Delaware 000-26427 77-0454966
------------------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 5.02
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
|
Item 5.02.
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
|
|
Stamps.com Inc.
|
|
|
(Registrant)
|
|
|
|
February 21, 2019
|
|
/s/ Ken McBride
|
Date
|
|
(Signature)
|
|
|
|
|
|
Ken McBride
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
•
|
Total revenue was $170.2 million, up 29% compared to $132.5 million in the fourth quarter of 2017.
|
•
|
GAAP net income was $42.7 million, up 6% compared to $40.2 million in the fourth quarter of 2017.
|
•
|
GAAP net income per fully diluted share was $2.30, up 7% compared to $2.15 in the fourth quarter of 2017.
|
•
|
Non-GAAP adjusted EBITDA was $71.3 million, up 11% compared to $64.1 million in the fourth quarter of 2017.
|
•
|
Non-GAAP adjusted income per fully diluted share was $3.73, down 20% compared to $4.68 in the fourth quarter of 2017.
|
Fourth Quarter Fiscal 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
All amounts in millions except
|
|
|
|
Stock-Based
|
|
Intangible
|
|
Debt
|
|
|
|
|
||||||||||||
per share data:
|
|
GAAP
|
|
Compensation
|
|
Amortization
|
|
Amortization
|
|
Income Tax
|
|
Non-GAAP
|
||||||||||||
|
|
Amounts
|
|
Expense
|
|
Expense
|
|
Expense
|
|
Adjustments
|
|
Amounts
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of Revenues
|
|
$
|
38.82
|
|
|
$
|
0.96
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37.86
|
|
Research & Development
|
|
17.75
|
|
|
2.53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.22
|
|
||||||
Sales & Marketing
|
|
33.80
|
|
|
2.07
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.73
|
|
||||||
General & Administrative
|
|
25.83
|
|
|
4.44
|
|
|
5.55
|
|
|
—
|
|
|
—
|
|
|
15.84
|
|
||||||
Total Expenses
|
|
116.19
|
|
|
10.00
|
|
|
5.55
|
|
|
—
|
|
|
—
|
|
|
100.64
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) from Operations
|
|
54.04
|
|
|
(10.00
|
)
|
|
(5.55
|
)
|
|
—
|
|
|
—
|
|
|
69.59
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest and Other Income (Loss)
|
|
(0.79
|
)
|
|
—
|
|
|
—
|
|
|
(0.09
|
)
|
|
—
|
|
|
(0.70
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit (Expense) for Income Taxes
|
|
(10.58
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.06
|
)
|
|
0.48
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Income (Loss)
|
|
42.66
|
|
|
(10.00
|
)
|
|
(5.55
|
)
|
|
(0.09
|
)
|
|
(11.06
|
)
|
|
69.37
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
On a diluted per share basis
|
|
$
|
2.30
|
|
|
$
|
(0.54
|
)
|
|
$
|
(0.30
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.60
|
)
|
|
$
|
3.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares used in per share calculation
|
|
18.58
|
|
|
18.58
|
|
|
18.58
|
|
|
18.58
|
|
|
18.58
|
|
|
18.58
|
|
Fourth Quarter Fiscal 2017
|
|
|
|
Stock-Based
|
|
Intangible
|
|
Debt
|
|
|
|
|
||||||||||||
All amounts in millions except
|
|
GAAP
|
|
Compensation
|
|
Amortization
|
|
Amortization
|
|
Income Tax
|
|
Non-GAAP
|
||||||||||||
per share data:
|
|
Amounts
|
|
Expense
|
|
Expense
|
|
Expense
|
|
Adjustments
|
|
Amounts
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of Revenues
|
|
$
|
20.87
|
|
|
0.34
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20.53
|
|
|
Research & Development
|
|
12.02
|
|
|
