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Schedule Condensed Consolidating Financial Information (Tables)
6 Months Ended
Jun. 30, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule Of Condensed Consolidating Financial Information

The condensed consolidating financial information of the Company and its subsidiaries are as follows (in thousands):

 

 

 

June 30, 2016

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Cash and cash equivalents

 

$

 

 

$

24,753

 

 

$

70,469

 

 

$

 

 

$

95,222

 

Accounts receivable, net

 

 

 

 

 

176,884

 

 

 

62,544

 

 

 

 

 

 

239,428

 

Prepaid expenses and other current assets

 

 

 

 

 

21,254

 

 

 

11,344

 

 

 

 

 

 

32,598

 

Prepaid income taxes

 

 

 

 

 

41,256

 

 

 

 

 

 

(1,937

)

 

 

39,319

 

Restricted cash

 

 

 

 

 

2,490

 

 

 

328

 

 

 

 

 

 

2,818

 

Net property, plant and equipment

 

 

 

 

 

30,704

 

 

 

38,853

 

 

 

 

 

 

69,557

 

Investment in subsidiaries

 

 

2,798,897

 

 

 

764,004

 

 

 

 

 

 

(3,562,901

)

 

 

 

Intercompany receivables

 

 

 

 

 

136,630

 

 

 

47,768

 

 

 

(184,398

)

 

 

 

Deferred income taxes, long-term

 

 

 

 

 

 

 

 

2,018

 

 

 

 

 

 

2,018

 

Goodwill, intangible and other assets, net

 

 

 

 

 

3,966,829

 

 

 

1,241,050

 

 

 

 

 

 

5,207,879

 

Total assets

 

$

2,798,897

 

 

$

5,164,804

 

 

$

1,474,374

 

 

$

(3,749,236

)

 

$

5,688,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

 

 

 

 

16,166

 

 

 

14,712

 

 

 

 

 

 

30,878

 

Accounts payable

 

 

 

 

 

13,028

 

 

 

7,005

 

 

 

 

 

 

20,033

 

Accrued expenses

 

 

16,157

 

 

 

71,968

 

 

 

36,061

 

 

 

 

 

 

124,186

 

Income taxes payable

 

 

 

 

 

 

 

 

1,937

 

 

 

(1,937

)

 

 

 

Deferred revenue

 

 

 

 

 

214,246

 

 

 

24,539

 

 

 

 

 

 

238,785

 

Long-term debt, net of current portion

 

 

600,000

 

 

 

1,535,644

 

 

 

434,327

 

 

 

 

 

 

2,569,971

 

Other long-term liabilities

 

 

 

 

 

40,020

 

 

 

21,895

 

 

 

 

 

 

61,915

 

Intercompany payables

 

 

18,310

 

 

 

47,769

 

 

 

118,319

 

 

 

(184,398

)

 

 

 

Deferred income taxes, long-term

 

 

 

 

 

427,066

 

 

 

51,575

 

 

 

 

 

 

478,641

 

Total liabilities

 

 

634,467

 

 

 

2,365,907

 

 

 

710,370

 

 

 

(186,335

)

 

 

3,524,409

 

Total stockholders’ equity

 

 

2,164,430

 

 

 

2,798,897

 

 

 

764,004

 

 

 

(3,562,901

)

 

 

2,164,430

 

Total liabilities and stockholders’ equity

 

$

2,798,897

 

 

$

5,164,804

 

 

$

1,474,374

 

 

$

(3,749,236

)

 

$

5,688,839

 

 

 

 

December 31, 2015

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Cash and cash equivalents

 

$

 

 

$

360,583

 

 

$

73,576

 

 

$

 

 

$

434,159

 

Accounts receivable, net

 

 

 

 

 

127,446

 

 

 

42,505

 

 

 

 

 

 

169,951

 

Prepaid expenses and other current assets

 

 

 

 

 

15,920

 

 

 

11,591

 

 

 

 

 

 

27,511

 

Prepaid income taxes

 

 

 

 

 

38,155

 

 

 

2,472

 

 

 

 

 

 

40,627

 

Restricted cash

 

 

 

 

 

2,490

 

 

 

328

 

