Press Ganey (PGND) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document and Entity Information
Entity Registrant Name	Press Ganey Holdings, Inc.
Entity Central Index Key	1,633,142
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		52,604,844
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 19,922	$ 6,962
Accounts receivable, net of allowances of $736 and $531 at June 30, 2015 and December 31, 2014, respectively	47,631	44,444
Other receivables	2,324	1,782
Prepaid expenses and other assets	5,652	2,741
Income taxes receivable	6,053	2,916
Total current assets	81,582	58,845
Property and equipment, net	60,430	59,610
Deferred financing fees, net	1,036	1,787
Intangible assets, net	367,117	375,391
Goodwill	402,934	402,934
Assets, Total	913,099	898,567
Current liabilities:
Current portion of long‑term debt	4,279	4,279
Current portion of capital lease obligations	3,661	4,373
Accounts payable	9,434	13,232
Accrued payroll and related liabilities	8,071	11,704
Accrued expenses and other liabilities	1,617	1,581
Deferred income taxes	1,661	712
Deferred revenue	36,797	26,208
Total current liabilities	65,520	62,089
Long‑term debt, less current portion	178,916	403,865
Capital lease obligations, less current portion	7,123	6,779
Equity‑based compensation liability		19,423
Deferred income taxes	119,905	125,767
Total liabilities	371,464	617,923
SHAREHOLDER’S EQUITY
Common stock, $0.01 par value; 350,000,000 and 44,800,000 shares authorized, and 52,558,546 and 43,313,200 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	526	433
Additional paid‑in capital	588,819	270,847
Retained earnings (accumulated deficit)	(47,710)	9,364
Total shareholder’s equity	541,635	280,644
Total liabilities and shareholder’s equity	$ 913,099	$ 898,567

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Accounts receivable, allowances (in dollars)	$ 736	$ 531
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	350,000,000	44,800,000
Common stock, shares issued	52,558,546	43,313,200
Common stock, shares outstanding	52,558,546	43,313,200

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Income
Revenue	$ 77,458	$ 68,365	$ 152,349	$ 133,769
Operating expenses:
Cost of revenue, excluding depreciation and amortization	43,112	28,964	74,539	56,724
General and administrative	79,102	17,791	97,403	34,388
Depreciation and amortization	10,237	8,478	20,096	17,046
Loss (gain) on disposal of property and equipment	15	485	(31)	1,091
Total operating expenses	132,466	55,718	192,007	109,249
Income (loss) from operations	(55,008)	12,647	(39,658)	24,520
Other income (expense):
Interest expense, net	(3,775)	(4,966)	(8,354)	(10,430)
Extinguishment of debt	(638)	(2,886)	(638)	(2,886)
Management fee of related party	(267)	(230)	(553)	(460)
Total other income (expense), net	(4,680)	(8,082)	(9,545)	(13,776)
Income (loss) before income taxes	(59,688)	4,565	(49,203)	10,744
Provision for (benefit from) income taxes	(5,871)	2,128	(1,360)	5,011
Net income (loss)	$ (53,817)	$ 2,437	$ (47,843)	$ 5,733
Earnings (net loss) per share:
Basic (in dollars per share)	$ (1.15)	$ 0.06	$ (1.06)	$ 0.13
Diluted (in dollars per share)	$ (1.15)	$ 0.06	$ (1.06)	$ 0.13
Weighted average shares of common stock outstanding:
Basic (in dollars per share)	46,803	43,313	45,058	43,313
Diluted (in dollars per share)	46,963	43,313	45,218	43,313

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Shareholder’s Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Total
Balance at beginning of period at Dec. 31, 2014	$ 433	$ 270,847	$ 9,364	$ 280,644
Balance at beginning of period (in shares) at Dec. 31, 2014	43,313,200			43,313,200
Change in Stockholders' Equity
Sales of equity interests		100		$ 100
Purchase of equity interests			(731)	(731)
Equity-based compensation		73,263		73,263
Impact of liquidation of PG Holdco, LLC	$ (10)	10
Impact of liquidation of PG Holdco, LLC (in shares)	(1,028,122)
Conversion of equity-based compensation liability		21,008		21,008
Vesting of restricted stock	$ 1			1
Vesting of restricted stock (in shares)	48,901
Taxes paid for net settlements of restricted stock vesting		10,858		10,858
Taxes paid for net settlements of restricted stock (in shares)	(10,433)
Distribution payments			(8,500)	(8,500)
Initial public offering of common stock, net of issuance costs	$ 102	234,449		234,551
Initial public offering of common stock, net of issuance costs (in shares)	10,235,000
Net loss			(47,843)	(47,843)
Balance at end of period at Jun. 30, 2015	$ 526	$ 588,819	$ (47,710)	$ 541,635
Balance at end of period (in shares) at Jun. 30, 2015	52,558,546			52,558,546

