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(in millions) | ||||
Balance as of December 31, 2014 | $ | 370.1 | ||
Foreign currency translation | (5.9 | ) | ||
Balance as of June 30, 2015 | $ | 364.2 |
As of June 30, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | ||||||||||||||||||||
Intellectual property | $ | 28.6 | $ | (25.9 | ) | $ | 2.7 | 9 | $ | 29.0 | $ | (25.0 | ) | $ | 4.0 | 9 | ||||||||||||
Customer-related assets | 139.4 | (88.2 | ) | 51.2 | 12 | 141.5 | (83.6 | ) | 57.9 | 12 | ||||||||||||||||||
Supplier relationships | 0.2 | (0.1 | ) | 0.1 | 20 | 0.2 | (0.1 | ) | 0.1 | 20 | ||||||||||||||||||
Technology-based assets | 88.5 | (61.2 | ) | 27.3 | 8 | 88.8 | (57.4 | ) | 31.4 | 8 | ||||||||||||||||||
Non-competition agreement | 4.3 | (2.1 | ) | 2.2 | 5 | 4.4 | (1.9 | ) | 2.5 | 5 | ||||||||||||||||||
Total intangible assets | $ | 261.0 | $ | (177.5 | ) | $ | 83.5 | 10 | $ | 263.9 | $ | (168.0 | ) | $ | 95.9 | 10 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Amortization expense | $ | 5.4 | $ | 5.5 | $ | 10.9 | $ | 10.6 |
(in millions) | ||||
Remainder of 2015 (from July 1 through December 31) | $ | 10.8 | ||
2016 | 17.2 | |||
2017 | 12.8 | |||
2018 | 10.6 | |||
2019 | 7.9 | |||
Thereafter | 24.2 |
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External revenue by geographical area | ||||||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
United States | $ | 151.2 | $ | 136.5 | $ | 292.1 | $ | 266.4 | ||||||||
United Kingdom | 16.0 | 15.6 | 30.8 | 31.0 | ||||||||||||
Continental Europe | 14.4 | 15.9 | 28.7 | 31.5 | ||||||||||||
Australia | 8.0 | 9.2 | 15.7 | 17.4 | ||||||||||||
Canada | 7.1 | 7.5 | 14.0 | 15.2 | ||||||||||||
Asia | 4.4 | 3.9 | 8.8 | 7.6 | ||||||||||||
Other | 1.0 | 0.8 | 1.8 | 1.5 | ||||||||||||
Total International | 50.9 | 52.9 | 99.8 | 104.2 | ||||||||||||
Consolidated revenue | $ | 202.1 | $ | 189.4 | $ | 391.9 | $ | 370.6 |
Long-lived assets by geographical area | ||||||||
As of June 30 | As of December 31 | |||||||
(in millions) | 2015 | 2014 | ||||||
United States | $ | 104.2 | $ | 98.1 | ||||
United Kingdom | 8.4 | 8.1 | ||||||
Continental Europe | 2.0 | 2.1 | ||||||
Australia | 1.0 | 0.8 | ||||||
Canada | 0.7 | 0.9 | ||||||
Asia | 6.2 | 7.5 | ||||||
Other | 0.1 | 0.1 | ||||||
Total International | 18.4 | 19.5 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 122.6 | $ | 117.6 |
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As of June 30 | As of December 31 | |||||||
(in millions) | 2015 | 2014 | ||||||
Available-for-sale | $ | 8.8 | $ | 13.2 | ||||
Held-to-maturity | 15.1 | 17.9 | ||||||
Trading securities | 9.1 | 8.3 | ||||||
Total | $ | 33.0 | $ | 39.4 |
As of June 30, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||
(in millions) | Cost | Unrealized Gain | Unrealized Loss | Fair Value | Cost | Unrealized Gain | Unrealized Loss | Fair Value | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Equity securities and exchange-traded funds | $ | 7.4 | $ | 0.3 | $ | (0.2 | ) | $ | 7.5 | $ | 11.4 | $ | 0.8 | $ | (0.3 | ) | $ | 11.9 | ||||||||||||||
Mutual funds | 1.2 | 0.2 | (0.1 | ) | 1.3 | 1.2 | 0.2 | (0.1 | ) | 1.3 | ||||||||||||||||||||||
Total | $ | 8.6 | $ | 0.5 | $ | (0.3 | ) | $ | 8.8 | $ | 12.6 | $ | 1.0 | $ | (0.4 | ) | $ | 13.2 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 15.1 | $ | — | $ | — | $ | 15.1 | $ | 17.9 | $ | — | $ | — | $ | 17.9 |
As of June 30, 2015 | As of December 31, 2014 | |||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | ||||||||||||
