001-34774 | 20-5446972 | |
(Commission File Number) | (IRS Employer Identification No.) |
CBOE HOLDINGS, INC. | ||
(Registrant) | ||
By: | /s/ Alan J. Dean | |
Alan J. Dean | ||
Executive Vice President and Chief Financial Officer | ||
Dated: August 2, 2012 |
Exhibit Number | Description | |
99.1 | Press Release, dated August 2, 2012. |
![]() | 400 South LaSalle Street Chicago, IL 60605 www.cboe.com http://cboenews.com http://ir.cboe.com |
NEWS RELEASE |
(in millions, except per share and fee per contract) | 2Q 2012 | 2Q 2011 | Y/Y Change | YTD 2012 | YTD 2011 | Y/Y Change | ||||||||||
Key Statistics: | ||||||||||||||||
Average Daily Volume (options and futures) | 4.80 | 4.45 | 8 | % | 4.84 | 4.76 | 2 | % | ||||||||
Total Trading Volume (options and futures) | 302.6 | 280.2 | 8 | % | 605.3 | 595.2 | 2 | % | ||||||||
Average Revenue Per Contract | $ | 0.314 | $ | 0.308 | 2 | % | $ | 0.297 | $ | 0.296 | — | % | ||||
GAAP Financial Highlights: | ||||||||||||||||
Total Operating Revenues | $ | 132.6 | $ | 120.3 | 10 | % | $ | 253.9 | $ | 244.3 | 4 | % | ||||
Total Operating Expenses | 66.5 | 63.8 | 4 | % | 130.4 | 130.3 | — | % | ||||||||
Operating Income | 66.1 | 56.5 | 17 | % | 123.5 | 114.0 | 8 | % | ||||||||
Operating Margin % | 49.8 | % | 46.9 | % | 290 bps | 48.6 | % | 46.7 | % | 190 bps | ||||||
Net Income | $ | 38.5 | $ | 33.4 | 15 | % | $ | 71.9 | $ | 66.3 | 8 | % | ||||
Net Income Allocated to Common Stockholders | $ | 37.9 | $ | 32.6 | 16 | % | $ | 70.8 | $ | 64.7 | 9 | % | ||||
Diluted EPS | $ | 0.44 | $ | 0.36 | 22 | % | $ | 0.81 | $ | 0.72 | 13 | % | ||||
Weighted Average Shares Outstanding | 87,153 | 90,164 | (3 | )% | 87,649 | 90,124 | (3 | )% | ||||||||
Adjusted Financial Highlights (1) | ||||||||||||||||
Total Operating Expenses | $ | 66.5 | $ | 63.7 | 4 | % | $ | 130.3 | $ | 129.9 | — | % | ||||
Operating Income | 66.1 | 56.6 | 17 | % | 123.7 | 114.4 | 8 | % | ||||||||
Operating Margin % | 49.8 | % | 47.0 | % | 280 bps | 48.7 | % | 46.8 | % | 190 bps | ||||||
Net Income | $ | 38.5 | $ | 33.5 | 15 | % | $ | 72.0 | $ | 66.8 | 8 | % | ||||
Net Income Allocated to Common Stockholders | $ | 37.9 | $ | 32.7 | 16 | % | $ | 70.9 | $ | 65.2 | 9 | % | ||||
Diluted EPS | $ | 0.44 | $ | 0.36 | 22 | % | $ | 0.81 | $ | 0.72 | 13 | % |
• | For a second consecutive quarter, CFE experienced record-setting quarterly trading volume. |
• | On April 25, the company announced that CFE and DRW Trading Group had entered into an agreement that will allow CFE to use DRW's patent-pending methodology to create variance futures that, for the first time, match the quoting conventions and economic performance of over-the-counter stock index variance swaps. CFE plans to introduce a new futures contract based on the variance of the S&P 500® (SPXSM) later this year, subject to regulatory approval. |
• | On May 16, CBOE and the China Financial Futures Exchange (CFFEX) announced that they signed a Memorandum of Understanding which establishes an open channel of communication and lays the foundation for future collaborative efforts between the exchanges. |
• | On May 23, CFE launched trading on the CBOE NASDAQ-100 Volatility Index futures contract (ticker symbol VXN, futures symbol VN). VXNSM, which measures the volatility of the NASDAQ-100® Index, is calculated through the application of CBOE's VIX® methodology to the prices of options on NDX. |