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income (loss)	$ (47,843)	$ 5,733
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	20,096	17,046
Amortization of deferred financing costs and debt discount	354	507
Equity‑based compensation	74,997	4,907
Extinguishment of debt	638	2,886
Provision for doubtful accounts	321	219
Loss (gain) on disposal of property and equipment	(31)	1,091
Deferred income taxes	(4,913)	(511)
Changes in assets and liabilities:
Accounts receivable	(3,508)	897
Other receivables	(542)	(552)
Prepaid expenses and other assets	(2,911)	(1,119)
Accounts payable	(2,834)	(3,585)
Accrued payroll and related liabilities	(3,781)	(2,659)
Accrued expenses and other liabilities	36	113
Deferred revenue	10,589	3,514
Income taxes receivable	(3,137)	(1,356)
Net cash provided by operating activities	37,531	27,131
Investing activities
Acquisitions of businesses, net of cash acquired		(27,824)
Purchases of property and equipment	(15,179)	(4,552)
Net cash used in investing activities	(15,179)	(32,376)
Financing activities
Proceeds from the issuance of long‑term debt		38,825
Payments on long‑term debt	(225,140)	(58,514)
Deferred financing payments	(50)	(500)
Payments on capital lease obligations	(2,190)	(812)
Proceeds from sale of equity interests	100	250
Purchases of equity interests	(731)	(2,745)
Taxes paid for net settlements of restricted stock vesting	(10,858)
Distribution payments	(8,500)
Proceeds from the issuance of common stock in initial public offering, net of fees	237,977
Net cash used in financing activities	(9,392)	(23,496)
Net increase (decrease) in cash	12,960	(28,741)
Cash at beginning of period	6,962	32,635
Cash at end of period	19,922	3,894
Supplemental disclosure of cash flow information
Disposal of property and equipment acquired through capital leases	283
Property and equipment acquired through capital leases	2,156
Purchase of property and equipment in accounts payable	2,069	$ 983
IPO related costs in accounts payable	$ 3,426

Basis of Presentation of Interi

Basis of Presentation of Interim Financial Information	6 Months Ended
	Jun. 30, 2015
Basis of Presentation of Interim Financial Information
Basis of Presentation	1. Basis of Presentation of Interim Financial Information The accompanying unaudited condensed consolidated financial statements of Press Ganey Holdings, Inc. and subsidiaries (the “Company”, “we”, “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal and recurring accruals necessary to present fairly the financial statements in accordance with GAAP. Operating results for the three and six months ended June 30, 2015 and 2014 are not necessarily indicative of results to be expected for any other interim period or for the full year. The preparation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles requires management to make certain estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could materially differ from those estimates. Description of Business Press Ganey Holdings, Inc. is a leading provider of performance measurement, analysis, benchmarking, and quality improvement services primarily to the United States healthcare industry. The consolidated financial statements include the financial statements of Press Ganey Holdings, Inc. and its wholly owned subsidiary, Press Ganey Associates (“Associates”), and Associates’ wholly owned subsidiaries, PatientImpact LLC; Data Advantage LLC; Center for Performance Services, Inc.; Morehead Associates, Inc.; On The Spot Systems, Inc.; and Dynamic Clinical Systems, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Prior to the initial public offering (discussed below), the Company was a wholly owned subsidiary of PG Holdco, LLC (the “Parent”). Effective May 8, 2015, the name of the Company was changed from PGA Holdings, Inc. to Press Ganey Holdings, Inc. Initial Public Offering In May 2015, the Company completed its initial public offering (the “IPO”) of 8,900,000 shares of common stock and, upon the underwriters’ exercise of their option to purchase additional shares, issued an additional 1,335,000 shares for a total of 10,235,000 shares issued at an offering price of $25.00 per share. Proceeds from the IPO were approximately $234.6 million, net of underwriting discounts and commissions and offering-related transaction costs incurred, which included $3.4 million of offering-related transaction costs incurred but not yet paid as of June 30, 2015. In connection with the IPO: (i) PG Holdco, LLC was liquidated and its sole asset, the shares of the Company’s common stock, was distributed to the equity holders based on their relative rights under the limited liability company agreement, (ii) the Company recognized $70.4 million of equity-based compensation expense for the modification of certain units of PG Holdco, LLC, (iii) the Company paid a one-time transaction advisory fee of $8.5 million to Vestar, and (iv) the Company recognized a loss on extinguishment of debt of $638 thousand related to the write-off of deferred financing fees, loss on original issue discount and lender fees as a result of the partial repayment of its term loan facility with the net proceeds of the IPO. Stock Split On May 8, 2015, the Company’s common stock was split at a 2,800 -for-one ratio. The authorized shares were increased to 350.0 million. Accordingly, all references to numbers of common shares and per-share data in the accompanying unaudited condensed consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis. Preferred Stock On May 27, 2015, the Company amended and restated its certificate of incorporation to, among other things, authorize 50.0 million shares of preferred stock with a par value of $0.01 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies A complete listing of the Company’s significant accounting policies is discussed in Note 2 – Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Company’s prospectus filed with the SEC on May 22, 2015 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014 ‑09, “Revenue from Contracts with Customers (Topic 606)”. This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual and interim reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. An entity may choose to adopt this ASU either retrospectively or through a cumulative effect adjustment as of the start of the first period for which it applies the standard. The Company is currently in the process of evaluating the impact that this new guidance will have on its consolidated financial statements and our method of adoption. In April 2015, the FASB issued ASU 2015 ‑03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This standard is effective for annual and interim periods beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property and Equipment
Property and Equipment	3. Property and Equipment Property and equipment, net consist of the following: June 30, December 31, 2015 2014 Furniture, fixtures, and leasehold improvements $ $ Office equipment Office equipment held under capital lease Computer equipment and software Construction in progress Accumulated amortization on office equipment held under capital leases Accumulated depreciation $ $ Depreciation and amortization of property and equipment was $6.1 million and $4.6 million for the three months ended June 30, 2015 and 2014, respectively, and $11.8 million and $9.4 million for the six months ended June 30, 2015 and 2014 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements The Company measures and reports its financial assets and liabilities on the basis of fair value. Fair value is defined as the price that would be received to sell 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 on the measurement date. A three ‑level hierarchy for disclosure has been established to show the extent and level of judgment used to estimate fair value measurements, as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Significant other observable inputs (quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability). Level 3: Significant unobservable inputs for the asset or liability. These values are generally determined using pricing models which utilize management estimates of market participant assumptions. Valuation techniques for assets and liabilities measured using Level 3 inputs may include methodologies such as the market approach, the income approach or the cost approach, and may use unobservable inputs such as projections, estimates and management’s interpretation of current market data. These unobservable inputs are only utilized to the extent that observable inputs are not available or cost ‑effective to obtain. The Company had no Level 3 assets or liabilities at June 30, 2015 and December 31, 2014 . Other Fair Value Measures The recorded value of accounts receivable, other receivables, accounts payable, accrued expenses, and other liabilities approximates fair value because of the short maturity of these financial instruments. The recorded values of the variable rate First Lien and Second Lien Term Loans approximate fair value because the interest rates fluctuate with market rates.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets Goodwill Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill and intangible assets acquired in connection with business combinations accounted for as a purchase and determined to have indefinite lives are not amortized, but are instead tested for impairment at least annually. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment when impairment indicators are present. The Company believes that no such impairment indicators existed during the three and six months ended June 30, 2015 and 2014 . Intangible Assets Intangible assets consist of the following: June 30, 2015 December 31, 2014 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Trade name (indefinite life) $ $ — $ $ $ — $ Trade names (finite life) Customer relationships Proprietary technology Other $ $ $ $ $ $ Intangible asset amortization expense for the three months ended June 30, 2015 and 2014 was $4.1 million and $3.9 million, respectively. Intangible asset amortization expense for the six months ended June 30, 2015 and 2014 was $8.3 million and $7.6 million, respectively. The Company cannot reliably determine the pattern for which it consumes the benefit of its customer relationship intangible assets. As such, the Company amortizes its customer relationship intangible assets using the straight ‑line method over the estimated lives based upon the Company’s historical customer retention and recurring revenue base. The remaining estimated intangible asset amortization expense is $8.2 million in 2015, $16.1 million in 2016, $15.2 million in 2017, $13.6 million in 2018, $13.0 million in 2019 and $101.0 million thereafter. These amounts are based upon intangible assets recorded as of June 30, 2015 and actual amortization expense could differ from these estimates as a result of future acquisitions and other factors.