 

 

 

 

 

2,818

 

Net property, plant and equipment

 

 

 

 

 

31,940

 

 

 

35,203

 

 

 

 

 

 

67,143

 

Investment in subsidiaries

 

 

2,722,452

 

 

 

654,278

 

 

 

 

 

 

(3,376,730

)

 

 

 

Intercompany receivables

 

 

 

 

 

100,992

 

 

 

34,220

 

 

 

(135,212

)

 

 

 

Deferred income taxes, long-term

 

 

 

 

 

 

 

 

2,199

 

 

 

 

 

 

2,199

 

Goodwill, intangible and other assets, net

 

 

 

 

 

3,861,711

 

 

 

1,196,123

 

 

 

 

 

 

5,057,834

 

Total assets

 

$

2,722,452

 

 

$

5,193,515

 

 

$

1,398,217

 

 

$

(3,511,942

)

 

$

5,802,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

 

 

 

 

17,243

 

 

 

15,038

 

 

 

 

 

 

32,281

 

Accounts payable

 

 

 

 

 

7,367

 

 

 

4,590

 

 

 

 

 

 

11,957

 

Accrued expenses

 

 

17,006

 

 

 

84,174

 

 

 

47,848

 

 

 

 

 

 

149,028

 

Income taxes payable

 

 

 

 

 

 

 

 

1,428

 

 

 

 

 

 

1,428

 

Deferred revenue

 

 

 

 

 

202,252

 

 

 

19,772

 

 

 

 

 

 

222,024

 

Long-term debt, net of current portion

 

 

600,000

 

 

 

1,646,396

 

 

 

472,674

 

 

 

 

 

 

2,719,070

 

Other long-term liabilities

 

 

 

 

 

31,748

 

 

 

19,686

 

 

 

 

 

 

51,434

 

Intercompany payables

 

 

 

 

 

34,220

 

 

 

100,992

 

 

 

(135,212

)

 

 

 

Deferred income taxes, long-term

 

 

 

 

 

447,663

 

 

 

61,911

 

 

 

 

 

 

509,574

 

Total liabilities

 

 

617,006

 

 

 

2,471,063

 

 

 

743,939

 

 

 

(135,212

)

 

 

3,696,796

 

Total stockholders’ equity

 

 

2,105,446

 

 

 

2,722,452

 

 

 

654,278

 

 

 

(3,376,730

)

 

 

2,105,446

 

Total liabilities and stockholders’ equity

 

$

2,722,452

 

 

$

5,193,515

 

 

$

1,398,217

 

 

$

(3,511,942

)

 

$

5,802,242

 

 

 

 

 

For the Three Months Ended June 30, 2016

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Revenues

 

$

 

 

$

257,316

 

 

$

116,184

 

 

$

(423

)

 

$

373,077

 

Cost of revenues

 

 

 

 

 

138,262

 

 

 

72,640

 

 

 

(423

)

 

 

210,479

 

Gross profit

 

 

 

 

 

119,054

 

 

 

43,544

 

 

 

 

 

 

162,598

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

 

 

21,118

 

 

 

7,417

 

 

 

 

 

 

28,535

 

Research and development

 

 

 

 

 

28,853

 

 

 

11,974

 

 

 

 

 

 

40,827

 

General and administrative

 

 

 

 

 

18,602

 

 

 

8,597

 

 

 

 

 

 

27,199

 

Total operating expenses

 

 

 

 

 

68,573

 

 

 

27,988

 

 

 

 

 

 

96,561

 

Operating income

 

 

 

 

 

50,481

 

 

 

15,556

 

 

 

 

 

 

66,037

 

Interest expense, net

 

 

(8,813

)

 

 

(17,548

)

 

 

(6,485

)

 

 

 

 

 

(32,846

)

Other (expense) income, net

 

 

 

 

 

(17,617

)

 

 

17,629

 

 

 

 

 

 

12

 

Earnings from subsidiaries

 

 

37,034

 

 

 

23,523

 

 

 

 

 

 

(60,557

)

 

 

 

Income before income taxes

 

 

28,221

 

 

 

38,839

 

 

 

26,700

 

 

 

(60,557

)

