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(in millions) | ||||
Balance as of December 31, 2015 | $ | 364.2 | ||
Acquisitions and foreign currency translation | 7.3 | |||
Balance as of June 30, 2016 | $ | 371.5 |
As of June 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 | $ | 28.4 | $ | (27.4 | ) | $ | 1.0 | 9 | $ | 28.3 | $ | (26.7 | ) | $ | 1.6 | 9 | ||||||||||||
Customer-related assets | 137.8 | (95.9 | ) | 41.9 | 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 | 92.8 | (67.8 | ) | 25.0 | 8 | 89.5 | (64.4 | ) | 25.1 | 8 | ||||||||||||||||||
Non-competition agreements | 4.8 | (2.8 | ) | 2.0 | 5 | 4.6 | (2.4 | ) | 2.2 | 5 | ||||||||||||||||||
Total intangible assets | $ | 264.0 | $ | (194.0 | ) | $ | 70.0 | 10 | $ | 260.1 | $ | (185.9 | ) | $ | 74.2 | 10 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Amortization expense | $ | 4.7 | $ | 5.4 | $ | 9.8 | $ | 10.9 |
(in millions) | ||||
Remainder of 2016 (from July 1 through December 31) | $ | 8.6 | ||
2017 | 13.8 | |||
2018 | 11.7 | |||
2019 | 9.2 | |||
2020 | 5.6 | |||
Thereafter | 21.1 |
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External revenue by geographical area | ||||||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
United States | $ | 145.3 | $ | 151.2 | $ | 287.1 | $ | 292.1 | ||||||||
United Kingdom | 15.3 | 16.0 | 30.6 | 30.8 | ||||||||||||
Continental Europe | 15.8 | 14.4 | 31.3 | 28.7 | ||||||||||||
Australia | 8.9 | 8.0 | 15.8 | 15.7 | ||||||||||||
Canada | 6.9 | 7.1 | 13.5 | 14.0 | ||||||||||||
Asia | 5.0 | 4.4 | 10.1 | 8.8 | ||||||||||||
Other | 1.0 | 1.0 | 1.9 | 1.8 | ||||||||||||
Total International | 52.9 | 50.9 | 103.2 | 99.8 | ||||||||||||
Consolidated revenue | $ | 198.2 | $ | 202.1 | $ | 390.3 | $ | 391.9 |
Long-lived assets by geographical area | ||||||||
As of June 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
United States | $ | 126.3 | $ | 116.9 | ||||
United Kingdom | 7.2 | 8.6 | ||||||
Continental Europe | 2.2 | 2.2 | ||||||
Australia | 0.8 | 0.9 | ||||||
Canada | 0.6 | 0.7 | ||||||
Asia | 4.1 | 5.2 | ||||||
Other | 0.1 | — | ||||||
Total International | 15.0 | 17.6 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 141.3 | $ | 134.5 |
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As of June 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Available-for-sale | $ | 26.6 | $ | 17.3 | ||||
Held-to-maturity | 15.8 | 15.3 | ||||||
Trading securities | 1.4 | 8.9 | ||||||
Total | $ | 43.8 | $ | 41.5 |
As of June 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 | $ | 25.8 | $ | 1.1 | $ | (2.0 | ) | $ | 24.9 | $ | 17.4 | $ | 0.3 | $ | (1.6 | ) | $ | 16.1 | ||||||||||||||
Mutual funds | 1.7 | — | — | 1.7 | 1.3 | — | (0.1 | ) | 1.2 | |||||||||||||||||||||||
Total | $ | 27.5 | $ | 1.1 | $ | (2.0 | ) | $ | 26.6 | $ | 18.7 | $ | 0.3 | $ | (1.7 | ) | $ | 17.3 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 14.0 | $ | — | $ | — | $ | 14.0 | $ | 15.3 | $ | — | $ | — | $ | 15.3 | ||||||||||||||||
Convertible note | 1.8 | — | — | 1.8 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 15.8 | $ | — | $ | — | $ | 15.8 | $ | 15.3 | $ | — | $ | — | $ | 15.3 |
As of June 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 | $ | 27.5 | $ | 26.6 | $ | 18.7 | $ | 17.3 | ||||||||
Total | $ | 27.5 | $ | 26.6 | $ | 18.7 | $ | 17.3 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 14.0 | $ | 14.0 | $ | 15.3 | $ | 15.3 | ||||||||
Due in one to three years | 1.8 | 1.8 | — | — | ||||||||||||
Total | $ | 15.8 | 15.8 | $ | 15.3 | $ | 15.3 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Realized gains | $ | 0.6 | $ | 0.7 | $ | 1.1 | $ | 0.9 | ||||||||
Realized losses | (0.3 | ) | (0.2 | ) | (0.9 | ) | (0.5 | ) | ||||||||
Realized gains, net | $ | 0.3 | $ | 0.5 | $ | 0.2 | $ | 0.4 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Unrealized gains (losses), net | $ | 0.1 | $ | (0.2 | ) | $ | 0.1 | $ | (0.3 | ) |
