factor used could result in an increase to the fair value recorded as of December 31, 2014. | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||
Stock-Based Compensation | NOTE 9 – STOCK-BASED COMPENSATION | ||||||||||||
The Company’s stock-based compensation program is a long-term retention program that is intended to attract, retain and provide incentives for directors, officers and employees in the form of non-qualified stock options, restricted stock and performance based restricted shares. | |||||||||||||
In June 2011, the Company established the 2011 Equity Compensation Plan (the “2011 Plan”) to grant stock-based awards for up to 12,120,000 shares of our common stock. Under the 2011 Plan, the Board of Directors or its delegate has the sole authority to determine who receives such grants, the type, size and timing of such grants, and to specify the terms of any non-competition agreements relating to the grants. The purpose of the 2011 Plan is to advance our interests by providing eligible participants in the Plan with the opportunity to receive equity-based or cash incentive awards, thereby aligning their economic interests with those of our stockholders. As of December 31, 2014, 3,962,250 shares were available for future issuance under the 2011 plan. | |||||||||||||
During the year ended December 31, 2012, the Company updated its calculation of stock-based compensation expense to use a higher forfeiture rate based on actual forfeitures during the previous twelve months rather than the forfeiture rate estimated in June 2011 based on historical experience. The result of this change in estimate to increase the forfeiture rate was recognized as a cumulative catch up adjustment in June 2012 to reduce stock-based compensation expense by $724,000. | |||||||||||||
During the year ended December 31, 2013, the Company modified certain stock options granted to the CEO in 2011. The modification resulted in the accelerated vesting of all then current unvested options and the extension of the exercise period of then current vested options by two years. These modifications resulted in additional compensation cost of approximately $4.4 million. | |||||||||||||
During the year ended December 31, 2014, the Company modified certain stock awards granted to an executive in 2011 and 2014. The modification resulted in an extension of the exercise period of current vested stock options and accelerated vesting of certain restricted stock grants. These modifications resulted in additional compensation expense for the year ended December 31, 2014, of $147,000. | |||||||||||||
The stock-based compensation expense for stock options and restricted stock awards recognized in our consolidated statements of comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
Year ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
(restated) | (restated) | ||||||||||||
Cost of revenue | $ | 1,518 | $ | 789 | $ | 599 | |||||||
Sales and marketing | 2,586 | 3,088 | 2,400 | ||||||||||
Product development and technology | 2,736 | 1,667 | 1,493 | ||||||||||
General and administrative | 10,227 | 12,416 | 4,629 | ||||||||||
Total stock-based compensation | $ | 17,067 | $ | 17,960 | $ | 9,121 | |||||||
Restricted Stock | |||||||||||||
During the years ended December 31, 2014 and 2013, we awarded 1,688,632 and 1,079,154 shares, respectively, of restricted common stock to employees located throughout the United States. These restricted stock grants are valued based on the market price of the common stock on the date of grant. Compensation expense arising from restricted stock grants with cliff vesting is recognized using the straight line method over the vesting period. | |||||||||||||
Restricted stock awards issued in 2014 and 2013 primarily vest in equal installments after the first, second and third anniversaries of the grant date subject to continued employment through the applicable vesting date. Restricted stock with one- or two-year cliff vesting terms were also issued during 2014 and 2013. As of December 31, 2014 and 2013, there were 2,162,382 and 973,193 restricted stock grants outstanding. | |||||||||||||
The following table summarizes restricted stock award activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Weighted Average | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Fair Value | ||||||||||||
Balance, December 31, 2011 | 112,135 | $ | 15.00 | ||||||||||
Granted | - | - | |||||||||||
Vested and released | -102,035 | 15.00 | |||||||||||
Forfeited | -10,100 | 15.00 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2012 | - | - | |||||||||||
Granted | 1,079,154 | 15.59 | |||||||||||
Vested and released | -70,000 | 14.77 | |||||||||||
Forfeited | -35,961 | 15.37 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2013 | 973,193 | 15.66 | |||||||||||
Granted | 1,688,632 | 13.98 | |||||||||||
Vested and released | -336,395 | 15.39 | |||||||||||
Forfeited | -163,048 | 15.50 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2014 | 2,162,382 | 14.40 | |||||||||||
Stock-based compensation expense for the years ended December 31, 2014, 2013 and 2012 included approximately $9.6 million, $4.2 million and $575,000 related to restricted stock awards, respectively. During the year ended December 31, 2013, the Company modified certain restricted stock awards granted to its CEO. The modification accelerated the vesting of all outstanding restricted shares and resulted in additional compensation cost of approximately $1.1 million. As of December 31, 2014, there was $23.8 million of unrecognized compensation cost related to non-vested restricted stock awards, expected to be recognized over a weighted average period of approximately 1.5 years. | |||||||||||||
Performance Based Restricted Shares | |||||||||||||
Performance based shares activity was as followings for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Weighted Average | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Fair Value | ||||||||||||
Balance, December 31, 2012 | - | - | |||||||||||
Granted | 422,000 | $ | 14.77 | ||||||||||
Vested and released | - | - | |||||||||||
Forfeited | -2,500 | 14.77 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2013 | 419,500 | 14.77 | |||||||||||
Granted | 1,217,145 | 15.77 | |||||||||||
Vested/Earned | - | - | |||||||||||
Forfeited | -196,425 | 16.06 | |||||||||||
Unearned | -419,500 | 14.77 | |||||||||||
Balance, December 31, 2014 | 1,020,720 | 15.71 | |||||||||||
During the year ended December 31, 2014, it was determined that the Company had not met the performance condition related to the performance based restricted shares granted in 2013 and cancelled the 419,500 outstanding shares as unearned. During the year ended December 31, 2014, the Company granted 1,217,145 performance based restricted shares with an average grant date fair value of $15.77 per share. A portion of the shares granted included a performance condition pursuant to which the number of shares ultimately issued will be determined based on the Company’s aggregate performance for the two years ending December 31, 2014 and 2015. No stock-based compensation expense for these grants has been recorded during the year ended December 31, 2014 as the satisfaction of the performance condition was not yet considered probable. Performance shares were also granted to Steven Barnhart, who was hired as an interim Chief Financial Officer of the Company during 2014. Shares granted were to vest in five equal installments on each of the first five anniversaries of the dates on which Mr. Barnhart is appointed Chief Financial Officer on a non-interim basis. | |||||||||||||
During the year ended December 31, 2013, we granted 422,000 performance based restricted shares with an average grant date fair value of $14.77 per share. The shares included a performance condition and the number of shares ultimately issued was determined based on the Company’s performance for the year ending December 31, 2013. No stock-based compensation expense has been recorded during the year ended December 31, 2013 as the satisfaction of the performance condition was not achieved and all performance shares were cancelled during the first quarter of 2014. | |||||||||||||
Stock Options | |||||||||||||
We use the Black-Scholes option pricing model to determine the fair value of our stock options. The determination of the fair value of the awards on the date of grant using an option-pricing model is affected by the price of our common stock, as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates, expected dividends and the estimated forfeiture rate. | |||||||||||||
We estimated the expected term of outstanding stock options by considering the vesting term and the contractual term of the option, as well as the historical option exercise behavior of employees, as illustrated in ASC 718, Compensation—Stock Compensation. The estimated volatility of our common stock is determined based on facts and circumstances at the time of the grant, along with the historical trading volatility of our stock. For stock option grants issued prior to 2014, we used the simplified method to estimate the expected term for employee stock option grants and we previously estimated the volatility of our common stock by using an average of historical stock price volatility of publicly traded entities that are considered peers to Bankrate in accordance with ASC 718. The decision to use a weighted average volatility factor of a peer group was based upon the relatively short period of availability of data on actively traded options on our common stock. We based the risk-free interest rate used in the option pricing model on U.S. Treasury constant maturity issues having remaining terms similar to the expected terms of the options. We do not anticipate paying any cash dividends in the foreseeable future and therefore use an expected dividend yield of zero in the option pricing model. We are required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards that are expected to vest. All share-based payment awards are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. During the fourth quarter of 2014, we evaluated our forfeiture rate based on historical experience and updated the forfeiture rate from 2.39% to 8.0%, and the new forfeiture rate was applied to all grants beginning in the fourth quarter of 2014. If factors change and we employ different assumptions for estimating share-based compensation expense in future periods or if we decide to use a different valuation model, the future periods may differ significantly from what we have recorded in the current period and could materially affect our operating income, net income and net income per share. | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012, we granted stock options for 0, 355,000 and 440,000 shares, respectively. The stock options granted in 2013 and 2012 have a weighted average exercise price of $18.46 and $19.27 per option, respectively, and a contractual term of seven years. Stock option activity was as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Number of | Price | Weighted Average | Aggregate | ||||||||||
Shares | Per Share | Exercise Price | Intrinsic Value | ||||||||||
Balance, January 1, 2012 | 5,000,000 | $ | 14.32 - 19.79 | $ | 15.09 | $ | 32,036,400 | ||||||
Granted | 440,000 | 11.17 - 24.25 | 19.27 | ||||||||||
Exercised | -97,469 | 15.00 | 15.00 | ||||||||||
Forfeited | -336,877 | 15.00 | 15.00 | ||||||||||
Expired | - | - | - | ||||||||||
Balance, December 31, 2012 | 5,005,654 | 11.17 - 24.25 | 15.49 | 51,200 | |||||||||
Granted | 355,000 | 11.05 - 20.77 | 18.46 | ||||||||||
Exercised | -188,851 | 14.32 - 15.00 | 14.98 | ||||||||||
Forfeited | -113,260 | 14.32 - 17.55 | 15.17 | ||||||||||
Expired | - | - | - | ||||||||||
Balance, December 31, 2013 | 5,058,543 | 11.05 - 24.25 | 15.70 | 13,167,000 | |||||||||
Granted | - | - | - | ||||||||||
Exercised | -1,520,938 | 11.05 - 18.08 | 15.01 | ||||||||||
Forfeited | -174,866 | 14.32 - 23.71 | 16.79 | ||||||||||
Expired | -537,030 | 14.32 - 23.71 | 15.53 | ||||||||||
Balance, December 31, 2014 | 2,825,709 | 11.05 - 24.25 | 16.04 | 85,250 | |||||||||
The following table provides the weighted average grant date fair value of the stock options granted during the years ended December 31, 2014, 2013 and 2012 using the Black-Scholes option pricing model together with a description of the weighted average assumptions used to calculate the fair value. | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average assumptions: | |||||||||||||
Weighted average grant date fair value | - | $ | 8.82 | $ | 9.58 | ||||||||
Expected volatility | - | 56.82% | 60.40% | ||||||||||
Risk free rate | - | 1.18% | 0.69% | ||||||||||
Pursuant to the income tax provisions of ASC 718, we follow the “long-haul method” of computing our hypothetical additional paid-in capital, or APIC, pool. Approximately 1.0 million stock options vested during the year ended December 31, 2014 and there were approximately 2.1 million exercisable stock options as of December 31, 2014. | |||||||||||||
The aggregate intrinsic value of stock options outstanding in the table above is calculated as the difference between the closing price of Bankrate’s common stock on the last trading day of the reporting period ($12.43) and the exercise price of the stock options multiplied by the number of shares underlying options with exercise prices less than the closing price on the last trading day of the reporting period. | |||||||||||||
As of December 31, 2014, approximately $5.5 million of total unrecognized compensation costs, net of forfeitures, related to non-vested stock option awards is expected to be recognized over a weighted average period of 0.8 years. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Income Taxes | NOTE 10 – INCOME TAXES | ||||||||
The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and require significant judgment. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2010. While we are currently under examination by various state and local tax authorities, we believe that there will be no material changes to the Company’s income tax liability as a result of these audits in the next twelve months. | |||||||||
On June 18, 2010, the Internal Revenue Service (“IRS”) notified us of an examination for the 2009 tax year. On April 5, 2012, the Company reached an agreement with the IRS to settle its examination of the 2009 tax year. The Company recorded a total tax benefit of $2.5 million during the year ended December 31, 2012 related to the IRS settlement. | |||||||||
On March 3, 2014, the IRS notified us of an examination for the 2011 tax year. On May 9, 2014, the IRS notified us of expanding their examination for the 2012 tax year. On November 10, 2014, the Company reached an agreement with the IRS to settle its examination of the 2011 and 2012 tax years. The Company recorded a total tax expense of $324,000 during the year ended December 31, 2014 related to the IRS settlement. | |||||||||
In October 2013, the Massachusetts Department of Revenue (“MADOR”) notified us of an examination for the 2012 tax year, the audit was concluded on December 5, 2014 with no changes. | |||||||||
The following is a summary of tax jurisdictions under audit: | |||||||||
Jurisdictions | Tax Year(s) | ||||||||
California | 2013 | ||||||||
Minnesota | 2010 & 2011 | ||||||||
Tennessee | 2011 & 2012 | ||||||||
New York City | 2010 & 2011 | ||||||||
The components of income (loss) from continuing operations before income taxes were as follows: | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
U.S. | $ | 15,395 | $ | -12,269 | $ | 33,943 | |||
International | -1,667 | -1,534 | -934 | ||||||
Income (loss) from continuing operations | $ | 13,728 | $ | -13,803 | $ | 33,009 | |||
The components of the income tax expense (benefit) from continuing operations are as follows: | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
Current: | |||||||||
Federal | $ | 9,218 | $ | 10,607 | $ | -3,829 | |||
State | -1,201 | 4,199 | 1,876 | ||||||
Total current | 8,017 | 14,806 | -1,953 | ||||||
Deferred: | |||||||||
Federal | -2,348 | -16,800 | 6,138 | ||||||
State | 1,966 | -1,856 | 678 | ||||||
Total deferred | -382 | -18,656 | 6,816 | ||||||
Total income tax expense (benefit) | $ | 7,635 | $ | -3,850 | $ | 4,863 | |||
The difference between income tax expense (benefit) computed at the statutory rate and the reported income tax (benefit) expense from continuing operations is as follows: | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
Income taxes at statutory rate | $ | 4,805 | $ | -4,831 | $ | 11,553 | |||
State income taxes, net of federal benefit | 1,678 | -1,042 | 1,875 | ||||||
Foreign losses | 583 | 537 | 327 | ||||||
Permanent items | 6,287 | -259 | -2,020 | ||||||
Adjustment to income tax payable | -591 | 712 | 319 | ||||||
Uncertain tax positions | -8,441 | 3,648 | -4,779 | ||||||
Adjustment to deferred tax assets | 488 | -2,925 | -438 | ||||||
Rate changes | -647 | 3 | 544 | ||||||
IRS and state audits | 407 | - | -2,518 | ||||||
Stock compensation | 2,264 | 307 | - | ||||||
State amendment tax returns | -684 | - | - | ||||||
IRC Sec. 481(a) adjustment | 916 | - | - | ||||||
Valuation adjustment | 570 | - | - | ||||||
Total income tax expense (benefit) | $ | 7,635 | $ | -3,850 | $ | 4,863 | |||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
(restated) | |||||||||
Deferred tax assets (liabilities): | |||||||||
Allowance for doubtful accounts | $ | 165 | $ | 241 | |||||
Accrued expenses | 986 | 1,446 | |||||||
Prepaid expenses | -2,586 | -2,226 | |||||||
Net operating loss carryforwards | 2,197 | 673 | |||||||
Valuation allowance | -172 | - | |||||||
Accrued earnout contingencies | 5,817 | 9,124 | |||||||
Total current deferred tax assets | 6,407 | 9,258 | |||||||
Intangibles acquired | -112,562 | -99,174 | |||||||
Depreciation and amortization | 38,159 | 25,969 | |||||||
Stock compensation | 9,127 | 10,399 | |||||||
Net operating loss carryforwards | 16,096 | 3,720 | |||||||
Valuation allowances | -2,341 | -606 | |||||||
Accrued earnout contingencies | -112 | 3,192 | |||||||
Total noncurrent deferred tax liabilities | -51,633 | -56,500 | |||||||
Total net deferred tax liabilities | $ | -45,226 | $ | -47,242 | |||||
Total deferred tax assets and total deferred tax liabilities components of net deferred tax liabilities are as follows: | |||||||||
December 31, | December 31, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
(restated) | |||||||||
Deferred tax assets: | |||||||||
Total current deferred assets | $ | 8,993 | $ | 11,484 | |||||
Total noncurrent deferred assets | 73,194 | 53,827 | |||||||
82,187 | 65,311 | ||||||||
Deferred tax liabilities: | |||||||||
Total current deferred liabilities | -2,586 | -2,226 | |||||||
Total noncurrent deferred liabilities | -124,827 | -110,327 | |||||||
-127,413 | -112,553 | ||||||||
Total net deferred tax liabilities | $ | -45,226 | $ | -47,242 | |||||
As of December 31, 2014 and 2013, we had net operating loss carry forwards of $33.7 million and $0 million, respectively, for federal income tax purposes. The federal net operating loss carry forwards are subject to the limitations under Internal Revenue Code Section 382. In addition, as of December 31, 2014 and 2013, we had net operating loss carry forwards of $140.3 million and $116.8 million, respectively, for state income tax purposes. These federal and state net operating loss carry forwards will begin to expire in varying amounts starting in 2021. As of December 31, 2014, the Company had a valuation allowance of $16.7 million related to state net operating loss carry forwards, which will be reduced when and if the Company determines that there is positive evidence that the state net operating loss carry forwards will be realized. There was no valuation allowance as of December 31, 2013. As of December 31, 2014, the Company had a valuation allowance of $4.7 million related to foreign net operating loss carry forwards, which will be reduced when and if the Company determines that there is positive evidence that foreign net operating loss carry forwards will be realized. The foreign valuation allowance as of December 31, 2013 was $3.0 million. | |||||||||
We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||||||||
A reconciliation of the change in beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
Unrecognized tax benefits, beginning balance | $ | 13,615 | $ | 9,967 | $ | 14,746 | |||
Additions for prior year tax positions | 1,812 | 2,507 | - | ||||||
Reductions for prior year tax positions | -9,838 | - | -4,779 | ||||||
Reductions for lapse in statute | -415 | - | - | ||||||
Additions for current year tax positions | - | 1,141 | - | ||||||
Unrecognized tax benefits, ending balance | $ | 5,174 | $ | 13,615 | $ | 9,967 | |||
During the year ended December 31, 2014, the Company recorded a net decrease to unrecognized tax benefits of approximately $8.4 million. During the year ended December 31, 2013, the Company recorded a net increase to unrecognized tax benefits of approximately $3.6 million. During the year ended December 31, 2012, the Company recorded a net decrease to unrecognized tax benefits of approximately $4.8 million. A liability for unrecognized tax benefits is recorded as either a current or non-current liability, depending on whether the Company will make payments in the next twelve months. | |||||||||
The amounts of unrecognized tax benefits that, if recognized, would impact the effective tax rate were $5.2 million as of December 31, 2014 and $13.6 million as of December 31, 2013. | |||||||||
We recognize accrued interest and penalties related to unrecognized tax benefits as a component of our income tax expense (benefit). Accrued interest and penalties included in unrecognized tax benefits during the years ended December 31, 2014, 2013 and 2012, were $87,000, $287,000 and $430,000, respectively. | |||||||||
In September 2013, the IRS issued new regulations for capitalizing and deducting costs incurred to acquire, produce, or improve tangible property. These new regulations are effective for taxable years beginning on or after January 1, 2014. As a result of the new regulations, the Company is required to review its existing income tax accounting methods related to tangible property, and determine which, if any, income tax accounting method changes are required; whether the Company will file any income tax accounting method changes with its 2014 federal income tax return; and the potential financial statement impact. Based on the Company’s initial assessment, the new regulations will not have a material effect on its consolidated financial statements. | |||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments And Contingencies [Abstract] | ||||||
Commitments And Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES | |||||
Legal Proceedings | ||||||
From time to time, in the normal course of its operations, the Company is party to litigation and regulatory matters and claims. Litigation and regulatory reviews can be expensive and disruptive to normal business operations. Moreover, the results of complex proceedings and reviews are difficult to predict and the Company’s view of these matters may change in the future as events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability will be incurred and the amount or range of the loss can be reasonably estimated. Except as otherwise stated, we have concluded that we cannot estimate the reasonably possible loss or range of loss, including reasonably possible losses in excess of amounts already accrued, for each matter disclosed below. An unfavorable outcome to any legal or regulatory matter, if material, could have an adverse effect on the Company’s operations or its financial position, liquidity or results of operations. | ||||||
BanxCorp Litigation | ||||||
In July 2007, BanxCorp, an online publisher of rate information provided by financial institutions with respect to various financial products, filed suit against the Company in the United States District Court for the District of New Jersey alleging violations of Federal and New Jersey State antitrust laws, including the Sherman Act and the Clayton Act. BanxCorp has alleged that it has been injured as a result of monopolistic and otherwise anticompetitive conduct on the part of the Company and is seeking approximately $180 million in compensatory damages, treble damages, and attorneys' fees and costs. In October 2012, BanxCorp filed a Seventh Amended Complaint, alleging violations of Section 2 of the Sherman Act, Section 7 of the Clayton Act and parallel provisions of New Jersey antitrust laws, and dropping its claims under Section 1 of the Sherman Act. Discovery closed on December 21, 2012 and both parties filed motions in the first quarter of 2013 seeking summary judgment that are pending before the court. The Company will continue to vigorously defend this lawsuit. The Company cannot presently estimate the amount of loss, if any, that would result from an adverse resolution of this matter. | ||||||
TCPA Litigation | ||||||
In October 2012, a putative class action lawsuit styled Stephanie Speight v. Bankrate, Inc. was filed against the Company in the United States District Court for the District of Colorado alleging violations of the Telephone Consumer Protection Act and seeking statutory damages, injunctive relief and attorney fees. The plaintiff alleged that the Company contacted her and the members of the class she sought to represent on their cellular telephones without their prior express consent. On January 16, 2014, the plaintiff and a proposed plaintiff, Julio Acosta, who filed a motion for leave to be added as a plaintiff, entered into a settlement agreement with the Company on an individual basis, at no cost to the Company. On January 17, 2014, the court dismissed the case with prejudice. | ||||||
In October 2013, a putative class action lawsuit styled Steven Nicoski v. Bankrate, Inc. was filed against the Company in the United States District Court for the District of Minnesota alleging violations of the Telephone Consumer Protection Act and seeking statutory damages, injunctive relief and attorney fees. The plaintiff alleged that the Company contacted him and the members of the class he sought to represent on their cellular telephones without their prior express consent. The plaintiff filed a motion for class certification in December 2013, which was denied without prejudice in March 2014. On June 23, 2014, the plaintiff entered into a settlement agreement with the Company on an individual basis for an immaterial amount. On July 15, 2014, the court dismissed the case with prejudice. | ||||||
Securities Litigation | ||||||
In October 2013, a class action lawsuit captioned Arkansas Teacher Retirement System v. Bankrate, Inc., No. 13-CV-7183, was brought in the United States District Court for the Southern District of New York. The complaint, as amended, asserted claims against the Company, certain officers and directors of the Company, and entities associated with Apax Partners, and alleged, among other things, that the Company’s public disclosures regarding its insurance leads business were materially misleading. On June 9, 2014, the Company announced that it had reached a proposed agreement, subject to Court approval, to settle the litigation. On November 21, 2014, the court approved the settlement of the action as a class action and entered a final judgment dismissing the action with prejudice. Under the terms of the settlement, Bankrate paid $18 million in cash to a Settlement Fund to resolve all claims asserted on behalf of investors who purchased or otherwise acquired Bankrate stock between June 16, 2011, and October 15, 2012, excluding any claims: (i) relating solely to the accuracy of Bankrate’s financial statements or Bankrate’s compliance with Generally Accepted Accounting Principles, including, but not limited to, any such claims arising from the subject of the Securities and Exchange Commission investigation into the Company’s financial reporting or Bankrate’s Audit Committee’s internal review of Bankrate’s financial statements for years ended 2011, 2012 and 2013; (ii) relating to auditors’ compliance with Generally Accepted Auditing Standards in connection with said financial statements (iii) relating to the enforcement of the settlement; and (iv) of any person or entity who submits a request for exclusion. The settlement provided that Bankrate denies all claims of wrongdoing or liability. During the year ended December 31, 2014 the Company recorded a loss for the settlement and related legal expenses of $9.2 million, net of insurance proceeds of $10.0 million in legal settlements within the Consolidated Statements of Comprehensive Income. | ||||||
In October 2014, a putative class action lawsuit was brought in federal court in the United States District Court for the Southern District of Florida against the Company and certain of its current and former officers and directors. The suit, captioned The City of Los Angeles v. Bankrate, Inc., et al., No. 14-CV-81323-DMM, alleges, among other things, that the Company’s 2011, 2012, and 2013 financial statements improperly recognized revenues and expenses and therefore were materially false and misleading, and seeks relief (including damages) under the federal securities laws on behalf of a proposed class consisting of all persons, other than the defendants, who purchased the Company’s securities between October 16, 2012 and September 15, 2014, inclusive. On February 23, 2015, the lead plaintiff filed an amended complaint, which asserts claims against the Company, certain officers and directors of the Company, entities associated with Apax Partners, the underwriters of the Company’s March 2014 stock offering, and the Company’s independent registered public accountant, alleging that the Company’s 2011, 2012, and 2013 financial statements were materially false and misleading and that the Company sold securities in March 2014 pursuant to a registration statement and prospectuses in violation of federal securities law. The amended complaint seeks unspecified compensatory damages and rescission or rescissionary damages. On March 9, 2015, the Company filed a motion to dismiss the amended complaint. Other named defendants, including the Company’s accountant, the underwriter defendants, and the Company’s former Chief Financial Officer, Edward J. DiMaria, have each filed separate and additional motions to dismiss the amended complaint. Those motions are pending. Pursuant to a notice of voluntary dismissal submitted by the lead plaintiff, the Apax Defendants were terminated from the action on April 23, 2015. The action is in its preliminary stages and we are not able to predict its outcome. The Company cannot presently estimate the amount of loss, if any, that would result from an adverse resolution of this matter. | ||||||
Two earlier lawsuits making similar allegations, captioned Tong v. Evans, et al., No. 14-cv-81183-KLR (S.D. Fla), and Atiyeh v. Evans, et al., No. 14 Civ. 8443 (JFK) (S.D.N.Y), were voluntarily dismissed by their respective plaintiffs. | ||||||
SEC and DOJ Investigations | ||||||
As previously disclosed, the SEC is conducting a non-public formal investigation of Bankrate’s financial reporting with the principal focus on the quarters ending March 31, 2012 and June 30, 2012. The investigation is examining whether accounting entries may have improperly impacted the Company’s reported results, including relative to market expectations at such time. In addition, as previously reported, the DOJ has informed the Company that it is investigating the matters that are the subject of the SEC investigation. | ||||||
The Company has agreed to the terms of a potential settlement of the SEC investigation with respect to the Company that the SEC enforcement staff has indicated it is prepared to recommend to the Commission. The proposed settlement is subject to acceptance and authorization by the Commission and would, among other things, require the Company to pay a $15 million penalty. As a result, the Company recorded a reserve in the amount of $15 million. However, the terms of the settlement have not been approved by the Commission and therefore there can be no assurance that the Company’s efforts to resolve the SEC’s investigation with respect to the Company will be successful, that the settlement amount will be as anticipated or that the reserve with respect thereto will be sufficient, and the Company cannot predict the ultimate timing or the final terms of any settlement. In addition, it is not possible to predict when the DOJ investigation will be completed, the final outcome of the investigation, and what if any actions may be taken by the DOJ. | ||||||
CFPB Investigation | ||||||
The Company and certain of its employees have received Civil Investigative Demands (CIDs) from the CFPB to produce certain documents and answer questions relating to the Company’s quality control process for its online mortgage rate tables. The Company has cooperated in responding to the CIDs. The Company received a communication from the CFPB inviting the Company to respond to the CFPB’s identified issues in the form of a Notice of Opportunity to Respond and Advise during which the CFPB identified potential claims it might bring against the Company. The Company has submitted a response that it believes addresses the CFPB’s issues with respect to the Company’s online mortgage rate tables and its quality control processes. We are unable to predict when the CFPB investigation will be completed or the final outcome of the investigation, and cannot presently estimate the amount of loss, if any, that would result from an adverse resolution of this matter. | ||||||
Leases | ||||||
We lease office space in certain cities in the United States, United Kingdom and in Beijing, China. These leases are accounted for as operating leases. Total rent expense for the years ended December 31, 2014, 2013 and 2012 was approximately $4.2 million, $3.6 million and $3.3 million, respectively. | ||||||
We recognize rent expense for operating leases with periods of free rent, step rent provisions and escalation clauses on a straight-line basis over the applicable lease term. We consider lease renewals in the useful life of our leasehold improvements when such renewals are reasonably assured. We take these provisions into account when calculating minimum aggregate rental commitments under non-cancelable operating leases. Future minimum lease payments under non-cancelable operating and capital leases and having initial lease terms in excess of one year as of December 31, 2014 were: | ||||||
Operating leases | Capital leases | |||||
Year ending December 31, | ||||||
2015 | $ | 4,068 | $ | 17 | ||
2016 | 3,073 | - | ||||
2017 | 1,491 | - | ||||
2018 | 1,410 | - | ||||
2019 | 806 | - | ||||
Thereafter | 5,953 | - | ||||
Total minimum lease payments | $ | 16,801 | 17 | |||
Less interest | - | |||||
Present value of minimum capital lease payments | 17 | |||||
Obligations under capital leases, current | 17 | |||||
Obligations under capital leases, noncurrent | $ | - | ||||
Other Commitments | ||||||
We have executed employment agreements with 24 employees, including our President and Chief Executive Officer and other senior executives. Each employment agreement provides for a minimum annual base salary, an annual bonus contingent on our achieving certain performance criteria, and severance provisions ranging from three months to one year's annual base salary. Under the terms of the employment agreements, the individuals are entitled to receive minimum severance amounts of $6.1 million in the aggregate as of December 31, 2014. | ||||||
In 2013, the Company entered into a Separation and Consulting Agreement with its former CEO, Mr. Evans, that provides for the terms of Mr. Evans' retention by the Company as a consultant for a period of two years that commenced on January 1, 2014. Mr. Evans is paid a consulting fee of $40,000 per month and the Company provides medical and dental insurance benefits on the same terms and conditions as such benefits are provided to other senior executives of the Company generally from time to time. As of December 31, 2014 and 2013, the Company has accrued $495,000 and $990,000, respectively, relating to this agreement. | ||||||
Debt
Debt | 12 Months Ended |
Dec. 31, 2014 | |
Debt [Abstract] | |
Debt | NOTE 12 – DEBT |
Senior Notes | |
On July 25, 2013, the Company delivered a Conditional Notice of Full Redemption (the ”Notice”) to holders of its 11.75% Senior Secured Notes due 2015 (“Senior Secured Notes”). The Notice called for redemption of all the currently outstanding $195.0 million aggregate principal amount of Senior Secured Notes on August 24, 2013 (the “Redemption Date”). The redemption price of the Senior Secured Notes was 105.875% of the principal amount redeemed, plus accrued and unpaid interest to, but not including the Redemption Date (the “Redemption Price”). The redemption was consummated on the Redemption Date and as a result the Company recorded a loss of $17.2 million. | |
On August 2, 2013, the Company announced the pricing of an offering of $300 million of new 6.125% senior unsecured notes due 2018 (the “Senior Notes” or “Notes”). On August 7, 2013, the Company completed the offering of the Senior Notes and deposited $208.9 million with Wilmington Trust, National Association, the trustee (the “Trustee”) under the Indenture, dated as of July 13, 2010 (the “Indenture”) under which the Senior Secured Notes were issued, thereby satisfying and discharging the Indenture governing the Senior Secured Notes and all of the Company’s obligations under the Senior Secured Notes. The deposited funds were applied by the Trustee to pay the Redemption Price. In connection with the redemption, the Company wrote off unamortized original issue discount of $819,000 and unamortized deferred loan fees of approximately $3.4 million, which are included in the loss on early extinguishment of debt in the consolidated statement of comprehensive income. | |
Interest on the Senior Notes accrues daily on the outstanding principal amount thereof at 6.125% and is payable semi-annually, in arrears, on August 15 and February 15. | |
On or after August 15, 2015, the Company may redeem some or all of the Senior Notes at a premium that will decrease over time as set forth in Bankrate, Inc.’s Indenture, dated as of August 7, 2013 (the “Senior Notes Indenture”). Additionally, if the Company experiences a Change of Control Triggering Event (as defined in the Senior Notes Indenture), the Company must offer to purchase all of the Senior Notes at a price in cash equal to 101% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date of purchase. The Senior Notes Indenture contains covenants (including, but not limited to, covenants restricting the payment of dividends and incurrence of additional indebtedness) and events of default customary for transactions of this type and has no financial maintenance covenant. All obligations under the Senior Notes are guaranteed by the Guarantors (as defined below). | |
For the years ended December 31, 2014, 2013 and 2012, interest expense, excluding the amortization of deferred financing costs and the original issue discounts, related to the Senior Notes and Senior Secured Notes was $18.9 million, $22.1 million and $22.9 million, respectively. | |
During the years ended December 31, 2014, 2013 and 2012, the Company amortized original issue discount which is included within interest and other expenses on the accompanying consolidated statements of comprehensive income (loss) of $577,000, $445,000 and $330,000, respectively. At December 31, 2014 and 2013, the Company had approximately $2.4 million and $3.0 million, respectively, in original issue discounts remaining to be amortized. | |
During the years ended December 31, 2014, 2013 and 2012, the Company amortized deferred loan fees related to the Senior Notes and Senior Secured Notes which are included within interest and other expenses on the accompanying consolidated statement of comprehensive income of $1.3 million, $1.4 million and $1.4 million, respectively. At December 31, 2014 and 2013, the Company had approximately $5.8 million and $6.7 million, respectively, in deferred loan fees remaining to be amortized. The balance at December 31, 2014 includes $354,000 for the consent consideration paid in 2014, pursuant to the second supplemental indenture described below, which was recorded as deferred loan fees and is being amortized over the remaining term of the Senior Notes. | |
The Company had a balance of approximately $297.6 million and $297.0 million in Senior Notes, net of amortization, as of December 31, 2014 and 2013, respectively, recorded on the accompanying consolidated balance sheets. | |
As previously reported in the Company’s Current Report on Form 8-K dated November 14, 2014, pursuant to the Second Supplemental Indenture, dated as of November 14, 2014 (the “Second Supplemental Indenture”), by and among the Company, certain subsidiaries of the Company party thereto as guarantors and Wilmington Trust, National Association, as trustee, the Company obtained an extension of the time permitted to deliver the requisite financial information for the quarter ended September 30, 2014 and, subject to payment by the Company of an additional consent fee (as described in the Supplemental Indenture), for the year ended December 31, 2014. The Company paid this additional consent fee on March 31, 2015. In total, the Company paid $708,855 in consent fees to holders of the Senior Notes in connection with the execution and effectiveness of the Second Supplemental Indenture. As previously reported in the Company’s Current Report on Form 8-K dated May 15, 2015, pursuant to the Third Supplemental Indenture, dated as of May 11, 2015 (the “Third Supplemental Indenture”), by and among the Company, certain subsidiaries of the Company party thereto as guarantors and Wilmington Trust, National Association, as trustee, the Company obtained an extension of the time permitted to deliver the requisite financial information for the quarters ended September 30, 2014 and March 31, 2015 and for the year ended December 31, 2014. In total, the Company paid $374,000 in consent fees to holders of the Senior Notes in connection with the execution and effectiveness of the Third Supplemental Indenture. | |
Revolving Credit Facility | |
On August 7, 2013, the Company terminated its existing Revolving Credit Facilities in an aggregate amount of $100.0 million, consisting of two tranches, tranche A for $30.0 million and tranche B for $70.0 million (“Revolving Credit Facilities”) and repaid all outstanding obligations thereunder. In connection with such termination, the Company wrote off approximately $1.4 million of deferred loan fees, which is included in the loss on early extinguishment of debt in the consolidated statement of comprehensive income. | |
Also on August 7, 2013, the Company announced it entered into a Revolving Credit Agreement dated as of August 7, 2013 (the “Credit Agreement”), among the Company, as borrower, certain subsidiaries of the Company, as guarantors (the “Guarantors”), the lenders party thereto (the “Lenders”), Royal Bank of Canada, as administrative agent, and the other parties thereto. The Credit Agreement provides for a $70.0 million revolving facility (“Revolving Credit Facility”) which matures on May 17, 2018. The proceeds of any loans made under the Revolving Credit Facility can be used for ongoing working capital requirements and other general corporate purposes, including the financing of capital expenditures and acquisitions. | |
Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, either (i) an alternate base rate (as defined in the Revolving Credit Facility) or (ii) an adjusted LIBO rate (as defined in the Revolving Credit Facility), each calculated in a customary manner, plus applicable margin. The applicable margin is 3.00% per annum with respect to alternate base rate loans and 2.00% per annum with respect to adjusted LIBO rate loans. In addition to paying interest on the outstanding principal amount of borrowings under the Revolving Credit Facility, the Company must pay a commitment fee to the Lenders in respect of their average daily unused amount of revolving commitments at a rate that ranges from 0.375% to 0.500% per annum depending on the Company’s consolidated total leverage ratio. The Company may voluntarily prepay loans under the Revolving Credit Facility at any time without premium or penalty (subject to customary “breakage” fees in the case of Eurodollar rate loans). | |
The Credit Agreement contains customary affirmative and negative covenants (including, but not limited to, covenants restricting the payment of dividends and incurrence of additional indebtedness) and events of default and requires the Company to comply with a maximum consolidated total leverage ratio of 4.00:1.00 as of the last day of any quarter only if the aggregate amount (without duplication) of letters of credit (other than letters of credit that are issued and not drawn to the extent such letters of credit are cash collateralized) and loans outstanding under the Revolving Credit Facility exceed, on a pro forma basis, 30% of the total revolving commitments of all Lenders at such time. The Company was in compliance with all required covenants as of December 31, 2014. | |
All obligations under the Credit Agreement are guaranteed by the Guarantors and are secured, subject to certain exceptions, by first priority liens on the assets of the Company and the Guarantors. | |
As of December 31, 2013, the Company had $70.0 million available for borrowing under the Revolving Credit Facility and there were no amounts outstanding. During the years ended December 31, 2014, 2013 and 2012, the Company amortized $339,000, $641,000 and $799,000 of deferred loan fees, respectively, which is included in interest and other expenses on the accompanying consolidated statements of comprehensive income (loss). At December 31, 2014 and 2013, the Company had approximately $1.1 million and $1.4 million, respectively, in deferred loan fees remaining to be amortized. | |
On November 6, 2014, the Company announced it had obtained a waiver under the Credit Agreement with respect to compliance with its obligation to deliver the requisite financial information thereunder for the quarter ended September 30, 2014. On March 24, 2015, the Company announced it had obtained a waiver under the Credit Agreement with respect to compliance with its obligation to deliver the requisite financial information thereunder for the year ended December 31, 2014. On May 11, 2015, the Company announced it had obtained a waiver under the Credit Agreement with respect to compliance with its obligation to deliver the requisite financial information thereunder for the quarter ended March 31, 2015. The Company did not pay a consent fee to the lenders under the Credit Agreement in connection with any of the foregoing waivers. | |
Acquisitions
Acquisitions | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Acquisitions [Abstract] | ||||||
Acquisitions | NOTE 13 – ACQUISITIONS | |||||
Year Ended 2014 | ||||||
Acquisition of Caring, Inc. | ||||||
On May 1, 2014, the Company completed the acquisition of Caring, Inc., a Delaware corporation (“Caring”), through the merger of a wholly owned subsidiary of Bankrate with and into Caring, with Caring continuing as the surviving corporation (the “Merger”). Caring was a privately held company and is the owner of Caring.com, a leading senior care resource for those seeking information and support as they care for aging family members and loved ones. As a result of the merger, Caring became a wholly owned subsidiary of Bankrate. This acquisition was made to complement our online publishing business and to enter a new product vertical. The results of operations of Caring are included in the Company’s consolidated results from the acquisition date. The acquisition is accounted for as a business combination and the purchase accounting is preliminary and subject to change as third party valuations are finalized. | ||||||
The Company paid $53.7 million, net of cash acquired, and $4.3 million was placed in escrow to satisfy certain indemnification obligations of Caring’s shareholders. As of December 31, 2014, no escrow payments have been made. | ||||||
We recorded approximately $23.0 million in goodwill, which reflects the adjustments necessary to allocate the purchase price to the fair value of the assets acquired and the liabilities assumed. We expect goodwill will not be deductible for income tax purposes. Approximately $29.5 million was recorded as intangible assets consisting of Internet domain name for $14.6 million, customer relationships for $9.9 million, and developed technology for $5.0 million. | ||||||
The following table presents the December 31, 2014 preliminary estimated fair value of assets acquired and liabilities assumed at the acquisition date: | ||||||
Preliminary | ||||||
Acquisition Date | ||||||
(In thousands) | Estimated Fair Value | |||||
Current assets, net of cash acquired | $ | 1,490 | ||||
Property and equipment, net | 76 | |||||
Intangible assets | 29,500 | |||||
Goodwill | 22,998 | |||||
Deferred tax asset | 12,994 | |||||
Other noncurrent assets | 76 | |||||
Current liabilities | -2,174 | |||||
Deferred tax liability | -11,269 | |||||
Other noncurrent liabilities | -6 | |||||
Preliminary purchase price | $ | 53,685 | ||||
The valuations used to determine the preliminary estimated fair value of the intangible assets and the resulting goodwill in the purchase price allocation principally use the discounted cash flow methodology and were made concurrent with the effective date of the acquisition. The estimated weighted average amortization periods for intangible assets recorded in the acquisition are as follows: | ||||||
Weighted Average | ||||||
Amortization Period | ||||||
(Years) | ||||||
Trademarks and URLs | 10.0 | |||||
Customer relationships | 7.0 | |||||
Developed technology | 8.0 | |||||
The amounts of revenue and net loss included in the Company’s Consolidated Statement of Comprehensive Income (Loss) from the acquisition date were $10.3 million and $5.6 million, respectively. The following unaudited pro forma data summarizes the results of operations for the year ended December 31, 2014 as if the acquisition of Caring had been completed on January 1, 2013. | ||||||
Year ended | ||||||
December 31, | December 31, | |||||
(In thousands) | 2014 | 2013 | ||||
Total revenue | $ | 548,767 | $ | 463,538 | ||
Net income (loss) from continuing operations | $ | 3,166 | $ | -17,378 | ||
The pro forma data give effect to the actual operating results prior to the acquisition and adjustments to reflect the additional amortization expense that would have been charged and reduction in deferred revenue assuming the fair value adjustments had been applied on January 1, 2013. In addition, the pro forma data gives effect to additional stock compensation expense resulting from the acquisition as if it had happened on January 1, 2013 and eliminates interest expense from Caring’s historical results, together with the related tax effects of all adjustments. The pro forma data does not give effect to transaction costs related to the acquisition. These pro forma amounts are not intended to be indicative of the results that would have been actually reported if the acquisition of Caring had occurred on January 1, 2013 or that may be reported in the future. | ||||||
Acquisition of Wallaby Financial Inc. | ||||||
On December 1, 2014, the Company completed the acquisition of Wallaby Financial Inc., a Delaware corporation (“Wallaby”), for $10.0 million in cash and Company stock. The financial results of Wallaby are immaterial to the Company’s net assets and results of operations. The acquisition was accounted for as a purchase and is included in the Company’s consolidated results from the acquisition date. The Company recorded $6.1 million in goodwill and $3.9 million in intangible assets with estimated weighted average useful lives of 5 years, related to the acquisition, consisting of $3.6 million of developed technology and $250,000 of trademarks. The Company has not yet finalized the purchase accounting of the acquisition. | ||||||
Other | ||||||
