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: November 1, 2013 |
Exhibit Number | Description | |
99.1 | Press Release, dated November 1, 2013. |
News Release |
(in millions, except per share, revenue per contract and trading days) | 3Q 2013 | 3Q 2012 | Y/Y Change | YTD 2013 | YTD 2012 | Y/Y Change | ||||||||||
Key Statistics: | ||||||||||||||||
Total Trading Days | 64 | 63 | 188 | 188 | ||||||||||||
Average Daily Volume (options and futures) | 4.62 | 4.34 | 6 | % | 4.65 | 4.67 | — | |||||||||
Total Trading Volume (options and futures) | 295.4 | 273.3 | 8 | % | 874.7 | 878.6 | — | |||||||||
Average Revenue Per Contract | $ | 0.315 | $ | 0.317 | (1 | %) | $ | 0.341 | $ | 0.303 | 13 | % | ||||
GAAP Financial Highlights: | ||||||||||||||||
Total Operating Revenues | $ | 136.7 | $ | 128.3 | 7 | % | $ | 430.2 | $ | 382.3 | 13 | % | ||||
Total Operating Expenses | 68.3 | 67.5 | 1 | % | 217.0 | 197.9 | 10 | % | ||||||||
Operating Income | 68.4 | 60.8 | 13 | % | 213.2 | 184.4 | 16 | % | ||||||||
Operating Margin % | 50.0 | % | 47.4 | % | 260 | bps | 49.6 | % | 48.2 | % | 140 | bps | ||||
Net Income | $ | 41.4 | $ | 45.8 | (10 | %) | $ | 129.9 | $ | 117.7 | 10 | % | ||||
Net Income Allocated to Common Stockholders | $ | 41.0 | $ | 45.2 | (9 | %) | $ | 128.2 | $ | 116.0 | 11 | % | ||||
Diluted EPS | $ | 0.47 | $ | 0.52 | (10 | %) | $ | 1.47 | $ | 1.33 | 11 | % | ||||
Weighted Average Shares Outstanding | 87.6 | 87.3 | — | 87.4 | 87.5 | — | ||||||||||
Adjusted Financial Highlights (1) | ||||||||||||||||
Total Operating Expenses | $ | 68.3 | $ | 67.5 | 1 | % | $ | 212.0 | $ | 197.7 | 7 | % | ||||
Operating Income | 68.4 | 60.9 | 12 | % | 218.2 | 184.5 | 18 | % | ||||||||
Operating Margin % | 50.0 | % | 47.4 | % | 260 bps | 50.7 | % | 48.3 | % | 240 | bps | |||||
Net Income | $ | 41.4 | $ | 38.1 | 9 | % | $ | 133.5 | $ | 110.1 | 21 | % | ||||
Net Income Allocated to Common Stockholders | $ | 41.0 | $ | 37.7 | 9 | % | $ | 131.8 | $ | 108.5 | 21 | % | ||||
Diluted EPS | $ | 0.47 | $ | 0.43 | 9 | % | $ | 1.51 | $ | 1.24 | 22 | % |
• | CFE plans to start trading CBOE Russell 2000 Volatility Index futures (VU) on Monday, November 18, 2013, with options trading on the CBOE Russell 2000 Volatility Index (RVX) in the weeks that follow. |
• | CBOE plans to list a Mini-SPX Index option (XSP) contract with a new PM-settlement feature beginning on Tuesday, November 5, 2013. |
• | On October 28, CFE completed the first phase of its extended trading hours initiative, adding an additional 45-minute extended trading hours period from 3:30 p.m. to 4:15 p.m. (Chicago time) Monday through Thursday. The launch date for the second phase of VIX futures extended trading hours will be Monday, November 4, 2013, which will add five hours to the trading day, extending VIX futures trading hours to 2:00 a.m. through 3:15 p.m. (Chicago time) Monday through Friday. |
• | On October 8, CBOE's VIX options established a new single-day volume record when nearly 1.8 million contracts traded. |
