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(in millions) | ||||
Balance as of December 31, 2015 | $ | 364.2 | ||
Acquisitions and foreign currency translation | 6.5 | |||
Balance as of September 30, 2016 | $ | 370.7 |
As of September 30, 2016 | As of December 31, 2015 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | ||||||||||||||||||||
Intellectual property | $ | 28.5 | $ | (27.7 | ) | $ | 0.8 | 9 | $ | 28.3 | $ | (26.7 | ) | $ | 1.6 | 9 | ||||||||||||
Customer-related assets | 137.3 | (97.6 | ) | 39.7 | 12 | 137.5 | (92.3 | ) | 45.2 | 12 | ||||||||||||||||||
Supplier relationships | 0.2 | (0.1 | ) | 0.1 | 20 | 0.2 | (0.1 | ) | 0.1 | 20 | ||||||||||||||||||
Technology-based assets | 92.6 | (69.8 | ) | 22.8 | 8 | 89.5 | (64.4 | ) | 25.1 | 8 | ||||||||||||||||||
Non-competition agreements | 4.8 | (2.9 | ) | 1.9 | 5 | 4.6 | (2.4 | ) | 2.2 | 5 | ||||||||||||||||||
Total intangible assets | $ | 263.4 | $ | (198.1 | ) | $ | 65.3 | 10 | $ | 260.1 | $ | (185.9 | ) | $ | 74.2 | 10 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Amortization expense | $ | 4.5 | $ | 5.5 | $ | 14.3 | $ | 16.4 |
(in millions) | ||||
Remainder of 2016 (from October 1 through December 31) | $ | 4.0 | ||
2017 | 13.8 | |||
2018 | 11.7 | |||
2019 | 9.2 | |||
2020 | 5.6 | |||
Thereafter | 21.0 |
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External revenue by geographical area | ||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
United States | $ | 143.5 | $ | 145.2 | $ | 430.6 | $ | 437.3 | ||||||||
United Kingdom | 15.2 | 15.6 | 45.8 | 46.4 | ||||||||||||
Continental Europe | 16.0 | 14.7 | 47.3 | 43.4 | ||||||||||||
Australia | 8.3 | 7.5 | 24.1 | 23.2 | ||||||||||||
Canada | 7.1 | 6.6 | 20.6 | 20.6 | ||||||||||||
Asia | 5.0 | 4.6 | 15.1 | 13.4 | ||||||||||||
Other | 1.0 | 1.1 | 2.9 | 2.9 | ||||||||||||
Total International | 52.6 | 50.1 | 155.8 | 149.9 | ||||||||||||
Consolidated revenue | $ | 196.1 | $ | 195.3 | $ | 586.4 | $ | 587.2 |
Long-lived assets by geographical area | ||||||||
As of September 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
United States | $ | 135.8 | $ | 116.9 | ||||
United Kingdom | 7.0 | 8.6 | ||||||
Continental Europe | 2.1 | 2.2 | ||||||
Australia | 0.7 | 0.9 | ||||||
Canada | 0.5 | 0.7 | ||||||
Asia | 3.8 | 5.2 | ||||||
Other | 0.1 | — | ||||||
Total International | 14.2 | 17.6 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 150.0 | $ | 134.5 |
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As of September 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Available-for-sale | $ | 28.4 | $ | 17.3 | ||||
Held-to-maturity | 15.9 | 15.3 | ||||||
Trading securities | 1.4 | 8.9 | ||||||
Total | $ | 45.7 | $ | 41.5 |
As of September 30, 2016 | As of December 31, 2015 | |||||||||||||||||||||||||||||||
(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 | $ | 26.0 | $ | 1.3 | $ | (1.2 | ) | $ | 26.1 | $ | 17.4 | $ | 0.3 | $ | (1.6 | ) | $ | 16.1 | ||||||||||||||
Mutual funds | 2.2 | 0.1 | — | 2.3 | 1.3 | — | (0.1 | ) | 1.2 | |||||||||||||||||||||||
Total | $ | 28.2 | $ | 1.4 | $ | (1.2 | ) | $ | 28.4 | $ | 18.7 | $ | 0.3 | $ | (1.7 | ) | $ | 17.3 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 14.1 | $ | — | $ | — | $ | 14.1 | $ | 15.3 | $ | — | $ | — | $ | 15.3 | ||||||||||||||||
Convertible note | 1.8 | — | — | 1.8 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 15.9 | $ | — | $ | — | $ | 15.9 | $ | 15.3 | $ | — | $ | — | $ | 15.3 |