• | On May 25, CBOE and The McGraw-Hill Companies, Inc. announced that the Illinois Appellate Court ruled in favor of CBOE, McGraw-Hill and CME Group Index Services, LLC, regarding the index options litigation brought against the International Securities Exchange, LLC (ISE). The ruling affirms an injunction that prohibits ISE from listing or offering a market for trading in options on either the S&P 500® Index or the Dow Jones Industrial AverageSM, as to which CBOE |
• | On June 18, CBOE began disseminating values for its first interest rate-based volatility index, the CBOE Interest Rate Volatility Index (ticker: SRVX). The SRVXSM Index is designed to offer fixed income options traders and portfolio managers a standardized and transparent measure of interest rate swap volatility. |
• | On July 27, CBOE introduced a fully-electronic process for trading SPX Variance Strips, a portfolio of S&P 500 Index options intended to replicate S&P 500 implied variance exposure, in a single transaction. Trading in SPX Variance Strips (ticker: VSTRP) is aimed at qualified professional investors and will employ a special quoting convention similar to the over-the-counter method for quoting variance swaps. |
• | On August 1, the company reported that ADV for total options in July was 4.15 million contracts, nearly a ten-percent decrease from June 2012 ADV of 4.61 million contracts and a nine-percent decrease from July 2011 ADV of 4.57 million contracts. In addition, CFE reported ADV of 91,386 contracts in July 2012, up 56 percent from 58,532 contracts per day in July 2011 and a 12-percent decrease from 103,274-contract ADV in the record-breaking June 2012. |
• | Revenue from exchange services and other fees is expected to exceed the higher end of its previously provided guidance range of $24.0 million to $26.0 million and is now expected to be between $27.0 million to $29.0 million for fiscal 2012. |
• | Access fees are expected to be in a range of $64.0 million to $67.0 million. |
• | Core expenses are expected to be in the range of $173.0 million to $178.0 million. The company expects core expenses to be at the low end of the guidance range if volume in 2012 is flat to up 4 percent and at the high end of the range if volume growth is 5 percent or higher. |
• | Continuing stock-based compensation expense, included in core expenses above, is expected to be in the range of $12.2 million to $12.7 million. |
• | The consolidated effective tax rate is expected to be in the range of 41.2 percent to 41.7 percent. Significant changes in trading volume, expenses, state and local tax rates and other items, including ongoing state and federal tax audits, could materially impact this expectation. |
• | Depreciation and amortization expense in the range of $33.0 million to $35.0 million. |
• | Capital expenditures in the range of $30.0 million to $35.0 million. |
CBOE Media Contacts: | Analyst Contact: | |||||
Gail Osten | Gary Compton | Debbie Koopman | ||||
(312) 786-7123 | (312) 786-7612 | (312) 786-7136 | ||||
osten@cboe.com | comptong@cboe.com | koopman@cboe.com |
2Q 2012 | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | ||||||
PRODUCT: | ||||||||||
Equities | 2,007 | 2,320 | 1,695 | 1,968 | 1,936 | |||||
Indexes | 1,252 | 1,174 | 1,202 | 1,590 | 1,114 | |||||
Exchange-traded funds | 1,451 | 1,321 | 1,366 | 1,861 | 1,348 | |||||
Total Options Average Daily Volume | 4,710 | 4,815 | 4,263 | 5,419 | 4,398 | |||||
Futures | 93 | 67 | 38 | 62 | 48 | |||||