• | On October 1, CBOE began disseminating values for a new benchmark volatility index, the CBOE Short-Term Volatility Index (VXSTSM). Like the VIX® Index, the VXST Index reflects investors' consensus view of expected market volatility, but where the VIX Index has a 30-day horizon, the VXST Index looks out just nine days, making it particularly responsive to changes in short-term volatility. Plans call for CBOE and CFE to introduce VXST Weeklys options and futures - with launch dates yet to be determined and pending regulatory approval. |
• | On September 30 through October 2, CBOE hosted its second Risk Management Conference Europe near Lisbon, Portugal with about 150 in attendance, including institutional money managers and traders. During |
• | On July 1, CBOE began disseminating values for the CBOE EFA ETF Volatility Index (VXEFA), which expands investors' ability to track market volatility of major geographic regions outside of the United States. The index measures the volatility of the iShares MSCI EAFE Index Fund (EFA), an exchange traded product (ETP) that offers exposure to developed-market stocks in Europe, Australia, Asia and the Far East. |
• | Capital expenditures are now expected to be in the range of $33.0 million to $36.0 million for the year, compared with the previous guidance range of $35.0 million to $40.0 million. |
• | Depreciation and amortization expense is now expected to be in the range of $34.0 million to $36.0 million for the year, down from the previous guidance range of $37.0 million to $39.0 million, due to lower than expected capital spending. |
• | Adjusted effective tax rate for the full-year 2013 is expected to be in the range of 39.0 percent to 39.5 percent, down from the previous guidance range of 39.5 percent to 40.0 percent. The most significant differences in the adjusted effective rate and the statutory rate are state income taxes and discrete items relating to the current period. 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. |
• | Core operating expenses are expected to be in the range of $189.0 million to $194.0 million. Continuing stock-based compensation expense included in core expenses is expected to be approximately $18.0 million for the full year. |
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 |
3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | 3Q 2012 | ||||||
PRODUCT: | ||||||||||
Equities | 1,767 | 1,595 | 1,604 | 1,617 | 1,964 | |||||
Indexes | 1,378 | 1,543 | 1,501 | 1,294 | 1,150 | |||||
Exchange-traded products | 1,322 | 1,641 | 1,107 | 1,091 | 1,124 | |||||
Total Options Average Daily Volume | 4,467 | 4,779 | 4,212 | 4,002 | 4,238 | |||||
Futures | 148 | 180 | 154 | 123 | 99 | |||||
Total Average Daily Volume | 4,615 | 4,959 | 4,366 | 4,125 | 4,337 |
3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | 3Q 2012 | ||||||
PRODUCT: | ||||||||||
Equities | 38.3 | % | 32.2 | % | 36.7 | % | 39.2 | % | 45.3 | % |
Indexes | 29.9 | % | 31.1 | % | 34.4 | % | 31.4 | % | 26.5 | % |
Exchange-traded products | 28.6 | % | 33.1 | % | 25.4 | % | 26.4 | % | 25.9 | % |
Futures | 3.2 | % | 3.6 | % | 3.5 | % | 3.0 | % | 2.3 | % |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | 3Q 2012 | |
Trading Days | 64 | 64 | 60 | 62 | 63 |
PRODUCT: | |||||
Equities | $0.077 | $0.090 | $0.140 | $0.134 | $0.118 |
Indexes | 0.669 | 0.675 | 0.671 | 0.670 | 0.682 |
Exchange-traded products | 0.123 | 0.119 | 0.155 | 0.186 | 0.177 |
Total Options Average Revenue Per Contract | 0.273 | 0.289 | 0.333 | 0.322 | 0.287 |