As of September 30, 2016 | As of December 31, 2015 | |||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | ||||||||||||
Available-for-sale: | ||||||||||||||||
Equity securities, exchange-traded funds, and mutual funds | $ | 28.2 | $ | 28.4 | $ | 18.7 | $ | 17.3 | ||||||||
Total | $ | 28.2 | $ | 28.4 | $ | 18.7 | $ | 17.3 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 14.1 | $ | 14.1 | $ | 15.3 | $ | 15.3 | ||||||||
Due in one to three years | 1.8 | 1.8 | — | — | ||||||||||||
Total | $ | 15.9 | 15.9 | $ | 15.3 | $ | 15.3 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Realized gains | $ | 0.5 | $ | 0.1 | $ | 1.6 | $ | 1.0 | ||||||||
Realized losses | (0.2 | ) | (0.1 | ) | (1.1 | ) | (0.6 | ) | ||||||||
Realized gains, net | $ | 0.3 | $ | — | $ | 0.5 | $ | 0.4 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Unrealized gains (losses), net | $ | — | $ | (0.7 | ) | $ | 0.1 | $ | (1.0 | ) |
Fair Value | Fair Value Measurements as of September 30, 2016 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | September 30, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 26.1 | $ | 26.1 | $ | — | $ | — | ||||||||
Mutual funds | 2.3 | 2.3 | — | — | ||||||||||||
Trading securities | 1.4 | 1.4 | — | — | ||||||||||||
Cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 30.0 | $ | 30.0 | $ | — | $ | — |
Fair Value | Fair Value Measurements as of December 31, 2015 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | December 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 16.1 | $ | 16.1 | $ | — | $ | — | ||||||||
Mutual funds | 1.2 | 1.2 | — | — | ||||||||||||
Trading securities | 8.9 | 8.9 | — | — | ||||||||||||
Cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 26.4 | $ | 26.4 | $ | — | $ | — |
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 September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Cost of revenue | $ | 1.5 | $ | 2.1 | $ | 5.5 | $ | 6.2 | ||||||||
Sales and marketing | 0.3 | 0.6 | 1.3 | 1.7 | ||||||||||||
General and administrative | 1.0 | 1.9 | 3.8 | 5.6 | ||||||||||||
Total stock-based compensation expense | $ | 2.8 | $ | 4.6 | $ | 10.6 | $ | 13.5 |
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Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income before income taxes and equity in net income of unconsolidated entities | $ | 46.3 | $ | 47.6 | $ | 136.5 | $ | 142.2 | ||||||||
Equity in net income of unconsolidated entities | 0.4 | 0.5 | 0.7 | 1.5 | ||||||||||||
Net income attributable to noncontrolling interest | — | — | — | (0.2 | ) | |||||||||||
Total | $ | 46.7 | $ | 48.1 | $ | 137.2 | $ | 143.5 | ||||||||
Income tax expense | $ | 16.5 | $ | 14.6 | $ | 46.5 | $ | 48.2 | ||||||||
Effective tax rate | 35.3 | % | 30.4 | % | 33.9 | % | 33.6 | % |
As of September 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Gross unrecognized tax benefits | $ | 18.7 | $ | 14.5 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 14.7 | $ | 10.5 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 13.4 | $ | 9.4 |
As of September 30 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2016 | 2015 | ||||||
Current liability | $ | 7.1 | $ | 4.2 | ||||
Non-current liability | 7.4 | 6.0 | ||||||
Total liability for unrecognized tax benefits | $ | 14.5 | $ | 10.2 |