 

 

33,203

 

Provision for income taxes

 

 

 

 

 

1,805

 

 

 

3,177

 

 

 

 

 

 

4,982

 

Net income

 

$

28,221

 

 

$

37,034

 

 

$

23,523

 

 

$

(60,557

)

 

$

28,221

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange translation adjustment

 

 

(26,793

)

 

 

(26,793

)

 

 

(27,221

)

 

 

54,014

 

 

 

(26,793

)

Comprehensive income (loss)

 

$

1,428

 

 

$

10,241

 

 

$

(3,698

)

 

$

(6,543

)

 

$

1,428

 

 

 

 

 

For the Three Months Ended June 30, 2015

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Revenues

 

$

 

 

$

110,497

 

 

$

102,655

 

 

$

(384

)

 

$

212,768

 

Cost of revenues

 

 

 

 

 

51,035

 

 

 

58,852

 

 

 

(384

)

 

 

109,503

 

Gross profit

 

 

 

 

 

59,462

 

 

 

43,803

 

 

 

 

 

 

103,265

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

 

 

8,708

 

 

 

5,223

 

 

 

 

 

 

13,931

 

Research and development

 

 

 

 

 

9,433

 

 

 

8,087

 

 

 

 

 

 

17,520

 

General and administrative

 

 

 

 

 

8,904

 

 

 

4,559

 

 

 

 

 

 

13,463

 

Total operating expenses

 

 

 

 

 

27,045

 

 

 

17,869

 

 

 

 

 

 

44,914

 

Operating income

 

 

 

 

 

32,417

 

 

 

25,934

 

 

 

 

 

 

58,351

 

Interest expense, net

 

 

 

 

 

(2,570

)

 

 

(2,849

)

 

 

 

 

 

(5,419

)

Other income (expense), net

 

 

 

 

 

1,431

 

 

 

(1,595

)

 

 

 

 

 

(164

)

Earnings from subsidiaries

 

 

39,128

 

 

 

10,475

 

 

 

 

 

 

(49,603

)

 

 

 

Income before income taxes

 

 

39,128

 

 

 

41,753

 

 

 

21,490

 

 

 

(49,603

)

 

 

52,768

 

Provision for income taxes

 

 

 

 

 

2,625

 

 

 

11,015

 

 

 

 

 

 

13,640

 

Net income

 

$

39,128

 

 

$

39,128

 

 

$

10,475

 

 

$

(49,603

)

 

$

39,128

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange translation adjustment

 

 

22,808

 

 

 

22,808

 

 

 

21,614

 

 

 

(44,422

)

 

 

22,808

 

Comprehensive income

 

$

61,936

 

 

$

61,936

 

 

$

32,089

 

 

$

(94,025

)

 

$

61,936

 

 

 

 

 

For the Six Months Ended June 30, 2016

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Revenues

 

$

 

 

$

476,305

 

 

$

221,768

 

 

$

(865

)

 

$

697,208

 

Cost of revenues

 

 

 

 

 

251,764

 

 

 

136,264

 

 

 

(865

)

 

 

387,163

 

Gross profit

 

 

 

 

 

224,541

 

 

 

85,504

 

 

 

 

 

 

310,045

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

 

 

43,865

 

 

 

14,531

 

 

 

 

 

 

58,396

 

Research and development

 

 

 

 

 

54,218

 

 

 

23,056

 

 

 

 

 

 

77,274

 

General and administrative

 

 

 

 

 

41,081

 

 

 

16,813

 

 

 

 

 

 

57,894

 

Total operating expenses

 

 

 

 

 

139,164

 

 

 

54,400

 

 

 

 

 

 

193,564

 

Operating income

 

 

 

 

 

85,377

 

 

 

31,104

 

 

 

 

 

 

116,481

 

Interest expense, net

 

 

(17,461

)

 

 

(35,466

)

 

 

(13,008

)

 

 

 

 

 

(65,935

)

Other (expense) income, net

 

 

 

 

 

(32,017

)

 

 

30,182

 

 

 

 

 

 

(1,835

)

Earnings from subsidiaries

 

 

52,687

 

 

 

41,360

 

 

 

 

 