1.98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.04
|
|
||||||
Sales & Marketing
|
|
25.20
|
|
|
1.09
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24.11
|
|
||||||
General & Administrative
|
|
22.87
|
|
|
3.75
|
|
|
4.00
|
|
|
—
|
|
|
—
|
|
|
15.12
|
|
||||||
Total Expenses
|
|
80.96
|
|
|
7.16
|
|
|
4.00
|
|
|
—
|
|
|
—
|
|
|
69.81
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) from Operations
|
|
51.50
|
|
|
(7.16
|
)
|
|
(4.00
|
)
|
|
—
|
|
|
—
|
|
|
62.66
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest and Other Income (Loss)
|
|
(0.79
|
)
|
|
—
|
|
|
—
|
|
|
(0.09
|
)
|
|
—
|
|
|
(0.69
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit (Expense) for Income Taxes
|
|
(10.52
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36.00
|
)
|
|
25.48
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Income (Loss)
|
|
40.20
|
|
|
(7.16
|
)
|
|
(4.00
|
)
|
|
(0.09
|
)
|
|
(36.00
|
)
|
|
87.45
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
On a diluted per share basis
|
|
$
|
2.15
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
—
|
|
|
$
|
(1.93
|
)
|
|
$
|
4.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares used in per share calculation
|
|
18.70
|
|
|
18.70
|
|
|
18.70
|
|
|
18.70
|
|
|
18.70
|
|
|
18.70
|
|
Fourth Quarter
|
|
Three Months ended
|
||
All amounts in millions
|
|
December 31,
|
||
|
|
2018
|
|
2017
|
|
|
|
|
|
GAAP Net Income (Loss)
|
|
$42.66
|
|
$40.2
|
|
|
|
|
|
Depreciation and Amortization expense
|
|
$7.24
|
|
$5.39
|
Interest & Other Expense (Income), net
|
|
$0.79
|
|
$0.79
|
Income Tax Expense (Benefit), net
|
|
$10.58
|
|
$10.52
|
|
|
|
|
|
Stock-based Compensation Expense
|
|
$10.00
|
|
$7.16
|
|
|
|
|
|
Adjusted EBITDA
|
|
$71.28
|
|
$64.05
|
For the Year Ended December 31, 2018
|
|
|
Stock-Based
|
|
Intangible
|
|
Acquisition and
|
|
Debt
|
|
|
|
|
|||||||||||||||
All amounts in millions except
|
|
GAAP
|
|
Compensation
|
|
Amortization
|
|
Litigation
|
|
Amortization
|
|
Income Tax
|
|
Non-GAAP
|
||||||||||||||
per share data:
|
|
Amounts
|
|
Expense
|
|
Expense
|
|
Settlement
|
|
Expense
|
|
Adjustments
|
|
Amounts
|
||||||||||||||
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of Revenues
|
|
$
|
126.91
|
|
|
$
|
2.95
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123.95
|
|
Research & Development
|
|
56.59
|
|
|
8.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48.47
|
|
|||||||
Sales & Marketing
|
|
112.08
|
|
|
6.89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
105.19
|
|
|||||||
General & Administrative
|
|
96.95
|
|
|
18.38
|
|
|
18.29
|
|
|
3.14
|
|
|
—
|
|
|
—
|
|
|
57.13
|
|
|||||||
Total Expenses
|
|
392.53
|
|
|
36.35
|
|
|
18.29
|
|
|
3.14
|
|
|
—
|
|
|
—
|
|
|
334.75
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income (Loss) from Operations
|
|
194.4
|
|
|
(36.35
|
)
|
|
(18.29
|
)
|
|
(3.14
|
)
|
|
—
|
|
|
—
|
|
|
252.18
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest and Other Income (Loss)
|
|
(3.49
|
)
|
|
—
|
|
|
—
|
|
|
(1.03
|
)
|
|
(0.37
|
)
|
|
—
|
|
|
(2.08
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Benefit (Expense) for Income Taxes
|
|
(22.27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.91
|
|
|
(29.18
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Income (Loss)
|
|
168.64
|
|
|
(36.35
|
)
|
|
(18.29
|
)
|
|
(4.17
|
)
|
|
(0.37
|
)
|
|
6.91