Total Average Daily Volume | 4,803 | 4,882 | 4,301 | 5,481 | 4,446 |
2Q 2012 | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | ||||||
PRODUCT: | ||||||||||
Equities | 41.8 | % | 47.5 | % | 39.4 | % | 35.9 | % | 43.5 | % |
Indexes | 26.1 | % | 24.0 | % | 28.0 | % | 29.0 | % | 25.1 | % |
Exchange-traded funds | 30.2 | % | 27.1 | % | 31.7 | % | 34.0 | % | 30.3 | % |
Futures | 1.9 | % | 1.4 | % | 0.9 | % | 1.1 | % | 1.1 | % |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
2Q 2012 | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | |
Trading Days | 63 | 62 | 63 | 64 | 63 |
PRODUCT: | |||||
Equities | $0.123 | $0.110 | $0.167 | $0.159 | $0.169 |
Indexes | 0.677 | 0.658 | 0.631 | 0.605 | 0.627 |
Exchange-traded funds | 0.180 | 0.171 | 0.212 | 0.192 | 0.202 |
Total Options Average Transaction Fee | 0.288 | 0.261 | 0.312 | 0.301 | 0.295 |
Futures | 1.607 | 1.697 | 1.329 | 1.371 | 1.477 |
Total Average Transaction Fee Per Contract | $0.314 | $0.280 | $0.321 | $0.313 | $0.308 |
2Q 2012 | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | |||||||||||
PRODUCT: | |||||||||||||||
Equities | $ | 15,617 | $ | 15,894 | $ | 17,860 | $ | 20,019 | $ | 20,582 | |||||
Indexes | 53,383 | 47,907 | 47,808 | 61,524 | 44,028 | ||||||||||
Exchange-traded funds | 16,429 | 14,036 | 18,230 | 22,836 | 17,120 | ||||||||||
Total Options Transaction Fees | $ | 85,429 | $ | 77,837 | $ | 83,898 | $ | 104,379 | $ | 81,730 | |||||
Futures | 9,456 | 6,998 | 3,149 | 5,461 | 4,510 | ||||||||||
Total Transaction Fees | $ | 94,885 | $ | 84,835 | $ | 87,047 | $ | 109,840 | $ | 86,240 |
Three months ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Total Operating Expenses | $ | 66,480 | $ | 63,838 | $ | 130,456 | $ | 130,345 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | 8,320 | 8,996 | 16,640 | 17,692 | ||||||||||||
Accelerated stock-based compensation expense | — | 113 | 194 | 453 | ||||||||||||
Volume-based expenses: | ||||||||||||||||
Royalty fees | 12,001 | 10,373 | 23,192 | 21,519 | ||||||||||||
Trading volume incentives | 1,176 | 2,515 | 3,825 | 8,274 | ||||||||||||
Core Operating Expenses (non-GAAP): | $ | 44,983 | $ | 41,841 | $ | 86,605 | $ | 82,407 | ||||||||
Less: Continuing stock-based compensation expense | (3,027 | ) | (3,106 | ) | (5,772 | ) | (6,179 | ) | ||||||||
Core Operating Expenses Excluding Continuing Stock-Based Compensation (non-GAAP) | $ | 41,956 | $ | 38,735 | $ | 80,833 | $ | 76,228 | ||||||||
Detail of Core Operating Expenses (non-GAAP) | ||||||||||||||||
Employee costs | $ | 25,300 | $ | 24,391 | $ | 50,396 | $ | 49,787 | ||||||||
Data processing | 4,927 | 4,905 | 9,826 | 9,333 | ||||||||||||
Outside services | 9,265 | 7,190 | 16,435 | 13,769 | ||||||||||||
Travel and promotional expenses | 3,303 | 2,368 | 5,469 | 4,053 | ||||||||||||
Facilities costs | 1,226 | 1,400 | 2,529 | 2,892 | ||||||||||||
Other expenses | 962 | 1,587 | 1,950 | 2,573 | ||||||||||||
Total | $ | 44,983 | $ | 41,841 | $ | 86,605 | $ | 82,407 |
(in thousands, except per share amounts) | Three months ended June 30, 2011 | |||||||||
Items Impacting Results | ||||||||||
Reported (GAAP) | Accelerated stock-based compensation² | After Considering Items (non-GAAP) | ||||||||
Total Operating Revenues | $ | 120,290 | $ | 120,290 | ||||||
Total Operating Expenses | 63,838 | (113 | ) | 63,725 | ||||||
Operating Income | 56,452 | 113 | 56,565 | |||||||
Operating Margin | 46.9 | % | 47.0 | % | ||||||