 

(94,047

)

 

 

 

Income before income taxes

 

 

35,226

 

 

 

59,254

 

 

 

48,278

 

 

 

(94,047

)

 

 

48,711

 

Provision for income taxes

 

 

 

 

 

6,567

 

 

 

6,918

 

 

 

 

 

 

13,485

 

Net income

 

$

35,226

 

 

$

52,687

 

 

$

41,360

 

 

$

(94,047

)

 

$

35,226

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange translation adjustment

 

 

(17,472

)

 

 

(17,472

)

 

 

(22,449

)

 

 

39,921

 

 

 

(17,472

)

Comprehensive income

 

$

17,754

 

 

$

35,215

 

 

$

18,911

 

 

$

(54,126

)

 

$

17,754

 

 

 

 

 

For the Six Months Ended June 30, 2015

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Revenues

 

$

 

 

$

216,325

 

 

$

202,979

 

 

$

(801

)

 

$

418,503

 

Cost of revenues

 

 

 

 

 

101,075

 

 

 

121,536

 

 

 

(801

)

 

 

221,810

 

Gross profit

 

 

 

 

 

115,250

 

 

 

81,443

 

 

 

 

 

 

196,693

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

 

 

17,068

 

 

 

10,250

 

 

 

 

 

 

27,318

 

Research and development

 

 

 

 

 

18,730

 

 

 

18,398

 

 

 

 

 

 

37,128

 

General and administrative

 

 

 

 

 

20,412

 

 

 

10,351

 

 

 

 

 

 

30,763

 

Total operating expenses

 

 

 

 

 

56,210

 

 

 

38,999

 

 

 

 

 

 

95,209

 

Operating income

 

 

 

 

 

59,040

 

 

 

42,444

 

 

 

 

 

 

101,484

 

Interest expense, net

 

 

 

 

 

(5,323

)

 

 

(5,696

)

 

 

 

 

 

(11,019

)

Other income (expense), net

 

 

 

 

 

1,103

 

 

 

(2,774

)

 

 

 

 

 

(1,671

)

Earnings from subsidiaries

 

 

65,374

 

 

 

26,952

 

 

 

 

 

 

(92,326

)

 

 

 

Income before income taxes

 

 

65,374

 

 

 

81,772

 

 

 

33,974

 

 

 

(92,326

)

 

 

88,794

 

Provision for income taxes

 

 

 

 

 

16,398

 

 

 

7,022

 

 

 

 

 

 

23,420

 

Net income

 

$

65,374

 

 

$

65,374

 

 

$

26,952

 

 

$

(92,326

)

 

$

65,374

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange translation adjustment

 

 

(13,411

)

 

 

(13,411

)

 

 

(7,601

)

 

 

21,012

 

 

 

(13,411

)

Comprehensive income

 

$

51,963

 

 

$

51,963

 

 

$

19,351

 

 

$

(71,314

)

 

$

51,963

 

 

 

 

 

For the Six Months Ended June 30, 2016

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Cash Flow from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

35,226

 

 

$

52,687

 

 

$

41,360

 

 

$

(94,047

)

 

$

35,226

 

Non-cash adjustments

 

 

 

 

 

70,450

 

 

 

29,806

 

 

 

 

 

 

100,256

 

Intercompany transactions

 

 

18,310

 

 

 

(11,902

)

 

 

(6,408

)

 

 

 

 

 

 

Earnings from subsidiaries

 

 

(52,687

)

 

 

(41,360

)

 

 

 

 

 

94,047

 

 

 

 

Changes in operating assets and liabilities

 

 

(849

)

 

 

14,399

 

 

 

(9,696

)

 

 

 

 

 

3,854

 

Net cash provided by operating activities

 

 

 

 

 

84,274

 

 

 

55,062

 

 

 

 

 

 

139,336

 

Cash Flow from Investment Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

 

 

 

(5,080

)

 

 

(8,513

)

 

 

 

 

 

(13,593

)

Proceeds from sale of property and equipment

 

 

 

 

 

95

 

 

 

(52

)

 

 

 

 

 

43

 

Cash paid for business acquisitions, net of cash acquired

 

 

 

 