During the year ended December 2014, the Company also acquired certain assets and assumed certain liabilities of a third party for a purchase price of approximately $9.9 million, including $1.9 million of contingent acquisition consideration. The acquisition is immaterial to the Company’s net assets and results of operations. The acquisition was accounted for as a purchase and is included in the Company’s consolidated results of operations from the acquisition date. The Company recorded $30,000 in goodwill and approximately $9.9 million in intangible assets with a weighted average useful life of 7 years, consisting of trademarks and URLs. The Company has not yet finalized the purchase accounting of the acquisition | ||||||
Year Ended 2013 | ||||||
During the year ended December 31, 2013, the Company acquired certain assets and liabilities of certain entities for an aggregate purchase price of $31.5 million, including $11.6 million in fair value of contingent acquisition consideration. These certain entities are individually and in the aggregate immaterial to the Company's net assets and operations. All acquisitions were accounted for as purchases and are included in the Company's consolidated results from their acquisition dates. The Company recorded $9.8 million in goodwill and $20.3 million in intangible assets related to these acquisitions consisting of $11.7 million of trademarks and URLs, $1.9 million of affiliate relationships and $6.7 million of developed technology. | ||||||
Year Ended 2012 | ||||||
During the year ended December 31, 2012, the Company acquired certain assets and liabilities of certain entities for an aggregate purchase price of $52.7 million, including $20.8 million in fair value of contingent acquisition consideration and $5.9 million in fair value of guaranteed purchase price payments to be made at a later date. The Company paid $30.2 million, inclusive of $4.5 million related to the guaranteed purchase price, during the year ended December 31, 2012 and assumed a net liability of $0.3 million. The Company recorded a reduction in fair value of the contingent acquisition consideration during the year of $2.8 million and made payments of $2.2 million resulting in a net contingent acquisition consideration liability for these acquisitions of $15.8 million. Additionally, the Company recorded a $100,000 change in fair value related to the guaranteed purchase price resulting in a net acquisition related payable at December 31, 2012 of $1.5 million. These certain entities are individually and in the aggregate immaterial to the Company's net assets and operations. All acquisitions were accounted for as purchases and are included in the Company's consolidated results from their acquisition dates. The Company recorded $6.7 million in goodwill and $46.0 million in intangible assets related to these acquisitions consisting of $33.7 million of trademarks and URLs, $8.0 million of affiliate network, $4.0 million of customer relationships and $0.3 million of developed technology. Additionally, the Company paid $1.2 million as a final purchase price adjustment in connection with a 2011 acquisition. | ||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Discontinued Operations [Abstract] | |||||||||||
Discontinued Operations | NOTE 14 – DISCONTINUED OPERATIONS | ||||||||||
During the three months ended September 30, 2014, the Company announced that it had commenced the process of divesting its operations in China. This component has been classified as discontinued operations in the consolidated financial statements for all periods presented. | |||||||||||
The following table presents the carrying amounts of major classes of assets and liabilities of the discontinued operation that are classified as held for sale in the consolidated balance sheets: | |||||||||||
December 31, | December 31, | ||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Cash and cash equivalents | $ | 326 | $ | 397 | |||||||
Accounts receivable, net | 479 | 103 | |||||||||
Prepaid expenses and other current assets | 177 | 285 | |||||||||
Total current assets | 982 | 785 | |||||||||
Furniture, fixtures and equipment, net | 635 | 511 | |||||||||
Intangible assets, net | 10 | 180 | |||||||||
Total assets classified as held for sale | $ | 1,627 | $ | 1,476 | |||||||
Accounts payable | 5 | 5 | |||||||||
Accrued expenses | 442 | 14 | |||||||||
Deferred revenue and customer deposits | 194 | 127 | |||||||||
Other current liabilities | 433 | 26 | |||||||||
Total current liabilities | 1,074 | 172 | |||||||||
Total liabilities classified as subject to sale | $ | 1,074 | $ | 172 | |||||||
The following table presents the major classes of line items constituting pretax loss of discontinued operations to the after-tax loss of the discontinued operation that are presented in the consolidated statement of comprehensive income: | |||||||||||
Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Revenue | $ | 1,747 | $ | 697 | $ | 251 | |||||
Costs and expenses: | |||||||||||
Cost of revenue (excludes depreciation and amortization) | 777 | 39 | 31 | ||||||||
Sales and marketing | 442 | 156 | 69 | ||||||||
Product development and technology | 358 | - | - | ||||||||
General and administrative | 734 | 1,384 | 1,004 | ||||||||
Depreciation and amortization | 361 | 358 | 247 | ||||||||
Interest (income) expense, net and other | -4 | 3 | 1 | ||||||||
Loss from discontinued operations before taxes | -921 | -1,243 | -1,101 | ||||||||
Income tax benefit | - | - | - | ||||||||
Net loss from discontinued operations | $ | -921 | $ | -1,243 | $ | -1,101 | |||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||
Quarterly Financial Data (Unaudited) | NOTE 15 – QUARTERLY FINANCIAL DATA (unaudited) | |||||||||||||||
The following tables present the unaudited quarterly condensed consolidated financial statements for each of the last 16 quarters through the year ended December 31, 2014. The information has been derived from our unaudited condensed consolidated financial statements. In the opinion of our management, the unaudited condensed consolidated financial statements have been prepared on a basis consistent with the financial statements which appear elsewhere in this Annual Report and include all adjustments, necessary for a fair statement of the financial position and results of operations for such unaudited periods. Historical results are not necessarily indicative of results to be expected in the future. | ||||||||||||||||
The Company was not required to file and did not file with the SEC a Condensed Consolidated Balance Sheet at March 31, 2011. Therefore, we do not present such a balance sheet below. | ||||||||||||||||
Following are the Condensed Consolidated Balance Sheets for 2011 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 61,285 | $ | - | $ | - | $ | -292 | $ | 60,993 | ||||||
Accounts receivable, net | 61,510 | 479 | - | - | 61,989 | |||||||||||
Deferred income taxes | 16,326 | -6,245 | - | - | 10,081 | |||||||||||
Prepaid expenses and other current assets | 21,554 | -607 | - | -136 | 20,811 | |||||||||||
Assets held for sale | - | - | - | 889 | 889 | |||||||||||
Total current assets | 160,675 | -6,373 | - | 461 | 154,763 | |||||||||||
Furniture, fixtures and equipment, net | 7,380 | -333 | - | -396 | 6,651 | |||||||||||
Intangible assets, net | 353,839 | - | - | -65 | 353,774 | |||||||||||
Goodwill | 573,695 | -1,287 | - | - | 572,408 | |||||||||||
Other assets | 12,588 | 163 | - | - | 12,751 | |||||||||||
Total assets | $ | 1,108,177 | $ | -7,830 | $ | - | $ | - | $ | 1,100,347 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 8,379 | $ | - | $ | - | $ | -7 | $ | 8,372 | ||||||
Accrued expenses | 27,126 | -2,161 | - | -98 | 24,867 | |||||||||||
Deferred revenue and customer deposits | 3,526 | - | - | -50 | 3,476 | |||||||||||
Accrued interest | 10,565 | - | - | - | 10,565 | |||||||||||
Other current liabilities | 2,142 | -190 | - | -7 | 1,945 | |||||||||||
Liabilities subject to sale | - | - | - | 162 | 162 | |||||||||||
Total current liabilities | 51,738 | -2,351 | - | - | 49,387 | |||||||||||
Deferred income taxes | 83,546 | -4,986 | - | - | 78,560 | |||||||||||
Long term debt, net of unamortized discount | 193,463 | - | - | - | 193,463 | |||||||||||
Other liabilities | 17,047 | 236 | - | - | 17,283 | |||||||||||
Total liabilities | 345,794 | -7,101 | - | - | 338,693 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 827,706 | - | - | - | 827,706 | |||||||||||
Accumulated deficit | -65,772 | -833 | - | - | -66,605 | |||||||||||
Accumulated other comprehensive (loss) income | -551 | 104 | - | - | -447 | |||||||||||
Total stockholders' equity | 762,383 | -729 | - | - | 761,654 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,108,177 | $ | -7,830 | $ | - | $ | - | $ | 1,100,347 | ||||||
As of | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 64,489 | $ | - | $ | - | $ | -573 | $ | 63,916 | ||||||
Accounts receivable, net | 69,205 | 1,055 | - | -34 | 70,226 | |||||||||||
Deferred income taxes | 16,326 | -6,245 | - | - | 10,081 | |||||||||||
Prepaid expenses and other current assets | 10,921 | -547 | - | -135 | 10,239 | |||||||||||
Assets held for sale | - | - | - | 1,222 | 1,222 | |||||||||||
Total current assets | 160,941 | -5,737 | - | 480 | 155,684 | |||||||||||
Furniture, fixtures and equipment, net | 9,321 | -601 | - | -405 | 8,315 | |||||||||||
Intangible assets, net | 352,299 | -2,269 | - | -75 | 349,955 | |||||||||||
Goodwill | 573,745 | -1,337 | - | - | 572,408 | |||||||||||
Other assets | 10,691 | - | - | - | 10,691 | |||||||||||
Total assets | $ | 1,106,997 | $ | -9,944 | $ | - | $ | - | $ | 1,097,053 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,936 | $ | -180 | $ | - | $ | -13 | $ | 7,743 | ||||||
Accrued expenses | 20,139 | -2,169 | - | -101 | 17,869 | |||||||||||
Deferred revenue and customer deposits | 2,662 | - | - | -43 | 2,619 | |||||||||||
Accrued interest | 4,859 | - | - | - | 4,859 | |||||||||||
Other current liabilities | 3,477 | -1,460 | - | -12 | 2,005 | |||||||||||
Liabilities subject to sale | - | - | - | 169 | 169 | |||||||||||
Total current liabilities | 39,073 | -3,809 | - | - | 35,264 | |||||||||||
Deferred income taxes | 83,546 | -4,986 | - | - | 78,560 | |||||||||||
Long term debt, net of unamortized discount | 193,537 | - | - | - | 193,537 | |||||||||||
Other liabilities | 18,949 | -803 | - | - | 18,146 | |||||||||||
Total liabilities | 335,105 | -9,598 | - | - | 325,507 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 830,215 | 1 | - | - | 830,216 | |||||||||||
Accumulated deficit | -58,640 | -457 | - | - | -59,097 | |||||||||||
Accumulated other comprehensive (loss) income | -683 | 110 | - | - | -573 | |||||||||||
Total stockholders' equity | 771,892 | -346 | - | - | 771,546 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,106,997 | $ | -9,944 | $ | - | $ | - | $ | 1,097,053 | ||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2011 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 99,078 | $ | - | $ | - | $ | -82 | $ | 98,996 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,965 | 129 | 17,075 | -7 | 55,162 | |||||||||||
Sales and marketing | - | - | 4,068 | -54 | 4,014 | |||||||||||
Sales | 2,940 | - | -2,940 | - | - | |||||||||||
Marketing | 16,098 | - | -16,098 | - | - | |||||||||||
Product development and technology | 3,470 | 4 | 128 | - | 3,602 | |||||||||||
General and administrative | 7,729 | 741 | -2,233 | -259 | 5,978 | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,473 | -897 | - | - | 576 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | - | - | -24 | - | -24 | |||||||||||
Depreciation and amortization | 10,846 | -73 | - | -49 | 10,724 | |||||||||||
Total costs and expenses | 80,521 | -96 | -24 | -369 | 80,032 | |||||||||||
Income (loss) from operations | 18,557 | 96 | 24 | 287 | 18,964 | |||||||||||
Interest and other expenses, net | 9,396 | -75 | 24 | - | 9,345 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
Income (loss) before taxes | 9,161 | 171 | - | 287 | 9,619 | |||||||||||
Income tax expense (benefit) | 4,099 | 76 | - | - | 4,175 | |||||||||||
Net income (loss) from continuing operations | 5,062 | 95 | - | 287 | 5,444 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -287 | -287 | |||||||||||
Net income (loss) | $ | 5,062 | $ | 95 | $ | - | $ | - | $ | 5,157 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.06 | $ | 0.06 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.06 | $ | 0.06 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 87,379,865 | 87,379,865 | ||||||||||||||
Diluted | 87,379,865 | 87,379,865 | ||||||||||||||
Net income (loss) | $ | 5,062 | $ | 95 | $ | - | $ | - | $ | 5,157 | ||||||
Other comprehensive income, net of tax | 207 | 4 | - | 1 | 212 | |||||||||||
Comprehensive income | $ | 5,269 | $ | 99 | $ | - | $ | 1 | $ | 5,369 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 98,449 | $ | - | $ | - | $ | -56 | $ | 98,393 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 35,310 | -169 | 19,364 | -8 | 54,497 | |||||||||||
Sales and marketing | - | - | 5,726 | 2 | 5,728 | |||||||||||
Sales | 3,018 | - | -3,018 | - | - | |||||||||||
Marketing | 19,604 | - | -19,604 | - | - | |||||||||||
Product development and technology | 3,652 | -87 | 203 | - | 3,768 | |||||||||||
General and administrative | 7,259 | 867 | -2,669 | -223 | 5,234 | |||||||||||
Acquisition, offering and related expenses and related party fees | 38,222 | -174 | - | - | 38,048 | |||||||||||
Restructuring charges | 238 | - | - | - | 238 | |||||||||||
Changes in fair value of contingent acquisition consideration | - | 2 | 43 | - | 45 | |||||||||||
Depreciation and amortization | 10,820 | -15 | - | -50 | 10,755 | |||||||||||
Total costs and expenses | 118,123 | 424 | 45 | -279 | 118,313 | |||||||||||
Income (loss) from operations | -19,674 | -424 | -45 | 223 | -19,920 | |||||||||||
Interest and other expenses, net | 9,524 | - | -43 | - | 9,481 | |||||||||||
Loss on early extinguishment of debt | 16,629 | - | -2 | - | 16,627 | |||||||||||
(Loss) income before taxes | -45,827 | -424 | - | 223 | -46,028 | |||||||||||
Income tax (benefit) expense | -6,166 | -82 | - | - | -6,248 | |||||||||||
Net loss from continuing operations | -39,661 | -342 | - | 223 | -39,780 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -223 | -223 | |||||||||||
Net (loss) income | $ | -39,661 | $ | -342 | $ | - | $ | - | $ | -40,003 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.44 | $ | -0.45 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.44 | $ | -0.45 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.44 | $ | -0.45 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.44 | $ | -0.45 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 89,302,942 | 89,302,942 | ||||||||||||||
Diluted | 89,302,942 | 89,302,942 | ||||||||||||||
Net (loss) income | $ | -39,661 | $ | -342 | $ | - | $ | - | $ | -40,003 | ||||||
Other comprehensive loss, net of tax | -18 | -5 | - | 10 | -13 | |||||||||||
Comprehensive loss | $ | -39,679 | $ | -347 | $ | - | $ | 10 | $ | -40,016 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 112,904 | $ | 460 | $ | - | $ | -94 | $ | 113,270 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 38,071 | 360 | 24,921 | -8 | 63,344 | |||||||||||
Sales and marketing | - | - | 5,846 | -23 | 5,823 | |||||||||||
Sales | 3,620 | - | -3,620 | - | - | |||||||||||
Marketing | 24,007 | - | -24,007 | - | - | |||||||||||
Product development and technology | 3,696 | 336 | 709 | - | 4,741 | |||||||||||
General and administrative | 9,990 | 984 | -3,849 | -259 | 6,866 | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,163 | -651 | - | - | 512 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | - | - | - | - | - | |||||||||||
Depreciation and amortization | 10,899 | -63 | - | -55 | 10,781 | |||||||||||
Total costs and expenses | 91,446 | 966 | - | -345 | 92,067 | |||||||||||
Income (loss) from operations | 21,458 | -506 | - | 251 | 21,203 | |||||||||||
Interest and other expenses, net | 6,519 | - | - | - | 6,519 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
Income (loss) before taxes | 14,939 | -506 | - | 251 | 14,684 | |||||||||||
Income tax expense (benefit) | 7,807 | -881 | - | - | 6,926 | |||||||||||
Net income (loss) from continuing operations | 7,132 | 375 | - | 251 | 7,758 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -251 | -251 | |||||||||||
Net income (loss) | $ | 7,132 | $ | 375 | $ | - | $ | - | $ | 7,507 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.08 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.07 | $ | 0.08 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.08 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.07 | $ | 0.07 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,879,865 | 99,879,865 | ||||||||||||||
Diluted | 100,427,391 | 100,427,391 | ||||||||||||||
Net income (loss) | $ | 7,132 | $ | 375 | $ | - | $ | - | $ | 7,507 | ||||||
Other comprehensive loss, net of tax | -132 | 2 | - | 4 | -126 | |||||||||||
Comprehensive income | $ | 7,000 | $ | 377 | $ | - | $ | 4 | $ | 7,381 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 113,769 | $ | 1 | $ | - | $ | -104 | $ | 113,666 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 32,364 | -110 | 26,927 | -9 | 59,172 | |||||||||||
Sales and marketing | - | - | 6,213 | -112 | 6,101 | |||||||||||
Sales | 3,402 | - | -3,402 | - | - | |||||||||||
Marketing | 26,344 | - | -26,344 | - | - | |||||||||||
Product development and technology | 4,048 | 113 | 836 | - | 4,997 | |||||||||||
General and administrative | 11,684 | 1,121 | -4,233 | -342 | 8,230 | |||||||||||
Acquisition, offering and related expenses and related party fees | 3,390 | -1,183 | - | - | 2,207 | |||||||||||
Restructuring charges | 1,034 | -900 | - | - | 134 | |||||||||||
Changes in fair value of contingent acquisition consideration | 292 | -2 | -290 | - | - | |||||||||||
Depreciation and amortization | 10,971 | -143 | - | -49 | 10,779 | |||||||||||
Total costs and expenses | 93,529 | -1,104 | -293 | -512 | 91,620 | |||||||||||
Income (loss) from operations | 20,240 | 1,105 | 293 | 408 | 22,046 | |||||||||||
Interest and other expenses, net | 6,347 | -176 | 290 | - | 6,461 | |||||||||||
Loss on early extinguishment of debt | - | -3 | 3 | - | - | |||||||||||
Income (loss) before taxes | 13,893 | 1,284 | - | 408 | 15,585 | |||||||||||
Income tax expense (benefit) | -152 | 889 | - | - | 737 | |||||||||||
Net income (loss) from continuing operations | 14,045 | 395 | - | 408 | 14,848 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -408 | -408 | |||||||||||
Net income (loss) | $ | 14,045 | $ | 395 | $ | - | $ | - | $ | 14,440 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.15 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.14 | $ | 0.15 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.15 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.14 | $ | 0.14 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,879,865 | 99,879,865 | ||||||||||||||
Diluted | 100,933,237 | 100,933,237 | ||||||||||||||
Net income (loss) | $ | 14,045 | $ | 395 | $ | - | $ | - | $ | 14,440 | ||||||
Other comprehensive loss, net of tax | -57 | 5 | - | - | -52 | |||||||||||
Comprehensive income | $ | 13,988 | $ | 400 | $ | - | $ | - | $ | 14,388 | ||||||
Following are the Condensed Consolidated Statements of Cash Flows for the year to date periods ended 2011 (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash used in operating activities - continuing operations | $ | -1,200 | $ | -174 | $ | - | $ | -7 | $ | -1,381 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 7 | 7 | |||||||||||
Net cash used in operating activities | $ | -1,200 | $ | -174 | $ | - | $ | - | $ | -1,374 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -15,234 | $ | 174 | $ | - | $ | 94 | $ | -14,966 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -94 | -94 | |||||||||||
Net cash used in investing activities | $ | -15,234 | $ | 174 | $ | - | $ | - | $ | -15,060 | ||||||
Net cash used in financing activities - continuing operations | $ | -61,829 | $ | - | $ | - | $ | - | $ | -61,829 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -61,829 | $ | - | $ | - | $ | - | $ | -61,829 | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash (used in) provided by operating activities - continuing operations | $ | -18,904 | $ | 59 | $ | - | $ | -96 | $ | -18,941 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 96 | 96 | |||||||||||
Net cash used in operating activities | $ | -18,904 | $ | 59 | $ | - | $ | - | $ | -18,845 | ||||||
Net cash used in investing activities - continuing operations | $ | -23,561 | $ | -59 | $ | - | $ | 172 | $ | -23,448 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -172 | -172 | |||||||||||
Net cash used in investing activities | $ | -23,561 | $ | -59 | $ | - | $ | - | $ | -23,620 | ||||||
Net cash used in financing activities - continuing operations | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Year to Date | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash used in operating activities - continuing operations | $ | -7,748 | $ | -405 | $ | - | $ | -449 | $ | -8,602 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | 449 | 449 | ||||||||||||
Net cash used in operating activities | $ | -7,748 | $ | -405 | $ | - | $ | - | $ | -8,153 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -31,430 | $ | 405 | $ | - | $ | 247 | $ | -30,778 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -247 | -247 | |||||||||||
Net cash used in investing activities | $ | -31,430 | $ | 405 | $ | - | $ | - | $ | -31,025 | ||||||
Net cash used in financing activities - continuing operations | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2011 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 5,062 | $ | 95 | $ | - | $ | 287 | $ | 5,444 | ||||||
Interest and other expenses | 9,396 | -75 | 24 | - | 9,345 | |||||||||||
Income tax (benefit) expense | 4,099 | 76 | - | - | 4,175 | |||||||||||
Depreciation and amortization | 10,846 | -73 | - | -49 | 10,724 | |||||||||||
EBITDA | 29,403 | 23 | 24 | 238 | 29,688 | |||||||||||
Change in fair value of contingent liabilities | - | - | -24 | - | -24 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,473 | -897 | - | - | 576 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | - | - | - | - | - | |||||||||||
Adjusted EBITDA | $ | 30,876 | $ | -874 | $ | - | $ | 238 | $ | 30,240 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -39,661 | $ | -342 | $ | - | $ | 223 | $ | -39,780 | ||||||
Interest and other expenses | 9,524 | - | -43 | - | 9,481 | |||||||||||
Income tax (benefit) expense | -6,166 | -82 | - | - | -6,248 | |||||||||||
Depreciation and amortization | 10,820 | -15 | - | -50 | 10,755 | |||||||||||
EBITDA | -25,483 | -439 | -43 | 173 | -25,792 | |||||||||||
Change in fair value of contingent liabilities | - | 2 | 43 | - | 45 | |||||||||||
Loss on extinguishment of debt | 16,629 | - | -2 | - | 16,627 | |||||||||||
Acquisition, offering and related expenses and related party fees | 38,222 | -174 | - | - | 38,048 | |||||||||||
Restructuring charges | 238 | - | - | - | 238 | |||||||||||
Stock-based compensation | 418 | - | - | - | 418 | |||||||||||
Adjusted EBITDA | $ | 30,024 | $ | -611 | $ | -2 | $ | 173 | $ | 29,584 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 7,132 | $ | 375 | $ | - | $ | 251 | $ | 7,758 | ||||||
Interest and other expenses | 6,519 | - | - | - | 6,519 | |||||||||||
Income tax (benefit) expense | 7,807 | -881 | - | - | 6,926 | |||||||||||
Depreciation and amortization | 10,899 | -63 | - | -55 | 10,781 | |||||||||||
EBITDA | 32,357 | -569 | - | 196 | 31,984 | |||||||||||
Change in fair value of contingent liabilities | - | - | - | - | - | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,163 | -651 | - | - | 512 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,509 | - | - | - | 2,509 | |||||||||||
Adjusted EBITDA | $ | 36,029 | $ | -1,220 | $ | - | $ | 196 | $ | 35,005 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 14,045 | $ | 395 | $ | - | $ | 408 | $ | 14,848 | ||||||
Interest and other expenses | 6,347 | -176 | 290 | - | 6,461 | |||||||||||
Income tax (benefit) expense | -152 | 889 | - | - | 737 | |||||||||||
Depreciation and amortization | 10,971 | -143 | - | -49 | 10,779 | |||||||||||
EBITDA | 31,211 | 965 | 290 | 359 | 32,825 | |||||||||||
Change in fair value of contingent liabilities | 292 | -2 | -290 | - | - | |||||||||||
Loss on extinguishment of debt | - | -3 | 3 | - | - | |||||||||||
Acquisition, offering and related expenses and related party fees | 3,390 | -1,183 | - | - | 2,207 | |||||||||||
Restructuring charges | 1,034 | -900 | - | - | 134 | |||||||||||
Stock-based compensation | 2,582 | - | - | - | 2,582 | |||||||||||
Adjusted EBITDA | $ | 38,509 | $ | -1,123 | $ | 3 | $ | 359 | $ | 37,748 | ||||||
Following are the Condensed Consolidated Balance Sheets for 2012 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 64,523 | $ | - | $ | - | $ | -318 | $ | 64,205 | ||||||
Accounts receivable, net | 60,876 | 353 | - | -3 | 61,226 | |||||||||||
Deferred income taxes | 24,690 | -16,577 | - | - | 8,113 | |||||||||||
Prepaid expenses and other current assets | 2,601 | 2,054 | - | -150 | 4,505 | |||||||||||
Assets held for sale | - | - | - | 1,048 | 1,048 | |||||||||||
Total current assets | 152,690 | -14,170 | - | 577 | 139,097 | |||||||||||
Furniture, fixtures and equipment, net | 8,960 | -1,006 | - | -465 | 7,489 | |||||||||||
Intangible assets, net | 372,093 | -2,077 | - | -112 | 369,904 | |||||||||||
Goodwill | 597,881 | -1,337 | - | - | 596,544 | |||||||||||
Other assets | 10,725 | - | - | - | 10,725 | |||||||||||
Total assets | $ | 1,142,349 | $ | -18,590 | $ | - | $ | - | $ | 1,123,759 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 10,567 | $ | 278 | $ | - | $ | -12 | $ | 10,833 | ||||||
Accrued expenses | 20,973 | 1,189 | - | -147 | 22,015 | |||||||||||
Deferred revenue and customer deposits | 4,051 | 35 | - | -119 | 3,967 | |||||||||||
Accrued interest | 4,860 | - | - | - | 4,860 | |||||||||||
Other current liabilities | 7,562 | -1,391 | - | -10 | 6,161 | |||||||||||
Liabilities subject to sale | - | - | - | 288 | 288 | |||||||||||
Total current liabilities | 48,013 | 111 | - | - | 48,124 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,692 | - | - | - | 193,692 | |||||||||||
Other liabilities | 16,511 | -1,338 | - | - | 15,173 | |||||||||||
Total liabilities | 340,886 | -16,701 | - | - | 324,185 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 835,495 | -376 | - | - | 835,119 | |||||||||||
Accumulated deficit | -34,444 | -1,634 | - | - | -36,078 | |||||||||||
Less: Treasury stock, at cost | - | - | - | - | - | |||||||||||
Accumulated other comprehensive (loss) income | -588 | 121 | - | - | -467 | |||||||||||
Total stockholders' equity | 801,463 | -1,889 | - | - | 799,574 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,142,349 | $ | -18,590 | $ | - | $ | - | $ | 1,123,759 | ||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 78,003 | $ | - | $ | - | $ | -441 | $ | 77,562 | ||||||
Accounts receivable, net | 66,353 | -186 | - | -2 | 66,165 | |||||||||||
Deferred income taxes | 25,131 | -16,576 | - | - | 8,555 | |||||||||||
Prepaid expenses and other current assets | 1,986 | 3,969 | - | -218 | 5,737 | |||||||||||
Assets held for sale | - | - | - | 1,262 | 1,262 | |||||||||||
Total current assets | 171,473 | -12,793 | - | 601 | 159,281 | |||||||||||
Furniture, fixtures and equipment, net | 9,622 | -1,057 | - | -481 | 8,084 | |||||||||||
Intangible assets, net | 384,066 | -6,729 | - | -120 | 377,217 | |||||||||||
Goodwill | 598,181 | -1,337 | - | - | 596,844 | |||||||||||
Other assets | 11,712 | -2 | - | - | 11,710 | |||||||||||
Total assets | $ | 1,175,054 | $ | -21,918 | $ | - | $ | - | $ | 1,153,136 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 10,402 | $ | - | $ | - | $ | -13 | $ | 10,389 | ||||||
Accrued expenses | 29,461 | -1,199 | - | -53 | 28,209 | |||||||||||
Deferred revenue and customer deposits | 3,499 | - | - | -79 | 3,420 | |||||||||||
Accrued interest | 10,588 | - | - | - | 10,588 | |||||||||||
Other current liabilities | 6,248 | -1,651 | - | -11 | 4,586 | |||||||||||
Liabilities subject to sale | - | - | - | 156 | 156 | |||||||||||
Total current liabilities | 60,198 | -2,850 | - | - | 57,348 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,773 | - | - | - | 193,773 | |||||||||||
Other liabilities | 18,958 | -1,079 | - | - | 17,879 | |||||||||||
Total liabilities | 355,599 | -19,403 | - | - | 336,196 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 837,769 | - | - | - | 837,769 | |||||||||||
Accumulated deficit | -18,168 | -2,642 | - | - | -20,810 | |||||||||||
Less: Treasury stock, at cost | -589 | - | - | - | -589 | |||||||||||
Accumulated other comprehensive (loss) income | -557 | 127 | - | - | -430 | |||||||||||
Total stockholders' equity | 819,455 | -2,515 | - | - | 816,940 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,175,054 | $ | -21,918 | $ | - | $ | - | $ | 1,153,136 | ||||||
As of | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 71,109 | $ | - | $ | - | $ | -226 | $ | 70,883 | ||||||
Accounts receivable, net | 60,445 | -121 | - | -9 | 60,315 | |||||||||||
Deferred income taxes | 25,131 | -16,576 | - | - | 8,555 | |||||||||||
Prepaid expenses and other current assets | 7,706 | 4,392 | - | -224 | 11,874 | |||||||||||
Assets held for sale | - | - | - | 1,093 | 1,093 | |||||||||||
Total current assets | 164,391 | -12,305 | - | 634 | 152,720 | |||||||||||
Furniture, fixtures and equipment, net | 10,009 | -845 | - | -506 | 8,658 | |||||||||||
Intangible assets, net | 395,135 | -6,260 | - | -128 | 388,747 | |||||||||||
Goodwill | 602,768 | -1,337 | - | - | 601,431 | |||||||||||
Other assets | 12,092 | 378 | - | - | 12,470 | |||||||||||
Total assets | $ | 1,184,395 | $ | -20,369 | $ | - | $ | - | $ | 1,164,026 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,668 | $ | - | $ | - | $ | -7 | $ | 7,661 | ||||||
Accrued expenses | 24,674 | -123 | - | -11 | 24,540 | |||||||||||
Deferred revenue and customer deposits | 3,375 | - | - | -40 | 3,335 | |||||||||||
Accrued interest | 4,898 | - | - | - | 4,898 | |||||||||||
Other current liabilities | 13,632 | -195 | - | -24 | 13,413 | |||||||||||
Liabilities subject to sale | - | - | - | 82 | 82 | |||||||||||
Total current liabilities | 54,247 | -318 | - | - | 53,929 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,857 | - | - | - | 193,857 | |||||||||||
Other liabilities | 28,120 | -1,269 | - | - | 26,851 | |||||||||||
Total liabilities | 358,894 | -17,061 | - | - | 341,833 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | 1 | - | - | 1,001 | |||||||||||
Additional paid-in capital | 841,101 | - | - | - | 841,101 | |||||||||||
Accumulated deficit | -15,608 | -3,441 | - | - | -19,049 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -401 | 133 | - | - | -268 | |||||||||||
Total stockholders' equity | 825,501 | -3,308 | - | - | 822,193 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,184,395 | $ | -20,369 | $ | - | $ | - | $ | 1,164,026 | ||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2012 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 125,020 | $ | -737 | $ | - | $ | -51 | $ | 124,232 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 40,278 | 567 | 31,088 | -7 | 71,926 | |||||||||||
Sales and marketing | - | 102 | 6,018 | -5 | 6,115 | |||||||||||
Sales | 3,939 | - | -3,939 | - | - | |||||||||||
Marketing | 31,250 | - | -31,250 | - | - | |||||||||||
Product development and technology | 4,424 | 136 | 471 | - | 5,031 | |||||||||||
General and administrative | 9,982 | 836 | -2,388 | -246 | 8,184 | |||||||||||
Legal settlements | 62 | - | - | - | 62 | |||||||||||
Acquisition, offering and related expenses | 197 | -1 | - | - | 196 | |||||||||||
Restructuring charges | - | 218 | - | - | 218 | |||||||||||
Changes in fair value of contingent acquisition consideration | 43 | - | - | - | 43 | |||||||||||
Depreciation and amortization | 11,769 | -161 | - | -62 | 11,546 | |||||||||||
Total costs and expenses | 101,944 | 1,697 | - | -320 | 103,321 | |||||||||||
Income (loss) from operations | 23,076 | -2,434 | - | 269 | 20,911 | |||||||||||
Interest and other expenses, net | 6,437 | -14 | - | - | 6,423 | |||||||||||
Income (loss) before taxes | 16,639 | -2,420 | - | 269 | 14,488 | |||||||||||
Income tax expense (benefit) | 6,488 | -851 | - | - | 5,637 | |||||||||||
Net income (loss) from continuing operations | 10,151 | -1,569 | - | 269 | 8,851 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -269 | -269 | |||||||||||
Net income (loss) | $ | 10,151 | $ | -1,569 | $ | - | $ | - | $ | 8,582 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.09 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.10 | $ | 0.09 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.09 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.10 | $ | 0.08 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,879,865 | 99,879,865 | ||||||||||||||
Diluted | 101,712,071 | 101,712,071 | ||||||||||||||
Net income (loss) | $ | 10,151 | $ | -1,569 | $ | - | $ | - | $ | 8,582 | ||||||
Other comprehensive income, net of tax | 152 | - | - | 6 | 158 | |||||||||||
Comprehensive income | $ | 10,303 | $ | -1,569 | $ | - | $ | 6 | $ | 8,740 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 122,125 | $ | -504 | $ | - | $ | -69 | $ | 121,552 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,609 | 812 | 31,178 | -7 | 69,592 | |||||||||||
Sales and marketing | - | - | 6,218 | -17 | 6,201 | |||||||||||
Sales | 4,015 | - | -4,015 | - | - | |||||||||||
Marketing | 31,551 | - | -31,551 | - | - | |||||||||||
Product development and technology | 4,146 | 175 | 141 | - | 4,462 | |||||||||||
General and administrative | 9,185 | 1,331 | -1,971 | -243 | 8,302 | |||||||||||
Legal settlements | 3 | - | - | - | 3 | |||||||||||
Acquisition, offering and related expenses | 682 | -284 | - | - | 398 | |||||||||||
Restructuring charges | - | 49 | - | - | 49 | |||||||||||
Changes in fair value of contingent acquisition consideration | 355 | - | 9 | - | 364 | |||||||||||
Depreciation and amortization | 12,587 | -450 | - | -62 | 12,075 | |||||||||||
Total costs and expenses | 100,133 | 1,633 | 9 | -329 | 101,446 | |||||||||||
Income (loss) from operations | 21,992 | -2,137 | -9 | 260 | 20,106 | |||||||||||
Interest and other expenses, net | 6,475 | - | -9 | - | 6,466 | |||||||||||
Income (loss) before taxes | 15,517 | -2,137 | - | 260 | 13,640 | |||||||||||
Income tax (benefit) expense | -759 | -1,127 | - | - | -1,886 | |||||||||||
Net income (loss) from continuing operations | 16,276 | -1,010 | - | 260 | 15,526 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -260 | -260 | |||||||||||
Net income (loss) | $ | 16,276 | $ | -1,010 | $ | - | $ | - | $ | 15,266 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.16 | $ | 0.16 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Basic net income (loss) per share | $ | 0.16 | $ | 0.15 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.16 | $ | 0.15 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.16 | $ | 0.15 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,896,608 | 99,896,608 | ||||||||||||||
Diluted | 101,088,756 | 101,088,756 | ||||||||||||||
Net income (loss) | $ | 16,276 | $ | -1,010 | $ | - | $ | - | $ | 15,266 | ||||||
Other comprehensive income, net of tax | 31 | -150 | - | 156 | 37 | |||||||||||
Comprehensive income | $ | 16,307 | $ | -1,160 | $ | - | $ | 156 | $ | 15,303 | ||||||
Quarter Ended | ||||||||||||||||
September, 30 | September, 30 | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 116,775 | $ | 67 | $ | - | $ | -60 | $ | 116,782 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,682 | 676 | 34,191 | -9 | 72,540 | |||||||||||
Sales and marketing | - | 1 | 5,663 | -22 | 5,642 | |||||||||||
Sales | 4,123 | - | -4,123 | - | - | |||||||||||
Marketing | 34,986 | - | -34,986 | - | - | |||||||||||
Product development and technology | 4,082 | 187 | -294 | - | 3,975 | |||||||||||
General and administrative | 8,302 | 198 | -451 | -269 | 7,780 | |||||||||||
Legal settlements | 833 | - | - | - | 833 | |||||||||||
Acquisition, offering and related expenses | -512 | 551 | - | - | 39 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | 1,742 | - | 30 | - | 1,772 | |||||||||||
Depreciation and amortization | 14,103 | -583 | - | -62 | 13,458 | |||||||||||
Total costs and expenses | 105,341 | 1,030 | 30 | -362 | 106,039 | |||||||||||
Income (loss) from operations | 11,434 | -963 | -30 | 302 | 10,743 | |||||||||||
Interest and other expenses, net | 6,365 | -121 | -30 | - | 6,214 | |||||||||||
Income (loss) before taxes | 5,069 | -842 | - | 302 | 4,529 | |||||||||||
Income tax expense (benefit) | 2,509 | -43 | - | - | 2,466 | |||||||||||
Net income (loss) from continuing operations | 2,560 | -799 | - | 302 | 2,063 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -302 | -302 | |||||||||||
Net income (loss) | $ | 2,560 | $ | -799 | $ | - | $ | - | $ | 1,761 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.03 | $ | 0.02 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.03 | $ | 0.02 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,918,198 | 99,918,198 | ||||||||||||||
Diluted | 100,541,993 | 100,541,993 | ||||||||||||||
Net income (loss) | $ | 2,560 | $ | -799 | $ | - | $ | - | $ | 1,761 | ||||||
Other comprehensive income, net of tax | 156 | 4 | - | 2 | 162 | |||||||||||
Comprehensive income | $ | 2,716 | $ | -795 | $ | - | $ | 2 | $ | 1,923 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 93,244 | $ | 230 | $ | - | $ | -71 | $ | 93,403 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 30,788 | 244 | 27,948 | -8 | 58,972 | |||||||||||
Sales and marketing | - | 20 | 6,144 | -25 | 6,139 | |||||||||||
Sales | 4,037 | - | -4,037 | - | - | |||||||||||
Marketing | 28,435 | - | -28,435 | - | - | |||||||||||
Product development and technology | 4,371 | 198 | 156 | - | 4,725 | |||||||||||
General and administrative | 9,962 | -328 | -1,776 | -246 | 7,612 | |||||||||||
Legal settlements | -24 | - | - | - | -24 | |||||||||||
Acquisition, offering and related expenses | -32 | - | - | - | -32 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | -4,785 | 259 | - | - | -4,526 | |||||||||||
Depreciation and amortization | 14,395 | -579 | - | -61 | 13,755 | |||||||||||
Total costs and expenses | 87,147 | -186 | - | -340 | 86,621 | |||||||||||
Income (loss) from operations | 6,097 | 416 | - | 269 | 6,782 | |||||||||||
Interest and other expenses, net | 6,494 | -63 | - | -1 | 6,430 | |||||||||||
(Loss) income before taxes | -397 | 479 | - | 270 | 352 | |||||||||||
Income tax (benefit) expense | -741 | -613 | - | - | -1,354 | |||||||||||
Net income (loss) from continuing operations | 344 | 1,092 | - | 270 | 1,706 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -270 | -270 | |||||||||||
Net income (loss) | $ | 344 | $ | 1,092 | $ | - | $ | - | $ | 1,436 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.00 | $ | 0.02 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Basic net income (loss) per share | $ | 0.00 | $ | 0.01 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.00 | $ | 0.02 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.00 | $ | 0.01 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,097,969 | 100,097,969 | ||||||||||||||
Diluted | 100,101,578 | 100,101,578 | ||||||||||||||
Net income (loss) | $ | 344 | $ | 1,092 | $ | - | $ | - | $ | 1,436 | ||||||
Other comprehensive income, net of tax | 14 | 9 | - | -5 | 18 | |||||||||||
Comprehensive income | $ | 358 | $ | 1,101 | $ | - | $ | -5 | $ | 1,454 | ||||||
Following are the Condensed Consolidated Statements of Cash Flows for the year to date periods ended 2012 (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 12,775 | $ | -433 | $ | - | $ | 203 | $ | 12,545 | ||||||
Net cash used in operating activities - discontinued operations | - | - | - | -203 | -203 | |||||||||||
Net cash provided by (used in) operating activities | $ | 12,775 | $ | -433 | $ | - | $ | - | $ | 12,342 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -3,788 | $ | 433 | $ | - | $ | 110 | $ | -3,245 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -110 | -110 | |||||||||||
Net cash (used in) provided by investing activities | $ | -3,788 | $ | 433 | $ | - | $ | - | $ | -3,355 | ||||||
Net cash used in financing activities - continuing operations | $ | -1,000 | $ | - | $ | - | $ | - | $ | -1,000 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -1,000 | $ | - | $ | - | $ | - | $ | -1,000 | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 43,849 | $ | -5,588 | $ | - | $ | 151 | $ | 38,412 | ||||||
Net cash used in operating activities - discontinued operations | - | - | - | -151 | -151 | |||||||||||
Net cash provided by (used in) operating activities | $ | 43,849 | $ | -5,588 | $ | - | $ | - | $ | 38,261 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -20,003 | $ | 5,588 | $ | - | $ | 195 | $ | -14,220 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -195 | -195 | |||||||||||
Net cash (used in) provided by investing activities | $ | -20,003 | $ | 5,588 | $ | - | $ | - | $ | -14,415 | ||||||
Net cash used in financing activities - continuing operations | $ | -2,214 | $ | - | $ | - | $ | - | $ | -2,214 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -2,214 | $ | - | $ | - | $ | - | $ | -2,214 | ||||||
Year to Date | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 53,428 | $ | -5,792 | $ | - | $ | 273 | $ | 47,909 | ||||||
Net cash used in operating activities - discontinued operations | - | - | - | -273 | -273 | |||||||||||
Net cash (used in) provided by operating activities | $ | 53,428 | $ | -5,792 | $ | - | $ | - | $ | 47,636 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -37,577 | $ | 5,792 | $ | - | $ | 290 | $ | -31,495 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -290 | -290 | |||||||||||
Net cash (used in) provided by investing activities | $ | -37,577 | $ | 5,792 | $ | - | $ | - | $ | -31,785 | ||||||
Net cash used in financing activities - continuing operations | $ | -1,129 | $ | - | $ | - | $ | - | $ | -1,129 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -1,129 | $ | - | $ | - | $ | - | $ | -1,129 | ||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2012 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 10,151 | $ | -1,569 | $ | - | $ | 269 | $ | 8,851 | ||||||
Interest and other expenses | 6,437 | -14 | - | - | 6,423 | |||||||||||
Income tax (benefit) expense | 6,488 | -851 | - | - | 5,637 | |||||||||||
Depreciation and amortization | 11,769 | -161 | - | -62 | 11,546 | |||||||||||
EBITDA | 34,845 | -2,595 | - | 207 | 32,457 | |||||||||||
Change in fair value of contingent liabilities | 43 | - | - | - | 43 | |||||||||||
Legal settlements | 62 | - | - | - | 62 | |||||||||||
Acquisition, offering and related expenses | 197 | -1 | - | - | 196 | |||||||||||
Restructuring charges | - | 218 | - | - | 218 | |||||||||||
Stock-based compensation | 2,322 | - | - | - | 2,322 | |||||||||||
Restatement charges | - | - | - | - | - | |||||||||||
Adjusted EBITDA | $ | 37,469 | $ | -2,378 | $ | - | $ | 207 | $ | 35,298 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 16,276 | $ | -1,010 | $ | - | $ | 260 | $ | 15,526 | ||||||
Interest and other expenses | 6,475 | - | -9 | - | 6,466 | |||||||||||
Income tax (benefit) expense | -759 | -1,127 | - | - | -1,886 | |||||||||||
Depreciation and amortization | 12,587 | -450 | - | -62 | 12,075 | |||||||||||
EBITDA | 34,579 | -2,587 | -9 | 198 | 32,181 | |||||||||||
Change in fair value of contingent liabilities | 355 | - | 9 | - | 364 | |||||||||||
Legal settlements | 3 | - | - | - | 3 | |||||||||||
Acquisition, offering and related expenses | 682 | -284 | - | - | 398 | |||||||||||
Restructuring charges | - | 49 | - | - | 49 | |||||||||||
Stock-based compensation | 2,275 | - | - | - | 2,275 | |||||||||||
Restatement charges | - | - | - | - | - | |||||||||||
Adjusted EBITDA | $ | 37,894 | $ | -2,822 | $ | - | $ | 198 | $ | 35,270 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 2,560 | $ | -799 | $ | - | $ | 302 | $ | 2,063 | ||||||
Interest and other expenses | 6,365 | -121 | -30 | - | 6,214 | |||||||||||
Income tax (benefit) expense | 2,509 | -43 | - | - | 2,466 | |||||||||||
Depreciation and amortization | 14,103 | -583 | - | -62 | 13,458 | |||||||||||
EBITDA | 25,537 | -1,546 | -30 | 240 | 24,201 | |||||||||||
Change in fair value of contingent liabilities | 1,742 | - | 30 | - | 1,772 | |||||||||||
Legal settlements | 833 | - | - | - | 833 | |||||||||||
Acquisition, offering and related expenses | -512 | 551 | - | - | 39 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,245 | - | - | - | 2,245 | |||||||||||
Restatement charges | - | 600 | - | - | 600 | |||||||||||
Adjusted EBITDA | $ | 29,845 | $ | -395 | $ | - | $ | 240 | $ | 29,690 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 344 | $ | 1,092 | $ | - | $ | 270 | $ | 1,706 | ||||||
Interest and other expenses | 6,494 | -63 | - | -1 | 6,430 | |||||||||||
Income tax (benefit) expense | -741 | -613 | - | - | -1,354 | |||||||||||
Depreciation and amortization | 14,395 | -579 | - | -61 | 13,755 | |||||||||||
EBITDA | 20,492 | -163 | - | 208 | 20,537 | |||||||||||
Change in fair value of contingent liabilities | -4,785 | 259 | - | - | -4,526 | |||||||||||
Legal settlements | -24 | - | - | - | -24 | |||||||||||
Acquisition, offering and related expenses | -32 | - | - | - | -32 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,278 | - | - | - | 2,279 | |||||||||||
Restatement charges | - | 649 | - | - | 649 | |||||||||||
Adjusted EBITDA | $ | 17,929 | $ | 745 | $ | - | $ | 208 | $ | 18,883 | ||||||
Following are the Condensed Consolidated Balance Sheets for 2013 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 89,240 | $ | - | $ | - | $ | -637 | $ | 88,603 | ||||||
Accounts receivable, net | 59,221 | -272 | - | -27 | 58,922 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 11,040 | 9,630 | - | -224 | 20,446 | |||||||||||
Assets held for sale | - | - | - | 1,584 | 1,584 | |||||||||||
Total current assets | 163,264 | 8,958 | - | 696 | 172,918 | |||||||||||
Furniture, fixtures and equipment, net | 10,716 | -1,203 | - | -544 | 8,969 | |||||||||||
Intangible assets, net | 381,378 | -5,403 | - | -152 | 375,823 | |||||||||||
Goodwill | 602,398 | -742 | - | - | 601,656 | |||||||||||
Other assets | 11,172 | 1,185 | - | - | 12,357 | |||||||||||
Total assets | $ | 1,168,928 | $ | 2,795 | $ | - | $ | - | $ | 1,171,723 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,524 | $ | - | $ | - | $ | -14 | $ | 7,510 | ||||||
Accrued expenses | 22,755 | 577 | - | -45 | 23,287 | |||||||||||
Deferred revenue and customer deposits | 3,926 | - | - | -72 | 3,854 | |||||||||||
Accrued interest | 4,860 | - | - | - | 4,860 | |||||||||||
Other current liabilities | 19,056 | -1 | - | -11 | 19,044 | |||||||||||
Liabilities subject to sale | - | - | - | 142 | 142 | |||||||||||
Total current liabilities | 58,121 | 576 | - | - | 58,697 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 194,033 | - | - | - | 194,033 | |||||||||||
Other liabilities | 20,013 | - | - | - | 20,013 | |||||||||||
Total liabilities | 336,649 | 5,356 | - | - | 342,005 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | 1 | - | - | 1,001 | |||||||||||
Additional paid-in capital | 845,634 | 13 | - | - | 845,647 | |||||||||||
Accumulated deficit | -13,081 | -2,716 | - | - | -15,797 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -683 | 142 | - | - | -541 | |||||||||||
Total stockholders' equity | 832,279 | -2,561 | - | - | 829,718 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,168,928 | $ | 2,795 | $ | - | $ | - | $ | 1,171,723 | ||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 111,961 | $ | - | $ | - | $ | -407 | $ | 111,554 | ||||||
Accounts receivable, net | 58,215 | 318 | - | -10 | 58,523 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 12,633 | 9,131 | - | -262 | 21,502 | |||||||||||
Assets held for sale | - | - | - | 1,362 | 1,362 | |||||||||||
Total current assets | 186,572 | 9,049 | - | 683 | 196,304 | |||||||||||
Furniture, fixtures and equipment, net | 11,989 | -1,220 | - | -528 | 10,241 | |||||||||||
Intangible assets, net | 368,574 | -4,994 | - | -155 | 363,425 | |||||||||||
Goodwill | 602,399 | -743 | - | - | 601,656 | |||||||||||
Other assets | 10,087 | 941 | - | - | 11,028 | |||||||||||
Total assets | $ | 1,179,621 | $ | 3,033 | $ | - | $ | - | $ | 1,182,654 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,470 | $ | - | $ | - | $ | -23 | $ | 7,447 | ||||||
Accrued expenses | 23,948 | 433 | - | -51 | 24,330 | |||||||||||
Deferred revenue and customer deposits | 4,030 | - | - | -81 | 3,949 | |||||||||||
Accrued interest | 10,591 | - | - | - | 10,591 | |||||||||||
Other current liabilities | 19,950 | -1 | - | -14 | 19,935 | |||||||||||
Liabilities subject to sale | - | - | - | 169 | 169 | |||||||||||
Total current liabilities | 65,989 | 432 | - | - | 66,421 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 194,125 | - | - | - | 194,125 | |||||||||||
Other liabilities | 20,637 | - | - | - | 20,637 | |||||||||||
Total liabilities | 345,233 | 5,212 | - | - | 350,445 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,013 | 1 | - | - | 1,014 | |||||||||||
Additional paid-in capital | 848,604 | 13 | - | - | 848,617 | |||||||||||
Accumulated deficit | -13,973 | -2,338 | - | - | -16,311 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -665 | 146 | - | - | -519 | |||||||||||
Total stockholders' equity | 834,388 | -2,179 | - | - | 832,209 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,179,621 | $ | 3,033 | $ | - | $ | - | $ | 1,182,654 | ||||||
As of | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 191,463 | $ | - | $ | - | $ | -613 | $ | 190,850 | ||||||
Accounts receivable, net | 68,478 | - | - | -72 | 68,406 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 18,977 | 8,568 | - | -268 | 27,277 | |||||||||||
Assets held for sale | - | - | - | 1,627 | 1,627 | |||||||||||
Total current assets | 282,681 | 8,168 | - | 674 | 291,523 | |||||||||||
Furniture, fixtures and equipment, net | 12,085 | -1,236 | - | -511 | 10,338 | |||||||||||
Intangible assets, net | 364,442 | -4,683 | - | -163 | 359,596 | |||||||||||
Goodwill | 610,950 | -743 | - | - | 610,207 | |||||||||||
Other assets | 14,183 | 997 | - | - | 15,180 | |||||||||||
Total assets | $ | 1,284,341 | $ | 2,503 | $ | - | $ | - | $ | 1,286,844 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 9,869 | $ | - | $ | - | $ | -13 | $ | 9,856 | ||||||
Accrued expenses | 28,582 | 196 | - | -51 | 28,727 | |||||||||||
Deferred revenue and customer deposits | 3,777 | - | - | -73 | 3,704 | |||||||||||
Accrued interest | 2,758 | - | - | - | 2,758 | |||||||||||
Other current liabilities | 23,067 | - | - | -14 | 23,053 | |||||||||||
Liabilities subject to sale | - | - | - | 151 | 151 | |||||||||||
Total current liabilities | 68,053 | 196 | - | - | 68,249 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 296,882 | - | - | - | 296,882 | |||||||||||
Other liabilities | 22,536 | - | - | - | 22,536 | |||||||||||
Total liabilities | 451,953 | 4,976 | - | - | 456,929 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,015 | - | - | - | 1,015 | |||||||||||
Additional paid-in capital | 854,124 | 13 | - | - | 854,137 | |||||||||||
Accumulated deficit | -21,724 | -2,656 | - | - | -24,380 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -436 | 171 | - | - | -265 | |||||||||||
Total stockholders' equity | 832,388 | -2,473 | - | - | 829,915 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,284,341 | $ | 2,503 | $ | - | $ | - | $ | 1,286,844 | ||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2013 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 108,448 | $ | 33 | $ | - | $ | -123 | $ | 108,358 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 36,108 | -126 | 25,723 | -7 | 61,698 | |||||||||||
Sales and marketing | - | - | 6,349 | -45 | 6,304 | |||||||||||
Sales | 3,777 | - | -3,777 | - | - | |||||||||||
Marketing | 26,333 | - | -26,333 | - | - | |||||||||||
Product development and technology | 4,651 | 231 | 367 | - | 5,249 | |||||||||||
General and administrative | 11,376 | -280 | -2,325 | -331 | 8,440 | |||||||||||
Acquisition, offering and related expenses | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | 1,149 | 1,315 | - | - | 2,464 | |||||||||||
Depreciation and amortization | 14,511 | -556 | - | -91 | 13,864 | |||||||||||
Total costs and expenses | 97,905 | 584 | 4 | -474 | 98,019 | |||||||||||
Income (loss) from operations | 10,543 | -551 | -4 | 351 | 10,339 | |||||||||||
Interest and other expenses, net | 6,535 | - | -4 | - | 6,531 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
Income (loss) before taxes | 4,008 | -551 | - | 351 | 3,808 | |||||||||||