Total Other Income /(Expense) | (162 | ) | (162 | ) | ||||||
Income Before Income Taxes | 56,290 | 113 | 56,403 | |||||||
Income Tax Provision | 22,889 | 46 | 22,935 | |||||||
Effective Income Tax Rate | 40.7 | % | 40.7 | % | ||||||
Net Income | $ | 33,401 | $ | 67 | $ | 33,468 | ||||
Net Income Allocated to Participating Securities | (792 | ) | (2 | ) | (794 | ) | ||||
Net Income Allocated to Common Stockholders | $ | 32,609 | $ | 65 | $ | 32,674 | ||||
Diluted Net Income per Share Allocated to Common Stockholders | $ | 0.36 | $ | — | $ | 0.36 | ||||
(in thousands, except per share amounts) | Six months ended June 30, 2012 | Six months ended June 30, 2011 | |||||||||||||||||||||
Items Impacting Results | Items Impacting Results | ||||||||||||||||||||||
Reported (GAAP) | Accelerated stock-based compensation¹ | After Considering Items (non-GAAP) | Reported (GAAP) | Accelerated stock-based compensation² | Impairment charge³ | After Considering Items (non-GAAP) | |||||||||||||||||
Total Operating Revenues | $ | 253,941 | $ | 253,941 | $ | 244,332 | $ | 244,332 | |||||||||||||||
Total Operating Expenses | 130,456 | (194 | ) | 130,262 | 130,345 | (453 | ) | 129,892 | |||||||||||||||
Operating Income | 123,485 | 194 | 123,679 | 113,987 | 453 | 114,440 | |||||||||||||||||
Operating Margin | 48.6 | % | 48.7 | % | 46.7 | % | 46.8 | % | |||||||||||||||
Total Other Income /(Expense) | (866 | ) | (866 | ) | (805 | ) | 460 | (345 | ) | ||||||||||||||
Income Before Income Taxes | 122,619 | 194 | 122,813 | 113,182 | 453 | 460 | 114,095 | ||||||||||||||||
Income Tax Provision | 50,706 | 80 | 50,786 | 46,910 | 188 | 191 | 47,288 | ||||||||||||||||
Effective Income Tax Rate | 41.4 | % | 41.4 | % | 41.4 | % | 41.4 | % | |||||||||||||||
Net Income | $ | 71,913 | $ | 114 | $ | 72,027 | $ | 66,272 | $ | 265 | $ | 269 | $ | 66,807 | |||||||||
Net Income Allocated to Participating Securities | (1,146 | ) | (2 | ) | (1,148 | ) | (1,571 | ) | (6 | ) | (6 | ) | (1,584 | ) | |||||||||
Net Income Allocated to Common Stockholders | $ | 70,767 | $ | 112 | $ | 70,879 | $ | 64,701 | $ | 259 | $ | 263 | $ | 65,223 | |||||||||
Diluted Net Income per Share Allocated to Common Stockholders | $ | 0.81 | $ | — | $ | 0.81 | $ | 0.72 | $ | — | $ | — | $ | 0.72 | |||||||||
1) | In the first quarter of 2012, the company accelerated the recognition of stock-based compensation expense to recognize the remaining fair value of the stock-based compensation awards granted to two board members who left the Board. |
2) | In the first and second quarters of 2011, the company accelerated the recognition of stock-based compensation expense to recognize the remaining fair value of the stock-based compensation awards granted to three board members who left the Board. |
3) | In the first quarter of 2011, the company recorded an impairment charge to write off its investment in NSX Holdings, Inc. |
CBOE Holdings, Inc. and Subsidiaries | |||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||||
Three and six months ended June 30, 2012 and 2011 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 | |||||||||||||
Operating Revenues: | |||||||||||||||||
Transaction fees | $ | 94,885 | $ | 86,240 | $ | 179,719 | $ | 176,179 | |||||||||
Access fees | 16,162 | 17,041 | 32,142 | 34,646 | |||||||||||||
Exchange services and other fees | 7,851 | 4,276 | 15,300 | 8,966 | |||||||||||||
Market data fees | 6,376 | 4,836 | 12,749 | 9,938 | |||||||||||||