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(in millions) | ||||
Balance as of December 31, 2015 | $ | 364.2 | ||
Acquisitions and foreign currency translation | 6.5 | |||
Balance as of September 30, 2016 | $ | 370.7 |
As of September 30, 2016 | As of December 31, 2015 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | ||||||||||||||||||||
Intellectual property | $ | 28.5 | $ | (27.7 | ) | $ | 0.8 | 9 | $ | 28.3 | $ | (26.7 | ) | $ | 1.6 | 9 | ||||||||||||
Customer-related assets | 137.3 | (97.6 | ) | 39.7 | 12 | 137.5 | (92.3 | ) | 45.2 | 12 | ||||||||||||||||||
Supplier relationships | 0.2 | (0.1 | ) | 0.1 | 20 | 0.2 | (0.1 | ) | 0.1 | 20 | ||||||||||||||||||
Technology-based assets | 92.6 | (69.8 | ) | 22.8 | 8 | 89.5 | (64.4 | ) | 25.1 | 8 | ||||||||||||||||||
Non-competition agreements | 4.8 | (2.9 | ) | 1.9 | 5 | 4.6 | (2.4 | ) | 2.2 | 5 | ||||||||||||||||||
Total intangible assets | $ | 263.4 | $ | (198.1 | ) | $ | 65.3 | 10 | $ | 260.1 | $ | (185.9 | ) | $ | 74.2 | 10 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Amortization expense | $ | 4.5 | $ | 5.5 | $ | 14.3 | $ | 16.4 |
(in millions) | ||||
Remainder of 2016 (from October 1 through December 31) | $ | 4.0 | ||
2017 | 13.8 | |||
2018 | 11.7 | |||
2019 | 9.2 | |||
2020 | 5.6 | |||
Thereafter | 21.0 |
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External revenue by geographical area | ||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
United States | $ | 143.5 | $ | 145.2 | $ | 430.6 | $ | 437.3 | ||||||||
United Kingdom | 15.2 | 15.6 | 45.8 | 46.4 | ||||||||||||
Continental Europe | 16.0 | 14.7 | 47.3 | 43.4 | ||||||||||||
Australia | 8.3 | 7.5 | 24.1 | 23.2 | ||||||||||||
Canada | 7.1 | 6.6 | 20.6 | 20.6 | ||||||||||||
Asia | 5.0 | 4.6 | 15.1 | 13.4 | ||||||||||||
Other | 1.0 | 1.1 | 2.9 | 2.9 | ||||||||||||
Total International | 52.6 | 50.1 | 155.8 | 149.9 | ||||||||||||
Consolidated revenue | $ | 196.1 | $ | 195.3 | $ | 586.4 | $ | 587.2 |
Long-lived assets by geographical area | ||||||||
As of September 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
United States | $ | 135.8 | $ | 116.9 | ||||
United Kingdom | 7.0 | 8.6 | ||||||
Continental Europe | 2.1 | 2.2 | ||||||
Australia | 0.7 | 0.9 | ||||||
Canada | 0.5 | 0.7 | ||||||
Asia | 3.8 | 5.2 | ||||||
Other | 0.1 | — | ||||||
Total International | 14.2 | 17.6 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 150.0 | $ | 134.5 |
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As of September 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Available-for-sale | $ | 28.4 | $ | 17.3 | ||||
Held-to-maturity | 15.9 | 15.3 | ||||||
Trading securities | 1.4 | 8.9 | ||||||
Total | $ | 45.7 | $ | 41.5 |
As of September 30, 2016 | As of December 31, 2015 | |||||||||||||||||||||||||||||||
(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 | $ | 26.0 | $ | 1.3 | $ | (1.2 | ) | $ | 26.1 | $ | 17.4 | $ | 0.3 | $ | (1.6 | ) | $ | 16.1 | ||||||||||||||
Mutual funds | 2.2 | 0.1 | — | 2.3 | 1.3 | — | (0.1 | ) | 1.2 | |||||||||||||||||||||||
Total | $ | 28.2 | $ | 1.4 | $ | (1.2 | ) | $ | 28.4 | $ | 18.7 | $ | 0.3 | $ | (1.7 | ) | $ | 17.3 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 14.1 | $ | — | $ | — | $ | 14.1 | $ | 15.3 | $ | — | $ | — | $ | 15.3 | ||||||||||||||||
Convertible note | 1.8 | — | — | 1.8 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 15.9 | $ | — | $ | — | $ | 15.9 | $ | 15.3 | $ | — | $ | — | $ | 15.3 |