Income tax expense (benefit) | 1,825 | -190 | - | - | 1,635 | |||||||||||
Net income (loss) from continuing operations | 2,183 | -361 | - | 351 | 2,173 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -351 | -351 | |||||||||||
Net income (loss) | $ | 2,183 | $ | -361 | $ | - | $ | - | $ | 1,822 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.02 | $ | 0.02 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.02 | $ | 0.02 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,047,441 | 100,047,441 | ||||||||||||||
Diluted | 100,053,107 | 100,053,107 | ||||||||||||||
Net income (loss) | $ | 2,183 | $ | -361 | $ | - | $ | - | $ | 1,822 | ||||||
Other comprehensive loss, net of tax | -296 | 1 | - | 4 | -291 | |||||||||||
Comprehensive income | $ | 1,887 | $ | -360 | $ | - | $ | 4 | $ | 1,531 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 105,546 | $ | 485 | $ | - | $ | -126 | $ | 105,905 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,542 | 170 | 24,000 | -11 | 61,701 | |||||||||||
Sales and marketing | - | - | 6,416 | -26 | 6,390 | |||||||||||
Sales | 3,751 | - | -3,751 | - | - | |||||||||||
Marketing | 24,873 | - | -24,873 | - | - | |||||||||||
Product development and technology | 4,840 | 237 | 304 | - | 5,381 | |||||||||||
General and administrative | 11,246 | -102 | -2,085 | -328 | 8,731 | |||||||||||
Acquisition, offering and related expenses | 20 | - | - | - | 20 | |||||||||||
Changes in fair value of contingent acquisition consideration | 2,949 | - | - | - | 2,949 | |||||||||||
Depreciation and amortization | 14,844 | -593 | - | -88 | 14,163 | |||||||||||
Total costs and expenses | 100,065 | -288 | 11 | -453 | 99,335 | |||||||||||
Income (loss) from operations | 5,481 | 773 | -11 | 327 | 6,570 | |||||||||||
Interest and other expenses, net | 6,539 | - | -11 | - | 6,528 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
(Loss) income before taxes | -1,058 | 773 | - | 327 | 42 | |||||||||||
Income tax expense (benefit) | -166 | 394 | - | - | 228 | |||||||||||
Net loss from continuing operations | -892 | 379 | - | 327 | -186 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -327 | -327 | |||||||||||
Net (loss) income | $ | -892 | $ | 379 | $ | - | $ | - | $ | -513 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.01 | $ | 0 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Basic net (loss) income per share | $ | -0.01 | $ | -0.01 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.01 | $ | 0 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net loss per share | $ | -0.01 | $ | -0.01 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,050,989 | 100,050,989 | ||||||||||||||
Diluted | 100,050,989 | 100,050,989 | ||||||||||||||
Net (loss) income | $ | -892 | $ | 379 | $ | - | $ | - | $ | -513 | ||||||
Other comprehensive income, net of tax | 18 | -11 | - | 15 | 22 | |||||||||||
Comprehensive loss | $ | -874 | $ | 368 | $ | - | $ | 15 | $ | -491 | ||||||
Quarter Ended | ||||||||||||||||
September, 30 | September, 30 | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 121,178 | $ | -318 | $ | - | $ | -165 | $ | 120,695 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 40,524 | -48 | 31,258 | -11 | 71,723 | |||||||||||
Sales and marketing | - | - | 6,198 | -22 | 6,176 | |||||||||||
Sales | 3,934 | - | -3,934 | - | - | |||||||||||
Marketing | 31,639 | - | -31,639 | - | - | |||||||||||
Product development and technology | 4,453 | 231 | 839 | - | 5,523 | |||||||||||
General and administrative | 12,214 | 53 | -2,722 | -374 | 9,171 | |||||||||||
Acquisition, offering and related expenses | 30 | - | - | - | 30 | |||||||||||
Changes in fair value of contingent acquisition consideration | 2,142 | - | - | - | 2,142 | |||||||||||
Depreciation and amortization | 14,730 | -503 | - | -89 | 14,138 | |||||||||||
Total costs and expenses | 109,666 | -267 | - | -496 | 108,903 | |||||||||||
Income (loss) from operations | 11,512 | -51 | - | 331 | 11,792 | |||||||||||
Interest and other expenses, net | 6,761 | - | - | - | 6,761 | |||||||||||
Loss on early extinguishment of debt | 17,175 | - | - | - | 17,175 | |||||||||||
(Loss) income before taxes | -12,424 | -51 | - | 331 | -12,144 | |||||||||||
Income tax (benefit) expense | -4,673 | 268 | - | - | -4,405 | |||||||||||
Net loss from continuing operations | -7,751 | -319 | - | 331 | -7,739 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -331 | -331 | |||||||||||
Net (loss) income | $ | -7,751 | $ | -319 | $ | - | $ | - | $ | -8,070 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.08 | $ | -0.08 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.08 | $ | -0.08 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.08 | $ | -0.08 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.08 | $ | -0.08 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,127,658 | 100,127,658 | ||||||||||||||
Diluted | 100,127,658 | 100,127,658 | ||||||||||||||
Net (loss) income | $ | -7,751 | $ | -319 | $ | - | $ | - | $ | -8,070 | ||||||
Other comprehensive income, net of tax | 229 | -1 | - | 26 | 254 | |||||||||||
Comprehensive loss | $ | -7,522 | $ | -320 | $ | - | $ | 26 | $ | -7,816 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 122,260 | $ | 1 | $ | - | $ | -283 | $ | 121,978 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 36,876 | 1,783 | 30,261 | -10 | 68,910 | |||||||||||
Sales and marketing | - | - | 6,110 | -63 | 6,047 | |||||||||||
Sales | 3,605 | - | -3,605 | - | - | |||||||||||
Marketing | 30,633 | - | -30,633 | - | - | |||||||||||
Product development and technology | 4,802 | -94 | 1,513 | - | 6,221 | |||||||||||
General and administrative | 21,298 | -3 | -3,661 | -351 | 17,283 | |||||||||||
Acquisition, offering and related expenses | - | 31 | - | - | 31 | |||||||||||
Changes in fair value of contingent acquisition consideration | 9,825 | - | - | - | 9,825 | |||||||||||
Depreciation and amortization | 16,042 | -1,941 | - | -90 | 14,011 | |||||||||||
Total costs and expenses | 123,081 | -224 | -15 | -514 | 122,328 | |||||||||||
Income (loss) from operations | -821 | 225 | 15 | 231 | -350 | |||||||||||
Interest and other expenses, net | 5,146 | 1 | 15 | -3 | 5,159 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
(Loss) income before taxes | -5,967 | 224 | - | 234 | -5,509 | |||||||||||
Income tax (benefit) expense | -2,425 | 1,117 | - | - | -1,308 | |||||||||||
Net loss from continuing operations | -3,542 | -893 | - | 234 | -4,201 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -234 | -234 | |||||||||||
Net (loss) income | $ | -3,542 | $ | -893 | $ | - | $ | - | $ | -4,435 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.04 | $ | -0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.04 | $ | -0.04 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.04 | $ | -0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.04 | $ | -0.04 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,205,228 | 100,205,228 | ||||||||||||||
Diluted | 100,205,228 | 100,205,228 | ||||||||||||||
Net (loss) income | $ | -3,542 | $ | -893 | $ | - | $ | - | $ | -4,435 | ||||||
Other comprehensive income, net of tax | 86 | -5 | - | -9 | 72 | |||||||||||
Comprehensive loss | $ | -3,456 | $ | -898 | $ | - | $ | -9 | $ | -4,363 | ||||||
Following are the Condensed Consolidated Statements of Cash Flows for the year to date periods ended 2013 (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 12,418 | $ | -189 | $ | - | $ | -412 | $ | 11,817 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 412 | 412 | |||||||||||
Net cash provided by (used in) operating activities | $ | 12,418 | $ | -189 | $ | - | $ | - | $ | 12,229 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -6,688 | $ | 189 | $ | - | $ | 105 | $ | -6,394 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -105 | -105 | |||||||||||
Net cash (used in) provided by investing activities | $ | -6,688 | $ | 189 | $ | - | $ | - | $ | -6,499 | ||||||
Net cash used in financing activities - continuing operations | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 39,274 | $ | -391 | $ | - | $ | -242 | $ | 38,641 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 242 | 242 | |||||||||||
Net cash provided by (used in) operating activities | $ | 39,274 | $ | -391 | $ | - | $ | - | $ | 38,883 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -10,932 | $ | 391 | $ | - | $ | 182 | $ | -10,359 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -182 | -182 | |||||||||||
Net cash (used in) provided by investing activities | $ | -10,932 | $ | 391 | $ | - | $ | - | $ | -10,541 | ||||||
Net cash provided by financing activities - continuing operations | $ | 103 | $ | - | $ | - | $ | - | $ | 103 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash provided by financing activities | $ | 103 | $ | - | $ | - | $ | - | $ | 103 | ||||||
Year to Date | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 57,948 | $ | -600 | $ | - | $ | -500 | $ | 56,848 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 500 | 500 | |||||||||||
Net cash provided by (used in) operating activities | $ | 57,948 | $ | -600 | $ | - | $ | - | $ | 57,348 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -31,265 | $ | 600 | $ | - | $ | 260 | $ | -30,405 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -260 | -260 | |||||||||||
Net cash (used in) provided by investing activities | $ | -31,265 | $ | 600 | $ | - | $ | - | $ | -30,665 | ||||||
Net cash provided by financing activities - continuing operations | $ | 81,226 | $ | - | $ | - | $ | - | $ | 81,226 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash provided by financing activities | $ | 81,226 | $ | - | $ | - | $ | - | $ | 81,226 | ||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2013 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 2,183 | $ | -361 | $ | - | $ | 351 | $ | 2,173 | ||||||
Interest and other expenses | 6,535 | - | -4 | - | 6,531 | |||||||||||
Income tax (benefit) expense | 1,825 | -190 | - | - | 1,635 | |||||||||||
Depreciation and amortization | 14,511 | -556 | - | -91 | 13,864 | |||||||||||
EBITDA | 25,054 | -1,107 | -4 | 260 | 24,203 | |||||||||||
Change in fair value of contingent liabilities | 1,149 | 1,315 | - | - | 2,464 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses | - | - | - | - | - | |||||||||||
CEO transition | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,241 | - | - | - | 2,241 | |||||||||||
Restatement charges | - | 400 | - | - | 400 | |||||||||||
Adjusted EBITDA | $ | 28,444 | $ | 608 | $ | -4 | $ | 260 | $ | 29,308 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -892 | $ | 379 | $ | - | $ | 327 | $ | -186 | ||||||
Interest and other expenses | 6,539 | - | -11 | - | 6,528 | |||||||||||
Income tax (benefit) expense | -166 | 394 | - | - | 228 | |||||||||||
Depreciation and amortization | 14,844 | -593 | - | -88 | 14,163 | |||||||||||
EBITDA | 20,325 | 180 | -11 | 239 | 20,733 | |||||||||||
Change in fair value of contingent liabilities | 2,949 | - | - | - | 2,949 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses | 20 | - | - | - | 20 | |||||||||||
CEO transition | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,880 | - | - | - | 2,880 | |||||||||||
Restatement charges | - | 365 | - | - | 365 | |||||||||||
Adjusted EBITDA | $ | 26,174 | $ | 545 | $ | -11 | $ | 239 | $ | 26,947 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -7,751 | $ | -319 | $ | - | $ | 331 | $ | -7,739 | ||||||
Interest and other expenses | 6,761 | - | - | - | 6,761 | |||||||||||
Income tax (benefit) expense | -4,673 | 268 | - | - | -4,405 | |||||||||||
Depreciation and amortization | 14,730 | -503 | - | -89 | 14,138 | |||||||||||
EBITDA | 9,067 | -554 | - | 242 | 8,755 | |||||||||||
Change in fair value of contingent liabilities | 2,142 | - | - | - | 2,142 | |||||||||||
Loss on extinguishment of debt | 17,175 | - | - | - | 17,175 | |||||||||||
Acquisition, offering and related expenses | 30 | - | - | - | 30 | |||||||||||
CEO transition | - | - | - | - | - | |||||||||||
Stock-based compensation | 3,493 | - | - | - | 3,493 | |||||||||||
Restatement charges | - | 250 | - | - | 250 | |||||||||||
Adjusted EBITDA | $ | 31,907 | $ | -304 | $ | - | $ | 242 | $ | 31,845 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -3,542 | $ | -893 | $ | - | $ | 234 | $ | -4,201 | ||||||
Interest and other expenses | 5,146 | 1 | 15 | -3 | 5,159 | |||||||||||
Income tax (benefit) expense | -2,425 | 1,117 | - | - | -1,308 | |||||||||||
Depreciation and amortization | 16,042 | -1,941 | - | -90 | 14,011 | |||||||||||
EBITDA | 15,221 | -1,716 | 15 | 141 | 13,661 | |||||||||||
Change in fair value of contingent liabilities | 9,825 | - | - | - | 9,825 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses | - | 31 | - | - | 31 | |||||||||||
CEO transition | 6,802 | - | - | - | 6,802 | |||||||||||
Stock-based compensation | 3,534 | - | - | - | 3,534 | |||||||||||
Restatement charges | - | 254 | - | - | 254 | |||||||||||
Adjusted EBITDA | $ | 35,382 | $ | -1,431 | $ | 15 | $ | 141 | $ | 34,107 | ||||||
Following are the Condensed Consolidated Balance Sheets for 2014 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 243,920 | $ | - | $ | - | $ | -623 | $ | 243,297 | ||||||
Short term investments | - | - | - | - | - | |||||||||||
Accounts receivable, net | 78,371 | - | - | -37 | 78,334 | |||||||||||
Deferred income taxes | 7,155 | 2,103 | - | - | 9,258 | |||||||||||
Prepaid expenses and other current assets | 6,984 | 3,186 | - | -292 | 9,878 | |||||||||||
Assets held for sale | - | - | - | 1,637 | 1,637 | |||||||||||
Total current assets | 336,430 | 5,289 | - | 685 | 342,404 | |||||||||||
Furniture, fixtures and equipment, net | 14,265 | -1,015 | - | -676 | 12,574 | |||||||||||
Intangible assets, net | 337,516 | -2,496 | - | -9 | 335,011 | |||||||||||
Goodwill | 611,975 | -742 | - | - | 611,233 | |||||||||||
Other assets | 11,247 | 156 | - | - | 11,403 | |||||||||||
Total assets | $ | 1,311,433 | $ | 1,192 | $ | - | $ | - | $ | 1,312,625 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 9,237 | $ | - | $ | - | $ | -16 | $ | 9,221 | ||||||
Accrued expenses | 37,217 | -1,998 | - | -51 | 35,168 | |||||||||||
Deferred revenue and customer deposits | 4,000 | - | - | -132 | 3,868 | |||||||||||
Accrued interest | 2,319 | - | - | - | 2,319 | |||||||||||
Other current liabilities | 20,755 | - | - | -15 | 20,740 | |||||||||||
Liabilities subject to sale | - | - | - | 714 | 714 | |||||||||||
Total current liabilities | 73,528 | -1,998 | - | 500 | 72,030 | |||||||||||
Deferred income taxes | 51,699 | 4,801 | - | - | 56,500 | |||||||||||
Long term debt, net of unamortized discount | 297,162 | - | - | - | 297,162 | |||||||||||
Other liabilities | 18,948 | 2,517 | - | -500 | 20,965 | |||||||||||
Total liabilities | 441,337 | 5,320 | - | - | 446,657 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,047 | 1 | - | - | 1,048 | |||||||||||
Additional paid-in capital | 890,856 | - | - | - | 890,856 | |||||||||||
Accumulated deficit | -20,434 | -4,291 | - | - | -24,725 | |||||||||||
Less: Treasury stock, at cost | -1,042 | -1 | - | - | -1,043 | |||||||||||
Accumulated other comprehensive (loss) income | -331 | 163 | - | - | -168 | |||||||||||
Total stockholders' equity | 870,096 | -4,128 | - | - | 865,968 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,311,433 | $ | 1,192 | $ | - | $ | - | $ | 1,312,625 | ||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 175,779 | $ | - | $ | - | $ | -398 | $ | 175,381 | ||||||
Short term investments | 500 | - | - | - | 500 | |||||||||||
Accounts receivable, net | 77,154 | 97 | - | -76 | 77,175 | |||||||||||
Deferred income taxes | 17,155 | 2,103 | - | - | 19,258 | |||||||||||
Prepaid expenses and other current assets | 31,368 | 2,890 | - | -311 | 33,947 | |||||||||||
Assets held for sale | - | - | - | 1,458 | 1,458 | |||||||||||
Total current assets | 301,956 | 5,090 | - | 673 | 307,719 | |||||||||||
Furniture, fixtures and equipment, net | 13,609 | -908 | - | -664 | 12,037 | |||||||||||
Intangible assets, net | 353,977 | -2,154 | - | -9 | 351,814 | |||||||||||
Goodwill | 638,010 | -743 | - | - | 637,267 | |||||||||||
Other assets | 12,456 | -22 | - | - | 12,434 | |||||||||||
Total assets | $ | 1,320,008 | $ | 1,263 | $ | - | $ | - | $ | 1,321,271 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 8,247 | $ | 1 | $ | - | $ | -24 | $ | 8,224 | ||||||
Accrued expenses | 27,367 | -1,987 | - | -110 | 25,270 | |||||||||||
Deferred revenue and customer deposits | 4,705 | - | - | -116 | 4,589 | |||||||||||
Accrued interest | 6,891 | - | - | - | 6,891 | |||||||||||
Other current liabilities | 30,787 | - | - | -34 | 30,753 | |||||||||||
Liabilities subject to sale | - | - | - | 784 | 784 | |||||||||||
Total current liabilities | 77,997 | -1,986 | - | 500 | 76,511 | |||||||||||
Deferred income taxes | 63,199 | 4,801 | - | - | 68,000 | |||||||||||
Long term debt, net of unamortized discount | 297,305 | - | - | - | 297,305 | |||||||||||
Other liabilities | 15,581 | 2,516 | - | -500 | 17,597 | |||||||||||
Total liabilities | 454,082 | 5,331 | - | - | 459,413 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,044 | 5 | - | - | 1,049 | |||||||||||
Additional paid-in capital | 895,285 | 1 | - | - | 895,286 | |||||||||||
Accumulated deficit | -22,680 | -4,238 | - | - | -26,918 | |||||||||||
Less: Treasury stock, at cost | -7,516 | -4 | - | - | -7,520 | |||||||||||
Accumulated other comprehensive (loss) income | -207 | 168 | - | - | -39 | |||||||||||
Total stockholders' equity | 865,926 | -4,068 | - | - | 861,858 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,320,008 | $ | 1,263 | $ | - | $ | - | $ | 1,321,271 | ||||||
As of | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 131,732 | ||||||||||||||
Short term investments | 500 | |||||||||||||||
Accounts receivable, net | 79,207 | |||||||||||||||
Deferred income taxes | 19,258 | |||||||||||||||
Prepaid expenses and other current assets | 43,819 | |||||||||||||||
Assets held for sale | 1,359 | |||||||||||||||
Total current assets | 275,875 | |||||||||||||||
Furniture, fixtures and equipment, net | 12,682 | |||||||||||||||
Intangible assets, net | 348,459 | |||||||||||||||
Goodwill | 637,303 | |||||||||||||||
Other assets | 12,670 | |||||||||||||||
Total assets | $ | 1,286,989 | ||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 10,864 | ||||||||||||||
Accrued expenses | 43,694 | |||||||||||||||
Deferred revenue and customer deposits | 4,559 | |||||||||||||||
Accrued interest | 2,297 | |||||||||||||||
Other current liabilities | 32,348 | |||||||||||||||
Liabilities subject to sale | 875 | |||||||||||||||
Total current liabilities | 94,637 | |||||||||||||||
Deferred income taxes | 68,000 | |||||||||||||||
Long term debt, net of unamortized discount | 297,450 | |||||||||||||||
Other liabilities | 18,783 | |||||||||||||||
Total liabilities | 478,870 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,049 | |||||||||||||||
Additional paid-in capital | 899,689 | |||||||||||||||
Accumulated deficit | -33,940 | |||||||||||||||
Less: Treasury stock, at cost | -58,440 | |||||||||||||||
Accumulated other comprehensive loss | -239 | |||||||||||||||
Total stockholders' equity | 808,119 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,286,989 | ||||||||||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2014 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 136,475 | $ | - | $ | - | $ | -200 | $ | 136,275 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 46,295 | 77 | 32,303 | -167 | 78,508 | |||||||||||
Sales and marketing | - | 1 | 6,216 | -130 | 6,087 | |||||||||||
Sales | 3,660 | - | -3,660 | - | - | |||||||||||
Marketing | 33,401 | - | -33,401 | - | - | |||||||||||
Product development and technology | 5,738 | 82 | 1,141 | -86 | 6,875 | |||||||||||
General and administrative | 15,258 | 72 | -2,599 | -189 | 12,542 | |||||||||||
Legal settlements | - | 1 | - | - | 1 | |||||||||||
Acquisition, offering and related expenses | 2,403 | - | - | - | 2,403 | |||||||||||
Changes in fair value of contingent acquisition consideration | 1,406 | 1 | - | - | 1,407 | |||||||||||
Depreciation and amortization | 14,461 | -532 | - | -73 | 13,856 | |||||||||||
Total costs and expenses | 122,622 | -298 | - | -645 | 121,679 | |||||||||||
Income (loss) from operations | 13,853 | 298 | - | 445 | 14,596 | |||||||||||
Interest and other expenses, net | 5,192 | -1 | - | -1 | 5,190 | |||||||||||
Income (loss) before taxes | 8,661 | 299 | - | 446 | 9,406 | |||||||||||
Income tax expense (benefit) | 3,829 | 1,045 | - | - | 4,874 | |||||||||||
Net income (loss) from continuing operations | 4,832 | -746 | - | 446 | 4,532 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -446 | -446 | |||||||||||
Net income (loss) | $ | 4,832 | $ | -746 | $ | - | $ | - | $ | 4,086 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.05 | $ | 0.04 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.05 | $ | 0.04 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,876,470 | 100,876,470 | ||||||||||||||
Diluted | 103,081,843 | 103,081,843 | ||||||||||||||
Net income (loss) | $ | 4,832 | $ | -746 | $ | - | $ | - | $ | 4,086 | ||||||
Other comprehensive income, net of tax | 19 | 13 | - | -7 | 25 | |||||||||||
Comprehensive income | $ | 4,851 | $ | -733 | $ | - | $ | -7 | $ | 4,111 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 130,662 | $ | 1 | $ | - | $ | -296 | $ | 130,367 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 46,494 | 265 | 31,590 | -175 | 78,174 | |||||||||||
Sales and marketing | - | 1 | 6,445 | -99 | 6,347 | |||||||||||
Sales | 3,674 | - | -3,674 | - | - | |||||||||||
Marketing | 33,180 | - | -33,180 | - | - | |||||||||||
Product development and technology | 5,907 | 56 | 1,108 | -92 | 6,979 | |||||||||||
General and administrative | 14,169 | 35 | -2,289 | -191 | 11,724 | |||||||||||
Legal settlements | 9,190 | - | - | - | 9,190 | |||||||||||
Acquisition, offering and related expenses | 158 | 1 | - | - | 159 | |||||||||||
Changes in fair value of contingent acquisition consideration | 744 | -1 | - | - | 743 | |||||||||||
Depreciation and amortization | 15,195 | -498 | - | -107 | 14,590 | |||||||||||
Total costs and expenses | 128,711 | -141 | - | -664 | 127,906 | |||||||||||
Income (loss) from operations | 1,951 | 142 | - | 368 | 2,461 | |||||||||||
Interest and other expenses, net | 5,159 | 1 | - | 2 | 5,162 | |||||||||||
(Loss) income before taxes | -3,208 | 141 | - | 366 | -2,701 | |||||||||||
Income tax (benefit) expense | -962 | 88 | - | - | -874 | |||||||||||
Net loss from continuing operations | -2,246 | 53 | - | 366 | -1,827 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -366 | -366 | |||||||||||
Net (loss) income | $ | -2,246 | $ | 53 | $ | - | $ | - | $ | -2,193 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.02 | $ | -0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.02 | $ | -0.02 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.02 | $ | -0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.02 | $ | -0.02 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 101,894,188 | 101,894,188 | ||||||||||||||
Diluted | 101,894,188 | 101,894,188 | ||||||||||||||
Net (loss) income | $ | -2,246 | $ | 53 | $ | - | $ | - | $ | -2,193 | ||||||
Other comprehensive income, net of tax | 124 | -47 | - | 52 | 129 | |||||||||||
Comprehensive loss | $ | -2,122 | $ | 6 | $ | - | $ | 52 | $ | -2,064 | ||||||
Quarter Ended | ||||||||||||||||
September, 30 | ||||||||||||||||
2014 | ||||||||||||||||
Revenue | $ | 141,650 | ||||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 85,528 | |||||||||||||||
Sales and marketing | 6,228 | |||||||||||||||
Sales | - | |||||||||||||||
Marketing | - | |||||||||||||||
Product development and technology | 7,399 | |||||||||||||||
General and administrative | 28,992 | |||||||||||||||
Legal settlements | -7,732 | |||||||||||||||
Acquisition, offering and related expenses | 248 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 682 | |||||||||||||||
Depreciation and amortization | 14,964 | |||||||||||||||
Total costs and expenses | 136,309 | |||||||||||||||
Income (loss) from operations | 5,341 | |||||||||||||||
Interest and other expenses, net | 5,231 | |||||||||||||||
(Loss) income before taxes | 110 | |||||||||||||||
Income tax expense (benefit) | 6,927 | |||||||||||||||
Net loss from continuing operations | -6,817 | |||||||||||||||
Net loss from discontinued operations, net of income taxes | -207 | |||||||||||||||
Net (loss) income | $ | -7,024 | ||||||||||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.07 | ||||||||||||||
Discontinued operations | - | |||||||||||||||
Basic net (loss) income per share | $ | -0.07 | ||||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.07 | ||||||||||||||
Discontinued operations | - | |||||||||||||||
Diluted net loss per share | $ | -0.07 | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,607,876 | |||||||||||||||
Diluted | 100,607,876 | |||||||||||||||
Net (loss) income | $ | -7,024 | ||||||||||||||
Other comprehensive loss, net of tax | -200 | |||||||||||||||
Comprehensive loss | $ | -7,224 | ||||||||||||||
Quarter Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | ||||||||||||||||
Revenue | $ | 136,651 | ||||||||||||||
Income (loss) continuing operations | $ | 10,205 | ||||||||||||||
Net income | $ | 10,303 | ||||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Income (loss) from continuing operations: | ||||||||||||||||
Basic | $ | 0.10 | ||||||||||||||
Diluted | $ | 0.10 | ||||||||||||||
Net Income (loss): | ||||||||||||||||
Basic | $ | 0.10 | ||||||||||||||
Diluted | $ | 0.10 | ||||||||||||||
Following are the Condensed Consolidated Statements of Cash Flows for the 2014 year to date periods ended (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 5,444 | $ | -7,697 | $ | - | $ | -301 | $ | -2,554 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 301 | 301 | |||||||||||
Net cash provided by (used in) operating activities | $ | 5,444 | $ | -7,697 | $ | - | $ | - | $ | -2,253 | ||||||
Net cash provided by (used in) investing activities - continuing operations | $ | -1,952 | $ | 32 | $ | - | $ | 68 | $ | -1,852 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -68 | -68 | |||||||||||
Net cash (used in) provided by investing activities | $ | -1,952 | $ | 32 | $ | - | $ | - | $ | -1,920 | ||||||
Net cash provided by financing activities - continuing operations | $ | 10,360 | $ | 7,665 | $ | - | $ | - | $ | 18,025 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash provided by financing activities | $ | 10,360 | $ | 7,665 | $ | - | $ | - | $ | 18,025 | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 13,758 | $ | -12,697 | $ | - | $ | -114 | $ | 947 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 114 | 114 | |||||||||||
Net cash provided by (used in) operating activities | $ | 13,758 | $ | -12,697 | $ | - | $ | - | $ | 1,061 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -58,671 | $ | 82 | $ | - | $ | 159 | $ | -58,430 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -159 | -159 | |||||||||||
Net cash (used in) provided by investing activities | $ | -58,671 | $ | 82 | $ | - | $ | - | $ | -58,589 | ||||||
Net cash (used in) provided by financing activities - continuing operations | $ | -9,401 | $ | 12,615 | $ | - | $ | - | $ | 3,214 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash (used in) provided by financing activities | $ | -9,401 | $ | 12,615 | $ | - | $ | - | $ | 3,214 | ||||||
Year to Date | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income from continuing operations | $ | -4,112 | ||||||||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 43,410 | |||||||||||||||
Provision for doubtful accounts receivable | 390 | |||||||||||||||
Amortization of deferred financing charges and original issue discount | 1,632 | |||||||||||||||
Stock-based compensation | 12,742 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 2,832 | |||||||||||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Accounts receivable | -16,433 | |||||||||||||||
Prepaid expenses and other assets | -29,943 | |||||||||||||||
Accounts payable | 2,517 | |||||||||||||||
Accrued expenses | 4,404 | |||||||||||||||
Other liabilities | 1,270 | |||||||||||||||
Deferred revenue | 664 | |||||||||||||||
Net cash provided by operating activities - continuing operations | $ | 19,373 | ||||||||||||||
Net cash provided by operating activities - discontinued operations | 78 | |||||||||||||||
Net cash provided by operating activities | $ | 19,451 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||
Purchases of furniture, fixtures and equipment and capitalized website development costs | -7,353 | |||||||||||||||
Cash used in business acquisitions, net | -62,184 | |||||||||||||||
Restricted cash | -4 | |||||||||||||||
Net cash used in investing activities - continuing operations | $ | -69,541 | ||||||||||||||
Net cash used in investing activities - discontinued operations | -222 | |||||||||||||||
Net cash used in investing activities | $ | -69,763 | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||
Cash paid for contingent acquisition consideration | -12,683 | |||||||||||||||
Purchase of Company common stock | -57,848 | |||||||||||||||
Proceeds from issuance of common stock, net of costs | 22,826 | |||||||||||||||
Net cash used in financing activities - continuing operations | $ | -47,705 | ||||||||||||||
Net cash provided by financing activities - discontinued operations | - | |||||||||||||||
Net cash used in financing activities | $ | -47,705 | ||||||||||||||
Effect of exchange rate on cash and cash equivalents | -79 | |||||||||||||||
Net increase in cash | -98,096 | |||||||||||||||
Cash - beginning of period | 230,071 | |||||||||||||||
Cash - end of period | 131,975 | |||||||||||||||
Less cash of discontinued operations - end of period | 243 | |||||||||||||||
Cash of continuing operations - end of period | $ | 131,732 | ||||||||||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2014 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 4,832 | $ | -746 | $ | - | $ | 446 | $ | 4,532 | ||||||
Interest and other expenses | 5,192 | -1 | - | -1 | 5,190 | |||||||||||
Income tax (benefit) expense | 3,829 | 1,045 | - | - | 4,874 | |||||||||||
Depreciation and amortization | 14,461 | -532 | - | -73 | 13,856 | |||||||||||
EBITDA | 28,314 | -234 | - | 372 | 28,452 | |||||||||||
Change in fair value of contingent liabilities | 1,406 | 1 | - | - | 1,407 | |||||||||||
Legal settlements | - | 1 | - | - | 1 | |||||||||||
Acquisition, offering and related expenses | 2,403 | - | - | - | 2,403 | |||||||||||
Stock-based compensation | 3,923 | - | - | - | 3,923 | |||||||||||
Impact of purchase accounting | - | - | - | - | - | |||||||||||
Restatement charges | - | 677 | - | - | 677 | |||||||||||
Adjusted EBITDA | $ | 36,046 | $ | 445 | $ | - | $ | 372 | $ | 36,863 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -2,246 | $ | 53 | $ | - | $ | 366 | $ | -1,827 | ||||||
Interest and other expenses | 5,159 | 1 | - | 2 | 5,162 | |||||||||||
Income tax (benefit) expense | -962 | 88 | - | - | -874 | |||||||||||
Depreciation and amortization | 15,195 | -498 | - | -107 | 14,590 | |||||||||||
EBITDA | 17,146 | -356 | - | 261 | 17,051 | |||||||||||
Change in fair value of contingent liabilities | 744 | -1 | - | - | 743 | |||||||||||
Legal settlements | 9,190 | - | - | - | 9,190 | |||||||||||
Acquisition, offering and related expenses | 158 | 1 | - | - | 159 | |||||||||||
Stock-based compensation | 4,415 | - | - | - | 4,415 | |||||||||||
Impact of purchase accounting | 220 | - | - | - | 220 | |||||||||||
Restatement charges | - | 603 | - | - | 603 | |||||||||||
Adjusted EBITDA | $ | 31,873 | $ | 247 | $ | - | $ | 261 | $ | 32,381 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Net (loss) income from continuing operations | $ | -6,817 | ||||||||||||||
Interest and other expenses | 5,231 | |||||||||||||||
Income tax (benefit) expense | 6,927 | |||||||||||||||
Depreciation and amortization | 14,964 | |||||||||||||||
EBITDA | 20,305 | |||||||||||||||
Change in fair value of contingent liabilities | 682 | |||||||||||||||
Legal settlements | -7,732 | |||||||||||||||
Acquisition, offering and related expenses | 248 | |||||||||||||||
Stock-based compensation | 4,404 | |||||||||||||||
Impact of purchase accounting | 193 | |||||||||||||||
Restatement charges | 18,320 | |||||||||||||||
Adjusted EBITDA | $ | 36,420 | ||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 – SUBSEQUENT EVENTS |
On March 31, 2015, as required under the terms of the Company’s Senior Notes Indenture, as supplemented by the Second Supplemental Indenture thereto, the Company made a $354,000 consent payment to certain holders of its Senior Notes due to the delay in providing timely financial statements. | |
On April 1, 2015, the Company announced the acquisition of Detroit-based Quizzle.com, a leading national free credit report and monitoring site which provides users with free credit scores and credit reports, as well as credit monitoring and identity protection. | |
On May 11, 2015, as required under the terms of the Company’s Senior Notes Indenture, as supplemented by the Third Supplemental Indenture thereto, the Company made a $374,000 consent payment to certain holders of its Senior Notes due to the delay in providing timely financial statements. | |
Organization_And_Basis_Of_Pres1
Organization And Basis Of Presentation (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Organization And Basis Of Presentation [Abstract] | ||||
The Company | The Company | |||
Bankrate, Inc. and its subsidiaries (“Bankrate” or the “Company,” “we,” “us,” “our”) own and operate an Internet-based consumer banking and personal finance network (“Online Network”). Our flagship websites, Bankrate.com, CreditCards.com, insuranceQuotes.com and Caring.com are some of the Internet’s leading aggregators of information on more than 300 financial products and services, including mortgages, deposits, credit cards, insurance, and other personal finance categories. Additionally, we provide financial applications and information to a network of distribution partners and through national and state publications. | ||||
During 2014, subsequent to Mr. Esterow’s appointment as our chief executive officer, the Company reevaluated and re-aligned its management reporting structure and how the chief operating decision maker manages, assesses performance and allocates resources for the business. The Company now operates the following business segments: | ||||
· | Banking – we offer information on rates for various types of mortgages, home lending and refinancing. We maintain current rate information for more than 600 local markets, covering all 50 U.S. states. Consumers can customize searches for mortgage rates by loan size, type, maturity, and location through our online portals. We also offer rate information and original editorial content on various deposit products, retirement, taxes and debt management. | |||
· | Credit Cards – we present visitors a comprehensive selection of consumer and business credit and prepaid cards, providing detailed information and comparison capabilities, and host news and advice on personal finance, credit card and bank policies, as well as tools and calculators to estimate credit scores and card benefits. | |||
· | Insurance – in conjunction with local agents and insurance carriers, we facilitate a consumer’s ability to receive multiple competitive insurance quotes, provide advice and detailed descriptions of insurance terms and articles on topical subjects. | |||
· | Other – includes the results of operations of Caring.com and aggregated smaller operating units, which operate businesses dissimilar to those of the reportable segments, and the results of the Company’s investments, unallocated corporate overhead and the elimination of transactions between segments. | |||
Basis Of Presentation | Basis of Presentation | |||
The accompanying consolidated financial statements include the accounts of Bankrate, Inc., and subsidiaries NetQuote Holdings, Inc. (“NetQuote”), NetQuote Inc., CreditCards.com, Inc. (“CreditCards”), LinkOffers, Inc., CreditCards.com Limited (United Kingdom), Freedom Marketing Limited (United Kingdom), Caring, Inc., and Wallaby Financial Inc. after elimination of all intercompany accounts and transactions. During the quarter ended September 30, 2014, the Company commenced the process of divesting its operations in China. The operating results and the assets and liabilities of the operations in China are classified as discontinued operations for all periods presented in the Company’s consolidated financial statements. | ||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We believe that the judgments, estimates and assumptions involved in the accounting for revenue recognition, income taxes, the allowance for doubtful accounts receivable, useful lives of intangible assets, share based payments and intangible asset impairment, goodwill impairment, acquisition accounting including the fair value of contingent acquisition consideration, and contingencies have the greatest potential impact on our financial statements, so we consider these to be our critical accounting policies. Actual results could differ from those estimates. | |
Cash And Cash Equivalents | Cash and Cash Equivalents |
We consider all highly liquid debt investments with an original maturity of less than three months when purchased, to be cash equivalents. The carrying value of these investments approximates fair value. As of December 31, 2014, our cash and cash equivalents consisted of approximately $140.2 million of operating cash subject to the $250,000 FDIC insured deposit limit, and approximately $1.5 million held in British pound sterling. | |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts |
We maintain an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of our customers to make required payments. We look at historical write-offs and sales growth when determining the adequacy of the allowance. Should the financial condition of our customers deteriorate, resulting in an impairment of their ability to make payments, or if the level of accounts receivable increases, the need for possible additional allowances may be necessary. Any additions to the allowance for doubtful accounts are recorded as bad debt expense and included in general and administrative expenses. During the years ended December 31, 2014, 2013 and 2012 we charged approximately $494,000, $499,000 and $661,000, respectively, to bad debt expense. During the years ended December 31, 2014, 2013 and 2012 we wrote off (net of recoveries) approximately $387,000, $642,000 and $1.7 million, respectively, of accounts deemed uncollectible. | |
Investments In Debt Securities | Investments in debt securities |
Securities held-to-maturity and available-for-sale: Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each statement of financial position date. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in other income. Interest on securities classified as held-to-maturity is included in other income. | |
Realized gains and losses, and declines in value judged to be other-than-temporary related to equity securities, are included in other income. With respect to debt securities, when the fair value of a debt security classified as held to maturity or available for sale is less than its amortized cost, management assesses whether or not: (i) it has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions is met, the Company must recognize an other-than-temporary impairment through earnings for the difference between the debt security’s amortized cost basis and its fair value. | |
For debt securities that do not meet the above criteria and the Company does not expect to recover a security’s amortized cost basis, the security is considered other-than-temporarily impaired. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income. For debt securities for which we have recognized an other-than-temporary impairment through earnings, if through subsequent evaluation there is a significant increase in the cash flow expected, the difference between the amortized cost basis and the cash flows expected to be collected is accreted as interest income. | |
Furniture, Fixtures And Equipment | Furniture, Fixtures and Equipment |
Furniture, fixtures and equipment are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the assets which range from three to seven years. Expenditures related to maintenance, support and subscriptions are expensed as incurred. Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful lives of the improvements, not to exceed twenty years. Certain equipment held under capital leases are classified as equipment and the related obligations are recorded as capital lease obligations. | |
Intangible Assets | Intangible Assets |
Intangible assets consist primarily of domain names and URLs, customer relationships, affiliate relationships and developed technologies acquired in connection with the Bankrate Acquisition and our subsequent acquisitions. Intangible assets are being amortized over their estimated useful lives on both straight-line and accelerated bases. | |
Impairment Of Long-Lived Assets Including Intangible Assets With Finite Lives | Impairment of Long-Lived Assets Including Intangible Assets with Finite Lives |
ASC 360, Property, Plant and Equipment, requires that long-lived assets including intangible assets with finite lives be amortized over their estimated useful life and reviewed for impairment. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets may not be recoverable. When such events or changes in circumstances occur, we assess the recoverability of such assets by determining whether the carrying value will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of such assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. | |
There was no impairment of long-lived assets including intangible assets with finite lives for the years ended December 31, 2014, 2013 and 2012. | |
Goodwill | Goodwill |
The Company records the excess of purchase price over the fair value of the net tangible and identified intangible assets acquired as goodwill. The goodwill is tested for impairment annually, as well as when an event, or change in circumstances, indicates an impairment may have occurred. In accordance with ASC 350, Intangibles—Goodwill and Other, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (a likelihood of more than 50%) that the fair value of our reporting unit is less than its carrying amount. We perform this assessment annually, on October 1st of each year, or more frequently, if facts and circumstances warrant a review, at the reporting unit level. If after assessing the qualitative factors, we determine that it is not more likely than not that the fair value of the reporting unit is less than the carrying value then we conclude that we have no goodwill impairment and no further testing is performed, otherwise, we proceed to the two-step process. The first step under the two step process, since the carrying amount of our reporting unit is greater than zero, is to compare the fair value of the reporting unit to its carrying value. If the fair value exceeds the carrying value, goodwill is not impaired and no further testing is performed. The second step is performed if the carrying value exceeds the fair value. The implied fair value of the reporting unit’s goodwill must be determined and compared to the carrying value of the goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, an impairment loss equal to the difference will be recorded. We performed impairment evaluations in each period presented and concluded that there was no impairment of goodwill. When the Company moved to segment reporting in the quarter ended September 30, 2014, the evaluation of the impairment of goodwill was performed at the segment level. | |
Website And Internal-Use Software Development Costs | Website and Internal-Use Software Development Costs |
We account for website development costs under ASC 350-50, Intangibles—Goodwill and Other—Website Development Costs. ASC 350-50 provides guidance on the accounting for the costs of development of company websites, dividing the website development costs into five stages: (i) the planning stage, during which the business and/or project plan is formulated and functionalities, necessary hardware and technology are determined, (ii) the website application and infrastructure development stage, which involves acquiring or developing hardware and software to operate the website, (iii) the graphics development stage, during which the initial graphics and layout of each page are designed and coded, (iv) the content development stage, during which the information to be presented on the website, which may be either textual or graphical in nature, is developed, and (v) the operating stage, during which training, administration, maintenance and other costs to operate the existing website are incurred. The costs incurred in the website application and infrastructure stage, the graphics development stage and the content development stage are capitalized; all other costs are expensed as incurred. In addition, the Company incurs costs to develop software for internal use which are accounted for under ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software. The Company expenses all costs that relate to the preliminary project and post-implementation operation phases of development as product development expense. Costs incurred in the application development phase are capitalized until the project is completed and the asset is placed in service. The Company capitalized website and internal-use software development costs totaling approximately $7.3 million, $5.9 million and $5.2 million during the years ended December 31, 2014, 2013 and 2012, respectively which are recorded as a component of other assets on the balance sheet. These amounts are amortized over a three year period upon being placed into service and transferred to furniture, fixtures and equipment. | |
Basic And Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share |
We compute basic income (loss) per share by dividing net income (loss) for the year by the weighted average number of shares outstanding for the year. Diluted income (loss) per share includes the effects of dilutive common stock equivalents, consisting of outstanding share-based awards, in accordance with ASC 718, Compensation—Stock Compensation, to the extent the effect is not antidilutive, using the treasury stock method. Since we had a net loss attributable to common shareholders, basic and diluted loss per share are the same for the year ended December 31, 2013. | |
Deferred Compensation Plan | Deferred Compensation Plan |
During 2002, we established a non-qualified deferred compensation plan that permitted eligible employees to defer a portion of their compensation. The deferred compensation liability (other non-current liabilities) was $228,000 and $222,000 at December 31, 2014 and 2013, respectively. We have established a grantor trust (Rabbi Trust) to provide funding for benefits payable under our non-qualified deferred compensation plan. The assets held in the trust amounted to $172,000 and $168,000 at December 31, 2014 and 2013, respectively. The Rabbi Trust’s assets consist of short-term cash investments and a managed portfolio of equity securities. These assets are included in other assets in the accompanying consolidated balance sheets. The plan is no longer accepting additional deferrals. | |
Deferred Financing Costs | Deferred Financing Costs |
In connection with the issuance of the Senior Notes on August 7, 2013, the Company incurred approximately $7.2 million in underwriting fees and direct costs that have been classified as deferred financing costs related to the issuance of the Senior Notes, which are amortized to interest expense using the effective interest method over the term of the related debt. | |
In connection with the issuance of the Credit Agreement in an aggregate amount of $70.0 million in August 2013, the Company incurred $1.5 million in bank and legal fees. These fees have been classified as deferred financing costs and are being amortized to interest expense using an effective interest method over the term of the Credit Agreement. | |
During the years ended December 31, 2014, 2013 and 2012, we amortized approximately $1.6 million, $2.1 million and $2.2 million, respectively, in deferred financing costs which is recorded in interest expense. In addition, the Company expensed approximately $3.4 million of deferred financing cost in August 2013 as a result of the redemption of $195.0 million aggregate principal amount of outstanding Senior Secured Notes, respectively, which are included in loss on early extinguishment of debt on the accompanying consolidated statements of comprehensive income (loss). At December 31, 2014 and 2013, deferred financing costs had a balance of approximately $6.9 million and $8.1 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. | |
Income Tax Expense (Benefit) | Income Tax Expense (Benefit) |
We account for income taxes in accordance with ASC 740, Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, we consider tax regulations of the jurisdictions in which we operate, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results, or the ability to implement tax-planning strategies varies, adjustments to the carrying value of the deferred tax assets and liabilities may be required. Valuation allowances are based on the “more likely than not” criteria of ASC 740. | |
The accounting for uncertain tax positions guidance under ASC 740 requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. We recognize interest and penalties on uncertain tax positions as a component of income tax expense. | |
Foreign Currency Translation | Foreign Currency Translation |
Our foreign operations generally use the local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect on the balance sheet date. Income statement items are translated at the prevailing monthly average rate of exchange. The impact of currency fluctuations is recorded in accumulated other comprehensive loss as a currency translation adjustment. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Comprehensive income (loss) consists of net income (loss) and other gains (losses) for foreign currency translation that, under accounting principles generally accepted in the United States, are excluded from net income (loss). | |
Revenue Recognition | Revenue Recognition |
Online revenue comprised 99%, 98% and 98% of total revenues during the years ended December 31, 2014, 2013 and 2012, respectively. Online advertising is monetized through the sale of advertising and sponsorships through displays, hyperlinks, and lead generation within the many owned and operated websites of our Online Network. In general, the amount of advertising we sell is a function of a number of market conditions including (i) the number of visitors to our Online Network, (ii) the number of ad pages we serve to those visitors, (iii) the click-through rate of our visitors on hyperlinks, (iv) the number of advertisements per page, (v) the rate at which visitors apply for and are approved for financial product offerings, and (vi) advertiser demand. | |
The print publishing and licensing business is primarily engaged in the sale of advertising in the Mortgage Guide and CD & Deposit Guide rate tables, newsletter subscriptions, and licensing of research information. | |
Consumer Inquiry Revenue | |
In the banking segment, we deliver consumer inquiries in the form of clicks and calls and recognize revenue monthly for each inquiry based on the number of clicks at a fixed cost-per-click-for our mortgage and deposit and other banking products. Additionally, we recognize revenue based on the number of calls at a contracted rate per-call. | |
In the credit card segment, we deliver consumer inquiries as a click or call to our advertisers and recognize revenue on a per-completed or approved application basis. | |
In the insurance segment we deliver consumer inquiries in the form of leads, clicks and calls. We recognize revenue from delivered clicks at the cost-per-click contracted for during an auction bidding process for inclusion in a click listing of insurance links and we recognize revenue on a per-lead basis based on the number of valid leads delivered. In addition, we recognize revenue based on the number of validly transferred calls at a contracted rate per-call. | |