Regulatory fees | 4,080 | 4,770 | 8,776 | 9,728 | |||||||||||||
Other revenue | 3,195 | 3,127 | 5,255 | 4,875 | |||||||||||||
Total Operating Revenues | 132,549 | 120,290 | 253,941 | 244,332 | |||||||||||||
Operating Expenses: | |||||||||||||||||
Employee costs | 25,300 | 24,504 | 50,590 | 50,240 | |||||||||||||
Depreciation and amortization | 8,320 | 8,996 | 16,640 | 17,692 | |||||||||||||
Data processing | 4,927 | 4,905 | 9,826 | 9,333 | |||||||||||||
Outside services | 9,265 | 7,190 | 16,435 | 13,769 | |||||||||||||
Royalty fees | 12,001 | 10,373 | 23,192 | 21,519 | |||||||||||||
Trading volume incentives | 1,176 | 2,515 | 3,825 | 8,274 | |||||||||||||
Travel and promotional expenses | 3,303 | 2,368 | 5,469 | 4,053 | |||||||||||||
Facilities costs | 1,226 | 1,400 | 2,529 | 2,892 | |||||||||||||
Other expenses | 962 | 1,587 | 1,950 | 2,573 | |||||||||||||
Total Operating Expenses | 66,480 | 63,838 | 130,456 | 130,345 | |||||||||||||
Operating Income | 66,069 | 56,452 | 123,485 | 113,987 | |||||||||||||
Other Income / (Expense): | |||||||||||||||||
Investment income | 26 | 61 | 48 | 103 | |||||||||||||
Net loss from investment in affiliates | (437 | ) | — | (914 | ) | (460 | ) | ||||||||||
Interest and other borrowing costs | — | (223 | ) | — | (448 | ) | |||||||||||
Total Other Income / (Expense) | (411 | ) | (162 | ) | (866 | ) | (805 | ) | |||||||||
Income Before Income Taxes | 65,658 | 56,290 | 122,619 | 113,182 | |||||||||||||
Income Tax Provision | 27,162 | 22,889 | 50,706 | 46,910 | |||||||||||||
Net Income | 38,496 | 33,401 | 71,913 | 66,272 | |||||||||||||
Net Income allocated to participating securities | (593 | ) | (792 | ) | (1,146 | ) | (1,571 | ) | |||||||||
Net Income allocated to common stockholders | $ | 37,903 | $ | 32,609 | $ | 70,767 | $ | 64,701 | |||||||||
Net income per share allocated to common stockholders | |||||||||||||||||
Basic | $ | 0.44 | $ | 0.36 | $ | 0.81 | $ | 0.72 | |||||||||
Diluted | 0.44 | 0.36 | 0.81 | 0.72 | |||||||||||||
Weighted average shares used in computing income per share: | |||||||||||||||||
Basic | 87,153 | 90,164 | 87,649 | 90,124 | |||||||||||||
Diluted | 87,153 | 90,164 | 87,649 | 90,124 |
CBOE Holdings, Inc. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
June 30, 2012 and December 31, 2011 | |||||||
(in thousands, except share amounts) | June 30, 2012 | December 31, 2011 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 127,137 | $ | 134,936 | |||
Accounts receivable - net of allowances of $329 and $304 | 48,429 | 37,578 | |||||
Marketing fee receivable | 7,527 | 5,195 | |||||
Income taxes receivable | 8,987 | 6,756 | |||||
Other prepaid expenses | 9,139 | 4,152 | |||||
Other current assets | 728 | 1,065 | |||||
Total Current Assets | 201,947 | 189,682 | |||||
Investments in Affiliates | 14,212 | 14,305 | |||||
Land | 4,914 | 4,914 | |||||
Property and Equipment: | |||||||
Construction in progress | 7,878 | 1,264 | |||||
Building | 60,917 | 60,917 | |||||
Furniture and equipment | 256,771 | 252,905 | |||||
Less accumulated depreciation and amortization | (246,310 | ) | (238,288 | ) | |||
Total Property and Equipment—Net | 79,256 | 76,798 | |||||
Other Assets: | |||||||
Software development work in progress | 10,364 | 6,168 | |||||
Data processing software and other assets (less accumulated amortization of $127,901 and $121,173) | 33,113 | 36,001 | |||||
Total Other Assets—Net | 43,477 | 42,169 | |||||
