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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lionbridge Technologies, Inc. | NASDAQ:LIOX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.75 | 5.74 | 5.95 | 0 | 01:00:00 |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-3398462
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Page
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ITEM 1
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ITEM 2
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ITEM 3
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ITEM 4
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ITEM 1A
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ITEM 2
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ITEM 6
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Item 1.
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Consolidated Financial Statements
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(Unaudited)
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(In thousands, except share and per share amounts)
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September 30,
2016 |
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December 31,
2015 |
||||
ASSETS
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Current assets:
|
|
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||||
Cash and cash equivalents
|
$
|
23,881
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|
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$
|
27,831
|
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Accounts receivable, net of allowance of $250 at September 30, 2016 and December 31, 2015
|
82,300
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|
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86,645
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Unbilled receivables
|
27,309
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23,250
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Other current assets
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14,645
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|
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13,306
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Total current assets
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148,135
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151,032
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Property and equipment, net
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26,080
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25,259
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Goodwill
|
69,136
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|
67,694
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Acquisition-related intangible assets, net
|
45,888
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|
48,991
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Other assets
|
5,278
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|
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5,292
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Total assets
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$
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294,517
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$
|
298,268
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
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||||
Current liabilities:
|
|
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||||
Debt, current portion
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$
|
4,594
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$
|
4,375
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Accounts payable
|
24,368
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|
|
27,726
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||
Accrued compensation and benefits
|
18,669
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|
|
21,242
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|
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Accrued outsourcing
|
13,251
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|
|
9,874
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|
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Accrued restructuring
|
1,524
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|
|
4,612
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||
Income taxes payable
|
1,496
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|
|
2,436
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|
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Accrued expenses and other current liabilities
|
7,388
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9,877
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Deferred revenue
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7,317
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|
|
9,398
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Total current liabilities
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78,607
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|
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89,540
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Long-term debt, net of current portion
|
98,407
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87,093
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Deferred income taxes, net of current portion
|
6,961
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|
|
6,833
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Other long-term liabilities
|
21,385
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|
21,665
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Total liabilities
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205,360
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205,131
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Stockholders’ equity:
|
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Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding
|
—
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—
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Common stock, $0.01 par value; 100,000,000 shares authorized; 61,674,010 and 63,654,103 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively
|
617
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|
637
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Additional paid-in capital
|
259,563
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|
|
270,225
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Accumulated deficit
|
(182,710
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)
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|
(189,660
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)
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Accumulated other comprehensive income
|
11,687
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|
|
11,935
|
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Total stockholders’ equity
|
89,157
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|
93,137
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Total liabilities and stockholders’ equity
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$
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294,517
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$
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298,268
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
||||||||||||
(In thousands, except per share amounts)
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2016
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|
2015
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|
2016
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|
2015
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||||||||
Revenue
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$
|
135,182
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|
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$
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138,604
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$
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415,837
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$
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419,172
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Operating expenses:
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||||||||
Cost of revenue (exclusive of depreciation and amortization included below)
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89,595
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92,977
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276,426
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277,825
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Sales and marketing
|
10,788
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11,083
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34,511
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35,163
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General and administrative
|
21,280
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21,888
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66,546
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69,024
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Research and development
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2,332
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1,903
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6,628
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6,060