|
|
|
220.93
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
On a diluted per share basis
|
|
$
|
8.99
|
|
|
$
|
(1.94
|
)
|
|
$
|
(0.98
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.37
|
|
|
$
|
11.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shares used in per share calculation
|
|
18.76
|
|
|
18.76
|
|
|
18.76
|
|
|
18.76
|
|
|
18.76
|
|
|
18.76
|
|
|
18.76
|
|
For the Year Ended December 31, 2017
|
|
|
Stock-Based
|
|
Intangible
|
|
Executive
|
|
One-time
|
|
Debt
|
|
|
|
|
|||||||||||||||||
All amounts in millions except
|
|
GAAP
|
|
Compensation
|
|
Amortization
|
|
Consulting
|
|
Insurance
|
|
Amortization
|
|
Income Tax
|
|
Non-GAAP
|
||||||||||||||||
per share data:
|
|
Amounts
|
|
Expense
|
|
Expense
|
|
Expenses
|
|
Proceeds
|
|
Expense
|
|
Adjustments
|
|
Amounts
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cost of Revenues
|
|
$
|
79.23
|
|
|
$
|
1.77
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
77.45
|
|
Research & Development
|
|
46.21
|
|
|
9.03
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37.17
|
|
||||||||
Sales & Marketing
|
|
91.22
|
|
|
7.29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83.93
|
|
||||||||
General & Administrative
|
|
88.55
|
|
|
22.73
|
|
|
15.99
|
|
|
6.00
|
|
|
(1.86
|
)
|
|
—
|
|
|
—
|
|
|
45.68
|
|
||||||||
Total Expenses
|
|
305.21
|
|
|
40.83
|
|
|
15.99
|
|
|
6.00
|
|
|
(1.86
|
)
|
|
—
|
|
|
—
|
|
|
244.24
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (Loss) from Operations
|
|
163.50
|
|
|
(40.83
|
)
|
|
(15.99
|
)
|
|
(6.00
|
)
|
|
1.86
|
|
|
—
|
|
|
—
|
|
|
224.46
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest and Other Income (Loss)
|
|
(3.26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.37
|
)
|
|
—
|
|
|
(2.88
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Benefit (Expense) for Income Taxes
|
|
(9.65
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.69
|
|
|
(13.34
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Income (Loss)
|
|
150.60
|
|
|
(40.83
|
)
|
|
(15.99
|
)
|
|
(6.00
|
)
|
|
1.86
|
|
|
(0.37
|
)
|
|
3.69
|
|
|
208.24
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
On a diluted per share basis
|
|
$
|
8.19
|
|
|
$
|
(2.22
|
)
|
|
$
|
(0.87
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
0.10
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.20
|
|
|
$
|
11.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Shares used in per share calculation
|
|
18.39
|
|
|
18.39
|
|
|
18.39
|
|
|
18.39
|
|
|
18.39
|
|
|
18.39
|
|
|
18.39
|
|
|
18.39
|
|
|
|
Twelve Months ended
|
||
All amounts in millions
|
|
December 31,
|
||
|
|
2018
|
|
2017
|
|
|
|
|
|
GAAP Net Income (Loss)
|
|
$168.64
|
|
$150.60
|
|
|
|
|
|
Depreciation and Amortization expense
|
|
$24.10
|
|
$21.44
|
Interest & Other Expense (Income), net
|
|
$3.49
|
|
$3.26
|
Income Tax Expense (Benefit), net
|
|
$22.27
|
|
$9.65
|
|
|
|
|
|
Stock-based Compensation Expense
|
|
$36.35
|
|
$40.83
|
Executive Consulting Expense
|
|
$ --
|
|
$6.00
|
One-time Insurance proceeds
|
|
$ --
|
|
$(1.86)
|
Acquisition and Litigation Settlement Expenses
|
|
$3.14
|
|
$ --
|
|
|
|
|
|
Adjusted EBITDA
|
|
$257.99
|
|
$229.92
|
•
|
We expect total revenue to be in a range of approximately $540 million to $570 million.
|
•
|
We expect GAAP net income to be in a range of approximately $55 million to $69 million.
