Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ACIW | |
Entity Registrant Name | ACI WORLDWIDE, INC. | |
Entity Central Index Key | 935,036 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 117,171,742 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 52,463 | $ 102,239 |
Receivables, net of allowances of $3,911 and $5,045, respectively | 168,626 | 219,116 |
Recoverable income taxes | 3,443 | 12,048 |
Prepaid expenses | 26,006 | 27,461 |
Other current assets | 17,941 | 21,637 |
Total current assets | 268,479 | 382,501 |
Noncurrent assets | ||
Property and equipment, net | 71,719 | 60,630 |
Software, net | 197,861 | 237,941 |
Goodwill | 915,657 | 913,261 |
Intangible assets, net | 217,653 | 256,925 |
Deferred income taxes, net | 91,117 | 90,872 |
Other noncurrent assets | 37,439 | 33,658 |
TOTAL ASSETS | 1,799,925 | 1,975,788 |
Current liabilities | ||
Accounts payable | 53,328 | 55,420 |
Employee compensation | 42,218 | 31,213 |
Current portion of long-term debt | 90,198 | 89,710 |
Deferred revenue | 123,059 | 128,559 |
Income taxes payable | 6,484 | 4,734 |
Other current liabilities | 61,233 | 75,225 |
Total current liabilities | 376,520 | 384,861 |
Noncurrent liabilities | ||
Deferred revenue | 40,552 | 42,081 |
Long-term debt | 633,155 | 834,449 |
Deferred income taxes, net | 24,578 | 28,067 |
Other noncurrent liabilities | 29,482 | 31,930 |
Total liabilities | 1,104,287 | 1,321,388 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity | ||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at June 30, 2016 and December 31, 2015 | ||
Common stock; $0.005 par value; 280,000,000 shares authorized; 140,525,055 shares issued at June 30, 2016 and December 31, 2015 | 702 | 702 |
Additional paid-in capital | 578,044 | 561,379 |
Retained earnings | 489,477 | 416,851 |
Treasury stock, at cost, 23,275,065 and 21,491,285 shares at June 30, 2016 and December 31, 2015, respectively | (298,350) | (252,956) |
Accumulated other comprehensive loss | (74,235) | (71,576) |
Total stockholders' equity | 695,638 | 654,400 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,799,925 | $ 1,975,788 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 3,911 | $ 5,045 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 140,525,055 | 140,525,055 |
Treasury stock, shares | 23,275,065 | 21,491,285 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Revenues | |||||
License | $ 33,510 | $ 67,161 | $ 70,933 | $ 106,738 | |
Maintenance | 60,332 | 60,141 | 117,663 | 119,633 | |
Services | 23,823 | 23,110 | 43,399 | 46,607 | |
Hosting | 102,265 | 115,410 | 214,001 | 225,661 | |
Total revenues | 219,930 | 265,822 | 445,996 | 498,639 | |
Operating expenses | |||||
Cost of license | [1] | 4,610 | 5,939 | 10,049 | 12,048 |
Cost of maintenance, services and hosting | [1] | 110,745 | 120,484 | 223,789 | 233,497 |
Research and development | 46,358 | 39,425 | 89,876 | 76,516 | |
Selling and marketing | 28,743 | 31,298 | 58,743 | 60,209 | |
General and administrative | 34,437 | 25,008 | 60,315 | 46,583 | |
Gain on sale of CFS assets | (151,952) | ||||
Depreciation and amortization | 21,382 | 20,004 | 44,590 | 39,697 | |
Total operating expenses | 246,275 | 242,158 | 335,410 | 468,550 | |
Operating income (loss) | (26,345) | 23,664 | 110,586 | 30,089 | |
Other income (expense) | |||||
Interest expense | (9,715) | (10,505) | (20,129) | (21,446) | |
Interest income | 121 | 58 | 271 | 160 | |
Other | 2,023 | 19,659 | 1,689 | 23,381 | |
Total other income (expense) | (7,571) | 9,212 | (18,169) | 2,095 | |
Income (loss) before income taxes | (33,916) | 32,876 | 92,417 | 32,184 | |
Income tax expense (benefit) | (17,058) | 5,825 | 19,791 | 5,295 | |
Net income (loss) | $ (16,858) | $ 27,051 | $ 72,626 | $ 26,889 | |
Earnings (loss) per common share | |||||
Basic | $ (0.15) | $ 0.23 | $ 0.62 | $ 0.23 | |
Diluted | $ (0.15) | $ 0.23 | $ 0.61 | $ 0.23 | |
Weighted average common shares outstanding | |||||
Basic | 115,480 | 117,109 | 117,810 | 116,584 | |
Diluted | 115,480 | 118,575 | 119,023 | 118,088 | |
[1] | The cost of software license fees excludes charges for depreciation but includes amortization of purchased and developed software for resale. The cost of maintenance, services and hosting fees excludes charges for depreciation. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (16,858) | $ 27,051 | $ 72,626 | $ 26,889 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | (2,005) | 1,488 | ||
Reclassification of unrealized gain to realized gain on available-for-sale securities | (24,465) | (24,465) | ||
Foreign currency translation adjustments | (8,774) | 9,944 | (2,659) | (8,538) |
Total other comprehensive loss | (8,774) | (16,526) | (2,659) | (31,515) |
Comprehensive income (loss) | $ (25,632) | $ 10,525 | $ 69,967 | $ (4,626) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 72,626 | $ 26,889 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation | 10,583 | 10,588 |
Amortization | 40,272 | 36,605 |
Amortization of deferred debt issuance costs | 2,826 | 3,212 |
Deferred income taxes | 3,578 | (3,961) |
Stock-based compensation expense | 22,572 | 9,291 |
Excess tax benefit of stock-based compensation | (701) | (4,407) |
Gain on sale of available-for-sale securities | (24,465) | |
Gain on sale of CFS assets | (151,952) | |
Other | (762) | 1,456 |
Changes in operating assets and liabilities, net of impact of acquisitions and divestiture: | ||
Receivables | 29,299 | (3,411) |
Accounts payable | (3,247) | (7,016) |
Accrued employee compensation | 11,946 | 7,240 |
Current income taxes | 10,998 | (3,635) |
Deferred revenue | 8,919 | 2,653 |
Other current and noncurrent assets and liabilities | (89) | (1,106) |
Net cash flows from operating activities | 56,868 | 49,933 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (20,728) | (13,408) |
Purchases of software and distribution rights | (12,384) | (8,496) |
Proceeds from sale of available-for-sale securities | 35,311 | |
Proceeds from sale of CFS assets | 200,000 | |
Other | (7,000) | (7,000) |
Net cash flows from investing activities | 159,888 | 6,407 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 1,532 | 1,524 |
Proceeds from exercises of stock options | 7,986 | 10,634 |
Excess tax benefit of stock-based compensation | 701 | 4,407 |
Repurchase of restricted stock and performance shares for tax withholdings | (1,446) | (4,047) |
Repurchases of common stock | (60,089) | |
Proceeds from revolving credit facility | 65,000 | |
Repayment of revolving credit facility | (156,000) | (109,000) |
Repayment of term portion of credit agreement | (47,646) | (39,706) |
Payments on other debt | (10,210) | (10,120) |
Net cash flows from financing activities | (265,172) | (81,308) |
Effect of exchange rate fluctuations on cash | (1,360) | (1,936) |
Net decrease in cash and cash equivalents | (49,776) | (26,904) |
Cash and cash equivalents, beginning of period | 102,239 | 77,301 |
Cash and cash equivalents, end of period | 52,463 | 50,397 |
Supplemental cash flow information | ||
Income taxes paid, net | 5,857 | 13,875 |
Interest paid | $ 17,772 | $ 18,181 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Condensed Consolidated Financial Statements | 1. Condensed Consolidated Financial Statements The unaudited condensed consolidated financial statements include the accounts of ACI Worldwide, Inc. and its wholly-owned The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015, filed on February 26, 2016. Results for the three and six months ended June 30, 2016 are not necessarily indicative of results that may be attained in the future. The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Receivables, net Receivables represent amounts billed and amounts earned that are to be billed in the near future. Included in accrued receivables are services and software hosting revenues earned in the current period but billed in the following period as well as license revenues that are determined to be fixed and determinable but billed in future periods. (in thousands) June 30, December 31, Billed Receivables $ 148,869 $ 192,045 Allowance for doubtful accounts (3,911 ) (5,045 ) Billed, net 144,958 187,000 Accrued Receivables 23,668 32,116 Receivables, net $ 168,626 $ 219,116 Other Current Assets and Other Current Liabilities (in thousands) June 30, December 31, Settlement deposits $ 4,566 $ 5,357 Settlement receivables 3,463 7,961 Other 9,912 8,319 Total other current assets $ 17,941 $ 21,637 (in thousands) June 30, December 31, Settlement payables $ 6,941 $ 11,250 Accrued interest 7,547 7,501 Vendor financed licenses 11,749 15,723 Royalties payable 4,013 4,910 Other 30,983 35,841 Total other current liabilities $ 61,233 $ 75,225 Individuals and businesses settle their obligations to the Company’s various Clients, primarily utility and other public sector Clients, using credit or debit cards or via ACH payments. The Company creates a receivable for the amount due from the credit or debit card company and an offsetting payable to the Client. Once confirmation is received that the funds have been received, the Company settles the obligation to the Client. Due to timing, in some instances, the Company may receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its Clients by the end of the day resulting in a settlement deposit on the Company’s books. Off Balance Sheet Accounts The Company also enters into agreements with certain clients to process payment funds on their behalf. When an automated clearing house or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, the settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of June 30, 2016 and December 31, 2015 were $197.8 million and $260.2 million, respectively. Goodwill Changes in the carrying amount of goodwill attributable to each reporting unit with goodwill balances during the six months ended June 30, 2016 were as follows: (in thousands) Americas EMEA Asia/ Pacific Total Gross Balance prior to December 31, 2015 $ 524,573 $ 376,827 $ 59,293 $ 960,693 Total impairment prior to December 31, 2015 (47,432 ) — — (47,432 ) Balance, December 31, 2015 477,141 376,827 59,293 913,261 Goodwill from acquisitions (1) — 665 — 665 Foreign currency translation adjustments 422 (997 ) 2,306 1,731 Balance, June 30, 2016 $ 477,563 $ 376,495 $ 61,599 $ 915,657 (1) Goodwill from acquisitions relates to adjustments in the goodwill recorded for the acquisition of PAY.ON AG and its subsidiaries (collectively “PAY.ON”) as discussed in Note 2, Acquisitions In accordance with Accounting Standards codification (“ASC”) 350, Intangibles – Goodwill and Other, The calculated fair value was substantially in excess of the current carrying value for all reporting units based upon our October 1, 2015 annual impairment test and there have been no indications of impairment in the subsequent periods. Revenue Vendor Specific Objective Evidence (“VSOE”) ASC 985-605, Revenue Recognition: Software Certain of the Company’s software license arrangements include PCS terms that fail to achieve VSOE of fair value due to non-substantive renewal periods, or contain a range of possible non-substantive PCS renewal amounts. For these arrangements, VSOE of fair value of PCS does not exist and revenues for the software license, PCS and services, if applicable, are considered to be one accounting unit and are therefore recognized ratably over the longer of the contractual service term or PCS term once the delivery of both services has commenced. The Company typically classifies revenues associated with these arrangements in accordance with the contractually specified amounts, which approximate fair value assigned to the various elements, including software license, maintenance and services, if applicable. This allocation methodology has been applied to the following amounts included in revenues in the condensed consolidated statements of operations from arrangements for which VSOE of fair value does not exist for each undelivered element: (in thousands) Three Months Ended Six Months Ended 2016 2015 2016 2015 License $ 1,704 $ 1,918 $ 3,395 $ 3,925 Maintenance 800 872 1,797 1,815 Services 60 131 138 234 Total $ 2,564 $ 2,921 $ 5,330 $ 5,974 Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, Debt In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, In September 2015, the FASB issued ASU 2015-16, Business Combinations In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions PAY.ON On November 4 , Under the terms of the agreement, the Company acquired 100% of the equity of PAY.ON in a combination of cash and stock. The Company used approximately $181.0 million from its Revolving Credit Facility. See Note 4, Debt The purchase price of PAY.ON as of the date of the acquisition was comprised of (in thousands): Amount Cash payments to PAY.ON shareholders $ 180,994 Issuance of ACI common stock 5,379 Total purchase price $ 186,373 The consideration paid by the Company to complete the acquisition has been allocated preliminarily to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of the acquisition. The allocation of the purchase price is based upon certain external valuations and other analyses that have not been completed as of the date of this filing, including but not limited to accruals and certain tax matters. Accordingly, the purchase price allocation is considered preliminary and is subject to future adjustments during the maximum one-year measurement period. The Company incurred approximately $0.9 million in transaction related expenses during the year ended December 31, 2015, including fees to the investment bank, legal and other professional fees, which are included in general and administrative expenses in the accompanying consolidated financial statements. Under the terms of the PAY.ON acquisition agreement, the Company issued 476,750 shares of ACI common stock to two key PAY.ON employees (“PAY.ON RSAs”) with a fair value of $11.3 million on the date of grant. The awards have requisite service periods of two years and vest in increments of 25% every six months from the date of the acquisition. The PAY.ON RSAs provide for the payment of dividends on the Company’s common stock, if any, to the participant during the