Available-for-sale: | ||||||||||||||||
Equity securities, exchange-traded funds, and mutual funds | $ | 8.6 | $ | 8.8 | $ | 12.6 | $ | 13.2 | ||||||||
Total | $ | 8.6 | $ | 8.8 | $ | 12.6 | $ | 13.2 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 15.1 | $ | 15.1 | $ | 17.9 | $ | 17.9 | ||||||||
Total | $ | 15.1 | $ | 15.1 | $ | 17.9 | $ | 17.9 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Realized gains | $ | 0.7 | $ | 0.4 | $ | 0.9 | $ | 0.6 | ||||||||
Realized losses | (0.2 | ) | — | (0.5 | ) | (0.3 | ) | |||||||||
Realized gains, net | $ | 0.5 | $ | 0.4 | $ | 0.4 | $ | 0.3 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Unrealized gains (losses), net | $ | 0.2 | $ | (0.2 | ) | $ | 0.3 | $ | (0.2 | ) |
Fair Value | Fair Value Measurements as of June 30, 2015 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | June 30, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 7.5 | $ | 7.5 | $ | — | $ | — | ||||||||
Mutual funds | 1.3 | 1.3 | — | — | ||||||||||||
Trading securities | 9.1 | 9.1 | — | — | ||||||||||||
Cash equivalents | 0.5 | 0.5 | — | — | ||||||||||||
Total | $ | 18.4 | $ | 18.4 | $ | — | $ | — |
Fair Value | Fair Value Measurements as of December 31, 2014 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | December 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 11.9 | $ | 11.9 | $ | — | $ | — | ||||||||
Mutual funds | 1.3 | 1.3 | — | — | ||||||||||||
Trading securities | 8.3 | 8.3 | — | — | ||||||||||||
Cash equivalents | 0.5 | 0.5 | — | — | ||||||||||||
Total | $ | 22.0 | $ | 22.0 | $ | — | $ | — |
Level 1: | Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. |
Level 2: | Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
Level 3: | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
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Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Cost of revenue | $ | 2.1 | $ | 2.0 | $ | 4.1 | $ | 3.7 | ||||||||
Sales and marketing | 0.6 | 0.5 | 1.1 | 1.0 | ||||||||||||
General and administrative | 1.9 | 1.9 | 3.7 | 3.6 | ||||||||||||
Total stock-based compensation expense | $ | 4.6 | $ | 4.4 | $ | 8.9 | $ | 8.3 |
Unrecognized stock-based compensation expense (in millions) | Expected amortization period (months) | |||||
Restricted stock units | $ | 39.3 | 35 | |||
Performance share awards | 3.8 | 29 | ||||
Total unrecognized stock-based compensation expense | $ | 43.1 | 34 |
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Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Income (loss) before income taxes and equity in net income of unconsolidated entities | $ | 50.3 | $ | (18.9 | ) | $ | 94.6 | $ | 20.5 | |||||||
Equity in net income of unconsolidated entities | 0.6 | 0.5 | 1.0 | 1.1 | ||||||||||||
Net (income) loss attributable to the noncontrolling interest | — | — | (0.2 | ) | — | |||||||||||
Total | $ | 50.9 | $ | (18.4 | ) | $ | 95.4 | $ | 21.6 | |||||||
Income tax expense (benefit) | $ | 18.7 | $ | (8.6 | ) | $ | 33.6 | $ | 5.0 | |||||||
Effective tax rate | 36.7 | % | 46.8 | % | 35.2 | % | 23.3 | % |
As of June 30 | As of December 31 | |||||||
(in millions) | 2015 | 2014 | ||||||
Gross unrecognized tax benefits | $ | 13.4 | $ | 11.9 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 11.3 | $ | 11.9 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 10.0 | $ | 10.6 |
As of June 30 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2015 | 2014 | ||||||
Current liability | $ | 5.9 | $ | 5.1 | ||||
Non-current liability | 5.1 | 6.6 | ||||||