|
•
|
We expect GAAP net income per fully diluted share to be in a range of approximately $2.86 to $3.76.
|
•
|
We expect our 2018 effective tax rate to be 30.0%.
|
•
|
We expect non-GAAP adjusted EBITDA to be in a range of approximately $145 million to $165 million.
|
•
|
We expect non-GAAP adjusted income per fully diluted share to be in a range of $5.15 to $6.15.
|
|
Fiscal Year 2019 Guidance
|
|
All amounts in millions
|
Low End of Range
|
High End of Range
|
|
|
|
GAAP net income
|
$54.7
|
$68.7
|
|
|
|
Adjustments to reconcile adjusted EBITDA to GAAP net income:
|
|
|
Depreciation and amortization expense
|
$27.5
|
$27.5
|
Stock-based compensation expense
|
$40.0
|
$40.0
|
|
|
|
Interest income and other income, net
|
$(0.6)
|
$(0.6)
|
Income tax expense
|
$23.4
|
$29.4
|
Total adjustments excluded from adjusted EBITDA
|
$90.3
|
$96.3
|
|
|
|
Adjusted EBITDA
|
$145.0
|
$165.0
|
|
Fiscal Year 2019 Guidance
|
|
All amounts in millions except percentages and per share data
|
Low End of Range
|
High End of Range
|
|
|
|
GAAP net income per fully diluted share
|
$2.86
|
$3.76
|
|
|
|
Adjustments to reconcile non-GAAP to GAAP:
|
|
|
Stock-based compensation expense
|
$40.0
|
$40.0
|
Amortization of acquired intangibles
|
$22.0
|
$22.0
|
Amortization of debt issuance costs
|
$0.4
|
$0.4
|
Total adjustments excluded from non-GAAP
|
$62.4
|
$62.4
|
Projected effective tax rate
|
30.0%
|
30.0%
|
Increased tax expense from non-GAAP adjustments
|
$18.7
|
$18.7
|
Total tax affected adjustments excluded from non-GAAP
|
$43.7
|
$43.7
|
|
|
|
Fully diluted shares
|
19.1
|
18.3
|
Total adjustments excluded from non-GAAP adjusted income per fully diluted share
|
$2.29
|
$2.39
|
|
|
|
Non-GAAP adjusted income per fully diluted share
|
$5.15
|
$6.15
|
STAMPS.COM INC. AND SUBSIDIARIES
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||||||
(in thousands, except per share data: unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months ended December 31,
|
|
Nine Months ended December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Service
|
$
|
156,750
|
|
|
$
|
118,638
|
|
|
$
|
530,682
|
|
|
$
|
411,272
|
|
Product
|
5,148
|
|
|
5,414
|
|
|
20,424
|
|
|
20,715
|
|
||||
Insurance *
|
3,505
|
|
|
4,453
|
|
|
16,189
|
|
|
17,385
|
|
||||
Customized postage
|
4,828
|
|
|
3,938
|
|
|
19,583
|
|
|
19,244
|
|
||||
Other
|
—
|
|
|
24
|
|
|
52
|
|
|
93
|
|
||||
Total revenues
|
170,231
|
|
|
132,467
|
|
|
586,930
|
|
|
468,709
|
|
||||
Cost of revenues:
|
|
|
|
|
|
|
|
||||||||
Service
|
33,560
|
|
|
14,647
|
|
|
101,921
|
|
|
51,931
|
|
||||
Product
|
1,539
|
|
|
1,688
|
|
|
6,153
|
|
|
6,618
|
|
||||
Insurance *
|
—
|
|
|
1,090
|
|
|
2,945
|
|
|
4,637
|
|
||||
Customized postage
|
3,717
|
|
|
3,440
|
|
|
15,890
|
|
|
16,040
|
|
||||
Total cost of revenues
|
38,816
|
|
|
20,865
|
|
|
126,909
|
|
|
79,226
|
|
||||
Gross profit
|
131,415
|
|
|
111,602
|
|
|
460,021
|
|
|
389,483
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
33,800
|
|
|
25,204
|
|
|
112,080
|
|
|
91,222
|
|
||||