Total | $ | 343,806 | $ | 327,868 | |||
Liabilities and Stockholders' Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 38,375 | $ | 46,071 | |||
Marketing fee payable | 8,117 | 5,765 | |||||
Deferred revenue | 17,365 | 351 | |||||
Post-retirement medical benefits | 51 | 100 | |||||
Total Current Liabilities | 63,908 | 52,287 | |||||
Long-term Liabilities: | |||||||
Post-retirement medical benefits | 1,861 | 1,781 | |||||
Income taxes payable | 14,335 | 12,185 | |||||
Other long-term liabilities | 3,990 | 3,906 | |||||
Deferred income taxes | 19,805 | 21,439 | |||||
Total Long-term Liabilities | 39,991 | 39,311 | |||||
Total Liabilities | 103,899 | 91,598 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity | |||||||
Preferred Stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2012 and December, 31, 2011 | — | — | |||||
Unrestricted Common Stock, $0.01 par value: 325,000,000 shares authorized, 91,270,199 issued and 87,271,635 outstanding at June 30, 2012; 90,781,222 issued and 88,768,885 outstanding at December 31, 2011 | 913 | 908 | |||||
Additional paid-in-capital | 61,430 | 55,469 | |||||
Retained Earnings | 282,686 | 232,121 | |||||
Treasury Stock, at cost: 3,998,564 shares at June 30, 2012 | (104,200 | ) | (51,329 | ) | |||
Accumulated other comprehensive loss | (922 | ) | (899 | ) | |||
Total Stockholders' Equity | 239,907 | 236,270 | |||||
Total | $ | 343,806 | $ | 327,868 |
CBOE Holdings, Inc. and Subsidiaries | |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
Six months ended June 30, 2012 and 2011 | |||||||
Six Months Ended June 30, | |||||||
(in thousands) | 2012 | 2011 | |||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 71,913 | $ | 66,272 | |||
Adjustments to reconcile net income to | |||||||
net cash flows from operating activities: | |||||||
Depreciation and amortization | 16,640 | 17,692 | |||||
Other amortization | 44 | 45 | |||||
Provision for deferred income taxes | (1,661 | ) | 1,202 | ||||
Stock-based compensation | 5,966 | 6,632 | |||||
Loss on disposition of property | — | 729 | |||||
Loss on investment in affiliates | 914 | — | |||||
Impairment of investment in affiliates and other assets | — | 460 | |||||
Net change in assets and liabilities | (7,082 | ) | (468 | ) | |||
Net Cash Flows provided by Operating Activities | 86,734 | 92,564 | |||||
Cash Flows from Investing Activities: | |||||||
Capital and other assets expenditures | (19,492 | ) | (18,334 | ) | |||
Investment in affiliates | (822 | ) | — | ||||
Proceeds from disposition of property | — | 57 | |||||
Net Cash Flows used in Investing Activities | (20,314 | ) | (18,277 | ) | |||
Cash Flows from Financing Activities: | |||||||
Payment of quarterly dividends | (21,348 | ) | (18,456 | ) | |||
Purchase of unrestricted stock from employees | (3,127 | ) | (3,075 | ) | |||
Purchase of unrestricted stock under repurchase program | (49,744 | ) | — | ||||
Net Cash Flows used in Financing Activities | (74,219 | ) | (21,531 | ) | |||
Net Increase (Decrease) in Cash and Cash Equivalents | (7,799 | ) | 52,756 | ||||
Cash and Cash Equivalents at Beginning of Period | $ | 134,936 | $ | 53,789 | |||
Cash and Cash Equivalents at End of Period | $ | 127,137 | $ | 106,545 | |||
Supplemental Disclosure of Cash Flow Information | |||||||
Cash paid for income taxes | $ | 52,473 | $ | 49,037 | |||
Non-cash activities: | |||||||
Unpaid liability to acquire equipment and software | $ | 2,451 | $ | 1,114 |