Fair Value | Fair Value Measurements as of June 30, 2016 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | June 30, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 24.9 | $ | 24.9 | $ | — | $ | — | ||||||||
Mutual funds | 1.7 | 1.7 | — | — | ||||||||||||
Trading securities | 1.4 | 1.4 | — | — | ||||||||||||
Cash equivalents | 0.3 | 0.3 | — | — | ||||||||||||
Total | $ | 28.3 | $ | 28.3 | $ | — | $ | — |
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 June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Cost of revenue | $ | 2.0 | $ | 2.1 | $ | 4.0 | $ | 4.1 | ||||||||
Sales and marketing | 0.5 | 0.6 | 1.0 | 1.1 | ||||||||||||
General and administrative | 1.3 | 1.9 | 2.8 | 3.7 | ||||||||||||
Total stock-based compensation expense | $ | 3.8 | $ | 4.6 | $ | 7.8 | $ | 8.9 |
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Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income before income taxes and equity in net income of unconsolidated entities | $ | 47.4 | $ | 50.3 | $ | 90.2 | $ | 94.6 | ||||||||
Equity in net income (loss) of unconsolidated entities | (0.2 | ) | 0.6 | 0.3 | 1.0 | |||||||||||
Net income attributable to noncontrolling interest | — | — | — | (0.2 | ) | |||||||||||
Total | $ | 47.2 | $ | 50.9 | $ | 90.5 | $ | 95.4 | ||||||||
Income tax expense | $ | 15.4 | $ | 18.7 | $ | 30.0 | $ | 33.6 | ||||||||
Effective tax rate | 32.7 | % | 36.7 | % | 33.2 | % | 35.2 | % |
As of June 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Gross unrecognized tax benefits | $ | 16.1 | $ | 14.5 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 12.1 | $ | 10.5 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 10.8 | $ | 9.4 |
As of June 30 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2016 | 2015 | ||||||
Current liability | $ | 4.6 | $ | 4.2 | ||||
Non-current liability | 7.1 | 6.0 | ||||||
Total liability for unrecognized tax benefits | $ | 11.7 | $ | 10.2 |
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(in millions) | ||||
Balance as of December 31, 2015 | $ | 364.2 | ||
Acquisitions and foreign currency translation | 7.3 | |||
Balance as of June 30, 2016 | $ | 371.5 |
As of June 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 | $ | 28.4 | $ | (27.4 | ) | $ | 1.0 | 9 | $ | 28.3 | $ | (26.7 | ) | $ | 1.6 | 9 | ||||||||||||
Customer-related assets | 137.8 | (95.9 | ) | 41.9 | 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 | 92.8 | (67.8 | ) | 25.0 | 8 | 89.5 | (64.4 | ) | 25.1 | 8 | ||||||||||||||||||
Non-competition agreements | 4.8 | (2.8 | ) | 2.0 | 5 | 4.6 | (2.4 | ) | 2.2 | 5 | ||||||||||||||||||
Total intangible assets | $ | 264.0 | $ | (194.0 | ) | $ | 70.0 | 10 | $ | 260.1 | $ | (185.9 | ) | $ | 74.2 | 10 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Amortization expense | $ | 4.7 | $ | 5.4 | $ | 9.8 | $ | 10.9 |
(in millions) | ||||
Remainder of 2016 (from July 1 through December 31) | $ | 8.6 | ||
2017 | 13.8 | |||
2018 | 11.7 | |||
2019 | 9.2 | |||
2020 | 5.6 | |||
Thereafter | 21.1 |
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External revenue by geographical area | ||||||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
United States | $ | 145.3 | $ | 151.2 | $ | 287.1 | $ | 292.1 | ||||||||
United Kingdom | 15.3 | 16.0 | 30.6 | 30.8 | ||||||||||||
Continental Europe | 15.8 | 14.4 | 31.3 | 28.7 | ||||||||||||
Australia | 8.9 | 8.0 | 15.8 | 15.7 | ||||||||||||
Canada | 6.9 | 7.1 | 13.5 | 14.0 | ||||||||||||
Asia | 5.0 | 4.4 | 10.1 | 8.8 | ||||||||||||
Other | 1.0 | 1.0 | 1.9 | 1.8 | ||||||||||||
Total International | 52.9 | 50.9 | 103.2 | 99.8 | ||||||||||||
Consolidated revenue | $ | 198.2 | $ | 202.1 | $ | 390.3 | $ | 391.9 |
Long-lived assets by geographical area | ||||||||
As of June 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
United States | $ | 126.3 | $ | 116.9 | ||||
United Kingdom | 7.2 | 8.6 | ||||||
Continental Europe | 2.2 | 2.2 | ||||||
Australia | 0.8 | 0.9 | ||||||