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Depreciation and amortization
|
2,493
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2,340
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7,001
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|
6,922
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Amortization of acquisition-related intangible assets
|
1,293
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|
|
993
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3,943
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|
2,979
|
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Restructuring and other charges
|
1,869
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|
2,957
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|
|
5,283
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|
|
9,359
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||||
Total operating expenses
|
129,650
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|
|
134,141
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400,338
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407,332
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Income from operations
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5,532
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4,463
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15,499
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|
11,840
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Non-operating expense (income), net
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||||||||
Interest expense:
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||||||||
Interest on outstanding debt
|
543
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|
|
482
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1,582
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1,439
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Amortization of deferred financing charges
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93
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94
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281
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|
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279
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|
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Interest income
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(10
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)
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(13
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)
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(32
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)
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(50
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)
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||||
Interest expense, net
|
626
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|
|
563
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1,831
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1,668
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Other expense (income), net
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614
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|
417
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2,704
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(2,335
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)
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||||
Total non-operating expense (income), net
|
1,240
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|
|
980
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4,535
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(667
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)
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||||
Income before income taxes
|
4,292
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|
|
3,483
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|
|
10,964
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|
|
12,507
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|
||||
Provision for income taxes
|
1,630
|
|
|
755
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|
4,014
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|
|
1,181
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|
||||
Net income
|
$
|
2,662
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|
|
$
|
2,728
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|
|
$
|
6,950
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$
|
11,326
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|
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||||||||
Net income per share of common stock:
|
|
|
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||||||||
Basic
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.12
|
|
|
$
|
0.19
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|
Diluted
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.12
|
|
|
$
|
0.18
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
57,868
|
|
|
60,683
|
|
|
58,633
|
|
|
60,558
|
|
||||
Diluted
|
58,960
|
|
|
62,623
|
|
|
59,532
|
|
|
62,528
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
2,662
|
|
|
$
|
2,728
|
|
|
$
|
6,950
|
|
|
$
|
11,326
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Impact to revalue unfunded projected benefit obligation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Foreign currency translation adjustment, net of tax
|
(282
|
)
|
|
(65
|
)
|
|
(248
|
)
|
|
(3,966
|
)
|
||||
Comprehensive income
|
$
|
2,380
|
|
|
$
|
2,663
|
|
|
$
|
6,702
|
|
|
$
|
7,362
|
|
|
Nine Months Ended
September 30, |
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
6,950
|
|
|
$
|
11,326
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Stock-based compensation
|
5,350
|
|
|
5,663
|
|
||
Amortization of deferred financing charges
|
281
|
|
|
279
|
|
||
Depreciation and amortization
|
7,001
|
|
|
6,922
|
|
||
Amortization of acquisition-related intangible assets
|
3,943
|
|
|
2,979
|
|
||
Non-cash restructuring and other charges
|
1,150
|
|
|
—
|
|
||
Other
|
168
|
|
|
50
|
|
||
Changes in operating assets and liabilities, excluding impact of acquisitions:
|
|
|
|
||||
Accounts receivable
|
3,869
|
|
|
(11,400
|
)
|
||
Unbilled receivables
|
(3,983
|
)
|
|
(1,168
|
)
|
||
Other current assets
|
(1,242
|
)
|
|
(329
|
)
|
||
Other assets
|
162
|
|
|
317
|
|
||
Accounts payable
|
(3,456
|
)
|
|
3,417
|
|
||
Accrued compensation and benefits
|
(4,884
|
)
|
|
(2,382
|
)
|
||
Accrued outsourcing
|
3,322
|
|
|
490
|
|
||
Accrued restructuring
|
(2,688
|
)
|
|
(1,020
|
)
|
||
Income tax payable
|
(909
|
)
|
|
(2,001
|
)
|
||
Accrued expenses, other current liabilities and other long-term liabilities
|
(3,792
|
)
|
|
(2,430
|
)
|
||
Deferred revenue
|
(2,302
|
)
|
|
(3,306
|
)
|
||
Net cash provided by operating activities
|
8,940
|
|
|
7,407
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(7,874
|
)
|
|
(7,685
|
)
|
||
Cash paid for acquisitions, net of cash acquired
|
(398
|
)
|
|
(64,301
|
)
|
||
Net cash used in investing activities
|
(8,272
|
)
|
|
(71,986
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings on credit facility
|
41,214
|
|
|
137,467
|
|
||
Payments of borrowings on revolving line of credit
|
(28,214
|
)
|
|
(63,148
|
)
|
||
Payments of borrowings on term loan facility
|
(3,281
|
)
|
|
(1,313
|
)
|
||
Payments of acquired debt
|
—
|
|
|
(6,454
|
)
|
||
Payments of debt issuance costs
|
—
|
|
|
(1,414
|
)
|
||
Payments for share repurchases
|
(15,054
|
)
|
|
(1,459
|
)
|
||
Proceeds from issuance of common stock under stock option plans
|
374
|
|
|
561
|
|
||
Payments of deferred acquisition obligations
|
(270
|
)
|
|
(2,828
|
)
|
||
Payments of capital lease obligations
|
—
|
|
|
(5
|
)
|
||
Net cash (used in) provided by financing activities
|
(5,231
|
)
|
|
61,407
|
|
||
Net decrease in cash and cash equivalents
|
(4,563
|
)
|
|
(3,172
|
)
|
||
Effects of exchange rate changes on cash and cash equivalents
|
613
|
|
|
(2,795
|
)
|
||
Cash and cash equivalents at beginning of period
|
27,831
|
|
|
36,893
|
|
||
Cash and cash equivalents at end of period
|
$
|
23,881
|
|
|
$
|
30,926
|
|
Non-cash activities:
|
|
|
|
||||
Property and equipment included in accounts payable
|
$
|
207
|
|
|
$
|
105
|
|
1.
|
Basis of Presentation
|
2.
|
Stockholders’ Equity and Stock-Based Compensation
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of revenue
|
$
|
6
|
|
|
$
|
34
|
|
|
$
|
43
|
|
|
$
|
70
|
|
Sales and marketing
|
501
|
|
|
500
|
|
|
1,407
|
|
|
1,389
|
|
||||
General and administrative
|
1,312
|
|
|
1,453
|
|
|
3,814
|
|
|
4,148
|
|
||||
Research and development
|
48
|
|
|
20
|
|
|
86
|
|
|
56
|
|
||||
Total stock-based compensation expense
|
$
|
1,867
|
|
|
$
|
2,007
|
|
|
$
|
5,350
|
|
|
$
|
5,663
|
|
|
2016
|
|
2015
|
||||||||||
(In thousands)
|
$
|
|
Shares
|
|
$
|
|
Shares
|
||||||
Shares repurchased under our 2012 share repurchase program
|
$
|
—
|
|
|
—
|
|
|
$
|
1,459
|
|
|
265
|
|
Shares repurchased under our 2015 share repurchase program
|
15,054
|
|
|
3,332
|
|
|
—
|
|
|
—
|
|
||
Shares repurchased under our share repurchase programs
|
$
|
15,054
|
|
|
3,332
|
|
|
$
|
1,459
|
|
|
265
|
|
3.
|
Debt
|
(In thousands, except percentages)
|
2016
|
||
Senior secured revolving credit facility, 2.15%
|
$
|
73,991
|
|
Senior secured term loan facility, 2.41%
|
29,329
|
|
|
Total outstanding credit facility
|
103,320
|
|
|
Unamortized deferred financing charges
|
(319
|
)
|
|
Total
|
$
|
103,001
|
|
4.