Revolving Line of Credit and Lo

Revolving Line of Credit and Long Term Debt	6 Months Ended
	Jun. 30, 2015
Revolving Line of Credit and Long Term Debt
Revolving Line of Credit and Long Term Debt	6. Revolving Line of Credit and Long ‑Term Debt As of June 30, 2015 and December 31, 2014 , the Company’s long ‑ term debt consisted of the following: June 30, December 31, 2015 2014 First Lien Term Loan $ $ Original issue discount, net of accumulated amortization Less current portion Long-term debt $ $ First and Second Lien Credit Agreements On April 20, 2012, the Company entered into a First Lien Credit Agreement (the “First Lien Agreement”) and Second Lien Credit Agreement (the “Second Lien Agreement”). The First Lien Agreement consists of a six -year $30 million revolving credit facility (the “Revolving Credit Facility”) and a six ‑year, $345 million term loan facility (the “First Lien Term Loan”), which was issued at an original issue discount of $3.5 million that is being recognized in interest expense over the term of the debt using the effective interest method. The Second Lien Agreement consisted of a six ‑and ‑a ‑half ‑year , $95 million term loan facility (the “Second Lien Term Loan”), which was issued at an original issue discount of $950 thousand that was recognized in interest expense over the term of the debt using the effective interest method. The First Lien Agreement and the Second Lien Agreement are both secured by substantially all of the assets of the Company. On May 9, 2013, the Company amended the First Lien Agreement to borrow an additional $50 million, lower interest rates, and adjust certain financial covenants. Proceeds from the additional borrowings were used to pay down the principal balance of the Second Lien Term Loan. On May 9, 2014, the Company amended the First Lien Agreement to borrow an additional $35 million in the form of an incremental term loan increase. Proceeds from the additional borrowings and $10 million of cash were used to pay off the remaining balance of the Second Lien Term Loan. The transactions resulted in a loss on extinguishment of debt of $2.9 million, consisting of unamortized deferred financing fees of $1.5 million, payments of fees to lenders of $0.5 million and loss on original issue discount of $0.9 million, which are recorded as extinguishment of debt in other expense, net, in the consolidated statement of operations for the quarter ended June 30, 2014. During the second quarter of 2015, the Company used proceeds from the IPO to pay down $223.0 million of the principal balance of the First Lien Term Loan. The transactions resulted in a loss on extinguishment of debt of $638 thousand, consisting of unamortized deferred financing fees of $489 thousand and loss on original issue discount of $149 thousand, which are recorded as extinguishment of debt in other expense, net, in the consolidated statement of operations for the quarter ended June 30, 2015. At the discretion of the Company, interest accrues on borrowings on the Revolving Credit Facility at either the London Interbank Offered Rate (“LIBOR” or “Eurodollar Rate”) plus an applicable margin or the adjusted base rate (“ABR”) plus an applicable margin, as defined in the First Lien Agreement. There were no borrowings outstanding under the Revolving Credit Facility at both June 30, 2015 or December 31, 2014 ; however, the Company had letters of credit outstanding of approximately $100 thousand at June 30, 2015 and December 31, 2014 , which reduced the borrowing capacity of the Revolving Credit Facility to $29.9 million. The Company is charged a loan commitment fee of 0.50% for unused amounts on the Revolving Credit Facility. After the May 9, 2013, amendment, at the discretion of the Company, interest accrues on outstanding borrowings under the First Lien Term Loan at either the ABR, as defined in the First Lien Agreement, plus an applicable margin, currently 2.25% , or the Eurodollar Rate with a floor of 1.00% plus an applicable margin, currently 3.25% . The Company elected to use the Eurodollar Rate during the six months ended June 30, 2015 , and the interest rate at June 30, 2015 , was 4.25% . The Company was required to make quarterly principal payments of $863 thousand from June 2012 through March 31, 2013, payments of $979 thousand from June 30, 2013 through March 31, 2014, and $1.1 million from June 30, 2014 through April 20, 2018, when the First Lien Agreement matures, and to make interest payments. The remaining principal balance of the First Lien Term Loan is due at maturity on April 20, 2018. The Company is required to make additional annual principal payments on the First Lien Term Loan equal to 25% or 50% (determined based on the senior leverage ratio at year ‑end) of the excess cash flow generated, if any. There was no Excess Cash Flow payment required for the year ended December 31, 2014 . The First Lien Agreement contains certain restrictive and financial covenants with which the Company must comply on a quarterly basis, including a maximum net leverage ratio and a minimum interest coverage ratio, as defined. The Company is also limited in its ability to incur additional indebtedness or liens; pay dividends or make certain other restricted payments and enter into certain transactions with affiliates; merge or consolidate with another entity; or sell, assign, transfer, convey, or otherwise dispose of all or substantially all of its assets. The Company was in compliance with these restrictive and financial covenants as of June 30, 2015 and December 31, 2014 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	7 . Income Taxes For the three months ended June 30, 2015 , the Company recorded an income tax benefit of $5.9 million compared to expense of $2.1 million for the three months ended June 30, 2014 . The Company’s effective tax rate was a benefit of 9.8% for the three months ended June 30, 2015. The Company’s effective tax rate was 46.6% for the three months ended June 30, 2014. The lower effective tax rate for the three months ended June 30, 2015 was primarily due to the impact of nondeductible equity-based compensation. For the six months ended June 30, 2015, the Company recorded an income tax benefit of $1.4 million compared to expense of $5.0 million for the six months ended June 30, 2014. The Company’s effective tax rate was a benefit of 2.8% for the six months ended June 30, 2015. The Company’s effective tax rate was 46.6% for the six months ended June 30, 2014. The lower effective tax rate for the six months ended June 30, 2015 was primarily due to the impact of nondeductible equity-based compensation.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information
Segment Information	8. Segment Information An operating segment is a component of an enterprise that engages in business activities and has discrete financial information that is regularly reviewed by the enterprise’s chief operating decision maker to assess performance of the individual component and make decisions about allocating resources to the component. The Company produces one set of financial information at the enterprise level that is regularly reviewed by the Company’s chief operating decision maker. Discrete financial information is not produced or reviewed by the Company’s chief operating decision maker at a level lower than the enterprise level. As such, the Company has one operating segment as of June 30, 2015 and 2014 . The Company’s identifiable assets are located in the United States and over 99% of the Company’s revenues are located in the United States.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions
Related Party Transactions	9. Related Party Transactions The Company was charged an annual management fee that is payable quarterly, to its majority shareholder, Vestar Capital Partners, LLC (“Vestar”). The Company incurred management fees of $267 thousand and $230 thousand for the three months ended June 30, 2015 and 2014, respectively, and $553 thousand and $460 thousand for the six months ended June 30, 2015 and 2014 , respectively. The annual management fee is no longer required after the effective date of the IPO. In connection with the IPO, the Company paid a one-time transaction advisory fee to Vestar of $8.5 million. This fee was reflected as a distribution payment on the condensed consolidated statement of cash flows for the six months ended June 30, 2015, and reduced retained earnings on the condensed consolidated balance sheet as of June 30, 2015.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Equity-Based Compensation
Equity-Based Compensation	10. Equity-Based Compensation The Company measures its stock-based compensation costs based on the grant date fair value of the awards and recognizes these costs in the consolidated financial statements over the requisite service or performance vesting period. Total equity-based compensation expense recorded in the condensed consolidated statements of operations for the periods indicated is as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Cost of revenue , excluding depreciation and amortization $ $ $ $ General and administrative Total equity-based compensation expense $ $ $ $ Parent Equity-Based Compensation Plan Our former parent company, PG Holdco, LLC, had adopted an equity-based compensation plan (the “Parent Plan”), which authorized the granting of various equity awards of the Parent’s Preferred units, Class A common units, Class B common units, and Class C common units to employees and directors of the Company. The awards of the Parent were recorded as compensation expense in the accounts of the Company because the recipients are employees of the Company. In connection with the closing of the IPO, the Parent was liquidated and its sole asset, shares of the Company’s common stock, were distributed to its equity holders based on their relative rights under its limited liability agreement. The equity holders of the Parent received the number of shares of the Company’s common stock in the liquidation of the Parent that they would have held in the Company’s common stock directly immediately before the distribution, with no issuance of additional shares by the Company. Vested units of the Parent converted to shares of the Company’s common stock in the distribution. Unvested common units of the Parent that were subject to time-vesting conditions were converted to 1,028,122 unvested restricted shares of the Company’s common stock in the distribution and will continue to vest based on the amended vesting schedule of the respective unit class. The liquidation and distribution of the Parent resulted in $70.4 million of equity-based compensation expense for the three and six months ended June 30, 2015 due to the following outstanding award modifications: · Performance-based Class A and Class C common units of the Parent – vesting of $40.4 million triggered by achievement of performance threshold as a result of the IPO · Class A common units of the Parent – modification of $19.4 million due to change from cliff-vesting awards to quarterly-vesting awards with resulting change from liability treatment to equity treatment · Preferred, Class A and Class B common units purchased with loans – modification of $9.1 million due to repayment of the loan which was a cancellation of option treatment and replacement with new awards with resulting change from liability treatment to equity treatment · Loan forgiveness – modification of $1.5 million due to forgiveness of loans used to purchase units with resulting change from liability treatment to equity treatment The total liability outstanding associated with the Parent Plan equity-based compensation awards not classified in equity but as liabilities was $0 and $19.4 million at June 30, 2015 and December 31, 2014, respectively. 2015 Incentive Award Plan The Company’s 2015 Incentive Award Plan (the “2015 Plan”) provides for the grant of stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, stock appreciation rights, and other stock or cash based awards. The 2015 Plan authorized 7,120,000 shares of common stock for issuance pursuant to awards under the plan. On May 21, 2015, the Company granted shares of restricted stock with vesting terms summarized as follows: 4-year service vesting ( 20% for years 1 -2, 30% for years 3 -4) 3-year performance vesting (cliff) 2-year service vesting (quarterly) 1-year service vesting During the six months ended June 30, 2015, the Company granted the following restricted stock with various performance and time vesting conditions: Weighted Average Fair Value at Grant Shares Date Nonvested at January 1, 2015 — $ — Converted from liquidation of Parent Granted Vested Forfeited — — Nonvested at June 30, 2015 $ As of June 30, 2015, $56.6 million of total unrecognized compensation costs related to outstanding nonvested restricted stock was expected to be recognized over a weighted average period of 2.9 years.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events
Subsequent Events	11. Subsequent Events On July 31, 2015, the Company completed the refinancing of its First Lien Term Loan and Revolving Credit Facility under a new credit agreement (“2015 Credit Agreement”). In connection with the refinancing, the Company repaid in full, the then outstanding First Lien Term Loan balance of $183.2 million and entered into a new term loan (“Term Loan”) in the amount of $185.0 million. Also in connection with this refinancing, the Company increased the borrowing capacity from its Revolving Credit Facility of $30.0 million to a new revolving line of credit (“Revolver”) of $75.0 million. The subsequent refinancing resulted in a loss on extinguishment of debt of $1.1 million, consisting of unamortized deferred financing fees of $1.0 million and a loss on original issue discount of $0.1 million. The 2015 Credit Agreement consists of a five year $185.0 million Term Loan and a five year $75.0 million Revolver. The outstanding principal amount of the Term Loan will be payable in equal quarterly amounts of $2.3 million, commencing on December 31, 2015 , with the remaining balance due upon maturity. Outstanding balances on the Revolver will be due upon maturity. The agreement is secured by substantially all of the assets of the Company. Under the 2015 Credit Agreement, interest accrues on outstanding borrowings on the Term Loan and Revolver at the Companys’s option of either the (i) LIBOR plus an applicable margin, ranging from 1.50% to 2.25% , or (ii) ABR plus an applicable margin, ranging from 0.50% to 1.25% . The applicable margins for both LIBOR and ABR are variable based upon stipulated ranges of the secured net leverage ratio, as defined in the agreement. The 2015 Credit Agreement contains certain restrictive and financial covenants with which the Company must comply on a quarterly basis, including a maximum secured net leverage ratio, as defined. The Company is also limited in its ability to incur additional indebtedness or liens; pay dividends or make certain other restricted payments and enter into certain transactions with affiliates; merge or consolidate with another entitiy; or sell, assign, transfer, convey, or otherwise dispose of all or substantially all of its assets.