Total liability for unrecognized tax benefits | $ | 11.0 | $ | 11.7 |
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(in millions) | ||||
Balance as of December 31, 2014 | $ | 370.1 | ||
Foreign currency translation | (5.9 | ) | ||
Balance as of June 30, 2015 | $ | 364.2 |
As of June 30, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | ||||||||||||||||||||
Intellectual property | $ | 28.6 | $ | (25.9 | ) | $ | 2.7 | 9 | $ | 29.0 | $ | (25.0 | ) | $ | 4.0 | 9 | ||||||||||||
Customer-related assets | 139.4 | (88.2 | ) | 51.2 | 12 | 141.5 | (83.6 | ) | 57.9 | 12 | ||||||||||||||||||
Supplier relationships | 0.2 | (0.1 | ) | 0.1 | 20 | 0.2 | (0.1 | ) | 0.1 | 20 | ||||||||||||||||||
Technology-based assets | 88.5 | (61.2 | ) | 27.3 | 8 | 88.8 | (57.4 | ) | 31.4 | 8 | ||||||||||||||||||
Non-competition agreement | 4.3 | (2.1 | ) | 2.2 | 5 | 4.4 | (1.9 | ) | 2.5 | 5 | ||||||||||||||||||
Total intangible assets | $ | 261.0 | $ | (177.5 | ) | $ | 83.5 | 10 | $ | 263.9 | $ | (168.0 | ) | $ | 95.9 | 10 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Amortization expense | $ | 5.4 | $ | 5.5 | $ | 10.9 | $ | 10.6 |
(in millions) | ||||
Remainder of 2015 (from July 1 through December 31) | $ | 10.8 | ||
2016 | 17.2 | |||
2017 | 12.8 | |||
2018 | 10.6 | |||
2019 | 7.9 | |||
Thereafter | 24.2 |
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External revenue by geographical area | ||||||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
United States | $ | 151.2 | $ | 136.5 | $ | 292.1 | $ | 266.4 | ||||||||
United Kingdom | 16.0 | 15.6 | 30.8 | 31.0 | ||||||||||||
Continental Europe | 14.4 | 15.9 | 28.7 | 31.5 | ||||||||||||
Australia | 8.0 | 9.2 | 15.7 | 17.4 | ||||||||||||
Canada | 7.1 | 7.5 | 14.0 | 15.2 | ||||||||||||
Asia | 4.4 | 3.9 | 8.8 | 7.6 | ||||||||||||
Other | 1.0 | 0.8 | 1.8 | 1.5 | ||||||||||||
Total International | 50.9 | 52.9 | 99.8 | 104.2 | ||||||||||||
Consolidated revenue | $ | 202.1 | $ | 189.4 | $ | 391.9 | $ | 370.6 |
Long-lived assets by geographical area | ||||||||
As of June 30 | As of December 31 | |||||||
(in millions) | 2015 | 2014 | ||||||
United States | $ | 104.2 | $ | 98.1 | ||||
United Kingdom | 8.4 | 8.1 | ||||||
Continental Europe | 2.0 | 2.1 | ||||||
Australia | 1.0 | 0.8 | ||||||
Canada | 0.7 | 0.9 | ||||||
Asia | 6.2 | 7.5 | ||||||
Other | 0.1 | 0.1 | ||||||
Total International | 18.4 | 19.5 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 122.6 | $ | 117.6 |
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As of June 30 | As of December 31 | |||||||
(in millions) | 2015 | 2014 | ||||||
Available-for-sale | $ | 8.8 | $ | 13.2 | ||||
Held-to-maturity | 15.1 | 17.9 | ||||||
Trading securities | 9.1 | 8.3 | ||||||
Total | $ | 33.0 | $ | 39.4 |
As of June 30, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||
(in millions) | Cost | Unrealized Gain | Unrealized Loss | Fair Value | Cost | Unrealized Gain | Unrealized Loss | Fair Value | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Equity securities and exchange-traded funds | $ | 7.4 | $ | 0.3 | $ | (0.2 | ) | $ | 7.5 | $ | 11.4 | $ | 0.8 | $ | (0.3 | ) | $ | 11.9 | ||||||||||||||
Mutual funds | 1.2 | 0.2 | (0.1 | ) | 1.3 | 1.2 | 0.2 | (0.1 | ) | 1.3 | ||||||||||||||||||||||
Total | $ | 8.6 | $ | 0.5 | $ | (0.3 | ) | $ | 8.8 | $ | 12.6 | $ | 1.0 | $ | (0.4 | ) | $ | 13.2 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 15.1 | $ | — | $ | — | $ | 15.1 | $ | 17.9 | $ | — | $ | — | $ | 17.9 |