|
Basic and Diluted Earnings per Share
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Weighted-average number of shares of common stock outstanding-basic
|
57,868
|
|
|
60,683
|
|
|
58,633
|
|
|
60,558
|
|
Dilutive common stock equivalents relating to options and restricted stock
|
1,092
|
|
|
1,940
|
|
|
899
|
|
|
1,970
|
|
Weighted-average number of shares of common stock outstanding-diluted
|
58,960
|
|
|
62,623
|
|
|
59,532
|
|
|
62,528
|
|
5.
|
Restructuring Charges
|
|
Nine Months Ended
September 30, |
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Restructuring charges recorded for reduction in workforce and other
|
$
|
2,850
|
|
|
$
|
6,435
|
|
Changes in estimated liabilities and restructuring charges recorded for vacated facility/lease termination
|
642
|
|
|
682
|
|
||
Total restructuring charges recorded
|
$
|
3,492
|
|
|
$
|
7,117
|
|
Cash payments related to liabilities recorded on exit or disposal activities
|
$
|
7,928
|
|
|
$
|
7,932
|
|
(In thousands)
|
2016
|
|
2015
|
||||
Beginning balance, January 1
|
$
|
6,311
|
|
|
$
|
4,821
|
|
Employee related matters:
|
|
|
|
||||
Restructuring charges recorded
|
2,850
|
|
|
6,435
|
|
||
Cash payments
|
(6,408
|
)
|
|
(7,662
|
)
|
||
Net employee severance activity
|
(3,558
|
)
|
|
(1,227
|
)
|
||
Vacated facility/Lease termination:
|
|
|
|
||||
Restructuring charges recorded
|
231
|
|
|
588
|
|
||
Changes in estimated liabilities
|
411
|
|
|
94
|
|
||
Cash payments
|
(1,520
|
)
|
|
(270
|
)
|
||
Net vacated facility/lease termination activity
|
(878
|
)
|
|
412
|
|
||
Ending balance, September 30
|
$
|
1,875
|
|
|
$
|
4,006
|
|
6.
|
Income Taxes
|
7.
|
Operating Segments
|
(In thousands)
|
GLC
|
|
GES
|
|
Interpretation
|
|
Corporate
and Other
|
|
Total
|
||||||||||
Three Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenue
|
$
|
99,460
|
|
|
$
|
32,805
|
|
|
$
|
2,917
|
|
|
$
|
—
|
|
|
$
|
135,182
|
|
Cost of revenue (exclusive of depreciation and amortization)
|
63,820
|
|
|
23,838
|
|
|
1,937
|
|
|
—
|
|
|
89,595
|
|
|||||
Depreciation and amortization including amortization of acquisition-related intangible assets
|
2,182
|
|
|
493
|
|
|
7
|
|
|
1,104
|
|
|
3,786
|
|
|||||
Other operating expenses
|
22,909
|
|
|
3,287
|
|
|
280
|
|
|
—
|
|
|
26,476
|
|
|||||
Segment contribution
|
10,549
|
|
|
5,187
|
|
|
693
|
|
|
(1,104
|
)
|
|
15,325
|
|
|||||
Interest expense and other unallocated items
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,033
|
)
|
|
(11,033
|
)
|
|||||
Income (loss) before income taxes
|
10,549
|
|
|
5,187
|
|
|
693
|
|
|
(12,137
|
)
|
|
4,292
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
1,630
|
|
|
1,630
|
|
|||||
Net income (loss)
|
$
|
10,549
|
|
|
$
|
5,187
|
|
|
$
|
693
|
|
|
$
|
(13,767
|
)
|
|
$
|
2,662
|
|
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenue
|
$
|
98,762
|
|
|
$
|
33,919
|
|
|
$
|
5,923
|
|
|
$
|
—
|
|
|
$
|
138,604
|
|
Cost of revenue (exclusive of depreciation and amortization)
|
63,510
|
|
|
24,163
|
|
|
5,304
|
|
|
—
|
|
|
92,977
|
|
|||||
Depreciation and amortization including amortization of acquisition-related intangible assets
|
1,846
|
|
|
675
|
|
|
10
|
|
|
802
|
|
|
3,333
|
|
|||||
Other operating expenses
|
22,177
|
|
|
4,457
|
|
|
509
|
|
|
—
|
|
|
27,143
|
|
|||||
Segment contribution
|
11,229
|
|
|
4,624
|
|
|
100
|
|
|
(802
|
)
|
|
15,151
|
|
|||||
Interest expense and other unallocated items
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,668
|
)
|
|
(11,668
|
)
|
|||||
Income (loss) before income taxes
|
11,229
|
|
|
4,624
|
|
|
100
|
|
|
(12,470
|
)
|
|
3,483
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
755
|
|
|
755
|
|
|||||
Net income (loss)
|
$
|
11,229
|
|
|
$
|
4,624
|
|
|
$
|
100
|
|
|
$
|
(13,225
|
)
|
|
$
|
2,728
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenue
|
$
|
306,094
|
|
|
$
|
100,819
|
|
|
$
|
8,924
|
|
|
$
|
—
|
|
|
$
|
415,837
|
|
Cost of revenue (exclusive of depreciation and amortization)
|
197,828
|
|
|
72,617
|
|
|
5,981
|
|
|
—
|
|
|
276,426
|
|
|||||
Depreciation and amortization including amortization of acquisition-related intangible assets
|
6,231
|
|
|
1,465
|
|
|
23
|
|
|
3,225
|
|
|
10,944
|
|
|||||
Other operating expenses