requisite service period (vesting period) and the participant has voting rights for each share of common stock. The Company recognizes compensation expense for the PAY.ON RSAs on a straight-line basis over the requisite service period. PAY.ON contributed approximately $4.2 million and $8.4 million in revenue and an operating loss of $4.7 million and $8.0 million for the three and six months ended June 30, 2016. The consideration paid by the Company to complete the acquisition has been allocated to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of the acquisition. In connection with the acquisition, the Company recorded the following amounts based upon its purchase price allocation as of June 30, 2016. The purchase price allocation for PAY.ON is considered preliminary and is subject to completion of valuations and other analyses. (in thousands, except weighted average useful lives) Weighted-Average PAY.ON Current assets: Cash and cash equivalents $ 1,627 Receivables, net of allowance 2,674 Other current assets 511 Total current assets acquired 4,812 Noncurrent assets: Property and equipment 332 Goodwill 140,680 Software 5 years 34,150 Customer relationships 15 years 21,718 Trademarks 5 years 2,300 Other noncurrent assets 7 Total assets acquired 203,999 Current liabilities: Accounts payable 1,058 Employee compensation 681 Other current liabilities 840 Total current liabilities acquired 2,579 Noncurrent liabilities: Deferred income taxes 15,047 Total liabilities acquired 17,626 Net assets acquired $ 186,373 The Company made adjustments to the purchase price allocation as certain analysis was completed and additional information became available for receivables, other current assets, property and equipment, software, goodwill, customer relationships, trademarks, accounts payable, employee compensation, other current liabilities, and deferred income taxes. These adjustments and any resulting adjustments to the condensed consolidated statements of operations were not material to the Company’s previously reported operating results or financial position. Factors contributing to the purchase price that resulted in the goodwill (which is not tax deductible) include the acquisition of management, sales, and technology personnel with the skills to market new and existing products of the Company, enhanced product capabilities, complementary products and customers. Pro forma results for PAY.ON are not presented because they are not material. |
Divestiture
Divestiture | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture | 3. Divestiture Community Financial Services On March 3, 2016, the Company completed the sale of its Community Financial Services (“CFS”) related assets and liabilities, a part of the Americas segment, to Fiserv, Inc. (“Fiserv”) for $200.0 million. The sale of CFS, which was not strategic to the Company’s long-term strategy, is part of the Company’s ongoing efforts to expand as a provider of software products and SaaS-based solutions facilitating real-time electronic and eCommerce payments for large financial institutions, intermediaries, retailers, and billers worldwide. The sale includes employees and customer contracts as well as technology assets and intellectual property. For the six months ended June 30, 2016, the Company recognized a net after-tax gain of $93.7 million on the sale of assets to Fiserv. This gain is preliminary subject to finalization of post-closing adjustments pursuant to the definitive transaction agreement. The Company and Fiserv have also entered into a Transition Services Agreement (“TSA”), whereby the Company will continue to perform certain functions on Fiserv’s behalf during a migration period not to exceed 18 months. The TSA is meant to reimburse the Company for direct costs incurred in order to provide such functions, which are no longer generating revenue for the Company. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt As of June 30, 2016, the Company had $22.0 million, $401.4 million, and $300.0 million outstanding under its Revolving Credit Facility, Term Credit Facility, and Senior Notes, respectively, with up to $203.0 million of unused borrowings under the Revolving Credit Facility portion of the Credit Agreement, as amended, and up to $25.0 million of unused borrowings under the Letter of Credit agreement. The amount of unused borrowings actually available varies in accordance with the terms of the agreement. Credit Agreement The Company entered into the Credit Agreement (the “Credit Agreement”), as amended, with a syndicate of financial institutions, as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent, providing for revolving loans, swingline loans, letters of credit and a term loan on November 10, 2011. The Credit Agreement consists of a five-year $250.0 million senior secured revolving credit facility (the “Revolving Credit Facility”), which includes a sublimit for the issuance of standby letters of credit and a sublimit for swingline loans, and $650.0 million total under the five-year senior secured term loan facility (the “Term Credit Facility” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Agreement also allows the Company to request optional incremental term loans and increases in the revolving commitment. The amendment extended the Credit Facility through August 20, 2018. Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company’s option, either (a) a base rate determined by reference to the highest of (1) the rate of interest per annum publicly announced by the Administrative Agent as its Prime Rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) a LIBOR based rate determined by reference to the costs of funds for U.S. dollar deposits for a one-month interest period adjusted for certain additional costs plus 1% or (b) a LIBOR based rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, in each case plus an applicable margin. The applicable margin for borrowings under the Revolving Credit Facility is, based on the calculation of the applicable consolidated total leverage ratio, between 0.50% to 1.50% with respect to base rate borrowings and between 1.50% and 2.50% with respect to LIBOR based borrowings. Interest is due and payable monthly. The interest rate in effect at June 30, 2016 for the Credit Facility was 2.72%. In addition to paying interest on the outstanding principal under the Credit Facility, the Company is required to pay a commitment fee in respect of the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears. The Company is also required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on LIBOR based borrowings under the Revolving Credit Facility on a per annum basis, payable quarterly in arrears, as well as customary fronting fees for the issuance of letters of credit fees and agency fees. The Company is permitted to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans under the Credit Facility at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR based loans. Letter of Credit On February 29, 2016, the Company entered into a six-month standby letter of credit (the “Letter of Credit”), under the terms of the Credit Agreement, for $25.0 million. The Letter of Credit automatically renewed on June 15, 2016. At any time the Company may request to close the Letter of Credit. The Letter of Credit reduces the maximum available borrowings under our Revolving Credit Facility to $225.0 million. Upon expiration of the Letter of Credit, maximum borrowings will return to $250.0 million. Senior Notes On August 20, 2013, the Company completed a $300.0 million offering of Senior Notes at an issue price of 100% of the principal amount in a private placement for resale to qualified institutional buyers. The Senior Notes bear an interest rate of 6.375% per annum, payable semi-annually in arrears on August 15 and February 15 of each year, commencing on February 15, 2014. Interest began accruing on August 20, 2013. Maturities on long-term debt outstanding at June 30, 2016 are as follows: Fiscal year ending December 31, (in thousands) 2016 $ 47,647 2017 95,293 2018 291,997 2019 — 2020 300,000 Total $ 734,937 The Credit Agreement and Senior Notes also contain certain customary mandatory prepayment provisions. If certain events, as specified in the Credit Agreement or Senior Notes agreement, shall occur, the Company may be required to repay all or a portion of the amounts outstanding under the Credit Facility or Senior Notes. The Credit Facility will mature on August 20, 2018 and the Senior Notes will mature on August 15, 2020. The Revolving Credit Facility and Senior Notes do not amortize and the Term Credit Facility does amortize, with principal payable in consecutive quarterly installments. The Company’s obligations and the obligations of the guarantors under the Guaranty and cash management arrangements entered into with lenders under the Credit Facility (or affiliates thereof) are secured by first-priority security interests in substantially all assets of the Company and any guarantor, including 100% of the capital stock of ACI Worldwide Corp. and each domestic subsidiary of the Company, each domestic subsidiary of any guarantor and 65% of the voting capital stock of each foreign subsidiary of the Company that is directly owned by the Company or a guarantor, and in each case, is subject to certain exclusions set forth in the credit documentation governing the Credit Facility. The Credit Agreement and Senior Notes contain certain customary affirmative covenants and negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, advances, investments, acquisitions, transactions with affiliates, change in nature of business and the sale of the assets. The Company is also required to maintain a consolidated leverage ratio at or below a specified amount and a consolidated fixed charge coverage ratio at or above a specified amount. If an event of default, as specified in the Credit Agreement and Senior Notes agreement, shall occur and be continuing, the Company may be required to repay all amounts outstanding under the Credit Facility and Senior Notes. On June 30, 2016, the Company requested and obtained a waiver to the application of the Consolidated Fixed Charge Coverage Ratio covenant in the Credit Agreement for the fiscal quarters ending June 30, 2016, September 30, 2016, and December 31, 2016. As of June 30, 2016, and at all time during the period, the Company was in compliance with all other financial debt covenants. (in thousands) As of As of Term credit facility $ 412,937 $ 460,583 Revolving credit facility 22,000 178,000 6.375% Senior Notes, due August 2020 300,000 300,000 Debt issuance costs (11,584 ) (14,424 ) Total debt 723,353 924,159 Less current portion of term credit facility 95,293 95,293 Less current portion of debt issuance costs (5,095 ) (5,583 ) Total long-term debt $ 633,155 $ 834,449 In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures The fair value hierarchy is as follows: • Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Debt The fair value of our Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s Senior Notes was $308.3 million and $310.5 million at June 30, 2016 and December 31, 2015, respectively. Cash and Cash Equivalents The fair values of cash and cash equivalents approximate the carrying values due to the short period of time to maturity (Level 2 of the fair value hierarchy). The Company assesses its classifications within the fair value hierarchy at each reporting period. There were no transfers between any levels of the fair value hierarchy during the periods ended June 30, 2016 and December 31, 2015. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 6. Stock-Based Employee Stock Purchase Plan Under the Company’s 1999 Employee Stock Purchase Plan, as amended (the “ESPP”), a total of 4,500,000 shares of the Company’s common stock have been reserved for issuance to eligible employees. Participating employees are permitted to designate up to the lesser of $25,000 or 10% of their annual base compensation for the purchase of common stock under the ESPP. Purchases under the ESPP are made one calendar month after the end of each fiscal quarter. The price for shares of common stock purchased under the ESPP is 85% of the stock’s fair market value on the last business day of the three-month participation period. Shares issued under the ESPP during the six months ended June 30, 2016 and 2015 totaled 96,350 and 85,659, respectively. Stock Incentive Plans – 2016 Equity and Performance Incentive Plan On March 23, 2016, the Company’s Board of Directors (the “Board”) approved the 2016 Equity and Performance Incentive Plan (the “2016 Incentive Plan”). The 2016 Incentive Plan is intended to meet the Company’s objective of balancing stockholder concerns about dilution with the need to provide appropriate incentives to achieve Company performance objectives. The 2016 Incentive Plan was adopted by the stockholders on June 14, 2016. Following the adoption of the 2016 Incentive Plan, the 2005 Equity and Performance Incentive Plan, as amended (the “2005 Incentive Plan”) was terminated. Termination of the 2005 Incentive Plan did not affect any equity awards outstanding under the 2005 Incentive Plan. The 2016 Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, performance awards, and other awards (“Awards”). Subject to adjustment in certain circumstances, the maximum number of shares of Common Stock that may be issued or transferred in connection with Awards granted under the 2016 Incentive Plan will be the sum of (i) 8,000,000 shares of Common Stock and (ii) any shares of Common Stock that are represented by options previously granted under the Current 2005 Incentive Plan which are forfeited, expire, or are canceled without delivery of Common Stock or which result in the forfeiture or relinquishment of Common Stock back to the Company. To the extent Awards granted under the 2016 Incentive Plan terminate, expire, are canceled without being exercised, are forfeited or lapse for any reason, the shares of Common Stock subject to such Award will again become available for grants under the 2016 Incentive Plan. The 2016 Incentive Plan expressly