Quarterly Financial Data |
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Quarter Ended |
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Year Ended |
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March 31,
2016 |
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June 30,
2016 |
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September 30,
2016 |
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December 31,
2016 |
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December 31,
2016 |
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(in thousands, except per share amounts)
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Revenues:
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License
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$ |
37,423 |
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$ |
33,510 |
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$ |
43,256 |
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$ |
159,277 |
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$ |
273,466 |
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Maintenance
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57,331 |
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60,332 |
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57,741 |
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58,072 |
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233,476 |
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Services
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19,576 |
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23,823 |
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19,809 |
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24,262 |
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87,470 |
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Hosting
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111,736 |
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102,265 |
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96,169 |
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101,119 |
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411,289 |
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Total revenues
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226,066 |
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219,930 |
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216,975 |
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342,730 |
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1,005,701 |
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Operating expenses:
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Cost of license (1)
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5,439 |
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4,610 |
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5,253 |
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7,043 |
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22,345 |
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Cost of maintenance, services and hosting (1) (2)
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112,995 |
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110,774 |
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95,014 |
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103,786 |
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422,569 |
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Research and development (2)
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43,604 |
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46,421 |
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42,210 |
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37,665 |
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169,900 |
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Selling and marketing (2)
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29,992 |
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28,795 |
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29,874 |
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29,421 |
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118,082 |
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General and administrative (2)
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26,068 |
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34,520 |
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31,390 |
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21,639 |
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113,617 |
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Gain on sale of CFS assets
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(151,952 |
) |
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— |
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489 |
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— |
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(151,463 |
) |
Depreciation and amortization
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23,208 |
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21,382 |
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22,098 |
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22,833 |
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89,521 |
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Total operating expenses (2)
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89,354 |
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246,502 |
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226,328 |
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222,387 |
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784,571 |
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Operating income (2)
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136,712 |
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(26,572 |
) |
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(9,353 |
) |
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120,343 |
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221,130 |
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Other income (expense):
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Interest expense
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(10,414 |
) |
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(9,715 |
) |
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(9,838 |
) |
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(10,217 |
) |
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(40,184 |
) |
Interest income
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150 |
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121 |
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145 |
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|
114 |
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|
530 |
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Other, net
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(334 |
) |
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2,023 |
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2,794 |
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(378 |
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4,105 |
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Total other income (expense)
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(10,598 |
) |
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(7,571 |
) |
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(6,899 |
) |
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(10,481 |
) |
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(35,549 |
) |
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Income (loss) before income taxes (2)
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126,114 |
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(34,143 |
) |
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(16,252 |
) |
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109,862 |
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185,581 |
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Income tax expense (benefit) (2)
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36,970 |
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(17,669 |
) |
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(6,426 |
) |
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43,171 |
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56,046 |
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Net income (loss) (2)
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$ |
89,144 |
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$ |
(16,474 |
) |
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$ |
(9,826 |
) |
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$ |
66,691 |
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$ |
129,535 |
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Earnings (loss) per share
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Basic
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$ |
0.75 |
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$ |
(0.14 |
) |
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$ |
(0.08 |
) |
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$ |
0.57 |
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$ |
1.10 |
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Diluted
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$ |
0.74 |
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$ |
(0.14 |
) |
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$ |
(0.08 |
) |
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$ |
0.56 |
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$ |
1.09 |
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(1) |
The cost of software license fees
excludes charges for depreciation but includes amortization of
purchased and developed software for resale. The cost of
maintenance, services and hosting fees excludes charges for
depreciation. |
(2) |
As previously discussed in Note 1,
Nature of Business and Summary of Significant Accounting
Policies, the Company adopted ASU 2016-09 during the year ended
December 31, 2016. The Company elected to early adopt ASU
2016-09 in the third quarter of 2016, which requires it to reflect
any adjustments as of January 1, 2016, the beginning of the
annual period that includes the interim period of adoption. The
impact of the adoption to the Company’s previously reported
quarterly results for the quarters ended March 31 and
June 30, 2016 are reflected in the table above. |
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Quarter Ended |
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Year Ended |
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March 31,
2015 |
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June 30,
2015 |
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September 30,
2015 |
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|
December 31,
2015 |
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|
December 31,
2015 |
|
(in thousands, except per share amounts)
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|
Revenues:
|
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|
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License
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$ |
39,577 |
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$ |
67,161 |
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$ |
50,237 |
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$ |
94,230 |
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$ |
251,205 |
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Maintenance
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59,492 |
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60,141 |
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59,262 |
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63,000 |
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|
241,895 |
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Services
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23,497 |
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23,110 |
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25,842 |
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34,371 |
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|
106,820 |
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Hosting
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110,251 |
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115,410 |
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103,360 |
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117,036 |
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446,057 |
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Total revenues
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232,817 |
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265,822 |
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238,701 |
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308,637 |
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1,045,977 |
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Operating expenses:
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Cost of license (1)
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6,109 |
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5,939 |
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5,387 |
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5,810 |
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|
23,245 |
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Cost of maintenance, services and hosting (1)
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|
113,013 |
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|
120,484 |
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|
104,272 |
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111,285 |
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449,054 |
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Research and development
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37,091 |
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39,425 |
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36,123 |
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33,285 |
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145,924 |
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Selling and marketing
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28,911 |
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31,298 |
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28,451 |
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40,747 |
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|
129,407 |
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General and administrative
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21,575 |
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|
25,008 |
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|
20,284 |
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20,552 |
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|
87,419 |
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Depreciation and amortization
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|
19,693 |
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|
20,004 |
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|
20,298 |
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|
22,985 |
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|
82,980 |
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Total operating expenses
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226,392 |
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|
242,158 |
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|
214,815 |
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|
234,664 |
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|
918,029 |
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Operating income
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6,425 |
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|
23,664 |
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|
23,886 |
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|
73,973 |
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|
127,948 |
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Other income (expense):
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|
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Interest expense
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|
(10,941 |
) |
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(10,505 |
) |
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|
(9,728 |
) |
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|
(10,198 |
) |
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|
(41,372 |
) |
Interest income
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|
102 |
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|
58 |
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|
94 |
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|
132 |
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|
386 |
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Other, net
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|
3,722 |
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|
19,659 |
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4,314 |
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(1,284 |
) |
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26,411 |
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Total other income (expense)
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(7,117 |
) |
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9,212 |
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(5,320 |
) |
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(11,350 |
) |
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(14,575 |
) |
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Income (loss) before income taxes
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(692 |
) |
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|
32,876 |
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|
18,566 |
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|
62,623 |
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|
113,373 |
|
Income tax expense (benefit)
|
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|
(530 |
) |
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|
5,825 |
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|
3,786 |
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|
18,856 |
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|
27,937 |
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Net income (loss)
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$ |
(162 |
) |
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$ |
27,051 |
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$ |
14,780 |
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$ |
43,767 |
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$ |
85,436 |
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Earnings (loss) per share
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Basic
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$ |
0.00 |
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$ |
0.23 |
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$ |
0.13 |
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$ |
0.37 |
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$ |
0.73 |
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Diluted
|
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$ |
0.00 |
|
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$ |
0.23 |
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$ |
0.12 |
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$ |
0.36 |
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$ |
0.72 |
|
(1) |
The cost of software license fees
excludes charges for depreciation but includes amortization of
purchased and developed software for resale. The cost of
maintenance, services and hosting fees excludes charges for
depreciation. |
|