Basis of Presentation of Inte18

Basis of Presentation of Interim Financial Information (Policies)	6 Months Ended
	Jun. 30, 2015
Basis of Presentation of Interim Financial Information
Basis of Presentation of Interim Financial Information	Basis of Presentation of Interim Financial Information The accompanying unaudited condensed consolidated financial statements of Press Ganey Holdings, Inc. and subsidiaries (the “Company”, “we”, “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal and recurring accruals necessary to present fairly the financial statements in accordance with GAAP. Operating results for the three and six months ended June 30, 2015 and 2014 are not necessarily indicative of results to be expected for any other interim period or for the full year. The preparation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles requires management to make certain estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could materially differ from those estimates.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014 ‑09, “Revenue from Contracts with Customers (Topic 606)”. This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual and interim reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. An entity may choose to adopt this ASU either retrospectively or through a cumulative effect adjustment as of the start of the first period for which it applies the standard. The Company is currently in the process of evaluating the impact that this new guidance will have on its consolidated financial statements and our method of adoption. In April 2015, the FASB issued ASU 2015 ‑03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This standard is effective for annual and interim periods beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property and Equipment
Schedule of Property and equipment, net	June 30, December 31, 2015 2014 Furniture, fixtures, and leasehold improvements $ $ Office equipment Office equipment held under capital lease Computer equipment and software Construction in progress Accumulated amortization on office equipment held under capital leases Accumulated depreciation $ $

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets
Schedule of intangible assets	June 30, 2015 December 31, 2014 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Trade name (indefinite life) $ $ — $ $ $ — $ Trade names (finite life) Customer relationships Proprietary technology Other $ $ $ $ $ $