prohibits re-pricing stock options and appreciation rights. The 2016 Incentive Plan also, subject to certain limited exceptions, expressly requires a one-year vesting period for all stock options and appreciation rights. No Participant will receive stock options, stock appreciation rights, restricted stock, restricted stock units and other awards under the 2016 Incentive Plan, during any calendar year, for more than 3,000,000 shares of Common Stock. In addition, no Participant may receive performance shares or performance units having an aggregate value on the date of grant in excess of $9,000,000 during any calendar year. Each of the limits described above may be adjusted equitably to accommodate a change in the capital structure of the Company. Stock options granted pursuant to the 2016 Incentive Plan are granted at an exercise price not less than the market value per share of the Company’s common stock on the date of the grant. Under the 2016 Incentive Plan, the term of the outstanding options may not exceed ten years nor be less than one year. Vesting of options is determined by the Compensation Committee of the Board of Directors, the administrator of the 2016 Incentive Plan, and can vary based upon the individual award agreements. In addition, outstanding options do not have dividend equivalent rights associated with them under the 2016 Incentive Plan. The Board may issue or transfer shares of Common Stock to Participants under a restricted stock grant for consideration or no consideration, and subject to restrictions, as determined by the Board. All restricted stock Awards will transfer ownership of such shares of restricted stock to the Participant and entitle the Participant to voting, dividend and other ownership rights, but the Participant’s ownership of the restricted shares shall be subject to substantial risk of forfeiture and restrictions on transfer. The Board may establish conditions under which restrictions will lapse over a period of time based upon the achievement of performance goals or according to such other criteria as the Board deems appropriate (the “Restriction Period”). An Award Agreement for restricted stock Awards may specify any Management Objectives that, if achieved, will result in the termination or early termination of the restrictions on the restricted shares including, without limitation, any minimum acceptable levels of achievement or formulas for determining the number of restricted shares on which the restrictions will terminate. The Board may award Participants “Performance Shares” or “Performance Units” (collectively, “Performance Awards”) which will become payable to a Participant upon the achievement of specified Management Objectives. Each Award Agreement for Performance Awards will specify: (i) the number of Performance Shares or Performance Units granted; (ii) the period of time established for the Participant to achieve the Management Objectives (the “Performance Period”); (iii) the Management Objectives and a minimum acceptable level of achievement as well as a formula for determining the number of Performance Shares or Performance Units earned if performance is at or above the minimum level but short of full achievement of the Management Objectives; and (iv) any other terms that the Board may deem appropriate. Stock-Based Payments A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2015 5,799,076 $ 14.37 Granted 2,284,500 17.92 Exercised (691,655 ) 11.46 Forfeited (150,567 ) 19.04 Outstanding as of June 30, 2016 7,241,354 $ 15.67 7.21 $ 28,633,811 Exercisable as of June 30, 2016 3,583,017 $ 12.81 5.24 $ 24,540,121 As of June 30, 2016, the Company expects that 93.1% of the options will vest over the vesting period. The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2016 and 2015 was $5.59 and $6.49, respectively. The Company issued treasury shares for the exercise of stock options during the six months ended June 30, 2016 and 2015. The total intrinsic value of stock options exercised during the six months ended June 30, 2016 and 2015 was $6.2 million and $10.9 million, respectively. The fair value of options that do not vest based on the achievement of certain market conditions granted during the six months ended June 30, 2016 and 2015 were estimated on the date of grant using the Black-Scholes option-pricing , Six Months Ended Six Months Ended Expected life (years) 5.93 5.93 Interest rate 1.2 % 1.4 % Volatility 29.7 % 32.1 % Dividend yield — — Expected volatilities are based on the Company’s historical common stock volatility derived from historical stock price data for historical periods commensurate with the options’ expected life. The expected life is the average number of years that the Company estimated that the options will be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on United States Treasury zero coupon issues with a term equal to the expected term at the date of grant of the options. The expected dividend yield is zero as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future. During the six months ended June 30, 2016, the Company granted supplemental stock options with three tranches at a grant date fair value of $7.46, $7.06 and $6.50, respectively, per share. These options vest, if at all, based upon (i) tranche one - any time after the third anniversary date if the stock has traded at 133% of the exercise price for at least 20 consecutive trading days, (ii) tranche two - any time after the fourth anniversary date if the stock has traded at 167% of the exercise price for at least 20 consecutive trading days, and (iii) tranche three - any time after the fifth anniversary date if the stock has traded at 200% of the exercise price for at least 20 consecutive trading days. The employees must also remain employed with the Company as of the anniversary date in order for the options to vest. The exercise price of the supplemental stock options is the closing market price on the date the awards were granted. In order to determine the grant date fair value of the supplemental stock options, a Monte Carlo simulation model was used. With respect to options granted that vest based on the achievement of certain market conditions, the grant date fair value of such options was estimated using the following weighted-average assumptions: Six Months Ended Six Months Ended Expected life (years) 7.50 7.50 Interest rate 1.6 % 1.7 % Volatility 41.6 % 41.9 % Dividend yield — — Stock Incentive Plan – Online Resources Corporation (“ORCC”) Stock Incentive Plan, as amended and restated A summary of transaction stock options issued pursuant to the Company’s stock incentive plans is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2015 21,036 $ 29.76 Exercised (4,299 ) 13.92 Cancelled (2,529 ) 41.12 Outstanding as of June 30, 2016 14,208 $ 32.53 1.89 $ — Exercisable as of June 30, 2016 14,208 $ 32.53 1.89 $ — A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) outstanding as of June 30, 2016 and changes during the period are as follows: Nonvested LTIP Performance Shares Number of Weighted- Nonvested as of December 31, 2015 889,295 $ 19.13 Granted 1,059,428 17.92 Forfeited (75,106 ) 18.83 Nonvested as of June 30, 2016 1,873,617 $ 18.45 A summary of nonvested restricted share awards (“RSAs”) as of June 30, 2016 and changes during the period are as follows: Nonvested Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2015 149,262 $ 22.62 Granted 117,836 20.75 Vested (107,862 ) 22.81 Forfeited (1,981 ) 18.41 Nonvested as of June 30, 2016 157,255 $ 21.13 During the six months ended June 30, 2016, 107,862 shares of the RSAs vested. The Company withheld 6,953 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. A summary of nonvested Performance-Based Restricted Share Awards (“PBRSAs”) as of June 30, 2016 and changes during the period are as follows: Nonvested Performance-Based Restricted Share Awards Number of Performance-Based Weighted-Average Grant Nonvested as of December 31, 2015 938,863 $ 23.42 Vested (169,567 ) 24.41 Forfeited (38,629 ) 22.32 Change in attainment for 2015 grants (18,232 ) 24.41 Nonvested as of June 30, 2016 712,435 $ 23.22 During the six months ended June 30, 2016, 169,567 shares of the PBRSAs vested. The Company withheld 56,659 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. In addition, the Company changed the expected attainment on the PBRSAs vesting in June 2016 from 100% to 90.4% based upon actual results of the related performance targets during the first six months of 2016. Retention Restricted Share Awards During the six months ended June 30, 2016, pursuant to the Company’s 2005 Incentive Plan, the Company granted Retention Restricted Share Awards (“Retention RSAs”). The Retention RSA awards granted to named executive officers have requisite service period (vesting period) of 1.3 years and vest 50% on July 1, 2016 and 50% on July 1, 2017. Retention RSA awards granted to employees other than named executive officers have a vesting period of 0.8 years and vest 50% on July 1, 2016 and 50% on January 1, 2017. Under each agreement, stock is issued without direct cost to the employee. The Company estimates the fair value of the Retention RSAs based upon the market price of the Company’s stock at the date of grant. The Retention RSA grants provide for the payment of dividends on the Company’s common stock, if any, to the participant during the requisite service period and the participant has voting rotes for each share of common stock. The Company recognizes compensation expense for Retention RSAs on a straight-line basis over the requisite service period. A summary of nonvested Retention RSAs as of June 30, 2016 and changes during the period are as follows: Nonvested Retention Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2015 — $ — Granted 473,069 17.89 Vested (533 ) 17.89 Forfeited (20,381 ) 17.89 Nonvested as of June 30, 2016 452,155 $ 17.89 During the six months ended June 30, 2016, 533 shares of the Retention RSAs vested. The Company withheld 228 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. A summary of nonvested PAY.ON RSAs as of June 30, 2016 and changes during the period are as follows: Nonvested PAY.ON Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2015 476,750 $ 23.60 Vested (119,186 ) 23.60 Nonvested as of June 30, 2016 357,564 $ 23.60 As of June 30, 2016, there were unrecognized compensation expenses of $16.7 million related to nonvested stock options, $2.9 million related to the nonvested RSAs, $23.5 million related to the LTIP performance shares, $7.5 million related to nonvested PBRSAs, $3.7 million related to nonvested Retention RSAs, which the Company expects to recognize over weighted-average periods of 2.3 years, 1.3 years, 2.5 years, 1.2 years, and 0.6 years, respectively. The Company recorded stock-based compensation expenses for the three months ended June 30, 2016 and 2015 related to stock options, LTIP performance shares, RSAs, PBRSAs, and the ESPP of $13.1 million and $5.4 million, respectively, with corresponding tax benefits of $4.9 million and $2.0 million, respectively. The Company recorded stock-based compensation expenses for the six months ended June 30, 2016 and 2015 related to stock options, LTIP performance shares, RSAs, PBRSAs, and the ESPP of $22.6 million and $9.3 million, respectively, with corresponding tax benefits of $8.5 million and $3.5 million, respectively. Tax benefits in excess of the option’s grant date fair value are classified as financing cash flows. Estimated forfeiture rates, stratified by employee classification, have been included as part of the Company’s calculations of compensation costs. The Company recognizes compensation costs for stock option awards that vest with the passage of time with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation costs for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition. Cash received from option exercises for the six months ended June 30, 2016 and 2015 was $8.0 million and $10.6 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $2.3 million and $4.1 million for the six months ended June 30, 2016 and 2015, respectively. |
Software and Other Intangible A
Software and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Software and Other Intangible Assets | 7. Software and Other Intangible Assets At June 30, 2016, software net book value totaling $197.9 million, net of $172.6 million of accumulated amortization, includes the net book value of software marketed for external sale of $51.8 million. The remaining software net book value of $146.1 million is comprised of various software that has been acquired or developed for internal use. At December 31, 2015, software net book value totaled $237.9 million, net of $158.9 million of accumulated amortization. Included in this amount is software marketed for external sale of $70.1 million. The remaining software net book value of $167.8 million is comprised of various software that has been acquired or developed for internal use. Amortization of software marketed for external sale is computed using the greater of the ratio of current revenues to total estimated revenues expected to be derived from the software or the straight-line method over an estimated useful life of three to ten years. Software for resale amortization expense recorded in the three months ended June 30, 2016 and 2015 totaled $3.0 million and $3.6 million, respectively. Software for resale amortization expense recorded in the six months ended June 30, 2016 and 2015 totaled $6.3 million and $7.5 million, respectively. These software amortization expense amounts are reflected in cost of software license fees in the condensed consolidated statements of operations. Amortization of software for internal use is computed using the straight-line method over an estimated useful life of three to ten years. Software for internal use includes software acquired through acquisitions that is used to provide certain of our hosted offerings. Amortization of software for internal use of $11.0 million and $9.1 million for the three months ended June 30, 2016 and 2015, respectively, is included in depreciation and amortization in the condensed consolidated statements of operations. Amortization of software for internal use of $22.9 million and $17.6 million for the six months ended June 30, 2016 and 2015, respectively, is included in depreciation and amortization in the condensed consolidated statements of operations. The carrying amount and accumulated amortization of the Company’s other intangible assets that were subject to amortization at each balance sheet date are as follows: June 30, 2016 December 31, 2015 (in thousands) Gross Accumulated Net Balance Gross Accumulated Net Balance Customer relationships $ 300,784 $ (88,801 ) $ 211,983 $ 336,075 $ (86,585 ) $ 249,490 Trademarks and tradenames 16,387 (10,717 ) 5,670 18,040 (10,605 ) 7,435 Purchased Contracts 10,543 (10,543 ) — 10,690 (10,690 ) — $ 327,714 $ (110,061 ) $ 217,653 $ 364,805 $ (107,880 ) $ 256,925 Other intangible assets amortization expense for the three months ended June 30, 2016 and 2015 totaled $5.3 million and $5.7 million, respectively. Other intangible assets amortization expense for the six months ended June 30, 2016 and 2015 totaled $11.1 million and $11.5 million, respectively. Based on capitalized software and other intangible assets at June 30, 2016, estimated amortization expense for future fiscal years is as follows: Fiscal Year Ending December 31, Software Other (in thousands) Remainder of 2016 $ 27,984 $ 10,183 2017 49,829 19,368 2018 37,900 18,863 2019 29,864 18,306 2020 24,355 17,416 2021 16,537 16,935 Thereafter 11,392 116,582 Total $ 197,861 $ 217,653 |
