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(in millions) | ||||
Balance as of December 31, 2016 | $ | 556.8 | ||
Adjustments to purchase price allocation and foreign currency translation | 1.5 | |||
Balance as of March 31, 2017 | $ | 558.3 |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | ||||||||||||||||||||
Intellectual property | $ | 31.2 | $ | (28.0 | ) | $ | 3.2 | 9 | $ | 30.9 | $ | (27.4 | ) | $ | 3.5 | 9 | ||||||||||||
Customer-related assets | 152.8 | (100.0 | ) | 52.8 | 12 | 152.0 | (97.7 | ) | 54.3 | 12 | ||||||||||||||||||
Supplier relationships | 0.2 | (0.1 | ) | 0.1 | 20 | 0.2 | (0.1 | ) | 0.1 | 20 | ||||||||||||||||||
Technology-based assets | 133.6 | (76.8 | ) | 56.8 | 7 | 133.2 | (72.1 | ) | 61.1 | 7 | ||||||||||||||||||
Non-competition agreements | 5.1 | (3.3 | ) | 1.8 | 5 | 5.0 | (3.1 | ) | 1.9 | 5 | ||||||||||||||||||
Total intangible assets | $ | 322.9 | $ | (208.2 | ) | $ | 114.7 | 10 | $ | 321.3 | $ | (200.4 | ) | $ | 120.9 | 10 |
Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Amortization expense | $ | 6.5 | $ | 5.1 |
(in millions) | ||||
Remainder of 2017 (from April 1 through December 31) | $ | 17.9 | ||
2018 | 22.4 | |||
2019 | 19.8 | |||
2020 | 16.2 | |||
2021 | 12.8 | |||
Thereafter | 25.6 |
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External revenue by geographical area | ||||||||
Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
United States | $ | 156.9 | $ | 141.8 | ||||
United Kingdom | 14.9 | 15.3 | ||||||
Continental Europe | 16.3 | 15.5 | ||||||
Australia | 8.1 | 6.9 | ||||||
Canada | 7.3 | 6.6 | ||||||
Asia | 4.9 | 5.1 | ||||||
Other | 1.1 | 0.9 | ||||||
Total International | 52.6 | 50.3 | ||||||
Consolidated revenue | $ | 209.5 | $ | 192.1 |
Long-lived assets by geographical area | ||||||||
As of March 31 | As of December 31 | |||||||
(in millions) | 2017 | 2016 | ||||||
United States | $ | 136.7 | $ | 139.1 | ||||
United Kingdom | 6.4 | 6.6 | ||||||
Continental Europe | 1.8 | 1.9 | ||||||
Australia | 0.5 | 0.6 | ||||||
Canada | 0.3 | 0.4 | ||||||
Asia | 4.0 | 3.4 | ||||||
Other | 0.1 | 0.1 | ||||||
Total International | 13.1 | 13.0 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 149.8 | $ | 152.1 |
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As of March 31 | As of December 31 | |||||||
(in millions) | 2017 | 2016 | ||||||
Available-for-sale | $ | 30.1 | $ | 27.7 | ||||
Held-to-maturity | 20.1 | 15.7 | ||||||
Trading securities | 1.5 | 1.5 | ||||||
Total | $ | 51.7 | $ | 44.9 |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||||||||||||||||||
(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 | $ | 26.1 | $ | 1.9 | $ | (0.4 | ) | $ | 27.6 | $ | 25.6 | $ | 1.3 | $ | (1.5 | ) | $ | 25.4 | ||||||||||||||
Mutual funds | 2.2 | 0.3 | — | 2.5 | 2.2 | 0.1 | — | 2.3 | ||||||||||||||||||||||||
Total | $ | 28.3 | $ | 2.2 | $ | (0.4 | ) | $ | 30.1 | $ | 27.8 | $ | 1.4 | $ | (1.5 | ) | $ | 27.7 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 18.2 | $ | — | $ | — | $ | 18.2 | $ | 13.8 | $ | — | $ | — | $ | 13.8 | ||||||||||||||||
Convertible note | 1.9 | — | — | 1.9 | 1.9 | — | — | 1.9 | ||||||||||||||||||||||||
Total | $ | 20.1 | $ | — | $ | — | $ | 20.1 | $ | 15.7 | $ | — | $ | — | $ | 15.7 |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | ||||||||||||
Available-for-sale: | ||||||||||||||||
Equity securities, exchange-traded funds, and mutual funds | $ | 28.3 | $ | 30.1 | $ | 27.8 | $ | 27.7 | ||||||||
Total | $ | 28.3 | $ | 30.1 | $ | 27.8 | $ | 27.7 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 18.0 | $ | 18.0 | $ | 13.8 | $ | 13.8 | ||||||||
Due in one to three years | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||||||
Due more than three years | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 20.1 | $ | 20.1 | $ | 15.7 | $ | 15.7 |
Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Realized gains | $ | 0.5 | $ | 0.5 | ||||
Realized losses | — | (0.6 | ) | |||||
Realized gains (losses), net | $ | 0.5 | $ | (0.1 | ) |
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. |
Fair Value | Fair Value Measurements as of March 31, 2017 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | March 31, 2017 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 27.6 | $ | 27.6 | $ | — | $ | — | ||||||||