In the senior care vertical we deliver consumer inquiries to senior care facilities after qualifying them through our call center and matching them to a number of potential facilities. We recognize revenue per consumer that actually moves into a facility that we have referred them to. We have also entered into revenue sharing arrangements with our vertical content and affiliate partners based on the revenue earned from their consumer inquiries. | |
Revenue is recorded at gross amounts and partnership and affiliate payments are recorded in cost of revenue, pursuant to the provisions of ASC Topic 605-45, Reporting Revenue Gross as a Principal versus Net as an Agent. | |
Display Advertising Revenue | |
Display advertising sales are invoiced monthly at amounts based on specific contract terms predominantly based on the number of impressions actually delivered to the advertiser. | |
Print Publishing and Licensing Revenue | |
We charge for placement in the Mortgage Guide and CD & Deposit Guide in a print publication. Advertising revenue is recognized when the Mortgage Guide and CD & Deposit Guide run in the publication. Revenue from our newsletters is recognized ratably over the period of the subscription, which is generally up to one year. Revenue from the sale of research information is recognized ratably over the contract period. | |
Revenue for distributing editorial rate tables is recognized ratably over the contract or subscription periods. | |
Marketing expense | |
Marketing costs represent expenses associated with expanding brand awareness of our products and services to consumers and included print and internet advertising, marketing and promotion costs. Marketing costs are expensed as incurred within sales and marketing expenses. | |
Fair Value Measurement | Fair Value Measurement |
Fair value, in accordance with ASC 820, Fair Value Measurement, 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. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Valuation techniques include the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques may be based upon observable and unobservable inputs. The three levels of inputs used to measure fair value pursuant to the guidance are as follows: | |
Level 1—Quoted prices in active markets for identical assets or liabilities. | |
Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accrued interest, and our Senior Secured Notes. Given their short term nature, the carrying amounts of cash and cash equivalents, accounts receivable and accrued interest approximate estimated fair value and are considered Level 1 investments. The Senior Secured Notes are considered Level 2 investments and the Company uses market information in measuring the fair value. These estimates require considerable judgment in interpreting market data, and changes in assumptions or estimation methods could significantly affect the fair value estimates. | |
Contingent liabilities include contingent acquisition consideration in connection with certain earnout provisions included in certain of the Company’s acquisitions. The contingent liabilities are recognized at fair value on the acquisition date and remeasured each reporting period with subsequent adjustments recognized in the consolidated statements of income. The fair value of the contingent acquisition consideration liability is expected to increase each period with the recognition of change in fair value of contingent consideration resulting from the passage of time at the applicable discount rate as we approach the payment dates of the contingent consideration absent any significant changes in assumptions related to the valuation or the probability of payment. Contingent acquisition consideration is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs. The Company believes its estimates and assumptions are reasonable, however, there is significant judgment involved. See Note 8 for further information. | |
Stock-Based Compensation | Stock-Based Compensation |
We account for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Under the fair value recognition provisions of ASC 718, share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The valuation provisions of ASC 718 apply to new grants and to grants that were outstanding as of the effective date of ASC 718 and are subsequently modified. See Note 9 for further information regarding our stock-based compensation assumptions and expense. | |
New Accounting Pronouncements | New Accounting Pronouncements |
Recently Adopted Pronouncements | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2013-05, Foreign Currency Matters (Topic 830): “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” Under this guidance, when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. The Company adopted this amendment on January 1, 2014, as required, and it did not have a material impact on the Company's consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in ASU 2013-11 require an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward except when: (i) a NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; or (ii) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. The amendment does not affect the recognition or measurement of uncertain tax positions under ASC 740. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The Company adopted this amendment on January 1, 2014, as required, and it did not have a material impact on the Company's consolidated financial statements. | |
Recently Issued Pronouncements, Not Adopted as of December 31, 2014 | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued operations criteria. This ASU requires discontinued operations treatment for disposals of a component or group of components of an entity that represent a strategic shift that has or will have a major impact on an entity’s operations or financial results. ASU 2014-08 also expands the scope of ASC 205-20, “Discontinued Operations,” to disposals of equity method investments and acquired businesses held for sale. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09: “Revenue from Contracts with Customers.” The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period,” which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide related footnote disclosures in certain circumstances. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s consolidated financial statements. | |
In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items.” This guidance eliminates the concept of an extraordinary item, which required that an entity separately classify, present, and disclose extraordinary events and transactions, on the income statement, net of tax after earnings from continuing operations and disclose applicable income taxes and earnings per share date applicable to the extraordinary item. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and may be applied prospectively and retrospectively. The Company is currently evaluating the impact on its consolidated financial statements of adopting this new guidance but at this time does not expect it to have an impact on the Company’s consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, “Imputation of Interest – Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that the debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt discount. This amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements of adopting this new guidance but at this time does not expect it to have an impact on the Company’s consolidated financial statements. | |
Restatement_Of_Consolidated_Fi1
Restatement Of Consolidated Financial Statements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restatement Of Consolidated Financial Statements [Abstract] | ||||||||||||||||
Schedule Of Restated Consolidated Financial Statements | Following are the restated Consolidated Balance Sheets (in thousands, except per share data): | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 230,071 | $ | - | $ | - | $ | -397 | $ | 229,674 | ||||||
Accounts receivable, net | 61,962 | - | - | -103 | 61,859 | |||||||||||
Deferred income taxes | 7,155 | 2,103 | - | - | 9,258 | |||||||||||
Prepaid expenses and other current assets | 9,736 | 4,136 | - | -285 | 13,587 | |||||||||||
Assets held for sale | - | - | - | 1,476 | 1,476 | |||||||||||
Total current assets | 308,924 | 6,239 | - | 691 | 315,854 | |||||||||||
Furniture, fixtures and equipment, net | 12,930 | -1,161 | - | -511 | 11,258 | |||||||||||
Intangible assets, net | 350,206 | -2,851 | - | -180 | 347,175 | |||||||||||
Goodwill | 611,975 | -742 | - | - | 611,233 | |||||||||||
Other assets | 12,776 | 599 | - | - | 13,375 | |||||||||||
Total assets | $ | 1,296,811 | $ | 2,084 | $ | - | $ | - | $ | 1,298,895 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,149 | $ | - | $ | - | $ | -5 | $ | 7,144 | ||||||
Accrued expenses | 40,546 | -1,846 | - | -14 | 38,686 | |||||||||||
Deferred revenue and customer deposits | 3,792 | - | - | -127 | 3,665 | |||||||||||
Accrued interest | 7,379 | - | - | - | 7,379 | |||||||||||
Other current liabilities | 24,595 | - | - | -26 | 24,569 | |||||||||||
Liabilities subject to sale | - | - | - | 172 | 172 | |||||||||||
Total current liabilities | 83,461 | -1,846 | - | - | 81,615 | |||||||||||
Deferred income taxes | 51,699 | 4,801 | - | - | 56,500 | |||||||||||
Long term debt, net of unamortized discount | 297,021 | - | - | - | 297,021 | |||||||||||
Other liabilities | 25,668 | 2,518 | - | - | 28,186 | |||||||||||
Total liabilities | 457,849 | 5,473 | - | - | 463,322 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,017 | - | - | - | 1,017 | |||||||||||
Additional paid-in capital | 864,152 | - | - | - | 864,152 | |||||||||||
Accumulated deficit | -25,266 | -3,545 | - | - | -28,811 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -350 | 157 | - | - | -193 | |||||||||||
Total stockholders' equity | 838,962 | -3,389 | - | - | 835,573 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,296,811 | $ | 2,084 | $ | - | $ | - | $ | 1,298,895 | ||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 83,590 | $ | - | $ | - | $ | -328 | $ | 83,262 | ||||||
Accounts receivable, net | 52,598 | -305 | - | - | 52,293 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 13,691 | 9,530 | - | -223 | 22,998 | |||||||||||
Assets held for sale | - | - | - | 1,231 | 1,231 | |||||||||||
Total current assets | 153,642 | 8,825 | - | 680 | 163,147 | |||||||||||
Furniture, fixtures and equipment, net | 10,024 | -1,167 | - | -533 | 8,324 | |||||||||||
Intangible assets, net | 382,732 | -5,805 | - | -147 | 376,780 | |||||||||||
Goodwill | 602,173 | -742 | - | - | 601,431 | |||||||||||
Other assets | 11,579 | 196 | - | - | 11,775 | |||||||||||
Total assets | $ | 1,160,150 | $ | 1,307 | $ | - | $ | - | $ | 1,161,457 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 8,227 | $ | - | $ | - | $ | -6 | $ | 8,221 | ||||||
Accrued expenses | 22,033 | 43 | - | -16 | 22,060 | |||||||||||
Deferred revenue and customer deposits | 3,861 | - | - | -111 | 3,750 | |||||||||||
Accrued interest | 10,588 | - | - | - | 10,588 | |||||||||||
Other current liabilities | 6,399 | -1,315 | - | -9 | 5,075 | |||||||||||
Liabilities subject to sale | - | - | - | 142 | 142 | |||||||||||
Total current liabilities | 51,108 | -1,272 | - | - | 49,836 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 193,943 | - | - | - | 193,943 | |||||||||||
Other liabilities | 22,466 | 1 | - | - | 22,467 | |||||||||||
Total liabilities | 331,999 | 3,509 | - | - | 335,508 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 843,393 | 14 | - | - | 843,407 | |||||||||||
Accumulated deficit | -15,264 | -2,351 | - | - | -17,615 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -387 | 137 | - | - | -250 | |||||||||||
Total stockholders' equity | 828,151 | -2,201 | - | - | 825,950 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,160,150 | $ | 1,308 | $ | - | $ | - | $ | 1,161,458 | ||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 56,213 | $ | - | $ | - | $ | -625 | $ | 55,588 | ||||||
Accounts receivable, net | 60,543 | 1,055 | - | -3 | 61,595 | |||||||||||
Deferred income taxes | 24,690 | -16,577 | - | - | 8,113 | |||||||||||
Prepaid expenses and other current assets | 2,535 | 1,059 | - | -140 | 3,454 | |||||||||||
Assets held for sale | - | - | - | 1,298 | 1,298 | |||||||||||
Total current assets | 143,981 | -14,463 | - | 530 | 130,048 | |||||||||||
Furniture, fixtures and equipment, net | 9,065 | -639 | - | -429 | 7,997 | |||||||||||
Intangible assets, net | 378,240 | -2,171 | - | -101 | 375,968 | |||||||||||
Goodwill | 595,522 | -1,337 | - | - | 594,185 | |||||||||||
Other assets | 10,604 | - | - | - | 10,604 | |||||||||||
Total assets | $ | 1,137,412 | $ | -18,610 | $ | - | $ | - | $ | 1,118,802 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 9,564 | $ | 2,218 | $ | - | $ | -8 | $ | 11,774 | ||||||
Accrued expenses | 26,288 | -3,006 | - | -144 | 23,138 | |||||||||||
Deferred revenue and customer deposits | 5,891 | - | - | -157 | 5,734 | |||||||||||
Accrued interest | 10,588 | - | - | - | 10,588 | |||||||||||
Other current liabilities | 3,969 | -1,378 | - | -23 | 2,568 | |||||||||||
Liabilities subject to sale | - | - | - | 332 | 332 | |||||||||||
Total current liabilities | 56,300 | -2,166 | - | - | 54,134 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,613 | - | - | - | 193,613 | |||||||||||
Other liabilities | 16,367 | -1,020 | - | - | 15,347 | |||||||||||
Total liabilities | 348,950 | -18,660 | - | - | 330,290 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 832,797 | - | - | - | 832,797 | |||||||||||
Accumulated deficit | -44,595 | -65 | - | - | -44,660 | |||||||||||
Less: Treasury stock, at cost | - | - | - | - | - | |||||||||||
Accumulated other comprehensive (loss) income | -740 | 115 | - | - | -625 | |||||||||||
Total stockholders' equity | 788,462 | 50 | - | - | 788,512 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,137,412 | $ | -18,610 | $ | - | $ | - | $ | 1,118,802 | ||||||
Following are the restated Consolidated Statements of Comprehensive Income (in thousands, except share and per share data): | ||||||||||||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | Operations | As restated | ||||||||||||
Revenue | $ | 457,433 | $ | 200 | $ | - | $ | -697 | $ | 456,936 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 151,050 | 1,779 | 111,242 | -39 | 264,032 | |||||||||||
Sales and marketing | - | - | 25,073 | -156 | 24,917 | |||||||||||
Sales | 15,067 | - | -15,067 | - | - | |||||||||||
Marketing | 113,478 | - | -113,478 | - | - | |||||||||||
Product development and technology | 18,746 | 605 | 3,023 | - | 22,374 | |||||||||||
General and administrative | 56,134 | -332 | -10,793 | -1,384 | 43,625 | |||||||||||
Acquisition, offering and related expenses | 50 | 31 | - | - | 81 | |||||||||||
Changes in fair value of contingent acquisition consideration | 16,065 | 1,315 | - | - | 17,380 | |||||||||||
Depreciation and amortization | 60,127 | -3,593 | - | -358 | 56,176 | |||||||||||
Total costs and expenses | 430,717 | -195 | - | -1,937 | 428,585 | |||||||||||
Income from operations | 26,716 | 395 | - | 1,240 | 28,351 | |||||||||||
Interest and other expenses, net | 24,982 | - | - | -3 | 24,979 | |||||||||||
Loss on early extinguishment of debt | 17,175 | - | - | - | 17,175 | |||||||||||
(Loss) income before taxes | -15,441 | 395 | - | 1,243 | -13,803 | |||||||||||
Income tax (benefit) expense | -5,439 | 1,589 | - | - | -3,850 | |||||||||||
Net loss from continuing operations | -10,002 | -1,194 | - | 1,243 | -9,953 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -1,243 | -1,243 | |||||||||||
Net (loss) income | $ | -10,002 | $ | -1,194 | $ | - | $ | - | $ | -11,196 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Discontinued operations | - | - | -0.01 | -0.01 | ||||||||||||
Basic net (loss) income per share | $ | -0.1 | - | -0.01 | $ | -0.11 | ||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.1 | $ | -0.01 | $ | 0.01 | $ | -0.1 | ||||||||
Discontinued operations | - | -0.01 | - | -0.01 | ||||||||||||
Diluted net loss per share | $ | -0.1 | -0.02 | 0.00 | $ | -0.11 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,108,316 | 100,108,316 | ||||||||||||||
Diluted | 100,108,316 | 100,108,316 | ||||||||||||||
Net (loss) income | $ | -10,002 | $ | -1,194 | $ | - | $ | - | $ | -11,196 | ||||||
Other comprehensive income, net of tax | 37 | -16 | - | 36 | 57 | |||||||||||
Comprehensive loss | $ | -9,965 | $ | -1,210 | $ | - | $ | 36 | $ | -11,139 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | Operations | As restated | ||||||||||||
Revenue | $ | 457,164 | $ | -944 | $ | - | $ | -251 | $ | 455,969 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 146,357 | 2,299 | 124,405 | -31 | 273,030 | |||||||||||
Sales and marketing | - | 123 | 24,043 | -69 | 24,097 | |||||||||||
Sales | 16,114 | - | -16,114 | - | - | |||||||||||
Marketing | 126,222 | - | -126,222 | - | - | |||||||||||
Product development and technology | 17,023 | 696 | 474 | - | 18,193 | |||||||||||
General and administrative | 37,431 | 2,037 | -6,586 | -1,004 | 31,878 | |||||||||||
Legal settlements | 874 | - | - | - | 874 | |||||||||||
Acquisition, offering and related expenses | 335 | 266 | - | - | 601 | |||||||||||
Restructuring charges | - | 267 | - | - | 267 | |||||||||||
Changes in fair value of contingent acquisition consideration | -2,645 | 259 | 39 | - | -2,347 | |||||||||||
Depreciation and amortization | 52,854 | -1,773 | - | -247 | 50,834 | |||||||||||
Total costs and expenses | 394,565 | 4,174 | 39 | -1,351 | 397,427 | |||||||||||
Income from operations | 62,599 | -5,118 | -39 | 1,100 | 58,542 | |||||||||||
Interest and other expenses, net | 25,771 | -198 | -39 | -1 | 25,533 | |||||||||||
Income (loss) before taxes | 36,828 | -4,920 | - | 1,101 | 33,009 | |||||||||||
Income tax expense (benefit) | 7,497 | -2,634 | - | - | 4,863 | |||||||||||
Net income (loss) from continuing operations | 29,331 | -2,286 | - | 1,101 | 28,146 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -1,101 | -1,101 | |||||||||||
Net income (loss) | $ | 29,331 | $ | -2,286 | $ | - | $ | - | $ | 27,045 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.29 | $ | -0.02 | $ | 0.01 | $ | 0.28 | ||||||||
Discontinued operations | - | - | -0.01 | -0.01 | ||||||||||||
Basic net income (loss) per share | $ | 0.29 | -0.02 | - | $ | 0.27 | ||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.29 | $ | -0.02 | $ | 0.01 | $ | 0.28 | ||||||||
Discontinued operations | - | -0.01 | -0.01 | -0.01 | ||||||||||||
Diluted net income per share | $ | 0.29 | -0.03 | -0.01 | $ | 0.27 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,985,782 | 99,985,782 | 99,985,782 | 99,985,782 | ||||||||||||
Diluted | 100,831,459 | 100,831,459 | 100,831,459 | 100,831,459 | ||||||||||||
Net income (loss) | $ | 29,331 | $ | -2,286 | $ | - | $ | - | $ | 27,045 | ||||||
Other comprehensive income, net of tax | 353 | -137 | - | 159 | 375 | |||||||||||
Comprehensive income | $ | 29,684 | $ | -2,423 | $ | - | $ | 159 | $ | 27,420 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 424,201 | $ | 460 | $ | - | $ | -336 | $ | 424,325 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 143,710 | 210 | 88,287 | -32 | 232,175 | |||||||||||
Sales and marketing | - | - | 21,853 | -187 | 21,666 | |||||||||||
Sales | 12,980 | - | -12,980 | - | - | |||||||||||
Marketing | 86,053 | - | -86,053 | - | - | |||||||||||
Product development and technology | 14,866 | 366 | 1,876 | - | 17,108 | |||||||||||
General and administrative | 36,662 | 3,713 | -12,984 | -1,083 | 26,308 | |||||||||||
Acquisition, offering and related expenses and related party fees | 44,248 | -2,905 | - | - | 41,343 | |||||||||||
Restructuring charges | 1,272 | -900 | - | - | 372 | |||||||||||
Changes in fair value of contingent acquisition consideration | 292 | - | -271 | - | 21 | |||||||||||
Depreciation and amortization | 43,536 | -294 | - | -203 | 43,039 | |||||||||||
Total costs and expenses | 383,619 | 190 | -272 | -1,505 | 382,032 | |||||||||||
Income from operations | 40,582 | 270 | 272 | 1,169 | 42,293 | |||||||||||
Interest and other expenses, net | 31,787 | -252 | 271 | - | 31,806 | |||||||||||
Loss on early extinguishment of debt | 16,629 | -3 | 1 | - | 16,627 | |||||||||||
(Loss) income before taxes | -7,834 | 525 | - | 1,169 | -6,140 | |||||||||||
Income tax expense (benefit) | 5,588 | 2 | - | - | 5,590 | |||||||||||
Net loss from continuing operations | -13,422 | 523 | - | 1,169 | -11,730 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -1,169 | -1,169 | |||||||||||
Net (loss) income | $ | -13,422 | $ | 523 | $ | - | $ | - | $ | -12,899 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.14 | $ | - | $ | - | $ | - | $ | -0.12 | ||||||
Discontinued operations | - | - | - | -0.01 | -0.02 | |||||||||||
Basic net (loss) income per share | $ | -0.14 | - | - | -0.01 | $ | -0.14 | |||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.14 | $ | 0.01 | $ | - | $ | 0.01 | $ | -0.12 | ||||||
Discontinued operations | - | -0.01 | - | - | -0.02 | |||||||||||
Diluted net loss per share | $ | -0.14 | 0 | -0.01 | 0.00 | $ | -0.14 | |||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 94,160,687 | 94,160,687 | ||||||||||||||
Diluted | 94,160,687 | 94,160,687 | ||||||||||||||
Net (loss) income | $ | -13,422 | $ | 523 | $ | - | $ | - | $ | -12,899 | ||||||
Other comprehensive income, net of tax | - | 6 | - | 15 | 21 | |||||||||||
Comprehensive loss | $ | -13,422 | $ | 529 | $ | - | $ | 15 | $ | -12,878 | ||||||
Following are the restated Consolidated Statements of Cash Flows (in thousands): | ||||||||||||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As Filed | adjustments | Reclassification | operations | As Restated | ||||||||||||
Net cash flows provided by (used in) operating activities - continuing operations | $ | 105,303 | $ | -3,416 | $ | - | $ | -402 | $ | 101,485 | ||||||
Net cash flows provided by operating activities - discontinued operations | - | - | - | 402 | 402 | |||||||||||
Net cash flows provided by (used in) operating activities | $ | 105,303 | $ | -3,416 | $ | - | $ | - | $ | 101,887 | ||||||
Net cash flows (used in) provided by investing activities - continuing operations | $ | -33,213 | $ | 630 | $ | - | $ | 369 | $ | -32,214 | ||||||
Net cash flows (used in) investing activities - discontinued operations | - | - | - | -369 | -369 | |||||||||||
Net cash flows (used in) provided by investing activities | $ | -33,213 | $ | 630 | $ | - | $ | - | $ | -32,583 | ||||||
Net cash flows provided by financing activities - continuing operations | $ | 74,410 | $ | 2,786 | $ | - | $ | - | $ | 77,196 | ||||||
Net cash flows provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash flows provided by financing activities | $ | 74,410 | $ | 2,786 | $ | - | $ | - | $ | 77,196 | ||||||
Year ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As Filed | adjustments | Reclassification | operations | As Restated | ||||||||||||
Net cash flows provided by (used in) operating activities - continuing operations | $ | 77,281 | $ | -7,332 | $ | - | $ | 58 | $ | 70,007 | ||||||
Net cash flows used in operating activities - discontinued operations | - | - | - | -58 | -58 | |||||||||||
Net cash flows provided by (used in) operating activities | $ | 77,281 | $ | -7,332 | $ | - | $ | - | $ | 69,949 | ||||||
Net cash flows (used in) provided by investing activities - continuing operations | $ | -45,334 | $ | 5,935 | $ | - | $ | 398 | $ | -39,001 | ||||||
Net cash flows used in investing activities - discontinued operations | - | - | - | -398 | -398 | |||||||||||
Net cash flows (used in) provided by investing activities | $ | -45,334 | $ | 5,935 | $ | - | $ | - | $ | -39,399 | ||||||
Net cash flows (used in) provided by financing activities - continuing operations | $ | -4,741 | $ | 1,397 | $ | - | $ | - | $ | -3,344 | ||||||
Net cash flows provided by (used in) financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash flows (used in) provided by financing activities | $ | -4,741 | $ | 1,397 | $ | - | $ | - | $ | -3,344 | ||||||
Financial_Statement_Details_Ta
Financial Statement Details (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Financial Statement Details [Abstract] | ||||||
Prepaid Expenses And Other Current Assets | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Prepaid income taxes | $ | 27,456 | $ | 4,417 | ||
Other current assets | 8,196 | 9,170 | ||||
$ | 35,652 | $ | 13,587 | |||
Furniture, Fixtures And Equipment | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Furniture and fixtures | $ | 936 | $ | 759 | ||
Computers and software | 33,757 | 25,074 | ||||
Equipment | 1,423 | 1,233 | ||||
Leasehold improvements | 1,939 | 1,716 | ||||
38,055 | 28,782 | |||||
Less accumulated depreciation and amortization | 24,756 | 17,524 | ||||
$ | 13,299 | $ | 11,258 | |||
Accrued Expenses | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Income and franchise taxes | $ | 1,551 | $ | 10,492 | ||
Accrued payroll and related benefits | 8,152 | 8,409 | ||||
Due to distribution partners | 8,448 | 7,539 | ||||
Marketing | 4,883 | 4,269 | ||||
Accrued SEC settlement | 15,000 | - | ||||
Other | 7,996 | 7,977 | ||||
$ | 46,030 | $ | 38,686 | |||
Other Current Liabilities | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Current contingent acquisition consideration | $ | 13,623 | $ | 24,529 | ||
Other | 6 | 40 | ||||
$ | 13,629 | $ | 24,569 | |||
Other Liabilities | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | (restated) | |||||
Noncurrent contingent acquisition consideration | $ | 5,448 | $ | 14,348 | ||
Liability for uncertain tax positions | 5,174 | 13,615 | ||||
Other | 227 | 223 | ||||
$ | 10,849 | $ | 28,186 | |||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill And Intangible Assets [Abstract] | ||||||||||||
Summary Of Goodwill Activity | ||||||||||||
(In thousands) | ||||||||||||
Balance, January 1, 2014 (restated) | $ | 611,233 | ||||||||||
Acquisition of Caring, Inc. | 22,998 | |||||||||||
Acquisition of certain assets and liabilities of various entities | 7,318 | |||||||||||
Adjustment during the measurement period of previous acquisition | -182 | |||||||||||
Balance, December 31, 2014 | $ | 641,367 | ||||||||||
Components Of Intangible Assets Subject To Amortization | Intangible assets subject to amortization were as follows as of December 31, 2014: | |||||||||||
(In thousands) | Cost | Accumulated Amortization | Net | Weighted Average Amortization Period Years | ||||||||
Trademarks and URLs | $ | 293,241 | $ | -75,176 | $ | 218,065 | 15.7 | |||||
Customer relationships | 223,906 | -122,201 | 101,705 | 8.7 | ||||||||
Affiliate relationships | 22,780 | -12,617 | 10,163 | 8.3 | ||||||||
Developed technology | 27,728 | -18,673 | 9,055 | 4.5 | ||||||||
$ | 567,655 | $ | -228,667 | $ | 338,988 | 12.1 | ||||||
Intangible assets subject to amortization were as follows as of December 31, 2013: | ||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Amortization Period Years | |||||||||
(In thousands) | (restated) | (restated) | (restated) | |||||||||
Trademarks and URLs | $ | 253,400 | $ | -52,654 | $ | 200,746 | 16.9 | |||||
Customer relationships | 224,041 | -96,523 | 127,518 | 8.7 | ||||||||
Affiliate relationships | 22,740 | -11,721 | 11,019 | 8.3 | ||||||||
Developed technology | 24,134 | -16,242 | 7,892 | 4.4 | ||||||||
$ | 524,315 | $ | -177,140 | $ | 347,175 | 12.4 | ||||||
Summary Of Future Amortization Expense | ||||||||||||
Amortization | ||||||||||||
(In thousands) | Expense | |||||||||||
2015 | $ | 53,991 | ||||||||||
2016 | 53,035 | |||||||||||
2017 | 48,296 | |||||||||||
2018 | 38,594 | |||||||||||
2019 | 26,046 | |||||||||||
Thereafter | 119,026 | |||||||||||
Total expected amortization expense for intangible assets | $ | 338,988 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Schedule Of Computation Of Basic And Diluted Earnings Per Share | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2012 | |||||||
(restated) | (restated) | |||||||||
Net income (loss) from continuing operations | $ | 6,093 | $ | -9,953 | $ | 28,146 | ||||
Net loss from discontinued operations, net of income taxes | -921 | -1,243 | -1,101 | |||||||
Net income (loss) | $ | 5,172 | $ | -11,196 | $ | 27,045 | ||||
Weighted average common shares outstanding for basic earnings per share | 100,399,458 | 100,108,316 | 99,985,782 | |||||||
Additional dilutive shares related to share based awards | 2,017,815 | - | 845,677 | |||||||
Weighted average common shares outstanding for diluted earnings per share | 102,417,273 | 100,108,316 | 100,831,459 | |||||||
Basic net income (loss) per share: | ||||||||||
Continuing operations | $ | 0.06 | $ | -0.1 | $ | 0.28 | ||||
Discontinued operations | -0.01 | -0.01 | -0.01 | |||||||
Basic net income (loss) per share | $ | 0.05 | $ | -0.11 | $ | 0.27 | ||||
Diluted net income (loss) per share: | ||||||||||
Continuing operations | $ | 0.06 | $ | -0.1 | $ | 0.28 | ||||
Discontinued operations | -0.01 | -0.01 | -0.01 | |||||||
Diluted net income (loss) per share | $ | 0.05 | $ | -0.11 | $ | 0.27 | ||||
Segment_Information_Geographic1
Segment Information, Geographic Data And Concentrations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information, Geographic Data And Concentrations [Abstract] | ||||||||||
Schedule Of Revenue And Long-Lived Assets | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
(restated) | (restated) | |||||||||
Revenue: | ||||||||||
U.S. | $ | 540,257 | $ | 451,381 | $ | 447,925 | ||||
International | 4,686 | 5,555 | 8,044 | |||||||
$ | 544,943 | $ | 456,936 | $ | 455,969 | |||||
December 31, | December 31, | |||||||||
(In thousands) | 2014 | 2013 | ||||||||
(restated) | ||||||||||
Long lived assets: | ||||||||||
U.S. | $ | 990,768 | $ | 966,149 | ||||||
International | 2,886 | 3,517 | ||||||||
Balance, end of period | $ | 993,654 | $ | 969,666 | ||||||
Schedule Of Revenue By Reportable Segments | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | (restated) | (restated) | ||||||||
Revenue: | ||||||||||
Banking | $ | 118,465 | $ | 109,057 | $ | 111,596 | ||||
Credit Cards | 226,869 | 192,173 | 138,718 | |||||||
Insurance | 194,639 | 160,657 | 209,802 | |||||||
Other | 4,970 | -4,951 | -4,147 | |||||||
Total Company | $ | 544,943 | $ | 456,936 | $ | 455,969 | ||||
Year ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | (restated) | (restated) | ||||||||
Adjusted EBITDA: | ||||||||||
Banking | $ | 44,854 | $ | 42,529 | $ | 45,805 | ||||
Credit Cards | 92,227 | 81,596 | 60,038 | |||||||
Insurance | 25,223 | 11,843 | 24,849 | |||||||
Other | -19,282 | -13,761 | -11,551 | |||||||
Total Adjusted EBITDA | $ | 143,022 | $ | 122,207 | $ | 119,141 | ||||
Interest and other expense | 20,831 | 24,979 | 25,533 | |||||||
Depreciation and amortization | 58,628 | 56,176 | 50,834 | |||||||
Change in fair value of contingent liabilities | 3,633 | 17,380 | -2,347 | |||||||
Stock-based compensation expense (A) | 17,067 | 12,148 | 9,121 | |||||||
Loss on extinguishment of debt | - | 17,175 | - | |||||||
Acquisition, offering and related expenses | 3,590 | 81 | 601 | |||||||
Restatement charges (B) | 23,586 | 1,269 | 1,249 | |||||||
Impact of purchase accounting | 556 | - | - | |||||||
Other non-recurring charges (C) | 1,403 | 6,802 | 1,141 | |||||||
Income tax expense (benefit) | 7,635 | -3,850 | 4,863 | |||||||
Net income (loss) from continuing operations | $ | 6,093 | $ | -9,953 | $ | 28,146 | ||||
(A) | Excludes $5.8 million related to CEO transition in 2013, which is included in Other non-recurring charges. | |||||||||
(B) | Restatement charges include expenses related to unusual regulatory actions, the Internal Review, restatement of our financial statements and related litigation. | |||||||||
Other non-recurring charges includes legal settlements of $1.4 million and $874,000 for the years ending December 31, 2014 and 2012, respectively, CEO transition costs of approximately $6.8 million (of which $5.8 million is stock-based compensation) for the year ended December 31, 2013, and restructuring charges of $267,000 for the year ended December 31, 2012. | ||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Measurement [Abstract] | |||||||||||||
Estimated Fair Value And Related Carrying Amounts | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
(In thousands) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||
Financial Liabilities: | |||||||||||||
Long term debt | $ | 297,598 | $ | 280,500 | $ | 297,021 | $ | 312,000 | |||||
Fair Value Measurement Of Contingent Acquisition Consideration | |||||||||||||
Fair Value Measurement at December 31, 2014 Using | |||||||||||||
(In thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||
Recurring fair value measurement: | |||||||||||||
Contingent acquisition consideration | $ | - | $ | - | $ | 19,028 | $ | 19,028 | |||||
Total recurring fair value measurements | $ | - | $ | - | $ | 19,028 | $ | 19,028 | |||||
Fair Value Measurement at December 31, 2013 Using | |||||||||||||
(In thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||
(restated) | (restated) | (restated) | (restated) | ||||||||||
Recurring fair value measurement: | |||||||||||||
Contingent acquisition consideration | $ | - | $ | - | $ | 38,762 | $ | 38,762 | |||||
Total recurring fair value measurements | $ | - | $ | - | $ | 38,762 | $ | 38,762 | |||||
Reconciliation Of Changes In Fair Value Of Company's Level 3 Financial Assets | |||||||||||||
Contingent Acquisition Consideration | |||||||||||||
Year ended | |||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
(restated) | (restated) | ||||||||||||
Balance at beginning of period | $ | 38,762 | $ | 15,882 | $ | 950 | |||||||
Additions to Level 3 | 1,930 | 11,600 | 20,800 | ||||||||||
Transfers into Level 3 | - | - | - | ||||||||||
Transfers out of Level 3 | - | -100 | - | ||||||||||
Change in fair value | 3,633 | 17,380 | -2,628 | ||||||||||
Payments | -25,297 | -6,000 | -3,240 | ||||||||||
Balance at end of period | $ | 19,028 | $ | 38,762 | $ | 15,882 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||
Stock-based Compensation Expense For Stock Options And Restricted Stock Awards | |||||||||||||
Year ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
(restated) | (restated) | ||||||||||||
Cost of revenue | $ | 1,518 | $ | 789 | $ | 599 | |||||||
Sales and marketing | 2,586 | 3,088 | 2,400 | ||||||||||
Product development and technology | 2,736 | 1,667 | 1,493 | ||||||||||
General and administrative | 10,227 | 12,416 | 4,629 | ||||||||||
Total stock-based compensation | $ | 17,067 | $ | 17,960 | $ | 9,121 | |||||||
Summary Of Restricted Stock Award Activity | |||||||||||||
Weighted Average | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Fair Value | ||||||||||||
Balance, December 31, 2011 | 112,135 | $ | 15.00 | ||||||||||
Granted | - | - | |||||||||||
Vested and released | -102,035 | 15.00 | |||||||||||
Forfeited | -10,100 | 15.00 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2012 | - | - | |||||||||||
Granted | 1,079,154 | 15.59 | |||||||||||
Vested and released | -70,000 | 14.77 | |||||||||||
Forfeited | -35,961 | 15.37 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2013 | 973,193 | 15.66 | |||||||||||
Granted | 1,688,632 | 13.98 | |||||||||||
Vested and released | -336,395 | 15.39 | |||||||||||
Forfeited | -163,048 | 15.50 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2014 | 2,162,382 | 14.40 | |||||||||||
Schedule Of Performance Based Shares | |||||||||||||
Weighted Average | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Fair Value | ||||||||||||
Balance, December 31, 2012 | - | - | |||||||||||
Granted | 422,000 | $ | 14.77 | ||||||||||
Vested and released | - | - | |||||||||||
Forfeited | -2,500 | 14.77 | |||||||||||
Expired | - | - | |||||||||||
Balance, December 31, 2013 | 419,500 | 14.77 | |||||||||||
Granted | 1,217,145 | 15.77 | |||||||||||
Vested/Earned | - | - | |||||||||||
Forfeited | -196,425 | 16.06 | |||||||||||
Unearned | -419,500 | 14.77 | |||||||||||
Balance, December 31, 2014 | 1,020,720 | 15.71 | |||||||||||
Stock Option Activity | |||||||||||||
Number of | Price | Weighted Average | Aggregate | ||||||||||
Shares | Per Share | Exercise Price | Intrinsic Value | ||||||||||
Balance, January 1, 2012 | 5,000,000 | $ | 14.32 - 19.79 | $ | 15.09 | $ | 32,036,400 | ||||||
Granted | 440,000 | 11.17 - 24.25 | 19.27 | ||||||||||
Exercised | -97,469 | 15.00 | 15.00 | ||||||||||
Forfeited | -336,877 | 15.00 | 15.00 | ||||||||||
Expired | - | - | - | ||||||||||
Balance, December 31, 2012 | 5,005,654 | 11.17 - 24.25 | 15.49 | 51,200 | |||||||||
Granted | 355,000 | 11.05 - 20.77 | 18.46 | ||||||||||
Exercised | -188,851 | 14.32 - 15.00 | 14.98 | ||||||||||
Forfeited | -113,260 | 14.32 - 17.55 | 15.17 | ||||||||||
Expired | - | - | - | ||||||||||
Balance, December 31, 2013 | 5,058,543 | 11.05 - 24.25 | 15.70 | 13,167,000 | |||||||||
Granted | - | - | - | ||||||||||
Exercised | -1,520,938 | 11.05 - 18.08 | 15.01 | ||||||||||
Forfeited | -174,866 | 14.32 - 23.71 | 16.79 | ||||||||||
Expired | -537,030 | 14.32 - 23.71 | 15.53 | ||||||||||
Balance, December 31, 2014 | 2,825,709 | 11.05 - 24.25 | 16.04 | 85,250 | |||||||||
Weighted Average Assumptions Used To Calculate Fair Value | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average assumptions: | |||||||||||||
Weighted average grant date fair value | - | $ | 8.82 | $ | 9.58 | ||||||||
Expected volatility | - | 56.82% | 60.40% | ||||||||||
Risk free rate | - | 1.18% | 0.69% | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Schedule Of Income (Loss) From Continuing Operations Before Income Taxes | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
U.S. | $ | 15,395 | $ | -12,269 | $ | 33,943 | |||
International | -1,667 | -1,534 | -934 | ||||||
Income (loss) from continuing operations | $ | 13,728 | $ | -13,803 | $ | 33,009 | |||
Schedule Of Components Of Income Tax Expense (Benefit) | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
Current: | |||||||||
Federal | $ | 9,218 | $ | 10,607 | $ | -3,829 | |||
State | -1,201 | 4,199 | 1,876 | ||||||
Total current | 8,017 | 14,806 | -1,953 | ||||||
Deferred: | |||||||||
Federal | -2,348 | -16,800 | 6,138 | ||||||
State | 1,966 | -1,856 | 678 | ||||||
Total deferred | -382 | -18,656 | 6,816 | ||||||
Total income tax expense (benefit) | $ | 7,635 | $ | -3,850 | $ | 4,863 | |||
Schedule Of Effective Income Tax Rate Reconciliation | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
Income taxes at statutory rate | $ | 4,805 | $ | -4,831 | $ | 11,553 | |||
State income taxes, net of federal benefit | 1,678 | -1,042 | 1,875 | ||||||
Foreign losses | 583 | 537 | 327 | ||||||
Permanent items | 6,287 | -259 | -2,020 | ||||||
Adjustment to income tax payable | -591 | 712 | 319 | ||||||
Uncertain tax positions | -8,441 | 3,648 | -4,779 | ||||||
Adjustment to deferred tax assets | 488 | -2,925 | -438 | ||||||
Rate changes | -647 | 3 | 544 | ||||||
IRS and state audits | 407 | - | -2,518 | ||||||
Stock compensation | 2,264 | 307 | - | ||||||
State amendment tax returns | -684 | - | - | ||||||
IRC Sec. 481(a) adjustment | 916 | - | - | ||||||
Valuation adjustment | 570 | - | - | ||||||
Total income tax expense (benefit) | $ | 7,635 | $ | -3,850 | $ | 4,863 | |||
Schedule Of Deferred Tax Assets And Liabilities | |||||||||
December 31, | December 31, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
(restated) | |||||||||
Deferred tax assets (liabilities): | |||||||||
Allowance for doubtful accounts | $ | 165 | $ | 241 | |||||
Accrued expenses | 986 | 1,446 | |||||||
Prepaid expenses | -2,586 | -2,226 | |||||||
Net operating loss carryforwards | 2,197 | 673 | |||||||
Valuation allowance | -172 | - | |||||||
Accrued earnout contingencies | 5,817 | 9,124 | |||||||
Total current deferred tax assets | 6,407 | 9,258 | |||||||
Intangibles acquired | -112,562 | -99,174 | |||||||
Depreciation and amortization | 38,159 | 25,969 | |||||||
Stock compensation | 9,127 | 10,399 | |||||||
Net operating loss carryforwards | 16,096 | 3,720 | |||||||
Valuation allowances | -2,341 | -606 | |||||||
Accrued earnout contingencies | -112 | 3,192 | |||||||
Total noncurrent deferred tax liabilities | -51,633 | -56,500 | |||||||
Total net deferred tax liabilities | $ | -45,226 | $ | -47,242 | |||||
Schedule Of Deferred Tax Assets And Liabilities, Classification | |||||||||
December 31, | December 31, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
(restated) | |||||||||
Deferred tax assets: | |||||||||
Total current deferred assets | $ | 8,993 | $ | 11,484 | |||||
Total noncurrent deferred assets | 73,194 | 53,827 | |||||||
82,187 | 65,311 | ||||||||
Deferred tax liabilities: | |||||||||
Total current deferred liabilities | -2,586 | -2,226 | |||||||
Total noncurrent deferred liabilities | -124,827 | -110,327 | |||||||
-127,413 | -112,553 | ||||||||
Total net deferred tax liabilities | $ | -45,226 | $ | -47,242 | |||||
Schedule Of Unrecognized Tax Benefits | |||||||||
Year ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||
(restated) | (restated) | ||||||||
Unrecognized tax benefits, beginning balance | $ | 13,615 | $ | 9,967 | $ | 14,746 | |||
Additions for prior year tax positions | 1,812 | 2,507 | - | ||||||
Reductions for prior year tax positions | -9,838 | - | -4,779 | ||||||
Reductions for lapse in statute | -415 | - | - | ||||||
Additions for current year tax positions | - | 1,141 | - | ||||||
Unrecognized tax benefits, ending balance | $ | 5,174 | $ | 13,615 | $ | 9,967 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments And Contingencies [Abstract] | ||||||
Schedule Of Future Minimum Lease Payments | ||||||
Operating leases | Capital leases | |||||
Year ending December 31, | ||||||
2015 | $ | 4,068 | $ | 17 | ||
2016 | 3,073 | - | ||||
2017 | 1,491 | - | ||||
2018 | 1,410 | - | ||||
2019 | 806 | - | ||||
Thereafter | 5,953 | - | ||||
Total minimum lease payments | $ | 16,801 | 17 | |||
Less interest | - | |||||
Present value of minimum capital lease payments | 17 | |||||
Obligations under capital leases, current | 17 | |||||
Obligations under capital leases, noncurrent | $ | - | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Acquisitions [Abstract] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ||||||
Preliminary | ||||||
Acquisition Date | ||||||
(In thousands) | Estimated Fair Value | |||||
Current assets, net of cash acquired | $ | 1,490 | ||||
Property and equipment, net | 76 | |||||
Intangible assets | 29,500 | |||||
Goodwill | 22,998 | |||||
Deferred tax asset | 12,994 | |||||
Other noncurrent assets | 76 | |||||
Current liabilities | -2,174 | |||||
Deferred tax liability | -11,269 | |||||
Other noncurrent liabilities | -6 | |||||
Preliminary purchase price | $ | 53,685 | ||||
Schedule of Estimated Weighted Average Amortization Periods For Intangible Assets | ||||||
Weighted Average | ||||||
Amortization Period | ||||||
(Years) | ||||||
Trademarks and URLs | 10.0 | |||||
Customer relationships | 7.0 | |||||
Developed technology | 8.0 | |||||
Schedule of Business Acquisition, Pro Forma Information | ||||||
Year ended | ||||||
December 31, | December 31, | |||||
(In thousands) | 2014 | 2013 | ||||
Total revenue | $ | 548,767 | $ | 463,538 | ||
Net income (loss) from continuing operations | $ | 3,166 | $ | -17,378 | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Discontinued Operations [Abstract] | |||||||||||
Schedule Of Discontinued Operations In The Consolidated Financial Statements | The following table presents the carrying amounts of major classes of assets and liabilities of the discontinued operation that are classified as held for sale in the consolidated balance sheets: | ||||||||||
December 31, | December 31, | ||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Cash and cash equivalents | $ | 326 | $ | 397 | |||||||
Accounts receivable, net | 479 | 103 | |||||||||
Prepaid expenses and other current assets | 177 | 285 | |||||||||
Total current assets | 982 | 785 | |||||||||
Furniture, fixtures and equipment, net | 635 | 511 | |||||||||
Intangible assets, net | 10 | 180 | |||||||||
Total assets classified as held for sale | $ | 1,627 | $ | 1,476 | |||||||
Accounts payable | 5 | 5 | |||||||||
Accrued expenses | 442 | 14 | |||||||||
Deferred revenue and customer deposits | 194 | 127 | |||||||||
Other current liabilities | 433 | 26 | |||||||||
Total current liabilities | 1,074 | 172 | |||||||||
Total liabilities classified as subject to sale | $ | 1,074 | $ | 172 | |||||||
The following table presents the major classes of line items constituting pretax loss of discontinued operations to the after-tax loss of the discontinued operation that are presented in the consolidated statement of comprehensive income: | |||||||||||
Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Revenue | $ | 1,747 | $ | 697 | $ | 251 | |||||
Costs and expenses: | |||||||||||
Cost of revenue (excludes depreciation and amortization) | 777 | 39 | 31 | ||||||||
Sales and marketing | 442 | 156 | 69 | ||||||||
Product development and technology | 358 | - | - | ||||||||
General and administrative | 734 | 1,384 | 1,004 | ||||||||
Depreciation and amortization | 361 | 358 | 247 | ||||||||
Interest (income) expense, net and other | -4 | 3 | 1 | ||||||||
Loss from discontinued operations before taxes | -921 | -1,243 | -1,101 | ||||||||
Income tax benefit | - | - | - | ||||||||
Net loss from discontinued operations | $ | -921 | $ | -1,243 | $ | -1,101 | |||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||
Schedule Of Quarterly Statement Of Income | Following are the Condensed Consolidated Balance Sheets for 2011 as of (tables in thousands, except per share data): | |||||||||||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 61,285 | $ | - | $ | - | $ | -292 | $ | 60,993 | ||||||
Accounts receivable, net | 61,510 | 479 | - | - | 61,989 | |||||||||||
Deferred income taxes | 16,326 | -6,245 | - | - | 10,081 | |||||||||||
Prepaid expenses and other current assets | 21,554 | -607 | - | -136 | 20,811 | |||||||||||
Assets held for sale | - | - | - | 889 | 889 | |||||||||||
Total current assets | 160,675 | -6,373 | - | 461 | 154,763 | |||||||||||
Furniture, fixtures and equipment, net | 7,380 | -333 | - | -396 | 6,651 | |||||||||||
Intangible assets, net | 353,839 | - | - | -65 | 353,774 | |||||||||||
Goodwill | 573,695 | -1,287 | - | - | 572,408 | |||||||||||
Other assets | 12,588 | 163 | - | - | 12,751 | |||||||||||
Total assets | $ | 1,108,177 | $ | -7,830 | $ | - | $ | - | $ | 1,100,347 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 8,379 | $ | - | $ | - | $ | -7 | $ | 8,372 | ||||||
Accrued expenses | 27,126 | -2,161 | - | -98 | 24,867 | |||||||||||
Deferred revenue and customer deposits | 3,526 | - | - | -50 | 3,476 | |||||||||||
Accrued interest | 10,565 | - | - | - | 10,565 | |||||||||||
Other current liabilities | 2,142 | -190 | - | -7 | 1,945 | |||||||||||
Liabilities subject to sale | - | - | - | 162 | 162 | |||||||||||
Total current liabilities | 51,738 | -2,351 | - | - | 49,387 | |||||||||||
Deferred income taxes | 83,546 | -4,986 | - | - | 78,560 | |||||||||||
Long term debt, net of unamortized discount | 193,463 | - | - | - | 193,463 | |||||||||||
Other liabilities | 17,047 | 236 | - | - | 17,283 | |||||||||||
Total liabilities | 345,794 | -7,101 | - | - | 338,693 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 827,706 | - | - | - | 827,706 | |||||||||||
Accumulated deficit | -65,772 | -833 | - | - | -66,605 | |||||||||||
Accumulated other comprehensive (loss) income | -551 | 104 | - | - | -447 | |||||||||||
Total stockholders' equity | 762,383 | -729 | - | - | 761,654 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,108,177 | $ | -7,830 | $ | - | $ | - | $ | 1,100,347 | ||||||
As of | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 64,489 | $ | - | $ | - | $ | -573 | $ | 63,916 | ||||||
Accounts receivable, net | 69,205 | 1,055 | - | -34 | 70,226 | |||||||||||
Deferred income taxes | 16,326 | -6,245 | - | - | 10,081 | |||||||||||
Prepaid expenses and other current assets | 10,921 | -547 | - | -135 | 10,239 | |||||||||||
Assets held for sale | - | - | - | 1,222 | 1,222 | |||||||||||
Total current assets | 160,941 | -5,737 | - | 480 | 155,684 | |||||||||||
Furniture, fixtures and equipment, net | 9,321 | -601 | - | -405 | 8,315 | |||||||||||
Intangible assets, net | 352,299 | -2,269 | - | -75 | 349,955 | |||||||||||
Goodwill | 573,745 | -1,337 | - | - | 572,408 | |||||||||||
Other assets | 10,691 | - | - | - | 10,691 | |||||||||||
Total assets | $ | 1,106,997 | $ | -9,944 | $ | - | $ | - | $ | 1,097,053 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,936 | $ | -180 | $ | - | $ | -13 | $ | 7,743 | ||||||
Accrued expenses | 20,139 | -2,169 | - | -101 | 17,869 | |||||||||||
Deferred revenue and customer deposits | 2,662 | - | - | -43 | 2,619 | |||||||||||
Accrued interest | 4,859 | - | - | - | 4,859 | |||||||||||
Other current liabilities | 3,477 | -1,460 | - | -12 | 2,005 | |||||||||||
Liabilities subject to sale | - | - | - | 169 | 169 | |||||||||||
Total current liabilities | 39,073 | -3,809 | - | - | 35,264 | |||||||||||
Deferred income taxes | 83,546 | -4,986 | - | - | 78,560 | |||||||||||
Long term debt, net of unamortized discount | 193,537 | - | - | - | 193,537 | |||||||||||
Other liabilities | 18,949 | -803 | - | - | 18,146 | |||||||||||
Total liabilities | 335,105 | -9,598 | - | - | 325,507 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 830,215 | 1 | - | - | 830,216 | |||||||||||
Accumulated deficit | -58,640 | -457 | - | - | -59,097 | |||||||||||
Accumulated other comprehensive (loss) income | -683 | 110 | - | - | -573 | |||||||||||
Total stockholders' equity | 771,892 | -346 | - | - | 771,546 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,106,997 | $ | -9,944 | $ | - | $ | - | $ | 1,097,053 | ||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2011 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 99,078 | $ | - | $ | - | $ | -82 | $ | 98,996 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,965 | 129 | 17,075 | -7 | 55,162 | |||||||||||
Sales and marketing | - | - | 4,068 | -54 | 4,014 | |||||||||||
Sales | 2,940 | - | -2,940 | - | - | |||||||||||
Marketing | 16,098 | - | -16,098 | - | - | |||||||||||
Product development and technology | 3,470 | 4 | 128 | - | 3,602 | |||||||||||
General and administrative | 7,729 | 741 | -2,233 | -259 | 5,978 | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,473 | -897 | - | - | 576 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | - | - | -24 | - | -24 | |||||||||||
Depreciation and amortization | 10,846 | -73 | - | -49 | 10,724 | |||||||||||
Total costs and expenses | 80,521 | -96 | -24 | -369 | 80,032 | |||||||||||
Income (loss) from operations | 18,557 | 96 | 24 | 287 | 18,964 | |||||||||||
Interest and other expenses, net | 9,396 | -75 | 24 | - | 9,345 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
Income (loss) before taxes | 9,161 | 171 | - | 287 | 9,619 | |||||||||||
Income tax expense (benefit) | 4,099 | 76 | - | - | 4,175 | |||||||||||
Net income (loss) from continuing operations | 5,062 | 95 | - | 287 | 5,444 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -287 | -287 | |||||||||||
Net income (loss) | $ | 5,062 | $ | 95 | $ | - | $ | - | $ | 5,157 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.06 | $ | 0.06 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.06 | $ | 0.06 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 87,379,865 | 87,379,865 | ||||||||||||||
Diluted | 87,379,865 | 87,379,865 | ||||||||||||||
Net income (loss) | $ | 5,062 | $ | 95 | $ | - | $ | - | $ | 5,157 | ||||||
Other comprehensive income, net of tax | 207 | 4 | - | 1 | 212 | |||||||||||
Comprehensive income | $ | 5,269 | $ | 99 | $ | - | $ | 1 | $ | 5,369 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 98,449 | $ | - | $ | - | $ | -56 | $ | 98,393 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 35,310 | -169 | 19,364 | -8 | 54,497 | |||||||||||
Sales and marketing | - | - | 5,726 | 2 | 5,728 | |||||||||||
Sales | 3,018 | - | -3,018 | - | - | |||||||||||
Marketing | 19,604 | - | -19,604 | - | - | |||||||||||
Product development and technology | 3,652 | -87 | 203 | - | 3,768 | |||||||||||
General and administrative | 7,259 | 867 | -2,669 | -223 | 5,234 | |||||||||||
Acquisition, offering and related expenses and related party fees | 38,222 | -174 | - | - | 38,048 | |||||||||||
Restructuring charges | 238 | - | - | - | 238 | |||||||||||
Changes in fair value of contingent acquisition consideration | - | 2 | 43 | - | 45 | |||||||||||
Depreciation and amortization | 10,820 | -15 | - | -50 | 10,755 | |||||||||||
Total costs and expenses | 118,123 | 424 | 45 | -279 | 118,313 | |||||||||||
Income (loss) from operations | -19,674 | -424 | -45 | 223 | -19,920 | |||||||||||
Interest and other expenses, net | 9,524 | - | -43 | - | 9,481 | |||||||||||