Corporate Restructuring and Oth
Corporate Restructuring and Other Organizational Changes | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Corporate Restructuring and Other Organizational Changes | 8. Corporate Restructuring and Other Organizational Changes 2016 Activities Approximately $0.4 million of termination costs were paid during the first six months of 2016, related to termination expenses recognized during 2015. The Company expects the remaining $0.4 million of the severance liability to be paid over the next 12 months. During the six months ended June 30, 2016, the Company ceased use of a portion of its leased facility in West Hills, CA, which resulted in additional expense of $2.2 million that was recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. 2015 Activities During the six months ended June 30, 2015, the Company reduced its headcount as a part of its integration of its recent acquisitions. In connection with these actions, approximately $1.3 million of termination costs were recognized in general and administrative expense in the accompanying condensed consolidated statements of operations during the six months ended June 30, 2015. The Company paid approximately $2.2 million in restructuring severance costs during the first six months of 2015 related to expenses incurred in 2015 and prior. The components of corporate restructuring and other reorganization activities from the recent acquisitions are included in the following table: (in thousands) Severance Facility Total Balance, December 31, 2015 $ 777 $ 268 $ 1,045 Restructuring charges incurred — 2,216 2,216 Amounts paid during the period (417 ) (93 ) (510 ) Foreign currency translation 1 — 1 Balance, June 30, 2016 $ 361 $ 2,391 $ 2,752 The $0.4 million for unpaid severance is included in employee compensation and $0.6 million and $1.8 million for unpaid facilities closures is included in other current and noncurrent liabilities, respectively, in the accompanying condensed consolidated balance sheets at June 30, 2016. |
Common Stock and Treasury Stock
Common Stock and Treasury Stock | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Common Stock and Treasury Stock | 9. Common Stock and Treasury Stock As of December 31, 2011, the Company’s Board of Directors had approved a stock repurchase program authorizing the Company, from time to time as market and business conditions warrant, to acquire up to $210 million of its common stock. In February 2012, the Company’s Board of Directors approved an increase of $52.1 million to their current stock repurchase authorization, bringing the total authorization to $262.1 million. On September 13, 2012, the Company’s Board of Directors approved the repurchase of up to 7,500,000 shares of the Company’s common stock, or up to $113.0 million in place of the remaining repurchase amounts previously authorized. In July 2013, the Company’s Board of Directors approved an additional $100 million for the stock repurchase program. In February 2014, the Company’s Board of Directors again approved an additional $100 million for the stock repurchase program. The Company repurchased 3,020,926 shares for $60.1 million under the program during the six months ended June 30, 2016. Under the program to date, the Company has repurchased 40,129,393 shares for approximately $455.9 million. The maximum remaining authorized for purchase under the stock repurchase program was approximately $78.2 million as of June 30, 2016. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 10. Earnings (Loss) Per Share Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities. The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares outstanding: Basic weighted average shares outstanding 115,480 117,109 117,810 116,584 Add: Dilutive effect of stock options — 1,466 1,213 1,504 Diluted weighted average shares outstanding 115,480 118,575 119,023 118,088 The diluted earnings (loss) per share computation excludes 10.5 million and 5.9 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and six months ended June 30, 2016, respectively, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 4.4 million and 4.2 million options to purchase shares and contingently issuable shares during the three and six months ended June 30, 2015, respectively, as their effect would be anti-dilutive. Common stock outstanding as of June 30, 2016 and December 31, 2015 was 117,249,990 and 119,033,770, respectively. |
Other
Other | 6 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Other | 11. Other Other is comprised of the following items: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Foreign currency transaction gains (losses) $ 2,023 $ (4,806 ) $ 1,689 $ (1,084 ) Realized gain on sale of available-for-sale securities — 24,465 — 24,465 Total $ 2,023 $ 19,659 $ 1,689 $ 23,381 The Company acquired a cost basis investment in Yodlee, Inc. (“Yodlee”) with the acquisition of S1 Corporation (“S1”) in February of 2012, which was fair valued at $9.8 million as a part of the purchase price allocation. The Company subsequently made an additional investment in Yodlee of approximately $1.0 million, bringing the total investment to $10.8 million as of December 31, 2013. On October 3, 2014 Yodlee common stock began trading on the NASDAQ under the symbol YDLE and the Company transitioned to accounting for the investment as available-for-sale securities. The Company recognized an unrealized gain in accumulated other comprehensive income of approximately $23.0 million during the year ended December 31, 2014 related to price appreciation of the Yodlee shares from the cost basis of $10.8 million. As a result of the recognition of the unrealized gain, the Company released a deferred tax asset and an equal and offsetting valuation allowance on the associated deferred tax asset of approximately $8.7 million during the year ended December 31, 2014. This tax impact was also recorded in accumulated other comprehensive income. During the three months ended June 30, 2015, the Company sold all of its Yodlee stock holdings in a series of sales and realized a total gain of $24.5 million, which is included in other, net in the accompanying condensed consolidated statements of income. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment Information The Company’s chief operating decision maker, together with other senior management personnel, currently focus their review of consolidated financial information and the allocation of resources based on reporting of operating results, including revenues and operating income, for the geographic regions of the Americas, EMEA and Asia/Pacific and the Corporate line item. The Company’s products are sold and supported through distribution networks covering these three geographic regions, with each distribution network having its own sales force. The Company supplements its distribution networks with independent reseller and/or distributor arrangements. All administrative costs that are not directly attributable or reasonably allocable to a geographic segment are tracked in the Corporate line item. As such, the Company has concluded that its three geographic regions are its reportable segments. The Company allocates segment support expenses such as global product development, business operations, and product management based upon percentage of revenue per segment. Depreciation and amortization costs are allocated as a percentage of the headcount by segment. The Corporate line item consists of the corporate overhead costs that are not allocated to reportable segments. Corporate overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity and amortization of acquisition-related intangibles and other costs that are not considered when management evaluates segment performance. The following is selected segment financial data for the periods indicated (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenues: Americas - United States $ 125,550 $ 160,754 $ 258,915 $ 306,538 Americas - Other 23,710 16,977 46,562 34,943 EMEA 47,575 68,504 97,212 117,888 Asia/Pacific 23,095 19,587 43,307 39,270 $ 219,930 $ 265,822 $ 445,996 $ 498,639 Income (loss) before income taxes: Americas $ (3,199 ) $ 21,569 $ 146,798 $ 37,678 EMEA 29,505 33,494 58,932 54,195 Asia/Pacific 11,953 8,315 22,519 18,572 Corporate (72,175 ) (30,502 ) (135,832 ) (78,261 ) $ (33,916 ) $ 32,876 $ 92,417 $ 32,184 June 30, December 31, Total assets: Americas - United States $ 1,050,167 $ 1,182,309 Americas - Other 29,042 33,492 EMEA 609,993 643,275 Asia/Pacific 110,723 116,712 $ 1,799,925 $ 1,975,788 No single customer accounted for more than 10% of the Company’s consolidated revenues during the three and six months ended June 30, 2016 and 2015. No other country outside the United States accounted for more than 10% of the Company’s consolidated revenues during the three and six months ended June 30, 2016. Aggregate revenues attributable to our customers in the United Kingdom accounted for 12.7% of the Company’s consolidated revenues during the three months ended June 30, 2015. No other country outside the United States accounted for more than 10% of the Company’s consolidated revenues during the six months ended June 30, 2015. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The effective tax rates for the three and six months ended June 30, 2016 were 50% and 21%, respectively. The earnings of the Company’s foreign entities for the three and six months ended June 30, 2016 were $20.7 million and $27.6 million, respectively. The tax rates in the foreign jurisdictions in which the Company operates are less than the domestic tax rate; therefore, losses in foreign jurisdictions will increase the Company’s effective tax rate, while earnings in the foreign jurisdictions will reduce the Company’s effective tax rate. The effective tax rate for the three and six months ended June 30, 2016 was reduced by foreign profits taxed at lower rates. The effective tax rate for the six months ended June 30, 2016 was also reduced by a release of $10.1 million valuation allowance previously established against foreign tax credits that are now expected to be fully utilized as a result of the sale of the Community Financial Services assets and liabilities. The effective tax rates for the three and six months ended June 30, 2015 were 18% and 16%, respectively. The earnings of the Company’s foreign entities for the three and six months ended June 30, 2015 were $12.3 million and $20.0 million, respectively. The effective tax rate for the three months ended June 30, 2015 was reduced by the gain on the sale of the Company’s investment in Yodlee as well as by profits in certain foreign jurisdictions taxed at lower rates and domestic losses taxed at higher rates. The effective tax rate for the six months ended June 30, 2015 was reduced by the gain on the sale of the Company’s investment in Yodlee as well as by profits in certain foreign jurisdictions taxed at lower rates and domestic losses taxed at higher rates. The Company’s effective tax rate could fluctuate significantly on a quarterly basis and could be negatively affected to the extent earnings are lower in the countries in which it operates that have a lower statutory rate or higher in the countries in which it operates that have a higher statutory rate or to the extent it has losses sustained in countries where the future utilization of losses are uncertain. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. The amount of unrecognized tax benefits for uncertain tax positions was $22.9 million as of June 30, 2016 and $21.1 million as of December 31, 2015, excluding related liabilities for interest and penalties of $2.1 million and $2.2 million as of June 30, 2016 and December 31, 2015, respectively. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $1.6 million, due to the settlement of various audits and the expiration of statutes of limitation. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Legal Proceedings On September 23, 2015, a jury verdict was returned against ACI Worldwide Corp. (“ACI Corp.”), a subsidiary of the Company, for $43.8 million in connection with counterclaims brought by Baldwin Hackett & Meeks, Inc. (“BHMI”) in the District Court of Douglas County, Nebraska. On September 21, 2012, ACI Corp. had sued BHMI for misappropriation of ACI Corp.’s trade secrets. The jury found that ACI Corp. had not met its burden of proof regarding these claims. On March 6, 2013, BHMI asserted counterclaims for breach of a non-disclosure agreement, tortious interference and violation of the Nebraska anti-monopoly statute, all of which were alleged to arise out of ACI Corp.’s filing of its lawsuit. On September 23, 2015, the jury found for BHMI on its counterclaims and awarded $43.8 million in damages. On January 5, 2016, the court entered a judgment against ACI Corp. for $43.8 million for damages and $2.7 million for attorney fees and costs. ACI Corp. disagrees with the verdicts and judgment, and after the trial court denied ACI Corp.’s post-judgment motions, on March 31, 2016, ACI Corp. perfected an appeal of the dismissal of its claims against BHMI and the judgment in favor of BHMI on its counterclaims, and on July 20, 2016 ACI Corp. filed its opening appellant brief. While there necessarily can be no assurance of the result of the litigation, the Company has determined that it does not have a probable loss with respect to this litigation and that the amount of loss, if any, cannot be reasonably estimated. Accordingly, the Company has not accrued for this litigation. Indemnities Under certain customer contracts, the Company indemnifies customers for certain matters including third party claims of intellectual property infringement relating to the use of our products. Our maximum potential exposure under indemnification arrangements can range from a specified dollar amount to an unlimited amount, depending on the nature of the transactions and the agreements. The Company has recorded an accrual for estimated losses for demands for indemnification that have been tendered by certain customers. The Company does not have any reason to believe that we will be required to make any material payments under these indemnity provisions in excess of the balance accrued at June 30, 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Gain (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Gain (Loss) | 15. Accumulated Other Comprehensive Gain (Loss) Activity within accumulated other comprehensive gain (loss) for the six months ended June 30, 2016, which consists of foreign currency translation adjustments, were as follows: Accumulated Balance at December 31, 2015 $ (71,576 ) Other comprehensive income loss (2,659 ) Balance at June 30, 2016 $ (74,235 ) |
