COVER
COVER - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-26621 | |
Entity Registrant Name | NIC INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2077581 | |
Entity Address, Address Line One | 25501 West Valley Parkway | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Olathe | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66061 | |
City Area Code | 877 | |
Local Phone Number | 234-3468 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | EGOV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,030,645 | |
Entity Central Index Key | 0001065332 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 235,348 | $ 214,380 |
Trade accounts receivable, net | 139,044 | 85,399 |
Prepaid expenses & other current assets | 18,649 | 12,944 |
Total current assets | 393,041 | 312,723 |
Property and equipment, net | 10,107 | 10,091 |
Right of use lease assets, net | 11,293 | 10,778 |
Intangible assets, net | 21,426 | 22,398 |
Goodwill | 5,965 | 5,965 |
Other assets | 1,608 | 404 |
Total assets | 443,440 | 362,359 |
Current liabilities: | ||
Accounts payable | 79,698 | 63,685 |
Accrued expenses | 53,525 | 25,940 |
Lease liabilities | 4,110 | 3,776 |
Other current liabilities | 11,998 | 7,191 |
Total current liabilities | 149,331 | 100,592 |
Deferred income taxes, net | 2,295 | 2,463 |
Lease liabilities | 7,618 | 7,373 |
Other long-term liabilities | 4,854 | 6,003 |
Total liabilities | 164,098 | 116,431 |
Commitments and contingencies (Notes 2, 3 and 6) | 0 | 0 |
Stockholders' equity: | ||
Common stock, $0.0001 par, 200,000 shares authorized, 67,026 and 66,968 shares issued and outstanding | 7 | 7 |
Additional paid-in capital | 127,358 | 123,208 |
Retained earnings | 151,977 | 122,713 |
Total stockholders' equity | 279,342 | 245,928 |
Total liabilities and stockholders' equity | $ 443,440 | $ 362,359 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 67,026,000 | 66,968,000 |
Common stock, shares outstanding (in shares) | 67,026,000 | 66,968,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Revenues | $ 134,590 | $ 90,385 | $ 319,298 | $ 267,132 |
Operating expenses: | ||||
Selling & administrative | 8,817 | 8,153 | 25,196 | 26,473 |
Enterprise technology & product support | 7,342 | 6,743 | 21,797 | 19,933 |
Depreciation & amortization | 3,528 | 3,524 | 10,483 | 9,075 |
Total operating expenses | 104,784 | 72,414 | 255,789 | 216,456 |
Operating income (loss) | 29,806 | 17,971 | 63,509 | 50,676 |
Other income: | ||||
Interest income | 0 | 729 | 389 | 1,910 |
Income before income taxes | 29,806 | 18,700 | 63,898 | 52,586 |
Income tax provision | 4,715 | 4,190 | 13,148 | 12,113 |
Net income | $ 25,091 | $ 14,510 | $ 50,750 | $ 40,473 |
Basic net income per share (in usd per share) | $ 0.37 | $ 0.21 | $ 0.75 | $ 0.60 |
Diluted net income per share (in usd per share) | $ 0.37 | $ 0.21 | $ 0.75 | $ 0.60 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 67,025 | 66,960 | 67,004 | 66,858 |
Diluted (in shares) | 67,025 | 66,960 | 67,004 | 66,858 |
State enterprise | ||||
Revenues: | ||||
Revenues | $ 91,475 | $ 73,257 | $ 243,690 | $ 217,981 |
Operating expenses: | ||||
Cost of revenues, exclusive of depreciation & amortization | 53,807 | 43,821 | 145,954 | 130,881 |
Software & services | ||||
Revenues: | ||||
Revenues | 43,115 | 17,128 | 75,608 | 49,151 |
Operating expenses: | ||||
Cost of revenues, exclusive of depreciation & amortization | $ 31,290 | $ 10,173 | $ 52,359 | $ 30,094 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Dec. 31, 2018 | 66,569 | |||||
Beginning balance at Dec. 31, 2018 | $ 211,689 | $ 7 | $ 117,763 | $ 93,919 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,502 | 11,502 | ||||
Dividends declared | (5,402) | (5,402) | ||||
Dividend equivalents on unvested performance-based restricted stock awards | 0 | 27 | (27) | |||
Dividend equivalents canceled upon forfeiture of performance-based restricted stock awards | 0 | (122) | 122 | |||
Restricted stock vestings (in shares) | 364 | |||||
Restricted stock vestings | 0 | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings (in shares) | (153) | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings | (2,609) | (2,609) | ||||
Stock-based compensation | 2,272 | 2,272 | ||||
Shares issuable in lieu of dividend payments on performance-based restricted stock awards (in shares) | 3 | |||||
Shares issuable in lieu of dividend payments on performance-based restricted stock awards | 0 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 128 | |||||
Issuance of common stock under employee stock purchase plan | 1,443 | 1,443 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 66,911 | |||||
Ending balance at Mar. 31, 2019 | 218,895 | $ 7 | 118,774 | 100,114 | ||
Beginning balance (in shares) at Dec. 31, 2018 | 66,569 | |||||
Beginning balance at Dec. 31, 2018 | 211,689 | $ 7 | 117,763 | 93,919 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 40,473 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 66,961 | |||||
Ending balance at Sep. 30, 2019 | 239,911 | $ 7 | 121,706 | 118,198 | ||
Beginning balance (in shares) at Mar. 31, 2019 | 66,911 | |||||
Beginning balance at Mar. 31, 2019 | 218,895 | $ 7 | 118,774 | 100,114 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,460 | 14,460 | ||||
Dividends declared | (5,416) | (5,416) | ||||
Dividend equivalents on unvested performance-based restricted stock awards | 0 | 27 | (27) | |||
Restricted stock vestings (in shares) | 47 | |||||
Restricted stock vestings | 0 | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings (in shares) | (2) | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings | (28) | (28) | ||||
Stock-based compensation | 1,431 | 1,431 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 66,956 | |||||
Ending balance at Jun. 30, 2019 | 229,342 | $ 7 | 120,204 | 109,131 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,510 | 14,510 | ||||
Dividends declared | (5,416) | (5,416) | ||||
Dividend equivalents on unvested performance-based restricted stock awards | 0 | 27 | (27) | |||
Restricted stock vestings (in shares) | 8 | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings (in shares) | (3) | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings | (49) | (49) | ||||
Stock-based compensation | 1,524 | 1,524 | 0 | |||
Ending balance (in shares) at Sep. 30, 2019 | 66,961 | |||||
Ending balance at Sep. 30, 2019 | $ 239,911 | $ 7 | 121,706 | 118,198 | ||
Beginning balance (in shares) at Dec. 31, 2019 | 66,968 | 66,968 | ||||
Beginning balance at Dec. 31, 2019 | $ 245,928 | $ 339 | $ 7 | 123,208 | 122,713 | $ 339 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,863 | 11,863 | ||||
Dividends declared | (6,105) | (6,105) | ||||
Dividend equivalents on unvested performance-based restricted stock awards | 0 | 35 | (35) | |||
Dividend equivalents canceled upon forfeiture of performance-based restricted stock awards | 0 | (84) | 84 | |||
Restricted stock vestings (in shares) | 228 | |||||
Restricted stock vestings | 0 | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings (in shares) | (91) | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings | (1,865) | (1,865) | ||||
Repurchase of shares (in shares) | (241) | |||||
Repurchase of shares | (3,944) | (439) | (3,505) | |||
Stock-based compensation | 1,319 | 1,319 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 104 | |||||
Issuance of common stock under employee stock purchase plan | 1,509 | 1,509 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 66,968 | |||||
Ending balance at Mar. 31, 2020 | $ 249,044 | $ 7 | 123,683 | 125,354 | ||
Beginning balance (in shares) at Dec. 31, 2019 | 66,968 | 66,968 | ||||
Beginning balance at Dec. 31, 2019 | $ 245,928 | $ 339 | $ 7 | 123,208 | 122,713 | $ 339 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 50,750 | |||||
Ending balance (in shares) at Sep. 30, 2020 | 67,026 | 67,026 | ||||
Ending balance at Sep. 30, 2020 | $ 279,342 | $ 7 | 127,358 | 151,977 | ||
Beginning balance (in shares) at Mar. 31, 2020 | 66,968 | |||||
Beginning balance at Mar. 31, 2020 | 249,044 | $ 7 | 123,683 | 125,354 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 13,796 | 13,796 | ||||
Dividends declared | (6,097) | (6,097) | ||||