Loss on early extinguishment of debt | 16,629 | - | -2 | - | 16,627 | |||||||||||
(Loss) income before taxes | -45,827 | -424 | - | 223 | -46,028 | |||||||||||
Income tax (benefit) expense | -6,166 | -82 | - | - | -6,248 | |||||||||||
Net loss from continuing operations | -39,661 | -342 | - | 223 | -39,780 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -223 | -223 | |||||||||||
Net (loss) income | $ | -39,661 | $ | -342 | $ | - | $ | - | $ | -40,003 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.44 | $ | -0.45 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.44 | $ | -0.45 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.44 | $ | -0.45 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.44 | $ | -0.45 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 89,302,942 | 89,302,942 | ||||||||||||||
Diluted | 89,302,942 | 89,302,942 | ||||||||||||||
Net (loss) income | $ | -39,661 | $ | -342 | $ | - | $ | - | $ | -40,003 | ||||||
Other comprehensive loss, net of tax | -18 | -5 | - | 10 | -13 | |||||||||||
Comprehensive loss | $ | -39,679 | $ | -347 | $ | - | $ | 10 | $ | -40,016 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 112,904 | $ | 460 | $ | - | $ | -94 | $ | 113,270 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 38,071 | 360 | 24,921 | -8 | 63,344 | |||||||||||
Sales and marketing | - | - | 5,846 | -23 | 5,823 | |||||||||||
Sales | 3,620 | - | -3,620 | - | - | |||||||||||
Marketing | 24,007 | - | -24,007 | - | - | |||||||||||
Product development and technology | 3,696 | 336 | 709 | - | 4,741 | |||||||||||
General and administrative | 9,990 | 984 | -3,849 | -259 | 6,866 | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,163 | -651 | - | - | 512 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | - | - | - | - | - | |||||||||||
Depreciation and amortization | 10,899 | -63 | - | -55 | 10,781 | |||||||||||
Total costs and expenses | 91,446 | 966 | - | -345 | 92,067 | |||||||||||
Income (loss) from operations | 21,458 | -506 | - | 251 | 21,203 | |||||||||||
Interest and other expenses, net | 6,519 | - | - | - | 6,519 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
Income (loss) before taxes | 14,939 | -506 | - | 251 | 14,684 | |||||||||||
Income tax expense (benefit) | 7,807 | -881 | - | - | 6,926 | |||||||||||
Net income (loss) from continuing operations | 7,132 | 375 | - | 251 | 7,758 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -251 | -251 | |||||||||||
Net income (loss) | $ | 7,132 | $ | 375 | $ | - | $ | - | $ | 7,507 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.08 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.07 | $ | 0.08 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.08 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.07 | $ | 0.07 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,879,865 | 99,879,865 | ||||||||||||||
Diluted | 100,427,391 | 100,427,391 | ||||||||||||||
Net income (loss) | $ | 7,132 | $ | 375 | $ | - | $ | - | $ | 7,507 | ||||||
Other comprehensive loss, net of tax | -132 | 2 | - | 4 | -126 | |||||||||||
Comprehensive income | $ | 7,000 | $ | 377 | $ | - | $ | 4 | $ | 7,381 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 113,769 | $ | 1 | $ | - | $ | -104 | $ | 113,666 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 32,364 | -110 | 26,927 | -9 | 59,172 | |||||||||||
Sales and marketing | - | - | 6,213 | -112 | 6,101 | |||||||||||
Sales | 3,402 | - | -3,402 | - | - | |||||||||||
Marketing | 26,344 | - | -26,344 | - | - | |||||||||||
Product development and technology | 4,048 | 113 | 836 | - | 4,997 | |||||||||||
General and administrative | 11,684 | 1,121 | -4,233 | -342 | 8,230 | |||||||||||
Acquisition, offering and related expenses and related party fees | 3,390 | -1,183 | - | - | 2,207 | |||||||||||
Restructuring charges | 1,034 | -900 | - | - | 134 | |||||||||||
Changes in fair value of contingent acquisition consideration | 292 | -2 | -290 | - | - | |||||||||||
Depreciation and amortization | 10,971 | -143 | - | -49 | 10,779 | |||||||||||
Total costs and expenses | 93,529 | -1,104 | -293 | -512 | 91,620 | |||||||||||
Income (loss) from operations | 20,240 | 1,105 | 293 | 408 | 22,046 | |||||||||||
Interest and other expenses, net | 6,347 | -176 | 290 | - | 6,461 | |||||||||||
Loss on early extinguishment of debt | - | -3 | 3 | - | - | |||||||||||
Income (loss) before taxes | 13,893 | 1,284 | - | 408 | 15,585 | |||||||||||
Income tax expense (benefit) | -152 | 889 | - | - | 737 | |||||||||||
Net income (loss) from continuing operations | 14,045 | 395 | - | 408 | 14,848 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -408 | -408 | |||||||||||
Net income (loss) | $ | 14,045 | $ | 395 | $ | - | $ | - | $ | 14,440 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.15 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.14 | $ | 0.15 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.15 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.14 | $ | 0.14 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,879,865 | 99,879,865 | ||||||||||||||
Diluted | 100,933,237 | 100,933,237 | ||||||||||||||
Net income (loss) | $ | 14,045 | $ | 395 | $ | - | $ | - | $ | 14,440 | ||||||
Other comprehensive loss, net of tax | -57 | 5 | - | - | -52 | |||||||||||
Comprehensive income | $ | 13,988 | $ | 400 | $ | - | $ | - | $ | 14,388 | ||||||
Following are the Condensed Consolidated Statements of Cash Flows for the year to date periods ended 2011 (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash used in operating activities - continuing operations | $ | -1,200 | $ | -174 | $ | - | $ | -7 | $ | -1,381 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 7 | 7 | |||||||||||
Net cash used in operating activities | $ | -1,200 | $ | -174 | $ | - | $ | - | $ | -1,374 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -15,234 | $ | 174 | $ | - | $ | 94 | $ | -14,966 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -94 | -94 | |||||||||||
Net cash used in investing activities | $ | -15,234 | $ | 174 | $ | - | $ | - | $ | -15,060 | ||||||
Net cash used in financing activities - continuing operations | $ | -61,829 | $ | - | $ | - | $ | - | $ | -61,829 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -61,829 | $ | - | $ | - | $ | - | $ | -61,829 | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash (used in) provided by operating activities - continuing operations | $ | -18,904 | $ | 59 | $ | - | $ | -96 | $ | -18,941 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 96 | 96 | |||||||||||
Net cash used in operating activities | $ | -18,904 | $ | 59 | $ | - | $ | - | $ | -18,845 | ||||||
Net cash used in investing activities - continuing operations | $ | -23,561 | $ | -59 | $ | - | $ | 172 | $ | -23,448 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -172 | -172 | |||||||||||
Net cash used in investing activities | $ | -23,561 | $ | -59 | $ | - | $ | - | $ | -23,620 | ||||||
Net cash used in financing activities - continuing operations | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Year to Date | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash used in operating activities - continuing operations | $ | -7,748 | $ | -405 | $ | - | $ | -449 | $ | -8,602 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | 449 | 449 | ||||||||||||
Net cash used in operating activities | $ | -7,748 | $ | -405 | $ | - | $ | - | $ | -8,153 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -31,430 | $ | 405 | $ | - | $ | 247 | $ | -30,778 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -247 | -247 | |||||||||||
Net cash used in investing activities | $ | -31,430 | $ | 405 | $ | - | $ | - | $ | -31,025 | ||||||
Net cash used in financing activities - continuing operations | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -11,797 | $ | - | $ | - | $ | - | $ | -11,797 | ||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2011 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 5,062 | $ | 95 | $ | - | $ | 287 | $ | 5,444 | ||||||
Interest and other expenses | 9,396 | -75 | 24 | - | 9,345 | |||||||||||
Income tax (benefit) expense | 4,099 | 76 | - | - | 4,175 | |||||||||||
Depreciation and amortization | 10,846 | -73 | - | -49 | 10,724 | |||||||||||
EBITDA | 29,403 | 23 | 24 | 238 | 29,688 | |||||||||||
Change in fair value of contingent liabilities | - | - | -24 | - | -24 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,473 | -897 | - | - | 576 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | - | - | - | - | - | |||||||||||
Adjusted EBITDA | $ | 30,876 | $ | -874 | $ | - | $ | 238 | $ | 30,240 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -39,661 | $ | -342 | $ | - | $ | 223 | $ | -39,780 | ||||||
Interest and other expenses | 9,524 | - | -43 | - | 9,481 | |||||||||||
Income tax (benefit) expense | -6,166 | -82 | - | - | -6,248 | |||||||||||
Depreciation and amortization | 10,820 | -15 | - | -50 | 10,755 | |||||||||||
EBITDA | -25,483 | -439 | -43 | 173 | -25,792 | |||||||||||
Change in fair value of contingent liabilities | - | 2 | 43 | - | 45 | |||||||||||
Loss on extinguishment of debt | 16,629 | - | -2 | - | 16,627 | |||||||||||
Acquisition, offering and related expenses and related party fees | 38,222 | -174 | - | - | 38,048 | |||||||||||
Restructuring charges | 238 | - | - | - | 238 | |||||||||||
Stock-based compensation | 418 | - | - | - | 418 | |||||||||||
Adjusted EBITDA | $ | 30,024 | $ | -611 | $ | -2 | $ | 173 | $ | 29,584 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 7,132 | $ | 375 | $ | - | $ | 251 | $ | 7,758 | ||||||
Interest and other expenses | 6,519 | - | - | - | 6,519 | |||||||||||
Income tax (benefit) expense | 7,807 | -881 | - | - | 6,926 | |||||||||||
Depreciation and amortization | 10,899 | -63 | - | -55 | 10,781 | |||||||||||
EBITDA | 32,357 | -569 | - | 196 | 31,984 | |||||||||||
Change in fair value of contingent liabilities | - | - | - | - | - | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses and related party fees | 1,163 | -651 | - | - | 512 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,509 | - | - | - | 2,509 | |||||||||||
Adjusted EBITDA | $ | 36,029 | $ | -1,220 | $ | - | $ | 196 | $ | 35,005 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | Restatement | Discontinued | 2011 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 14,045 | $ | 395 | $ | - | $ | 408 | $ | 14,848 | ||||||
Interest and other expenses | 6,347 | -176 | 290 | - | 6,461 | |||||||||||
Income tax (benefit) expense | -152 | 889 | - | - | 737 | |||||||||||
Depreciation and amortization | 10,971 | -143 | - | -49 | 10,779 | |||||||||||
EBITDA | 31,211 | 965 | 290 | 359 | 32,825 | |||||||||||
Change in fair value of contingent liabilities | 292 | -2 | -290 | - | - | |||||||||||
Loss on extinguishment of debt | - | -3 | 3 | - | - | |||||||||||
Acquisition, offering and related expenses and related party fees | 3,390 | -1,183 | - | - | 2,207 | |||||||||||
Restructuring charges | 1,034 | -900 | - | - | 134 | |||||||||||
Stock-based compensation | 2,582 | - | - | - | 2,582 | |||||||||||
Adjusted EBITDA | $ | 38,509 | $ | -1,123 | $ | 3 | $ | 359 | $ | 37,748 | ||||||
Following are the Condensed Consolidated Balance Sheets for 2012 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 64,523 | $ | - | $ | - | $ | -318 | $ | 64,205 | ||||||
Accounts receivable, net | 60,876 | 353 | - | -3 | 61,226 | |||||||||||
Deferred income taxes | 24,690 | -16,577 | - | - | 8,113 | |||||||||||
Prepaid expenses and other current assets | 2,601 | 2,054 | - | -150 | 4,505 | |||||||||||
Assets held for sale | - | - | - | 1,048 | 1,048 | |||||||||||
Total current assets | 152,690 | -14,170 | - | 577 | 139,097 | |||||||||||
Furniture, fixtures and equipment, net | 8,960 | -1,006 | - | -465 | 7,489 | |||||||||||
Intangible assets, net | 372,093 | -2,077 | - | -112 | 369,904 | |||||||||||
Goodwill | 597,881 | -1,337 | - | - | 596,544 | |||||||||||
Other assets | 10,725 | - | - | - | 10,725 | |||||||||||
Total assets | $ | 1,142,349 | $ | -18,590 | $ | - | $ | - | $ | 1,123,759 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 10,567 | $ | 278 | $ | - | $ | -12 | $ | 10,833 | ||||||
Accrued expenses | 20,973 | 1,189 | - | -147 | 22,015 | |||||||||||
Deferred revenue and customer deposits | 4,051 | 35 | - | -119 | 3,967 | |||||||||||
Accrued interest | 4,860 | - | - | - | 4,860 | |||||||||||
Other current liabilities | 7,562 | -1,391 | - | -10 | 6,161 | |||||||||||
Liabilities subject to sale | - | - | - | 288 | 288 | |||||||||||
Total current liabilities | 48,013 | 111 | - | - | 48,124 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,692 | - | - | - | 193,692 | |||||||||||
Other liabilities | 16,511 | -1,338 | - | - | 15,173 | |||||||||||
Total liabilities | 340,886 | -16,701 | - | - | 324,185 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 835,495 | -376 | - | - | 835,119 | |||||||||||
Accumulated deficit | -34,444 | -1,634 | - | - | -36,078 | |||||||||||
Less: Treasury stock, at cost | - | - | - | - | - | |||||||||||
Accumulated other comprehensive (loss) income | -588 | 121 | - | - | -467 | |||||||||||
Total stockholders' equity | 801,463 | -1,889 | - | - | 799,574 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,142,349 | $ | -18,590 | $ | - | $ | - | $ | 1,123,759 | ||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 78,003 | $ | - | $ | - | $ | -441 | $ | 77,562 | ||||||
Accounts receivable, net | 66,353 | -186 | - | -2 | 66,165 | |||||||||||
Deferred income taxes | 25,131 | -16,576 | - | - | 8,555 | |||||||||||
Prepaid expenses and other current assets | 1,986 | 3,969 | - | -218 | 5,737 | |||||||||||
Assets held for sale | - | - | - | 1,262 | 1,262 | |||||||||||
Total current assets | 171,473 | -12,793 | - | 601 | 159,281 | |||||||||||
Furniture, fixtures and equipment, net | 9,622 | -1,057 | - | -481 | 8,084 | |||||||||||
Intangible assets, net | 384,066 | -6,729 | - | -120 | 377,217 | |||||||||||
Goodwill | 598,181 | -1,337 | - | - | 596,844 | |||||||||||
Other assets | 11,712 | -2 | - | - | 11,710 | |||||||||||
Total assets | $ | 1,175,054 | $ | -21,918 | $ | - | $ | - | $ | 1,153,136 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 10,402 | $ | - | $ | - | $ | -13 | $ | 10,389 | ||||||
Accrued expenses | 29,461 | -1,199 | - | -53 | 28,209 | |||||||||||
Deferred revenue and customer deposits | 3,499 | - | - | -79 | 3,420 | |||||||||||
Accrued interest | 10,588 | - | - | - | 10,588 | |||||||||||
Other current liabilities | 6,248 | -1,651 | - | -11 | 4,586 | |||||||||||
Liabilities subject to sale | - | - | - | 156 | 156 | |||||||||||
Total current liabilities | 60,198 | -2,850 | - | - | 57,348 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,773 | - | - | - | 193,773 | |||||||||||
Other liabilities | 18,958 | -1,079 | - | - | 17,879 | |||||||||||
Total liabilities | 355,599 | -19,403 | - | - | 336,196 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | - | - | - | 1,000 | |||||||||||
Additional paid-in capital | 837,769 | - | - | - | 837,769 | |||||||||||
Accumulated deficit | -18,168 | -2,642 | - | - | -20,810 | |||||||||||
Less: Treasury stock, at cost | -589 | - | - | - | -589 | |||||||||||
Accumulated other comprehensive (loss) income | -557 | 127 | - | - | -430 | |||||||||||
Total stockholders' equity | 819,455 | -2,515 | - | - | 816,940 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,175,054 | $ | -21,918 | $ | - | $ | - | $ | 1,153,136 | ||||||
As of | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 71,109 | $ | - | $ | - | $ | -226 | $ | 70,883 | ||||||
Accounts receivable, net | 60,445 | -121 | - | -9 | 60,315 | |||||||||||
Deferred income taxes | 25,131 | -16,576 | - | - | 8,555 | |||||||||||
Prepaid expenses and other current assets | 7,706 | 4,392 | - | -224 | 11,874 | |||||||||||
Assets held for sale | - | - | - | 1,093 | 1,093 | |||||||||||
Total current assets | 164,391 | -12,305 | - | 634 | 152,720 | |||||||||||
Furniture, fixtures and equipment, net | 10,009 | -845 | - | -506 | 8,658 | |||||||||||
Intangible assets, net | 395,135 | -6,260 | - | -128 | 388,747 | |||||||||||
Goodwill | 602,768 | -1,337 | - | - | 601,431 | |||||||||||
Other assets | 12,092 | 378 | - | - | 12,470 | |||||||||||
Total assets | $ | 1,184,395 | $ | -20,369 | $ | - | $ | - | $ | 1,164,026 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,668 | $ | - | $ | - | $ | -7 | $ | 7,661 | ||||||
Accrued expenses | 24,674 | -123 | - | -11 | 24,540 | |||||||||||
Deferred revenue and customer deposits | 3,375 | - | - | -40 | 3,335 | |||||||||||
Accrued interest | 4,898 | - | - | - | 4,898 | |||||||||||
Other current liabilities | 13,632 | -195 | - | -24 | 13,413 | |||||||||||
Liabilities subject to sale | - | - | - | 82 | 82 | |||||||||||
Total current liabilities | 54,247 | -318 | - | - | 53,929 | |||||||||||
Deferred income taxes | 82,670 | -15,474 | - | - | 67,196 | |||||||||||
Long term debt, net of unamortized discount | 193,857 | - | - | - | 193,857 | |||||||||||
Other liabilities | 28,120 | -1,269 | - | - | 26,851 | |||||||||||
Total liabilities | 358,894 | -17,061 | - | - | 341,833 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | 1 | - | - | 1,001 | |||||||||||
Additional paid-in capital | 841,101 | - | - | - | 841,101 | |||||||||||
Accumulated deficit | -15,608 | -3,441 | - | - | -19,049 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -401 | 133 | - | - | -268 | |||||||||||
Total stockholders' equity | 825,501 | -3,308 | - | - | 822,193 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,184,395 | $ | -20,369 | $ | - | $ | - | $ | 1,164,026 | ||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2012 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 125,020 | $ | -737 | $ | - | $ | -51 | $ | 124,232 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 40,278 | 567 | 31,088 | -7 | 71,926 | |||||||||||
Sales and marketing | - | 102 | 6,018 | -5 | 6,115 | |||||||||||
Sales | 3,939 | - | -3,939 | - | - | |||||||||||
Marketing | 31,250 | - | -31,250 | - | - | |||||||||||
Product development and technology | 4,424 | 136 | 471 | - | 5,031 | |||||||||||
General and administrative | 9,982 | 836 | -2,388 | -246 | 8,184 | |||||||||||
Legal settlements | 62 | - | - | - | 62 | |||||||||||
Acquisition, offering and related expenses | 197 | -1 | - | - | 196 | |||||||||||
Restructuring charges | - | 218 | - | - | 218 | |||||||||||
Changes in fair value of contingent acquisition consideration | 43 | - | - | - | 43 | |||||||||||
Depreciation and amortization | 11,769 | -161 | - | -62 | 11,546 | |||||||||||
Total costs and expenses | 101,944 | 1,697 | - | -320 | 103,321 | |||||||||||
Income (loss) from operations | 23,076 | -2,434 | - | 269 | 20,911 | |||||||||||
Interest and other expenses, net | 6,437 | -14 | - | - | 6,423 | |||||||||||
Income (loss) before taxes | 16,639 | -2,420 | - | 269 | 14,488 | |||||||||||
Income tax expense (benefit) | 6,488 | -851 | - | - | 5,637 | |||||||||||
Net income (loss) from continuing operations | 10,151 | -1,569 | - | 269 | 8,851 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -269 | -269 | |||||||||||
Net income (loss) | $ | 10,151 | $ | -1,569 | $ | - | $ | - | $ | 8,582 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.09 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.10 | $ | 0.09 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.09 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.10 | $ | 0.08 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,879,865 | 99,879,865 | ||||||||||||||
Diluted | 101,712,071 | 101,712,071 | ||||||||||||||
Net income (loss) | $ | 10,151 | $ | -1,569 | $ | - | $ | - | $ | 8,582 | ||||||
Other comprehensive income, net of tax | 152 | - | - | 6 | 158 | |||||||||||
Comprehensive income | $ | 10,303 | $ | -1,569 | $ | - | $ | 6 | $ | 8,740 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 122,125 | $ | -504 | $ | - | $ | -69 | $ | 121,552 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,609 | 812 | 31,178 | -7 | 69,592 | |||||||||||
Sales and marketing | - | - | 6,218 | -17 | 6,201 | |||||||||||
Sales | 4,015 | - | -4,015 | - | - | |||||||||||
Marketing | 31,551 | - | -31,551 | - | - | |||||||||||
Product development and technology | 4,146 | 175 | 141 | - | 4,462 | |||||||||||
General and administrative | 9,185 | 1,331 | -1,971 | -243 | 8,302 | |||||||||||
Legal settlements | 3 | - | - | - | 3 | |||||||||||
Acquisition, offering and related expenses | 682 | -284 | - | - | 398 | |||||||||||
Restructuring charges | - | 49 | - | - | 49 | |||||||||||
Changes in fair value of contingent acquisition consideration | 355 | - | 9 | - | 364 | |||||||||||
Depreciation and amortization | 12,587 | -450 | - | -62 | 12,075 | |||||||||||
Total costs and expenses | 100,133 | 1,633 | 9 | -329 | 101,446 | |||||||||||
Income (loss) from operations | 21,992 | -2,137 | -9 | 260 | 20,106 | |||||||||||
Interest and other expenses, net | 6,475 | - | -9 | - | 6,466 | |||||||||||
Income (loss) before taxes | 15,517 | -2,137 | - | 260 | 13,640 | |||||||||||
Income tax (benefit) expense | -759 | -1,127 | - | - | -1,886 | |||||||||||
Net income (loss) from continuing operations | 16,276 | -1,010 | - | 260 | 15,526 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -260 | -260 | |||||||||||
Net income (loss) | $ | 16,276 | $ | -1,010 | $ | - | $ | - | $ | 15,266 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.16 | $ | 0.16 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Basic net income (loss) per share | $ | 0.16 | $ | 0.15 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.16 | $ | 0.15 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.16 | $ | 0.15 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,896,608 | 99,896,608 | ||||||||||||||
Diluted | 101,088,756 | 101,088,756 | ||||||||||||||
Net income (loss) | $ | 16,276 | $ | -1,010 | $ | - | $ | - | $ | 15,266 | ||||||
Other comprehensive income, net of tax | 31 | -150 | - | 156 | 37 | |||||||||||
Comprehensive income | $ | 16,307 | $ | -1,160 | $ | - | $ | 156 | $ | 15,303 | ||||||
Quarter Ended | ||||||||||||||||
September, 30 | September, 30 | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 116,775 | $ | 67 | $ | - | $ | -60 | $ | 116,782 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,682 | 676 | 34,191 | -9 | 72,540 | |||||||||||
Sales and marketing | - | 1 | 5,663 | -22 | 5,642 | |||||||||||
Sales | 4,123 | - | -4,123 | - | - | |||||||||||
Marketing | 34,986 | - | -34,986 | - | - | |||||||||||
Product development and technology | 4,082 | 187 | -294 | - | 3,975 | |||||||||||
General and administrative | 8,302 | 198 | -451 | -269 | 7,780 | |||||||||||
Legal settlements | 833 | - | - | - | 833 | |||||||||||
Acquisition, offering and related expenses | -512 | 551 | - | - | 39 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | 1,742 | - | 30 | - | 1,772 | |||||||||||
Depreciation and amortization | 14,103 | -583 | - | -62 | 13,458 | |||||||||||
Total costs and expenses | 105,341 | 1,030 | 30 | -362 | 106,039 | |||||||||||
Income (loss) from operations | 11,434 | -963 | -30 | 302 | 10,743 | |||||||||||
Interest and other expenses, net | 6,365 | -121 | -30 | - | 6,214 | |||||||||||
Income (loss) before taxes | 5,069 | -842 | - | 302 | 4,529 | |||||||||||
Income tax expense (benefit) | 2,509 | -43 | - | - | 2,466 | |||||||||||
Net income (loss) from continuing operations | 2,560 | -799 | - | 302 | 2,063 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -302 | -302 | |||||||||||
Net income (loss) | $ | 2,560 | $ | -799 | $ | - | $ | - | $ | 1,761 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.03 | $ | 0.02 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.03 | $ | 0.02 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 99,918,198 | 99,918,198 | ||||||||||||||
Diluted | 100,541,993 | 100,541,993 | ||||||||||||||
Net income (loss) | $ | 2,560 | $ | -799 | $ | - | $ | - | $ | 1,761 | ||||||
Other comprehensive income, net of tax | 156 | 4 | - | 2 | 162 | |||||||||||
Comprehensive income | $ | 2,716 | $ | -795 | $ | - | $ | 2 | $ | 1,923 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 93,244 | $ | 230 | $ | - | $ | -71 | $ | 93,403 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 30,788 | 244 | 27,948 | -8 | 58,972 | |||||||||||
Sales and marketing | - | 20 | 6,144 | -25 | 6,139 | |||||||||||
Sales | 4,037 | - | -4,037 | - | - | |||||||||||
Marketing | 28,435 | - | -28,435 | - | - | |||||||||||
Product development and technology | 4,371 | 198 | 156 | - | 4,725 | |||||||||||
General and administrative | 9,962 | -328 | -1,776 | -246 | 7,612 | |||||||||||
Legal settlements | -24 | - | - | - | -24 | |||||||||||
Acquisition, offering and related expenses | -32 | - | - | - | -32 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | -4,785 | 259 | - | - | -4,526 | |||||||||||
Depreciation and amortization | 14,395 | -579 | - | -61 | 13,755 | |||||||||||
Total costs and expenses | 87,147 | -186 | - | -340 | 86,621 | |||||||||||
Income (loss) from operations | 6,097 | 416 | - | 269 | 6,782 | |||||||||||
Interest and other expenses, net | 6,494 | -63 | - | -1 | 6,430 | |||||||||||
(Loss) income before taxes | -397 | 479 | - | 270 | 352 | |||||||||||
Income tax (benefit) expense | -741 | -613 | - | - | -1,354 | |||||||||||
Net income (loss) from continuing operations | 344 | 1,092 | - | 270 | 1,706 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -270 | -270 | |||||||||||
Net income (loss) | $ | 344 | $ | 1,092 | $ | - | $ | - | $ | 1,436 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.00 | $ | 0.02 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Basic net income (loss) per share | $ | 0.00 | $ | 0.01 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.00 | $ | 0.02 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net income per share | $ | 0.00 | $ | 0.01 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,097,969 | 100,097,969 | ||||||||||||||
Diluted | 100,101,578 | 100,101,578 | ||||||||||||||
Net income (loss) | $ | 344 | $ | 1,092 | $ | - | $ | - | $ | 1,436 | ||||||
Other comprehensive income, net of tax | 14 | 9 | - | -5 | 18 | |||||||||||
Comprehensive income | $ | 358 | $ | 1,101 | $ | - | $ | -5 | $ | 1,454 | ||||||
Following are the Condensed Consolidated Statements of Cash Flows for the year to date periods ended 2012 (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 12,775 | $ | -433 | $ | - | $ | 203 | $ | 12,545 | ||||||
Net cash used in operating activities - discontinued operations | - | - | - | -203 | -203 | |||||||||||
Net cash provided by (used in) operating activities | $ | 12,775 | $ | -433 | $ | - | $ | - | $ | 12,342 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -3,788 | $ | 433 | $ | - | $ | 110 | $ | -3,245 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -110 | -110 | |||||||||||
Net cash (used in) provided by investing activities | $ | -3,788 | $ | 433 | $ | - | $ | - | $ | -3,355 | ||||||
Net cash used in financing activities - continuing operations | $ | -1,000 | $ | - | $ | - | $ | - | $ | -1,000 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -1,000 | $ | - | $ | - | $ | - | $ | -1,000 | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 43,849 | $ | -5,588 | $ | - | $ | 151 | $ | 38,412 | ||||||
Net cash used in operating activities - discontinued operations | - | - | - | -151 | -151 | |||||||||||
Net cash provided by (used in) operating activities | $ | 43,849 | $ | -5,588 | $ | - | $ | - | $ | 38,261 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -20,003 | $ | 5,588 | $ | - | $ | 195 | $ | -14,220 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -195 | -195 | |||||||||||
Net cash (used in) provided by investing activities | $ | -20,003 | $ | 5,588 | $ | - | $ | - | $ | -14,415 | ||||||
Net cash used in financing activities - continuing operations | $ | -2,214 | $ | - | $ | - | $ | - | $ | -2,214 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -2,214 | $ | - | $ | - | $ | - | $ | -2,214 | ||||||
Year to Date | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 53,428 | $ | -5,792 | $ | - | $ | 273 | $ | 47,909 | ||||||
Net cash used in operating activities - discontinued operations | - | - | - | -273 | -273 | |||||||||||
Net cash (used in) provided by operating activities | $ | 53,428 | $ | -5,792 | $ | - | $ | - | $ | 47,636 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -37,577 | $ | 5,792 | $ | - | $ | 290 | $ | -31,495 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -290 | -290 | |||||||||||
Net cash (used in) provided by investing activities | $ | -37,577 | $ | 5,792 | $ | - | $ | - | $ | -31,785 | ||||||
Net cash used in financing activities - continuing operations | $ | -1,129 | $ | - | $ | - | $ | - | $ | -1,129 | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | -1,129 | $ | - | $ | - | $ | - | $ | -1,129 | ||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2012 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 10,151 | $ | -1,569 | $ | - | $ | 269 | $ | 8,851 | ||||||
Interest and other expenses | 6,437 | -14 | - | - | 6,423 | |||||||||||
Income tax (benefit) expense | 6,488 | -851 | - | - | 5,637 | |||||||||||
Depreciation and amortization | 11,769 | -161 | - | -62 | 11,546 | |||||||||||
EBITDA | 34,845 | -2,595 | - | 207 | 32,457 | |||||||||||
Change in fair value of contingent liabilities | 43 | - | - | - | 43 | |||||||||||
Legal settlements | 62 | - | - | - | 62 | |||||||||||
Acquisition, offering and related expenses | 197 | -1 | - | - | 196 | |||||||||||
Restructuring charges | - | 218 | - | - | 218 | |||||||||||
Stock-based compensation | 2,322 | - | - | - | 2,322 | |||||||||||
Restatement charges | - | - | - | - | - | |||||||||||
Adjusted EBITDA | $ | 37,469 | $ | -2,378 | $ | - | $ | 207 | $ | 35,298 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 16,276 | $ | -1,010 | $ | - | $ | 260 | $ | 15,526 | ||||||
Interest and other expenses | 6,475 | - | -9 | - | 6,466 | |||||||||||
Income tax (benefit) expense | -759 | -1,127 | - | - | -1,886 | |||||||||||
Depreciation and amortization | 12,587 | -450 | - | -62 | 12,075 | |||||||||||
EBITDA | 34,579 | -2,587 | -9 | 198 | 32,181 | |||||||||||
Change in fair value of contingent liabilities | 355 | - | 9 | - | 364 | |||||||||||
Legal settlements | 3 | - | - | - | 3 | |||||||||||
Acquisition, offering and related expenses | 682 | -284 | - | - | 398 | |||||||||||
Restructuring charges | - | 49 | - | - | 49 | |||||||||||
Stock-based compensation | 2,275 | - | - | - | 2,275 | |||||||||||
Restatement charges | - | - | - | - | - | |||||||||||
Adjusted EBITDA | $ | 37,894 | $ | -2,822 | $ | - | $ | 198 | $ | 35,270 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 2,560 | $ | -799 | $ | - | $ | 302 | $ | 2,063 | ||||||
Interest and other expenses | 6,365 | -121 | -30 | - | 6,214 | |||||||||||
Income tax (benefit) expense | 2,509 | -43 | - | - | 2,466 | |||||||||||
Depreciation and amortization | 14,103 | -583 | - | -62 | 13,458 | |||||||||||
EBITDA | 25,537 | -1,546 | -30 | 240 | 24,201 | |||||||||||
Change in fair value of contingent liabilities | 1,742 | - | 30 | - | 1,772 | |||||||||||
Legal settlements | 833 | - | - | - | 833 | |||||||||||
Acquisition, offering and related expenses | -512 | 551 | - | - | 39 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,245 | - | - | - | 2,245 | |||||||||||
Restatement charges | - | 600 | - | - | 600 | |||||||||||
Adjusted EBITDA | $ | 29,845 | $ | -395 | $ | - | $ | 240 | $ | 29,690 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | Restatement | Discontinued | 2012 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 344 | $ | 1,092 | $ | - | $ | 270 | $ | 1,706 | ||||||
Interest and other expenses | 6,494 | -63 | - | -1 | 6,430 | |||||||||||
Income tax (benefit) expense | -741 | -613 | - | - | -1,354 | |||||||||||
Depreciation and amortization | 14,395 | -579 | - | -61 | 13,755 | |||||||||||
EBITDA | 20,492 | -163 | - | 208 | 20,537 | |||||||||||
Change in fair value of contingent liabilities | -4,785 | 259 | - | - | -4,526 | |||||||||||
Legal settlements | -24 | - | - | - | -24 | |||||||||||
Acquisition, offering and related expenses | -32 | - | - | - | -32 | |||||||||||
Restructuring charges | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,278 | - | - | - | 2,279 | |||||||||||
Restatement charges | - | 649 | - | - | 649 | |||||||||||
Adjusted EBITDA | $ | 17,929 | $ | 745 | $ | - | $ | 208 | $ | 18,883 | ||||||
Following are the Condensed Consolidated Balance Sheets for 2013 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 89,240 | $ | - | $ | - | $ | -637 | $ | 88,603 | ||||||
Accounts receivable, net | 59,221 | -272 | - | -27 | 58,922 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 11,040 | 9,630 | - | -224 | 20,446 | |||||||||||
Assets held for sale | - | - | - | 1,584 | 1,584 | |||||||||||
Total current assets | 163,264 | 8,958 | - | 696 | 172,918 | |||||||||||
Furniture, fixtures and equipment, net | 10,716 | -1,203 | - | -544 | 8,969 | |||||||||||
Intangible assets, net | 381,378 | -5,403 | - | -152 | 375,823 | |||||||||||
Goodwill | 602,398 | -742 | - | - | 601,656 | |||||||||||
Other assets | 11,172 | 1,185 | - | - | 12,357 | |||||||||||
Total assets | $ | 1,168,928 | $ | 2,795 | $ | - | $ | - | $ | 1,171,723 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,524 | $ | - | $ | - | $ | -14 | $ | 7,510 | ||||||
Accrued expenses | 22,755 | 577 | - | -45 | 23,287 | |||||||||||
Deferred revenue and customer deposits | 3,926 | - | - | -72 | 3,854 | |||||||||||
Accrued interest | 4,860 | - | - | - | 4,860 | |||||||||||
Other current liabilities | 19,056 | -1 | - | -11 | 19,044 | |||||||||||
Liabilities subject to sale | - | - | - | 142 | 142 | |||||||||||
Total current liabilities | 58,121 | 576 | - | - | 58,697 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 194,033 | - | - | - | 194,033 | |||||||||||
Other liabilities | 20,013 | - | - | - | 20,013 | |||||||||||
Total liabilities | 336,649 | 5,356 | - | - | 342,005 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,000 | 1 | - | - | 1,001 | |||||||||||
Additional paid-in capital | 845,634 | 13 | - | - | 845,647 | |||||||||||
Accumulated deficit | -13,081 | -2,716 | - | - | -15,797 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -683 | 142 | - | - | -541 | |||||||||||
Total stockholders' equity | 832,279 | -2,561 | - | - | 829,718 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,168,928 | $ | 2,795 | $ | - | $ | - | $ | 1,171,723 | ||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 111,961 | $ | - | $ | - | $ | -407 | $ | 111,554 | ||||||
Accounts receivable, net | 58,215 | 318 | - | -10 | 58,523 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 12,633 | 9,131 | - | -262 | 21,502 | |||||||||||
Assets held for sale | - | - | - | 1,362 | 1,362 | |||||||||||
Total current assets | 186,572 | 9,049 | - | 683 | 196,304 | |||||||||||
Furniture, fixtures and equipment, net | 11,989 | -1,220 | - | -528 | 10,241 | |||||||||||
Intangible assets, net | 368,574 | -4,994 | - | -155 | 363,425 | |||||||||||
Goodwill | 602,399 | -743 | - | - | 601,656 | |||||||||||
Other assets | 10,087 | 941 | - | - | 11,028 | |||||||||||
Total assets | $ | 1,179,621 | $ | 3,033 | $ | - | $ | - | $ | 1,182,654 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 7,470 | $ | - | $ | - | $ | -23 | $ | 7,447 | ||||||
Accrued expenses | 23,948 | 433 | - | -51 | 24,330 | |||||||||||
Deferred revenue and customer deposits | 4,030 | - | - | -81 | 3,949 | |||||||||||
Accrued interest | 10,591 | - | - | - | 10,591 | |||||||||||
Other current liabilities | 19,950 | -1 | - | -14 | 19,935 | |||||||||||
Liabilities subject to sale | - | - | - | 169 | 169 | |||||||||||
Total current liabilities | 65,989 | 432 | - | - | 66,421 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 194,125 | - | - | - | 194,125 | |||||||||||
Other liabilities | 20,637 | - | - | - | 20,637 | |||||||||||
Total liabilities | 345,233 | 5,212 | - | - | 350,445 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,013 | 1 | - | - | 1,014 | |||||||||||
Additional paid-in capital | 848,604 | 13 | - | - | 848,617 | |||||||||||
Accumulated deficit | -13,973 | -2,338 | - | - | -16,311 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -665 | 146 | - | - | -519 | |||||||||||
Total stockholders' equity | 834,388 | -2,179 | - | - | 832,209 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,179,621 | $ | 3,033 | $ | - | $ | - | $ | 1,182,654 | ||||||
As of | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 191,463 | $ | - | $ | - | $ | -613 | $ | 190,850 | ||||||
Accounts receivable, net | 68,478 | - | - | -72 | 68,406 | |||||||||||
Deferred income taxes | 3,763 | -400 | - | - | 3,363 | |||||||||||
Prepaid expenses and other current assets | 18,977 | 8,568 | - | -268 | 27,277 | |||||||||||
Assets held for sale | - | - | - | 1,627 | 1,627 | |||||||||||
Total current assets | 282,681 | 8,168 | - | 674 | 291,523 | |||||||||||
Furniture, fixtures and equipment, net | 12,085 | -1,236 | - | -511 | 10,338 | |||||||||||
Intangible assets, net | 364,442 | -4,683 | - | -163 | 359,596 | |||||||||||
Goodwill | 610,950 | -743 | - | - | 610,207 | |||||||||||
Other assets | 14,183 | 997 | - | - | 15,180 | |||||||||||
Total assets | $ | 1,284,341 | $ | 2,503 | $ | - | $ | - | $ | 1,286,844 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 9,869 | $ | - | $ | - | $ | -13 | $ | 9,856 | ||||||
Accrued expenses | 28,582 | 196 | - | -51 | 28,727 | |||||||||||
Deferred revenue and customer deposits | 3,777 | - | - | -73 | 3,704 | |||||||||||
Accrued interest | 2,758 | - | - | - | 2,758 | |||||||||||
Other current liabilities | 23,067 | - | - | -14 | 23,053 | |||||||||||
Liabilities subject to sale | - | - | - | 151 | 151 | |||||||||||
Total current liabilities | 68,053 | 196 | - | - | 68,249 | |||||||||||
Deferred income taxes | 64,482 | 4,780 | - | - | 69,262 | |||||||||||
Long term debt, net of unamortized discount | 296,882 | - | - | - | 296,882 | |||||||||||
Other liabilities | 22,536 | - | - | - | 22,536 | |||||||||||
Total liabilities | 451,953 | 4,976 | - | - | 456,929 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,015 | - | - | - | 1,015 | |||||||||||
Additional paid-in capital | 854,124 | 13 | - | - | 854,137 | |||||||||||
Accumulated deficit | -21,724 | -2,656 | - | - | -24,380 | |||||||||||
Less: Treasury stock, at cost | -591 | -1 | - | - | -592 | |||||||||||
Accumulated other comprehensive (loss) income | -436 | 171 | - | - | -265 | |||||||||||
Total stockholders' equity | 832,388 | -2,473 | - | - | 829,915 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,284,341 | $ | 2,503 | $ | - | $ | - | $ | 1,286,844 | ||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2013 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 108,448 | $ | 33 | $ | - | $ | -123 | $ | 108,358 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 36,108 | -126 | 25,723 | -7 | 61,698 | |||||||||||
Sales and marketing | - | - | 6,349 | -45 | 6,304 | |||||||||||
Sales | 3,777 | - | -3,777 | - | - | |||||||||||
Marketing | 26,333 | - | -26,333 | - | - | |||||||||||
Product development and technology | 4,651 | 231 | 367 | - | 5,249 | |||||||||||
General and administrative | 11,376 | -280 | -2,325 | -331 | 8,440 | |||||||||||
Acquisition, offering and related expenses | - | - | - | - | - | |||||||||||
Changes in fair value of contingent acquisition consideration | 1,149 | 1,315 | - | - | 2,464 | |||||||||||
Depreciation and amortization | 14,511 | -556 | - | -91 | 13,864 | |||||||||||
Total costs and expenses | 97,905 | 584 | 4 | -474 | 98,019 | |||||||||||
Income (loss) from operations | 10,543 | -551 | -4 | 351 | 10,339 | |||||||||||
Interest and other expenses, net | 6,535 | - | -4 | - | 6,531 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
Income (loss) before taxes | 4,008 | -551 | - | 351 | 3,808 | |||||||||||
Income tax expense (benefit) | 1,825 | -190 | - | - | 1,635 | |||||||||||
Net income (loss) from continuing operations | 2,183 | -361 | - | 351 | 2,173 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -351 | -351 | |||||||||||
Net income (loss) | $ | 2,183 | $ | -361 | $ | - | $ | - | $ | 1,822 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.02 | $ | 0.02 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | 0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.02 | $ | 0.02 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,047,441 | 100,047,441 | ||||||||||||||
Diluted | 100,053,107 | 100,053,107 | ||||||||||||||
Net income (loss) | $ | 2,183 | $ | -361 | $ | - | $ | - | $ | 1,822 | ||||||
Other comprehensive loss, net of tax | -296 | 1 | - | 4 | -291 | |||||||||||
Comprehensive income | $ | 1,887 | $ | -360 | $ | - | $ | 4 | $ | 1,531 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 105,546 | $ | 485 | $ | - | $ | -126 | $ | 105,905 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 37,542 | 170 | 24,000 | -11 | 61,701 | |||||||||||
Sales and marketing | - | - | 6,416 | -26 | 6,390 | |||||||||||
Sales | 3,751 | - | -3,751 | - | - | |||||||||||
Marketing | 24,873 | - | -24,873 | - | - | |||||||||||
Product development and technology | 4,840 | 237 | 304 | - | 5,381 | |||||||||||
General and administrative | 11,246 | -102 | -2,085 | -328 | 8,731 | |||||||||||
Acquisition, offering and related expenses | 20 | - | - | - | 20 | |||||||||||
Changes in fair value of contingent acquisition consideration | 2,949 | - | - | - | 2,949 | |||||||||||
Depreciation and amortization | 14,844 | -593 | - | -88 | 14,163 | |||||||||||
Total costs and expenses | 100,065 | -288 | 11 | -453 | 99,335 | |||||||||||
Income (loss) from operations | 5,481 | 773 | -11 | 327 | 6,570 | |||||||||||
Interest and other expenses, net | 6,539 | - | -11 | - | 6,528 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
(Loss) income before taxes | -1,058 | 773 | - | 327 | 42 | |||||||||||
Income tax expense (benefit) | -166 | 394 | - | - | 228 | |||||||||||
Net loss from continuing operations | -892 | 379 | - | 327 | -186 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -327 | -327 | |||||||||||
Net (loss) income | $ | -892 | $ | 379 | $ | - | $ | - | $ | -513 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.01 | $ | 0 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Basic net (loss) income per share | $ | -0.01 | $ | -0.01 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.01 | $ | 0 | ||||||||||||
Discontinued operations | - | -0.01 | ||||||||||||||
Diluted net loss per share | $ | -0.01 | $ | -0.01 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,050,989 | 100,050,989 | ||||||||||||||
Diluted | 100,050,989 | 100,050,989 | ||||||||||||||
Net (loss) income | $ | -892 | $ | 379 | $ | - | $ | - | $ | -513 | ||||||
Other comprehensive income, net of tax | 18 | -11 | - | 15 | 22 | |||||||||||
Comprehensive loss | $ | -874 | $ | 368 | $ | - | $ | 15 | $ | -491 | ||||||
Quarter Ended | ||||||||||||||||
September, 30 | September, 30 | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 121,178 | $ | -318 | $ | - | $ | -165 | $ | 120,695 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 40,524 | -48 | 31,258 | -11 | 71,723 | |||||||||||
Sales and marketing | - | - | 6,198 | -22 | 6,176 | |||||||||||
Sales | 3,934 | - | -3,934 | - | - | |||||||||||
Marketing | 31,639 | - | -31,639 | - | - | |||||||||||
Product development and technology | 4,453 | 231 | 839 | - | 5,523 | |||||||||||
General and administrative | 12,214 | 53 | -2,722 | -374 | 9,171 | |||||||||||
Acquisition, offering and related expenses | 30 | - | - | - | 30 | |||||||||||
Changes in fair value of contingent acquisition consideration | 2,142 | - | - | - | 2,142 | |||||||||||
Depreciation and amortization | 14,730 | -503 | - | -89 | 14,138 | |||||||||||
Total costs and expenses | 109,666 | -267 | - | -496 | 108,903 | |||||||||||
Income (loss) from operations | 11,512 | -51 | - | 331 | 11,792 | |||||||||||
Interest and other expenses, net | 6,761 | - | - | - | 6,761 | |||||||||||
Loss on early extinguishment of debt | 17,175 | - | - | - | 17,175 | |||||||||||
(Loss) income before taxes | -12,424 | -51 | - | 331 | -12,144 | |||||||||||
Income tax (benefit) expense | -4,673 | 268 | - | - | -4,405 | |||||||||||
Net loss from continuing operations | -7,751 | -319 | - | 331 | -7,739 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -331 | -331 | |||||||||||
Net (loss) income | $ | -7,751 | $ | -319 | $ | - | $ | - | $ | -8,070 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.08 | $ | -0.08 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.08 | $ | -0.08 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.08 | $ | -0.08 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.08 | $ | -0.08 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,127,658 | 100,127,658 | ||||||||||||||
Diluted | 100,127,658 | 100,127,658 | ||||||||||||||
Net (loss) income | $ | -7,751 | $ | -319 | $ | - | $ | - | $ | -8,070 | ||||||
Other comprehensive income, net of tax | 229 | -1 | - | 26 | 254 | |||||||||||
Comprehensive loss | $ | -7,522 | $ | -320 | $ | - | $ | 26 | $ | -7,816 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 122,260 | $ | 1 | $ | - | $ | -283 | $ | 121,978 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 36,876 | 1,783 | 30,261 | -10 | 68,910 | |||||||||||
Sales and marketing | - | - | 6,110 | -63 | 6,047 | |||||||||||
Sales | 3,605 | - | -3,605 | - | - | |||||||||||
Marketing | 30,633 | - | -30,633 | - | - | |||||||||||
Product development and technology | 4,802 | -94 | 1,513 | - | 6,221 | |||||||||||
General and administrative | 21,298 | -3 | -3,661 | -351 | 17,283 | |||||||||||
Acquisition, offering and related expenses | - | 31 | - | - | 31 | |||||||||||
Changes in fair value of contingent acquisition consideration | 9,825 | - | - | - | 9,825 | |||||||||||
Depreciation and amortization | 16,042 | -1,941 | - | -90 | 14,011 | |||||||||||
Total costs and expenses | 123,081 | -224 | -15 | -514 | 122,328 | |||||||||||
Income (loss) from operations | -821 | 225 | 15 | 231 | -350 | |||||||||||
Interest and other expenses, net | 5,146 | 1 | 15 | -3 | 5,159 | |||||||||||
Loss on early extinguishment of debt | - | - | - | - | - | |||||||||||
(Loss) income before taxes | -5,967 | 224 | - | 234 | -5,509 | |||||||||||
Income tax (benefit) expense | -2,425 | 1,117 | - | - | -1,308 | |||||||||||
Net loss from continuing operations | -3,542 | -893 | - | 234 | -4,201 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -234 | -234 | |||||||||||
Net (loss) income | $ | -3,542 | $ | -893 | $ | - | $ | - | $ | -4,435 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.04 | $ | -0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.04 | $ | -0.04 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.04 | $ | -0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.04 | $ | -0.04 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,205,228 | 100,205,228 | ||||||||||||||
Diluted | 100,205,228 | 100,205,228 | ||||||||||||||
Net (loss) income | $ | -3,542 | $ | -893 | $ | - | $ | - | $ | -4,435 | ||||||
Other comprehensive income, net of tax | 86 | -5 | - | -9 | 72 | |||||||||||
Comprehensive loss | $ | -3,456 | $ | -898 | $ | - | $ | -9 | $ | -4,363 | ||||||
Following are the Condensed Consolidated Statements of Cash Flows for the year to date periods ended 2013 (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 12,418 | $ | -189 | $ | - | $ | -412 | $ | 11,817 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 412 | 412 | |||||||||||
Net cash provided by (used in) operating activities | $ | 12,418 | $ | -189 | $ | - | $ | - | $ | 12,229 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -6,688 | $ | 189 | $ | - | $ | 105 | $ | -6,394 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -105 | -105 | |||||||||||
Net cash (used in) provided by investing activities | $ | -6,688 | $ | 189 | $ | - | $ | - | $ | -6,499 | ||||||
Net cash used in financing activities - continuing operations | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Net cash used in financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash used in financing activities | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 39,274 | $ | -391 | $ | - | $ | -242 | $ | 38,641 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 242 | 242 | |||||||||||
Net cash provided by (used in) operating activities | $ | 39,274 | $ | -391 | $ | - | $ | - | $ | 38,883 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -10,932 | $ | 391 | $ | - | $ | 182 | $ | -10,359 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -182 | -182 | |||||||||||
Net cash (used in) provided by investing activities | $ | -10,932 | $ | 391 | $ | - | $ | - | $ | -10,541 | ||||||
Net cash provided by financing activities - continuing operations | $ | 103 | $ | - | $ | - | $ | - | $ | 103 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash provided by financing activities | $ | 103 | $ | - | $ | - | $ | - | $ | 103 | ||||||
Year to Date | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 57,948 | $ | -600 | $ | - | $ | -500 | $ | 56,848 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 500 | 500 | |||||||||||
Net cash provided by (used in) operating activities | $ | 57,948 | $ | -600 | $ | - | $ | - | $ | 57,348 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -31,265 | $ | 600 | $ | - | $ | 260 | $ | -30,405 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -260 | -260 | |||||||||||
Net cash (used in) provided by investing activities | $ | -31,265 | $ | 600 | $ | - | $ | - | $ | -30,665 | ||||||
Net cash provided by financing activities - continuing operations | $ | 81,226 | $ | - | $ | - | $ | - | $ | 81,226 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash provided by financing activities | $ | 81,226 | $ | - | $ | - | $ | - | $ | 81,226 | ||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2013 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 2,183 | $ | -361 | $ | - | $ | 351 | $ | 2,173 | ||||||
Interest and other expenses | 6,535 | - | -4 | - | 6,531 | |||||||||||
Income tax (benefit) expense | 1,825 | -190 | - | - | 1,635 | |||||||||||
Depreciation and amortization | 14,511 | -556 | - | -91 | 13,864 | |||||||||||
EBITDA | 25,054 | -1,107 | -4 | 260 | 24,203 | |||||||||||
Change in fair value of contingent liabilities | 1,149 | 1,315 | - | - | 2,464 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses | - | - | - | - | - | |||||||||||
CEO transition | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,241 | - | - | - | 2,241 | |||||||||||
Restatement charges | - | 400 | - | - | 400 | |||||||||||
Adjusted EBITDA | $ | 28,444 | $ | 608 | $ | -4 | $ | 260 | $ | 29,308 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -892 | $ | 379 | $ | - | $ | 327 | $ | -186 | ||||||
Interest and other expenses | 6,539 | - | -11 | - | 6,528 | |||||||||||
Income tax (benefit) expense | -166 | 394 | - | - | 228 | |||||||||||
Depreciation and amortization | 14,844 | -593 | - | -88 | 14,163 | |||||||||||
EBITDA | 20,325 | 180 | -11 | 239 | 20,733 | |||||||||||
Change in fair value of contingent liabilities | 2,949 | - | - | - | 2,949 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses | 20 | - | - | - | 20 | |||||||||||
CEO transition | - | - | - | - | - | |||||||||||
Stock-based compensation | 2,880 | - | - | - | 2,880 | |||||||||||
Restatement charges | - | 365 | - | - | 365 | |||||||||||
Adjusted EBITDA | $ | 26,174 | $ | 545 | $ | -11 | $ | 239 | $ | 26,947 | ||||||
Quarter Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -7,751 | $ | -319 | $ | - | $ | 331 | $ | -7,739 | ||||||
Interest and other expenses | 6,761 | - | - | - | 6,761 | |||||||||||
Income tax (benefit) expense | -4,673 | 268 | - | - | -4,405 | |||||||||||
Depreciation and amortization | 14,730 | -503 | - | -89 | 14,138 | |||||||||||
EBITDA | 9,067 | -554 | - | 242 | 8,755 | |||||||||||
Change in fair value of contingent liabilities | 2,142 | - | - | - | 2,142 | |||||||||||
Loss on extinguishment of debt | 17,175 | - | - | - | 17,175 | |||||||||||
Acquisition, offering and related expenses | 30 | - | - | - | 30 | |||||||||||
CEO transition | - | - | - | - | - | |||||||||||
Stock-based compensation | 3,493 | - | - | - | 3,493 | |||||||||||
Restatement charges | - | 250 | - | - | 250 | |||||||||||
Adjusted EBITDA | $ | 31,907 | $ | -304 | $ | - | $ | 242 | $ | 31,845 | ||||||
Quarter Ended | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | Restatement | Discontinued | 2013 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -3,542 | $ | -893 | $ | - | $ | 234 | $ | -4,201 | ||||||
Interest and other expenses | 5,146 | 1 | 15 | -3 | 5,159 | |||||||||||
Income tax (benefit) expense | -2,425 | 1,117 | - | - | -1,308 | |||||||||||
Depreciation and amortization | 16,042 | -1,941 | - | -90 | 14,011 | |||||||||||
EBITDA | 15,221 | -1,716 | 15 | 141 | 13,661 | |||||||||||