Futures | 1.559 | 1.544 | 1.618 | 1.442 | 1.606 |
Total Average Revenue Per Contract | $0.315 | $0.334 | $0.378 | $0.355 | $0.317 |
3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | 3Q 2012 | |||||||||||
PRODUCT: | |||||||||||||||
Equities | $ | 8,741 | $ | 9,213 | $ | 13,509 | $ | 13,472 | $ | 14,645 | |||||
Indexes | 59,047 | 66,654 | 60,379 | 53,764 | 49,385 | ||||||||||
Exchange-traded products | 10,401 | 12,458 | 10,296 | 12,552 | 12,561 | ||||||||||
Total Options Transaction Fees | $ | 78,189 | $ | 88,325 | $ | 84,184 | $ | 79,788 | $ | 76,591 | |||||
Futures | 14,765 | 17,769 | 14,961 | 11,017 | 10,030 | ||||||||||
Total Transaction Fees | $ | 92,954 | $ | 106,094 | $ | 99,145 | $ | 90,805 | $ | 86,621 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Total Operating Expenses | $ | 68,316 | $ | 67,458 | $ | 217,005 | $ | 197,915 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | 8,476 | 8,634 | 25,380 | 25,274 | ||||||||||||
Accelerated stock-based compensation expense | — | — | 3,996 | 194 | ||||||||||||
Additional expense related to SEC investigation (in Other expenses) | — | — | 1,000 | — | ||||||||||||
Volume-based expenses: | ||||||||||||||||
Royalty fees | 13,844 | 11,304 | 41,531 | 34,496 | ||||||||||||
Trading volume incentives | 1,207 | 1,423 | 3,128 | 5,248 | ||||||||||||
Core Operating Expenses (non-GAAP): | $ | 44,789 | $ | 46,097 | $ | 141,970 | $ | 132,703 | ||||||||
Less: Continuing stock-based compensation expense | 3,918 | 3,082 | 12,871 | 8,854 | ||||||||||||
Core Operating Expenses Excluding Continuing Stock-Based Compensation (non-GAAP) | $ | 40,871 | $ | 43,015 | $ | 129,099 | $ | 123,849 | ||||||||
Detail of Core Operating Expenses (non-GAAP) | ||||||||||||||||
Employee costs | $ | 27,951 | $ | 27,166 | $ | 86,029 | $ | 77,562 | ||||||||
Data processing | 4,552 | 5,070 | 13,613 | 14,896 | ||||||||||||
Outside services | 7,938 | 9,075 | 28,606 | 25,510 | ||||||||||||
Travel and promotional expenses | 1,894 | 2,548 | 6,552 | 8,018 | ||||||||||||
Facilities costs | 1,308 | 1,268 | 3,808 | 3,797 | ||||||||||||
Other expenses | 1,146 | 970 | 3,362 | 2,920 | ||||||||||||
Total | $ | 44,789 | $ | 46,097 | $ | 141,970 | $ | 132,703 |
(in thousands, except per share amounts) | Three months ended September 30, 2012 | |||||||||
Items Impacting Results | ||||||||||
Reported (GAAP) | Income tax adjustments1 | After Considering Items (non-GAAP) | ||||||||
Total Operating Revenues | $ | 128,319 | $ | 128,319 | ||||||
Total Operating Expenses | 67,458 | 67,458 | ||||||||
Operating Income | 60,861 | 60,861 | ||||||||
Operating Margin | 47.4 | % | 47.4 | % | ||||||
Total Other Income/(Expense) | (327 | ) | (327 | ) | ||||||
Income Before Income Taxes | 60,534 | 60,534 | ||||||||
Income Tax Provision | 14,776 | 7,654 | 22,430 | |||||||
Effective Income Tax Rate | 24.4 | % | 37.1 | % | ||||||
Net Income | $ | 45,758 | $ | (7,654 | ) | $ | 38,104 | |||
Net Income Allocated to Participating Securities | (515 | ) | 86 | (429 | ) | |||||
Net Income Allocated to Common Stockholders | $ | 45,243 | $ | (7,568 | ) | $ | 37,675 | |||
Diluted Net Income per Share Allocated to Common Stockholders | $ | 0.52 | $ | (0.09 | ) | $ | 0.43 | |||
(in thousands, except per share amounts) | Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||||||||||||