Revolving Line of Credit and 22

Revolving Line of Credit and Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Revolving Line of Credit and Long Term Debt
Schedule of long-term debt	As of June 30, 2015 and December 31, 2014 , the Company’s long ‑ term debt consisted of the following: June 30, December 31, 2015 2014 First Lien Term Loan $ $ Original issue discount, net of accumulated amortization Less current portion Long-term debt $ $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Equity-Based Compensation
Schedule of equity-based compensation expense in condensed consolidated statements of operations	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Cost of revenue , excluding depreciation and amortization $ $ $ $ General and administrative Total equity-based compensation expense $ $ $ $
Schedule of restricted stock with vesting terms	4-year service vesting ( 20% for years 1 -2, 30% for years 3 -4) 3-year performance vesting (cliff) 2-year service vesting (quarterly) 1-year service vesting
Schedule of changes in nonvested restricted stock	Weighted Average Fair Value at Grant Shares Date Nonvested at January 1, 2015 — $ — Converted from liquidation of Parent Granted Vested Forfeited — — Nonvested at June 30, 2015 $

Basis of Presentation of Inte24

Basis of Presentation of Interim Financial Information - Initial Public Offering (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Initial Public Offering
IPO related costs incurred but not yet paid				$ 3,426
Equity‑based compensation				74,997	$ 4,907
Transaction advisory fee				8,500
Extinguishment of debt		$ 638	$ 2,886	638	$ 2,886
Transaction Advisory Fee | Vestar
Initial Public Offering
Transaction advisory fee				$ 8,500
IPO
Initial Public Offering
Equity‑based compensation	$ 70,400
IPO | Term Loan
Initial Public Offering
Extinguishment of debt	638
IPO | Transaction Advisory Fee | Vestar
Initial Public Offering
Transaction advisory fee	$ 8,500
IPO | Common
Initial Public Offering
Shares issued in offering	10,235
Share price (in dollars per share)	$ 25
Proceeds from the issuance of common stock in initial public offering, net of fees	$ 234,600
IPO related costs incurred but not yet paid	$ 3,400
IPO, excluding Underwriters' Option | Common
Initial Public Offering
Shares issued in offering	8,900
Underwriters' Option | Common
Initial Public Offering
Shares issued in offering	1,335

Basis of Presentation of Inte25

Basis of Presentation of Interim Financial Information - Stock Split and Preferred Stock (Details)	May. 08, 2015shares	Jun. 30, 2015shares	May. 27, 2015$ / sharesshares	Dec. 31, 2014shares
Stock split
Common stock, shares authorized		350,000,000		44,800,000
Preferred Stock
Preferred, shares authorized			50,000,000
Preferred, par value (in dollars per share) | $ / shares			$ 0.01
Common
Stock split
Stock split, conversion ratio	2,800
Common stock, shares authorized	350,000,000

Property and Equipment - Compon

Property and Equipment - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property and equipment, net
Property and equipment, gross	$ 125,612	$ 119,011
Accumulated amortization on office equipment held under capital leases	(7,826)	(6,244)
Accumulated depreciation	(57,356)	(53,157)
Property and equipment, net	60,430	59,610
Furniture, fixtures, and leasehold improvements
Property and equipment, net
Property and equipment, gross	9,016	6,249
Office equipment
Property and equipment, net
Property and equipment, gross	18,092	15,214
Office equipment held under capital lease
Property and equipment, net
Property and equipment, gross	19,715	18,531
Computer equipment and software
Property and equipment, net
Property and equipment, gross	62,734	57,389
Construction in progress
Property and equipment, net
Property and equipment, gross	$ 16,055	$ 21,628

Property and Equipment - Deprec

Property and Equipment - Depreciation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Depreciation and amortization
Depreciation and amortization	$ 6.1	$ 4.6	$ 11.8	$ 9.4

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements
Level 3 assets	$ 0	$ 0
Level 3 liabilities	$ 0	$ 0

Goodwill and Intangible Asset29

Goodwill and Intangible Assets - Goodwill and Intangibles, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net
Accumulated Amortization	$ (104,643)	$ (96,369)
Intangible Assets, Net (Excluding Goodwill)
Gross Carrying Value	471,760	471,760
Accumulated Amortization	(104,643)	(96,369)
Intangible assets, net	367,117	375,391
Trade names
Finite-Lived Intangible Assets, Net
Gross Carrying Value (finite life)	2,130	2,130
Accumulated Amortization	(1,357)	(1,167)
Intangible Assets, Net (finite life)	773	963
Intangible Assets, Net (Excluding Goodwill)
Accumulated Amortization	(1,357)	(1,167)
Customer relationships
Finite-Lived Intangible Assets, Net
Gross Carrying Value (finite life)	235,300	235,300
Accumulated Amortization	(88,396)	(82,010)
Intangible Assets, Net (finite life)	146,904	153,290
Intangible Assets, Net (Excluding Goodwill)
Accumulated Amortization	(88,396)	(82,010)
Proprietary technology
Finite-Lived Intangible Assets, Net
Gross Carrying Value (finite life)	32,240	32,240
Accumulated Amortization	(13,247)	(11,645)
Intangible Assets, Net (finite life)	18,993	20,595
Intangible Assets, Net (Excluding Goodwill)
Accumulated Amortization	(13,247)	(11,645)
Other
Finite-Lived Intangible Assets, Net
Gross Carrying Value (finite life)	2,090	2,090
Accumulated Amortization	(1,643)	(1,547)
Intangible Assets, Net (finite life)	447	543
Intangible Assets, Net (Excluding Goodwill)
Accumulated Amortization	(1,643)	(1,547)
Trade names
Indefinite-Lived Intangible Assets (Excluding Goodwill)
Indefinite-lived intangible assets	$ 200,000	$ 200,000