Change in fair value of contingent liabilities | 9,825 | - | - | - | 9,825 | |||||||||||
Loss on extinguishment of debt | - | - | - | - | - | |||||||||||
Acquisition, offering and related expenses | - | 31 | - | - | 31 | |||||||||||
CEO transition | 6,802 | - | - | - | 6,802 | |||||||||||
Stock-based compensation | 3,534 | - | - | - | 3,534 | |||||||||||
Restatement charges | - | 254 | - | - | 254 | |||||||||||
Adjusted EBITDA | $ | 35,382 | $ | -1,431 | $ | 15 | $ | 141 | $ | 34,107 | ||||||
Following are the Condensed Consolidated Balance Sheets for 2014 as of (tables in thousands, except per share data): | ||||||||||||||||
As of | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 243,920 | $ | - | $ | - | $ | -623 | $ | 243,297 | ||||||
Short term investments | - | - | - | - | - | |||||||||||
Accounts receivable, net | 78,371 | - | - | -37 | 78,334 | |||||||||||
Deferred income taxes | 7,155 | 2,103 | - | - | 9,258 | |||||||||||
Prepaid expenses and other current assets | 6,984 | 3,186 | - | -292 | 9,878 | |||||||||||
Assets held for sale | - | - | - | 1,637 | 1,637 | |||||||||||
Total current assets | 336,430 | 5,289 | - | 685 | 342,404 | |||||||||||
Furniture, fixtures and equipment, net | 14,265 | -1,015 | - | -676 | 12,574 | |||||||||||
Intangible assets, net | 337,516 | -2,496 | - | -9 | 335,011 | |||||||||||
Goodwill | 611,975 | -742 | - | - | 611,233 | |||||||||||
Other assets | 11,247 | 156 | - | - | 11,403 | |||||||||||
Total assets | $ | 1,311,433 | $ | 1,192 | $ | - | $ | - | $ | 1,312,625 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 9,237 | $ | - | $ | - | $ | -16 | $ | 9,221 | ||||||
Accrued expenses | 37,217 | -1,998 | - | -51 | 35,168 | |||||||||||
Deferred revenue and customer deposits | 4,000 | - | - | -132 | 3,868 | |||||||||||
Accrued interest | 2,319 | - | - | - | 2,319 | |||||||||||
Other current liabilities | 20,755 | - | - | -15 | 20,740 | |||||||||||
Liabilities subject to sale | - | - | - | 714 | 714 | |||||||||||
Total current liabilities | 73,528 | -1,998 | - | 500 | 72,030 | |||||||||||
Deferred income taxes | 51,699 | 4,801 | - | - | 56,500 | |||||||||||
Long term debt, net of unamortized discount | 297,162 | - | - | - | 297,162 | |||||||||||
Other liabilities | 18,948 | 2,517 | - | -500 | 20,965 | |||||||||||
Total liabilities | 441,337 | 5,320 | - | - | 446,657 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,047 | 1 | - | - | 1,048 | |||||||||||
Additional paid-in capital | 890,856 | - | - | - | 890,856 | |||||||||||
Accumulated deficit | -20,434 | -4,291 | - | - | -24,725 | |||||||||||
Less: Treasury stock, at cost | -1,042 | -1 | - | - | -1,043 | |||||||||||
Accumulated other comprehensive (loss) income | -331 | 163 | - | - | -168 | |||||||||||
Total stockholders' equity | 870,096 | -4,128 | - | - | 865,968 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,311,433 | $ | 1,192 | $ | - | $ | - | $ | 1,312,625 | ||||||
As of | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 175,779 | $ | - | $ | - | $ | -398 | $ | 175,381 | ||||||
Short term investments | 500 | - | - | - | 500 | |||||||||||
Accounts receivable, net | 77,154 | 97 | - | -76 | 77,175 | |||||||||||
Deferred income taxes | 17,155 | 2,103 | - | - | 19,258 | |||||||||||
Prepaid expenses and other current assets | 31,368 | 2,890 | - | -311 | 33,947 | |||||||||||
Assets held for sale | - | - | - | 1,458 | 1,458 | |||||||||||
Total current assets | 301,956 | 5,090 | - | 673 | 307,719 | |||||||||||
Furniture, fixtures and equipment, net | 13,609 | -908 | - | -664 | 12,037 | |||||||||||
Intangible assets, net | 353,977 | -2,154 | - | -9 | 351,814 | |||||||||||
Goodwill | 638,010 | -743 | - | - | 637,267 | |||||||||||
Other assets | 12,456 | -22 | - | - | 12,434 | |||||||||||
Total assets | $ | 1,320,008 | $ | 1,263 | $ | - | $ | - | $ | 1,321,271 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 8,247 | $ | 1 | $ | - | $ | -24 | $ | 8,224 | ||||||
Accrued expenses | 27,367 | -1,987 | - | -110 | 25,270 | |||||||||||
Deferred revenue and customer deposits | 4,705 | - | - | -116 | 4,589 | |||||||||||
Accrued interest | 6,891 | - | - | - | 6,891 | |||||||||||
Other current liabilities | 30,787 | - | - | -34 | 30,753 | |||||||||||
Liabilities subject to sale | - | - | - | 784 | 784 | |||||||||||
Total current liabilities | 77,997 | -1,986 | - | 500 | 76,511 | |||||||||||
Deferred income taxes | 63,199 | 4,801 | - | - | 68,000 | |||||||||||
Long term debt, net of unamortized discount | 297,305 | - | - | - | 297,305 | |||||||||||
Other liabilities | 15,581 | 2,516 | - | -500 | 17,597 | |||||||||||
Total liabilities | 454,082 | 5,331 | - | - | 459,413 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,044 | 5 | - | - | 1,049 | |||||||||||
Additional paid-in capital | 895,285 | 1 | - | - | 895,286 | |||||||||||
Accumulated deficit | -22,680 | -4,238 | - | - | -26,918 | |||||||||||
Less: Treasury stock, at cost | -7,516 | -4 | - | - | -7,520 | |||||||||||
Accumulated other comprehensive (loss) income | -207 | 168 | - | - | -39 | |||||||||||
Total stockholders' equity | 865,926 | -4,068 | - | - | 861,858 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,320,008 | $ | 1,263 | $ | - | $ | - | $ | 1,321,271 | ||||||
As of | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 131,732 | ||||||||||||||
Short term investments | 500 | |||||||||||||||
Accounts receivable, net | 79,207 | |||||||||||||||
Deferred income taxes | 19,258 | |||||||||||||||
Prepaid expenses and other current assets | 43,819 | |||||||||||||||
Assets held for sale | 1,359 | |||||||||||||||
Total current assets | 275,875 | |||||||||||||||
Furniture, fixtures and equipment, net | 12,682 | |||||||||||||||
Intangible assets, net | 348,459 | |||||||||||||||
Goodwill | 637,303 | |||||||||||||||
Other assets | 12,670 | |||||||||||||||
Total assets | $ | 1,286,989 | ||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 10,864 | ||||||||||||||
Accrued expenses | 43,694 | |||||||||||||||
Deferred revenue and customer deposits | 4,559 | |||||||||||||||
Accrued interest | 2,297 | |||||||||||||||
Other current liabilities | 32,348 | |||||||||||||||
Liabilities subject to sale | 875 | |||||||||||||||
Total current liabilities | 94,637 | |||||||||||||||
Deferred income taxes | 68,000 | |||||||||||||||
Long term debt, net of unamortized discount | 297,450 | |||||||||||||||
Other liabilities | 18,783 | |||||||||||||||
Total liabilities | 478,870 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, par value $.01 per share | 1,049 | |||||||||||||||
Additional paid-in capital | 899,689 | |||||||||||||||
Accumulated deficit | -33,940 | |||||||||||||||
Less: Treasury stock, at cost | -58,440 | |||||||||||||||
Accumulated other comprehensive loss | -239 | |||||||||||||||
Total stockholders' equity | 808,119 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,286,989 | ||||||||||||||
Following are the Condensed Consolidated Statements of Comprehensive Income (Loss) for the quarters ended 2014 (tables in thousands, except share and per share data): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 136,475 | $ | - | $ | - | $ | -200 | $ | 136,275 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 46,295 | 77 | 32,303 | -167 | 78,508 | |||||||||||
Sales and marketing | - | 1 | 6,216 | -130 | 6,087 | |||||||||||
Sales | 3,660 | - | -3,660 | - | - | |||||||||||
Marketing | 33,401 | - | -33,401 | - | - | |||||||||||
Product development and technology | 5,738 | 82 | 1,141 | -86 | 6,875 | |||||||||||
General and administrative | 15,258 | 72 | -2,599 | -189 | 12,542 | |||||||||||
Legal settlements | - | 1 | - | - | 1 | |||||||||||
Acquisition, offering and related expenses | 2,403 | - | - | - | 2,403 | |||||||||||
Changes in fair value of contingent acquisition consideration | 1,406 | 1 | - | - | 1,407 | |||||||||||
Depreciation and amortization | 14,461 | -532 | - | -73 | 13,856 | |||||||||||
Total costs and expenses | 122,622 | -298 | - | -645 | 121,679 | |||||||||||
Income (loss) from operations | 13,853 | 298 | - | 445 | 14,596 | |||||||||||
Interest and other expenses, net | 5,192 | -1 | - | -1 | 5,190 | |||||||||||
Income (loss) before taxes | 8,661 | 299 | - | 446 | 9,406 | |||||||||||
Income tax expense (benefit) | 3,829 | 1,045 | - | - | 4,874 | |||||||||||
Net income (loss) from continuing operations | 4,832 | -746 | - | 446 | 4,532 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -446 | -446 | |||||||||||
Net income (loss) | $ | 4,832 | $ | -746 | $ | - | $ | - | $ | 4,086 | ||||||
Basic net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net income (loss) per share | $ | 0.05 | $ | 0.04 | ||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||
Continuing operations | $ | 0.05 | $ | 0.04 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net income per share | $ | 0.05 | $ | 0.04 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,876,470 | 100,876,470 | ||||||||||||||
Diluted | 103,081,843 | 103,081,843 | ||||||||||||||
Net income (loss) | $ | 4,832 | $ | -746 | $ | - | $ | - | $ | 4,086 | ||||||
Other comprehensive income, net of tax | 19 | 13 | - | -7 | 25 | |||||||||||
Comprehensive income | $ | 4,851 | $ | -733 | $ | - | $ | -7 | $ | 4,111 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Revenue | $ | 130,662 | $ | 1 | $ | - | $ | -296 | $ | 130,367 | ||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 46,494 | 265 | 31,590 | -175 | 78,174 | |||||||||||
Sales and marketing | - | 1 | 6,445 | -99 | 6,347 | |||||||||||
Sales | 3,674 | - | -3,674 | - | - | |||||||||||
Marketing | 33,180 | - | -33,180 | - | - | |||||||||||
Product development and technology | 5,907 | 56 | 1,108 | -92 | 6,979 | |||||||||||
General and administrative | 14,169 | 35 | -2,289 | -191 | 11,724 | |||||||||||
Legal settlements | 9,190 | - | - | - | 9,190 | |||||||||||
Acquisition, offering and related expenses | 158 | 1 | - | - | 159 | |||||||||||
Changes in fair value of contingent acquisition consideration | 744 | -1 | - | - | 743 | |||||||||||
Depreciation and amortization | 15,195 | -498 | - | -107 | 14,590 | |||||||||||
Total costs and expenses | 128,711 | -141 | - | -664 | 127,906 | |||||||||||
Income (loss) from operations | 1,951 | 142 | - | 368 | 2,461 | |||||||||||
Interest and other expenses, net | 5,159 | 1 | - | 2 | 5,162 | |||||||||||
(Loss) income before taxes | -3,208 | 141 | - | 366 | -2,701 | |||||||||||
Income tax (benefit) expense | -962 | 88 | - | - | -874 | |||||||||||
Net loss from continuing operations | -2,246 | 53 | - | 366 | -1,827 | |||||||||||
Net loss from discontinued operations, net of income taxes | - | - | - | -366 | -366 | |||||||||||
Net (loss) income | $ | -2,246 | $ | 53 | $ | - | $ | - | $ | -2,193 | ||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.02 | $ | -0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Basic net (loss) income per share | $ | -0.02 | $ | -0.02 | ||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.02 | $ | -0.02 | ||||||||||||
Discontinued operations | - | - | ||||||||||||||
Diluted net loss per share | $ | -0.02 | $ | -0.02 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 101,894,188 | 101,894,188 | ||||||||||||||
Diluted | 101,894,188 | 101,894,188 | ||||||||||||||
Net (loss) income | $ | -2,246 | $ | 53 | $ | - | $ | - | $ | -2,193 | ||||||
Other comprehensive income, net of tax | 124 | -47 | - | 52 | 129 | |||||||||||
Comprehensive loss | $ | -2,122 | $ | 6 | $ | - | $ | 52 | $ | -2,064 | ||||||
Quarter Ended | ||||||||||||||||
September, 30 | ||||||||||||||||
2014 | ||||||||||||||||
Revenue | $ | 141,650 | ||||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 85,528 | |||||||||||||||
Sales and marketing | 6,228 | |||||||||||||||
Sales | - | |||||||||||||||
Marketing | - | |||||||||||||||
Product development and technology | 7,399 | |||||||||||||||
General and administrative | 28,992 | |||||||||||||||
Legal settlements | -7,732 | |||||||||||||||
Acquisition, offering and related expenses | 248 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 682 | |||||||||||||||
Depreciation and amortization | 14,964 | |||||||||||||||
Total costs and expenses | 136,309 | |||||||||||||||
Income (loss) from operations | 5,341 | |||||||||||||||
Interest and other expenses, net | 5,231 | |||||||||||||||
(Loss) income before taxes | 110 | |||||||||||||||
Income tax expense (benefit) | 6,927 | |||||||||||||||
Net loss from continuing operations | -6,817 | |||||||||||||||
Net loss from discontinued operations, net of income taxes | -207 | |||||||||||||||
Net (loss) income | $ | -7,024 | ||||||||||||||
Basic net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.07 | ||||||||||||||
Discontinued operations | - | |||||||||||||||
Basic net (loss) income per share | $ | -0.07 | ||||||||||||||
Diluted net (loss) income per share: | ||||||||||||||||
Continuing operations | $ | -0.07 | ||||||||||||||
Discontinued operations | - | |||||||||||||||
Diluted net loss per share | $ | -0.07 | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 100,607,876 | |||||||||||||||
Diluted | 100,607,876 | |||||||||||||||
Net (loss) income | $ | -7,024 | ||||||||||||||
Other comprehensive loss, net of tax | -200 | |||||||||||||||
Comprehensive loss | $ | -7,224 | ||||||||||||||
Quarter Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | ||||||||||||||||
Revenue | $ | 136,651 | ||||||||||||||
Income (loss) continuing operations | $ | 10,205 | ||||||||||||||
Net income | $ | 10,303 | ||||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Income (loss) from continuing operations: | ||||||||||||||||
Basic | $ | 0.10 | ||||||||||||||
Diluted | $ | 0.10 | ||||||||||||||
Net Income (loss): | ||||||||||||||||
Basic | $ | 0.10 | ||||||||||||||
Diluted | $ | 0.10 | ||||||||||||||
Following are the Condensed Consolidated Statements of Cash Flows for the 2014 year to date periods ended (tables in thousands): | ||||||||||||||||
Year to Date | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 5,444 | $ | -7,697 | $ | - | $ | -301 | $ | -2,554 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 301 | 301 | |||||||||||
Net cash provided by (used in) operating activities | $ | 5,444 | $ | -7,697 | $ | - | $ | - | $ | -2,253 | ||||||
Net cash provided by (used in) investing activities - continuing operations | $ | -1,952 | $ | 32 | $ | - | $ | 68 | $ | -1,852 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -68 | -68 | |||||||||||
Net cash (used in) provided by investing activities | $ | -1,952 | $ | 32 | $ | - | $ | - | $ | -1,920 | ||||||
Net cash provided by financing activities - continuing operations | $ | 10,360 | $ | 7,665 | $ | - | $ | - | $ | 18,025 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash provided by financing activities | $ | 10,360 | $ | 7,665 | $ | - | $ | - | $ | 18,025 | ||||||
Year to Date | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net cash provided by (used in) operating activities - continuing operations | $ | 13,758 | $ | -12,697 | $ | - | $ | -114 | $ | 947 | ||||||
Net cash provided by operating activities - discontinued operations | - | - | - | 114 | 114 | |||||||||||
Net cash provided by (used in) operating activities | $ | 13,758 | $ | -12,697 | $ | - | $ | - | $ | 1,061 | ||||||
Net cash (used in) provided by investing activities - continuing operations | $ | -58,671 | $ | 82 | $ | - | $ | 159 | $ | -58,430 | ||||||
Net cash used in investing activities - discontinued operations | - | - | - | -159 | -159 | |||||||||||
Net cash (used in) provided by investing activities | $ | -58,671 | $ | 82 | $ | - | $ | - | $ | -58,589 | ||||||
Net cash (used in) provided by financing activities - continuing operations | $ | -9,401 | $ | 12,615 | $ | - | $ | - | $ | 3,214 | ||||||
Net cash provided by financing activities - discontinued operations | - | - | - | - | - | |||||||||||
Net cash (used in) provided by financing activities | $ | -9,401 | $ | 12,615 | $ | - | $ | - | $ | 3,214 | ||||||
Year to Date | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income from continuing operations | $ | -4,112 | ||||||||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 43,410 | |||||||||||||||
Provision for doubtful accounts receivable | 390 | |||||||||||||||
Amortization of deferred financing charges and original issue discount | 1,632 | |||||||||||||||
Stock-based compensation | 12,742 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 2,832 | |||||||||||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Accounts receivable | -16,433 | |||||||||||||||
Prepaid expenses and other assets | -29,943 | |||||||||||||||
Accounts payable | 2,517 | |||||||||||||||
Accrued expenses | 4,404 | |||||||||||||||
Other liabilities | 1,270 | |||||||||||||||
Deferred revenue | 664 | |||||||||||||||
Net cash provided by operating activities - continuing operations | $ | 19,373 | ||||||||||||||
Net cash provided by operating activities - discontinued operations | 78 | |||||||||||||||
Net cash provided by operating activities | $ | 19,451 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||
Purchases of furniture, fixtures and equipment and capitalized website development costs | -7,353 | |||||||||||||||
Cash used in business acquisitions, net | -62,184 | |||||||||||||||
Restricted cash | -4 | |||||||||||||||
Net cash used in investing activities - continuing operations | $ | -69,541 | ||||||||||||||
Net cash used in investing activities - discontinued operations | -222 | |||||||||||||||
Net cash used in investing activities | $ | -69,763 | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||
Cash paid for contingent acquisition consideration | -12,683 | |||||||||||||||
Purchase of Company common stock | -57,848 | |||||||||||||||
Proceeds from issuance of common stock, net of costs | 22,826 | |||||||||||||||
Net cash used in financing activities - continuing operations | $ | -47,705 | ||||||||||||||
Net cash provided by financing activities - discontinued operations | - | |||||||||||||||
Net cash used in financing activities | $ | -47,705 | ||||||||||||||
Effect of exchange rate on cash and cash equivalents | -79 | |||||||||||||||
Net increase in cash | -98,096 | |||||||||||||||
Cash - beginning of period | 230,071 | |||||||||||||||
Cash - end of period | 131,975 | |||||||||||||||
Less cash of discontinued operations - end of period | 243 | |||||||||||||||
Cash of continuing operations - end of period | $ | 131,732 | ||||||||||||||
Following are the reconciliations from net income (loss) to Adjusted EBITDA (a non-GAAP measure) for each quarter ended 2014 (tables in thousands): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | 4,832 | $ | -746 | $ | - | $ | 446 | $ | 4,532 | ||||||
Interest and other expenses | 5,192 | -1 | - | -1 | 5,190 | |||||||||||
Income tax (benefit) expense | 3,829 | 1,045 | - | - | 4,874 | |||||||||||
Depreciation and amortization | 14,461 | -532 | - | -73 | 13,856 | |||||||||||
EBITDA | 28,314 | -234 | - | 372 | 28,452 | |||||||||||
Change in fair value of contingent liabilities | 1,406 | 1 | - | - | 1,407 | |||||||||||
Legal settlements | - | 1 | - | - | 1 | |||||||||||
Acquisition, offering and related expenses | 2,403 | - | - | - | 2,403 | |||||||||||
Stock-based compensation | 3,923 | - | - | - | 3,923 | |||||||||||
Impact of purchase accounting | - | - | - | - | - | |||||||||||
Restatement charges | - | 677 | - | - | 677 | |||||||||||
Adjusted EBITDA | $ | 36,046 | $ | 445 | $ | - | $ | 372 | $ | 36,863 | ||||||
Quarter Ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | Restatement | Discontinued | 2014 | |||||||||||||
As filed | adjustments | Reclassification | operations | As restated | ||||||||||||
Net (loss) income from continuing operations | $ | -2,246 | $ | 53 | $ | - | $ | 366 | $ | -1,827 | ||||||
Interest and other expenses | 5,159 | 1 | - | 2 | 5,162 | |||||||||||
Income tax (benefit) expense | -962 | 88 | - | - | -874 | |||||||||||
Depreciation and amortization | 15,195 | -498 | - | -107 | 14,590 | |||||||||||
EBITDA | 17,146 | -356 | - | 261 | 17,051 | |||||||||||
Change in fair value of contingent liabilities | 744 | -1 | - | - | 743 | |||||||||||
Legal settlements | 9,190 | - | - | - | 9,190 | |||||||||||
Acquisition, offering and related expenses | 158 | 1 | - | - | 159 | |||||||||||
Stock-based compensation | 4,415 | - | - | - | 4,415 | |||||||||||
Impact of purchase accounting | 220 | - | - | - | 220 | |||||||||||
Restatement charges | - | 603 | - | - | 603 | |||||||||||
Adjusted EBITDA | $ | 31,873 | $ | 247 | $ | - | $ | 261 | $ | 32,381 | ||||||
Organization_And_Basis_Of_Pres2
Organization And Basis Of Presentation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
item | |
Organization And Basis Of Presentation [Abstract] | |
Number of financial products | 300 |
Restatement_Of_Consolidated_Fi2
Restatement Of Consolidated Financial Statements (Narrative) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Restatement Of Consolidated Financial Statements [Abstract] | |
Proposed settlement penalty | $15 |
Recorded reserve for proposed settlement penalty | $15 |
Restatement_Of_Consolidated_Fi3
Restatement Of Consolidated Financial Statements (Restated Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, except Per Share data, unless otherwise specified | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $141,725 | $131,732 | $175,381 | $243,297 | $229,674 | $190,850 | $111,554 | $88,603 | $83,262 | $70,883 | $77,562 | $64,205 | $55,588 | $63,916 | $60,993 |
Short-term investments | 500 | 500 | |||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 70,865 | 79,207 | 77,175 | 78,334 | 61,859 | 68,406 | 58,523 | 58,922 | 52,293 | 60,315 | 66,165 | 61,226 | 61,595 | 70,226 | 61,989 |
Deferred income taxes | 6,407 | 19,258 | 19,258 | 9,258 | 9,258 | 3,363 | 3,363 | 3,363 | 3,363 | 8,555 | 8,555 | 8,113 | 8,113 | 10,081 | 10,081 |
Prepaid expenses and other current assets | 35,652 | 43,819 | 33,947 | 9,878 | 13,587 | 27,277 | 21,502 | 20,446 | 22,998 | 11,874 | 5,737 | 4,505 | 3,454 | 10,239 | 20,811 |
Assets held for sale | 1,627 | 1,359 | 1,458 | 1,637 | 1,476 | 1,627 | 1,362 | 1,584 | 1,231 | 1,093 | 1,262 | 1,048 | 1,298 | 1,222 | 889 |
Total current assets | 256,276 | 275,875 | 307,719 | 342,404 | 315,854 | 291,523 | 196,304 | 172,918 | 163,147 | 152,720 | 159,281 | 139,097 | 130,048 | 155,684 | 154,763 |
Furniture, fixtures and equipment, net of accumulated depreciation | 13,299 | 12,682 | 12,037 | 12,574 | 11,258 | 10,338 | 10,241 | 8,969 | 8,324 | 8,658 | 8,084 | 7,489 | 7,997 | 8,315 | 6,651 |
Intangible assets, net of accumulated amortization | 338,988 | 348,459 | 351,814 | 335,011 | 347,175 | 359,596 | 363,425 | 375,823 | 376,780 | 388,747 | 377,217 | 369,904 | 375,968 | 349,955 | 353,774 |
Goodwill | 641,367 | 637,303 | 637,267 | 611,233 | 611,233 | 610,207 | 601,656 | 601,656 | 601,431 | 601,431 | 596,844 | 596,544 | 594,185 | 572,408 | 572,408 |
Other assets | 13,499 | 12,670 | 12,434 | 11,403 | 13,375 | 15,180 | 11,028 | 12,357 | 11,775 | 12,470 | 11,710 | 10,725 | 10,604 | 10,691 | 12,751 |
Total assets | 1,263,429 | 1,286,989 | 1,321,271 | 1,312,625 | 1,298,895 | 1,286,844 | 1,182,654 | 1,171,723 | 1,161,457 | 1,164,026 | 1,153,136 | 1,123,759 | 1,118,802 | 1,097,053 | 1,100,347 |
Liabilities | |||||||||||||||
Accounts payable | 8,047 | 10,864 | 8,224 | 9,221 | 7,144 | 9,856 | 7,447 | 7,510 | 8,221 | 7,661 | 10,389 | 10,833 | 11,774 | 7,743 | 8,372 |
Accrued expenses | 46,030 | 43,694 | 25,270 | 35,168 | 38,686 | 28,727 | 24,330 | 23,287 | 22,060 | 24,540 | 28,209 | 22,015 | 23,138 | 17,869 | 24,867 |
Deferred revenue and customer deposits | 4,303 | 4,559 | 4,589 | 3,868 | 3,665 | 3,704 | 3,949 | 3,854 | 3,750 | 3,335 | 3,420 | 3,967 | 5,734 | 2,619 | 3,476 |
Accrued interest | 6,980 | 2,297 | 6,891 | 2,319 | 7,379 | 2,758 | 10,591 | 4,860 | 10,588 | 4,898 | 10,588 | 4,860 | 10,588 | 4,859 | 10,565 |
Other current liabilities | 13,629 | 32,348 | 30,753 | 20,740 | 24,569 | 23,053 | 19,935 | 19,044 | 5,075 | 13,413 | 4,586 | 6,161 | 2,568 | 2,005 | 1,945 |
Liabilities subject to sale | 1,074 | 875 | 784 | 714 | 172 | 151 | 169 | 142 | 142 | 82 | 156 | 288 | 332 | 169 | 162 |
Total current liabilities | 80,063 | 94,637 | 76,511 | 72,030 | 81,615 | 68,249 | 66,421 | 58,697 | 49,836 | 53,929 | 57,348 | 48,124 | 54,134 | 35,264 | 49,387 |
Deferred income taxes | 51,633 | 68,000 | 68,000 | 56,500 | 56,500 | 69,262 | 69,262 | 69,262 | 69,262 | 67,196 | 67,196 | 67,196 | 67,196 | 78,560 | 78,560 |
Long term debt, net of unamortized discount | 297,598 | 297,450 | 297,305 | 297,162 | 297,021 | 296,882 | 194,125 | 194,033 | 193,943 | 193,857 | 193,773 | 193,692 | 193,613 | 193,537 | 193,463 |
Other liabilities | 10,849 | 18,783 | 17,597 | 20,965 | 28,186 | 22,536 | 20,637 | 20,013 | 22,467 | 26,851 | 17,879 | 15,173 | 15,347 | 18,146 | 17,283 |
Total liabilities | 440,143 | 478,870 | 459,413 | 446,657 | 463,322 | 456,929 | 350,445 | 342,005 | 335,508 | 341,833 | 336,196 | 324,185 | 330,290 | 325,507 | 338,693 |
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | 1,047 | 1,049 | 1,049 | 1,048 | 1,017 | 1,015 | 1,014 | 1,001 | 1,000 | 1,001 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Additional paid-in capital | 892,738 | 899,689 | 895,286 | 890,856 | 864,152 | 854,137 | 848,617 | 845,647 | 843,407 | 841,101 | 837,769 | 835,119 | 832,797 | 830,216 | 827,706 |
(Accumulated deficit) retained earnings | -23,639 | -33,940 | -26,918 | -24,725 | -28,811 | -24,380 | -16,311 | -15,797 | -17,615 | -19,049 | -20,810 | -36,078 | -44,660 | -59,097 | -66,605 |
Less: Treasury stock, at cost | -46,494 | -58,440 | -7,520 | -1,043 | -592 | -592 | -592 | -592 | -592 | -592 | -589 | ||||
Accumulated other comprehensive loss | -366 | -239 | -39 | -168 | -193 | -265 | -519 | -541 | -250 | -268 | -430 | -467 | -625 | -573 | -447 |
Total stockholders' equity | 823,286 | 808,119 | 861,858 | 865,968 | 835,573 | 829,915 | 832,209 | 829,718 | 825,950 | 822,193 | 816,940 | 799,574 | 788,512 | 771,546 | 761,654 |
Total liabilities and stockholders' equity | 1,263,429 | 1,286,989 | 1,321,271 | 1,312,625 | 1,298,895 | 1,286,844 | 1,182,654 | 1,171,723 | 1,161,458 | 1,164,026 | 1,153,136 | 1,123,759 | 1,118,802 | 1,097,053 | 1,100,347 |
Accounts receivable, allowance for doubtful accounts | 419 | 620 | |||||||||||||
Accumulated depreciation | 24,756 | 17,524 | |||||||||||||
Accumulated amortization | 228,667 | 177,140 | |||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
As Filed [Member] | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | 175,779 | 243,920 | 230,071 | 191,463 | 111,961 | 89,240 | 83,590 | 71,109 | 78,003 | 64,523 | 56,213 | 64,489 | 61,285 | ||
Short-term investments | 500 | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 77,154 | 78,371 | 61,962 | 68,478 | 58,215 | 59,221 | 52,598 | 60,445 | 66,353 | 60,876 | 60,543 | 69,205 | 61,510 | ||
Deferred income taxes | 17,155 | 7,155 | 7,155 | 3,763 | 3,763 | 3,763 | 3,763 | 25,131 | 25,131 | 24,690 | 24,690 | 16,326 | 16,326 | ||
Prepaid expenses and other current assets | 31,368 | 6,984 | 9,736 | 18,977 | 12,633 | 11,040 | 13,691 | 7,706 | 1,986 | 2,601 | 2,535 | 10,921 | 21,554 | ||
Total current assets | 301,956 | 336,430 | 308,924 | 282,681 | 186,572 | 163,264 | 153,642 | 164,391 | 171,473 | 152,690 | 143,981 | 160,941 | 160,675 | ||
Furniture, fixtures and equipment, net of accumulated depreciation | 13,609 | 14,265 | 12,930 | 12,085 | 11,989 | 10,716 | 10,024 | 10,009 | 9,622 | 8,960 | 9,065 | 9,321 | 7,380 | ||
Intangible assets, net of accumulated amortization | 353,977 | 337,516 | 350,206 | 364,442 | 368,574 | 381,378 | 382,732 | 395,135 | 384,066 | 372,093 | 378,240 | 352,299 | 353,839 | ||
Goodwill | 638,010 | 611,975 | 611,975 | 610,950 | 602,399 | 602,398 | 602,173 | 602,768 | 598,181 | 597,881 | 595,522 | 573,745 | 573,695 | ||
Other assets | 12,456 | 11,247 | 12,776 | 14,183 | 10,087 | 11,172 | 11,579 | 12,092 | 11,712 | 10,725 | 10,604 | 10,691 | 12,588 | ||
Total assets | 1,320,008 | 1,311,433 | 1,296,811 | 1,284,341 | 1,179,621 | 1,168,928 | 1,160,150 | 1,184,395 | 1,175,054 | 1,142,349 | 1,137,412 | 1,106,997 | 1,108,177 | ||
Liabilities | |||||||||||||||
Accounts payable | 8,247 | 9,237 | 7,149 | 9,869 | 7,470 | 7,524 | 8,227 | 7,668 | 10,402 | 10,567 | 9,564 | 7,936 | 8,379 | ||
Accrued expenses | 27,367 | 37,217 | 40,546 | 28,582 | 23,948 | 22,755 | 22,033 | 24,674 | 29,461 | 20,973 | 26,288 | 20,139 | 27,126 | ||
Deferred revenue and customer deposits | 4,705 | 4,000 | 3,792 | 3,777 | 4,030 | 3,926 | 3,861 | 3,375 | 3,499 | 4,051 | 5,891 | 2,662 | 3,526 | ||
Accrued interest | 6,891 | 2,319 | 7,379 | 2,758 | 10,591 | 4,860 | 10,588 | 4,898 | 10,588 | 4,860 | 10,588 | 4,859 | 10,565 | ||
Other current liabilities | 30,787 | 20,755 | 24,595 | 23,067 | 19,950 | 19,056 | 6,399 | 13,632 | 6,248 | 7,562 | 3,969 | 3,477 | 2,142 | ||
Total current liabilities | 77,997 | 73,528 | 83,461 | 68,053 | 65,989 | 58,121 | 51,108 | 54,247 | 60,198 | 48,013 | 56,300 | 39,073 | 51,738 | ||
Deferred income taxes | 63,199 | 51,699 | 51,699 | 64,482 | 64,482 | 64,482 | 64,482 | 82,670 | 82,670 | 82,670 | 82,670 | 83,546 | 83,546 | ||
Long term debt, net of unamortized discount | 297,305 | 297,162 | 297,021 | 296,882 | 194,125 | 194,033 | 193,943 | 193,857 | 193,773 | 193,692 | 193,613 | 193,537 | 193,463 | ||
Other liabilities | 15,581 | 18,948 | 25,668 | 22,536 | 20,637 | 20,013 | 22,466 | 28,120 | 18,958 | 16,511 | 16,367 | 18,949 | 17,047 | ||
Total liabilities | 454,082 | 441,337 | 457,849 | 451,953 | 345,233 | 336,649 | 331,999 | 358,894 | 355,599 | 340,886 | 348,950 | 335,105 | 345,794 | ||
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | 1,044 | 1,047 | 1,017 | 1,015 | 1,013 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||
Additional paid-in capital | 895,285 | 890,856 | 864,152 | 854,124 | 848,604 | 845,634 | 843,393 | 841,101 | 837,769 | 835,495 | 832,797 | 830,215 | 827,706 | ||
(Accumulated deficit) retained earnings | -22,680 | -20,434 | -25,266 | -21,724 | -13,973 | -13,081 | -15,264 | -15,608 | -18,168 | -34,444 | -44,595 | -58,640 | -65,772 | ||
Less: Treasury stock, at cost | -7,516 | -1,042 | -591 | -591 | -591 | -591 | -591 | -591 | -589 | ||||||
Accumulated other comprehensive loss | -207 | -331 | -350 | -436 | -665 | -683 | -387 | -401 | -557 | -588 | -740 | -683 | -551 | ||
Total stockholders' equity | 865,926 | 870,096 | 838,962 | 832,388 | 834,388 | 832,279 | 828,151 | 825,501 | 819,455 | 801,463 | 788,462 | 771,892 | 762,383 | ||
Total liabilities and stockholders' equity | 1,320,008 | 1,311,433 | 1,296,811 | 1,284,341 | 1,179,621 | 1,168,928 | 1,160,150 | 1,184,395 | 1,175,054 | 1,142,349 | 1,137,412 | 1,106,997 | 1,108,177 | ||
Restatement Adjustments [Member] | |||||||||||||||
Assets | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 97 | 318 | -272 | -305 | -121 | -186 | 353 | 1,055 | 1,055 | 479 | |||||
Deferred income taxes | 2,103 | 2,103 | 2,103 | -400 | -400 | -400 | -400 | -16,576 | -16,576 | -16,577 | -16,577 | -6,245 | -6,245 | ||
Prepaid expenses and other current assets | 2,890 | 3,186 | 4,136 | 8,568 | 9,131 | 9,630 | 9,530 | 4,392 | 3,969 | 2,054 | 1,059 | -547 | -607 | ||
Total current assets | 5,090 | 5,289 | 6,239 | 8,168 | 9,049 | 8,958 | 8,825 | -12,305 | -12,793 | -14,170 | -14,463 | -5,737 | -6,373 | ||
Furniture, fixtures and equipment, net of accumulated depreciation | -908 | -1,015 | -1,161 | -1,236 | -1,220 | -1,203 | -1,167 | -845 | -1,057 | -1,006 | -639 | -601 | -333 | ||
Intangible assets, net of accumulated amortization | -2,154 | -2,496 | -2,851 | -4,683 | -4,994 | -5,403 | -5,805 | -6,260 | -6,729 | -2,077 | -2,171 | -2,269 | |||
Goodwill | -743 | -742 | -742 | -743 | -743 | -742 | -742 | -1,337 | -1,337 | -1,337 | -1,337 | -1,337 | -1,287 | ||
Other assets | -22 | 156 | 599 | 997 | 941 | 1,185 | 196 | 378 | -2 | 163 | |||||
Total assets | 1,263 | 1,192 | 2,084 | 2,503 | 3,033 | 2,795 | 1,307 | -20,369 | -21,918 | -18,590 | -18,610 | -9,944 | -7,830 | ||
Liabilities | |||||||||||||||
Accounts payable | 1 | 278 | 2,218 | -180 | |||||||||||
Accrued expenses | -1,987 | -1,998 | -1,846 | 196 | 433 | 577 | 43 | -123 | -1,199 | 1,189 | -3,006 | -2,169 | -2,161 | ||
Deferred revenue and customer deposits | 35 | ||||||||||||||
Other current liabilities | -1 | -1 | -1,315 | -195 | -1,651 | -1,391 | -1,378 | -1,460 | -190 | ||||||
Total current liabilities | -1,986 | -1,998 | -1,846 | 196 | 432 | 576 | -1,272 | -318 | -2,850 | 111 | -2,166 | -3,809 | -2,351 | ||
Deferred income taxes | 4,801 | 4,801 | 4,801 | 4,780 | 4,780 | 4,780 | 4,780 | -15,474 | -15,474 | -15,474 | -15,474 | -4,986 | -4,986 | ||
Other liabilities | 2,516 | 2,517 | 2,518 | 1 | -1,269 | -1,079 | -1,338 | -1,020 | -803 | 236 | |||||
Total liabilities | 5,331 | 5,320 | 5,473 | 4,976 | 5,212 | 5,356 | 3,509 | -17,061 | -19,403 | -16,701 | -18,660 | -9,598 | -7,101 | ||
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | 5 | 1 | 1 | 1 | 1 | ||||||||||
Additional paid-in capital | 1 | 13 | 13 | 13 | 14 | -376 | 1 | ||||||||
(Accumulated deficit) retained earnings | -4,238 | -4,291 | -3,545 | -2,656 | -2,338 | -2,716 | -2,351 | -3,441 | -2,642 | -1,634 | -65 | -457 | -833 | ||
Less: Treasury stock, at cost | -4 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | |||||||
Accumulated other comprehensive loss | 168 | 163 | 157 | 171 | 146 | 142 | 137 | 133 | 127 | 121 | 115 | 110 | 104 | ||
Total stockholders' equity | -4,068 | -4,128 | -3,389 | -2,473 | -2,179 | -2,561 | -2,201 | -3,308 | -2,515 | -1,889 | 50 | -346 | -729 | ||
Total liabilities and stockholders' equity | 1,263 | 1,192 | 2,084 | 2,503 | 3,033 | 2,795 | 1,308 | -20,369 | -21,918 | -18,590 | -18,610 | -9,944 | -7,830 | ||
Reclassification [Member] | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | |||||||||||||||
Short-term investments | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | |||||||||||||||
Deferred income taxes | |||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||
Assets held for sale | |||||||||||||||
Total current assets | |||||||||||||||
Furniture, fixtures and equipment, net of accumulated depreciation | |||||||||||||||
Intangible assets, net of accumulated amortization | |||||||||||||||
Goodwill | |||||||||||||||
Other assets | |||||||||||||||
Total assets | |||||||||||||||
Liabilities | |||||||||||||||
Accounts payable | |||||||||||||||
Accrued expenses | |||||||||||||||
Deferred revenue and customer deposits | |||||||||||||||
Accrued interest | |||||||||||||||
Other current liabilities | |||||||||||||||
Liabilities subject to sale | |||||||||||||||
Total current liabilities | |||||||||||||||
Deferred income taxes | |||||||||||||||
Long term debt, net of unamortized discount | |||||||||||||||
Other liabilities | |||||||||||||||
Total liabilities | |||||||||||||||
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | |||||||||||||||
Additional paid-in capital | |||||||||||||||
(Accumulated deficit) retained earnings | |||||||||||||||
Less: Treasury stock, at cost | |||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||
Total stockholders' equity | |||||||||||||||
Total liabilities and stockholders' equity | |||||||||||||||
Discontinued Operations [Member] | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | -398 | -623 | -397 | -613 | -407 | -637 | -328 | -226 | -441 | -318 | -625 | -573 | -292 | ||
Accounts receivable, net of allowance for doubtful accounts | -76 | -37 | -103 | -72 | -10 | -27 | -9 | -2 | -3 | -3 | -34 | ||||
Prepaid expenses and other current assets | -311 | -292 | -285 | -268 | -262 | -224 | -223 | -224 | -218 | -150 | -140 | -135 | -136 | ||
Assets held for sale | 1,458 | 1,637 | 1,476 | 1,627 | 1,362 | 1,584 | 1,231 | 1,093 | 1,262 | 1,048 | 1,298 | 1,222 | 889 | ||
Total current assets | 673 | 685 | 691 | 674 | 683 | 696 | 680 | 634 | 601 | 577 | 530 | 480 | 461 | ||
Furniture, fixtures and equipment, net of accumulated depreciation | -664 | -676 | -511 | -511 | -528 | -544 | -533 | -506 | -481 | -465 | -429 | -405 | -396 | ||
Intangible assets, net of accumulated amortization | -9 | -9 | -180 | -163 | -155 | -152 | -147 | -128 | -120 | -112 | -101 | -75 | -65 | ||
Liabilities | |||||||||||||||
Accounts payable | -24 | -16 | -5 | -13 | -23 | -14 | -6 | -7 | -13 | -12 | -8 | -13 | -7 | ||
Accrued expenses | -110 | -51 | -14 | -51 | -51 | -45 | -16 | -11 | -53 | -147 | -144 | -101 | -98 | ||
Deferred revenue and customer deposits | -116 | -132 | -127 | -73 | -81 | -72 | -111 | -40 | -79 | -119 | -157 | -43 | -50 | ||
Other current liabilities | -34 | -15 | -26 | -14 | -14 | -11 | -9 | -24 | -11 | -10 | -23 | -12 | -7 | ||
Liabilities subject to sale | 784 | 714 | 172 | 151 | 169 | 142 | 142 | 82 | 156 | 288 | 332 | 169 | 162 | ||
Total current liabilities | 500 | 500 | |||||||||||||
Other liabilities | -500 | -500 | |||||||||||||
Commitments and contingencies |
Restatement_Of_Consolidated_Fi4
Restatement Of Consolidated Financial Statements (Restated Consolidated Statements Of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenue | $136,651 | $141,650 | $130,367 | $136,275 | $121,978 | $120,695 | $105,905 | $108,358 | $93,403 | $116,782 | $121,552 | $124,232 | $113,666 | $113,270 | $98,393 | $98,996 | $544,943 | $456,936 | $455,969 | $424,325 | |
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 85,528 | 78,174 | 78,508 | 68,910 | 71,723 | 61,701 | 61,698 | 58,972 | 72,540 | 69,592 | 71,926 | 59,172 | 63,344 | 54,497 | 55,162 | 322,080 | 264,032 | 273,030 | 232,175 | ||
Sales and marketing | 6,228 | 6,347 | 6,087 | 6,047 | 6,176 | 6,390 | 6,304 | 6,139 | 5,642 | 6,201 | 6,115 | 6,101 | 5,823 | 5,728 | 4,014 | 24,332 | 24,917 | 24,097 | 21,666 | ||
Product development and technology | 7,399 | 6,979 | 6,875 | 6,221 | 5,523 | 5,381 | 5,249 | 4,725 | 3,975 | 4,462 | 5,031 | 4,997 | 4,741 | 3,768 | 3,602 | 29,001 | 22,374 | 18,193 | 17,108 | ||
General and administrative | 28,992 | 11,724 | 12,542 | 17,283 | 9,171 | 8,731 | 8,440 | 7,612 | 7,780 | 8,302 | 8,184 | 8,230 | 6,866 | 5,234 | 5,978 | 67,717 | 43,625 | 31,878 | 26,308 | ||
Legal settlements | -7,732 | 9,190 | 1 | -24 | 833 | 3 | 62 | 1,403 | 874 | ||||||||||||
Acquisition, offering and related expenses | 248 | 159 | 2,403 | 31 | 30 | 20 | -32 | 39 | 398 | 196 | 2,207 | 512 | 38,048 | 576 | 3,590 | 81 | 601 | 41,343 | |||
Restructuring charges | 49 | 218 | 134 | 238 | 267 | 372 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 682 | 743 | 1,407 | 9,825 | 2,142 | 2,949 | 2,464 | -4,526 | 1,772 | 364 | 43 | 45 | -24 | 2,832 | 3,633 | 17,380 | -2,347 | 21 | |||
Depreciation and amortization | 14,964 | 14,590 | 13,856 | 14,011 | 14,138 | 14,163 | 13,864 | 13,755 | 13,458 | 12,075 | 11,546 | 10,779 | 10,781 | 10,755 | 10,724 | 43,410 | 58,628 | 56,176 | 50,834 | 43,039 | |
Total costs and expenses | 136,309 | 127,906 | 121,679 | 122,328 | 108,903 | 99,335 | 98,019 | 86,621 | 106,039 | 101,446 | 103,321 | 91,620 | 92,067 | 118,313 | 80,032 | 510,384 | 428,585 | 397,427 | 382,032 | ||
Income from operations | 5,341 | 2,461 | 14,596 | -350 | 11,792 | 6,570 | 10,339 | 6,782 | 10,743 | 20,106 | 20,911 | 22,046 | 21,203 | -19,920 | 18,964 | 34,559 | 28,351 | 58,542 | 42,293 | ||
Interest and other expenses, net | 5,231 | 5,162 | 5,190 | 5,159 | 6,761 | 6,528 | 6,531 | 6,430 | 6,214 | 6,466 | 6,423 | 6,461 | 6,519 | 9,481 | 9,345 | 20,831 | 24,979 | 25,533 | 31,806 | ||
Loss on early extinguishment of debt | 17,175 | 16,627 | 17,175 | 16,627 | |||||||||||||||||
Income (loss) before taxes | 10,205 | 110 | -2,701 | 9,406 | -5,509 | -12,144 | 42 | 3,808 | 352 | 4,529 | 13,640 | 14,488 | 15,585 | 14,684 | -46,028 | 9,619 | 13,728 | -13,803 | 33,009 | -6,140 | |
Income tax expense (benefit) | 6,927 | -874 | 4,874 | -1,308 | -4,405 | 228 | 1,635 | -1,354 | 2,466 | -1,886 | 5,637 | 737 | 6,926 | -6,248 | 4,175 | 7,635 | -3,850 | 4,863 | 5,590 | ||
Net income (loss) from continuing operations | 10,303 | -6,817 | -1,827 | 4,532 | -4,201 | -7,739 | -186 | 2,173 | 1,706 | 2,063 | 15,526 | 8,851 | 14,848 | 7,758 | -39,780 | 5,444 | -4,112 | 6,093 | -9,953 | 28,146 | -11,730 |
Net loss from discontinued operations, net of income taxes | -207 | -366 | -446 | -234 | -331 | -327 | -351 | -270 | -302 | -260 | -269 | -408 | -251 | -223 | -287 | -921 | -1,243 | -1,101 | -1,169 | ||
Net income (loss) | -7,024 | -2,193 | 4,086 | -4,435 | -8,070 | -513 | 1,822 | 1,436 | 1,761 | 15,266 | 8,582 | 14,440 | 7,507 | -40,003 | 5,157 | 5,172 | -11,196 | 27,045 | -12,899 | ||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.16 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||||
Basic net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||
Diluted net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.08 | $0.14 | $0.07 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 100,607,876 | 101,894,188 | 100,876,470 | 100,205,228 | 100,127,658 | 100,050,989 | 100,047,441 | 100,097,969 | 99,918,198 | 99,896,608 | 99,879,865 | 99,879,865 | 99,879,865 | 89,302,942 | 87,379,865 | 100,399,458 | 100,108,316 | 99,985,782 | 94,160,687 | ||
Diluted | 100,607,876 | 101,894,188 | 103,081,843 | 100,205,228 | 100,127,658 | 100,050,989 | 100,053,107 | 100,101,578 | 100,541,993 | 101,088,756 | 101,712,071 | 100,933,237 | 100,427,391 | 89,302,942 | 87,379,865 | 102,417,273 | 100,108,316 | 100,831,459 | 94,160,687 | ||
Other comprehensive (loss) income, net of tax | -200 | 129 | 25 | 72 | 254 | 22 | -291 | 18 | 162 | 37 | 158 | -52 | -126 | -13 | 212 | -173 | 57 | 375 | 21 | ||
Comprehensive income (loss) | -7,224 | -2,064 | 4,111 | -4,363 | -7,816 | -491 | 1,531 | 1,454 | 1,923 | 15,303 | 8,740 | 14,388 | 7,381 | -40,016 | 5,369 | 4,999 | -11,139 | 27,420 | -12,878 | ||
As Filed [Member] | |||||||||||||||||||||
Total revenue | 130,662 | 136,475 | 122,260 | 121,178 | 105,546 | 108,448 | 93,244 | 116,775 | 122,125 | 125,020 | 113,769 | 112,904 | 98,449 | 99,078 | 457,433 | 457,164 | 424,201 | ||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 46,494 | 46,295 | 36,876 | 40,524 | 37,542 | 36,108 | 30,788 | 37,682 | 37,609 | 40,278 | 32,364 | 38,071 | 35,310 | 37,965 | 151,050 | 146,357 | 143,710 | ||||
Sales | 3,674 | 3,660 | 3,605 | 3,934 | 3,751 | 3,777 | 4,037 | 4,123 | 4,015 | 3,939 | 3,402 | 3,620 | 3,018 | 2,940 | 15,067 | 16,114 | 12,980 | ||||
Marketing | 33,180 | 33,401 | 30,633 | 31,639 | 24,873 | 26,333 | 28,435 | 34,986 | 31,551 | 31,250 | 26,344 | 24,007 | 19,604 | 16,098 | 113,478 | 126,222 | 86,053 | ||||
Product development and technology | 5,907 | 5,738 | 4,802 | 4,453 | 4,840 | 4,651 | 4,371 | 4,082 | 4,146 | 4,424 | 4,048 | 3,696 | 3,652 | 3,470 | 18,746 | 17,023 | 14,866 | ||||
General and administrative | 14,169 | 15,258 | 21,298 | 12,214 | 11,246 | 11,376 | 9,962 | 8,302 | 9,185 | 9,982 | 11,684 | 9,990 | 7,259 | 7,729 | 56,134 | 37,431 | 36,662 | ||||
Legal settlements | 9,190 | -24 | 833 | 3 | 62 | 874 | |||||||||||||||
Acquisition, offering and related expenses | 158 | 2,403 | 30 | 20 | -32 | -512 | 682 | 197 | 3,390 | 1,163 | 38,222 | 1,473 | 50 | 335 | 44,248 | ||||||
Restructuring charges | 1,034 | 238 | 1,272 | ||||||||||||||||||
Changes in fair value of contingent acquisition consideration | 744 | 1,406 | 9,825 | 2,142 | 2,949 | 1,149 | -4,785 | 1,742 | 355 | 43 | 292 | 16,065 | -2,645 | 292 | |||||||
Depreciation and amortization | 15,195 | 14,461 | 16,042 | 14,730 | 14,844 | 14,511 | 14,395 | 14,103 | 12,587 | 11,769 | 10,971 | 10,899 | 10,820 | 10,846 | 60,127 | 52,854 | 43,536 | ||||
Total costs and expenses | 128,711 | 122,622 | 123,081 | 109,666 | 100,065 | 97,905 | 87,147 | 105,341 | 100,133 | 101,944 | 93,529 | 91,446 | 118,123 | 80,521 | 430,717 | 394,565 | 383,619 | ||||
Income from operations | 1,951 | 13,853 | -821 | 11,512 | 5,481 | 10,543 | 6,097 | 11,434 | 21,992 | 23,076 | 20,240 | 21,458 | -19,674 | 18,557 | 26,716 | 62,599 | 40,582 | ||||
Interest and other expenses, net | 5,159 | 5,192 | 5,146 | 6,761 | 6,539 | 6,535 | 6,494 | 6,365 | 6,475 | 6,437 | 6,347 | 6,519 | 9,524 | 9,396 | 24,982 | 25,771 | 31,787 | ||||
Loss on early extinguishment of debt | 17,175 | 16,629 | 17,175 | 16,629 | |||||||||||||||||
Income (loss) before taxes | -3,208 | 8,661 | -5,967 | -12,424 | -1,058 | 4,008 | -397 | 5,069 | 15,517 | 16,639 | 13,893 | 14,939 | -45,827 | 9,161 | -15,441 | 36,828 | -7,834 | ||||
Income tax expense (benefit) | -962 | 3,829 | -2,425 | -4,673 | -166 | 1,825 | -741 | 2,509 | -759 | 6,488 | -152 | 7,807 | -6,166 | 4,099 | -5,439 | 7,497 | 5,588 | ||||
Net income (loss) from continuing operations | -2,246 | 4,832 | -3,542 | -7,751 | -892 | 2,183 | 344 | 2,560 | 16,276 | 10,151 | 14,045 | 7,132 | -39,661 | 5,062 | -10,002 | 29,331 | -13,422 | ||||
Net income (loss) | -2,246 | 4,832 | -3,542 | -7,751 | -892 | 2,183 | 344 | 2,560 | 16,276 | 10,151 | 14,045 | 7,132 | -39,661 | 5,062 | -10,002 | 29,331 | -13,422 | ||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Basic net income (loss) per share | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Diluted net income (loss) per share | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 101,894,188 | 100,876,470 | 100,205,228 | 100,127,658 | 100,050,989 | 100,047,441 | 100,097,969 | 99,918,198 | 99,896,608 | 99,879,865 | 99,879,865 | 99,879,865 | 89,302,942 | 87,379,865 | 100,108,316 | 99,985,782 | 94,160,687 | ||||
Diluted | 101,894,188 | 103,081,843 | 100,205,228 | 100,127,658 | 100,050,989 | 100,053,107 | 100,101,578 | 100,541,993 | 101,088,756 | 101,712,071 | 100,933,237 | 100,427,391 | 89,302,942 | 87,379,865 | 100,108,316 | 100,831,459 | 94,160,687 | ||||
Other comprehensive (loss) income, net of tax | 124 | 19 | 86 | 229 | 18 | -296 | 14 | 156 | 31 | 152 | -57 | -132 | -18 | 207 | 37 | 353 | |||||
Comprehensive income (loss) | -2,122 | 4,851 | -3,456 | -7,522 | -874 | 1,887 | 358 | 2,716 | 16,307 | 10,303 | 13,988 | 7,000 | -39,679 | 5,269 | -9,965 | 29,684 | -13,422 | ||||
Restatement Adjustments [Member] | |||||||||||||||||||||
Total revenue | 1 | 1 | -318 | 485 | 33 | 230 | 67 | -504 | -737 | 1 | 460 | 200 | -944 | 460 | |||||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 265 | 77 | 1,783 | -48 | 170 | -126 | 244 | 676 | 812 | 567 | -110 | 360 | -169 | 129 | 1,779 | 2,299 | 210 | ||||
Sales and marketing | 1 | 1 | 20 | 1 | 102 | 123 | |||||||||||||||
Product development and technology | 56 | 82 | -94 | 231 | 237 | 231 | 198 | 187 | 175 | 136 | 113 | 336 | -87 | 4 | 605 | 696 | 366 | ||||
General and administrative | 35 | 72 | -3 | 53 | -102 | -280 | -328 | 198 | 1,331 | 836 | 1,121 | 984 | 867 | 741 | -332 | 2,037 | 3,713 | ||||
Legal settlements | 1 | ||||||||||||||||||||
Acquisition, offering and related expenses | 1 | 31 | 551 | -284 | -1 | -1,183 | -651 | -174 | -897 | 31 | 266 | -2,905 | |||||||||
Restructuring charges | 49 | 218 | -900 | 267 | -900 | ||||||||||||||||
Changes in fair value of contingent acquisition consideration | -1 | 1 | 1,315 | 259 | -2 | 2 | 1,315 | 259 | |||||||||||||
Depreciation and amortization | -498 | -532 | -1,941 | -503 | -593 | -556 | -579 | -583 | -450 | -161 | -143 | -63 | -15 | -73 | -3,593 | -1,773 | -294 | ||||
Total costs and expenses | -141 | -298 | -224 | -267 | -288 | 584 | -186 | 1,030 | 1,633 | 1,697 | -1,104 | 966 | 424 | -96 | -195 | 4,174 | 190 | ||||
Income from operations | 142 | 298 | 225 | -51 | 773 | -551 | 416 | -963 | -2,137 | -2,434 | 1,105 | -506 | -424 | 96 | 395 | -5,118 | 270 | ||||
Interest and other expenses, net | 1 | -1 | 1 | -63 | -121 | -14 | -176 | -75 | -198 | -252 | |||||||||||
Loss on early extinguishment of debt | -3 | -3 | |||||||||||||||||||
Income (loss) before taxes | 141 | 299 | 224 | -51 | 773 | -551 | 479 | -842 | -2,137 | -2,420 | 1,284 | -506 | -424 | 171 | 395 | -4,920 | 525 | ||||
Income tax expense (benefit) | 88 | 1,045 | 1,117 | 268 | 394 | -190 | -613 | -43 | -1,127 | -851 | 889 | -881 | -82 | 76 | 1,589 | -2,634 | 2 | ||||
Net income (loss) from continuing operations | 53 | -746 | -893 | -319 | 379 | -361 | 1,092 | -799 | -1,010 | -1,569 | 395 | 375 | -342 | 95 | -1,194 | -2,286 | 523 | ||||
Net income (loss) | 53 | -746 | -893 | -319 | 379 | -361 | 1,092 | -799 | -1,010 | -1,569 | 395 | 375 | -342 | 95 | -1,194 | -2,286 | 523 | ||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.02) | ||||||||||||||||||||
Basic net income (loss) per share | ($0.02) | ||||||||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.01) | ($0.02) | $0.01 | ||||||||||||||||||
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ||||||||||||||||||
Diluted net income (loss) per share | ($0.02) | ($0.03) | $0 | ||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 99,985,782 | ||||||||||||||||||||
Diluted | 100,831,459 | ||||||||||||||||||||
Other comprehensive (loss) income, net of tax | -47 | 13 | -5 | -1 | -11 | 1 | 9 | 4 | -150 | 5 | 2 | -5 | 4 | -16 | -137 | 6 | |||||
Comprehensive income (loss) | 6 | -733 | -898 | -320 | 368 | -360 | 1,101 | -795 | -1,160 | -1,569 | 400 | 377 | -347 | 99 | -1,210 | -2,423 | 529 | ||||
Reclassification [Member] | |||||||||||||||||||||
Total revenue | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 31,590 | 32,303 | 30,261 | 31,258 | 24,000 | 25,723 | 27,948 | 34,191 | 31,178 | 31,088 | 26,927 | 24,921 | 19,364 | 17,075 | 111,242 | 124,405 | 88,287 | ||||
Sales and marketing | 6,445 | 6,216 | 6,110 | 6,198 | 6,416 | 6,349 | 6,144 | 5,663 | 6,218 | 6,018 | 6,213 | 5,846 | 5,726 | 4,068 | 25,073 | 24,043 | 21,853 | ||||
Sales | -3,674 | -3,660 | -3,605 | -3,934 | -3,751 | -3,777 | -4,037 | -4,123 | -4,015 | -3,939 | -3,402 | -3,620 | -3,018 | -2,940 | -15,067 | -16,114 | -12,980 | ||||
Marketing | -33,180 | -33,401 | -30,633 | -31,639 | -24,873 | -26,333 | -28,435 | -34,986 | -31,551 | -31,250 | -26,344 | -24,007 | -19,604 | -16,098 | -113,478 | -126,222 | -86,053 | ||||
Product development and technology | 1,108 | 1,141 | 1,513 | 839 | 304 | 367 | 156 | -294 | 141 | 471 | 836 | 709 | 203 | 128 | 3,023 | 474 | 1,876 | ||||
General and administrative | -2,289 | -2,599 | -3,661 | -2,722 | -2,085 | -2,325 | -1,776 | -451 | -1,971 | -2,388 | -4,233 | -3,849 | -2,669 | -2,233 | -10,793 | -6,586 | -12,984 | ||||
Legal settlements | |||||||||||||||||||||
Acquisition, offering and related expenses | |||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||
Changes in fair value of contingent acquisition consideration | 30 | 9 | -290 | 43 | -24 | 39 | -271 | ||||||||||||||
Depreciation and amortization | |||||||||||||||||||||
Total costs and expenses | -15 | 11 | 4 | 30 | 9 | -293 | 45 | -24 | 39 | -272 | |||||||||||
Income from operations | 15 | -11 | -4 | -30 | -9 | 293 | -45 | 24 | -39 | 272 | |||||||||||
Interest and other expenses, net | 15 | -11 | -4 | -30 | -9 | 290 | -43 | 24 | -39 | 271 | |||||||||||
Loss on early extinguishment of debt | 3 | -2 | 1 | ||||||||||||||||||
Income (loss) before taxes | |||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||
Net income (loss) from continuing operations | |||||||||||||||||||||
Net loss from discontinued operations, net of income taxes | |||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | |||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||
Basic net income (loss) per share | |||||||||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | |||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||
Diluted net income (loss) per share | ($0.01) | ||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Diluted | |||||||||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||||
Total revenue | -296 | -200 | -283 | -165 | -126 | -123 | -71 | -60 | -69 | -51 | -104 | -94 | -56 | -82 | -697 | -251 | -336 | ||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | -175 | -167 | -10 | -11 | -11 | -7 | -8 | -9 | -7 | -7 | -9 | -8 | -8 | -7 | -39 | -31 | -32 | ||||
Sales and marketing | -99 | -130 | -63 | -22 | -26 | -45 | -25 | -22 | -17 | -5 | -112 | -23 | 2 | -54 | -156 | -69 | -187 | ||||
Product development and technology | -92 | -86 | |||||||||||||||||||
General and administrative | -191 | -189 | -351 | -374 | -328 | -331 | -246 | -269 | -243 | -246 | -342 | -259 | -223 | -259 | -1,384 | -1,004 | -1,083 | ||||
Depreciation and amortization | -107 | -73 | -90 | -89 | -88 | -91 | -61 | -62 | -62 | -62 | -49 | -55 | -50 | -49 | -358 | -247 | -203 | ||||
Total costs and expenses | -664 | -645 | -514 | -496 | -453 | -474 | -340 | -362 | -329 | -320 | -512 | -345 | -279 | -369 | -1,937 | -1,351 | -1,505 | ||||
Income from operations | 368 | 445 | 231 | 331 | 327 | 351 | 269 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,240 | 1,100 | 1,169 | ||||
Interest and other expenses, net | 2 | -1 | -3 | -1 | -3 | -1 | |||||||||||||||
Income (loss) before taxes | 366 | 446 | 234 | 331 | 327 | 351 | 270 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,243 | 1,101 | 1,169 | ||||
Net income (loss) from continuing operations | 366 | 446 | 234 | 331 | 327 | 351 | 270 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,243 | 1,101 | 1,169 | ||||