Items Impacting Results | Items Impacting Results | ||||||||||||||||||||||||||||
Reported (GAAP) | Operating Expenses2 | Operating Expenses3 | Other Income/(Expense)4 | After Considering Items (non-GAAP) | Reported (GAAP) | Income tax adjustments1 | Operating Expenses2 | After Considering Items (non-GAAP) | |||||||||||||||||||||
Total Operating Revenues | $ | 430,220 | $ | 430,220 | $ | 382,261 | $ | 382,261 | |||||||||||||||||||||
Total Operating Expenses | 217,005 | (3,996 | ) | (1,000 | ) | 212,009 | 197,915 | (194 | ) | 197,721 | |||||||||||||||||||
Operating Income | 213,215 | 3,996 | 1,000 | 218,211 | 184,346 | 194 | 184,540 | ||||||||||||||||||||||
Operating Margin | 49.6 | % | 50.7 | % | 48.2 | % | 48.3 | % | |||||||||||||||||||||
Total Other Income/(Expense) | (1,712 | ) | 245 | (1,467 | ) | (1,193 | ) | (1,193 | ) | ||||||||||||||||||||
Income Before Income Taxes | 211,503 | 3,996 | 1,000 | 245 | 216,744 | 183,153 | 194 | 183,347 | |||||||||||||||||||||
Income Tax Provision | 81,614 | 1,533 | — | 92 | 83,239 | 65,482 | 7,654 | 80 | 73,216 | ||||||||||||||||||||
Effective Income Tax Rate | 38.6 | % | 38.4 | % | 35.8 | % | 39.9 | % | |||||||||||||||||||||
Net Income | $ | 129,889 | $ | 2,463 | $ | 1,000 | $ | 153 | $ | 133,505 | $ | 117,671 | $ | (7,654 | ) | $ | 114 | $ | 110,131 | ||||||||||
Net Income Allocated to Participating Securities | (1,669 | ) | (35 | ) | (14 | ) | (2 | ) | (1,720 | ) | (1,690 | ) | 110 | (2 | ) | (1,582 | ) | ||||||||||||
Net Income Allocated to Common Stockholders | $ | 128,220 | $ | 2,428 | $ | 986 | $ | 151 | $ | 131,785 | $ | 115,981 | $ | (7,544 | ) | $ | 112 | $ | 108,549 | ||||||||||
Diluted Net Income per Share Allocated to Common Stockholders | $ | 1.47 | $ | 0.03 | $ | 0.01 | $ | — | $ | 1.51 | $ | 1.33 | $ | (0.09 | ) | $ | — | $ | 1.24 | ||||||||||
1) | In the third quarter of 2012, the company recorded tax benefits relating to significant discrete items. |
2) | In the first and second quarters of 2013 and the first quarter of 2012, the company accelerated the vesting of certain stock awards. |
3) | In the second quarter of 2013, the company recognized additional expense for the final resolution of an SEC investigation. |
4) | In the first quarter of 2013, the company recorded an impairment for an investment in affiliate. |
CBOE Holdings, Inc. and Subsidiaries | |||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||||
Three and Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Operating Revenues: | |||||||||||||||||
Transaction fees | $ | 92,954 | $ | 86,621 | $ | 298,193 | $ | 266,341 | |||||||||
Access fees | 15,029 | 15,965 | 45,709 | 48,107 | |||||||||||||
Exchange services and other fees | 9,213 | 7,771 | 27,616 | 23,072 | |||||||||||||
Market data fees | 6,658 | 6,101 | 17,924 | 18,850 | |||||||||||||
Regulatory fees | 8,937 | 5,711 | 29,076 | 14,487 | |||||||||||||
Other revenue | 3,952 | 6,150 | 11,702 | 11,404 | |||||||||||||
Total Operating Revenues | 136,743 | 128,319 | 430,220 | 382,261 | |||||||||||||
Operating Expenses: | |||||||||||||||||
Employee costs | 27,951 | 27,166 | 90,025 | 77,756 | |||||||||||||
Depreciation and amortization | 8,476 | 8,634 | 25,380 | 25,274 | |||||||||||||