Condensed Consolidated Financ22
Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Receivables, net | Receivables, net Receivables represent amounts billed and amounts earned that are to be billed in the near future. Included in accrued receivables are services and software hosting revenues earned in the current period but billed in the following period as well as license revenues that are determined to be fixed and determinable but billed in future periods. (in thousands) June 30, December 31, Billed Receivables $ 148,869 $ 192,045 Allowance for doubtful accounts (3,911 ) (5,045 ) Billed, net 144,958 187,000 Accrued Receivables 23,668 32,116 Receivables, net $ 168,626 $ 219,116 |
Other Current Assets and Other Current Liabilities | Other Current Assets and Other Current Liabilities (in thousands) June 30, December 31, Settlement deposits $ 4,566 $ 5,357 Settlement receivables 3,463 7,961 Other 9,912 8,319 Total other current assets $ 17,941 $ 21,637 (in thousands) June 30, December 31, Settlement payables $ 6,941 $ 11,250 Accrued interest 7,547 7,501 Vendor financed licenses 11,749 15,723 Royalties payable 4,013 4,910 Other 30,983 35,841 Total other current liabilities $ 61,233 $ 75,225 Individuals and businesses settle their obligations to the Company’s various Clients, primarily utility and other public sector Clients, using credit or debit cards or via ACH payments. The Company creates a receivable for the amount due from the credit or debit card company and an offsetting payable to the Client. Once confirmation is received that the funds have been received, the Company settles the obligation to the Client. Due to timing, in some instances, the Company may receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its Clients by the end of the day resulting in a settlement deposit on the Company’s books. |
Off Balance Sheet Accounts | Off Balance Sheet Accounts The Company also enters into agreements with certain clients to process payment funds on their behalf. When an automated clearing house or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, the settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of June 30, 2016 and December 31, 2015 were $197.8 million and $260.2 million, respectively. |
Goodwill | Goodwill Changes in the carrying amount of goodwill attributable to each reporting unit with goodwill balances during the six months ended June 30, 2016 were as follows: (in thousands) Americas EMEA Asia/ Pacific Total Gross Balance prior to December 31, 2015 $ 524,573 $ 376,827 $ 59,293 $ 960,693 Total impairment prior to December 31, 2015 (47,432 ) — — (47,432 ) Balance, December 31, 2015 477,141 376,827 59,293 913,261 Goodwill from acquisitions (1) — 665 — 665 Foreign currency translation adjustments 422 (997 ) 2,306 1,731 Balance, June 30, 2016 $ 477,563 $ 376,495 $ 61,599 $ 915,657 (1) Goodwill from acquisitions relates to adjustments in the goodwill recorded for the acquisition of PAY.ON AG and its subsidiaries (collectively “PAY.ON”) as discussed in Note 2, Acquisitions In accordance with Accounting Standards codification (“ASC”) 350, Intangibles – Goodwill and Other, The calculated fair value was substantially in excess of the current carrying value for all reporting units based upon our October 1, 2015 annual impairment test and there have been no indications of impairment in the subsequent periods. |
Revenue | Revenue Vendor Specific Objective Evidence (“VSOE”) ASC 985-605, Revenue Recognition: Software Certain of the Company’s software license arrangements include PCS terms that fail to achieve VSOE of fair value due to non-substantive renewal periods, or contain a range of possible non-substantive PCS renewal amounts. For these arrangements, VSOE of fair value of PCS does not exist and revenues for the software license, PCS and services, if applicable, are considered to be one accounting unit and are therefore recognized ratably over the longer of the contractual service term or PCS term once the delivery of both services has commenced. The Company typically classifies revenues associated with these arrangements in accordance with the contractually specified amounts, which approximate fair value assigned to the various elements, including software license, maintenance and services, if applicable. This allocation methodology has been applied to the following amounts included in revenues in the condensed consolidated statements of operations from arrangements for which VSOE of fair value does not exist for each undelivered element: (in thousands) Three Months Ended Six Months Ended 2016 2015 2016 2015 License $ 1,704 $ 1,918 $ 3,395 $ 3,925 Maintenance 800 872 1,797 1,815 Services 60 131 138 234 Total $ 2,564 $ 2,921 $ 5,330 $ 5,974 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, Debt In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, In September 2015, the FASB issued ASU 2015-16, Business Combinations In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting |
Fair Value of Financial Instruments | ASC 820, Fair Value Measurements and Disclosures The fair value hierarchy is as follows: • Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. |
Earnings (Loss) per share | Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities. |
Segment Information | The Company’s chief operating decision maker, together with other senior management personnel, currently focus their review of consolidated financial information and the allocation of resources based on reporting of operating results, including revenues and operating income, for the geographic regions of the Americas, EMEA and Asia/Pacific and the Corporate line item. The Company’s products are sold and supported through distribution networks covering these three geographic regions, with each distribution network having its own sales force. The Company supplements its distribution networks with independent reseller and/or distributor arrangements. All administrative costs that are not directly attributable or reasonably allocable to a geographic segment are tracked in the Corporate line item. As such, the Company has concluded that its three geographic regions are its reportable segments. The Company allocates segment support expenses such as global product development, business operations, and product management based upon percentage of revenue per segment. Depreciation and amortization costs are allocated as a percentage of the headcount by segment. The Corporate line item consists of the corporate overhead costs that are not allocated to reportable segments. Corporate overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity and amortization of acquisition-related intangibles and other costs that are not considered when management evaluates segment performance. |
Condensed Consolidated Financ23
Condensed Consolidated Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Receivables and Concentration of Credit Risk | Receivables represent amounts billed and amounts earned that are to be billed in the near future. Included in accrued receivables are services and software hosting revenues earned in the current period but billed in the following period as well as license revenues that are determined to be fixed and determinable but billed in future periods. (in thousands) June 30, December 31, Billed Receivables $ 148,869 $ 192,045 Allowance for doubtful accounts (3,911 ) (5,045 ) Billed, net 144,958 187,000 Accrued Receivables 23,668 32,116 Receivables, net $ 168,626 $ 219,116 |
Components of Other Current Assets and Other Current Liabilities | Other Current Assets and Other Current Liabilities (in thousands) June 30, December 31, Settlement deposits $ 4,566 $ 5,357 Settlement receivables 3,463 7,961 Other 9,912 8,319 Total other current assets $ 17,941 $ 21,637 (in thousands) June 30, December 31, Settlement payables $ 6,941 $ 11,250 Accrued interest 7,547 7,501 Vendor financed licenses 11,749 15,723 Royalties payable 4,013 4,910 Other 30,983 35,841 Total other current liabilities $ 61,233 $ 75,225 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill attributable to each reporting unit with goodwill balances during the six months ended June 30, 2016 were as follows: (in thousands) Americas EMEA Asia/ Pacific Total Gross Balance prior to December 31, 2015 $ 524,573 $ 376,827 $ 59,293 $ 960,693 Total impairment prior to December 31, 2015 (47,432 ) — — (47,432 ) Balance, December 31, 2015 477,141 376,827 59,293 913,261 Goodwill from acquisitions (1) — 665 — 665 Foreign currency translation adjustments 422 (997 ) 2,306 1,731 Balance, June 30, 2016 $ 477,563 $ 376,495 $ 61,599 $ 915,657 (1) Goodwill from acquisitions relates to adjustments in the goodwill recorded for the acquisition of PAY.ON AG and its subsidiaries (collectively “PAY.ON”) as discussed in Note 2, Acquisitions |
Revenues in Condensed Consolidated Statements of Operations from Arrangements for which Vendor-Specific Objective Evidence of Fair Value Does Not Exist for Each Undelivered Element | This allocation methodology has been applied to the following amounts included in revenues in the condensed consolidated statements of operations from arrangements for which VSOE of fair value does not exist for each undelivered element: (in thousands) Three Months Ended Six Months Ended 2016 2015 2016 2015 License $ 1,704 $ 1,918 $ 3,395 $ 3,925 Maintenance 800 872 1,797 1,815 Services 60 131 138 234 Total $ 2,564 $ 2,921 $ 5,330 $ 5,974 |
Acquisitions (Tables)
Acquisitions (Tables) - PAY.ON | 6 Months Ended |
Jun. 30, 2016 | |
Purchase Price of Pay.ON at Acquisition Date | The purchase price of PAY.ON as of the date of the acquisition was comprised of (in thousands): Amount Cash payments to PAY.ON shareholders $ 180,994 Issuance of ACI common stock 5,379 Total purchase price $ 186,373 |
Preliminary Purchase Price Allocation | In connection with the acquisition, the Company recorded the following amounts based upon its purchase price allocation as of June 30, 2016. The purchase price allocation for PAY.ON is considered preliminary and is subject to completion of valuations and other analyses. (in thousands, except weighted average useful lives) Weighted-Average PAY.ON Current assets: Cash and cash equivalents $ 1,627 Receivables, net of allowance 2,674 Other current assets 511 Total current assets acquired 4,812 Noncurrent assets: Property and equipment 332 Goodwill 140,680 Software 5 years 34,150 Customer relationships 15 years 21,718 Trademarks 5 years 2,300 Other noncurrent assets 7 Total assets acquired 203,999 Current liabilities: Accounts payable 1,058 Employee compensation 681 Other current liabilities 840 Total current liabilities acquired 2,579 Noncurrent liabilities: Deferred income taxes 15,047 Total liabilities acquired 17,626 Net assets acquired $ 186,373 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Maturities on Long-Term Debt Outstanding | Maturities on long-term debt outstanding at June 30, 2016 are as follows: Fiscal year ending December 31, (in thousands) 2016 $ 47,647 2017 95,293 2018 291,997 2019 — 2020 300,000 Total $ 734,937 |
Carrying Value of Debt | (in thousands) As of As of Term credit facility $ 412,937 $ 460,583 Revolving credit facility 22,000 178,000 6.375% Senior Notes, due August 2020 300,000 300,000 Debt issuance costs (11,584 ) (14,424 ) Total debt 723,353 924,159 Less current portion of term credit facility 95,293 95,293 Less current portion of debt issuance costs (5,095 ) (5,583 ) Total long-term debt $ 633,155 $ 834,449 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Stock Options Issued Pursuant to Stock Incentive Plans | A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2015 5,799,076 $ 14.37 Granted 2,284,500 17.92 Exercised (691,655 ) 11.46 Forfeited (150,567 ) 19.04 Outstanding as of June 30, 2016 7,241,354 $ 15.67 7.21 $ 28,633,811 Exercisable as of June 30, 2016 3,583,017 $ 12.81 5.24 $ 24,540,121 |