Dividend equivalents on unvested performance-based restricted stock awards | 0 | 35 | (35) | |||
Restricted stock vestings (in shares) | 53 | |||||
Restricted stock vestings | 0 | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings (in shares) | (2) | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings | (53) | (53) | ||||
Stock-based compensation | 1,739 | 1,739 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 67,019 | |||||
Ending balance at Jun. 30, 2020 | 258,429 | $ 7 | 125,404 | 133,018 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 25,091 | 25,091 | ||||
Dividends declared | (6,097) | (6,097) | ||||
Dividend equivalents on unvested performance-based restricted stock awards | 0 | 35 | (35) | |||
Restricted stock vestings (in shares) | 11 | |||||
Restricted stock vestings | 0 | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings (in shares) | (4) | |||||
Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings | (79) | (79) | ||||
Stock-based compensation | $ 1,998 | 1,998 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 67,026 | 67,026 | ||||
Ending balance at Sep. 30, 2020 | $ 279,342 | $ 7 | $ 127,358 | $ 151,977 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 50,750 | $ 40,473 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation & amortization | 10,483 | 9,075 |
Stock-based compensation expense | 5,056 | 5,227 |
Deferred income taxes | (285) | 1,464 |
Provision for losses on accounts receivable | 1,135 | 409 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable, net | (54,324) | (25,135) |
Prepaid expenses & other current assets | (5,705) | 761 |
Other assets | 2,212 | 3,333 |
Accounts payable | 16,013 | 24,700 |
Accrued expenses | 27,585 | 1,554 |
Other current liabilities | 3,977 | 2,052 |
Other long-term liabilities | (3,671) | (5,211) |
Net cash provided by operating activities | 53,226 | 58,702 |
Cash flows from investing activities: | ||
Capital expenditures | (2,956) | (3,483) |
Capitalized software development costs | (6,572) | (6,679) |
Business combination | 0 | (10,000) |
Asset acquisition | 0 | (3,486) |
Net cash used in investing activities | (9,528) | (23,648) |
Cash flows from financing activities: | ||
Cash dividends on common stock | (18,299) | (16,234) |
Proceeds from employee common stock purchases | 1,509 | 1,443 |
Shares surrendered upon vesting of restricted stock to satisfy tax withholdings | (1,996) | (2,686) |
Repurchase of shares | (3,944) | 0 |
Net cash used in financing activities | (22,730) | (17,477) |
Net increase in cash | 20,968 | 17,577 |
Cash, beginning of period | 214,380 | 191,700 |
Cash, end of period | 235,348 | 209,277 |
Non-cash activities: | ||
Contingent consideration - business combination | 0 | 960 |
Cash payments: | ||
Income taxes paid, net | $ 12,867 | $ 12,283 |
THE COMPANY
THE COMPANY | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
THE COMPANY | THE COMPANY NIC Inc., together with its subsidiaries (the "Company" or "NIC") is a leading provider of digital government services that help governments use technology to provide a higher level of service to businesses and citizens and increase efficiencies. The Company primarily accomplishes this through two channels: its state enterprise businesses and its software & services businesses.In the Company's state enterprise businesses, it generally designs, builds, and operates digital government services on an enterprise-wide basis on behalf of state and local governments desiring to provide access to government information and to complete secure government-based transactions through multiple digital channels. These digital government services consist of websites and applications the Company has built that allow consumers, such as businesses and citizens, to access government information, complete transactions and make electronic payments. The Company typically manages operations for each contractual relationship through separate local subsidiaries that operate as decentralized businesses with a high degree of autonomy. The Company is typically responsible for funding the up-front investments and ongoing operations and maintenance costs of the digital government services. The Company’s software & services businesses primarily include its subsidiaries that provide payment processing services, software development and digital government services, other than those services provided under state enterprise contracts, to federal agencies as well as state and local governments. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The consolidated financial statements include all the Company's direct and indirect wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, the unaudited consolidated financial statements contain all adjustments (consisting of normal and recurring adjustments) necessary to fairly present the consolidated financial position and the results of operations, changes in stockholders' equity and cash flows of the Company as of the dates and for the interim periods presented. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, including the notes thereto, set forth in the Company’s 2019 Annual Report on Form 10-K. Certain amounts in the consolidated statements of income for the three and nine months ended September 30, 2019 were reclassified to conform to the current year presentation. In 2020, the Company began classifying its Texas payment processing contract in the software & services category. The Company reclassified $7.8 million and $23.2 million of revenues for the three and nine months ended September 30, 2019, respectively, and $6.6 million and $20.5 million of cost of revenues for the three and nine months ended September 30, 2019, respectively, from this contract from the state enterprise category to the software & services category. The reclassification had no impact on net income or cash flows for the periods ended September 30, 2019. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. Recently issued accounting pronouncements Credit Losses In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses (Topic 326), to replace the incurred loss impairment methodology in U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, companies will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. On January 1, 2020, the Company adopted the standard and all the related amendments, using a modified retrospective approach. The adoption of the standard resulted in a cumulative-effect adjustment to retained earnings of approximately $0.3 million. The adoption of the standard did not have a significant impact on the Company’s consolidated earnings or cash flows. Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration which the Company expects to receive in exchange for those goods or services. Disaggregation of Revenue The Company currently earns revenues from three main sources: (i) transaction-based fees, which consist of interactive government services (“IGS”), driver history records (“DHR”) and other transaction-based revenues, (ii) development services and (iii) fixed-fee services. The following table summarizes, by reportable and operating segment, the principal activities from which the Company generates revenue for the three months ended September 30 (in thousands): 2020 State Enterprise Payments All Other Consolidated IGS $ 58,192 $ — $ — $ 58,192 DHR 21,716 — — 21,716 Other — 11,266 5,784 17,050 Total transaction-based 79,908 11,266 5,784 96,958 Development services 10,329 — — 10,329 Fixed-fee services 1,238 — 26,065 27,303 Total revenues $ 91,475 $ 11,266 $ 31,849 $ 134,590 2019 State Enterprise Payments All Other Consolidated IGS $ 46,480 $ — $ — $ 46,480 DHR 23,076 — — 23,076 Other — 9,736 5,890 15,626 Total transaction-based 69,556 9,736 5,890 85,182 Development services 2,463 — — 2,463 Fixed-fee services 1,238 — 1,502 2,740 Total revenues $ 73,257 $ 9,736 $ 7,392 $ 90,385 The following table summarizes, by reportable and operating segment, the principal activities from which the Company generates revenue for the nine months ended September 30 (in thousands): 2020 State Enterprise Payments All Other Consolidated IGS $ 156,436 $ — $ — $ 156,436 DHR 65,172 — — 65,172 Other — 30,996 16,087 47,083 Total transaction-based 221,608 30,996 