Canada | 0.6 | 0.7 | ||||||
Asia | 4.1 | 5.2 | ||||||
Other | 0.1 | — | ||||||
Total International | 15.0 | 17.6 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 141.3 | $ | 134.5 |
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As of June 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Available-for-sale | $ | 26.6 | $ | 17.3 | ||||
Held-to-maturity | 15.8 | 15.3 | ||||||
Trading securities | 1.4 | 8.9 | ||||||
Total | $ | 43.8 | $ | 41.5 |
As of June 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 | $ | 25.8 | $ | 1.1 | $ | (2.0 | ) | $ | 24.9 | $ | 17.4 | $ | 0.3 | $ | (1.6 | ) | $ | 16.1 | ||||||||||||||
Mutual funds | 1.7 | — | — | 1.7 | 1.3 | — | (0.1 | ) | 1.2 | |||||||||||||||||||||||
Total | $ | 27.5 | $ | 1.1 | $ | (2.0 | ) | $ | 26.6 | $ | 18.7 | $ | 0.3 | $ | (1.7 | ) | $ | 17.3 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 14.0 | $ | — | $ | — | $ | 14.0 | $ | 15.3 | $ | — | $ | — | $ | 15.3 | ||||||||||||||||
Convertible note | 1.8 | — | — | 1.8 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 15.8 | $ | — | $ | — | $ | 15.8 | $ | 15.3 | $ | — | $ | — | $ | 15.3 |
As of June 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 | $ | 27.5 | $ | 26.6 | $ | 18.7 | $ | 17.3 | ||||||||
Total | $ | 27.5 | $ | 26.6 | $ | 18.7 | $ | 17.3 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 14.0 | $ | 14.0 | $ | 15.3 | $ | 15.3 | ||||||||
Due in one to three years | 1.8 | 1.8 | — | — | ||||||||||||
Total | $ | 15.8 | 15.8 | $ | 15.3 | $ | 15.3 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Realized gains | $ | 0.6 | $ | 0.7 | $ | 1.1 | $ | 0.9 | ||||||||
Realized losses | (0.3 | ) | (0.2 | ) | (0.9 | ) | (0.5 | ) | ||||||||
Realized gains, net | $ | 0.3 | $ | 0.5 | $ | 0.2 | $ | 0.4 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Unrealized gains (losses), net | $ | 0.1 | $ | (0.2 | ) | $ | 0.1 | $ | (0.3 | ) |
Fair Value | Fair Value Measurements as of June 30, 2016 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | June 30, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 24.9 | $ | 24.9 | $ | — | $ | — | ||||||||
Mutual funds | 1.7 | 1.7 | — | — | ||||||||||||
Trading securities | 1.4 | 1.4 | — | — | ||||||||||||
Cash equivalents | 0.3 | 0.3 | — | — | ||||||||||||
Total | $ | 28.3 | $ | 28.3 | $ | — | $ | — |
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 June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Cost of revenue | $ | 2.0 | $ | 2.1 | $ | 4.0 | $ | 4.1 | ||||||||
Sales and marketing | 0.5 | 0.6 | 1.0 | 1.1 | ||||||||||||
General and administrative | 1.3 | 1.9 | 2.8 | 3.7 | ||||||||||||
Total stock-based compensation expense | $ | 3.8 | $ | 4.6 | $ | 7.8 | $ | 8.9 |
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Three months ended June 30 | Six months ended June 30 | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income before income taxes and equity in net income of unconsolidated entities | $ | 47.4 | $ | 50.3 | $ | 90.2 | $ | 94.6 | ||||||||
Equity in net income (loss) of unconsolidated entities | (0.2 | ) | 0.6 | 0.3 | 1.0 | |||||||||||
Net income attributable to noncontrolling interest | — | — | — | (0.2 | ) | |||||||||||
Total | $ | 47.2 | $ | 50.9 | $ | 90.5 | $ | 95.4 | ||||||||
Income tax expense | $ | 15.4 | $ | 18.7 | $ | 30.0 | $ | 33.6 | ||||||||
Effective tax rate | 32.7 | % | 36.7 | % | 33.2 | % | 35.2 | % |
As of June 30 | As of December 31 | |||||||
(in millions) | 2016 | 2015 | ||||||
Gross unrecognized tax benefits | $ | 16.1 | $ | 14.5 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 12.1 | $ | 10.5 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 10.8 | $ | 9.4 |
As of June 30 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2016 | 2015 | ||||||
Current liability | $ | 4.6 | $ | 4.2 | ||||
Non-current liability | 7.1 | 6.0 | ||||||
Total liability for unrecognized tax benefits | $ | 11.7 | $ | 10.2 |
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