Goodwill and Intangible Asset30

Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amortization expense
Amortization expense	$ 4.1	$ 3.9	$ 8.3	$ 7.6
Estimated remaining amortization expense
2,015	8.2		8.2
2,016	16.1		16.1
2,017	15.2		15.2
2,018	13.6		13.6
2,019	13		13
Thereafter	$ 101		$ 101

Revolving Line of Credit and 31

Revolving Line of Credit and Long Term Debt - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Apr. 20, 2012
Long-term debt
Less current portion	$ (4,279)	$ (4,279)
Long-term debt	178,916	403,865
First Lien Credit Agreement | Term Loan
Long-term debt
Long‑term debt, gross	183,316	408,456
Original issue discount, net of accumulated amortization	(121)	(312)	$ (3,500)
Long-term Debt	183,195	408,144
Less current portion	(4,279)	(4,279)
Long-term debt	$ 178,916	$ 403,865

Revolving Line of Credit and 32

Revolving Line of Credit and Long Term Debt - Terms (Details) - USD ($)	May. 09, 2015	May. 09, 2014	Apr. 20, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	May. 09, 2013
Long-term debt
Loss on extinguishment of debt				$ 638,000	$ 2,886,000	$ 638,000	$ 2,886,000
First Lien Credit Agreement May 2013 Amendment
Long-term debt
Increase in borrowing capacity														$ 50,000,000
Revolving Credit Facility | First Lien Credit Agreement
Long-term debt
Term of debt instrument			6 years
Maximum borrowing capacity			$ 30,000,000
Long-term debt, amount outstanding				0		0				$ 0	$ 0	$ 0	$ 0
Letters of credit outstanding				100,000		100,000				100,000	100,000	100,000	100,000
Available borrowing capacity				29,900,000		$ 29,900,000				29,900,000	29,900,000	29,900,000	29,900,000
Commitment fee, unused amounts (as a percent)						0.50%
Term Loan | First Lien Credit Agreement
Long-term debt
Term of debt instrument			6 years
Face amount of debt			$ 345,000,000
Original issue discount			$ 3,500,000	121,000		$ 121,000				121,000	121,000	121,000	312,000
Payments on debt				223,000,000
Loss on extinguishment of debt				638,000
Write-off of deferred financing fees, loss on original issue discount and lender fees excluded from pro forma earnings per share				489,000
Loss on original issue discount				149,000
Long-term debt, amount outstanding				$ 183,316,000		$ 183,316,000				$ 183,316,000	$ 183,316,000	$ 183,316,000	$ 408,456,000
Term Loan | First Lien Credit Agreement | Minimum
Long-term debt
Excess Cash Flow payment, percentage						25.00%
Term Loan | First Lien Credit Agreement | Maximum
Long-term debt
Excess Cash Flow payment, percentage						50.00%
Term Loan | First Lien Credit Agreement | June 2012 through March 31, 2013
Long-term debt
Periodic payment required									$ 863,000
Term Loan | First Lien Credit Agreement | June 30, 2013 through March 31, 2014
Long-term debt
Periodic payment required								$ 979,000
Term Loan | First Lien Credit Agreement | June 30, 2014 through April 20, 2018
Long-term debt
Frequency of periodic payment												quarterly
Term Loan | First Lien Credit Agreement May 2013 Amendment | Adjusted Base Rate (ABR) | Minimum
Long-term debt
Variable rate, basis spread (as a percent)						2.25%
Term Loan | First Lien Credit Agreement May 2013 Amendment | LIBOR - Eurodollar Rate
Long-term debt
Variable rate, basis spread (as a percent)						3.25%
Variable rate basis, floor (as a percent)											1.00%
Variable rate (as a percent)				4.25%		4.25%				4.25%	4.25%	4.25%
Term Loan | First Lien Credit Agreement May 2014 Amendment
Long-term debt
Increase in borrowing capacity		$ 35,000,000
Term Loan | First Lien Credit Agreement May 2014 Amendment | June 30, 2014 through April 20, 2018
Long-term debt
Periodic payment required										$ 1,100,000
Term Loan | Second Lien Credit Agreement
Long-term debt
Term of debt instrument			6 years 6 months
Face amount of debt			$ 95,000,000
Original issue discount			$ 950,000
Payments on debt		$ 10,000,000
Loss on extinguishment of debt	$ 2,900,000
Write-off of deferred financing fees, loss on original issue discount and lender fees excluded from pro forma earnings per share	1,500,000
Lenders fees for extinguishment of debt	500,000
Loss on original issue discount	$ 900,000

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income tax expense
Income tax expense (benefit)	$ (5,871)	$ 2,128	$ (1,360)	$ 5,011
Effective income tax reconciliation
Effective income tax rate, expense (benefit)	(9.80%)	46.60%	(2.80%)	46.60%

Segment Information (Details)

Segment Information (Details) - Operating - segment	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Segment Information
Number of operating segments	1	1
Revenues | Geographic Concentration Risk | US
Segment Information
Revenues by location, as a percent	99.00%	99.00%

Related Party Transactions - Ma

Related Party Transactions - Management Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transactions
Related party expenses	$ 267	$ 230	$ 553	$ 460
Transaction advisory fee			8,500
Vestar | Management Fees
Related Party Transactions
Related party expenses	$ 267	$ 230	553	$ 460
Vestar | Transaction Advisory Fee
Related Party Transactions
Transaction advisory fee			$ 8,500

