Financial Statement Detail

3 Months Ended

Mar. 31, 2015

Financial Statement Detail

Financial Statement Detail

Note 2—Financial Statement Detail

Recurring and non-recurring revenues

The following is a summary of recurring and non-recurring revenues (in thousands):

	Three Months Ended March 31
	2015		2014
Term license revenues	$	52,415	$	47,039
Perpetual maintenance revenues	15,255		16,142
Assets under administration revenues	1,652		1,609
Other recurring revenues	26,852		24,339
Total recurring revenues	$	96,174	$	89,129
Professional services and other revenues	$	6,629	$	7,243
Perpetual license fees	461		432
Total non-recurring revenues	$	7,090	$	7,675

Prepaid expenses and other

The following is a summary of prepaid expenses and other (in thousands):

	March 31		December 31
	2015		2014
Prepaid contract expense	$	10,074	$	9,766
Deferred commissions	6,038		6,665
Debt issuance costs	1,425		1,438
Tenant improvement allowances	1,295		—
Other	10,841		7,115
Total prepaid expenses and other	$	29,673	$	24,984

Other assets

The following is a summary of other assets (in thousands):

	March 31		December 31
	2015		2014
Debt issuance costs	$	3,128	$	3,483
Deposits	3,108		2,915
Prepaid contract expense, long-term	3,037		3,770
Long-term deferred commissions	3,025		2,919
Other	166		158
Total other assets	$	12,464	$	13,245

Deposits include restricted cash balances totaling $1.7 million at March 31, 2015 and $1.5 million at December 31, 2014 primarily related to the Company’s San Francisco headquarters and facilities in New York. Refer to Note 13, “Commitments and Contingencies” for additional information.

Dividends Payable

On February 2, 2015, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with SS&C Technologies Holdings, Inc. (“Parent” or “SS&C”) and Arbor Acquisition Company, Inc., a wholly owned subsidiary of Parent (“Merger Sub”).  In accordance with the Merger Agreement, the Company is prohibited from declaring dividends during the pendency of the agreement. Therefore, Advent’s Board of Directors (the “Board”) did not declare a dividend during the first quarter of 2015. Advent’s Board declared a cash dividend during the fourth quarter of 2014 of $0.13 per common share payable to shareholders of record as of December 31, 2014 and paid the dividend on January 15, 2015 totaling $6.8 million.

Accrued liabilities

The following is a summary of accrued liabilities (in thousands):

	March 31		December 31
	2015		2014
Salaries and benefits payable	$	16,073	$	21,381
Accrued dividend equivalents on restricted stock units	3,834		3,404
Accrued legal fees	2,984		346
Deferred rent, current portion	1,498		1,998
Accrued restructuring, current portion	1,460		61
Other	11,699		9,351
Total accrued liabilities	$	37,548	$	36,541

Accrued restructuring charges are discussed further in Note 14, “Restructuring Charges” contained herein. As part of the recapitalization in 2013, as discussed in Advent’s 2013 and 2014 Annual Reports on Form 10-K, holders of restricted stock units (RSUs) have the right to receive a dividend equivalent payment of $9.00 per RSU upon vesting. At March 31, 2015 and December 31, 2014, “Other” accrued liabilities included accruals for sales and business taxes and other miscellaneous items.

Other long-term liabilities

The following is a summary of other long-term liabilities (in thousands):

	March 31		December 31
	2015		2014
Deferred rent	$	7,527	$	5,814
Long-term deferred tax liability	1,298		1,442
Other	730		565
Total other long-term liabilities	$	9,555	$	7,821