Summary of Nonvested Long-Term Incentive Program Performance Share Awards Outstanding and Changes During Period | A summary of nonvested Retention RSAs as of June 30, 2016 and changes during the period are as follows: Nonvested Retention Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2015 — $ — Granted 473,069 17.89 Vested (533 ) 17.89 Forfeited (20,381 ) 17.89 Nonvested as of June 30, 2016 452,155 $ 17.89 |
Summary of Nonvested Restricted Share Awards and Changes During Period | A summary of nonvested restricted share awards (“RSAs”) as of June 30, 2016 and changes during the period are as follows: Nonvested Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2015 149,262 $ 22.62 Granted 117,836 20.75 Vested (107,862 ) 22.81 Forfeited (1,981 ) 18.41 Nonvested as of June 30, 2016 157,255 $ 21.13 |
Online Resources Corporation | |
Summary of Stock Options Issued Pursuant to Stock Incentive Plans | A summary of transaction stock options issued pursuant to the Company’s stock incentive plans is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2015 21,036 $ 29.76 Exercised (4,299 ) 13.92 Cancelled (2,529 ) 41.12 Outstanding as of June 30, 2016 14,208 $ 32.53 1.89 $ — Exercisable as of June 30, 2016 14,208 $ 32.53 1.89 $ — |
Black-Scholes Option-Pricing Model [Member] | |
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions | The fair value of options that do not vest based on the achievement of certain market conditions granted during the six months ended June 30, 2016 and 2015 were estimated on the date of grant using the Black-Scholes option-pricing , Six Months Ended Six Months Ended Expected life (years) 5.93 5.93 Interest rate 1.2 % 1.4 % Volatility 29.7 % 32.1 % Dividend yield — — |
Monte Carlo Simulation [Member] | |
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions | With respect to options granted that vest based on the achievement of certain market conditions, the grant date fair value of such options was estimated using the following weighted-average assumptions: Six Months Ended Six Months Ended Expected life (years) 7.50 7.50 Interest rate 1.6 % 1.7 % Volatility 41.6 % 41.9 % Dividend yield — — |
LTIP Performance Shares [Member] | |
Summary of Nonvested Long-Term Incentive Program Performance Share Awards Outstanding and Changes During Period | A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) outstanding as of June 30, 2016 and changes during the period are as follows: Nonvested LTIP Performance Shares Number of Weighted- Nonvested as of December 31, 2015 889,295 $ 19.13 Granted 1,059,428 17.92 Forfeited (75,106 ) 18.83 Nonvested as of June 30, 2016 1,873,617 $ 18.45 |
Performance-Based Restricted Share Awards [Member] | |
Summary of Nonvested Long-Term Incentive Program Performance Share Awards Outstanding and Changes During Period | A summary of nonvested Performance-Based Restricted Share Awards (“PBRSAs”) as of June 30, 2016 and changes during the period are as follows: Nonvested Performance-Based Restricted Share Awards Number of Performance-Based Weighted-Average Grant Nonvested as of December 31, 2015 938,863 $ 23.42 Vested (169,567 ) 24.41 Forfeited (38,629 ) 22.32 Change in attainment for 2015 grants (18,232 ) 24.41 Nonvested as of June 30, 2016 712,435 $ 23.22 |
Restricted share awards (RSAs) [Member] | PAY.ON | |
Summary of Nonvested Restricted Share Awards and Changes During Period | A summary of nonvested PAY.ON RSAs as of June 30, 2016 and changes during the period are as follows: Nonvested PAY.ON Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2015 476,750 $ 23.60 Vested (119,186 ) 23.60 Nonvested as of June 30, 2016 357,564 $ 23.60 |
Software and Other Intangible27
Software and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount and Accumulated Amortization of Other Intangible Assets | The carrying amount and accumulated amortization of the Company’s other intangible assets that were subject to amortization at each balance sheet date are as follows: June 30, 2016 December 31, 2015 (in thousands) Gross Accumulated Net Balance Gross Accumulated Net Balance Customer relationships $ 300,784 $ (88,801 ) $ 211,983 $ 336,075 $ (86,585 ) $ 249,490 Trademarks and tradenames 16,387 (10,717 ) 5,670 18,040 (10,605 ) 7,435 Purchased Contracts 10,543 (10,543 ) — 10,690 (10,690 ) — $ 327,714 $ (110,061 ) $ 217,653 $ 364,805 $ (107,880 ) $ 256,925 |
Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Software and Other Intangible Assets | Based on capitalized software and other intangible assets at June 30, 2016, estimated amortization expense for future fiscal years is as follows: Fiscal Year Ending December 31, Software Other (in thousands) Remainder of 2016 $ 27,984 $ 10,183 2017 49,829 19,368 2018 37,900 18,863 2019 29,864 18,306 2020 24,355 17,416 2021 16,537 16,935 Thereafter 11,392 116,582 Total $ 197,861 $ 217,653 |
Corporate Restructuring and O28
Corporate Restructuring and Other Organizational Changes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Components of Corporate Restructuring and Other Reorganization Activities from Recent Acquisitions | The components of corporate restructuring and other reorganization activities from the recent acquisitions are included in the following table: (in thousands) Severance Facility Total Balance, December 31, 2015 $ 777 $ 268 $ 1,045 Restructuring charges incurred — 2,216 2,216 Amounts paid during the period (417 ) (93 ) (510 ) Foreign currency translation 1 — 1 Balance, June 30, 2016 $ 361 $ 2,391 $ 2,752 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Average Share Amounts used to Compute Both Basic and Diluted Earnings (Loss) Per Share | The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares outstanding: Basic weighted average shares outstanding 115,480 117,109 117,810 116,584 Add: Dilutive effect of stock options — 1,466 1,213 1,504 Diluted weighted average shares outstanding 115,480 118,575 119,023 118,088 |
Other (Tables)
Other (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Other | Other is comprised of the following items: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Foreign currency transaction gains (losses) $ 2,023 $ (4,806 ) $ 1,689 $ (1,084 ) Realized gain on sale of available-for-sale securities — 24,465 — 24,465 Total $ 2,023 $ 19,659 $ 1,689 $ 23,381 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Selected Segment Financial Data, Revenues and Income (Loss) Before Income Taxes | The following is selected segment financial data for the periods indicated (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenues: Americas - United States $ 125,550 $ 160,754 $ 258,915 $ 306,538 Americas - Other 23,710 16,977 46,562 34,943 EMEA 47,575 68,504 97,212 117,888 Asia/Pacific 23,095 19,587 43,307 39,270 $ 219,930 $ 265,822 $ 445,996 $ 498,639 Income (loss) before income taxes: Americas $ (3,199 ) $ 21,569 $ 146,798 $ 37,678 EMEA 29,505 33,494 58,932 54,195 Asia/Pacific 11,953 8,315 22,519 18,572 Corporate (72,175 ) (30,502 ) (135,832 ) (78,261 ) $ (33,916 ) $ 32,876 $ 92,417 $ 32,184 |
Selected Segment Financial Data, Assets | The following is selected segment financial data for the periods indicated (in thousands): June 30, December 31, Total assets: Americas - United States $ 1,050,167 $ 1,182,309 Americas - Other 29,042 33,492 EMEA 609,993 643,275 Asia/Pacific 110,723 116,712 $ 1,799,925 $ 1,975,788 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Gain (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Activity within Accumulated Other Comprehensive Gain (Loss) | Activity within accumulated other comprehensive gain (loss) for the six months ended June 30, 2016, which consists of foreign currency translation adjustments, were as follows: Accumulated Balance at December 31, 2015 $ (71,576 ) Other comprehensive income loss (2,659 ) Balance at June 30, 2016 $ (74,235 ) |
Condensed Consolidated Financ33
Condensed Consolidated Financial Statements - Receivables and Concentration of Credit Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Billed Receivables | $ 148,869 | $ 192,045 |
Allowance for doubtful accounts | (3,911) | (5,045) |
Billed, net | 144,958 | 187,000 |
Accrued Receivables | 23,668 | 32,116 |
Receivables, net | $ 168,626 | $ 219,116 |
Condensed Consolidated Financ34
Condensed Consolidated Financial Statements - Components of Other Current Assets and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Other | $ 9,912 | $ 8,319 |
Total other current assets | 17,941 | 21,637 |
Settlement payables | 6,941 | 11,250 |
Accrued interest | 7,547 | 7,501 |
Vendor financed licenses | 11,749 | 15,723 |
Royalties payable | 4,013 | 4,910 |
Other | 30,983 | 35,841 |
Total other current liabilities | 61,233 | 75,225 |
Settlement deposits [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Other assets settlement | 4,566 | 5,357 |
Settlement receivables [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Other assets settlement | $ 3,463 | $ 7,961 |
Condensed Consolidated Financ35
Condensed Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Amount of off balance sheet settlement funds | $ 197.8 | $ 260.2 |
Condensed Consolidated Financ36
Condensed Consolidated Financial Statements - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | ||
Goodwill [Line Items] | |||
Gross Balance prior to the end of year | $ 960,693 | ||
Total impairment, beginning of period | (47,432) | ||
Beginning Balance | $ 913,261 | ||
Goodwill from acquisitions | [1] | 665 | |
Foreign currency translation adjustments | 1,731 | ||
Ending Balance | 915,657 | ||
Americas Segment [Member] | |||
Goodwill [Line Items] | |||
Gross Balance prior to the end of year | 524,573 | ||
Total impairment, beginning of period | (47,432) | ||
Beginning Balance | 477,141 | ||
Foreign currency translation adjustments | 422 | ||
Ending Balance | 477,563 | ||
EMEA Segment [Member] | |||
Goodwill [Line Items] | |||
Gross Balance prior to the end of year | 376,827 | ||
Beginning Balance | 376,827 | ||
Goodwill from acquisitions | [1] | 665 | |
Foreign currency translation adjustments | (997) | ||
Ending Balance | 376,495 | ||
Asia/Pacific Segment [Member] | |||
Goodwill [Line Items] | |||
Gross Balance prior to the end of year | $ 59,293 | ||
Beginning Balance | 59,293 | ||
Foreign currency translation adjustments | 2,306 | ||
Ending Balance | $ 61,599 | ||
[1] | Goodwill from acquisitions relates to adjustments in the goodwill recorded for the acquisition of PAY.ON AG and its subsidiaries (collectively "PAY.ON") as discussed in Note 2, Acquisitions. The purchase price allocation for PAY.ON is preliminary as of June 30, 2016 and accordingly is subject to future changes during the maximum one-year measurement period. |
Condensed Consolidated Financ37
Condensed Consolidated Financial Statements - Changes in Carrying Amount of Goodwill (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Maximum | |
Goodwill [Line Items] | |
Preliminary purchase price allocation period | 1 year |
Condensed Consolidated Financ38
Condensed Consolidated Financial Statements - Revenues in Condensed Consolidated Statements of Operations from Arrangements for which Vendor-Specific Objective Evidence of Fair Value Does Not Exist for Each Undelivered Element (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue Recognition, Milestone Method [Line Items] | ||||
License | $ 33,510 | $ 67,161 | $ 70,933 | $ 106,738 |
Maintenance | 60,332 | 60,141 | 117,663 | 119,633 |
Services | 23,823 | 23,110 | 43,399 | 46,607 |
Total revenues | 219,930 | 265,822 | 445,996 | 498,639 |
Vendor Specific Objective Evidence of Fair Value [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
License | 1,704 | 1,918 | 3,395 | 3,925 |
Maintenance | 800 | 872 | 1,797 | 1,815 |
Services | 60 | 131 | 138 | 234 |
Total revenues | $ 2,564 | $ 2,921 | $ 5,330 | $ 5,974 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Nov. 04, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Percentage of ownership interest acquired | 100.00% | 100.00% | 100.00% | ||||
Additional borrowing | $ 65,000 | ||||||
Operating Income (loss) | $ (26,345) | $ 23,664 | $ 110,586 | $ 30,089 | |||
Restricted share awards (RSAs) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Issuance of ACI common stock | 117,836 | ||||||
General and Administrative | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related transaction expenses | $ 900 | ||||||
Revolving Credit Facility | |||||||
Business Acquisition [Line Items] | |||||||
Additional borrowing | $ 181,000 | ||||||
PAY.ON | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 186,373 | $ 186,373 | |||||
Revenue | 4,200 | 8,400 | |||||
Operating Income (loss) | 4,700 | $ 8,000 | |||||
PAY.ON | Restricted share awards (RSAs) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Issuance of ACI common stock | 476,750 | ||||||
Fair value of shares on grant date | $ 11,300 | $ 11,300 | $ 11,300 | ||||
Awards granted requisite service period | 2 years | ||||||
PAY.ON | Restricted share awards (RSAs) [Member] | Vest In Every Six Months | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of award vesting increment for every six month | 25.00% |
Purchase Price of PAY.ON at Acq
Purchase Price of PAY.ON at Acquisition Date (Detail) - PAY.ON - USD ($) $ in Thousands | Nov. 04, 2015 | Jun. 30, 2016 |
Business Acquisition [Line Items] | ||
Cash payments to PAY.ON shareholders | $ 180,994 | |
Issuance of ACI common stock | 5,379 | |
Total purchase price | $ 186,373 | $ 186,373 |
Acquisitions - Preliminary Purc
Acquisitions - Preliminary Purchase Price Allocation of PAY.ON (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 915,657 | $ 913,261 |
PAY.ON | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 1,627 | |
Receivables, net of allowance | 2,674 | |
Other current assets | 511 | |
Total current assets acquired | 4,812 | |
Property and equipment | 332 | |
Goodwill | 140,680 | |
Other noncurrent assets | 7 | |
Total assets acquired | 203,999 | |
Accounts payable | 1,058 | |
Employee compensation | 681 | |
Other current liabilities | 840 | |
Total current liabilities acquired | 2,579 | |
Deferred income taxes | 15,047 | |
Total liabilities acquired | 17,626 | |
Net assets acquired | $ 186,373 | |
Software | PAY.ON | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, weighted-average useful lives | 5 years | |
Amortizable intangible assets | $ 34,150 | |