16,087 268,691 Development services 18,369 — — 18,369 Fixed-fee services 3,713 — 28,525 32,238 Total revenues $ 243,690 $ 30,996 $ 44,612 $ 319,298 2019 State Enterprise Payments All Other Consolidated IGS $ 136,826 $ — $ — $ 136,826 DHR 70,158 — — 70,158 Other — 28,973 17,420 46,393 Total transaction-based 206,984 28,973 17,420 253,377 Development services 7,284 — — 7,284 Fixed-fee services 3,713 — 2,758 6,471 Total revenues $ 217,981 $ 28,973 $ 20,178 $ 267,132 Transaction-based Revenues Under the majority of contracts with its government partners, the Company agrees to provide continuous access to digital government services that allow consumers to complete secure transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report, in exchange for transaction-based fees. The Company satisfies its performance obligation by providing access to applications over the contractual term and by processing transactions as they are initiated by consumers. The performance obligation is satisfied when the Company provides the access and it is used by the consumer. Development Services Revenues The Company earns development services revenues primarily under contracts to provide software development and other time and materials services to its government partners. These contracts are generally not longer than one year in duration. For services provided under development contracts, the performance obligation is either satisfied over time or at a point in time upon customer acceptance. For services provided under development contracts that result in the transfer of control over time, the underlying deliverable is owned and controlled by the customer and does not create an asset with an alternative use to the Company. The Company recognizes revenue on rate per hour contracts based on the amount billable to the customer, as the Company has the right to invoice the customer in an amount that directly corresponds with the value to the customer of the Company’s performance to date. Under its development services contracts, the Company typically does not have significant future performance obligations that extend beyond one year. As of September 30, 2020, the total transaction price allocated to unsatisfied performance obligations was approximately $6.5 million. Fixed-fee Services Revenues Fixed-fee services revenues primarily consist of state enterprise revenues from providing recurring fixed fee digital government services to the Company’s government partner in Indiana, contracts for the Company's new TourHealth services for rapid and secure COVID-19 testing with Next Marketing and Impact Health, which commenced in August 2020 and other contracts for software-as-a-service (“SaaS”) subscription-based services in the Company's software & services businesses. As of September 30, 2020, the Company’s Indiana contract had unsatisfied performance obligations for one month. The total transaction price allocated to the unsatisfied performance obligation is not significant. TourHealth services contracts are a fixed- fee single performance obligation to provide continuous access to COVID-19 testing services. As of September 30, 2020, the unsatisfied performance obligations related to these contracts was $12.8 million which is expected to be recognized during the fourth quarter of 2020. Subscription-based service contracts in the Company's software & services businesses are a fixed-fee single performance obligation to provide government partners continuous access to digital services. As of September 30, 2020, the unsatisfied performance obligations related to these contracts was $18.6 million, which will be recognized over the term of such contracts, generally one Unearned Revenues Unearned revenues at September 30, 2020 and December 31, 2019 were approximately $8.9 million and $3.8 million, respectively. The change in the deferred revenue balance for the nine months ended September 30, 2020 was primarily driven by $27.6 million of cash payments received or due in advance of satisfying the Company's performance obligations, offset by $22.5 million of revenues recognized that were previously included in deferred revenue. Trade accounts receivable The Company records trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The Company calculates this allowance based on its history of write-offs, and its relationship with, and the expected future economic status of, its customers. Trade accounts receivable are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. The Company’s allowance for doubtful accounts at September 30, 2020 and December 31, 2019 was approximately $1.9 million and $1.2 million, respectively. |
GOVERNMENT CONTRACTS
GOVERNMENT CONTRACTS | 9 Months Ended |
Sep. 30, 2020 | |
Contractors [Abstract] | |
GOVERNMENT CONTRACTS | GOVERNMENT CONTRACTS State enterprise contracts The Company’s state enterprise contracts generally have an initial multi-year term with provisions for renewals for various periods at the option of the government. The Company’s primary business obligation under these contracts is generally to design, build, and operate digital government services on an enterprise-wide basis on behalf of government entities desiring to provide access to government information and to digitally complete government-based transactions and payments. NIC typically markets the services and solicits consumers to complete government-based transactions and to enter into subscriber contracts permitting the user to access digital applications and the government information contained therein in exchange for transactional and/or subscription user fees. The Company enters into statements of work with various agencies and divisions of the government to provide specific services and to conduct specific transactions. These statements of work preliminarily establish the pricing of the digital transactions and data access services the Company provides and the division of revenues between the Company and the government agency. The government oversight authority must approve prices and revenue sharing agreements. The Company has limited control over the level of fees it is permitted to retain. The Company is typically responsible for funding the up-front development and ongoing operations and maintenance costs of digital government services and generally owns all the intellectual property in connection with the applications developed under these contracts. After completion of a defined contract term or upon termination for cause, the government partner typically receives a perpetual, royalty-free license to use the applications built by the Company only in its own state. However, certain enterprise applications, proprietary customer management, billing, payment processing and other software applications that the Company has developed and standardized centrally are provided to government partners on a SaaS basis, and thus would not be included in any royalty-free license. If the Company’s contract expires after a defined term or if its contract is terminated by a government partner for cause, the government agency would be entitled to take over the applications in place, and NIC would have no future revenue from, or obligation to, such former government partner, except as otherwise provided in the contract. Any renewal of these contracts beyond the initial term by the government is optional and a government may terminate its contract prior to the expiration date if the Company breaches a material contractual obligation and fails to cure such breach within a specified period or upon the occurrence of other events or circumstances specified in the contract. In addition, 15 contracts under which the Company provides enterprise-wide digital government services, as well as the Company’s contract with the Federal Motor Carrier Safety Administration (“FMCSA”), can be terminated by the other party without cause on a specified period of notice. Collectively, revenues generated from these contracts represented approximately 45% and 52% of the Company’s total consolidated revenues for the three and nine months ended September 30, 2020. If any of these contracts is terminated without cause, the terms of the respective contract may require the government