|
71,496
|
|
|
10,919
|
|
|
952
|
|
|
—
|
|
|
83,367
|
|
|||||
Segment contribution
|
30,539
|
|
|
15,818
|
|
|
1,968
|
|
|
(3,225
|
)
|
|
45,100
|
|
|||||
Interest expense and other unallocated items
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,136
|
)
|
|
(34,136
|
)
|
|||||
Income (loss) before income taxes
|
30,539
|
|
|
15,818
|
|
|
1,968
|
|
|
(37,361
|
)
|
|
10,964
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
4,014
|
|
|
4,014
|
|
|||||
Net income (loss)
|
$
|
30,539
|
|
|
$
|
15,818
|
|
|
$
|
1,968
|
|
|
$
|
(41,375
|
)
|
|
$
|
6,950
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenue
|
$
|
299,643
|
|
|
$
|
102,280
|
|
|
$
|
17,249
|
|
|
$
|
—
|
|
|
$
|
419,172
|
|
Cost of revenue (exclusive of depreciation and amortization)
|
190,802
|
|
|
71,604
|
|
|
15,419
|
|
|
—
|
|
|
277,825
|
|
|||||
Depreciation and amortization including amortization of acquisition-related intangible assets
|
5,421
|
|
|
2,065
|
|
|
28
|
|
|
2,387
|
|
|
9,901
|
|
|||||
Other operating expenses
|
70,475
|
|
|
13,360
|
|
|
1,604
|
|
|
—
|
|
|
85,439
|
|
|||||
Segment contribution
|
32,945
|
|
|
15,251
|
|
|
198
|
|
|
(2,387
|
)
|
|
46,007
|
|
|||||
Interest expense and other unallocated items
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,500
|
)
|
|
(33,500
|
)
|
|||||
Income (loss) before income taxes
|
32,945
|
|
|
15,251
|
|
|
198
|
|
|
(35,887
|
)
|
|
12,507
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
1,181
|
|
|
1,181
|
|
|||||
Net income (loss)
|
$
|
32,945
|
|
|
$
|
15,251
|
|
|
$
|
198
|
|
|
$
|
(37,068
|
)
|
|
$
|
11,326
|
|
8.
|
Goodwill and Acquisition-Related Intangible Assets
|
|
|
Method
|
|
Estimated
Useful
Life
|
Acquisitions prior to 2012:
|
|
|
|
|
Customer relationships
|
|
Economic consumption
|
|
3 to 12 years
|
Customer contracts
|
|
Straight-line
|
|
3 to 5 years
|
Technology
|
|
Straight-line
|
|
1 to 4 years
|
PRI, VSI, E5, Darwin, Clay Tablet and Geotext:
|
|
|
|
|
Technology
|
|
Straight-line
|
|
5 to 10 years
|
Customer relationships
|
|
Straight-line
|
|
2 to 12 years
|
Non-compete agreements
|
|
Straight-line
|
|
1 to 5 years
|
Trademark
|
|
Straight-line
|
|
1 to 5 years
|
CLS and Geotext:
|
|
|
|
|
Technology
|
|
Economic consumption
|
|
1 year
|
Customer relationships
|
|
Economic consumption
|
|
15 years
|
Trademark
|
|
Economic consumption
|
|
3 to 5 years
|
|
September 30, 2016
|
||||||||||||||
(In thousands)
|
Gross Carrying
Value
|
|
Accumulated
Amortization
|
|
Effect of foreign exchange rates
|
|
Balance
|
||||||||
Acquired customer relationships
|
$
|
80,360
|
|
|
$
|
(36,950
|
)
|
|
$
|
(2,190
|
)
|
|
$
|
41,220
|
|
Acquired customer contracts
|
14,000
|
|
|
(14,000
|
)
|
|
—
|
|
|
—
|
|
||||
Acquired technology
|
5,447
|
|
|
(4,302
|
)
|
|
(5
|
)
|
|
1,140
|
|
||||
Non-compete agreements
|
2,335
|
|
|
(1,523
|
)
|
|
—
|
|
|
812
|
|
||||
Acquired trademarks
|
4,398
|
|
|
(1,480
|
)
|
|
(202
|
)
|
|
2,716
|
|
||||
|
$
|
106,540
|
|
|
$
|
(58,255
|
)
|
|
$
|
(2,397
|
)
|
|
$
|
45,888
|
|
|
December 31, 2015
|
||||||||||||||
(In thousands)
|
Gross Carrying
Value
|
|
Accumulated
Amortization
|
|
Effect of foreign exchange rates
|
|
Balance
|
||||||||
Acquired customer relationships
|
$
|
80,360
|
|
|
$
|
(34,466
|
)
|
|
$
|
(2,955
|
)
|
|
$
|
42,939
|
|
Acquired customer contracts
|
14,000
|
|
|
(14,000
|
)
|
|
—
|
|
|
—
|
|
||||
Acquired technology
|
5,447
|
|
|
(3,912
|
)
|
|
(10
|
)
|
|
1,525
|
|
||||
Non-compete agreements
|
2,335
|
|
|
(1,174
|
)
|
|
—
|
|
|
1,161
|
|
||||
Acquired trademarks
|
4,398
|
|
|
(760
|
)
|
|
(272
|
)
|
|
3,366
|
|
||||
|
$
|
106,540
|
|
|
$
|
(54,312
|
)
|
|
$
|
(3,237
|
)
|
|
$
|
48,991
|
|
Year ending December 31, (in thousands)
|
|
||
2016
|
$
|
5,268
|
|
2017
|
5,816
|
|
|
2018
|
4,983
|
|
|
2019
|
4,506
|
|
|
2020
|
3,609
|
|
|
2021 and thereafter
|
21,706
|
|
|
|
$
|
45,888
|
|
(In thousands)
|
GLC
|
|
GES
|
|
Interpretation
|
|
Total
|
||||||||
Balance at December 31, 2015
|
$
|
53,363
|
|
|
$
|
14,331
|
|
|
$
|
—
|
|
|
$
|
67,694
|
|
Effect of foreign exchange rates and other
|
1,442
|
|
|
—
|
|
|
—
|
|
|
1,442
|
|
||||
Balance at September 30, 2016
|
$
|
54,805
|
|
|
$
|
14,331
|
|
|
$
|
—
|
|
|
$
|
69,136
|
|
9.