Equity-Based Compensation - All

Equity-Based Compensation - Allocated Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity-based compensation expense
Total equity-based compensation expense	$ 73,033	$ 2,582	$ 74,997	$ 4,907
Cost of revenue, excluding depreciation and amortization
Equity-based compensation expense
Total equity-based compensation expense	10,643	728	11,355	1,363
General and administrative
Equity-based compensation expense
Total equity-based compensation expense	$ 62,390	$ 1,854	$ 63,642	$ 3,544

Equity-Based Compensation - Par

Equity-Based Compensation - Parent Equity-Based Compensation Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May. 31, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Equity-based compensation
Equity‑based compensation			$ 74,997	$ 4,907
Equity‑based compensation liability					$ 19,423
Parent Plan
Equity-based compensation
Equity‑based compensation		$ 70,400	70,400
Equity‑based compensation liability		0	0		$ 19,400
Award Modification, Principal Forgiveness | Parent Plan
Equity-based compensation
Equity‑based compensation		1,500	1,500
Common Units | Performance-based Class A and Class C common units | Parent Plan
Equity-based compensation
Equity‑based compensation		40,400	40,400
Common Units | Cliff-vesting awards | Parent Plan
Equity-based compensation
Equity‑based compensation		19,400	19,400
Preferred, Class A and Class B Common Units | Award Modification, Preferred and Common Units Purchased with Loans | Parent Plan
Equity-based compensation
Equity‑based compensation		$ 9,100	$ 9,100
PG Holdco, LLC | Common Units | Time-vesting conditions | Parent Plan
Equity-based compensation
Unvested common units converted upon dissolution	1,028,122

Equity-Based Compensation - 201

Equity-Based Compensation - 2015 Incentive Award Plan (Details) - Restricted stock - 2015 Plan - $ / shares	May. 21, 2015	Jun. 30, 2015
Equity-based compensation
Shares authorized for issuance		7,120,000
Nonvested awards
Nonvested at beginning of period (in shares)		0
Converted from Parent Plan (in shares)		1,028,122
Granted (in shares)	1,754,000	1,754,000
Vested (in shares)		(48,901)
Nonvested at end of period (in shares)		2,733,221
Weighted Average Fair Value at Grant Date
Nonvested at beginning of period (in dollars per share)		$ 0
Converted from Parent Plan (in dollars per share)		25
Granted (in dollars per share)		25
Vested (in dollars per share)		(25)
Nonvested at beginning of period (in dollars per share)		$ 25
4-year service vesting
Nonvested awards
Granted (in shares)	807,000
Service vesting, year 1
Vesting terms
Vesting percentage	20.00%
Service vesting, year 2
Vesting terms
Vesting percentage	20.00%
Service vesting, year 3
Vesting terms
Vesting percentage	30.00%
Service vesting, year 4
Vesting terms
Vesting percentage	30.00%
3-year performance vesting (cliff)
Nonvested awards
Granted (in shares)	807,000
2-year performance vesting (quarterly)
Nonvested awards
Granted (in shares)	120,000
1-year service vesting
Nonvested awards
Granted (in shares)	20,000

Equity-Based Compensation - Unr

Equity-Based Compensation - Unrecognized Compensation Costs (Details) - Jun. 30, 2015 - Restricted stock - USD ($) $ in Millions	Total
Unrecognized compensation
Unrecognized compensation costs	$ 56.6
Unrecognized compensation costs, weighted average period for recognition	2 years 10 months 24 days

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 31, 2015	Apr. 20, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt refinancing
Extinguishment of debt			$ 638,000	$ 2,886,000	$ 638,000	$ 2,886,000
First Lien Credit Agreement | Subsequent Event
Debt refinancing
Extinguishment of debt	$ 1,100,000
Write-off of unamortized deferred financing fees	1,000,000
Loss on original issue discount	100,000
Term Loan | First Lien Credit Agreement
Debt refinancing
Payments on debt			223,000,000
Face amount of debt		$ 345,000,000
Extinguishment of debt			638,000
Write-off of unamortized deferred financing fees			489,000
Loss on original issue discount			$ 149,000
Term of debt instrument		6 years
Term Loan | First Lien Credit Agreement | Subsequent Event
Debt refinancing
Payments on debt	183,200,000
Term Loan | 2015 Credit Agreement | Subsequent Event
Debt refinancing
Face amount of debt	$ 185,000,000
Term of debt instrument	5 years
Frequency of periodic payment	quarterly
Periodic payment required	$ 2,300,000
Commencement date of payments	Dec. 31, 2015
Revolving Credit Facility | First Lien Credit Agreement
Debt refinancing
Maximum borrowing capacity		$ 30,000,000
Term of debt instrument		6 years
Revolving Credit Facility | First Lien Credit Agreement | Subsequent Event
Debt refinancing
Maximum borrowing capacity	$ 30,000,000
Revolving Credit Facility | 2015 Credit Agreement | Subsequent Event
Debt refinancing
Maximum borrowing capacity	$ 75,000,000
Term of debt instrument	5 years
Revolving Credit Facility | 2015 Credit Agreement | Subsequent Event | LIBOR | Minimum
Debt refinancing
Variable rate, basis spread (as a percent)	1.50%
Revolving Credit Facility | 2015 Credit Agreement | Subsequent Event | LIBOR | Maximum
Debt refinancing
Variable rate, basis spread (as a percent)	2.25%
Revolving Credit Facility | 2015 Credit Agreement | Subsequent Event | Adjusted Base Rate (ABR) | Minimum
Debt refinancing
Variable rate, basis spread (as a percent)	0.50%
Revolving Credit Facility | 2015 Credit Agreement | Subsequent Event | Adjusted Base Rate (ABR) | Maximum
Debt refinancing
Variable rate, basis spread (as a percent)	1.25%