to pay the Company a fee to continue to use the Company’s applications. Under a typical state enterprise contract, the Company is required to fully indemnify its government partners against claims that the Company’s services infringe upon the intellectual property rights of others and against claims arising from the Company’s performance or the performance of the Company’s subcontractors under the contract. Software & services contracts The Company's software & service contracts generally consist of payment processing services, software development and digital government services, other than those provided on an enterprise-wide basis, to federal agencies, as well as state and local governments. The Company has contracts with certain Federal agencies, including a contract with the FMCSA to develop and manage the FMCSA’s Pre-Employment Screening Program (“PSP”) for motor carriers nationwide using a transaction-based business model. The Company also has contracts with certain government and government-related partners for which the Company is responsible for a new rapid and secure COVID-19 testing solution with Next Marketing and Impact Health referred to as TourHealth, featuring digital engagement, assessment and scheduling, as well as in-person clinical testing and logistics. Expiring contracts There are currently 11 state enterprise contracts, as well as the Company's contract with the FMCSA, that have expiration dates within the 12-month period following September 30, 2020. Collectively, revenues generated from these contracts represented approximately 28% and 33% of the Company’s total consolidated revenues for the three and nine months ended September 30, 2020. Although six of these state enterprise contracts have renewal provisions, any renewal is at the option of the Company’s government partner. As described above, if a state enterprise contract is not renewed after a defined term, the government partner would be entitled to take over the applications in place, and NIC would have no future revenue from, or obligation to, such former government partner, except as otherwise provided in the contract. Performance Bond Commitments At September 30, 2020, the Company was bound by performance bond commitments totaling approximately $25.2 million on certain government contracts and other business relationships. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHAREUnvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method for all periods presented. The two-class method is an earnings allocation formula that treats a participating security as having rights to undistributed earnings that would otherwise have been available to common stockholders. The Company’s service-based restricted stock awards contain non-forfeitable rights to dividends and are participating securities. Accordingly, service-based restricted stock awards were included in the calculation of earnings per share using the two-class method for all periods presented. Unvested service-based restricted shares totaled 0.7 million for both the three and nine months ended September 30, 2020 and 2019. Basic earnings per share is calculated by first allocating earnings between common stockholders and participating securities. Earnings attributable to common stockholders are divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by giving effect to dilutive potential common shares outstanding during the period. The dilutive effect of shares related to the Company’s employee stock purchase plan is determined based on the treasury stock method. The dilutive effect of service-based restricted stock awards is based on the more dilutive of the treasury stock method or the two-class method assuming a reallocation of undistributed earnings to common stockholders after considering the dilutive effect of potential common shares other than the participating unvested restricted stock awards. The dilutive effect of performance-based restricted stock awards is based on the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income $ 25,091 $ 14,510 $ 50,750 $ 40,473 Less: Income allocated to participating securities (266) (156) (544) (443) Net income available to common stockholders $ 24,825 $ 14,354 $ 50,206 $ 40,030 Denominator: Weighted average shares - basic 67,025 66,960 67,004 66,858 Performance-based restricted stock awards — — — — Weighted average shares - diluted 67,025 66,960 67,004 66,858 Basic net income per share: $ 0.37 $ 0.21 $ 0.75 $ 0.60 Diluted net income per share: $ 0.37 $ 0.21 $ 0.75 $ 0.60 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY The Company's Board of Directors declared and paid the following dividends during the three and nine months ended September 30, 2020 and 2019 (payment amount in millions): Declaration Date Dividend per Share Record Date Payment Date Payment Amount July 27, 2020 $0.09 September 8, 2020 September 22, 2020 $6.1 April 23, 2020 $0.09 June 11, 2020 June 25, 2020 $6.1 January 27, 2020 $0.09 March 4, 2020 March 18, 2020 $6.1 July 29, 2019 $0.08 September 6, 2019 September 20, 2019 $5.4 May 7, 2019 $0.08 June 11, 2019 June 25, 2019 $5.4 January 28, 2019 $0.08 March 5, 2019 March 19, 2019 $5.4 On October 26, 2020, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.09 per share, payable to stockholders of record as of December 4, 2020. The dividend, which is expected to total approximately $6.1 million, will be paid on December 18, 2020, out of the Company’s available cash. Share Repurchase In March 2018, the Company's Board of Directors authorized a stock repurchase program allowing the Company to repurchase up to $25 million of common stock. During March 2020, the Company repurchased and retired 241,180 shares at a weighted average purchase price of $16.33 for a total value of $3.9 million under the repurchase program. The Company has made no other repurchases under its share repurchase program. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company's effective tax rate was 15.8% and 20.6% for the three and nine months ended September 30, 2020, respectively, compared to 22.4% and 23.0% for the three and nine months ended September 30, 2019, respectively. The Company's effective tax rate for the three and nine months ended September 30, 2020 was lower than the federal statutory rate of 21% primarily due to the favorable impact of the release of reserves for unrecognized income tax benefits resulting from expiration of the statutes of limitations for certain tax years and other favorable tax adjustments recognized upon filing of the Company's 2019 tax return. The Company's effective tax rate for the three and nine months ended September 30, 2019 was higher than the federal statutory rate primarily due to the effect of state income taxes partially offset by the favorable impact of the release of reserves for unrecognized income tax benefits resulting from expiration of the statutes of limitations for certain tax years. For the nine months ended September 30, 2019, the effective tax rate was also impacted by approximately $2.6 million of executive severance costs incurred in the first quarter of 2019, as previously disclosed, a significant portion of which was not deductible for income tax purposes. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION During the nine months ended September 30, 2020, the Compensation Committee of the Board of Directors of the Company granted to certain management-level employees and executive officers, service-based restricted stock awards totaling 280,789 shares with a grant-date fair value totaling approximately $5.8 million. Such restricted stock awards vest beginning one year from the date of grant in annual installments of 25%. During the nine months ended September 30, 2020, certain management-level employees were granted service-based restricted stock awards totaling 9,256 shares with a grant-date fair value totaling approximately $0.2 million, which vest over two years in 50% installments. In addition, during the nine months ended September 30, 2020, non-employee directors of the Company were granted service-based restricted stock awards totaling 34,607 shares with a grant-date fair value of approximately $0.8 million. Such restricted stock awards vest one year from the date of grant. Restricted stock is valued at the date of grant, based on the closing market price of the Company’s common stock, and expensed using the straight-line method over the requisite service period (generally the vesting period of the award). The Company records forfeitures when they occur. During the nine months ended September 30, 2020, the Compensation Committee of the Board of Directors of the Company granted performance-based restricted stock awards to certain executive officers pursuant to the terms of the Company’s executive compensation program totaling 137,052 shares with a grant-date fair value totaling approximately $2.8 million. This represents the maximum number of shares the executive officers can earn at the end of a three-year performance period ending December 31, 2022. The actual number of shares earned will be based on the Company’s performance related to the following performance criteria over the performance period: • Operating income growth (three-year compound annual growth rate); and • Total consolidated revenue growth (three-year compound annual growth rate). At the end of the three-year period, the executive officers are eligible to receive up to a specified number of shares based on the Company’s performance relative to these performance criteria over the performance period. In addition, the executive officers will accrue dividend equivalents for any cash dividends declared during the performance period, payable in the form of additional shares of Company common stock, based on the maximum number of shares to be earned by the executive officers for each performance-based restricted stock award. Such hypothetical cash dividend payment shall be divided by the fair value of the Company’s common stock on the dividend payment date to determine the maximum number of notional shares to be awarded. At the end of the three-year performance period and on the date some or all the shares are paid under the agreement, a pro rata number of notional dividend shares will be converted into an equivalent number of dividend shares paid and granted to the executive officers based on the actual number of underlying shares earned during the performance period. At December 31, 2019, the three-year performance period related to the performance-based restricted stock awards granted to certain executive officers on February 22, 2017 ended. Based on the Company’s actual financial results from 2017 through 2019, no shares or dividend equivalent shares were earned, and the 87,241 shares subject to the awards were forfeited in the first quarter of 2020. Stock-based compensation cost for performance-based restricted stock awards is measured at the grant date based on the fair value of shares expected to be earned at the end of the performance period and is recognized as expense over the performance period based on the probable number of shares expected to vest. The following table presents stock-based compensation expense included in the Company’s unaudited consolidated statements of income (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 State enterprise cost of revenues, exclusive of depreciation & amortization $ 409 $ 370 $ 1,167 $ 1,127 Software & services cost of revenues, exclusive of depreciation & amortization 46 19 115 75 Selling & administrative 1,329 951 3,185 3,523 Enterprise technology & product support 214 184 589 502 Total stock-based compensation expense $ 1,998 $ 1,524 $ 5,056 $ 5,227 |
REPORTABLE SEGMENT AND RELATED
REPORTABLE SEGMENT AND RELATED INFORMATION | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENT AND RELATED INFORMATION | REPORTABLE SEGMENT AND RELATED INFORMATION Beginning in the first quarter of 2020, the Company determined that it has two reportable segments: 1) State Enterprise and 2) Payments. Prior to the first quarter of 2020, the Company had one reportable segment: State Enterprise. The change from one to two reportable segments was based on quantitative and qualitative considerations, and was a result of recent changes in the Company's reporting structure to reclassify the current Texas payment processing contract from the state enterprise category to the software & services category. The revised reportable segments reflect the way the Company evaluates its business performance and manages its operations. All prior year amounts have been restated to conform to the current year presentation. The State Enterprise reportable segment generally includes the Company’s subsidiaries operating digital government services on an enterprise-wide basis for state and local governments. The Payments reportable segment includes the Company's subsidiaries in the software & services category that provide certain payment processing-related, transaction-based services to state and local government agencies in states where the Company does not maintain an enterprise-wide contract and to a few private sector entities. The All Other category primarily includes the Company's subsidiaries in the software & services category that provide software development and digital government services, other than those provided on an enterprise-wide basis, to federal agencies, including the Company's contract with the FMCSA to operate the Federal PSP and the Company's subcontract for the Recreation.gov outdoor recreation service, as well as to other state and local governments and government-related entities, including the Company's RxGov prescription drug monitoring business, NIC Licensing Solutions regulatory licensing business and new TourHealth rapid COVID-19 testing solution with Next Marketing and Impact Health, which commenced in August 2020. Each of the Company’s businesses within the All Other category is an operating segment and has been grouped together to form the All Other category, as none of the operating segments meet the quantitative threshold of a separately reportable segment. There have been no significant intersegment transactions for the periods reported. The summary of significant accounting policies applies to all operating segments. The measure of profitability by which management, including the Company’s Chief Operating Decision Maker ("CODM"), evaluates the performance of its operating segments and allocates resources to them is operating income (loss). Segment assets or other segment balance sheet information is not presented to the Company’s CODM. Accordingly, the Company has not presented information relating to segment assets. The table below reflects summarized financial information for the Company’s reportable segments for the three months ended September 30 (in thousands): State Enterprise Payments All Other Other Reconciling Items Consolidated 2020 Revenues $ 91,475 $ 11,266 $ 31,849 $ — $ 134,590 Costs & expenses 53,807 8,788 22,502 16,159 101,256 Depreciation & amortization 653 1 1,150 1,724 3,528 Operating income (loss) $ 37,015 $ 2,477 $ 8,197 $ (17,883) $ 29,806 2019 Revenues $ 73,257 $ 9,736 $ 7,392 $ — $ 90,385 Costs & expenses 43,821 7,271 2,902 14,896 68,890 Depreciation & amortization 721 — 359 2,444 3,524 Operating income (loss) $ 28,715 $ 2,465 $ 4,131 $ (17,340) $ 17,971 The table below reflects summarized financial information for the Company’s reportable segments for the nine months ended September 30 (in thousands): State Enterprise Payments All Other Other Reconciling Items Consolidated 2020 Revenues $ 243,690 $ 30,996 $ 44,612 $ — $ 319,298 Costs & expenses 145,954 24,331 28,028 46,993 245,306 Depreciation & amortization 2,035 4 3,335 5,109 10,483 Operating income (loss) $ 95,701 $ 6,661 $ 13,249 $ (52,102) $ 63,509 2019 Revenues $ 217,981 $ 28,973 $ 20,178 $ — $ 267,132 Costs & expenses 130,881 22,508 7,586 46,406 207,381 Depreciation & amortization 2,005 2 576 6,492 9,075 Operating income (loss) $ 85,095 $ 6,463 $ 12,016 $ (52,898) $ 50,676 The Company's new TourHealth software & services contract with the state of Florida accounted for approximately 18% of the Company's total consolidated revenues for the three months ended September 30, 2020. The Company's state enterprise contract with the state of Colorado accounted for approximately 10% of the Company's total consolidated revenues for the three and nine months ended September 30, 2019. No other customer accounted for more than 10% of the Company's total consolidated revenues for any period presented. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The consolidated financial statements include all the Company's direct and indirect wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, the unaudited consolidated financial statements contain all adjustments (consisting of normal and recurring adjustments) necessary to fairly present the consolidated financial position and the results of operations, changes in stockholders' equity and cash flows of the Company as of the dates and for the interim periods presented. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, including the notes thereto, set forth in the Company’s 2019 Annual Report on Form 10-K. |