|
Acquisitions
|
10.
|
Fair Value Measurements
|
Level 1:
|
Quoted prices in active markets for identical assets or liabilities. Lionbridge did not have any financial assets and liabilities as of
September 30, 2016
designated as Level 1.
|
Level 2:
|
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
|
Level 3:
|
Unobservable inputs that are supported by little or
no
market activity and that are significant to the fair value of the assets or liabilities. These liabilities are classified as Level 3 because the probability weighting of future payment scenarios is based on assumptions developed by management.
|
September 30, 2016 (in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Accrued acquisition payments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,750
|
|
|
$
|
1,750
|
|
Accrued acquisition payments, long-term portion
|
—
|
|
|
—
|
|
|
3,050
|
|
|
3,050
|
|
||||
Total liabilities carried at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,800
|
|
|
$
|
4,800
|
|
December 31, 2015 (in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Accrued acquisition payments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,720
|
|
|
$
|
1,720
|
|
Accrued acquisition payments, long-term portion
|
—
|
|
|
—
|
|
|
2,200
|
|
|
2,200
|
|
||||
Total liabilities carried at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,920
|
|
|
$
|
3,920
|
|
(In thousands)
|
September 30, 2016
|
||
Fair value at the beginning of the period
|
$
|
3,920
|
|
Changes in the fair value of acquisition consideration obligations
|
1,150
|
|
|
Payments of contingent consideration obligations
|
(270
|
)
|
|
Fair value at the end of the period
|
$
|
4,800
|
|
11.
|
Employee Benefit Plans
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
478
|
|
|
$
|
514
|
|
|
$
|
1,487
|
|
|
$
|
1,542
|
|
Interest cost
|
127
|
|
|
154
|
|
|
395
|
|
|
462
|
|
||||
Expected return on assets
|
(291
|
)
|
|
(317
|
)
|
|
(903
|
)
|
|
(951
|
)
|
||||
Net periodic benefit cost
|
$
|
314
|
|
|
$
|
351
|
|
|
$
|
979
|
|
|
$
|
1,053
|
|
(In thousands)
|
September 30, 2016
|
|
December 31, 2015
|
||||
Other assets
|
$
|
—
|
|
|
$
|
—
|
|
Current liabilities
|
—
|
|
|
29
|
|
||
Other long-term liabilities
|
8,273
|
|
|
7,688
|
|
||
Net amount recognized on the balance sheet
|
$
|
8,273
|
|
|
$
|
7,717
|
|
12.
|
Recent Accounting Pronouncements
|
•
|
ASU No. 2016-12
Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients
was issued in May 2016. ASU No. 2016-12 amends the new revenue recognition standard to clarify the guidance on assessing collectability, presenting sales taxes, measuring noncash consideration, and certain transition matters.
|
•
|
ASU No. 2016-10
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
was issued in April 2016. ASU No. 2016-10 addresses implementation issues identified by the FASB-International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition (TRG).
|
•
|
ASU No. 2016-08
Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net)
was issued in March 2016. ASU No. 2016-08 requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation.
|
13.
|
Other Current Assets, Accrued Expenses and Other Current Liabilities and Other Long-Term Liabilities
|
(In thousands)
|
September 30,
2016 |
|
December 31,
2015 |
||||
Other current assets:
|
|
|
|
||||
Deferred project costs
|
$
|
2,840
|
|
|
$
|
2,807
|
|
Prepaid income tax
|
4,583
|
|
|
4,765
|
|
||
Other prepaid expenses
|
5,554
|
|
|
4,454
|
|
||
Other current assets
|
1,668
|
|
|
1,280
|
|
||
Total other current assets
|
$
|
14,645
|
|
|
$
|
13,306
|
|
Accrued expenses and other current liabilities:
|
|
|
|
||||
Accrued acquisition payments, current portion
|
$
|
1,750
|
|
|
$
|
1,720
|
|
Accrued professional fees
|
32
|
|
|
472
|
|
||
Accrued customer volume discounts
|
448
|
|
|
786
|
|
||
Accrued rent
|
787
|
|
|
930
|
|
||
Other accrued expenses
|
3,162
|
|
|
4,186
|
|
||
Other current liabilities
|
1,209
|
|
|
1,783
|
|
||
Total accrued expenses and other current liabilities
|
$
|
7,388
|
|
|
$
|
9,877
|
|
Other long-term liabilities:
|
|
|
|
||||
Pension and post retirement obligations, net of current portion
|
$
|
10,456
|
|
|
$
|
10,435
|
|
Accrued acquisition payments, net of current portion
|
3,050
|
|
|
2,200
|
|
||
Accrued income tax uncertainties
|
3,016
|
|
|
2,913
|
|
||
Accrued restructuring, net of current portion
|
351
|
|
|
1,699
|
|
||
Deferred rent
|
2,820
|
|
|
2,680
|
|
||
Other
|
1,692
|
|
|
1,738
|
|
||
Total other long-term liabilities
|
$
|
21,385
|
|
|
$
|
21,665
|
|
14.