As of June 30, 2015 | As of December 31, 2014 | |||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | ||||||||||||
Available-for-sale: | ||||||||||||||||
Equity securities, exchange-traded funds, and mutual funds | $ | 8.6 | $ | 8.8 | $ | 12.6 | $ | 13.2 | ||||||||
Total | $ | 8.6 | $ | 8.8 | $ | 12.6 | $ | 13.2 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 15.1 | $ | 15.1 | $ | 17.9 | $ | 17.9 | ||||||||
Total | $ | 15.1 | $ | 15.1 | $ | 17.9 | $ | 17.9 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Realized gains | $ | 0.7 | $ | 0.4 | $ | 0.9 | $ | 0.6 | ||||||||
Realized losses | (0.2 | ) | — | (0.5 | ) | (0.3 | ) | |||||||||
Realized gains, net | $ | 0.5 | $ | 0.4 | $ | 0.4 | $ | 0.3 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Unrealized gains (losses), net | $ | 0.2 | $ | (0.2 | ) | $ | 0.3 | $ | (0.2 | ) |
Fair Value | Fair Value Measurements as of June 30, 2015 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | June 30, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 7.5 | $ | 7.5 | $ | — | $ | — | ||||||||
Mutual funds | 1.3 | 1.3 | — | — | ||||||||||||
Trading securities | 9.1 | 9.1 | — | — | ||||||||||||
Cash equivalents | 0.5 | 0.5 | — | — | ||||||||||||
Total | $ | 18.4 | $ | 18.4 | $ | — | $ | — |
Fair Value | Fair Value Measurements as of December 31, 2014 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | December 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 11.9 | $ | 11.9 | $ | — | $ | — | ||||||||
Mutual funds | 1.3 | 1.3 | — | — | ||||||||||||
Trading securities | 8.3 | 8.3 | — | — | ||||||||||||
Cash equivalents | 0.5 | 0.5 | — | — | ||||||||||||
Total | $ | 22.0 | $ | 22.0 | $ | — | $ | — |
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Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Cost of revenue | $ | 2.1 | $ | 2.0 | $ | 4.1 | $ | 3.7 | ||||||||
Sales and marketing | 0.6 | 0.5 | 1.1 | 1.0 | ||||||||||||
General and administrative | 1.9 | 1.9 | 3.7 | 3.6 | ||||||||||||
Total stock-based compensation expense | $ | 4.6 | $ | 4.4 | $ | 8.9 | $ | 8.3 |
Unrecognized stock-based compensation expense (in millions) | Expected amortization period (months) | |||||
Restricted stock units | $ | 39.3 | 35 | |||
Performance share awards | 3.8 | 29 | ||||
Total unrecognized stock-based compensation expense | $ | 43.1 | 34 |
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Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Income (loss) before income taxes and equity in net income of unconsolidated entities | $ | 50.3 | $ | (18.9 | ) | $ | 94.6 | $ | 20.5 | |||||||
Equity in net income of unconsolidated entities | 0.6 | 0.5 | 1.0 | 1.1 | ||||||||||||
Net (income) loss attributable to the noncontrolling interest | — | — | (0.2 | ) | — | |||||||||||
Total | $ | 50.9 | $ | (18.4 | ) | $ | 95.4 | $ | 21.6 | |||||||
Income tax expense (benefit) | $ | 18.7 | $ | (8.6 | ) | $ | 33.6 | $ | 5.0 | |||||||
Effective tax rate | 36.7 | % | 46.8 | % | 35.2 | % | 23.3 | % |
As of June 30 | As of December 31 | |||||||
(in millions) | 2015 | 2014 | ||||||
Gross unrecognized tax benefits | $ | 13.4 | $ | 11.9 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 11.3 | $ | 11.9 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 10.0 | $ | 10.6 |
As of June 30 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2015 | 2014 | ||||||
Current liability | $ | 5.9 | $ | 5.1 | ||||
Non-current liability | 5.1 | 6.6 | ||||||
Total liability for unrecognized tax benefits | $ | 11.0 | $ | 11.7 |
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