Use of estimates | Use of estimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements Credit Losses In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses (Topic 326), to replace the incurred loss impairment methodology in U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, |
Revenue recognition | Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration which the Company expects to receive in exchange for those goods or services. Disaggregation of Revenue The Company currently earns revenues from three main sources: (i) transaction-based fees, which consist of interactive government services (“IGS”), driver history records (“DHR”) and other transaction-based revenues, (ii) development services and (iii) fixed-fee services. The following table summarizes, by reportable and operating segment, the principal activities from which the Company generates revenue for the three months ended September 30 (in thousands): 2020 State Enterprise Payments All Other Consolidated IGS $ 58,192 $ — $ — $ 58,192 DHR 21,716 — — 21,716 Other — 11,266 5,784 17,050 Total transaction-based 79,908 11,266 5,784 96,958 Development services 10,329 — — 10,329 Fixed-fee services 1,238 — 26,065 27,303 Total revenues $ 91,475 $ 11,266 $ 31,849 $ 134,590 2019 State Enterprise Payments All Other Consolidated IGS $ 46,480 $ — $ — $ 46,480 DHR 23,076 — — 23,076 Other — 9,736 5,890 15,626 Total transaction-based 69,556 9,736 5,890 85,182 Development services 2,463 — — 2,463 Fixed-fee services 1,238 — 1,502 2,740 Total revenues $ 73,257 $ 9,736 $ 7,392 $ 90,385 The following table summarizes, by reportable and operating segment, the principal activities from which the Company generates revenue for the nine months ended September 30 (in thousands): 2020 State Enterprise Payments All Other Consolidated IGS $ 156,436 $ — $ — $ 156,436 DHR 65,172 — — 65,172 Other — 30,996 16,087 47,083 Total transaction-based 221,608 30,996 16,087 268,691 Development services 18,369 — — 18,369 Fixed-fee services 3,713 — 28,525 32,238 Total revenues $ 243,690 $ 30,996 $ 44,612 $ 319,298 2019 State Enterprise Payments All Other Consolidated IGS $ 136,826 $ — $ — $ 136,826 DHR 70,158 — — 70,158 Other — 28,973 17,420 46,393 Total transaction-based 206,984 28,973 17,420 253,377 Development services 7,284 — — 7,284 Fixed-fee services 3,713 — 2,758 6,471 Total revenues $ 217,981 $ 28,973 $ 20,178 $ 267,132 Transaction-based Revenues Under the majority of contracts with its government partners, the Company agrees to provide continuous access to digital government services that allow consumers to complete secure transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report, in exchange for transaction-based fees. The Company satisfies its performance obligation by providing access to applications over the contractual term and by processing transactions as they are initiated by consumers. The performance obligation is satisfied when the Company provides the access and it is used by the consumer. Development Services Revenues The Company earns development services revenues primarily under contracts to provide software development and other time and materials services to its government partners. These contracts are generally not longer than one year in duration. For services provided under development contracts, the performance obligation is either satisfied over time or at a point in time upon customer acceptance. For services provided under development contracts that result in the transfer of control over time, the underlying deliverable is owned and controlled by the customer and does not create an asset with an alternative use to the Company. The Company recognizes revenue on rate per hour contracts based on the amount billable to the customer, as the Company has the right to invoice the customer in an amount that directly corresponds with the value to the customer of the Company’s performance to date. Under its development services contracts, the Company typically does not have significant future performance obligations that extend beyond one year. As of September 30, 2020, the total transaction price allocated to unsatisfied performance obligations was approximately $6.5 million. Fixed-fee Services Revenues Fixed-fee services revenues primarily consist of state enterprise revenues from providing recurring fixed fee digital government services to the Company’s government partner in Indiana, contracts for the Company's new TourHealth services for rapid and secure COVID-19 testing with Next Marketing and Impact Health, which commenced in August 2020 and other contracts for software-as-a-service (“SaaS”) subscription-based services in the Company's software & services businesses. As of September 30, 2020, the Company’s Indiana contract had unsatisfied performance obligations for one month. The total transaction price allocated to the unsatisfied performance obligation is not significant. TourHealth services contracts are a fixed- fee single performance obligation to provide continuous access to COVID-19 testing services. As of September 30, 2020, the unsatisfied performance obligations related to these contracts was $12.8 million which is expected to be recognized during the fourth quarter of 2020. Subscription-based service contracts in the Company's software & services businesses are a fixed-fee single performance obligation to provide government partners continuous access to digital services. As of September 30, 2020, the unsatisfied performance obligations related to these contracts was $18.6 million, which will be recognized over the term of such contracts, generally one Unearned Revenues Unearned revenues at September 30, 2020 and December 31, 2019 were approximately $8.9 million and $3.8 million, respectively. The change in the deferred revenue balance for the nine months ended September 30, 2020 was primarily driven by $27.6 million of cash payments received or due in advance of satisfying the Company's performance obligations, offset by $22.5 million of revenues recognized that were previously included in deferred revenue. Trade accounts receivable |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Disaggregation of Revenue | The following table summarizes, by reportable and operating segment, the principal activities from which the Company generates revenue for the three months ended September 30 (in thousands): 2020 State Enterprise Payments All Other Consolidated IGS $ 58,192 $ — $ — $ 58,192 DHR 21,716 — — 21,716 Other — 11,266 5,784 17,050 Total transaction-based 79,908 11,266 5,784 96,958 Development services 10,329 — — 10,329 Fixed-fee services 1,238 — 26,065 27,303 Total revenues $ 91,475 $ 11,266 $ 31,849 $ 134,590 2019 State Enterprise Payments All Other Consolidated IGS $ 46,480 $ — $ — $ 46,480 DHR 23,076 — — 23,076 Other — 9,736 5,890 15,626 Total transaction-based 69,556 9,736 5,890 85,182 Development services 2,463 — — 2,463 Fixed-fee services 1,238 — 1,502 2,740 Total revenues $ 73,257 $ 9,736 $ 7,392 $ 90,385 The following table summarizes, by reportable and operating segment, the principal activities from which the Company generates revenue for the nine months ended September 30 (in thousands): 2020 State Enterprise Payments All Other Consolidated IGS $ 156,436 $ — $ — $ 156,436 DHR 65,172 — — 65,172 Other — 30,996 16,087 47,083 Total transaction-based 221,608 30,996 16,087 268,691 Development services 18,369 — — 18,369 