|
Accumulated Other Comprehensive Income
|
(In thousands)
|
September 30,
2016 |
|
December 31,
2015 |
||||
Cumulative foreign currency translation adjustments
|
$
|
10,614
|
|
|
$
|
10,862
|
|
Unfunded projected benefit obligation
|
1,073
|
|
|
1,073
|
|
||
Accumulative other comprehensive income
|
$
|
11,687
|
|
|
$
|
11,935
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Total revenue
|
$
|
135,182
|
|
|
$
|
138,604
|
|
|
$
|
415,837
|
|
|
$
|
419,172
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Revenue attributable to Microsoft
|
$
|
17,000
|
|
|
$
|
19,264
|
|
|
$
|
58,587
|
|
|
$
|
62,330
|
|
Revenue attributable to Microsoft as a percentage of total revenue
|
12.6
|
%
|
|
13.9
|
%
|
|
14.1
|
%
|
|
14.9
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Cost of revenue (exclusive of depreciation and amortization)
|
$
|
89,595
|
|
|
$
|
92,977
|
|
|
66.3
|
%
|
|
67.1
|
%
|
Gross margin (exclusive of depreciation and amortization)
|
$
|
45,587
|
|
|
$
|
45,627
|
|
|
33.7
|
%
|
|
32.9
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Cost of revenue (exclusive of depreciation and amortization)
|
$
|
276,426
|
|
|
$
|
277,825
|
|
|
66.5
|
%
|
|
66.3
|
%
|
Gross margin (exclusive of depreciation and amortization)
|
$
|
139,411
|
|
|
$
|
141,347
|
|
|
33.5
|
%
|
|
33.7
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total sales and marketing expenses
|
$
|
10,788
|
|
|
$
|
11,083
|
|
|
8.0
|
%
|
|
8.0
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total sales and marketing expenses
|
$
|
34,511
|
|
|
$
|
35,163
|
|
|
8.3
|
%
|
|
8.4
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total general and administrative expenses
|
$
|
21,280
|
|
|
$
|
21,888
|
|
|
15.7
|
%
|
|
15.8
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total general and administrative expenses
|
$
|
66,546
|
|
|
$
|
69,024
|
|
|
16.0
|
%
|
|
16.5
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total research and development expense
|
$
|
2,332
|
|
|
$
|
1,903
|
|
|
1.7
|
%
|
|
1.4
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total research and development expense
|
$
|
6,628
|
|
|
$
|
6,060
|
|
|
1.6
|
%
|
|
1.4
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total depreciation and amortization expense
|
$
|
2,493
|
|
|
$
|
2,340
|
|
|
1.8
|
%
|
|
1.7
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Total depreciation and amortization expense
|
$
|
7,001
|
|
|
$
|
6,922
|
|
|
1.7
|
%
|
|
1.7
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Amortization of acquisition-related intangible assets
|
$
|
1,293
|
|
|
$
|
993
|
|
|
1.0
|
%
|
|
0.7
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Amortization of acquisition-related intangible assets
|
$
|
3,943
|
|
|
$
|
2,979
|
|
|
0.9
|
%
|
|
0.7
|
%
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Restructuring and other charges
|
$
|
1,869
|
|
|
$
|
2,957
|
|
|
1.4
|
%
|
|
2.1
|
%
|
|
Three Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Restructuring charges recorded for reduction in workforce and other
|
$
|
866
|
|
|
$
|
1,833
|
|
Changes in estimated liabilities and restructuring charges recorded for vacated facility/lease termination
|
178
|
|
|
534
|
|
||
Total restructuring charges recorded
|
1,044
|
|
|
2,367
|
|
||
Acquisition-related costs
|
825
|
|
|
590
|
|
||
Restructuring and other charges
|
$
|
1,869
|
|
|
$
|
2,957
|
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
Restructuring and other charges
|
$
|
5,283
|
|
|
$
|
9,359
|
|
|
1.3
|
%
|
|
2.2
|
%
|
|
Nine Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Restructuring charges recorded for reduction in workforce and other
|
$
|
2,850
|
|
|
$
|
6,435
|
|
Changes in estimated liabilities and restructuring charges recorded for vacated facility/lease termination
|
642
|
|
|
682
|
|
||
Total restructuring charges recorded
|
3,492
|
|
|
7,117
|
|
||
Acquisition-related costs
|
1,791
|
|
|
2,242
|
|
||
Restructuring and other charges
|
$
|
5,283
|
|
|
$
|
9,359
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Total interest expense
|
$
|
636
|
|
|
$
|
576
|
|
|
$
|
1,863
|
|
|
$
|
1,718
|
|
Interest income
|
(10
|
)
|
|
(13
|
)
|
|
(32
|
)
|
|
(50
|
)
|
||||
Other expense (income), net
|
614
|
|
|
417
|
|
|
2,704
|
|
|
(2,335
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
United States
|
$
|
(816
|
)
|
|
$
|
(1,083
|
)
|