Data processing | 4,552 | 5,070 | 13,613 | 14,896 | |||||||||||||
Outside services | 7,938 | 9,075 | 28,606 | 25,510 | |||||||||||||
Royalty fees | 13,844 | 11,304 | 41,531 | 34,496 | |||||||||||||
Trading volume incentives | 1,207 | 1,423 | 3,128 | 5,248 | |||||||||||||
Travel and promotional expenses | 1,894 | 2,548 | 6,552 | 8,018 | |||||||||||||
Facilities costs | 1,308 | 1,268 | 3,808 | 3,797 | |||||||||||||
Other expenses | 1,146 | 970 | 4,362 | 2,920 | |||||||||||||
Total Operating Expenses | 68,316 | 67,458 | 217,005 | 197,915 | |||||||||||||
Operating Income | 68,427 | 60,861 | 213,215 | 184,346 | |||||||||||||
Other Income / (Expense): | |||||||||||||||||
Investment income | 21 | 41 | 42 | 89 | |||||||||||||
Net loss from investment in affiliates | (538 | ) | (368 | ) | (1,754 | ) | (1,282 | ) | |||||||||
Total Other Expense | (517 | ) | (327 | ) | (1,712 | ) | (1,193 | ) | |||||||||
Income Before Income Taxes | 67,910 | 60,534 | 211,503 | 183,153 | |||||||||||||
Income tax provision | 26,554 | 14,776 | 81,614 | 65,482 | |||||||||||||
Net Income | 41,356 | 45,758 | 129,889 | 117,671 | |||||||||||||
Net income allocated to participating securities | (401 | ) | (515 | ) | (1,669 | ) | (1,690 | ) | |||||||||
Net Income Allocated to Common Stockholders | $ | 40,955 | $ | 45,243 | $ | 128,220 | $ | 115,981 | |||||||||
Net Income Per Share Allocated to Common Stockholders | |||||||||||||||||
Basic | $ | 0.47 | $ | 0.52 | $ | 1.47 | $ | 1.33 | |||||||||
Diluted | 0.47 | 0.52 | 1.47 | 1.33 | |||||||||||||
Weighted average shares used in computing income per share: | |||||||||||||||||
Basic | 87,647 | 87,272 | 87,421 | 87,523 | |||||||||||||
Diluted | 87,647 | 87,272 | 87,421 | 87,523 |
CBOE Holdings, Inc. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
September 30, 2013 and December 31, 2012 | |||||||
(in thousands, except share amounts) | September 30, 2013 | December 31, 2012 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 226,378 | $ | 135,597 | |||
Accounts receivable—net allowances of $344 and $340 | 50,131 | 45,666 | |||||
Marketing fee receivable | 8,712 | 5,216 | |||||
Income taxes receivable | 16,440 | 11,717 | |||||
Other prepaid expenses | 6,609 | 4,146 | |||||
Other current assets | 659 | 567 | |||||
Total Current Assets | 308,929 | 202,909 | |||||
Investments in Affiliates | 14,034 | 14,270 | |||||
Land | 4,914 | 4,914 | |||||
Property and Equipment: | |||||||
Construction in progress | 1,713 | 89 | |||||
Building | 63,533 | 62,442 | |||||
Furniture and equipment | 269,384 | 263,155 | |||||
Less accumulated depreciation and amortization | (265,379 | ) | (251,642 | ) | |||
Total Property and Equipment—Net | 69,251 | 74,044 | |||||
Other Assets: | |||||||
Software development work in progress | 10,036 | 4,370 | |||||
Data processing software and other assets (less accumulated amortization of $143,782 and $133,862) | 33,986 | 38,351 | |||||
Total Other Assets—Net | 44,022 | 42,721 | |||||
Total | $ | 441,150 | $ | 338,858 | |||
Liabilities and Stockholders' Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 46,985 | $ | 45,148 | |||
Marketing fee payable | 9,251 | 5,808 | |||||
Deferred revenue | 9,131 | 1,084 | |||||
Post-retirement medical benefits | 30 | 110 | |||||
Total Current Liabilities | 65,397 | 52,150 | |||||