As of September 30, 2016 | As of December 31, 2015 | |||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | ||||||||||||
Available-for-sale: | ||||||||||||||||
Equity securities, exchange-traded funds, and mutual funds | $ | 28.2 | $ | 28.4 | $ | 18.7 | $ | 17.3 | ||||||||
Total | $ | 28.2 | $ | 28.4 | $ | 18.7 | $ | 17.3 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 14.1 | $ | 14.1 | $ | 15.3 | $ | 15.3 | ||||||||
Due in one to three years | 1.8 | 1.8 | — | — | ||||||||||||
Total | $ | 15.9 | 15.9 | $ | 15.3 | $ | 15.3 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Realized gains | $ | 0.5 | $ | 0.1 | $ | 1.6 | $ | 1.0 | ||||||||
Realized losses | (0.2 | ) | (0.1 | ) | (1.1 | ) | (0.6 | ) | ||||||||
Realized gains, net | $ | 0.3 | $ | — | $ | 0.5 | $ | 0.4 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Unrealized gains (losses), net | $ | — | $ | (0.7 | ) | $ | 0.1 | $ | (1.0 | ) |
Fair Value | Fair Value Measurements as of September 30, 2016 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | September 30, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 26.1 | $ | 26.1 | $ | — | $ | — | ||||||||
Mutual funds | 2.3 | 2.3 | — | — | ||||||||||||
Trading securities | 1.4 | 1.4 | — | — | ||||||||||||
Cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 30.0 | $ | 30.0 | $ | — | $ | — |
Fair Value | Fair Value Measurements as of December 31, 2015 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | December 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 16.1 | $ | 16.1 | $ | — | $ | — | ||||||||
Mutual funds | 1.2 | 1.2 | — | — | ||||||||||||
Trading securities | 8.9 | 8.9 | — | — | ||||||||||||
Cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 26.4 | $ | 26.4 | $ | — | $ | — |
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Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Cost of revenue | $ | 1.5 | $ | 2.1 | $ | 5.5 | $ | 6.2 | ||||||||
Sales and marketing | 0.3 | 0.6 | 1.3 | 1.7 | ||||||||||||
General and administrative | 1.0 | 1.9 | 3.8 | 5.6 | ||||||||||||
Total stock-based compensation expense | $ | 2.8 | $ | 4.6 | $ | 10.6 | $ | 13.5 |
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Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income before income taxes and equity in net income of unconsolidated entities | $ | 46.3 | $ | 47.6 | $ | 136.5 | $ | 142.2 | ||||||||
Equity in net income of unconsolidated entities | 0.4 | 0.5 | 0.7 | 1.5 | ||||||||||||
Net income attributable to noncontrolling interest | — | — | — | (0.2 | ) | |||||||||||
Total | $ | 46.7 | $ | 48.1 | $ | 137.2 | $ | 143.5 | ||||||||
Income tax expense | $ | 16.5 | $ | 14.6 | $ | 46.5 | $ | 48.2 | ||||||||
Effective tax rate | 35.3 | % | 30.4 | % | 33.9 | % | 33.6 | % |
As of September 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Gross unrecognized tax benefits | $ | 18.7 | $ | 14.5 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 14.7 | $ | 10.5 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 13.4 | $ | 9.4 |
As of September 30 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2016 | 2015 | ||||||
Current liability | $ | 7.1 | $ | 4.2 | ||||
Non-current liability | 7.4 | 6.0 | ||||||
Total liability for unrecognized tax benefits | $ | 14.5 | $ | 10.2 |
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