 

(219,276

)

 

 

(98,278

)

 

 

 

 

 

(317,554

)

Additions to capitalized software

 

 

 

 

 

(1,879

)

 

 

(1,427

)

 

 

 

 

 

(3,306

)

Purchase of long-term investment

 

 

 

 

 

(1,000

)

 

 

 

 

 

 

 

 

(1,000

)

Net cash used in investing activities

 

 

 

 

 

(227,140

)

 

 

(108,270

)

 

 

 

 

 

(335,410

)

Cash Flow from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayments of debt

 

 

 

 

 

(115,500

)

 

 

(39,825

)

 

 

 

 

 

(155,325

)

Transactions involving Holding's common stock

 

 

 

 

 

13,556

 

 

 

 

 

 

 

 

 

13,556

 

Intercompany transactions

 

 

 

 

 

(90,798

)

 

 

90,798

 

 

 

 

 

 

 

Payment of fees related to refinancing activities

 

 

 

 

 

(222

)

 

 

 

 

 

 

 

 

(222

)

Net cash (used in) provided by financing activities

 

 

 

 

 

(192,964

)

 

 

50,973

 

 

 

 

 

 

(141,991

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

 

 

 

(872

)

 

 

 

 

 

(872

)

Net decrease in cash and cash equivalents

 

 

 

 

 

(335,830

)

 

 

(3,107

)

 

 

 

 

 

(338,937

)

Cash and cash equivalents, beginning of period

 

 

 

 

 

360,583

 

 

 

73,576

 

 

 

 

 

 

434,159

 

Cash and cash equivalents, end of period

 

$

 

 

$

24,753

 

 

$

70,469

 

 

$

 

 

$

95,222

 

 

 

 

 

For the Six Months Ended June 30, 2015

 

 

 

Parent

 

 

Guarantor Subsidiaries

 

 

Non-guarantor Subsidiaries

 

 

Consolidating and Eliminating Adjustments

 

 

Consolidated

 

Cash Flow from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

65,374

 

 

$

65,374

 

 

$

26,952

 

 

$

(92,326

)

 

$

65,374

 

Non-cash adjustments

 

 

 

 

 

17,672

 

 

 

33,667

 

 

 

 

 

 

51,339

 

Intercompany transactions

 

 

 

 

 

10,748

 

 

 

(10,748

)

 

 

 

 

 

 

Earnings from subsidiaries

 

 

(65,374

)

 

 

(26,952

)

 

 

 

 

 

92,326

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

(14,563

)

 

 

(1,428

)

 

 

 

 

 

(15,991

)

Net cash provided by operating activities

 

 

 

 

 

52,279

 

 

 

48,443

 

 

 

 

 

 

100,722

 

Cash Flow from Investment Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

 

 

 

(2,532

)

 

 

(3,218

)

 

 

 

 

 

(5,750

)

Cash paid for business acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

(7,863

)

 

 

 

 

 

(7,863

)

Additions to capitalized software

 

 

 

 

 

(380

)

 

 

(1,412

)

 

 

 

 

 

(1,792

)

Net cash used in investing activities

 

 

 

 

 

(2,912

)

 

 

(12,493

)

 

 

 

 

 

(15,405

)

Cash Flow from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayments of debt

 

 

 

 

 

(137,019

)

 

 

(36,981

)

 

 

 

 

 

(174,000

)

Transactions involving Holding's common stock

 

 

 

 

 

710,565

 

 

 

 

 

 

 

 

 

710,565

 

Net cash provided by (used in) financing activities

 

 

 

 

 

573,546

 

 

 

(36,981

)

 

 

 

 

 

536,565

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

 

 

 

(1,651

)

 

 

 

 

 

(1,651

)

Net increase (decrease) in cash and cash equivalents

 

 

 

 

 

622,913

 

 

 

(2,682

)

 

 

 

 

 

620,231

 

Cash and cash equivalents, beginning of period

 

 

 

 

 

34,651

 

 

 

74,926

 

 

 

 

 

 

109,577

 

Cash and cash equivalents, end of period

 

$

 

 

$

657,564

 

 

$

72,244

 

 

$

 

 

$

729,808