Net loss from discontinued operations, net of income taxes | -366 | -446 | -234 | -331 | -327 | -351 | -270 | -302 | -260 | -269 | -408 | -251 | -223 | -287 | -1,243 | -1,101 | -1,169 | ||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.01 | ||||||||||||||||||||
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ||||||||||||||||||
Basic net income (loss) per share | ($0.01) | ($0.01) | |||||||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.01 | $0.01 | $0.01 | ||||||||||||||||||
Discontinued operations | ($0.01) | ||||||||||||||||||||
Diluted net income (loss) per share | $0 | ($0.01) | $0 | ||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 99,985,782 | ||||||||||||||||||||
Diluted | 100,831,459 | ||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 52 | -7 | -9 | 26 | 15 | 4 | -5 | 2 | 156 | 6 | 4 | 10 | 1 | 36 | 159 | 15 | |||||
Comprehensive income (loss) | $52 | ($7) | ($9) | $26 | $15 | $4 | ($5) | $2 | $156 | $6 | $4 | $10 | $1 | $36 | $159 | $15 |
Restatement_Of_Consolidated_Fi5
Restatement Of Consolidated Financial Statements (Restated Consolidated Statements Of Cash Flows) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash provided by operating activities - continuing operations | ($2,554) | $11,817 | $12,545 | ($1,381) | $947 | $38,641 | $38,412 | ($18,941) | $56,848 | $47,909 | ($8,602) | $42,251 | $101,485 | $70,007 | $47,228 |
Net cash provided by (used in) operating activities - discontinued operations | 301 | 412 | -203 | 7 | 114 | 242 | -151 | 96 | 500 | -273 | 449 | 256 | 402 | -58 | 598 |
Net cash provided by operating activities | -2,253 | 12,229 | 12,342 | -1,374 | 1,061 | 38,883 | 38,261 | -18,845 | 57,348 | 47,636 | -8,153 | 42,507 | 101,887 | 69,949 | 47,826 |
Net cash used in investing activities - continuing operations | -1,852 | -6,394 | -3,245 | -14,966 | -58,430 | -10,359 | -14,220 | -23,448 | -30,405 | -31,495 | -30,778 | -82,379 | -32,214 | -39,001 | -94,878 |
Net cash used in investing activities - discontinued operations | -68 | -105 | -110 | -94 | -159 | -182 | -195 | -172 | -260 | -290 | -247 | -316 | -369 | -398 | -345 |
Net cash used in investing activities | -1,920 | -6,499 | -3,355 | -15,060 | -58,589 | -10,541 | -14,415 | -23,620 | -30,665 | -31,785 | -31,025 | -82,695 | -32,583 | -39,399 | -95,223 |
Net cash (used in) provided by financing activities - continuing operations | 18,025 | -1,000 | -61,829 | 3,214 | 103 | -2,214 | -11,797 | 81,226 | -1,129 | -11,797 | -47,736 | 77,196 | -3,344 | -11,797 | |
Net cash provided by financing activities - discontinued operations | |||||||||||||||
Net cash (used in) provided by financing activities | 18,025 | -1,000 | -61,829 | 3,214 | 103 | -2,214 | -11,797 | 81,226 | -1,129 | -11,797 | -47,736 | 77,196 | -3,344 | -11,797 | |
As Filed [Member] | |||||||||||||||
Net cash provided by operating activities - continuing operations | 5,444 | 12,418 | 12,775 | -1,200 | 13,758 | 39,274 | 43,849 | -18,904 | 57,948 | 53,428 | -7,748 | 105,303 | 77,281 | 48,315 | |
Net cash provided by operating activities | 5,444 | 12,418 | 12,775 | -1,200 | 13,758 | 39,274 | 43,849 | -18,904 | 57,948 | 53,428 | -7,748 | 105,303 | 77,281 | 48,315 | |
Net cash used in investing activities - continuing operations | -1,952 | -6,688 | -3,788 | -15,234 | -58,671 | -10,932 | -20,003 | -23,561 | -31,265 | -37,577 | -31,430 | -33,213 | -45,334 | -95,712 | |
Net cash used in investing activities | -1,952 | -6,688 | -3,788 | -15,234 | -58,671 | -10,932 | -20,003 | -23,561 | -31,265 | -37,577 | -31,430 | -33,213 | -45,334 | -95,712 | |
Net cash (used in) provided by financing activities - continuing operations | 10,360 | -1,000 | -61,829 | -9,401 | 103 | -2,214 | -11,797 | 81,226 | -1,129 | -11,797 | 74,410 | -4,741 | -11,797 | ||
Net cash (used in) provided by financing activities | 10,360 | -1,000 | -61,829 | -9,401 | 103 | -2,214 | -11,797 | 81,226 | -1,129 | -11,797 | 74,410 | -4,741 | -11,797 | ||
Restatement Adjustments [Member] | |||||||||||||||
Net cash provided by operating activities - continuing operations | -7,697 | -189 | -433 | -174 | -12,697 | -391 | -5,588 | 59 | -600 | -5,792 | -405 | -3,416 | -7,332 | -489 | |
Net cash provided by operating activities | -7,697 | -189 | -433 | -174 | -12,697 | -391 | -5,588 | 59 | -600 | -5,792 | -405 | -3,416 | -7,332 | -489 | |
Net cash used in investing activities - continuing operations | 32 | 189 | 433 | 174 | 82 | 391 | 5,588 | -59 | 600 | 5,792 | 405 | 630 | 5,935 | 489 | |
Net cash used in investing activities | 32 | 189 | 433 | 174 | 82 | 391 | 5,588 | -59 | 600 | 5,792 | 405 | 630 | 5,935 | 489 | |
Net cash (used in) provided by financing activities - continuing operations | 7,665 | 12,615 | 2,786 | 1,397 | |||||||||||
Net cash (used in) provided by financing activities | 7,665 | 12,615 | 2,786 | 1,397 | |||||||||||
Reclassification [Member] | |||||||||||||||
Net cash provided by operating activities - continuing operations | |||||||||||||||
Net cash provided by (used in) operating activities - discontinued operations | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||
Net cash used in investing activities - continuing operations | |||||||||||||||
Net cash used in investing activities - discontinued operations | |||||||||||||||
Net cash used in investing activities | |||||||||||||||
Net cash (used in) provided by financing activities - continuing operations | |||||||||||||||
Net cash provided by financing activities - discontinued operations | |||||||||||||||
Net cash (used in) provided by financing activities | |||||||||||||||
Discontinued Operations [Member] | |||||||||||||||
Net cash provided by operating activities - continuing operations | -301 | -412 | 203 | -7 | -114 | -242 | 151 | -96 | -500 | 273 | -449 | -402 | 58 | -598 | |
Net cash provided by (used in) operating activities - discontinued operations | 301 | 412 | -203 | 7 | 114 | 242 | -151 | 96 | 500 | -273 | 449 | 402 | -58 | 598 | |
Net cash used in investing activities - continuing operations | 68 | 105 | 110 | 94 | 159 | 182 | 195 | 172 | 260 | 290 | 247 | 369 | 398 | 345 | |
Net cash used in investing activities - discontinued operations | ($68) | ($105) | ($110) | ($94) | ($159) | ($182) | ($195) | ($172) | ($260) | ($290) | ($247) | ($369) | ($398) | ($345) |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Aug. 07, 2013 | |
Cash and Cash Equivalents [Line Items] | ||||||
Cash equivalents subject to $250,000 FDIC insured deposit limit | $140,200,000 | |||||
Bad debt expense | 390,000 | 494,000 | 499,000 | 661,000 | ||
Accounts deemed uncollectible | 387,000 | 642,000 | 1,700,000 | |||
Impairment charges of long-lived assets | 0 | 0 | 0 | |||
Website development costs capitalized during period | 7,300,000 | 5,900,000 | 5,200,000 | |||
Deferred compensation liability | 228,000 | 222,000 | ||||
Assets held under grantor trust | 172,000 | 168,000 | ||||
Deferred financing cost | 6,900,000 | 8,100,000 | ||||
Amortization of deferred financing costs | 1,600,000 | 2,100,000 | 2,200,000 | |||
Aggregate amount of notes outstanding that were redeemed | 195,000,000 | |||||
Online revenue as percentage of total revenue | 99.00% | 98.00% | 98.00% | |||
Senior Notes [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Deferred financing cost | 7,200,000 | |||||
Redemption of Notes [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Amortization of deferred financing costs | 3,400,000 | |||||
Leasehold Improvements [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Useful life | 20 years | |||||
Website Development Costs [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Useful life | 3 years | |||||
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Useful life | 3 years | |||||
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Useful life | 7 years | |||||
British Pound Sterling [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash equivalents | 1,500,000 | |||||
Revolving Credit Facility [Member] | Royal Bank Of Canada [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Revolving credit facility, amount | 70,000,000 | |||||
Deferred financing cost | 1,500,000 | |||||
Amortization of deferred financing costs | $339,000 | $641,000 | $799,000 |
Financial_Statement_Details_Na
Financial Statement Details (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial Statement Details [Abstract] | |||
Depreciation expense | $6,900,000 | $5,800,000 | $5,000,000 |
Net book value of equipment recorded under capital leases | $13,000 | $21,000 |
Financial_Statement_Details_Pr
Financial Statement Details (Prepaid Expenses And Other Current Assets) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Financial Statement Details [Abstract] | |||||||||||||||
Prepaid income taxes | $27,456 | $4,417 | |||||||||||||
Other current assets | 8,196 | 9,170 | |||||||||||||
Prepaid expenses and other current assets, Total | $35,652 | $43,819 | $33,947 | $9,878 | $13,587 | $27,277 | $21,502 | $20,446 | $22,998 | $11,874 | $5,737 | $4,505 | $3,454 | $10,239 | $20,811 |
Financial_Statement_Details_Fu
Financial Statement Details (Furniture, Fixtures And Equipment) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Furniture, fixtures and equipment, Gross | $38,055 | $28,782 | |||||||||||||
Less accumulated depreciation and amortization | 24,756 | 17,524 | |||||||||||||
Furniture, fixtures and equipment, net of accumulated depreciation and amortization | 13,299 | 12,682 | 12,037 | 12,574 | 11,258 | 10,338 | 10,241 | 8,969 | 8,324 | 8,658 | 8,084 | 7,489 | 7,997 | 8,315 | 6,651 |
Furniture And Fixtures [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Furniture, fixtures and equipment, Gross | 936 | 759 | |||||||||||||
Computers And Software [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Furniture, fixtures and equipment, Gross | 33,757 | 25,074 | |||||||||||||
Equipment [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Furniture, fixtures and equipment, Gross | 1,423 | 1,233 | |||||||||||||
Leasehold Improvements [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Furniture, fixtures and equipment, Gross | $1,939 | $1,716 |
Financial_Statement_Details_Ac
Financial Statement Details (Accrued Expenses) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Financial Statement Details [Abstract] | |||||||||||||||
Income and franchise taxes | $1,551 | $10,492 | |||||||||||||
Accrued payroll and related benefits | 8,152 | 8,409 | |||||||||||||
Due to distribution partners | 8,448 | 7,539 | |||||||||||||
Marketing | 4,883 | 4,269 | |||||||||||||
Accrued SEC settlement | 15,000 | ||||||||||||||
Other | 7,996 | 7,977 | |||||||||||||
Accrued expenses | $46,030 | $43,694 | $25,270 | $35,168 | $38,686 | $28,727 | $24,330 | $23,287 | $22,060 | $24,540 | $28,209 | $22,015 | $23,138 | $17,869 | $24,867 |
Financial_Statement_Details_Ot
Financial Statement Details (Other Current Liabilities) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Financial Statement Details [Abstract] | |||||||||||||||
Current contingent acquisition consideration | $13,623 | $24,529 | |||||||||||||
Other | 6 | 40 | |||||||||||||
Other current liabilities | $13,629 | $32,348 | $30,753 | $20,740 | $24,569 | $23,053 | $19,935 | $19,044 | $5,075 | $13,413 | $4,586 | $6,161 | $2,568 | $2,005 | $1,945 |
Financial_Statement_Details_Ot1
Financial Statement Details (Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Financial Statement Details [Abstract] | |||||||||||||||
Nonconcurrent contingent acquisition consideration | $5,448 | $14,348 | |||||||||||||
Liability for uncertain tax positions | 5,174 | 13,615 | |||||||||||||
Other | 227 | 223 | |||||||||||||
Total other liabilities | $10,849 | $18,783 | $17,597 | $20,965 | $28,186 | $22,536 | $20,637 | $20,013 | $22,467 | $26,851 | $17,879 | $15,173 | $15,347 | $18,146 | $17,283 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | $51,700,000 | $50,400,000 | $45,800,000 |
Developed Technology [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Additional amortization expense | $274,000 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Summary Of Goodwill Activity) (Details) (USD $) | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
Business Acquisition [Line Items] | ||||||||||||||
Balance, January 1, 2014 (restated) | $611,233 | $637,303 | $637,267 | $611,233 | $610,207 | $601,656 | $601,656 | $601,431 | $601,431 | $596,844 | $596,544 | $594,185 | $572,408 | $572,408 |
Adjustment during the measurement period of previous acquisition | -182 | |||||||||||||
Balance, December 31, 2014 | 641,367 | 637,303 | 637,267 | 611,233 | 610,207 | 601,656 | 601,656 | 601,431 | 601,431 | 596,844 | 596,544 | 594,185 | 572,408 | 572,408 |
Caring, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions during period | 22,998 | |||||||||||||
Assets And Liabilities Of Various Entities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions during period | $7,318 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Components Of Intangible Assets Subject To Amortization) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $567,655 | $524,315 |
Accumulated Amortization | -228,667 | -177,140 |
Total expected amortization expense for intangible assets | 338,988 | 347,175 |
Weighted Average Amortization Period Years | 12 years 1 month 6 days | 12 years 4 months 24 days |
Trademarks and URLs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 293,241 | 253,400 |
Accumulated Amortization | -75,176 | -52,654 |
Total expected amortization expense for intangible assets | 218,065 | 200,746 |
Weighted Average Amortization Period Years | 15 years 8 months 12 days | 16 years 10 months 24 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 223,906 | 224,041 |
Accumulated Amortization | -122,201 | -96,523 |
Total expected amortization expense for intangible assets | 101,705 | 127,518 |
Weighted Average Amortization Period Years | 8 years 8 months 12 days | 8 years 8 months 12 days |
Affiliate Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 22,780 | 22,740 |
Accumulated Amortization | -12,617 | -11,721 |
Total expected amortization expense for intangible assets | 10,163 | 11,019 |
Weighted Average Amortization Period Years | 8 years 3 months 18 days | 8 years 3 months 18 days |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 27,728 | 24,134 |
Accumulated Amortization | -18,673 | -16,242 |
Total expected amortization expense for intangible assets | $9,055 | $7,892 |
Weighted Average Amortization Period Years | 4 years 6 months | 4 years 4 months 24 days |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Summary Of Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets [Abstract] | ||
2015 | $53,991 | |
2016 | 53,035 | |
2017 | 48,296 | |
2018 | 38,594 | |
2019 | 26,046 | |
Thereafter | 119,026 | |
Total expected amortization expense for intangible assets | $338,988 | $347,175 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 733,960 | 5,058,543 | 4,965,654 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 2,162,382 | 973,193 | 0 |
Performance Based Restricted Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 1,020,720 | 419,500 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | |||||||||||||||||||||
Net income (loss) from continuing operations | $10,303 | ($6,817) | ($1,827) | $4,532 | ($4,201) | ($7,739) | ($186) | $2,173 | $1,706 | $2,063 | $15,526 | $8,851 | $14,848 | $7,758 | ($39,780) | $5,444 | ($4,112) | $6,093 | ($9,953) | $28,146 | ($11,730) |
Net loss from discontinued operations, net of income taxes | -207 | -366 | -446 | -234 | -331 | -327 | -351 | -270 | -302 | -260 | -269 | -408 | -251 | -223 | -287 | -921 | -1,243 | -1,101 | -1,169 | ||
Net income (loss) | ($7,024) | ($2,193) | $4,086 | ($4,435) | ($8,070) | ($513) | $1,822 | $1,436 | $1,761 | $15,266 | $8,582 | $14,440 | $7,507 | ($40,003) | $5,157 | $5,172 | ($11,196) | $27,045 | ($12,899) | ||
Weighted average common shares outstanding for basic earnings per share | 100,607,876 | 101,894,188 | 100,876,470 | 100,205,228 | 100,127,658 | 100,050,989 | 100,047,441 | 100,097,969 | 99,918,198 | 99,896,608 | 99,879,865 | 99,879,865 | 99,879,865 | 89,302,942 | 87,379,865 | 100,399,458 | 100,108,316 | 99,985,782 | 94,160,687 | ||
Additional dilutive shares related to share based awards | 2,017,815 | 845,677 | |||||||||||||||||||
Weighted average common shares outstanding for diluted earnings per share | 100,607,876 | 101,894,188 | 103,081,843 | 100,205,228 | 100,127,658 | 100,050,989 | 100,053,107 | 100,101,578 | 100,541,993 | 101,088,756 | 101,712,071 | 100,933,237 | 100,427,391 | 89,302,942 | 87,379,865 | 102,417,273 | 100,108,316 | 100,831,459 | 94,160,687 | ||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.16 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||||
Basic net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||
Diluted net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.08 | $0.14 | $0.07 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) |
Segment_Information_Geographic2
Segment Information, Geographic Data And Concentrations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of countries | 0 | 0 | 0 |
Number of customers | 1 | 1 | 2 |
Concentration risk percentage | 11.00% | 11.00% | 10.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | 0 | 0 | |
Concentration risk percentage | 10.00% | 10.00% |
Segment_Information_Geographic3
Segment Information, Geographic Data And Concentrations (Schedule Of Revenue And Long-Lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Total revenue | $136,651 | $141,650 | $130,367 | $136,275 | $121,978 | $120,695 | $105,905 | $108,358 | $93,403 | $116,782 | $121,552 | $124,232 | $113,666 | $113,270 | $98,393 | $98,996 | $544,943 | $456,936 | $455,969 | $424,325 |
Long lived assets | 993,654 | 969,666 | 993,654 | 969,666 | ||||||||||||||||
U.S. [Member] | ||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Total revenue | 540,257 | 451,381 | 447,925 | |||||||||||||||||
Long lived assets | 990,768 | 966,149 | 990,768 | 966,149 | ||||||||||||||||
International [Member] | ||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Total revenue | 4,686 | 5,555 | 8,044 | |||||||||||||||||
Long lived assets | $2,886 | $3,517 | $2,886 | $3,517 |
Segment_Information_Geographic4
Segment Information, Geographic Data And Concentrations (Schedule Of Revenue By Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | $136,651,000 | $141,650,000 | $130,367,000 | $136,275,000 | $121,978,000 | $120,695,000 | $105,905,000 | $108,358,000 | $93,403,000 | $116,782,000 | $121,552,000 | $124,232,000 | $113,666,000 | $113,270,000 | $98,393,000 | $98,996,000 | $544,943,000 | $456,936,000 | $455,969,000 | $424,325,000 | |
Net income (loss) from continuing operations | 143,022,000 | 122,207,000 | 119,141,000 | ||||||||||||||||||
Interest and other expense | 5,231,000 | 5,162,000 | 5,190,000 | 5,159,000 | 6,761,000 | 6,528,000 | 6,531,000 | 6,430,000 | 6,214,000 | 6,466,000 | 6,423,000 | 6,461,000 | 6,519,000 | 9,481,000 | 9,345,000 | 20,831,000 | 24,979,000 | 25,533,000 | 31,806,000 | ||
Depreciation and amortization | 14,964,000 | 14,590,000 | 13,856,000 | 14,011,000 | 14,138,000 | 14,163,000 | 13,864,000 | 13,755,000 | 13,458,000 | 12,075,000 | 11,546,000 | 10,779,000 | 10,781,000 | 10,755,000 | 10,724,000 | 43,410,000 | 58,628,000 | 56,176,000 | 50,834,000 | 43,039,000 | |
Change in fair value of contingent liabilities | 682,000 | 743,000 | 1,407,000 | 9,825,000 | 2,142,000 | 2,949,000 | 2,464,000 | -4,526,000 | 1,772,000 | 364,000 | 43,000 | 45,000 | -24,000 | 2,832,000 | 3,633,000 | 17,380,000 | -2,347,000 | 21,000 | |||
Stock-based compensation expense | 17,067,000 | 17,960,000 | 9,121,000 | ||||||||||||||||||
Loss on extinguishment of debt | 17,175,000 | 16,627,000 | 17,175,000 | 16,627,000 | |||||||||||||||||
Acquisition, offering and related expenses | 248,000 | 159,000 | 2,403,000 | 31,000 | 30,000 | 20,000 | -32,000 | 39,000 | 398,000 | 196,000 | 2,207,000 | 512,000 | 38,048,000 | 576,000 | 3,590,000 | 81,000 | 601,000 | 41,343,000 | |||
Restatement charges | 23,586,000 | 1,269,000 | 1,249,000 | ||||||||||||||||||
Impact of purchase accounting | 193,000 | 220,000 | 556,000 | ||||||||||||||||||
Other non-recurring charges | 1,403,000 | 6,802,000 | 1,141,000 | ||||||||||||||||||
Income tax expense (benefit) | 6,927,000 | -874,000 | 4,874,000 | -1,308,000 | -4,405,000 | 228,000 | 1,635,000 | -1,354,000 | 2,466,000 | -1,886,000 | 5,637,000 | 737,000 | 6,926,000 | -6,248,000 | 4,175,000 | 7,635,000 | -3,850,000 | 4,863,000 | 5,590,000 | ||
Net income (loss) from continuing operations | 10,303,000 | -6,817,000 | -1,827,000 | 4,532,000 | -4,201,000 | -7,739,000 | -186,000 | 2,173,000 | 1,706,000 | 2,063,000 | 15,526,000 | 8,851,000 | 14,848,000 | 7,758,000 | -39,780,000 | 5,444,000 | -4,112,000 | 6,093,000 | -9,953,000 | 28,146,000 | -11,730,000 |
Legal settlements | -7,732,000 | 9,190,000 | 1,000 | -24,000 | 833,000 | 3,000 | 62,000 | 1,403,000 | 874,000 | ||||||||||||
Restructuring charges | 49,000 | 218,000 | 134,000 | 238,000 | 267,000 | 372,000 | |||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
CEO transition stock-based compensation expense | 5,800,000 | ||||||||||||||||||||
CEO transition costs | 6,800,000 | ||||||||||||||||||||
Excluding CEO Transition Costs [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Stock-based compensation expense | 12,148,000 | ||||||||||||||||||||
Banking [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 118,465,000 | 109,057,000 | 111,596,000 | ||||||||||||||||||
Net income (loss) from continuing operations | 44,854,000 | 42,529,000 | 45,805,000 | ||||||||||||||||||
Credit Cards [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 226,869,000 | 192,173,000 | 138,718,000 | ||||||||||||||||||
Net income (loss) from continuing operations | 92,227,000 | 81,596,000 | 60,038,000 | ||||||||||||||||||
Insurance [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 194,639,000 | 160,657,000 | 209,802,000 | ||||||||||||||||||
Net income (loss) from continuing operations | 25,223,000 | 11,843,000 | 24,849,000 | ||||||||||||||||||
Other [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 4,970,000 | -4,951,000 | -4,147,000 | ||||||||||||||||||
Net income (loss) from continuing operations | ($19,282,000) | ($13,761,000) | ($11,551,000) |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Measurement [Abstract] | ||
Discount factor | 16.00% | |
Increase in fair value of contingent consideration | $530,000 | $8,500,000 |
Change in fair value of contingent consideration related to a passage of time | 3,100,000 | 8,900,000 |
Payments to be made | 12,700,000 | |
Contingent acquisition consideration | 19,100,000 | |
Discounted fair value of the maximum payments allowed | $6,400,000 |
Fair_Value_Measurement_Estimat
Fair Value Measurement (Estimated Fair Value, And Related Carrying Amounts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term debt | $297,598 | $297,021 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term debt | $280,500 | $312,000 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement (Fair Value Measurement Of Contingent Acquisition Consideration) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Contingent acquisition consideration | $19,028 | $38,762 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Contingent acquisition consideration | 19,028 | 38,762 |
Contingent Acquisition Consideration [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Contingent acquisition consideration | 19,028 | 38,762 |
Contingent Acquisition Consideration [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Contingent acquisition consideration | $19,028 | $38,762 |
Fair_Value_Measurement_Reconci
Fair Value Measurement (Reconciliation Of Changes In The Fair Value Of The Company's Level 3 Financial Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurement [Abstract] | |||
Balance at beginning of period | $38,762 | $15,882 | $950 |
Additions to Level 3 | 1,930 | 11,600 | 20,800 |
Transfers out of Level 3 | -100 | ||
Change in fair value | 3,633 | 17,380 | -2,628 |
Payments | -25,297 | -6,000 | -3,240 |
Balance at end of period | $19,028 | $38,762 | $15,882 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cumulative catch up adjustment to reduce compensation expense | $724,000 | |||||||
Vesting installment percentage | 20.00% | |||||||
Vesting period | 5 years | |||||||
Option forfeiture rate | 8.00% | 2.39% | ||||||
Stock options granted | 0 | 355,000 | 440,000 | |||||
Stock options granted, weighted average exercise price | $18.46 | $19.27 | ||||||
Stock options, contractual term | 7 years | 7 years | 7 years | |||||
Stock options vested | 1,000,000 | |||||||
Stock options exercisable | 2,100,000 | 2,100,000 | ||||||
Closing price of common stock | $12.43 | $12.43 | ||||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Extension of exercise period | 2 years | |||||||
Additional compensation cost | 147,000 | 4,400,000 | ||||||
Unrecognized compensation costs, net of forfeitures, related to non-vested stock option awards | 5,500,000 | 5,500,000 | ||||||
Unrecognized compensation cost, recognition period | 9 months 18 days | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Granted | 1,688,632 | 1,079,154 | ||||||
Shares outstanding | 2,162,382 | 2,162,382 | 973,193 | 112,135 | ||||
Stock-based compensation expense | 9,600,000 | 4,200,000 | 575,000 | |||||
Additional compensation cost | 1,100,000 | |||||||
Average grant date fair value | $13.98 | $15.59 | ||||||
Unrecognized compensation costs, net of forfeitures, not related to stock option awards | 23,800,000 | 23,800,000 | ||||||
Unrecognized compensation cost, recognition period | 1 year 6 months | |||||||
Performance Based Restricted Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Granted | 1,217,145 | 422,000 | ||||||
Shares outstanding | 1,020,720 | 1,020,720 | 419,500 | |||||
Stock-based compensation expense | $0 | $0 | ||||||
Average grant date fair value | $15.77 | $14.77 | ||||||
U.S. [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Granted | 1,688,632 | 1,079,154 | ||||||
2011 Equity Compensation Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock based compensation program grant stock based awards | 12,120,000 | |||||||
Shares available for future issuance | 3,962,250 | 3,962,250 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense For Stock Options And Restricted Stock Awards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $17,067 | $17,960 | $9,121 |
Cost of revenue [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,518 | 789 | 599 |
Sales and marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,586 | 3,088 | 2,400 |
Product development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2,736 | 1,667 | 1,493 |
General and administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $10,227 | $12,416 | $4,629 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Restricted Stock Award And Performance Based Restricted Shares Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | |||
Number of Shares, Beginning Balance | 973,193 | 112,135 | |
Number of Shares, Granted | 1,688,632 | 1,079,154 | |
Number of Shares, Vested and released | -336,395 | -70,000 | -102,035 |
Number of Shares, Forfeited | -163,048 | -35,961 | -10,100 |
Number of Shares, Ending Balance | 2,162,382 | 973,193 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $15.66 | $15 | |
Weighted Average Grant Date Fair Value, Granted | $13.98 | $15.59 | |
Weighted Average Grant Date Fair Value, Vested and released | $15.39 | $14.77 | $15 |
Weighted Average Grant Date Fair Value, Forfeited | $15.50 | $15.37 | $15 |
Weighted Average Grant Date Fair Value, Ending Balance | $14.40 | $15.66 | |
Performance Based Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | |||
Number of Shares, Beginning Balance | 419,500 | ||
Number of Shares, Granted | 1,217,145 | 422,000 | |
Number of Shares, Forfeited | -196,425 | -2,500 | |
Number of Shares, Unearned | -419,500 | ||
Number of Shares, Ending Balance | 1,020,720 | 419,500 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $14.77 | ||
Weighted Average Grant Date Fair Value, Granted | $15.77 | $14.77 | |
Weighted Average Grant Date Fair Value, Forfeited | $16.06 | $14.77 | |
Weighted Average Grant Date Fair Value, Unearned | $14.77 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $15.71 | $14.77 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares, Beginning Balance | 5,058,543 | 5,005,654 | 5,000,000 |
Number of Shares, Granted | 355,000 | 440,000 | |
Number of Shares, Exercised | -1,520,938 | -188,851 | -97,469 |
Number of Shares, Forfeited | -174,866 | -113,260 | -336,877 |
Number of Shares, Expired | -537,030 | ||
Number of Shares, Ending Balance | 2,825,709 | 5,058,543 | 5,005,654 |
Price Per Share, Minimum Beginning Balance | $11.05 | $11.17 | $14.32 |
Price Per Share, Maximum Beginning Balance | $24.25 | $24.25 | $19.79 |
Price Per Share, Granted Minimum | $11.05 | $11.17 | |
Price Per Share, Granted Maximum | $20.77 | $24.25 | |
Price Per Share, Exercised Minimum | $11.05 | $14.32 | |
Price Per Share, Exercised Maximum | $18.08 | $15 | |
Price Per Share, Exercised | $15 | ||
Price Per Share, Forfeited Minimum | $14.32 | $14.32 | |
Price Per Share, Forfeited Maximum | $23.71 | $17.55 | |
Price Per Share, Forfeited | $15 | ||
Price Per Share, Expired Minimum | $14.32 | ||
Price Per Share, Expired Maximum | $23.71 | ||
Price Per Share, Minimum Ending Balance | $11.05 | $11.05 | $11.17 |
Price Per Share, Maximum Ending Balance | $24.25 | $24.25 | $24.25 |
Weighted Average Exercise Price, Beginning Balance | $15.70 | $15.49 | $15.09 |
Weighted Average Exercise Price, Granted | $18.46 | $19.27 | |
Weighted Average Exercise Price, Exercised | $15.01 | $14.98 | $15 |
Weighted Average Exercise Price, Forfeited | $16.79 | $15.17 | $15 |
Weighted Average Exercise Price, Expired | $15.53 | ||
Weighted Average Exercise Price, Ending Balance | $16.04 | $15.70 | $15.49 |
Aggregate Intrinsic Value, Beginning Balance | $13,167,000 | $51,200 | $32,036,400 |
Aggregate Intrinsic Value, Ending Balance | $85,250 | $13,167,000 | $51,200 |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted Average Assumptions Used To Calculate Fair Value) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-Based Compensation [Abstract] | ||
Weighted average grant date fair value | $8.82 | $9.58 |
Expected volatility | 56.82% | 60.40% |
Risk free rate | 1.18% | 0.69% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ||||
Tax expense (benefit) related to IRS settlement | $324,000 | ($2,500,000) | ||
Net operating loss carryforwards expiration date | 2021 | |||
Valuation allowance | 0 | |||
Expense (benefit) for unrecognized tax benefits | -8,400,000 | 3,600,000 | -4,800,000 | |
Unrecognized tax benefits | 5,174,000 | 13,615,000 | 9,967,000 | 14,746,000 |
Liability for uncertain tax positions | 5,174,000 | 13,615,000 | ||
Accrued interest and penalties on uncertain tax positions | 87,000 | 287,000 | 430,000 | |
Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 33,700,000 | 0 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 140,300,000 | 116,800,000 | ||
Valuation allowance | 16,700,000 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $4,700,000 | $3,000,000 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income (Loss) From Continuing Operations Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ||||||||||||||||||||
U.S. | $15,395 | ($12,269) | $33,943 | |||||||||||||||||
International | -1,667 | -1,534 | -934 | |||||||||||||||||
Income (loss) before taxes | $10,205 | $110 | ($2,701) | $9,406 | ($5,509) | ($12,144) | $42 | $3,808 | $352 | $4,529 | $13,640 | $14,488 | $15,585 | $14,684 | ($46,028) | $9,619 | $13,728 | ($13,803) | $33,009 | ($6,140) |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | |||||||||||||||||||
Federal | $9,218 | $10,607 | ($3,829) | ||||||||||||||||
State | -1,201 | 4,199 | 1,876 | ||||||||||||||||
Total current | 8,017 | 14,806 | -1,953 | ||||||||||||||||
Deferred: | |||||||||||||||||||
Federal | -2,348 | -16,800 | 6,138 | ||||||||||||||||
State | 1,966 | -1,856 | 678 | ||||||||||||||||
Total deferred | -382 | -18,656 | 6,816 | ||||||||||||||||
Total income tax expense (benefit) | $6,927 | ($874) | $4,874 | ($1,308) | ($4,405) | $228 | $1,635 | ($1,354) | $2,466 | ($1,886) | $5,637 | $737 | $6,926 | ($6,248) | $4,175 | $7,635 | ($3,850) | $4,863 | $5,590 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | |||||||||||||||||||
Income taxes at statutory rate | $4,805 | ($4,831) | $11,553 | ||||||||||||||||
State income taxes, net of federal benefit | 1,678 | -1,042 | 1,875 | ||||||||||||||||
Foreign losses | 583 | 537 | 327 | ||||||||||||||||
Permanent items | 6,287 | -259 | -2,020 | ||||||||||||||||
Adjustment to income tax payable | -591 | 712 | 319 | ||||||||||||||||
Uncertain tax positions | -8,441 | 3,648 | -4,779 | ||||||||||||||||
Adjustment to deferred tax assets | 488 | -2,925 | -438 | ||||||||||||||||
Rate changes | -647 | 3 | 544 | ||||||||||||||||
IRS and State Audit | 407 | -2,518 | |||||||||||||||||
Stock compensation | 2,264 | 307 | |||||||||||||||||
State amendment tax returns | -684 | ||||||||||||||||||
IRC Sec 481(a) adjustment | 916 | ||||||||||||||||||
Valuation adjustment | 570 | ||||||||||||||||||
Total income tax expense (benefit) | $6,927 | ($874) | $4,874 | ($1,308) | ($4,405) | $228 | $1,635 | ($1,354) | $2,466 | ($1,886) | $5,637 | $737 | $6,926 | ($6,248) | $4,175 | $7,635 | ($3,850) | $4,863 | $5,590 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Income Taxes [Abstract] | |||||||||||||||
Allowance for doubtful accounts | $165 | $241 | |||||||||||||
Accrued expenses | 986 | 1,446 | |||||||||||||
Prepaid expenses | -2,586 | -2,226 | |||||||||||||
Net operating loss carryforwards | 2,197 | 673 | |||||||||||||
Valuation allowances | -172 | ||||||||||||||
Accrued earnout contingencies | 5,817 | 9,124 | |||||||||||||
Total current deferred tax assets | 6,407 | 19,258 | 19,258 | 9,258 | 9,258 | 3,363 | 3,363 | 3,363 | 3,363 | 8,555 | 8,555 | 8,113 | 8,113 | 10,081 | 10,081 |
Intangibles acquired | -112,562 | -99,174 | |||||||||||||
Depreciation and amortization | 38,159 | 25,969 | |||||||||||||
Stock compensation | 9,127 | 10,399 | |||||||||||||
Net operating loss carryforwards | 16,096 | 3,720 | |||||||||||||
Valuation allowances | -2,341 | -606 | |||||||||||||
Accrued earnout contingencies | -112 | 3,192 | |||||||||||||
Total nonurrent deferred tax liabilities | -51,633 | -56,500 | |||||||||||||
Total net deferred tax liabilities | ($45,226) | ($47,242) |
Income_Taxes_Schedule_Of_Defer1
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities, Classification) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Total current deferred assets | $8,993 | $11,484 |
Total noncurrent deferred assets | 73,194 | 53,827 |
Deferred tax assets | 82,187 | 65,311 |
Deferred tax liabilities: | ||
Total current deferred liabilities | -2,586 | -2,226 |
Total noncurrent deferred liabilities | -124,827 | -110,327 |
Deferred tax liabilities | -127,413 | -112,553 |
Total net deferred tax liabilities | ($45,226) | ($47,242) |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of total net unrecognized tax benefits are classified as other liabilities | |||
Unrecognized tax benefits, beginning balance | $13,615 | $9,967 | $14,746 |
Additions for prior year tax positions | 1,812 | 2,507 | |
Reductions for prior year tax positions | -9,838 | -4,779 | |
Reductions for lapse in statute | -415 | ||
Gross increases - current year tax positions | 1,141 | ||
Unrecognized tax benefits, ending balance | $5,174 | $13,615 | $9,967 |
Recovered_Sheet1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 10, 2013 | Nov. 21, 2014 | |
employee | |||||
Loss Contingencies [Line Items] | |||||
Proposed settlement penalty | $15,000,000 | ||||
Recorded reserve for proposed settlement penalty | 15,000,000 | ||||
Rent expense | 4,200,000 | 3,600,000 | 3,300,000 | ||
Executed employment agreements, number of senior executives | 24 | ||||
Maximum severance provisions range | 1 year | ||||
Minimum severance provisions range | 3 months | ||||
Severance amount | 6,100,000 | ||||
Former CEO [Member] | |||||
Loss Contingencies [Line Items] | |||||
Consulting period | 2 years | ||||
Consulting fees | 495,000 | 990,000 | 40,000 | ||
BanxCorp Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Compensatory damages, treble damages, and attorneys' fees and costs | 180,000,000 | ||||
Securities Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement, amount | 18,000,000 | ||||
Loss for the settlement and related legal expenses | 9,200,000 | ||||
Insurance proceeds | $10,000,000 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Summary of initial lease terms | |
Operating leases, 2015 | $4,068 |
Capital leases, 2015 | 17 |
Operating leases, 2016 | 3,073 |
Operating leases, 2017 | 1,491 |
Operating leases, 2018 | 1,410 |
Operating leases, 2019 | 806 |
Operating leases, Thereafter | 5,953 |
Total minimum lease payments, Operating leases | 16,801 |
Total minimum lease payments, Capital leases | 17 |
Present value of minimum capital lease payments | 17 |
Obligations under capital leases, current | $17 |
Debt_Senior_Notes_Details
Debt (Senior Notes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Sep. 30, 2013 | Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 24, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Aug. 07, 2013 | |
Debt Instrument [Line Items] | |||||||||||||||||
Loss on redemption of debt | ($17,175,000) | ($16,627,000) | ($17,175,000) | ($16,627,000) | |||||||||||||
Amortization of original issue discounts included in interest and other expenses | 577,000 | 445,000 | 330,000 | ||||||||||||||
Outstanding discounts | 2,400,000 | 3,000,000 | |||||||||||||||
Amortization of deferred financing costs | 1,600,000 | 2,100,000 | 2,200,000 | ||||||||||||||
Long term debt, net of unamortized discount | 296,882,000 | 193,463,000 | 297,598,000 | 297,021,000 | 193,943,000 | 193,613,000 | 297,450,000 | 297,305,000 | 297,162,000 | 194,125,000 | 194,033,000 | 193,857,000 | 193,773,000 | 193,692,000 | 193,537,000 | ||
Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument principal amount | 300,000,000 | ||||||||||||||||
Interest rate | 6.13% | ||||||||||||||||
Redemption price, percentage | 101.00% | ||||||||||||||||
Consent payment | 374,000 | ||||||||||||||||
Senior Secured Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 11.75% | ||||||||||||||||
Deposit with trustee | 208,900,000 | ||||||||||||||||
Redemption price, percentage of principal amount redeemed | 105.88% | ||||||||||||||||
Aggregate principal amount outstanding | 195,000,000 | ||||||||||||||||
Write off of unamortized original issue discount | 819,000 | ||||||||||||||||
Write off of unamortized deferred loan fees | 3,400,000 | ||||||||||||||||
Senior Notes and Senior Secured Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest expense excluding amortization | 18,900,000 | 22,100,000 | 22,900,000 | ||||||||||||||
Amortization of deferred financing costs | 1,300,000 | 1,400,000 | 1,400,000 | ||||||||||||||
Unamortized deferred loan fees | 5,800,000 | 6,700,000 | |||||||||||||||
Consent payment | 354,000 | ||||||||||||||||
Second Supplemental Indenture [Member] | Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Consent payment | $708,855 |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility) (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 07, 2013 | |
item | ||||
Line of Credit Facility [Line Items] | ||||
Amortization of deferred financing costs | $1,600,000 | $2,100,000 | $2,200,000 | |
Terminated Revolving Credit Facilities [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, amount | 100,000,000 | |||
Number of tranches | 2 | |||
Write off of deferred loan fees | 1,400,000 | |||
Terminated Revolving Credit Facilities [Member] | Tranche A [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, amount | 30,000,000 | |||
Terminated Revolving Credit Facilities [Member] | Tranche B [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, amount | 70,000,000 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unamortized deferred loan fees | 1,100,000 | 1,400,000 | ||
Revolving Credit Facility [Member] | Royal Bank Of Canada [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, amount | 70,000,000 | |||
Debt maturity date | 17-May-18 | |||
Amount available for borrowing | 70,000,000 | |||
Amortization of deferred financing costs | 339,000 | 641,000 | 799,000 | |
Maximum aggregate amount of total commitments | 30.00% | |||
Amounts outstanding | $0 | |||
Consolidated leverage ratio | 400.00% | |||
Revolving Credit Facility [Member] | Royal Bank Of Canada [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee percentage | 0.38% | |||
Revolving Credit Facility [Member] | Royal Bank Of Canada [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee percentage | 0.50% | |||
Revolving Credit Facility [Member] | Royal Bank Of Canada [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin rate | 3.00% | |||
Revolving Credit Facility [Member] | Royal Bank Of Canada [Member] | Eurodollar [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin rate | 2.00% |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-14 | Dec. 01, 2014 | |
Business Acquisition [Line Items] | |||||||||||||||||||||||
Aggregate purchase price | $31,500,000 | $52,700,000 | |||||||||||||||||||||
Fair value of contingent acquisition | 1,930,000 | 11,600,000 | 20,800,000 | ||||||||||||||||||||
Fair value of guaranteed purchase price payments | 5,900,000 | 5,900,000 | |||||||||||||||||||||
Payment made by company for business acquisition | 62,184,000 | 71,729,000 | 22,125,000 | 31,393,000 | |||||||||||||||||||
Assumed net liability | 300,000 | 300,000 | |||||||||||||||||||||
Goodwill | 9,800,000 | 6,700,000 | 9,800,000 | 6,700,000 | |||||||||||||||||||
Intangible assets | 20,300,000 | 46,000,000 | 20,300,000 | 46,000,000 | |||||||||||||||||||
Cash paid | 2,200,000 | ||||||||||||||||||||||
Cash paid as guaranteed purchase price due to business acquisition | 4,500,000 | ||||||||||||||||||||||
Changes in fair value of contingent acquisition consideration | 682,000 | 743,000 | 1,407,000 | 9,825,000 | 2,142,000 | 2,949,000 | 2,464,000 | -4,526,000 | 1,772,000 | 364,000 | 43,000 | 45,000 | -24,000 | 2,832,000 | 3,633,000 | 17,380,000 | -2,347,000 | 21,000 | |||||
Change in fair value related to guaranteed purchase price | 100,000 | ||||||||||||||||||||||
Liability for acquisition | 15,800,000 | ||||||||||||||||||||||
Acquisition related payable | 1,500,000 | 1,500,000 | |||||||||||||||||||||
Payments in relation to contingent consideration for previous acquisition | 12,683,000 | 12,683,000 | 4,700,000 | 4,241,000 | |||||||||||||||||||
Escrow payments | 0 | ||||||||||||||||||||||
Total revenue | 136,651,000 | 141,650,000 | 130,367,000 | 136,275,000 | 121,978,000 | 120,695,000 | 105,905,000 | 108,358,000 | 93,403,000 | 116,782,000 | 121,552,000 | 124,232,000 | 113,666,000 | 113,270,000 | 98,393,000 | 98,996,000 | 544,943,000 | 456,936,000 | 455,969,000 | 424,325,000 | |||
Net (loss) income | -7,024,000 | -2,193,000 | 4,086,000 | -4,435,000 | -8,070,000 | -513,000 | 1,822,000 | 1,436,000 | 1,761,000 | 15,266,000 | 8,582,000 | 14,440,000 | 7,507,000 | -40,003,000 | 5,157,000 | 5,172,000 | -11,196,000 | 27,045,000 | -12,899,000 | ||||
Caring [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payment made by company for business acquisition | 53,700,000 | ||||||||||||||||||||||
Goodwill | 23,000,000 | 23,000,000 | |||||||||||||||||||||
Intangible assets | 29,500,000 | 29,500,000 | |||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | 1-May-14 | ||||||||||||||||||||||
Escrow Deposit | 4,300,000 | 4,300,000 | |||||||||||||||||||||
Total revenue | 548,767,000 | 463,538,000 | 10,300,000 | ||||||||||||||||||||
Net (loss) income | 3,166,000 | -17,378,000 | -5,600,000 | ||||||||||||||||||||
Wallaby [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Aggregate purchase price | 10,000,000 | ||||||||||||||||||||||
Goodwill | 6,100,000 | ||||||||||||||||||||||
Intangible assets | 3,900,000 | ||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | 1-Dec-14 | ||||||||||||||||||||||
Weighted Average Useful Life | 5 years | ||||||||||||||||||||||
Other Acquisition [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Aggregate purchase price | 9,900,000 | ||||||||||||||||||||||
Fair value of contingent acquisition | 1,900,000 | ||||||||||||||||||||||
Goodwill | 30,000 | 30,000 | |||||||||||||||||||||
Intangible assets | 9,900,000 | 9,900,000 | |||||||||||||||||||||
Weighted Average Useful Life | 7 years | ||||||||||||||||||||||
Internet domain names [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 11,700,000 | 33,700,000 | 11,700,000 | 33,700,000 | |||||||||||||||||||
Internet domain names [Member] | Caring [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 14,600,000 | 14,600,000 | |||||||||||||||||||||
Affiliate Relationships [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 1,900,000 | 8,000,000 | 1,900,000 | 8,000,000 | |||||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 4,000,000 | 4,000,000 | |||||||||||||||||||||
Customer Relationships [Member] | Caring [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 9,900,000 | 9,900,000 | |||||||||||||||||||||
Developed Technology [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 6,700,000 | 300,000 | 6,700,000 | 300,000 | |||||||||||||||||||
Developed Technology [Member] | Caring [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 5,000,000 | 5,000,000 | |||||||||||||||||||||
Developed Technology [Member] | Wallaby [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 3,600,000 | ||||||||||||||||||||||
Trademarks and URLs [Member] | Wallaby [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Intangible assets | 250,000 | ||||||||||||||||||||||
Fiscal Year 2012 [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payment made by company for business acquisition | 30,200,000 | ||||||||||||||||||||||
Changes in fair value of contingent acquisition consideration | 2,800,000 | ||||||||||||||||||||||
Payments in relation to contingent consideration for previous acquisition | $1,200,000 |
Acquisitions_Schedule_of_Recog
Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
Intangible assets | $20,300,000 | $46,000,000 | |||||||||||||
Goodwill | 641,367,000 | 637,303,000 | 637,267,000 | 611,233,000 | 611,233,000 | 610,207,000 | 601,656,000 | 601,656,000 | 601,431,000 | 601,431,000 | 596,844,000 | 596,544,000 | 594,185,000 | 572,408,000 | 572,408,000 |
Caring [Member] | |||||||||||||||
Current assets, net of cash acquired | 1,490,000 | ||||||||||||||
Property and equipment, net | 76,000 | ||||||||||||||
Intangible assets | 29,500,000 | ||||||||||||||
Goodwill | 22,998,000 | ||||||||||||||
Deferred tax asset | 12,994,000 | ||||||||||||||
Other noncurrent assets | 76,000 | ||||||||||||||
Current liabilities | -2,174,000 | ||||||||||||||
Deferred tax liability | -11,269,000 | ||||||||||||||
Other noncurrent liabilities | -6,000 | ||||||||||||||
Preliminary purchase price | $53,685,000 |
Acquisitions_Schedule_of_Estim
Acquisitions (Schedule of Estimated Weighted Average Amortization Periods For Intangible Assets) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 12 years 1 month 6 days | 12 years 4 months 24 days |
Trademarks and URLs [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 15 years 8 months 12 days | 16 years 10 months 24 days |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 8 years 8 months 12 days | 8 years 8 months 12 days |
Developed Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 4 years 6 months | 4 years 4 months 24 days |
Caring [Member] | Trademarks and URLs [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 10 years | |
Caring [Member] | Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 7 years | |
Caring [Member] | Developed Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period Years | 8 years |
Acquisitions_Schedule_of_Busin
Acquisitions (Schedule of Business Acquisition, Pro Forma Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-14 |
Total revenue | $136,651 | $141,650 | $130,367 | $136,275 | $121,978 | $120,695 | $105,905 | $108,358 | $93,403 | $116,782 | $121,552 | $124,232 | $113,666 | $113,270 | $98,393 | $98,996 | $544,943 | $456,936 | $455,969 | $424,325 | |
Net Income Loss | -7,024 | -2,193 | 4,086 | -4,435 | -8,070 | -513 | 1,822 | 1,436 | 1,761 | 15,266 | 8,582 | 14,440 | 7,507 | -40,003 | 5,157 | 5,172 | -11,196 | 27,045 | -12,899 | ||
Caring [Member] | |||||||||||||||||||||
Total revenue | 548,767 | 463,538 | 10,300 | ||||||||||||||||||
Net Income Loss | $3,166 | ($17,378) | ($5,600) |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Carrying Amounts Of Major Classes Of Assets And Liabilities Of The Discontinued Operations That Are Classified As Held For Sale In The Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||||||||
Discontinued Operations [Abstract] | |||||||||||||||
Cash and cash equivalents | $326 | $243 | $397 | $328 | |||||||||||
Accounts receivable, net | 479 | 103 | |||||||||||||
Prepaid expenses and other current assets | 177 | 285 | |||||||||||||
Total current assets | 982 | 785 | |||||||||||||
Furniture, fixtures and equiment, net | 635 | 511 | |||||||||||||
Intangible assets, net | 10 | 180 | |||||||||||||
Total assets classified as held for sale | 1,627 | 1,359 | 1,458 | 1,637 | 1,476 | 1,627 | 1,362 | 1,584 | 1,231 | 1,093 | 1,262 | 1,048 | 1,298 | 1,222 | 889 |
Accounts payable | 5 | 5 | |||||||||||||
Accrued expenses | 442 | 14 | |||||||||||||
Deferred revenue and customer deposits | 194 | 127 | |||||||||||||
Other current liabilities | 433 | 26 | |||||||||||||
Total current liabilities | 1,074 | 172 | |||||||||||||
Total assets classified as held for sale | $1,074 | $875 | $784 | $714 | $172 | $151 | $169 | $142 | $142 | $82 | $156 | $288 | $332 | $169 | $162 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Discontinued Operations Presented In The Consolidated Statement Of Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations [Abstract] | |||
Revenue | $1,747 | $697 | $251 |
Cost of revenue (excludes depreciation and amortization) | 777 | 39 | 31 |
Sales and marketing | 442 | 156 | 69 |
Product development and technology | 358 | ||
General and administrative | 734 | 1,384 | 1,004 |
Depreciation and amortization | 361 | 358 | 247 |
Interest(income) expense and other | -4 | 3 | 1 |
Pretax loss on discontinued operations | -921 | -1,243 | -1,101 |
Total loss on discontinued operations | ($921) | ($1,243) | ($1,101) |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Condensed Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, except Per Share data, unless otherwise specified | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $141,725 | $131,732 | $175,381 | $243,297 | $229,674 | $190,850 | $111,554 | $88,603 | $83,262 | $70,883 | $77,562 | $64,205 | $55,588 | $63,916 | $60,993 |
Short-term investments | 500 | 500 | |||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 70,865 | 79,207 | 77,175 | 78,334 | 61,859 | 68,406 | 58,523 | 58,922 | 52,293 | 60,315 | 66,165 | 61,226 | 61,595 | 70,226 | 61,989 |
Deferred income taxes | 6,407 | 19,258 | 19,258 | 9,258 | 9,258 | 3,363 | 3,363 | 3,363 | 3,363 | 8,555 | 8,555 | 8,113 | 8,113 | 10,081 | 10,081 |
Prepaid expenses and other current assets | 35,652 | 43,819 | 33,947 | 9,878 | 13,587 | 27,277 | 21,502 | 20,446 | 22,998 | 11,874 | 5,737 | 4,505 | 3,454 | 10,239 | 20,811 |
Assets held for sale | 1,627 | 1,359 | 1,458 | 1,637 | 1,476 | 1,627 | 1,362 | 1,584 | 1,231 | 1,093 | 1,262 | 1,048 | 1,298 | 1,222 | 889 |
Total current assets | 256,276 | 275,875 | 307,719 | 342,404 | 315,854 | 291,523 | 196,304 | 172,918 | 163,147 | 152,720 | 159,281 | 139,097 | 130,048 | 155,684 | 154,763 |
Furniture, fixtures and equipment, net of accumulated depreciation | 13,299 | 12,682 | 12,037 | 12,574 | 11,258 | 10,338 | 10,241 | 8,969 | 8,324 | 8,658 | 8,084 | 7,489 | 7,997 | 8,315 | 6,651 |
Intangible assets, net of accumulated amortization | 338,988 | 348,459 | 351,814 | 335,011 | 347,175 | 359,596 | 363,425 | 375,823 | 376,780 | 388,747 | 377,217 | 369,904 | 375,968 | 349,955 | 353,774 |
Goodwill | 641,367 | 637,303 | 637,267 | 611,233 | 611,233 | 610,207 | 601,656 | 601,656 | 601,431 | 601,431 | 596,844 | 596,544 | 594,185 | 572,408 | 572,408 |
Other assets | 13,499 | 12,670 | 12,434 | 11,403 | 13,375 | 15,180 | 11,028 | 12,357 | 11,775 | 12,470 | 11,710 | 10,725 | 10,604 | 10,691 | 12,751 |
Total assets | 1,263,429 | 1,286,989 | 1,321,271 | 1,312,625 | 1,298,895 | 1,286,844 | 1,182,654 | 1,171,723 | 1,161,457 | 1,164,026 | 1,153,136 | 1,123,759 | 1,118,802 | 1,097,053 | 1,100,347 |