Fixed-fee services 3,713 — 28,525 32,238 Total revenues $ 243,690 $ 30,996 $ 44,612 $ 319,298 2019 State Enterprise Payments All Other Consolidated IGS $ 136,826 $ — $ — $ 136,826 DHR 70,158 — — 70,158 Other — 28,973 17,420 46,393 Total transaction-based 206,984 28,973 17,420 253,377 Development services 7,284 — — 7,284 Fixed-fee services 3,713 — 2,758 6,471 Total revenues $ 217,981 $ 28,973 $ 20,178 $ 267,132 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income $ 25,091 $ 14,510 $ 50,750 $ 40,473 Less: Income allocated to participating securities (266) (156) (544) (443) Net income available to common stockholders $ 24,825 $ 14,354 $ 50,206 $ 40,030 Denominator: Weighted average shares - basic 67,025 66,960 67,004 66,858 Performance-based restricted stock awards — — — — Weighted average shares - diluted 67,025 66,960 67,004 66,858 Basic net income per share: $ 0.37 $ 0.21 $ 0.75 $ 0.60 Diluted net income per share: $ 0.37 $ 0.21 $ 0.75 $ 0.60 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Dividends Declared | The Company's Board of Directors declared and paid the following dividends during the three and nine months ended September 30, 2020 and 2019 (payment amount in millions): Declaration Date Dividend per Share Record Date Payment Date Payment Amount July 27, 2020 $0.09 September 8, 2020 September 22, 2020 $6.1 April 23, 2020 $0.09 June 11, 2020 June 25, 2020 $6.1 January 27, 2020 $0.09 March 4, 2020 March 18, 2020 $6.1 July 29, 2019 $0.08 September 6, 2019 September 20, 2019 $5.4 May 7, 2019 $0.08 June 11, 2019 June 25, 2019 $5.4 January 28, 2019 $0.08 March 5, 2019 March 19, 2019 $5.4 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table presents stock-based compensation expense included in the Company’s unaudited consolidated statements of income (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 State enterprise cost of revenues, exclusive of depreciation & amortization $ 409 $ 370 $ 1,167 $ 1,127 Software & services cost of revenues, exclusive of depreciation & amortization 46 19 115 75 Selling & administrative 1,329 951 3,185 3,523 Enterprise technology & product support 214 184 589 502 Total stock-based compensation expense $ 1,998 $ 1,524 $ 5,056 $ 5,227 |
REPORTABLE SEGMENT AND RELATE_2
REPORTABLE SEGMENT AND RELATED INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Reportable and Operating Segments | The table below reflects summarized financial information for the Company’s reportable segments for the three months ended September 30 (in thousands): State Enterprise Payments All Other Other Reconciling Items Consolidated 2020 Revenues $ 91,475 $ 11,266 $ 31,849 $ — $ 134,590 Costs & expenses 53,807 8,788 22,502 16,159 101,256 Depreciation & amortization 653 1 1,150 1,724 3,528 Operating income (loss) $ 37,015 $ 2,477 $ 8,197 $ (17,883) $ 29,806 2019 Revenues $ 73,257 $ 9,736 $ 7,392 $ — $ 90,385 Costs & expenses 43,821 7,271 2,902 14,896 68,890 Depreciation & amortization 721 — 359 2,444 3,524 Operating income (loss) $ 28,715 $ 2,465 $ 4,131 $ (17,340) $ 17,971 The table below reflects summarized financial information for the Company’s reportable segments for the nine months ended September 30 (in thousands): State Enterprise Payments All Other Other Reconciling Items Consolidated 2020 Revenues $ 243,690 $ 30,996 $ 44,612 $ — $ 319,298 Costs & expenses 145,954 24,331 28,028 46,993 245,306 Depreciation & amortization 2,035 4 3,335 5,109 10,483 Operating income (loss) $ 95,701 $ 6,661 $ 13,249 $ (52,102) $ 63,509 2019 Revenues $ 217,981 $ 28,973 $ 20,178 $ — $ 267,132 Costs & expenses 130,881 22,508 7,586 46,406 207,381 Depreciation & amortization 2,005 2 576 6,492 9,075 Operating income (loss) $ 85,095 $ 6,463 $ 12,016 $ (52,898) $ 50,676 |
THE COMPANY - Additional Inform
THE COMPANY - Additional Information (Details) | Sep. 30, 2020channel |
Accounting Policies [Abstract] | |
Number of business channels | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Recently issued accounting pronouncements | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||
Retained earnings | $ 151,977 | $ 122,713 | |||
Revenue Recognition | |||||
Unearned revenues | 8,900 | 3,800 | |||
Cash payment received | 27,600 | ||||
Revenues recognized that was included in the deferred revenue balance | 22,500 | ||||
Trade accounts receivable | |||||
Allowance for doubtful accounts | 1,900 | $ 1,200 | |||
Development Services Contract | |||||
Revenue Recognition | |||||
Transaction price allocated to unsatisfied performance obligation | 6,500 | ||||
Fixed-fee Contract | COVID Services | |||||
Revenue Recognition | |||||
Transaction price allocated to unsatisfied performance obligation | 12,800 | ||||
Fixed-fee Contract | Subscription Services | |||||
Revenue Recognition | |||||
Transaction price allocated to unsatisfied performance obligation | $ 18,600 | ||||
Fixed-fee Contract | Minimum | Subscription Services | |||||
Revenue Recognition | |||||
Expected timing to recognize revenue, term | 1 year | ||||
Fixed-fee Contract | Maximum | Subscription Services | |||||
Revenue Recognition | |||||
Expected timing to recognize revenue, term | 5 years | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Recently issued accounting pronouncements | |||||
Retained earnings | $ 300 | ||||
State Enterprise | Revenues | |||||
Summary of Significant Accounting Policies | |||||
Prior period reclassification adjustment | $ (7,800) | $ (23,200) | |||
State Enterprise | Cost of Revenues | |||||
Summary of Significant Accounting Policies | |||||
Prior period reclassification adjustment | (6,600) | (20,500) | |||
Software & Services | Revenues | |||||
Summary of Significant Accounting Policies | |||||
Prior period reclassification adjustment | 7,800 | 23,200 | |||
Software & Services | Cost of Revenues | |||||
Summary of Significant Accounting Policies | |||||
Prior period reclassification adjustment | $ 6,600 | $ 20,500 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 134,590 | $ 90,385 | $ 319,298 | $ 267,132 |
IGS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 58,192 | 46,480 | 156,436 | 136,826 |
DHR | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,716 | 23,076 | 65,172 | 70,158 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,050 | 15,626 | 47,083 | 46,393 |
Total transaction-based | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 96,958 | 85,182 | 268,691 | 253,377 |
Development services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,329 | 2,463 | 18,369 | 7,284 |
Fixed-fee services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27,303 | 2,740 | 32,238 | 6,471 |
State Enterprise | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 91,475 | 73,257 | 243,690 | 217,981 |
State Enterprise | IGS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 58,192 | 46,480 | 156,436 | 136,826 |
State Enterprise | DHR | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,716 | 23,076 | 65,172 | 70,158 |
State Enterprise | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
State Enterprise | Total transaction-based | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 79,908 | 69,556 | 221,608 | 206,984 |
State Enterprise | Development services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,329 | 2,463 | 18,369 | 7,284 |
State Enterprise | Fixed-fee services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,238 | 1,238 | 3,713 | 3,713 |
Payments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,266 | 9,736 | 30,996 | 28,973 |
Payments | IGS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Payments | DHR | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Payments | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,266 | 9,736 | 30,996 | 28,973 |
Payments | Total transaction-based | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,266 | 9,736 | 30,996 | 28,973 |
Payments | Development services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Payments | Fixed-fee services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31,849 | 7,392 | 44,612 | 20,178 |
All Other | IGS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | DHR | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,784 | 5,890 | 16,087 | 17,420 |