Research and development
|
17,746
|
|
|
12,021
|
|
|
56,591
|
|
|
46,208
|
|
||||
General and administrative
|
25,832
|
|
|
22,874
|
|
|
96,951
|
|
|
88,550
|
|
||||
Total operating expenses
|
77,378
|
|
|
60,099
|
|
|
265,622
|
|
|
225,980
|
|
||||
Income from operations
|
54,037
|
|
|
51,503
|
|
|
194,399
|
|
|
163,503
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange gain (loss), net
|
(35
|
)
|
|
—
|
|
|
(992
|
)
|
|
—
|
|
||||
Interest expense
|
(687
|
)
|
|
(890
|
)
|
|
(2,595
|
)
|
|
(3,669
|
)
|
||||
Interest income and other income (loss), net
|
(73
|
)
|
|
105
|
|
|
102
|
|
|
414
|
|
||||
Income before income taxes
|
53,242
|
|
|
50,718
|
|
|
190,914
|
|
|
160,248
|
|
||||
Income tax expense
|
10,581
|
|
|
10,518
|
|
|
22,272
|
|
|
9,645
|
|
||||
Net income
|
$
|
42,661
|
|
|
$
|
40,200
|
|
|
$
|
168,642
|
|
|
$
|
150,603
|
|
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.37
|
|
|
$
|
2.3
|
|
|
$
|
9.39
|
|
|
$
|
8.81
|
|
Diluted
|
$
|
2.3
|
|
|
$
|
2.15
|
|
|
$
|
8.99
|
|
|
$
|
8.19
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
17,983
|
|
|
17,484
|
|
|
17,952
|
|
|
17,099
|
|
||||
Diluted
|
18,578
|
|
|
18,699
|
|
|
18,762
|
|
|
18,387
|
|
||||
|
|
|
|
|
|
|
|
*Beginning on October 1, 2018, insurance revenue represents the amount we receive from customers net of the costs paid to our insurance providers. For the periods presented prior to October 1, 2018, insurance revenue represented the gross amount charged to the customer for purchasing insurance and the related cost represented the amount paid to our insurance providers.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||
(in thousands, unaudited)
|
|||||||
|
|
|
|
||||
|
December 31,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
113,757
|
|
|
$
|
153,903
|
|
Accounts receivable, net
|
83,595
|
|
|
80,797
|
|
||
Current income taxes
|
8,465
|
|
|
22,344
|
|
||
Prepaid expenses and other current assets
|
23,794
|
|
|
14,449
|
|
||
Property and equipment, net
|
36,337
|
|
|
37,507
|
|
||
Goodwill and intangible assets, net
|
545,569
|
|
|
320,695
|
|
||
Deferred income taxes, net
|
29,874
|
|
|
43,148
|
|
||
Other assets
|
11,383
|
|
|
6,261
|
|
||
Total assets
|
$
|
852,774
|
|
|
$
|
679,104
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable, accrued expenses, and other liabilities
|
$
|
152,642
|
|
|
$
|
108,386
|
|
Debt, net of debt issuance costs
|
60,643
|
|
|
69,034
|
|
||
Deferred income taxes, net
|
18,665
|
|
|
—
|
|
||
Deferred revenue
|
7,159
|
|
|
3,871
|
|
||
Total liabilities
|
239,109
|
|
|
181,291
|
|
||
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock
|
56
|
|
|
55
|
|
||
Additional paid-in capital
|
1,049,669
|
|
|
962,227
|
|
||
Treasury stock
|
(528,529
|
)
|
|
(387,545
|
)
|
||
Retained earnings (accumulated deficit)
|
91,712
|
|
|
(76,930
|
)
|
||
Accumulated other comprehensive income
|
757
|
|
|
6
|
|
||
Total stockholders' equity
|
613,665
|
|
|
497,813
|
|
||
Total liabilities and stockholders' equity
|
$
|
852,774
|
|
|
$
|
679,104
|
|
|
|
|
|