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Acquisitions (Tables)
9 Months Ended
Sep. 30, 2013
ORCC
 
Preliminary Purchase Price Allocation

In connection with the acquisition, the Company recorded the following amounts based upon its preliminary purchase price allocation during the nine months ended September 30, 2013, which are subject to completion of the valuation and other analyses (in thousands, except weighted-average useful lives):

 

     Amount      Weighted-Average
Useful Lives

Current assets:

     

Cash and cash equivalents

   $ 9,930      

Billed and accrued receivables, net

     19,394      

Deferred income taxes, net

     16,306      

Other current assets

     11,377      
  

 

 

    

Total current assets acquired

     57,007      
  

 

 

    

Noncurrent assets:

     

Property and equipment

     7,335      

Goodwill

     126,810      

Software

     62,215       10 years

Customer relationships

     68,750       15 years

Trademarks

     3,050       5 years

Other noncurrent assets

     2,090      
  

 

 

    

Total assets acquired

     327,257      
  

 

 

    

Current liabilities:

     

Accounts payable

     15,393      

Accrued employee compensation

     10,549      

Note payable

     7,500      

Other current liabilities

     5,680      
  

 

 

    

Total current liabilities acquired

     39,122      
  

 

 

    

Noncurrent liabilities:

     

Deferred income taxes, net

     24,079      

Other noncurrent liabilities acquired

     3,938      
  

 

 

    

Total liabilities acquired

     67,139      
  

 

 

    

Net assets acquired

   $ 260,118      
  

 

 

    
Distra Pty Ltd
 
Preliminary Purchase Price Allocation

In connection with the acquisition, the Company recorded the following amounts based upon its purchase price allocation as of the date of the acquisition (in thousands, except weighted-average useful lives):

 

     Amount      Weighted-Average
Useful Lives

Total current assets acquired

   $ 1,492      

Noncurrent assets:

     

Goodwill

     21,307      

Software

     18,802       7 years

Customer relationships

     6,200       10 years

Deferred income taxes

     4,113      

Other noncurrent assets

     96      
  

 

 

    

Total assets acquired

     52,010      
  

 

 

    

Current liabilities acquired

     2,260      
  

 

 

    

Net assets acquired

   $ 49,750      
  

 

 

 
S1 Corporation
 
Preliminary Purchase Price Allocation

In connection with the acquisition, the Company recorded the following amounts based upon its purchase price allocation during the year ended December 31, 2012 (in thousands, except weighted-average useful lives):

 

     Amount      Weighted-Average
Useful Lives

Current assets:

     

Cash and cash equivalents

   $ 97,748      

Billed and accrued receivables, net

     65,329      

Other current assets

     16,791      
  

 

 

    

Total current assets acquired

     179,868      
  

 

 

    

Noncurrent assets:

     

Property and equipment

     18,440      

Goodwill

     256,244      

Software

     87,517       5 - 10 years

Customer relationships

     108,690       10 - 20 years

Trademarks

     4,500       3 years

Covenant not to compete

     360       3 years

Deferred income tax

     40,634      

Other noncurrent assets

     11,004      
  

 

 

    

Total assets acquired

     707,257      
  

 

 

    

Current liabilities:

     

Deferred revenue

     34,671      

Accrued employee compensation

     34,689      

Other current liabilities

     28,387      
  

 

 

    

Total current liabilities acquired

     97,747      
  

 

 

    

Noncurrent liabilities:

     

Deferred income tax

     15,795      

Other noncurrent liabilities acquired

     6,431      
  

 

 

    

Total liabilities acquired

     119,973      
  

 

 

    

Net assets acquired

   $ 587,284      
  

 

 

 
ORCC and S1 Corporation
 
Pro Forma Results of Combined Company Operations

The pro forma financial information in the table below presents the combined results of operations for ACI and ORCC as if the acquisition had occurred January 1, 2012 and S1 as if the acquisition had occurred on January 1, 2011 (in thousands, except per share data). The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transactions been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, nor is it necessarily indicative of future results and does not reflect potential synergies, integration costs, or other such costs or savings. Certain pro forma adjustments have been made to net income (loss) for the three and nine months ended September 30, 2013 and 2012 to give effect to estimated adjustments to expenses to remove the amortization on eliminated ORCC and S1 historical identifiable intangible assets and added amortization expense for the value of identified intangibles acquired in the acquisitions (primarily acquired software, customer relationships, trade names, and covenants not to compete), adjustments to interest expense to reflect the elimination of preexisting ORCC and S1 debt and added estimated interest expense on the Company’s additional Term Credit Facility and Revolving Credit Facility borrowings and to eliminate share-based compensation expense for eliminated positions. Additionally, certain transaction expenses that are a direct result of the acquisitions have been excluded from the three and nine months ended September 30, 2013 and 2012.

 

     Pro Forma Results of Operations for the
Three Months Ended September 30,
     Pro Forma Results of Operations for the
Nine Months Ended September 30,
 
     2013      2012      2013      2012  

Total Revenues

   $ 213,939       $ 201,238       $ 615,215       $ 612,784   

Net income

     9,603         11,532         12,252         17,542   

Income per share

           

Basic

   $ 0.25       $ 0.29       $ 0.31       $ 0.46   

Diluted

   $ 0.24       $ 0.28       $ 0.30       $ 0.44