Long-term Liabilities: | |||||||
Post-retirement medical benefits | 2,216 | 1,794 | |||||
Income taxes liability | 27,788 | 20,857 | |||||
Other long-term liabilities | 3,878 | 3,946 | |||||
Deferred income taxes | 16,472 | 20,989 | |||||
Total Long-term Liabilities | 50,354 | 47,586 | |||||
Total Liabilities | 115,751 | 99,736 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity | |||||||
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2013 or December 31, 2012 | — | — | |||||
Unrestricted common stock, $0.01 par value: 325,000,000 shares authorized; 91,845,492 issued and 87,396,837 outstanding at September 30, 2013; 91,270,274 issued and 87,271,683 outstanding at December 31, 2012 | 919 | 913 | |||||
Additional paid-in-capital | 87,029 | 67,812 | |||||
Retained Earnings | 362,831 | 275,491 | |||||
Treasury stock at cost – 4,448,655 shares at September 30, 2013 and 3,998,591 shares at December 31, 2012 | (124,314 | ) | (104,201 | ) | |||
Accumulated other comprehensive loss | (1,066 | ) | (893 | ) | |||
Total Stockholders' Equity | 325,399 | 239,122 | |||||
Total | $ | 441,150 | $ | 338,858 |
CBOE Holdings, Inc. and Subsidiaries | |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
Nine months ended September 30, 2013 and 2012 | |||||||
Nine Months Ended September 30, | |||||||
(in thousands) | 2013 | 2012 | |||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 129,889 | $ | 117,671 | |||
Adjustments to reconcile net income to | |||||||
net cash flows from operating activities: | |||||||
Depreciation and amortization | 25,380 | 25,274 | |||||
Other amortization | 86 | 66 | |||||
Provision for deferred income taxes | (4,407 | ) | 387 | ||||
Stock-based compensation | 16,867 | 9,048 | |||||
Loss on disposition of property | 3 | — | |||||
Loss on investment in affiliates | 1,509 | 1,282 | |||||
Impairment of investment in affiliates and other assets | 245 | — | |||||
Net change in assets and liabilities | 2,792 | (12,860 | ) | ||||
Net Cash Flows provided by Operating Activities | 172,364 | 140,868 | |||||
Cash Flows from Investing Activities: | |||||||
Capital and other asset expenditures | (19,767 | ) | (26,829 | ) | |||
Investment in affiliates | (1,518 | ) | (1,234 | ) | |||
Other | 8 | — | |||||
Net Cash Flows used in Investing Activities | (21,277 | ) | (28,063 | ) | |||
Cash Flows from Financing Activities: | |||||||
Payment of quarterly dividends | (42,549 | ) | (34,589 | ) | |||
Purchase of unrestricted stock from employees | (6,136 | ) | (3,127 | ) | |||
Excess tax benefit from stock-based compensation | 2,356 | — | |||||
Purchase of unrestricted stock under repurchase program | (13,977 | ) | (49,744 | ) | |||
Net Cash Flows used in Financing Activities | (60,306 | ) | (87,460 | ) | |||
Net Increase in Cash and Cash Equivalents | 90,781 | 25,345 | |||||
Cash and Cash Equivalents at Beginning of Period | 135,597 | 134,936 | |||||
Cash and Cash Equivalents at End of Period | $ | 226,378 | $ | 160,281 | |||
Supplemental Disclosure of Cash Flow Information | |||||||
Cash paid for income taxes | $ | 81,475 | $ | 69,423 | |||
Non-cash activities: | |||||||
Unpaid liability to acquire equipment and software | $ | 2,887 | $ | 923 |
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