Liabilities | |||||||||||||||
Accounts payable | 8,047 | 10,864 | 8,224 | 9,221 | 7,144 | 9,856 | 7,447 | 7,510 | 8,221 | 7,661 | 10,389 | 10,833 | 11,774 | 7,743 | 8,372 |
Accrued expenses | 46,030 | 43,694 | 25,270 | 35,168 | 38,686 | 28,727 | 24,330 | 23,287 | 22,060 | 24,540 | 28,209 | 22,015 | 23,138 | 17,869 | 24,867 |
Deferred revenue and customer deposits | 4,303 | 4,559 | 4,589 | 3,868 | 3,665 | 3,704 | 3,949 | 3,854 | 3,750 | 3,335 | 3,420 | 3,967 | 5,734 | 2,619 | 3,476 |
Accrued interest | 6,980 | 2,297 | 6,891 | 2,319 | 7,379 | 2,758 | 10,591 | 4,860 | 10,588 | 4,898 | 10,588 | 4,860 | 10,588 | 4,859 | 10,565 |
Other current liabilities | 13,629 | 32,348 | 30,753 | 20,740 | 24,569 | 23,053 | 19,935 | 19,044 | 5,075 | 13,413 | 4,586 | 6,161 | 2,568 | 2,005 | 1,945 |
Liabilities subject to sale | 1,074 | 875 | 784 | 714 | 172 | 151 | 169 | 142 | 142 | 82 | 156 | 288 | 332 | 169 | 162 |
Total current liabilities | 80,063 | 94,637 | 76,511 | 72,030 | 81,615 | 68,249 | 66,421 | 58,697 | 49,836 | 53,929 | 57,348 | 48,124 | 54,134 | 35,264 | 49,387 |
Deferred income taxes | 51,633 | 68,000 | 68,000 | 56,500 | 56,500 | 69,262 | 69,262 | 69,262 | 69,262 | 67,196 | 67,196 | 67,196 | 67,196 | 78,560 | 78,560 |
Long term debt, net of unamortized discount | 297,598 | 297,450 | 297,305 | 297,162 | 297,021 | 296,882 | 194,125 | 194,033 | 193,943 | 193,857 | 193,773 | 193,692 | 193,613 | 193,537 | 193,463 |
Other liabilities | 10,849 | 18,783 | 17,597 | 20,965 | 28,186 | 22,536 | 20,637 | 20,013 | 22,467 | 26,851 | 17,879 | 15,173 | 15,347 | 18,146 | 17,283 |
Total liabilities | 440,143 | 478,870 | 459,413 | 446,657 | 463,322 | 456,929 | 350,445 | 342,005 | 335,508 | 341,833 | 336,196 | 324,185 | 330,290 | 325,507 | 338,693 |
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | 1,047 | 1,049 | 1,049 | 1,048 | 1,017 | 1,015 | 1,014 | 1,001 | 1,000 | 1,001 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Additional paid-in capital | 892,738 | 899,689 | 895,286 | 890,856 | 864,152 | 854,137 | 848,617 | 845,647 | 843,407 | 841,101 | 837,769 | 835,119 | 832,797 | 830,216 | 827,706 |
(Accumulated deficit) retained earnings | -23,639 | -33,940 | -26,918 | -24,725 | -28,811 | -24,380 | -16,311 | -15,797 | -17,615 | -19,049 | -20,810 | -36,078 | -44,660 | -59,097 | -66,605 |
Less: Treasury stock, at cost | -46,494 | -58,440 | -7,520 | -1,043 | -592 | -592 | -592 | -592 | -592 | -592 | -589 | ||||
Accumulated other comprehensive loss | -366 | -239 | -39 | -168 | -193 | -265 | -519 | -541 | -250 | -268 | -430 | -467 | -625 | -573 | -447 |
Total stockholders' equity | 823,286 | 808,119 | 861,858 | 865,968 | 835,573 | 829,915 | 832,209 | 829,718 | 825,950 | 822,193 | 816,940 | 799,574 | 788,512 | 771,546 | 761,654 |
Total liabilities and stockholders' equity | 1,263,429 | 1,286,989 | 1,321,271 | 1,312,625 | 1,298,895 | 1,286,844 | 1,182,654 | 1,171,723 | 1,161,458 | 1,164,026 | 1,153,136 | 1,123,759 | 1,118,802 | 1,097,053 | 1,100,347 |
Accounts receivable, allowance for doubtful accounts | 419 | 620 | |||||||||||||
Accumulated depreciation | 24,756 | 17,524 | |||||||||||||
Accumulated amortization | 228,667 | 177,140 | |||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Discontinued Operations [Member] | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | -398 | -623 | -397 | -613 | -407 | -637 | -328 | -226 | -441 | -318 | -625 | -573 | -292 | ||
Accounts receivable, net of allowance for doubtful accounts | -76 | -37 | -103 | -72 | -10 | -27 | -9 | -2 | -3 | -3 | -34 | ||||
Prepaid expenses and other current assets | -311 | -292 | -285 | -268 | -262 | -224 | -223 | -224 | -218 | -150 | -140 | -135 | -136 | ||
Assets held for sale | 1,458 | 1,637 | 1,476 | 1,627 | 1,362 | 1,584 | 1,231 | 1,093 | 1,262 | 1,048 | 1,298 | 1,222 | 889 | ||
Total current assets | 673 | 685 | 691 | 674 | 683 | 696 | 680 | 634 | 601 | 577 | 530 | 480 | 461 | ||
Furniture, fixtures and equipment, net of accumulated depreciation | -664 | -676 | -511 | -511 | -528 | -544 | -533 | -506 | -481 | -465 | -429 | -405 | -396 | ||
Intangible assets, net of accumulated amortization | -9 | -9 | -180 | -163 | -155 | -152 | -147 | -128 | -120 | -112 | -101 | -75 | -65 | ||
Liabilities | |||||||||||||||
Accounts payable | -24 | -16 | -5 | -13 | -23 | -14 | -6 | -7 | -13 | -12 | -8 | -13 | -7 | ||
Accrued expenses | -110 | -51 | -14 | -51 | -51 | -45 | -16 | -11 | -53 | -147 | -144 | -101 | -98 | ||
Deferred revenue and customer deposits | -116 | -132 | -127 | -73 | -81 | -72 | -111 | -40 | -79 | -119 | -157 | -43 | -50 | ||
Other current liabilities | -34 | -15 | -26 | -14 | -14 | -11 | -9 | -24 | -11 | -10 | -23 | -12 | -7 | ||
Liabilities subject to sale | 784 | 714 | 172 | 151 | 169 | 142 | 142 | 82 | 156 | 288 | 332 | 169 | 162 | ||
Total current liabilities | 500 | 500 | |||||||||||||
Other liabilities | -500 | -500 | |||||||||||||
Commitments and contingencies | |||||||||||||||
As Filed [Member] | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | 175,779 | 243,920 | 230,071 | 191,463 | 111,961 | 89,240 | 83,590 | 71,109 | 78,003 | 64,523 | 56,213 | 64,489 | 61,285 | ||
Short-term investments | 500 | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 77,154 | 78,371 | 61,962 | 68,478 | 58,215 | 59,221 | 52,598 | 60,445 | 66,353 | 60,876 | 60,543 | 69,205 | 61,510 | ||
Deferred income taxes | 17,155 | 7,155 | 7,155 | 3,763 | 3,763 | 3,763 | 3,763 | 25,131 | 25,131 | 24,690 | 24,690 | 16,326 | 16,326 | ||
Prepaid expenses and other current assets | 31,368 | 6,984 | 9,736 | 18,977 | 12,633 | 11,040 | 13,691 | 7,706 | 1,986 | 2,601 | 2,535 | 10,921 | 21,554 | ||
Total current assets | 301,956 | 336,430 | 308,924 | 282,681 | 186,572 | 163,264 | 153,642 | 164,391 | 171,473 | 152,690 | 143,981 | 160,941 | 160,675 | ||
Furniture, fixtures and equipment, net of accumulated depreciation | 13,609 | 14,265 | 12,930 | 12,085 | 11,989 | 10,716 | 10,024 | 10,009 | 9,622 | 8,960 | 9,065 | 9,321 | 7,380 | ||
Intangible assets, net of accumulated amortization | 353,977 | 337,516 | 350,206 | 364,442 | 368,574 | 381,378 | 382,732 | 395,135 | 384,066 | 372,093 | 378,240 | 352,299 | 353,839 | ||
Goodwill | 638,010 | 611,975 | 611,975 | 610,950 | 602,399 | 602,398 | 602,173 | 602,768 | 598,181 | 597,881 | 595,522 | 573,745 | 573,695 | ||
Other assets | 12,456 | 11,247 | 12,776 | 14,183 | 10,087 | 11,172 | 11,579 | 12,092 | 11,712 | 10,725 | 10,604 | 10,691 | 12,588 | ||
Total assets | 1,320,008 | 1,311,433 | 1,296,811 | 1,284,341 | 1,179,621 | 1,168,928 | 1,160,150 | 1,184,395 | 1,175,054 | 1,142,349 | 1,137,412 | 1,106,997 | 1,108,177 | ||
Liabilities | |||||||||||||||
Accounts payable | 8,247 | 9,237 | 7,149 | 9,869 | 7,470 | 7,524 | 8,227 | 7,668 | 10,402 | 10,567 | 9,564 | 7,936 | 8,379 | ||
Accrued expenses | 27,367 | 37,217 | 40,546 | 28,582 | 23,948 | 22,755 | 22,033 | 24,674 | 29,461 | 20,973 | 26,288 | 20,139 | 27,126 | ||
Deferred revenue and customer deposits | 4,705 | 4,000 | 3,792 | 3,777 | 4,030 | 3,926 | 3,861 | 3,375 | 3,499 | 4,051 | 5,891 | 2,662 | 3,526 | ||
Accrued interest | 6,891 | 2,319 | 7,379 | 2,758 | 10,591 | 4,860 | 10,588 | 4,898 | 10,588 | 4,860 | 10,588 | 4,859 | 10,565 | ||
Other current liabilities | 30,787 | 20,755 | 24,595 | 23,067 | 19,950 | 19,056 | 6,399 | 13,632 | 6,248 | 7,562 | 3,969 | 3,477 | 2,142 | ||
Total current liabilities | 77,997 | 73,528 | 83,461 | 68,053 | 65,989 | 58,121 | 51,108 | 54,247 | 60,198 | 48,013 | 56,300 | 39,073 | 51,738 | ||
Deferred income taxes | 63,199 | 51,699 | 51,699 | 64,482 | 64,482 | 64,482 | 64,482 | 82,670 | 82,670 | 82,670 | 82,670 | 83,546 | 83,546 | ||
Long term debt, net of unamortized discount | 297,305 | 297,162 | 297,021 | 296,882 | 194,125 | 194,033 | 193,943 | 193,857 | 193,773 | 193,692 | 193,613 | 193,537 | 193,463 | ||
Other liabilities | 15,581 | 18,948 | 25,668 | 22,536 | 20,637 | 20,013 | 22,466 | 28,120 | 18,958 | 16,511 | 16,367 | 18,949 | 17,047 | ||
Total liabilities | 454,082 | 441,337 | 457,849 | 451,953 | 345,233 | 336,649 | 331,999 | 358,894 | 355,599 | 340,886 | 348,950 | 335,105 | 345,794 | ||
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | 1,044 | 1,047 | 1,017 | 1,015 | 1,013 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||
Additional paid-in capital | 895,285 | 890,856 | 864,152 | 854,124 | 848,604 | 845,634 | 843,393 | 841,101 | 837,769 | 835,495 | 832,797 | 830,215 | 827,706 | ||
(Accumulated deficit) retained earnings | -22,680 | -20,434 | -25,266 | -21,724 | -13,973 | -13,081 | -15,264 | -15,608 | -18,168 | -34,444 | -44,595 | -58,640 | -65,772 | ||
Less: Treasury stock, at cost | -7,516 | -1,042 | -591 | -591 | -591 | -591 | -591 | -591 | -589 | ||||||
Accumulated other comprehensive loss | -207 | -331 | -350 | -436 | -665 | -683 | -387 | -401 | -557 | -588 | -740 | -683 | -551 | ||
Total stockholders' equity | 865,926 | 870,096 | 838,962 | 832,388 | 834,388 | 832,279 | 828,151 | 825,501 | 819,455 | 801,463 | 788,462 | 771,892 | 762,383 | ||
Total liabilities and stockholders' equity | 1,320,008 | 1,311,433 | 1,296,811 | 1,284,341 | 1,179,621 | 1,168,928 | 1,160,150 | 1,184,395 | 1,175,054 | 1,142,349 | 1,137,412 | 1,106,997 | 1,108,177 | ||
Restatement Adjustments [Member] | |||||||||||||||
Assets | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 97 | 318 | -272 | -305 | -121 | -186 | 353 | 1,055 | 1,055 | 479 | |||||
Deferred income taxes | 2,103 | 2,103 | 2,103 | -400 | -400 | -400 | -400 | -16,576 | -16,576 | -16,577 | -16,577 | -6,245 | -6,245 | ||
Prepaid expenses and other current assets | 2,890 | 3,186 | 4,136 | 8,568 | 9,131 | 9,630 | 9,530 | 4,392 | 3,969 | 2,054 | 1,059 | -547 | -607 | ||
Total current assets | 5,090 | 5,289 | 6,239 | 8,168 | 9,049 | 8,958 | 8,825 | -12,305 | -12,793 | -14,170 | -14,463 | -5,737 | -6,373 | ||
Furniture, fixtures and equipment, net of accumulated depreciation | -908 | -1,015 | -1,161 | -1,236 | -1,220 | -1,203 | -1,167 | -845 | -1,057 | -1,006 | -639 | -601 | -333 | ||
Intangible assets, net of accumulated amortization | -2,154 | -2,496 | -2,851 | -4,683 | -4,994 | -5,403 | -5,805 | -6,260 | -6,729 | -2,077 | -2,171 | -2,269 | |||
Goodwill | -743 | -742 | -742 | -743 | -743 | -742 | -742 | -1,337 | -1,337 | -1,337 | -1,337 | -1,337 | -1,287 | ||
Other assets | -22 | 156 | 599 | 997 | 941 | 1,185 | 196 | 378 | -2 | 163 | |||||
Total assets | 1,263 | 1,192 | 2,084 | 2,503 | 3,033 | 2,795 | 1,307 | -20,369 | -21,918 | -18,590 | -18,610 | -9,944 | -7,830 | ||
Liabilities | |||||||||||||||
Accounts payable | 1 | 278 | 2,218 | -180 | |||||||||||
Accrued expenses | -1,987 | -1,998 | -1,846 | 196 | 433 | 577 | 43 | -123 | -1,199 | 1,189 | -3,006 | -2,169 | -2,161 | ||
Deferred revenue and customer deposits | 35 | ||||||||||||||
Other current liabilities | -1 | -1 | -1,315 | -195 | -1,651 | -1,391 | -1,378 | -1,460 | -190 | ||||||
Total current liabilities | -1,986 | -1,998 | -1,846 | 196 | 432 | 576 | -1,272 | -318 | -2,850 | 111 | -2,166 | -3,809 | -2,351 | ||
Deferred income taxes | 4,801 | 4,801 | 4,801 | 4,780 | 4,780 | 4,780 | 4,780 | -15,474 | -15,474 | -15,474 | -15,474 | -4,986 | -4,986 | ||
Other liabilities | 2,516 | 2,517 | 2,518 | 1 | -1,269 | -1,079 | -1,338 | -1,020 | -803 | 236 | |||||
Total liabilities | 5,331 | 5,320 | 5,473 | 4,976 | 5,212 | 5,356 | 3,509 | -17,061 | -19,403 | -16,701 | -18,660 | -9,598 | -7,101 | ||
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | 5 | 1 | 1 | 1 | 1 | ||||||||||
Additional paid-in capital | 1 | 13 | 13 | 13 | 14 | -376 | 1 | ||||||||
(Accumulated deficit) retained earnings | -4,238 | -4,291 | -3,545 | -2,656 | -2,338 | -2,716 | -2,351 | -3,441 | -2,642 | -1,634 | -65 | -457 | -833 | ||
Less: Treasury stock, at cost | -4 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | |||||||
Accumulated other comprehensive loss | 168 | 163 | 157 | 171 | 146 | 142 | 137 | 133 | 127 | 121 | 115 | 110 | 104 | ||
Total stockholders' equity | -4,068 | -4,128 | -3,389 | -2,473 | -2,179 | -2,561 | -2,201 | -3,308 | -2,515 | -1,889 | 50 | -346 | -729 | ||
Total liabilities and stockholders' equity | 1,263 | 1,192 | 2,084 | 2,503 | 3,033 | 2,795 | 1,308 | -20,369 | -21,918 | -18,590 | -18,610 | -9,944 | -7,830 | ||
Reclassification [Member] | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | |||||||||||||||
Short-term investments | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | |||||||||||||||
Deferred income taxes | |||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||
Assets held for sale | |||||||||||||||
Total current assets | |||||||||||||||
Furniture, fixtures and equipment, net of accumulated depreciation | |||||||||||||||
Intangible assets, net of accumulated amortization | |||||||||||||||
Goodwill | |||||||||||||||
Other assets | |||||||||||||||
Total assets | |||||||||||||||
Liabilities | |||||||||||||||
Accounts payable | |||||||||||||||
Accrued expenses | |||||||||||||||
Deferred revenue and customer deposits | |||||||||||||||
Accrued interest | |||||||||||||||
Other current liabilities | |||||||||||||||
Liabilities subject to sale | |||||||||||||||
Total current liabilities | |||||||||||||||
Deferred income taxes | |||||||||||||||
Long term debt, net of unamortized discount | |||||||||||||||
Other liabilities | |||||||||||||||
Total liabilities | |||||||||||||||
Commitments and contingencies | |||||||||||||||
Stockholders' equity | |||||||||||||||
Common stock, par value $.01 per share - | |||||||||||||||
Additional paid-in capital | |||||||||||||||
(Accumulated deficit) retained earnings | |||||||||||||||
Less: Treasury stock, at cost | |||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||
Total stockholders' equity | |||||||||||||||
Total liabilities and stockholders' equity |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) (Condensed Consolidated Statements Of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenue | $136,651 | $141,650 | $130,367 | $136,275 | $121,978 | $120,695 | $105,905 | $108,358 | $93,403 | $116,782 | $121,552 | $124,232 | $113,666 | $113,270 | $98,393 | $98,996 | $544,943 | $456,936 | $455,969 | $424,325 | |
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 85,528 | 78,174 | 78,508 | 68,910 | 71,723 | 61,701 | 61,698 | 58,972 | 72,540 | 69,592 | 71,926 | 59,172 | 63,344 | 54,497 | 55,162 | 322,080 | 264,032 | 273,030 | 232,175 | ||
Sales and marketing | 6,228 | 6,347 | 6,087 | 6,047 | 6,176 | 6,390 | 6,304 | 6,139 | 5,642 | 6,201 | 6,115 | 6,101 | 5,823 | 5,728 | 4,014 | 24,332 | 24,917 | 24,097 | 21,666 | ||
Product development and technology | 7,399 | 6,979 | 6,875 | 6,221 | 5,523 | 5,381 | 5,249 | 4,725 | 3,975 | 4,462 | 5,031 | 4,997 | 4,741 | 3,768 | 3,602 | 29,001 | 22,374 | 18,193 | 17,108 | ||
General and administrative | 28,992 | 11,724 | 12,542 | 17,283 | 9,171 | 8,731 | 8,440 | 7,612 | 7,780 | 8,302 | 8,184 | 8,230 | 6,866 | 5,234 | 5,978 | 67,717 | 43,625 | 31,878 | 26,308 | ||
Legal settlements | -7,732 | 9,190 | 1 | -24 | 833 | 3 | 62 | 1,403 | 874 | ||||||||||||
Acquisition, offering and related expenses | 248 | 159 | 2,403 | 31 | 30 | 20 | -32 | 39 | 398 | 196 | 2,207 | 512 | 38,048 | 576 | 3,590 | 81 | 601 | 41,343 | |||
Restructuring charges | 49 | 218 | 134 | 238 | 267 | 372 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 682 | 743 | 1,407 | 9,825 | 2,142 | 2,949 | 2,464 | -4,526 | 1,772 | 364 | 43 | 45 | -24 | 2,832 | 3,633 | 17,380 | -2,347 | 21 | |||
Depreciation and amortization | 14,964 | 14,590 | 13,856 | 14,011 | 14,138 | 14,163 | 13,864 | 13,755 | 13,458 | 12,075 | 11,546 | 10,779 | 10,781 | 10,755 | 10,724 | 43,410 | 58,628 | 56,176 | 50,834 | 43,039 | |
Total costs and expenses | 136,309 | 127,906 | 121,679 | 122,328 | 108,903 | 99,335 | 98,019 | 86,621 | 106,039 | 101,446 | 103,321 | 91,620 | 92,067 | 118,313 | 80,032 | 510,384 | 428,585 | 397,427 | 382,032 | ||
Income from operations | 5,341 | 2,461 | 14,596 | -350 | 11,792 | 6,570 | 10,339 | 6,782 | 10,743 | 20,106 | 20,911 | 22,046 | 21,203 | -19,920 | 18,964 | 34,559 | 28,351 | 58,542 | 42,293 | ||
Interest and other expenses, net | 5,231 | 5,162 | 5,190 | 5,159 | 6,761 | 6,528 | 6,531 | 6,430 | 6,214 | 6,466 | 6,423 | 6,461 | 6,519 | 9,481 | 9,345 | 20,831 | 24,979 | 25,533 | 31,806 | ||
Loss on early extinguishment of debt | 17,175 | 16,627 | 17,175 | 16,627 | |||||||||||||||||
Income (loss) before taxes | 10,205 | 110 | -2,701 | 9,406 | -5,509 | -12,144 | 42 | 3,808 | 352 | 4,529 | 13,640 | 14,488 | 15,585 | 14,684 | -46,028 | 9,619 | 13,728 | -13,803 | 33,009 | -6,140 | |
Income tax expense (benefit) | 6,927 | -874 | 4,874 | -1,308 | -4,405 | 228 | 1,635 | -1,354 | 2,466 | -1,886 | 5,637 | 737 | 6,926 | -6,248 | 4,175 | 7,635 | -3,850 | 4,863 | 5,590 | ||
Net income (loss) from continuing operations | 10,303 | -6,817 | -1,827 | 4,532 | -4,201 | -7,739 | -186 | 2,173 | 1,706 | 2,063 | 15,526 | 8,851 | 14,848 | 7,758 | -39,780 | 5,444 | -4,112 | 6,093 | -9,953 | 28,146 | -11,730 |
Net loss from discontinued operations, net of income taxes | -207 | -366 | -446 | -234 | -331 | -327 | -351 | -270 | -302 | -260 | -269 | -408 | -251 | -223 | -287 | -921 | -1,243 | -1,101 | -1,169 | ||
Net income (loss) | -7,024 | -2,193 | 4,086 | -4,435 | -8,070 | -513 | 1,822 | 1,436 | 1,761 | 15,266 | 8,582 | 14,440 | 7,507 | -40,003 | 5,157 | 5,172 | -11,196 | 27,045 | -12,899 | ||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.16 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||||
Basic net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | $0 | $0.02 | $0.02 | $0.02 | $0.15 | $0.09 | $0.15 | $0.08 | ($0.45) | $0.06 | $0.06 | ($0.10) | $0.28 | ($0.12) | |
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ||||||||||||
Diluted net income (loss) per share | $0.10 | ($0.07) | ($0.02) | $0.04 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0.01 | $0.02 | $0.15 | $0.08 | $0.14 | $0.07 | ($0.45) | $0.06 | $0.05 | ($0.11) | $0.27 | ($0.14) | |
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 100,607,876 | 101,894,188 | 100,876,470 | 100,205,228 | 100,127,658 | 100,050,989 | 100,047,441 | 100,097,969 | 99,918,198 | 99,896,608 | 99,879,865 | 99,879,865 | 99,879,865 | 89,302,942 | 87,379,865 | 100,399,458 | 100,108,316 | 99,985,782 | 94,160,687 | ||
Diluted | 100,607,876 | 101,894,188 | 103,081,843 | 100,205,228 | 100,127,658 | 100,050,989 | 100,053,107 | 100,101,578 | 100,541,993 | 101,088,756 | 101,712,071 | 100,933,237 | 100,427,391 | 89,302,942 | 87,379,865 | 102,417,273 | 100,108,316 | 100,831,459 | 94,160,687 | ||
Other comprehensive (loss) income, net of tax | -200 | 129 | 25 | 72 | 254 | 22 | -291 | 18 | 162 | 37 | 158 | -52 | -126 | -13 | 212 | -173 | 57 | 375 | 21 | ||
Comprehensive income (loss) | -7,224 | -2,064 | 4,111 | -4,363 | -7,816 | -491 | 1,531 | 1,454 | 1,923 | 15,303 | 8,740 | 14,388 | 7,381 | -40,016 | 5,369 | 4,999 | -11,139 | 27,420 | -12,878 | ||
As Filed [Member] | |||||||||||||||||||||
Total revenue | 130,662 | 136,475 | 122,260 | 121,178 | 105,546 | 108,448 | 93,244 | 116,775 | 122,125 | 125,020 | 113,769 | 112,904 | 98,449 | 99,078 | 457,433 | 457,164 | 424,201 | ||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 46,494 | 46,295 | 36,876 | 40,524 | 37,542 | 36,108 | 30,788 | 37,682 | 37,609 | 40,278 | 32,364 | 38,071 | 35,310 | 37,965 | 151,050 | 146,357 | 143,710 | ||||
Sales | 3,674 | 3,660 | 3,605 | 3,934 | 3,751 | 3,777 | 4,037 | 4,123 | 4,015 | 3,939 | 3,402 | 3,620 | 3,018 | 2,940 | 15,067 | 16,114 | 12,980 | ||||
Marketing | 33,180 | 33,401 | 30,633 | 31,639 | 24,873 | 26,333 | 28,435 | 34,986 | 31,551 | 31,250 | 26,344 | 24,007 | 19,604 | 16,098 | 113,478 | 126,222 | 86,053 | ||||
Product development and technology | 5,907 | 5,738 | 4,802 | 4,453 | 4,840 | 4,651 | 4,371 | 4,082 | 4,146 | 4,424 | 4,048 | 3,696 | 3,652 | 3,470 | 18,746 | 17,023 | 14,866 | ||||
General and administrative | 14,169 | 15,258 | 21,298 | 12,214 | 11,246 | 11,376 | 9,962 | 8,302 | 9,185 | 9,982 | 11,684 | 9,990 | 7,259 | 7,729 | 56,134 | 37,431 | 36,662 | ||||
Legal settlements | 9,190 | -24 | 833 | 3 | 62 | 874 | |||||||||||||||
Acquisition, offering and related expenses | 158 | 2,403 | 30 | 20 | -32 | -512 | 682 | 197 | 3,390 | 1,163 | 38,222 | 1,473 | 50 | 335 | 44,248 | ||||||
Restructuring charges | 1,034 | 238 | 1,272 | ||||||||||||||||||
Changes in fair value of contingent acquisition consideration | 744 | 1,406 | 9,825 | 2,142 | 2,949 | 1,149 | -4,785 | 1,742 | 355 | 43 | 292 | 16,065 | -2,645 | 292 | |||||||
Depreciation and amortization | 15,195 | 14,461 | 16,042 | 14,730 | 14,844 | 14,511 | 14,395 | 14,103 | 12,587 | 11,769 | 10,971 | 10,899 | 10,820 | 10,846 | 60,127 | 52,854 | 43,536 | ||||
Total costs and expenses | 128,711 | 122,622 | 123,081 | 109,666 | 100,065 | 97,905 | 87,147 | 105,341 | 100,133 | 101,944 | 93,529 | 91,446 | 118,123 | 80,521 | 430,717 | 394,565 | 383,619 | ||||
Income from operations | 1,951 | 13,853 | -821 | 11,512 | 5,481 | 10,543 | 6,097 | 11,434 | 21,992 | 23,076 | 20,240 | 21,458 | -19,674 | 18,557 | 26,716 | 62,599 | 40,582 | ||||
Interest and other expenses, net | 5,159 | 5,192 | 5,146 | 6,761 | 6,539 | 6,535 | 6,494 | 6,365 | 6,475 | 6,437 | 6,347 | 6,519 | 9,524 | 9,396 | 24,982 | 25,771 | 31,787 | ||||
Loss on early extinguishment of debt | 17,175 | 16,629 | 17,175 | 16,629 | |||||||||||||||||
Income (loss) before taxes | -3,208 | 8,661 | -5,967 | -12,424 | -1,058 | 4,008 | -397 | 5,069 | 15,517 | 16,639 | 13,893 | 14,939 | -45,827 | 9,161 | -15,441 | 36,828 | -7,834 | ||||
Income tax expense (benefit) | -962 | 3,829 | -2,425 | -4,673 | -166 | 1,825 | -741 | 2,509 | -759 | 6,488 | -152 | 7,807 | -6,166 | 4,099 | -5,439 | 7,497 | 5,588 | ||||
Net income (loss) from continuing operations | -2,246 | 4,832 | -3,542 | -7,751 | -892 | 2,183 | 344 | 2,560 | 16,276 | 10,151 | 14,045 | 7,132 | -39,661 | 5,062 | -10,002 | 29,331 | -13,422 | ||||
Net income (loss) | -2,246 | 4,832 | -3,542 | -7,751 | -892 | 2,183 | 344 | 2,560 | 16,276 | 10,151 | 14,045 | 7,132 | -39,661 | 5,062 | -10,002 | 29,331 | -13,422 | ||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Basic net income (loss) per share | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Diluted net income (loss) per share | ($0.02) | $0.05 | ($0.04) | ($0.08) | ($0.01) | $0.02 | $0 | $0.03 | $0.16 | $0.10 | $0.14 | $0.07 | ($0.44) | $0.06 | ($0.10) | $0.29 | ($0.14) | ||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 101,894,188 | 100,876,470 | 100,205,228 | 100,127,658 | 100,050,989 | 100,047,441 | 100,097,969 | 99,918,198 | 99,896,608 | 99,879,865 | 99,879,865 | 99,879,865 | 89,302,942 | 87,379,865 | 100,108,316 | 99,985,782 | 94,160,687 | ||||
Diluted | 101,894,188 | 103,081,843 | 100,205,228 | 100,127,658 | 100,050,989 | 100,053,107 | 100,101,578 | 100,541,993 | 101,088,756 | 101,712,071 | 100,933,237 | 100,427,391 | 89,302,942 | 87,379,865 | 100,108,316 | 100,831,459 | 94,160,687 | ||||
Other comprehensive (loss) income, net of tax | 124 | 19 | 86 | 229 | 18 | -296 | 14 | 156 | 31 | 152 | -57 | -132 | -18 | 207 | 37 | 353 | |||||
Comprehensive income (loss) | -2,122 | 4,851 | -3,456 | -7,522 | -874 | 1,887 | 358 | 2,716 | 16,307 | 10,303 | 13,988 | 7,000 | -39,679 | 5,269 | -9,965 | 29,684 | -13,422 | ||||
Restatement Adjustments [Member] | |||||||||||||||||||||
Total revenue | 1 | 1 | -318 | 485 | 33 | 230 | 67 | -504 | -737 | 1 | 460 | 200 | -944 | 460 | |||||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 265 | 77 | 1,783 | -48 | 170 | -126 | 244 | 676 | 812 | 567 | -110 | 360 | -169 | 129 | 1,779 | 2,299 | 210 | ||||
Sales and marketing | 1 | 1 | 20 | 1 | 102 | 123 | |||||||||||||||
Product development and technology | 56 | 82 | -94 | 231 | 237 | 231 | 198 | 187 | 175 | 136 | 113 | 336 | -87 | 4 | 605 | 696 | 366 | ||||
General and administrative | 35 | 72 | -3 | 53 | -102 | -280 | -328 | 198 | 1,331 | 836 | 1,121 | 984 | 867 | 741 | -332 | 2,037 | 3,713 | ||||
Legal settlements | 1 | ||||||||||||||||||||
Acquisition, offering and related expenses | 1 | 31 | 551 | -284 | -1 | -1,183 | -651 | -174 | -897 | 31 | 266 | -2,905 | |||||||||
Restructuring charges | 49 | 218 | -900 | 267 | -900 | ||||||||||||||||
Changes in fair value of contingent acquisition consideration | -1 | 1 | 1,315 | 259 | -2 | 2 | 1,315 | 259 | |||||||||||||
Depreciation and amortization | -498 | -532 | -1,941 | -503 | -593 | -556 | -579 | -583 | -450 | -161 | -143 | -63 | -15 | -73 | -3,593 | -1,773 | -294 | ||||
Total costs and expenses | -141 | -298 | -224 | -267 | -288 | 584 | -186 | 1,030 | 1,633 | 1,697 | -1,104 | 966 | 424 | -96 | -195 | 4,174 | 190 | ||||
Income from operations | 142 | 298 | 225 | -51 | 773 | -551 | 416 | -963 | -2,137 | -2,434 | 1,105 | -506 | -424 | 96 | 395 | -5,118 | 270 | ||||
Interest and other expenses, net | 1 | -1 | 1 | -63 | -121 | -14 | -176 | -75 | -198 | -252 | |||||||||||
Loss on early extinguishment of debt | -3 | -3 | |||||||||||||||||||
Income (loss) before taxes | 141 | 299 | 224 | -51 | 773 | -551 | 479 | -842 | -2,137 | -2,420 | 1,284 | -506 | -424 | 171 | 395 | -4,920 | 525 | ||||
Income tax expense (benefit) | 88 | 1,045 | 1,117 | 268 | 394 | -190 | -613 | -43 | -1,127 | -851 | 889 | -881 | -82 | 76 | 1,589 | -2,634 | 2 | ||||
Net income (loss) from continuing operations | 53 | -746 | -893 | -319 | 379 | -361 | 1,092 | -799 | -1,010 | -1,569 | 395 | 375 | -342 | 95 | -1,194 | -2,286 | 523 | ||||
Net income (loss) | 53 | -746 | -893 | -319 | 379 | -361 | 1,092 | -799 | -1,010 | -1,569 | 395 | 375 | -342 | 95 | -1,194 | -2,286 | 523 | ||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.02) | ||||||||||||||||||||
Basic net income (loss) per share | ($0.02) | ||||||||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | ($0.01) | ($0.02) | $0.01 | ||||||||||||||||||
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ||||||||||||||||||
Diluted net income (loss) per share | ($0.02) | ($0.03) | $0 | ||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 99,985,782 | ||||||||||||||||||||
Diluted | 100,831,459 | ||||||||||||||||||||
Other comprehensive (loss) income, net of tax | -47 | 13 | -5 | -1 | -11 | 1 | 9 | 4 | -150 | 5 | 2 | -5 | 4 | -16 | -137 | 6 | |||||
Comprehensive income (loss) | 6 | -733 | -898 | -320 | 368 | -360 | 1,101 | -795 | -1,160 | -1,569 | 400 | 377 | -347 | 99 | -1,210 | -2,423 | 529 | ||||
Reclassification [Member] | |||||||||||||||||||||
Total revenue | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | 31,590 | 32,303 | 30,261 | 31,258 | 24,000 | 25,723 | 27,948 | 34,191 | 31,178 | 31,088 | 26,927 | 24,921 | 19,364 | 17,075 | 111,242 | 124,405 | 88,287 | ||||
Sales and marketing | 6,445 | 6,216 | 6,110 | 6,198 | 6,416 | 6,349 | 6,144 | 5,663 | 6,218 | 6,018 | 6,213 | 5,846 | 5,726 | 4,068 | 25,073 | 24,043 | 21,853 | ||||
Sales | -3,674 | -3,660 | -3,605 | -3,934 | -3,751 | -3,777 | -4,037 | -4,123 | -4,015 | -3,939 | -3,402 | -3,620 | -3,018 | -2,940 | -15,067 | -16,114 | -12,980 | ||||
Marketing | -33,180 | -33,401 | -30,633 | -31,639 | -24,873 | -26,333 | -28,435 | -34,986 | -31,551 | -31,250 | -26,344 | -24,007 | -19,604 | -16,098 | -113,478 | -126,222 | -86,053 | ||||
Product development and technology | 1,108 | 1,141 | 1,513 | 839 | 304 | 367 | 156 | -294 | 141 | 471 | 836 | 709 | 203 | 128 | 3,023 | 474 | 1,876 | ||||
General and administrative | -2,289 | -2,599 | -3,661 | -2,722 | -2,085 | -2,325 | -1,776 | -451 | -1,971 | -2,388 | -4,233 | -3,849 | -2,669 | -2,233 | -10,793 | -6,586 | -12,984 | ||||
Legal settlements | |||||||||||||||||||||
Acquisition, offering and related expenses | |||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||
Changes in fair value of contingent acquisition consideration | 30 | 9 | -290 | 43 | -24 | 39 | -271 | ||||||||||||||
Depreciation and amortization | |||||||||||||||||||||
Total costs and expenses | -15 | 11 | 4 | 30 | 9 | -293 | 45 | -24 | 39 | -272 | |||||||||||
Income from operations | 15 | -11 | -4 | -30 | -9 | 293 | -45 | 24 | -39 | 272 | |||||||||||
Interest and other expenses, net | 15 | -11 | -4 | -30 | -9 | 290 | -43 | 24 | -39 | 271 | |||||||||||
Loss on early extinguishment of debt | 3 | -2 | 1 | ||||||||||||||||||
Income (loss) before taxes | |||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||
Net income (loss) from continuing operations | |||||||||||||||||||||
Net loss from discontinued operations, net of income taxes | |||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | |||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||
Basic net income (loss) per share | |||||||||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | |||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||
Diluted net income (loss) per share | ($0.01) | ||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Diluted | |||||||||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||||
Total revenue | -296 | -200 | -283 | -165 | -126 | -123 | -71 | -60 | -69 | -51 | -104 | -94 | -56 | -82 | -697 | -251 | -336 | ||||
Costs and expenses: | |||||||||||||||||||||
Cost of revenue (excludes depreciation and amortization) | -175 | -167 | -10 | -11 | -11 | -7 | -8 | -9 | -7 | -7 | -9 | -8 | -8 | -7 | -39 | -31 | -32 | ||||
Sales and marketing | -99 | -130 | -63 | -22 | -26 | -45 | -25 | -22 | -17 | -5 | -112 | -23 | 2 | -54 | -156 | -69 | -187 | ||||
Product development and technology | -92 | -86 | |||||||||||||||||||
General and administrative | -191 | -189 | -351 | -374 | -328 | -331 | -246 | -269 | -243 | -246 | -342 | -259 | -223 | -259 | -1,384 | -1,004 | -1,083 | ||||
Depreciation and amortization | -107 | -73 | -90 | -89 | -88 | -91 | -61 | -62 | -62 | -62 | -49 | -55 | -50 | -49 | -358 | -247 | -203 | ||||
Total costs and expenses | -664 | -645 | -514 | -496 | -453 | -474 | -340 | -362 | -329 | -320 | -512 | -345 | -279 | -369 | -1,937 | -1,351 | -1,505 | ||||
Income from operations | 368 | 445 | 231 | 331 | 327 | 351 | 269 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,240 | 1,100 | 1,169 | ||||
Interest and other expenses, net | 2 | -1 | -3 | -1 | -3 | -1 | |||||||||||||||
Income (loss) before taxes | 366 | 446 | 234 | 331 | 327 | 351 | 270 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,243 | 1,101 | 1,169 | ||||
Net income (loss) from continuing operations | 366 | 446 | 234 | 331 | 327 | 351 | 270 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,243 | 1,101 | 1,169 | ||||
Net loss from discontinued operations, net of income taxes | -366 | -446 | -234 | -331 | -327 | -351 | -270 | -302 | -260 | -269 | -408 | -251 | -223 | -287 | -1,243 | -1,101 | -1,169 | ||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.01 | ||||||||||||||||||||
Discontinued operations | ($0.01) | ($0.01) | ($0.01) | ||||||||||||||||||
Basic net income (loss) per share | ($0.01) | ($0.01) | |||||||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $0.01 | $0.01 | $0.01 | ||||||||||||||||||
Discontinued operations | ($0.01) | ||||||||||||||||||||
Diluted net income (loss) per share | $0 | ($0.01) | $0 | ||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 99,985,782 | ||||||||||||||||||||
Diluted | 100,831,459 | ||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 52 | -7 | -9 | 26 | 15 | 4 | -5 | 2 | 156 | 6 | 4 | 10 | 1 | 36 | 159 | 15 | |||||
Comprehensive income (loss) | $52 | ($7) | ($9) | $26 | $15 | $4 | ($5) | $2 | $156 | $6 | $4 | $10 | $1 | $36 | $159 | $15 |
Quarterly_Financial_Data_Unaud4
Quarterly Financial Data (Unaudited) (Condensed Consolidated Statements Of Cash Flows) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities | ||||||||||||||||
Net income (loss) from continuing operations | $4,532,000 | $2,173,000 | $8,851,000 | $5,444,000 | ($4,112,000) | $6,093,000 | ($9,953,000) | $28,146,000 | ($11,730,000) | |||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities | ||||||||||||||||
Depreciation and amortization | 13,856,000 | 13,864,000 | 11,546,000 | 10,724,000 | 43,410,000 | 58,628,000 | 56,176,000 | 50,834,000 | 43,039,000 | |||||||
Provision for doubtful accounts receivable | 390,000 | 494,000 | 499,000 | 661,000 | ||||||||||||
Deferred income taxes | -382,000 | -18,656,000 | 6,816,000 | |||||||||||||
Amortization of deferred financing charges and original issue discount | 1,632,000 | 2,201,000 | 2,529,000 | 2,510,000 | ||||||||||||
Loss on early extinguishment of debt | 17,175,000 | 16,627,000 | ||||||||||||||
Stock-based compensation | 3,923,000 | 2,241,000 | 2,322,000 | 12,742,000 | 17,067,000 | 17,960,000 | 9,121,000 | |||||||||
Excess tax benefit from stock-based compensation | 27,000 | -27,000 | ||||||||||||||
Loss on disposal of assets | 399,000 | 47,000 | ||||||||||||||
Changes in fair value of contingent acquisition consideration | 1,407,000 | 2,464,000 | 43,000 | -24,000 | 2,832,000 | 3,633,000 | 17,380,000 | -2,347,000 | 21,000 | |||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Accounts receivable | -16,433,000 | -8,184,000 | -6,315,000 | 8,643,000 | ||||||||||||
Prepaid expenses and other assets | -29,943,000 | -22,561,000 | 7,621,000 | -20,779,000 | ||||||||||||
Accounts payable | 2,517,000 | -317,000 | -1,631,000 | -3,425,000 | ||||||||||||
Accrued expenses | 4,404,000 | 6,677,000 | 16,819,000 | -2,414,000 | ||||||||||||
Other liabilities | 1,270,000 | -21,506,000 | 1,540,000 | -5,456,000 | ||||||||||||
Deferred revenue | 664,000 | 408,000 | -85,000 | -2,323,000 | ||||||||||||
Net cash provided by operating activities - continuing operations | -2,554,000 | 11,817,000 | 12,545,000 | -1,381,000 | 947,000 | 38,641,000 | 38,412,000 | -18,941,000 | 19,373,000 | 56,848,000 | 47,909,000 | -8,602,000 | 42,251,000 | 101,485,000 | 70,007,000 | 47,228,000 |
Net cash provided by (used in) operating activities - discontinued operations | 301,000 | 412,000 | -203,000 | 7,000 | 114,000 | 242,000 | -151,000 | 96,000 | 78,000 | 500,000 | -273,000 | 449,000 | 256,000 | 402,000 | -58,000 | 598,000 |
Net cash provided by operating activities | -2,253,000 | 12,229,000 | 12,342,000 | -1,374,000 | 1,061,000 | 38,883,000 | 38,261,000 | -18,845,000 | 19,451,000 | 57,348,000 | 47,636,000 | -8,153,000 | 42,507,000 | 101,887,000 | 69,949,000 | 47,826,000 |
Cash flows from investing activities | ||||||||||||||||
Purchases of furniture, fixtures and equipment and capitalized website development costs | -7,353,000 | -10,656,000 | -10,094,000 | -7,304,000 | ||||||||||||
Cash used in business acquisitions, net | -62,184,000 | -71,729,000 | -22,125,000 | -31,393,000 | ||||||||||||
Restricted cash | -4,000 | 6,000 | 5,000 | -304,000 | ||||||||||||
Net cash used in investing activities - continuing operations | -1,852,000 | -6,394,000 | -3,245,000 | -14,966,000 | -58,430,000 | -10,359,000 | -14,220,000 | -23,448,000 | -69,541,000 | -30,405,000 | -31,495,000 | -30,778,000 | -82,379,000 | -32,214,000 | -39,001,000 | -94,878,000 |
Net cash used in investing activities - discontinued operations | -68,000 | -105,000 | -110,000 | -94,000 | -159,000 | -182,000 | -195,000 | -172,000 | -222,000 | -260,000 | -290,000 | -247,000 | -316,000 | -369,000 | -398,000 | -345,000 |
Net cash used in investing activities | -1,920,000 | -6,499,000 | -3,355,000 | -15,060,000 | -58,589,000 | -10,541,000 | -14,415,000 | -23,620,000 | -69,763,000 | -30,665,000 | -31,785,000 | -31,025,000 | -82,695,000 | -32,583,000 | -39,399,000 | -95,223,000 |
Cash flows from financing activities | ||||||||||||||||
Proceeds from issuance of long term debt | 300,000,000 | |||||||||||||||
Underwriting fees and direct costs on issuance of long term debt | -11,882,000 | |||||||||||||||
Cash paid for contingent acquisition consideration | -12,683,000 | -12,683,000 | -4,700,000 | -4,241,000 | ||||||||||||
Repurchase of senior secured notes | -209,024,000 | |||||||||||||||
Purchase of Company common stock | -57,848,000 | -57,879,000 | -592,000 | |||||||||||||
Proceeds from issuance common stock, net of costs | 22,826,000 | |||||||||||||||
Proceeds from exercise of stock options, net of costs | 22,826,000 | 2,829,000 | 1,462,000 | |||||||||||||
Excess tax benefit from stock-based compensation | -27,000 | 27,000 | ||||||||||||||
Net cash (used in) provided by financing activities - continuing operations | 18,025,000 | -1,000,000 | -61,829,000 | 3,214,000 | 103,000 | -2,214,000 | -11,797,000 | -47,705,000 | 81,226,000 | -1,129,000 | -11,797,000 | -47,736,000 | 77,196,000 | -3,344,000 | -11,797,000 | |
Net cash provided by financing activities - discontinued operations | ||||||||||||||||
Net cash (used in) provided by financing activities | 18,025,000 | -1,000,000 | -61,829,000 | 3,214,000 | 103,000 | -2,214,000 | -11,797,000 | -47,705,000 | 81,226,000 | -1,129,000 | -11,797,000 | -47,736,000 | 77,196,000 | -3,344,000 | -11,797,000 | |
Effect of exchange rate on cash and cash equivalents | -79,000 | -96,000 | -19,000 | 171,000 | ||||||||||||
Net (decrease) increase in cash | -98,096,000 | -88,020,000 | 146,481,000 | 27,377,000 | ||||||||||||
Cash - beginning of period | 230,071,000 | 83,590,000 | 56,213,000 | 230,071,000 | 83,590,000 | 56,213,000 | 230,071,000 | 83,590,000 | 56,213,000 | 230,071,000 | 83,590,000 | 56,213,000 | ||||
Cash - end of period | 131,975,000 | 142,051,000 | 230,071,000 | 83,590,000 | 56,213,000 | |||||||||||
Less cash of discontinued operations - end of period | 243,000 | 326,000 | 397,000 | 328,000 | ||||||||||||
Cash of continuing operations - end of period | 243,297,000 | 88,603,000 | 64,205,000 | 175,381,000 | 111,554,000 | 77,562,000 | 60,993,000 | 131,732,000 | 190,850,000 | 70,883,000 | 63,916,000 | 141,725,000 | 229,674,000 | 83,262,000 | 55,588,000 | |
Supplemental disclosure of other cash flow activities | ||||||||||||||||
Cash paid for interest | 19,532,000 | 25,826,000 | 23,292,000 | |||||||||||||
Cash paid (refunded) for taxes, net of refunds (payments) | 48,444,000 | -10,853,000 | 19,705,000 | |||||||||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||||||
Contingent acquisition consideration | 1,930,000 | 11,600,000 | 20,800,000 | |||||||||||||
As Filed [Member] | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 4,832,000 | 2,183,000 | 10,151,000 | 5,062,000 | -10,002,000 | 29,331,000 | -13,422,000 | |||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities | ||||||||||||||||
Depreciation and amortization | 14,461,000 | 14,511,000 | 11,769,000 | 10,846,000 | 60,127,000 | 52,854,000 | 43,536,000 | |||||||||
Loss on early extinguishment of debt | 17,175,000 | 16,629,000 | ||||||||||||||
Stock-based compensation | 3,923,000 | 2,241,000 | 2,322,000 | |||||||||||||
Changes in fair value of contingent acquisition consideration | 1,406,000 | 1,149,000 | 43,000 | 16,065,000 | -2,645,000 | 292,000 | ||||||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Net cash provided by operating activities - continuing operations | 5,444,000 | 12,418,000 | 12,775,000 | -1,200,000 | 13,758,000 | 39,274,000 | 43,849,000 | -18,904,000 | 57,948,000 | 53,428,000 | -7,748,000 | 105,303,000 | 77,281,000 | 48,315,000 | ||
Net cash provided by operating activities | 5,444,000 | 12,418,000 | 12,775,000 | -1,200,000 | 13,758,000 | 39,274,000 | 43,849,000 | -18,904,000 | 57,948,000 | 53,428,000 | -7,748,000 | 105,303,000 | 77,281,000 | 48,315,000 | ||
Cash flows from investing activities | ||||||||||||||||
Net cash used in investing activities - continuing operations | -1,952,000 | -6,688,000 | -3,788,000 | -15,234,000 | -58,671,000 | -10,932,000 | -20,003,000 | -23,561,000 | -31,265,000 | -37,577,000 | -31,430,000 | -33,213,000 | -45,334,000 | -95,712,000 | ||
Net cash used in investing activities | -1,952,000 | -6,688,000 | -3,788,000 | -15,234,000 | -58,671,000 | -10,932,000 | -20,003,000 | -23,561,000 | -31,265,000 | -37,577,000 | -31,430,000 | -33,213,000 | -45,334,000 | -95,712,000 | ||
Cash flows from financing activities | ||||||||||||||||
Net cash (used in) provided by financing activities - continuing operations | 10,360,000 | -1,000,000 | -61,829,000 | -9,401,000 | 103,000 | -2,214,000 | -11,797,000 | 81,226,000 | -1,129,000 | -11,797,000 | 74,410,000 | -4,741,000 | -11,797,000 | |||
Net cash (used in) provided by financing activities | 10,360,000 | -1,000,000 | -61,829,000 | -9,401,000 | 103,000 | -2,214,000 | -11,797,000 | 81,226,000 | -1,129,000 | -11,797,000 | 74,410,000 | -4,741,000 | -11,797,000 | |||
Cash of continuing operations - end of period | 243,920,000 | 89,240,000 | 64,523,000 | 175,779,000 | 111,961,000 | 78,003,000 | 61,285,000 | 191,463,000 | 71,109,000 | 64,489,000 | 230,071,000 | 83,590,000 | 56,213,000 | |||
Restatement Adjustments [Member] | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) from continuing operations | -746,000 | -361,000 | -1,569,000 | 95,000 | -1,194,000 | -2,286,000 | 523,000 | |||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities | ||||||||||||||||
Depreciation and amortization | -532,000 | -556,000 | -161,000 | -73,000 | -3,593,000 | -1,773,000 | -294,000 | |||||||||
Loss on early extinguishment of debt | -3,000 | |||||||||||||||
Changes in fair value of contingent acquisition consideration | 1,000 | 1,315,000 | 1,315,000 | 259,000 | ||||||||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Net cash provided by operating activities - continuing operations | -7,697,000 | -189,000 | -433,000 | -174,000 | -12,697,000 | -391,000 | -5,588,000 | 59,000 | -600,000 | -5,792,000 | -405,000 | -3,416,000 | -7,332,000 | -489,000 | ||
Net cash provided by operating activities | -7,697,000 | -189,000 | -433,000 | -174,000 | -12,697,000 | -391,000 | -5,588,000 | 59,000 | -600,000 | -5,792,000 | -405,000 | -3,416,000 | -7,332,000 | -489,000 | ||
Cash flows from investing activities | ||||||||||||||||
Net cash used in investing activities - continuing operations | 32,000 | 189,000 | 433,000 | 174,000 | 82,000 | 391,000 | 5,588,000 | -59,000 | 600,000 | 5,792,000 | 405,000 | 630,000 | 5,935,000 | 489,000 | ||
Net cash used in investing activities | 32,000 | 189,000 | 433,000 | 174,000 | 82,000 | 391,000 | 5,588,000 | -59,000 | 600,000 | 5,792,000 | 405,000 | 630,000 | 5,935,000 | 489,000 | ||
Cash flows from financing activities | ||||||||||||||||
Net cash (used in) provided by financing activities - continuing operations | 7,665,000 | 12,615,000 | 2,786,000 | 1,397,000 | ||||||||||||
Net cash (used in) provided by financing activities | 7,665,000 | 12,615,000 | 2,786,000 | 1,397,000 | ||||||||||||
Reclassification [Member] | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) from continuing operations | ||||||||||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Loss on early extinguishment of debt | 1,000 | |||||||||||||||
Stock-based compensation | ||||||||||||||||
Changes in fair value of contingent acquisition consideration | -24,000 | 39,000 | -271,000 | |||||||||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Net cash provided by operating activities - continuing operations | ||||||||||||||||
Net cash provided by (used in) operating activities - discontinued operations | ||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||
Cash flows from investing activities | ||||||||||||||||
Net cash used in investing activities - continuing operations | ||||||||||||||||
Net cash used in investing activities - discontinued operations | ||||||||||||||||
Net cash used in investing activities | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||
Net cash (used in) provided by financing activities - continuing operations | ||||||||||||||||
Net cash provided by financing activities - discontinued operations | ||||||||||||||||
Net cash (used in) provided by financing activities | ||||||||||||||||
Cash of continuing operations - end of period | ||||||||||||||||
Discontinued Operations [Member] | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 446,000 | 351,000 | 269,000 | 287,000 | 1,243,000 | 1,101,000 | 1,169,000 | |||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities | ||||||||||||||||
Depreciation and amortization | -73,000 | -91,000 | -62,000 | -49,000 | -358,000 | -247,000 | -203,000 | |||||||||
Change in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||||||
Net cash provided by operating activities - continuing operations | -301,000 | -412,000 | 203,000 | -7,000 | -114,000 | -242,000 | 151,000 | -96,000 | -500,000 | 273,000 | -449,000 | -402,000 | 58,000 | -598,000 | ||
Net cash provided by (used in) operating activities - discontinued operations | 301,000 | 412,000 | -203,000 | 7,000 | 114,000 | 242,000 | -151,000 | 96,000 | 500,000 | -273,000 | 449,000 | 402,000 | -58,000 | 598,000 | ||
Cash flows from investing activities | ||||||||||||||||
Net cash used in investing activities - continuing operations | 68,000 | 105,000 | 110,000 | 94,000 | 159,000 | 182,000 | 195,000 | 172,000 | 260,000 | 290,000 | 247,000 | 369,000 | 398,000 | 345,000 | ||
Net cash used in investing activities - discontinued operations | -68,000 | -105,000 | -110,000 | -94,000 | -159,000 | -182,000 | -195,000 | -172,000 | -260,000 | -290,000 | -247,000 | -369,000 | -398,000 | -345,000 | ||
Cash flows from financing activities | ||||||||||||||||
Cash of continuing operations - end of period | ($623,000) | ($637,000) | ($318,000) | ($398,000) | ($407,000) | ($441,000) | ($292,000) | ($613,000) | ($226,000) | ($573,000) | ($397,000) | ($328,000) | ($625,000) |
Quarterly_Financial_Data_Unaud5
Quarterly Financial Data (Unaudited) (Reconciliations From Net Income (Loss) To Adjusted EBITDA) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) from continuing operations | $10,303 | ($6,817) | ($1,827) | $4,532 | ($4,201) | ($7,739) | ($186) | $2,173 | $1,706 | $2,063 | $15,526 | $8,851 | $14,848 | $7,758 | ($39,780) | $5,444 | ($4,112) | $6,093 | ($9,953) | $28,146 | ($11,730) |
Interest and other expenses, net | 5,231 | 5,162 | 5,190 | 5,159 | 6,761 | 6,528 | 6,531 | 6,430 | 6,214 | 6,466 | 6,423 | 6,461 | 6,519 | 9,481 | 9,345 | 20,831 | 24,979 | 25,533 | 31,806 | ||
Income tax expense (benefit) | 6,927 | -874 | 4,874 | -1,308 | -4,405 | 228 | 1,635 | -1,354 | 2,466 | -1,886 | 5,637 | 737 | 6,926 | -6,248 | 4,175 | 7,635 | -3,850 | 4,863 | 5,590 | ||
Depreciation and amortization | 14,964 | 14,590 | 13,856 | 14,011 | 14,138 | 14,163 | 13,864 | 13,755 | 13,458 | 12,075 | 11,546 | 10,779 | 10,781 | 10,755 | 10,724 | 43,410 | 58,628 | 56,176 | 50,834 | 43,039 | |
EBITDA | 20,305 | 17,051 | 28,452 | 13,661 | 8,755 | 20,733 | 24,203 | 20,537 | 24,201 | 32,181 | 32,457 | 32,825 | 31,984 | -25,792 | 29,688 | ||||||
Change in fair value of contingent liabilities | 682 | 743 | 1,407 | 9,825 | 2,142 | 2,949 | 2,464 | -4,526 | 1,772 | 364 | 43 | 45 | -24 | 2,832 | 3,633 | 17,380 | -2,347 | 21 | |||
Legal settlements | -7,732 | 9,190 | 1 | -24 | 833 | 3 | 62 | 1,403 | 874 | ||||||||||||
Loss on extinguishment of debt | 17,175 | 16,627 | 17,175 | 16,627 | |||||||||||||||||
Acquisition, offering and related expenses | 248 | 159 | 2,403 | 31 | 30 | 20 | -32 | 39 | 398 | 196 | 2,207 | 512 | 38,048 | 576 | 3,590 | 81 | 601 | 41,343 | |||
CEO transition | 6,802 | ||||||||||||||||||||
Restructuring charges | 49 | 218 | 134 | 238 | 267 | 372 | |||||||||||||||
Stock-based compensation | 4,404 | 4,415 | 3,923 | 3,534 | 3,493 | 2,880 | 2,241 | 2,279 | 2,245 | 2,275 | 2,322 | 2,582 | 2,509 | 418 | 12,742 | 17,067 | 17,960 | 9,121 | |||
Impact of purchase accounting | 193 | 220 | 556 | ||||||||||||||||||
Restatement charges | 18,320 | 603 | 677 | 254 | 250 | 365 | 400 | 649 | 600 | ||||||||||||
Adjusted EBITDA | 36,420 | 32,381 | 36,863 | 34,107 | 31,845 | 26,947 | 29,308 | 18,883 | 29,690 | 35,270 | 35,298 | 37,748 | 35,005 | 29,584 | 30,240 | ||||||
As Filed [Member] | |||||||||||||||||||||
Net income (loss) from continuing operations | -2,246 | 4,832 | -3,542 | -7,751 | -892 | 2,183 | 344 | 2,560 | 16,276 | 10,151 | 14,045 | 7,132 | -39,661 | 5,062 | -10,002 | 29,331 | -13,422 | ||||
Interest and other expenses, net | 5,159 | 5,192 | 5,146 | 6,761 | 6,539 | 6,535 | 6,494 | 6,365 | 6,475 | 6,437 | 6,347 | 6,519 | 9,524 | 9,396 | 24,982 | 25,771 | 31,787 | ||||
Income tax expense (benefit) | -962 | 3,829 | -2,425 | -4,673 | -166 | 1,825 | -741 | 2,509 | -759 | 6,488 | -152 | 7,807 | -6,166 | 4,099 | -5,439 | 7,497 | 5,588 | ||||
Depreciation and amortization | 15,195 | 14,461 | 16,042 | 14,730 | 14,844 | 14,511 | 14,395 | 14,103 | 12,587 | 11,769 | 10,971 | 10,899 | 10,820 | 10,846 | 60,127 | 52,854 | 43,536 | ||||
EBITDA | 17,146 | 28,314 | 15,221 | 9,067 | 20,325 | 25,054 | 20,492 | 25,537 | 34,579 | 34,845 | 31,211 | 32,357 | -25,483 | 29,403 | |||||||
Change in fair value of contingent liabilities | 744 | 1,406 | 9,825 | 2,142 | 2,949 | 1,149 | -4,785 | 1,742 | 355 | 43 | 292 | 16,065 | -2,645 | 292 | |||||||
Legal settlements | 9,190 | -24 | 833 | 3 | 62 | 874 | |||||||||||||||
Loss on extinguishment of debt | 17,175 | 16,629 | 17,175 | 16,629 | |||||||||||||||||
Acquisition, offering and related expenses | 158 | 2,403 | 30 | 20 | -32 | -512 | 682 | 197 | 3,390 | 1,163 | 38,222 | 1,473 | 50 | 335 | 44,248 | ||||||
CEO transition | 6,802 | ||||||||||||||||||||
Restructuring charges | 1,034 | 238 | 1,272 | ||||||||||||||||||
Stock-based compensation | 4,415 | 3,923 | 3,534 | 3,493 | 2,880 | 2,241 | 2,278 | 2,245 | 2,275 | 2,322 | 2,582 | 2,509 | 418 | ||||||||
Impact of purchase accounting | 220 | ||||||||||||||||||||
Adjusted EBITDA | 31,873 | 36,046 | 35,382 | 31,907 | 26,174 | 28,444 | 17,929 | 29,845 | 37,894 | 37,469 | 38,509 | 36,029 | 30,024 | 30,876 | |||||||
Restatement Adjustments [Member] | |||||||||||||||||||||
Net income (loss) from continuing operations | 53 | -746 | -893 | -319 | 379 | -361 | 1,092 | -799 | -1,010 | -1,569 | 395 | 375 | -342 | 95 | -1,194 | -2,286 | 523 | ||||
Interest and other expenses, net | 1 | -1 | 1 | -63 | -121 | -14 | -176 | -75 | -198 | -252 | |||||||||||
Income tax expense (benefit) | 88 | 1,045 | 1,117 | 268 | 394 | -190 | -613 | -43 | -1,127 | -851 | 889 | -881 | -82 | 76 | 1,589 | -2,634 | 2 | ||||
Depreciation and amortization | -498 | -532 | -1,941 | -503 | -593 | -556 | -579 | -583 | -450 | -161 | -143 | -63 | -15 | -73 | -3,593 | -1,773 | -294 | ||||
EBITDA | -356 | -234 | -1,716 | -554 | 180 | -1,107 | -163 | -1,546 | -2,587 | -2,595 | 965 | -569 | -439 | 23 | |||||||
Change in fair value of contingent liabilities | -1 | 1 | 1,315 | 259 | -2 | 2 | 1,315 | 259 | |||||||||||||
Legal settlements | 1 | ||||||||||||||||||||
Loss on extinguishment of debt | -3 | -3 | |||||||||||||||||||
Acquisition, offering and related expenses | 1 | 31 | 551 | -284 | -1 | -1,183 | -651 | -174 | -897 | 31 | 266 | -2,905 | |||||||||
Restructuring charges | 49 | 218 | -900 | 267 | -900 | ||||||||||||||||
Restatement charges | 603 | 677 | 254 | 250 | 365 | 400 | 649 | 600 | |||||||||||||
Adjusted EBITDA | 247 | 445 | -1,431 | -304 | 545 | 608 | 745 | -395 | -2,822 | -2,378 | -1,123 | -1,220 | -611 | -874 | |||||||
Reclassification [Member] | |||||||||||||||||||||
Net income (loss) from continuing operations | |||||||||||||||||||||
Interest and other expenses, net | 15 | -11 | -4 | -30 | -9 | 290 | -43 | 24 | -39 | 271 | |||||||||||
Income tax expense (benefit) | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||
EBITDA | 15 | -11 | -4 | -30 | -9 | 290 | -43 | 24 | |||||||||||||
Change in fair value of contingent liabilities | 30 | 9 | -290 | 43 | -24 | 39 | -271 | ||||||||||||||
Legal settlements | |||||||||||||||||||||
Loss on extinguishment of debt | 3 | -2 | 1 | ||||||||||||||||||
Acquisition, offering and related expenses | |||||||||||||||||||||
CEO transition | |||||||||||||||||||||
Restructuring charges | |||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||
Impact of purchase accounting | |||||||||||||||||||||
Restatement charges | |||||||||||||||||||||
Adjusted EBITDA | 15 | -11 | -4 | 3 | -2 | ||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||||
Net income (loss) from continuing operations | 366 | 446 | 234 | 331 | 327 | 351 | 270 | 302 | 260 | 269 | 408 | 251 | 223 | 287 | 1,243 | 1,101 | 1,169 | ||||
Interest and other expenses, net | 2 | -1 | -3 | -1 | -3 | -1 | |||||||||||||||
Depreciation and amortization | -107 | -73 | -90 | -89 | -88 | -91 | -61 | -62 | -62 | -62 | -49 | -55 | -50 | -49 | -358 | -247 | -203 | ||||
EBITDA | 261 | 372 | 141 | 242 | 239 | 260 | 208 | 240 | 198 | 207 | 359 | 196 | 173 | 238 | |||||||
Adjusted EBITDA | $261 | $372 | $141 | $242 | $239 | $260 | $208 | $240 | $198 | $207 | $359 | $196 | $173 | $238 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Senior Notes [Member], USD $) | Dec. 31, 2014 | Mar. 31, 2015 | 11-May-15 |
Subsequent Event [Line Items] | |||
Debt Instrument, Fee Amount | $374,000 | ||
Second Supplemental Indenture [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Fee Amount | 708,855 | ||
Subsequent Event [Member] | Second Supplemental Indenture [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Fee Amount | 354,000 | ||
Subsequent Event [Member] | Third Supplemental Indenture [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Fee Amount | $374,000 |