Customer relationships | PAY.ON | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, weighted-average useful lives | 15 years | |
Amortizable intangible assets | $ 21,718 | |
Trademarks | PAY.ON | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, weighted-average useful lives | 5 years | |
Amortizable intangible assets | $ 2,300 |
Divestiture - Additional inform
Divestiture - Additional information (Detail) - Community Financial Services products - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Mar. 03, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Amount of consideration related to disposal | $ 200 | |
Net after-tax gain on the sale of assets | $ 93.7 | |
TSA | Maximum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Migration period | 18 months |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Feb. 29, 2016 | Nov. 10, 2011 | Jun. 30, 2016 | Dec. 31, 2015 | Aug. 20, 2013 |
Debt Instrument [Line Items] | |||||
Credit facility, interest rate description | The applicable margin for borrowings under the Revolving Credit Facility is, based on the calculation of the applicable consolidated total leverage ratio, between 0.50% to 1.50% with respect to base rate borrowings and between 1.50% and 2.50% with respect to LIBOR based borrowings. Interest is due and payable monthly. The interest rate in effect at June 30, 2016 for the Credit Facility was 2.72%. | ||||
Credit facility, interest rate margin above federal fund rate | 1.00% | ||||
Credit facility, interest rate margin above one-month LIBOR rate | 1.00% | ||||
Credit facility, borrowing rate | 2.72% | ||||
Other current assets | $ 17,941,000 | $ 21,637,000 | |||
Current portion of long-term debt | 90,198,000 | 89,710,000 | |||
Other noncurrent assets | 37,439,000 | 33,658,000 | |||
Long-term debt | 633,155,000 | 834,449,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility amount outstanding | 22,000,000 | ||||
Unused borrowings | 203,000,000 | ||||
Credit facilities, maximum borrowing capacity | $ 250,000,000 | ||||
Current borrowing capacity due letter of credit | 225,000,000 | ||||
Term Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility amount outstanding | 401,400,000 | ||||
Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unused borrowings | 25,000,000 | ||||
Credit facilities, maximum borrowing capacity | $ 25,000,000 | ||||
Credit facility period | 6 months | ||||
Credit facility automatically renewal date | Jun. 15, 2016 | ||||
ASU 2015-03 [Member] | |||||
Debt Instrument [Line Items] | |||||
Other current assets | (5,600,000) | ||||
Current portion of long-term debt | 5,600,000 | ||||
Other noncurrent assets | (8,800,000) | ||||
Long-term debt | $ 8,800,000 | ||||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes amount outstanding | $ 300,000,000 | $ 300,000,000 | |||
Issue price percentage of senior notes of the principal amount | 100.00% | ||||
Percentage of interest rate on notes | 6.375% | ||||
Maturity date of senior notes | Aug. 15, 2020 | ||||
Credit Agreement | Minimum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate margin above base rate | 0.50% | ||||
Credit facility, interest rate margin above LIBOR rate | 1.50% | ||||
Credit Agreement | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate margin above base rate | 1.50% | ||||
Credit facility, interest rate margin above LIBOR rate | 2.50% | ||||
Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facilities, maximum borrowing capacity | $ 250,000,000 | ||||
Credit facilities, maturity | 5 years | ||||
Credit Facility maturity date | Aug. 20, 2018 | ||||
Credit Agreement | Term Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities, maximum borrowing capacity | $ 650,000,000 | ||||
Credit facilities, maturity | 5 years | ||||
Credit Facility maturity date | Aug. 20, 2018 | ||||
Parent Company and Domestic Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of capital stock pledged as collateral | 100.00% | ||||
Foreign Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of capital stock pledged as collateral | 65.00% |
Debt - Maturities on Long-Term
Debt - Maturities on Long-Term Debt Outstanding (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 47,647 |
2,017 | 95,293 |
2,018 | 291,997 |
2,019 | 0 |
2,020 | 300,000 |
Total | $ 734,937 |
Debt - Carrying Value of Debt (
Debt - Carrying Value of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (11,584) | $ (14,424) |
Total debt | 723,353 | 924,159 |
Less current portion of term credit facility | 95,293 | 95,293 |
Less current portion of debt issuance costs | (5,095) | (5,583) |
Total long-term debt | 633,155 | 834,449 |
6.375% Senior Notes, due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000 | 300,000 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 412,937 | 460,583 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 22,000 | $ 178,000 |
Debt - Carrying Value of Debt46
Debt - Carrying Value of Debt (Parenthetical) (Detail) - 6.375% Senior Notes, due August 2020 [Member] | 6 Months Ended |
Jun. 30, 2016 | |
Debt Instrument [Line Items] | |
Percentage of interest rate on notes | 6.375% |
Maturity date of senior notes | Aug. 15, 2020 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value senior note | $ 308.3 | $ 310.5 |
Stock-Based Compensation Plan48
Stock-Based Compensation Plans - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)Trancheshares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Tranche$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued under ESPP | shares | 96,350 | 85,659 | ||
Incentive plan, percentage of options expected to vest over the vesting period | 93.10% | 93.10% | ||
Incentive plan, weighted-average grant date fair value of stock options granted | $ / shares | $ 5.59 | $ 6.49 | ||
Incentive plan, total intrinsic value of stock options exercised | $ 6,200,000 | $ 10,900,000 | ||
Expected dividend yield | 0.00% | |||
Dividend paid | $ / shares | $ 0 | |||
Number of tranches | Tranche | 3 | 3 | ||
Stock-based compensation expenses | $ 13,100,000 | $ 5,400,000 | $ 22,572,000 | 9,291,000 |
Stock-based compensation expenses tax benefits | $ 4,900,000 | $ 2,000,000 | 8,500,000 | 3,500,000 |
Proceeds from exercises of stock options | 7,986,000 | 10,634,000 | ||
Actual tax benefit realized from tax deductions of option exercises | $ 2,300,000 | $ 4,100,000 | ||
Employee Stock Purchase Plan 1999 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock reserved for issuance | shares | 4,500,000 | 4,500,000 | ||
Permitted designation for purchase of common stock under ESPP | Participating employees are permitted to designate up to the lesser of $25,000 or 10% of their annual base compensation for the purchase of common stock under the ESPP. Purchases under the ESPP are made one calendar month after the end of each fiscal quarter. | |||
Employee participating annual base compensation designated for purchase of common stock, amount | $ 25,000 | $ 25,000 | ||
Employee participating annual base compensation designated for purchase of common stock, percent | 10.00% | 10.00% | ||
Price of common stock purchased under ESPP, description | The price for shares of common stock purchased under the ESPP is 85% of the stock's fair market value on the last business day of the three-month participation period. | |||
Price of common stock purchased under ESPP, percent | 85.00% | |||
Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vested grant date fair value | $ / shares | $ 7.46 | |||
Share-based compensation, trading price percentage | 133.00% | |||
Consecutive trading days | 20 days | |||
Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vested grant date fair value | $ / shares | $ 7.06 | |||
Share-based compensation, trading price percentage | 167.00% | |||
Consecutive trading days | 20 days | |||
Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vested grant date fair value | $ / shares | $ 6.50 | |||
Share-based compensation, trading price percentage | 200.00% | |||
Consecutive trading days | 20 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ 16,700,000 | $ 16,700,000 | ||
Unrecognized compensation expenses, weighted-average recognition periods | 2 years 3 months 18 days | |||
Restricted share awards (RSAs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation awards, shares vested | shares | 107,862 | |||
Shares withheld to pay employees' portion of minimum payroll withholding taxes | shares | 6,953 | |||
Unrecognized compensation expenses | 2,900,000 | $ 2,900,000 | ||
Unrecognized compensation expenses, weighted-average recognition periods | 1 year 3 months 18 days | |||
Retention RSAs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation awards, shares vested | shares | 533 | |||
Shares withheld to pay employees' portion of minimum payroll withholding taxes | shares | 228 | |||
Unrecognized compensation expenses | 3,700,000 | $ 3,700,000 | ||
Unrecognized compensation expenses, weighted-average recognition periods | 7 months 6 days | |||
Retention RSAs [Member] | Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year 3 months 18 days | |||
Retention RSAs [Member] | Executive Officers [Member] | Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage for each year | 50.00% | |||
Retention RSAs [Member] | Executive Officers [Member] | Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage for each year | 50.00% | |||
Retention RSAs [Member] | Employees other than Named Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 9 months 18 days | |||
Retention RSAs [Member] | Employees other than Named Executive Officers [Member] | Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage for each year | 50.00% | |||
Retention RSAs [Member] | Employees other than Named Executive Officers [Member] | Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage for each year | 50.00% | |||
Performance-Based Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation awards, shares vested | shares | 169,567 | |||
Shares withheld to pay employees' portion of minimum payroll withholding taxes | shares | 56,659 | |||
Unrecognized compensation expenses | 7,500,000 | $ 7,500,000 | ||
Unrecognized compensation expenses, weighted-average recognition periods | 1 year 2 months 12 days | |||
Performance-Based Restricted Share Awards [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected attainment level for the awards granted, percentage | 100.00% | |||
Performance-Based Restricted Share Awards [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected attainment level for the awards granted, percentage | 90.40% | |||
LTIP Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ 23,500,000 | $ 23,500,000 | ||
Unrecognized compensation expenses, weighted-average recognition periods | 2 years 6 months | |||
2016 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock reserved for issuance | shares | 8,000,000 | 8,000,000 | ||
2016 Incentive Plan | Stock options, stock appreciation rights, restricted stock, restricted stock units and other awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares of Common Stock a participant may receive | shares | 3,000,000 | |||
2016 Incentive Plan | Performance shares or Performance units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum aggregate value on the date of grant | $ 9,000,000 |
Summary of Stock Options Issued
Summary of Stock Options Issued Pursuant to Stock Incentive Plans (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 5,799,076 |
Granted | shares | 2,284,500 |
Exercised | shares | (691,655) |
Forfeited | shares | (150,567) |
Outstanding, Ending Balance | shares | 7,241,354 |
Number of Shares Exercisable, Ending Balance | shares | 3,583,017 |
Weighted-Average Exercise Price | |
Beginning Balance | $ / shares | $ 14.37 |
Granted | $ / shares | 17.92 |
Exercised | $ / shares | 11.46 |
Forfeited | $ / shares | 19.04 |
Ending Balance | $ / shares | 15.67 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 12.81 |
Weighted-Average Remaining Contractual Term (Years) | |
Weighted Average Remaining Contractual Term (Years), Outstanding as of end of period | 7 years 2 months 16 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of end of period | 5 years 2 months 27 days |
Aggregate Intrinsic Value of In-the-Money Options | |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding as of end of period | $ | $ 28,633,811 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable as of end of period | $ | $ 24,540,121 |
Stock-Based Compensation Plan50
Stock-Based Compensation Plans - Estimated Fair Value of Options Granted using Black-Scholes Option-Pricing Model with Weighted-Average Assumptions (Detail) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Black-Scholes Option-Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 5 years 11 months 5 days | 5 years 11 months 5 days |
Interest rate | 1.20% | 1.40% |
Volatility | 29.70% | 32.10% |
Dividend yield | 0.00% | 0.00% |
Monte Carlo Simulation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 7 years 6 months | 7 years 6 months |
Interest rate | 1.60% | 1.70% |
Volatility | 41.60% | 41.90% |
Dividend yield | 0.00% | 0.00% |
Summary of Transaction Stock Op
Summary of Transaction Stock Options Issued Pursuant to Stock Incentive Plans (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 5,799,076 |
Exercised | shares | (691,655) |
Cancelled | shares | (150,567) |
Outstanding, Ending Balance | shares | 7,241,354 |
Number of Shares Exercisable, Ending Balance | shares | 3,583,017 |
Weighted-Average Exercise Price | |
Beginning Balance | $ / shares | $ 14.37 |
Exercised | $ / shares | 11.46 |
Cancelled | $ / shares | 19.04 |
Ending Balance | $ / shares | 15.67 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 12.81 |
Weighted-Average Remaining Contractual Term (Years) | |
Weighted-Average Remaining Contractual Term (Years), Outstanding as of end of period | 7 years 2 months 16 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of end of period | 5 years 2 months 27 days |
Aggregate Intrinsic Value of In-the-Money Options | |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding as of end of period | $ | $ 28,633,811 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable as of end of period | $ | $ 24,540,121 |