|
$
|
(1,156
|
)
|
|
$
|
(636
|
)
|
Foreign
|
5,108
|
|
|
4,566
|
|
|
12,120
|
|
|
13,143
|
|
||||
Income before income taxes
|
$
|
4,292
|
|
|
$
|
3,483
|
|
|
$
|
10,964
|
|
|
$
|
12,507
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Net income
|
$
|
2,662
|
|
|
$
|
2,728
|
|
|
$
|
6,950
|
|
|
$
|
11,326
|
|
Depreciation and amortization
|
2,493
|
|
|
2,340
|
|
|
7,001
|
|
|
6,922
|
|
||||
Amortization of acquisition-related intangible assets
|
1,293
|
|
|
993
|
|
|
3,943
|
|
|
2,979
|
|
||||
Stock-based compensation
|
1,867
|
|
|
2,007
|
|
|
5,350
|
|
|
5,663
|
|
||||
Restructuring and other charges
|
1,869
|
|
|
2,957
|
|
|
5,283
|
|
|
9,359
|
|
||||
Interest expense, net
|
626
|
|
|
563
|
|
|
1,831
|
|
|
1,668
|
|
||||
Other expense (income), net
|
614
|
|
|
417
|
|
|
2,704
|
|
|
(2,335
|
)
|
||||
Provision for income taxes
|
1,630
|
|
|
755
|
|
|
4,014
|
|
|
1,181
|
|
||||
Adjusted EBITDA
|
$
|
13,054
|
|
|
$
|
12,760
|
|
|
$
|
37,076
|
|
|
$
|
36,763
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands, except per share amounts)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Net income
|
$
|
2,662
|
|
|
$
|
2,728
|
|
|
$
|
6,950
|
|
|
$
|
11,326
|
|
Amortization of acquisition-related intangible assets
|
1,293
|
|
|
993
|
|
|
3,943
|
|
|
2,979
|
|
||||
Stock-based compensation
|
1,867
|
|
|
2,007
|
|
|
5,350
|
|
|
5,663
|
|
||||
Restructuring and other charges
|
1,869
|
|
|
2,957
|
|
|
5,283
|
|
|
9,359
|
|
||||
Impact on provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted earnings
|
$
|
7,691
|
|
|
$
|
8,685
|
|
|
$
|
21,526
|
|
|
$
|
29,327
|
|
Fully diluted weighted-average number of common shares outstanding
|
58,960
|
|
|
62,623
|
|
|
59,532
|
|
|
62,528
|
|
||||
Adjusted earnings per share
|
$
|
0.13
|
|
|
$
|
0.14
|
|
|
$
|
0.36
|
|
|
$
|
0.47
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Diluted earnings per share
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.12
|
|
|
$
|
0.18
|
|
Amortization of acquisition-related intangible assets
|
0.02
|
|
|
0.02
|
|
|
0.07
|
|
|
0.05
|
|
||||
Stock-based compensation
|
0.03
|
|
|
0.03
|
|
|
0.09
|
|
|
0.09
|
|
||||
Restructuring and other charges
|
0.03
|
|
|
0.05
|
|
|
0.09
|
|
|
0.15
|
|
||||
Impact on provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted earnings per share
|
$
|
0.13
|
|
|
$
|
0.14
|
|
|
$
|
0.36
|
|
|
$
|
0.47
|
|
|
Three Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
GLC
|
$
|
99,460
|
|
|
$
|
98,762
|
|
|
73.5
|
%
|
|
71.3
|
%
|
GES
|
32,805
|
|
|
33,919
|
|
|
24.3
|
%
|
|
24.4
|
%
|
||
Interpretation
|
2,917
|
|
|
5,923
|
|
|
2.2
|
%
|
|
4.3
|
%
|
||
Total revenue
|
$
|
135,182
|
|
|
$
|
138,604
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Nine Months Ended
|
|
% of Total Revenue
|
||||||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||
GLC
|
$
|
306,094
|
|
|
$
|
299,643
|
|
|
73.7
|
%
|
|
71.5
|
%
|
GES
|
100,819
|
|
|
102,280
|
|
|
24.2
|
%
|
|
24.4
|
%
|
||
Interpretation
|
8,924
|
|
|
17,249
|
|
|
2.1
|
%
|
|
4.1
|
%
|
||
Total revenue
|
$
|
415,837
|
|
|
$
|
419,172
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands, except percentages)
|
September 30, 2016
|
|
September 30, 2015
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
||||||||
GLC
|
$
|
63,820
|
|
|
$
|
63,510
|
|
|
$
|
197,828
|
|
|
$
|
190,802
|
|
GES
|
23,838
|
|
|
24,163
|
|
|
72,617
|
|
|
71,604
|
|
||||
Interpretation
|
1,937
|
|
|
5,304
|
|
|
5,981
|
|
|
15,419
|
|
||||
Total cost of revenue
|
$
|
89,595
|
|
|
$
|
92,977
|
|
|
$
|
276,426
|
|
|
$
|
277,825
|
|
Cost of revenue as a percentage of revenue:
|
|
|
|
|
|
|
|
||||||||
GLC
|
64.2
|
%
|
|
64.3
|
%
|
|
64.6
|
%
|
|
63.7
|
%
|
||||
GES
|
72.7
|
%
|
|
71.2
|
%
|
|
72.0
|
%
|
|
70.0
|
%
|
||||
Interpretation
|
66.4
|
%
|
|
89.5
|
%
|
|
67.0
|
%
|
|
89.4
|
%
|
||||
Total cost of revenue as a percentage of revenue
|
66.3
|
%
|
|
67.1
|
%
|
|
66.5
|
%
|
|
66.3
|
%
|
||||
Gross margin:
|
|
|
|
|
|
|
|
||||||||
GLC
|
$
|
35,640
|
|
|
$
|
35,252
|
|
|
$
|
108,266
|
|
|
$
|
108,841
|
|
GES
|
8,967
|
|
|
9,756
|
|
|
28,202
|
|
|
30,676
|
|
||||
Interpretation
|
980
|
|
|
619
|
|
|
2,943
|
|
|
1,830
|
|
||||
Total gross margin
|
$
|
45,587
|
|
|
$
|
45,627
|
|
|
$
|
139,411
|
|
|
$
|
141,347
|
|
Gross margin percentage:
|
|
|
|
|
|
|
|
||||||||
GLC
|
35.8
|
%
|
|
35.7
|
%
|
|
35.4
|
%
|
|
36.3
|
%
|
||||
GES
|
27.3