Mutual funds | 2.5 | 2.5 | — | — | ||||||||||||
Trading securities | 1.5 | 1.5 | — | — | ||||||||||||
Cash equivalents | 0.3 | 0.3 | — | — | ||||||||||||
Total | $ | 31.9 | $ | 31.9 | $ | — | $ | — |
Fair Value | Fair Value Measurements as of December 31, 2016 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | December 31, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 25.4 | $ | 25.4 | $ | — | $ | — | ||||||||
Mutual funds | 2.3 | 2.3 | — | — | ||||||||||||
Trading securities | 1.5 | 1.5 | — | — | ||||||||||||
Cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 29.4 | $ | 29.4 | $ | — | $ | — |
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Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Cost of revenue | $ | 2.1 | $ | 2.0 | ||||
Sales and marketing | 0.7 | 0.5 | ||||||
General and administrative | 2.5 | 1.5 | ||||||
Total stock-based compensation expense | $ | 5.3 | $ | 4.0 |
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Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Income before income taxes and equity in net income (loss) of unconsolidated entities | $ | 27.1 | $ | 42.8 | ||||
Equity in net income (loss) of unconsolidated entities | (0.8 | ) | 0.5 | |||||
Total | $ | 26.3 | $ | 43.3 | ||||
Income tax expense | $ | 8.3 | $ | 14.6 | ||||
Effective tax rate | 31.6 | % | 33.7 | % |
As of March 31 | As of December 31 | |||||||
(in millions) | 2017 | 2016 | ||||||
Gross unrecognized tax benefits | $ | 18.7 | $ | 18.4 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 14.7 | $ | 14.4 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 13.6 | $ | 13.3 |
As of March 31 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2017 | 2016 | ||||||
Current liability | $ | 8.9 | $ | 8.9 | ||||
Non-current liability | 5.8 | 5.4 | ||||||
Total liability for unrecognized tax benefits | $ | 14.7 | $ | 14.3 |
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(in millions) | ||||
Balance as of December 31, 2016 | $ | 556.8 | ||
Adjustments to purchase price allocation and foreign currency translation | 1.5 | |||
Balance as of March 31, 2017 | $ | 558.3 |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Weighted Average Useful Life (years) | ||||||||||||||||||||
Intellectual property | $ | 31.2 | $ | (28.0 | ) | $ | 3.2 | 9 | $ | 30.9 | $ | (27.4 | ) | $ | 3.5 | 9 | ||||||||||||
Customer-related assets | 152.8 | (100.0 | ) | 52.8 | 12 | 152.0 | (97.7 | ) | 54.3 | 12 | ||||||||||||||||||
Supplier relationships | 0.2 | (0.1 | ) | 0.1 | 20 | 0.2 | (0.1 | ) | 0.1 | 20 | ||||||||||||||||||
Technology-based assets | 133.6 | (76.8 | ) | 56.8 | 7 | 133.2 | (72.1 | ) | 61.1 | 7 | ||||||||||||||||||
Non-competition agreements | 5.1 | (3.3 | ) | 1.8 | 5 | 5.0 | (3.1 | ) | 1.9 | 5 | ||||||||||||||||||
Total intangible assets | $ | 322.9 | $ | (208.2 | ) | $ | 114.7 | 10 | $ | 321.3 | $ | (200.4 | ) | $ | 120.9 | 10 |
Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Amortization expense | $ | 6.5 | $ | 5.1 |
(in millions) | ||||
Remainder of 2017 (from April 1 through December 31) | $ | 17.9 | ||
2018 | 22.4 | |||
2019 | 19.8 | |||
2020 | 16.2 | |||
2021 | 12.8 | |||
Thereafter | 25.6 |
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External revenue by geographical area | ||||||||
Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
United States | $ | 156.9 | $ | 141.8 | ||||
United Kingdom | 14.9 | 15.3 | ||||||
Continental Europe | 16.3 | 15.5 | ||||||
Australia | 8.1 | 6.9 | ||||||
Canada | 7.3 | 6.6 | ||||||
Asia | 4.9 | 5.1 | ||||||
Other | 1.1 | 0.9 | ||||||
Total International | 52.6 | 50.3 | ||||||
Consolidated revenue | $ | 209.5 | $ | 192.1 |
Long-lived assets by geographical area | ||||||||
As of March 31 | As of December 31 | |||||||
(in millions) | 2017 | 2016 | ||||||
United States | $ | 136.7 | $ | 139.1 | ||||
United Kingdom | 6.4 | 6.6 | ||||||
Continental Europe | 1.8 | 1.9 | ||||||
Australia | 0.5 | 0.6 | ||||||
Canada | 0.3 | 0.4 | ||||||
Asia | 4.0 | 3.4 | ||||||
Other | 0.1 | 0.1 | ||||||
Total International | 13.1 | 13.0 | ||||||
Consolidated property, equipment, and capitalized software, net | $ | 149.8 | $ | 152.1 |