All Other | Total transaction-based | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,784 | 5,890 | 16,087 | 17,420 |
All Other | Development services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | Fixed-fee services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 26,065 | $ 1,502 | $ 28,525 | $ 2,758 |
GOVERNMENT CONTRACTS (Details)
GOVERNMENT CONTRACTS (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($)contractsegment | Sep. 30, 2020USD ($)contractsegment | |
Contracts [Line Items] | ||
Number of contracts that can be terminated (in contracts) | 15 | 15 |
Performance bond commitments | $ | $ 25.2 | $ 25.2 |
Expiring contracts | ||
Contracts [Line Items] | ||
Number of services with expiration dates within 12-month period (in contracts) | 11 | 11 |
Contract expiration period | 12 months | |
Number of contracts that can be terminated with renewal provisions (in contracts) | segment | 6 | 6 |
Consolidated revenues | Contracts that can be terminated without cause | Government contracts concentration risk | ||
Contracts [Line Items] | ||
Concentration risk percentage | 45.00% | 52.00% |
Consolidated revenues | Expiring contracts | Government contracts concentration risk | ||
Contracts [Line Items] | ||
Concentration risk percentage | 28.00% | 33.00% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||||
Unvested service-based restricted shares (in shares) | 700 | 700 | 700 | 700 | ||||
Numerator: | ||||||||
Net income | $ 25,091 | $ 13,796 | $ 11,863 | $ 14,510 | $ 14,460 | $ 11,502 | $ 50,750 | $ 40,473 |
Less: Income allocated to participating securities | (266) | (156) | (544) | (443) | ||||
Net income available to common stockholders | $ 24,825 | $ 14,354 | $ 50,206 | $ 40,030 | ||||
Denominator: | ||||||||
Weighted average shares - basic (in shares) | 67,025 | 66,960 | 67,004 | 66,858 | ||||
Performance-based restricted stock awards (in shares) | 0 | 0 | 0 | 0 | ||||
Weighted average shares - diluted (in shares) | 67,025 | 66,960 | 67,004 | 66,858 | ||||
Basic net income per share (in usd per share) | $ 0.37 | $ 0.21 | $ 0.75 | $ 0.60 | ||||
Diluted net income per share (in usd per share) | $ 0.37 | $ 0.21 | $ 0.75 | $ 0.60 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | Dec. 18, 2020 | Oct. 26, 2020 | Sep. 22, 2020 | Jul. 27, 2020 | Jun. 25, 2020 | Apr. 23, 2020 | Mar. 18, 2020 | Jan. 27, 2020 | Sep. 20, 2019 | Jul. 29, 2019 | Jun. 25, 2019 | May 07, 2019 | Mar. 19, 2019 | Jan. 28, 2019 | Mar. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Subsequent Event [Line Items] | ||||||||||||||||||||||
Dividends declared (in usd per share) | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.08 | ||||||||||||||||
Dividend payments | $ 6,100,000 | $ 6,100,000 | $ 6,100,000 | $ 5,400,000 | $ 5,400,000 | $ 5,400,000 | $ 6,097,000 | $ 6,097,000 | $ 6,105,000 | $ 5,416,000 | $ 5,416,000 | $ 5,402,000 | ||||||||||
Stock repurchase program, authorized amount | $ 25,000,000 | |||||||||||||||||||||
Shares repurchased (in shares) | 241,180 | |||||||||||||||||||||
Shares repurchased, weighted average purchase price (in usd per share) | $ 16.33 | |||||||||||||||||||||
Shares repurchased, value | $ 3,900,000 | |||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Dividends declared (in usd per share) | $ 0.09 | |||||||||||||||||||||
Subsequent Event | Forecast | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Dividend payments | $ 6,100,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective federal and state income tax rate | 15.80% | 22.40% | 20.60% | 23.00% |
Executive severance costs | $ 2.6 |
STOCK BASED COMPENSATION - Addi
STOCK BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Restricted Stock | Service Based | |||
Stock Based Compensation [Line Items] | |||
Share based compensation award shares granted in period (in shares) | 9,256 | ||
Share based compensation award granted in period grant-date fair value | $ 0.2 | ||
Share based compensation award annual installment vesting rate | 50.00% | ||
Share based compensation award vesting period from date of grant (in years) | 2 years | ||
Restricted Stock | Service Based | Employees and Executives | |||
Stock Based Compensation [Line Items] | |||
Share based compensation award shares granted in period (in shares) | 280,789 | ||
Share based compensation award granted in period grant-date fair value | $ 5.8 | ||
Share based compensation award period from grant date before vesting occurs (in years) | 1 year | ||
Share based compensation award annual installment vesting rate | 25.00% | ||
Restricted Stock | Service Based | Non Employee Directors | |||
Stock Based Compensation [Line Items] | |||
Share based compensation award shares granted in period (in shares) | 34,607 | ||
Share based compensation award granted in period grant-date fair value | $ 0.8 | ||
Restricted Stock | Performance Based | Executives | |||
Stock Based Compensation [Line Items] | |||
Share based compensation award shares granted in period (in shares) | 137,052 | ||
Share based compensation award granted in period grant-date fair value | $ 2.8 | ||
Share based compensation award vesting period from date of grant (in years) | 3 years | 3 years | |
Performance-based Restricted Stock | Performance Based, 2019 | |||
Stock Based Compensation [Line Items] | |||
Share based compensation award forfeited shares (in shares) | 87,241 |
STOCK BASED COMPENSATION - Stoc
STOCK BASED COMPENSATION - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,998 | $ 1,524 | $ 5,056 | $ 5,227 |
Selling & administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,329 | 951 | 3,185 | 3,523 |
Enterprise technology & product support | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 214 | 184 | 589 | 502 |
State enterprise | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 409 | 370 | 1,167 | 1,127 |
Software & services | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 46 | $ 19 | $ 115 | $ 75 |
REPORTABLE SEGMENT AND RELATE_3
REPORTABLE SEGMENT AND RELATED INFORMATION - Additional Information (Details) - segment | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | 2 | 1 | |||
Customer Concentration Risk | Consolidated Revenues | TourHealth - State of Florida | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk percentage | 18.00% | ||||
Customer Concentration Risk | Consolidated Revenues | State of Colorado | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk percentage | 10.00% | 10.00% |
REPORTABLE SEGMENT AND RELATE_4
REPORTABLE SEGMENT AND RELATED INFORMATION - Summary of Financial Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 134,590 | $ 90,385 | $ 319,298 | $ 267,132 |
Costs & expenses | 101,256 | 68,890 | 245,306 | 207,381 |
Depreciation & amortization | 3,528 | 3,524 | 10,483 | 9,075 |
Operating income (loss) | 29,806 | 17,971 | 63,509 | 50,676 |
State Enterprise | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 91,475 | 73,257 | 243,690 | 217,981 |
Payments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 11,266 | 9,736 | 30,996 | 28,973 |
All Other Software And Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 31,849 | 7,392 | 44,612 | 20,178 |
Operating Segments | State Enterprise | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 91,475 | 73,257 | 243,690 | 217,981 |
Costs & expenses | 53,807 | 43,821 | 145,954 | 130,881 |
Depreciation & amortization | 653 | 721 | 2,035 | 2,005 |
Operating income (loss) | 37,015 | 28,715 | 95,701 | 85,095 |
Operating Segments | Payments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 11,266 | 9,736 | 30,996 | 28,973 |
Costs & expenses | 8,788 | 7,271 | 24,331 | 22,508 |
Depreciation & amortization | 1 | 0 | 4 | 2 |
Operating income (loss) | 2,477 | 2,465 | 6,661 | 6,463 |
Operating Segments | All Other Software And Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 31,849 | 7,392 | 44,612 | 20,178 |
Costs & expenses | 22,502 | 2,902 | 28,028 | 7,586 |
Depreciation & amortization | 1,150 | 359 | 3,335 | 576 |
Operating income (loss) | 8,197 | 4,131 | 13,249 | 12,016 |
Other Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs & expenses | 16,159 | 14,896 | 46,993 | 46,406 |
Depreciation & amortization | 1,724 | 2,444 | 5,109 | 6,492 |
Operating income (loss) | $ (17,883) | $ (17,340) | $ (52,102) | $ (52,898) |