|
%
|
|
28.8
|
%
|
|
28.0
|
%
|
|
30.0
|
%
|
||||
Interpretation
|
33.6
|
%
|
|
10.5
|
%
|
|
33.0
|
%
|
|
10.6
|
%
|
||||
Total gross margin percentage
|
33.7
|
%
|
|
32.9
|
%
|
|
33.5
|
%
|
|
33.7
|
%
|
(In thousands)
|
September 30, 2016
|
|
December 31, 2015
|
||||
Cash and cash equivalents
|
$
|
23,881
|
|
|
$
|
27,831
|
|
Working capital, including cash and cash equivalents
|
69,528
|
|
|
61,492
|
|
|
Nine Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Net cash provided by operating activities
|
$
|
8,940
|
|
|
$
|
7,407
|
|
|
Nine Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Net cash used in investing activities
|
$
|
(8,272
|
)
|
|
$
|
(71,986
|
)
|
|
Nine Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Purchases of property and equipment
|
$
|
(7,874
|
)
|
|
$
|
(7,685
|
)
|
|
Nine Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Cash paid for acquisitions, net of cash acquired
|
$
|
(398
|
)
|
|
$
|
(64,301
|
)
|
|
Nine Months Ended
|
||||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Net cash (used in) provided by financing activities
|
$
|
(5,231
|
)
|
|
$
|
61,407
|
|
|
2016
|
|
2015
|
||||||||||
(In thousands)
|
$
|
|
Shares
|
|
$
|
|
Shares
|
||||||
Shares repurchased under our 2012 share repurchase program
|
$
|
—
|
|
|
—
|
|
|
$
|
1,459
|
|
|
265
|
|
Shares repurchased under our 2015 share repurchase program
|
15,054
|
|
|
3,332
|
|
|
—
|
|
|
—
|
|
||
Shares repurchased under our share repurchase programs
|
$
|
15,054
|
|
|
3,332
|
|
|
$
|
1,459
|
|
|
265
|
|
•
|
ASU No. 2016-12
Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients
was issued in May 2016. ASU No. 2016-12 amends the new revenue recognition standard to clarify the guidance on assessing collectability, presenting sales taxes, measuring noncash consideration, and certain transition matters.
|
•
|
ASU No. 2016-10
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
was issued in April 2016. ASU No. 2016-10 addresses implementation issues identified by the FASB-International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition (TRG).
|
•
|
ASU No. 2016-08
Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net)
was issued in March 2016. ASU No. 2016-08 requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation.
|
Period
|
Total Number of
Shares Purchased
(1)
|
|
Average Price
Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plan
|
|
Approximate Dollar Value (in thousands) That May Yet Be Purchased Under the Plan
(2)
|
||||||
July 1, 2016—July 31, 2016
|
373,356
|
|
|
$
|
4.16
|
|
|
372,505
|
|
|
$
|
31,180
|
|
August 1, 2016—August 31, 2016
|
204,830
|
|
|
4.73
|
|
|
192,000
|
|
|
30,629
|
|
||
September 1, 2016—September 30, 2016
|
180,062
|
|
|
4.88
|
|
|
173,100
|
|
|
29,424
|
|
||
Total
|
758,248
|
|
|
$
|
4.48
|
|
|
737,605
|
|
|
|
(1)
|
Includes shares purchased related to activity under our stock plans. Such activity during the
third
quarter of 2016 includes the surrender by employees of 20,643 shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees.
|
(2)
|
On October 29, 2015, Lionbridge’s Board of Directors authorized a new share repurchasing program for up to
$50 million
during the period commencing in the fourth quarter of 2015 through December 31, 2018.
|
Exhibit
Number
|
|
Description
|
|
|
|
31.1 *
|
|
Certification of Rory J. Cowan, the Company’s principal executive officer as required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2 *
|
|
Certification of Marc E. Litz, the Company’s principal financial officer as required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1 †
|
|
Certifications of Rory J. Cowan, the Company’s principal executive officer, and Marc E. Litz, the Company’s principal financial officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following financial information from Lionbridge Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, as filed with the SEC on November 8, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements, tagged in summary and detail.
|
*
|
Filed herewith.
|
†
|
Furnished herewith.
|
|
L
IONBRIDGE
T
ECHNOLOGIES
, I
NC
.
|
|
|
|
|
|
By:
|
/
S
/ M
ARC
E. L
ITZ
|
|
|
Marc E. Litz
|
|
|
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial Officer)
|
1 Year Lionbridge Technologies, Inc. Chart |
1 Month Lionbridge Technologies, Inc. Chart |
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