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Acquisitions (Tables)
3 Months Ended
Mar. 31, 2014
Business Combinations [Abstract]  
Preliminary Purchase Price Allocation

In connection with the acquisitions, the Company recorded the following amounts based upon its purchase price allocations as of March 31, 2014. The purchase price allocation for OPAY is considered preliminary and is subject to completion of valuations and other analyses

 

            Official      Online         
(in thousands, except weighted    Weighted-Average      Payments      Resources         

average useful lives)

   Useful Lives      Holdings, Inc.      Corporation      PTESA  

Current assets:

           

Cash and cash equivalents

      $ 25,871       $ 9,930       $ 193   

Billed and accrued receivables, net

        2,858         19,394         327   

Deferred income taxes, net

        2,443         11,726         —     

Other current assets

        27,766         17,643         95   
     

 

 

    

 

 

    

 

 

 

Total current assets acquired

        58,938         58,693         615   
     

 

 

    

 

 

    

 

 

 

Noncurrent assets:

           

Property and equipment

        8,141         7,335         6   

Goodwill

        38,715         122,247         7,113   

Software

     10 years         26,013         62,215         7,732   

Customer relationships

     14 -15 years         49,900         68,750         —     

Trademarks

     3 - 5 years         3,200         3,050         —     

Other noncurrent assets

        5,673         459         7   
     

 

 

    

 

 

    

 

 

 

Total assets acquired

        190,580         322,749         15,473   
     

 

 

    

 

 

    

 

 

 

Current liabilities:

           

Accounts payable

        8,869         15,394         341   

Accrued employee compensation

        15,006         10,549         261   

Note payable

        —           7,500         —     

Other current liabilities

        26,095         7,559         —     
     

 

 

    

 

 

    

 

 

 

Total current liabilities acquired

        49,970         41,002         602   
     

 

 

    

 

 

    

 

 

 

Noncurrent liabilities:

           

Deferred income taxes, net

        —           18,290         225   

Other noncurrent liabilities acquired

           
        828         3,339         439   
     

 

 

    

 

 

    

 

 

 

Total liabilities acquired

        50,798         62,631         1,266   
     

 

 

    

 

 

    

 

 

 

Net assets acquired

      $ 139,782       $ 260,118       $ 14,207   
     

 

 

    

 

 

    

 

 

 
Pro Forma Results of Combined Company Operations

The pro forma financial information in the table below presents the combined results of operations for ACI, ORCC and OPAY as if the acquisitions had occurred January 1, 2012 (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 loss for the three months ended March 31, 2013 to give effect to estimated adjustments to expenses to remove the amortization on eliminated OPAY and ORCC historical identifiable intangible assets and add 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 OPAY and ORCC debt and add estimated interest expense on the Company’s additional Term 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 months ended March 31, 2013.

 

     Pro Forma Results of  
     Operations for the Three  
     Months Ended  

(in thousands, except per share data)

   March 31, 2013  

Total Revenues

   $ 228,160   

Net loss

     (3,325

Loss per share

  

Basic

   $ (0.08

Diluted

   $ (0.08