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As of March 31 | As of December 31 | |||||||
(in millions) | 2017 | 2016 | ||||||
Available-for-sale | $ | 30.1 | $ | 27.7 | ||||
Held-to-maturity | 20.1 | 15.7 | ||||||
Trading securities | 1.5 | 1.5 | ||||||
Total | $ | 51.7 | $ | 44.9 |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||||||||||||||||||
(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 | $ | 26.1 | $ | 1.9 | $ | (0.4 | ) | $ | 27.6 | $ | 25.6 | $ | 1.3 | $ | (1.5 | ) | $ | 25.4 | ||||||||||||||
Mutual funds | 2.2 | 0.3 | — | 2.5 | 2.2 | 0.1 | — | 2.3 | ||||||||||||||||||||||||
Total | $ | 28.3 | $ | 2.2 | $ | (0.4 | ) | $ | 30.1 | $ | 27.8 | $ | 1.4 | $ | (1.5 | ) | $ | 27.7 | ||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 18.2 | $ | — | $ | — | $ | 18.2 | $ | 13.8 | $ | — | $ | — | $ | 13.8 | ||||||||||||||||
Convertible note | 1.9 | — | — | 1.9 | 1.9 | — | — | 1.9 | ||||||||||||||||||||||||
Total | $ | 20.1 | $ | — | $ | — | $ | 20.1 | $ | 15.7 | $ | — | $ | — | $ | 15.7 |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | ||||||||||||
Available-for-sale: | ||||||||||||||||
Equity securities, exchange-traded funds, and mutual funds | $ | 28.3 | $ | 30.1 | $ | 27.8 | $ | 27.7 | ||||||||
Total | $ | 28.3 | $ | 30.1 | $ | 27.8 | $ | 27.7 | ||||||||
Held-to-maturity: | ||||||||||||||||
Due in one year or less | $ | 18.0 | $ | 18.0 | $ | 13.8 | $ | 13.8 | ||||||||
Due in one to three years | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||||||
Due more than three years | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 20.1 | $ | 20.1 | $ | 15.7 | $ | 15.7 |
Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Realized gains | $ | 0.5 | $ | 0.5 | ||||
Realized losses | — | (0.6 | ) | |||||
Realized gains (losses), net | $ | 0.5 | $ | (0.1 | ) |
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. |
Fair Value | Fair Value Measurements as of March 31, 2017 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | March 31, 2017 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 27.6 | $ | 27.6 | $ | — | $ | — | ||||||||
Mutual funds | 2.5 | 2.5 | — | — | ||||||||||||
Trading securities | 1.5 | 1.5 | — | — | ||||||||||||
Cash equivalents | 0.3 | 0.3 | — | — | ||||||||||||
Total | $ | 31.9 | $ | 31.9 | $ | — | $ | — |
Fair Value | Fair Value Measurements as of December 31, 2016 | |||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||
(in millions) | December 31, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
Available-for-sale investments: | ||||||||||||||||
Equity securities and exchange-traded funds | $ | 25.4 | $ | 25.4 | $ | — | $ | — | ||||||||
Mutual funds | 2.3 | 2.3 | — | — | ||||||||||||
Trading securities | 1.5 | 1.5 | — | — | ||||||||||||
Cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||
Total | $ | 29.4 | $ | 29.4 | $ | — | $ | — |
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Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Cost of revenue | $ | 2.1 | $ | 2.0 | ||||
Sales and marketing | 0.7 | 0.5 | ||||||
General and administrative | 2.5 | 1.5 | ||||||
Total stock-based compensation expense | $ | 5.3 | $ | 4.0 |
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Three months ended March 31 | ||||||||
(in millions) | 2017 | 2016 | ||||||
Income before income taxes and equity in net income (loss) of unconsolidated entities | $ | 27.1 | $ | 42.8 | ||||
Equity in net income (loss) of unconsolidated entities | (0.8 | ) | 0.5 | |||||
Total | $ | 26.3 | $ | 43.3 | ||||
Income tax expense | $ | 8.3 | $ | 14.6 | ||||
Effective tax rate | 31.6 | % | 33.7 | % |
As of March 31 | As of December 31 | |||||||
(in millions) | 2017 | 2016 | ||||||
Gross unrecognized tax benefits | $ | 18.7 | $ | 18.4 | ||||
Gross unrecognized tax benefits that would affect income tax expense | $ | 14.7 | $ | 14.4 | ||||
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ | 13.6 | $ | 13.3 |
As of March 31 | As of December 31 | |||||||
Liabilities for Unrecognized Tax Benefits (in millions) | 2017 | 2016 | ||||||
Current liability | $ | 8.9 | $ | 8.9 | ||||
Non-current liability | 5.8 | 5.4 | ||||||
Total liability for unrecognized tax benefits | $ | 14.7 | $ | 14.3 |
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