Online Resources Corporation | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 21,036 |
Exercised | shares | (4,299) |
Cancelled | shares | (2,529) |
Outstanding, Ending Balance | shares | 14,208 |
Number of Shares Exercisable, Ending Balance | shares | 14,208 |
Weighted-Average Exercise Price | |
Beginning Balance | $ / shares | $ 29.76 |
Exercised | $ / shares | 13.92 |
Cancelled | $ / shares | 41.12 |
Ending Balance | $ / shares | 32.53 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 32.53 |
Weighted-Average Remaining Contractual Term (Years) | |
Weighted-Average Remaining Contractual Term (Years), Outstanding as of end of period | 1 year 10 months 21 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of end of period | 1 year 10 months 21 days |
Aggregate Intrinsic Value of In-the-Money Options | |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding as of end of period | $ | $ 0 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable as of end of period | $ | $ 0 |
Stock-Based Compensation Plan52
Stock-Based Compensation Plans - Summary of Nonvested LTIP Performance Based Share Awards and Changes During Period (Detail) - LTIP Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Number of Shares at Expected Attainment | |
Beginning Balance | shares | 889,295 |
Granted | shares | 1,059,428 |
Forfeited | shares | (75,106) |
Ending Balance | shares | 1,873,617 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 19.13 |
Granted | $ / shares | 17.92 |
Forfeited | $ / shares | 18.83 |
Ending Balance | $ / shares | $ 18.45 |
Stock-Based Compensation Plan53
Stock-Based Compensation Plans - Summary of Nonvested Restricted Share Awards and Changes During Period (Detail) - Restricted share awards (RSAs) [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 149,262 |
Granted | shares | 117,836 |
Vested | shares | (107,862) |
Forfeited | shares | (1,981) |
Ending Balance | shares | 157,255 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 22.62 |
Granted | $ / shares | 20.75 |
Vested | $ / shares | 22.81 |
Forfeited | $ / shares | 18.41 |
Ending Balance | $ / shares | $ 21.13 |
Stock-Based Compensation Plan54
Stock-Based Compensation Plans - Summary of Nonvested Performance Based Share Awards and Changes During Period (Detail) - Performance-Based Restricted Share Awards [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 938,863 |
Vested | shares | (169,567) |
Forfeited | shares | (38,629) |
Change in attainment for 2015 grants | shares | (18,232) |
Ending Balance | shares | 712,435 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 23.42 |
Vested | $ / shares | 24.41 |
Forfeited | $ / shares | 22.32 |
Change in attainment for 2015 grants | $ / shares | 24.41 |
Ending Balance | $ / shares | $ 23.22 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans - Summary of Nonvested Performance Based Restricted Share Awards and Changes During Period (Detail) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Retention RSAs [Member] | |
Nonvested Restricted Share Awards | |
Granted | shares | 473,069 |
Vested | shares | (533) |
Forfeited | shares | (20,381) |
Ending Balance | shares | 452,155 |
Weighted-Average Grant Date Fair Value | |
Granted | $ / shares | $ 17.89 |
Vested | $ / shares | 17.89 |
Forfeited | $ / shares | 17.89 |
Ending Balance | $ / shares | $ 17.89 |
PAY.ON RSAs [Member] | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 476,750 |
Vested | shares | (119,186) |
Ending Balance | shares | 357,564 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 23.60 |
Vested | $ / shares | 23.60 |
Ending Balance | $ / shares | $ 23.60 |
Software and Other Intangible56
Software and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Software, net | $ 197,861 | $ 197,861 | $ 237,941 | ||
Software, accumulated amortization | 172,600 | 172,600 | 158,900 | ||
Other intangible assets amortization expense | 5,300 | $ 5,700 | 11,100 | $ 11,500 | |
Software Marketed for External Sale [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Software, net | 51,800 | 51,800 | 70,100 | ||
Software, amortization expense | 3,000 | 3,600 | $ 6,300 | 7,500 | |
Software Marketed for External Sale [Member] | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 3 years | ||||
Software Marketed for External Sale [Member] | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years | ||||
Software Acquired or Developed for Internal Use | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Software, net | 146,100 | $ 146,100 | $ 167,800 | ||
Software, amortization expense | $ 11,000 | $ 9,100 | $ 22,900 | $ 17,600 | |
Software Acquired or Developed for Internal Use | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 3 years | ||||
Software Acquired or Developed for Internal Use | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years |
Software and Other Intangible57
Software and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 327,714 | $ 364,805 |
Accumulated Amortization | (110,061) | (107,880) |
Net Balance | 217,653 | 256,925 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 300,784 | 336,075 |
Accumulated Amortization | (88,801) | (86,585) |
Net Balance | 211,983 | 249,490 |
Trademarks and tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,387 | 18,040 |
Accumulated Amortization | (10,717) | (10,605) |
Net Balance | 5,670 | 7,435 |
Purchased contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,543 | 10,690 |
Accumulated Amortization | $ (10,543) | $ (10,690) |
Software and Other Intangible58
Software and Other Intangible Assets - Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Balance | $ 217,653 | $ 256,925 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | 27,984 | |
2,017 | 49,829 | |
2,018 | 37,900 | |
2,019 | 29,864 | |
2,020 | 24,355 | |
2,021 | 16,537 | |
Thereafter | 11,392 | |
Net Balance | 197,861 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | 10,183 | |
2,017 | 19,368 | |
2,018 | 18,863 | |
2,019 | 18,306 | |
2,020 | 17,416 | |
2,021 | 16,935 | |
Thereafter | 116,582 | |
Net Balance | $ 217,653 |
Corporate Restructuring and O59
Corporate Restructuring and Other Organizational Changes - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs paid during the period | $ 400 | ||
Restructuring charges incurred | 2,216 | ||
Employee termination costs | $ 1,300 | ||
Restructuring costs | 510 | ||
Restructuring charges | 2,752 | $ 1,045 | |
Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance liability to be paid over the next 12 months | 400 | ||
Restructuring costs | 417 | $ 2,200 | |
Restructuring charges | 361 | 777 | |
Facility Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | 2,216 | ||
Restructuring costs | 93 | ||
Restructuring charges | 2,391 | $ 268 | |
Facility Closures [Member] | Other Current Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 600 | ||
Facility Closures [Member] | Other Noncurrent Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,800 |
Corporate Restructuring and O60
Corporate Restructuring and Other Organizational Changes - Components of Corporate Restructuring and Other Reorganization Activities from Recent Acquisitions (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 1,045 | |
Restructuring charges incurred | 2,216 | |
Amounts paid during the period | (510) | |
Foreign currency translation | 1 | |
Ending balance | 2,752 | |
Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 777 | |
Amounts paid during the period | (417) | $ (2,200) |
Foreign currency translation | 1 | |
Ending balance | 361 | |
Facility Closures [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 268 | |
Restructuring charges incurred | 2,216 | |
Amounts paid during the period | (93) | |
Ending balance | $ 2,391 |
Common Stock and Treasury Sto61
Common Stock and Treasury Stock - Additional Information (Detail) - USD ($) | 6 Months Ended | 54 Months Ended | |||||
Jun. 30, 2016 | Dec. 31, 2015 | Feb. 28, 2014 | Jul. 31, 2013 | Sep. 13, 2012 | Feb. 29, 2012 | Dec. 31, 2011 | |
Maximum stock authorized to purchase under stock repurchase program | $ 262,100,000 | $ 210,000,000 | |||||
Increase in maximum stock authorized to purchase under stock repurchase program | $ 100,000,000 | $ 100,000,000 | $ 52,100,000 | ||||
Repurchase of common stock, shares | 3,020,926 | 40,129,393 | |||||
Repurchase of common stock, value | $ 60,100,000 | $ 455,900,000 | |||||
Maximum | |||||||
Maximum stock authorized to purchase under stock repurchase program | $ 113,000,000 | ||||||
Stock authorized to purchase under stock repurchase program, shares | 7,500,000 | ||||||
Remaining value of shares authorized for purchase under the stock repurchase program | $ 78,200,000 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Average Share Amounts used to Compute Both Basic and Diluted Earnings (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted average shares outstanding: | ||||
Basic weighted average shares outstanding | 115,480 | 117,109 | 117,810 | 116,584 |
Add: Dilutive effect of stock options | 1,466 | 1,213 | 1,504 | |
Diluted weighted average shares outstanding | 115,480 | 118,575 | 119,023 | 118,088 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||
Options to purchase shares, restricted share awards, and contingently issuable shares excluded from diluted net earnings (loss) per share computation | 10,500,000 | 4,400,000 | 5,900,000 | 4,200,000 | |
Common stock outstanding | 117,249,990 | 117,249,990 | 119,033,770 |
Other (Detail)
Other (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency transaction gains (losses) | $ 2,023 | $ (4,806) | $ 1,689 | $ (1,084) |
Realized gain on sale of available-for-sale securities | 24,465 | 24,465 | ||
Total | $ 2,023 | $ 19,659 | $ 1,689 | $ 23,381 |
Other - Additional Information
Other - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income Expense [Line Items] | ||||
Realized gain on available-for-sale securities | $ 24,465 | $ 24,465 | ||
Deferred tax assets, valuation allowance | $ 8,700 | |||
Yodlee, Inc. [Member] | ||||
Other Income Expense [Line Items] | ||||
Cost basis investment | 9,800 | |||
Additional investment | $ 1,000 | |||
Total investments | $ 10,800 | |||
Realized gain on available-for-sale securities | $ 24,500 | 23,000 | ||
Cost basis price appreciation of shares | $ 10,800 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Number of geographic regions | 3 | |
Number of reportable segments | 3 | |
Customer Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues during the three and six months ended June 30, 2016 and 2015 | No single customer accounted for more than 10% of the Company's consolidated revenues during the three and six months ended June 30, 2016 and 2015. | |
Customer Concentration Risk | United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues attributable to customers | 12.70% | |
Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues during the three and six months ended June 30, 2016 and 2015 | No other country outside the United States accounted for more than 10% of the Company's consolidated revenues during the three and six months ended June 30, 2016. |
Segment Information - Selected
Segment Information - Selected Segment Financial Data, Revenues and Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 219,930 | $ 265,822 | $ 445,996 | $ 498,639 |
Income (loss) before income taxes | (33,916) | 32,876 | 92,417 | 32,184 |
Operating Segments [Member] | Americas Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) before income taxes | (3,199) | 21,569 | 146,798 | 37,678 |
Operating Segments [Member] | Americas Segment [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 125,550 | 160,754 | 258,915 | 306,538 |
Operating Segments [Member] | Americas Segment [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 23,710 | 16,977 | 46,562 | 34,943 |
Operating Segments [Member] | EMEA Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 47,575 | 68,504 | 97,212 | 117,888 |
Income (loss) before income taxes | 29,505 | 33,494 | 58,932 | 54,195 |
Operating Segments [Member] | Asia/Pacific Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 23,095 | 19,587 | 43,307 | 39,270 |
Income (loss) before income taxes | 11,953 | 8,315 | 22,519 | 18,572 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) before income taxes | $ (72,175) | $ (30,502) | $ (135,832) | $ (78,261) |
Segment Information - Selecte68
Segment Information - Selected Segment Financial Data, Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,799,925 | $ 1,975,788 |
Americas Segment [Member] | United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,050,167 | 1,182,309 |
Americas Segment [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 29,042 | 33,492 |
EMEA Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 609,993 | 643,275 |
Asia/Pacific Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 110,723 | $ 116,712 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rates, percentage | 50.00% | 18.00% | 21.00% | 16.00% | |
Earnings of foreign entities | $ 20.7 | $ 12.3 | $ 27.6 | $ 20 | |
Decrease in valuation allowance of deferred tax assets | 10.1 | ||||
Unrecognized tax benefit for uncertain tax positions | 22.9 | 22.9 | $ 21.1 | ||
Accrued interest and penalties related to income tax liabilities | 2.1 | 2.1 | $ 2.2 | ||
Decrease in unrecognized tax benefits due to expiration of statutes of limitations and settlement of various audits | $ 1.6 | $ 1.6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Sep. 23, 2015 | Jun. 30, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, name of plaintiff | Baldwin Hackett & Meeks, Inc. | |
Loss contingency, damages sought, value | $ 43.8 | |
Loss contingency, damages awarded, value | $ 43.8 | |
Attorney fees and costs | $ 2.7 |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Gain (Loss) - Activity within Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at December 31, 2015 | $ 654,400 | |||
Other comprehensive income loss | $ (8,774) | $ (16,526) | (2,659) | $ (31,515) |
Balance at June 30, 2016 | 695,638 | 695,638 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at December 31, 2015 | (71,576) | |||
Balance at June 30, 2016 | $ (74,235) | $ (74,235) |