Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets (USD $) | ||
In Thousands | Mar. 31, 2010
| Jun. 30, 2009
|
Current assets: | ||
Cash and cash equivalents | $58,229 | $50,255 |
Marketable securities | 55 | 48 |
Accounts receivable, net of allowance for doubtful accounts of $498 at March 31, 2010 and $645 at June 30, 2009 | 24,935 | 23,118 |
Other current assets | 9,491 | 5,531 |
Total current assets | 92,710 | 78,952 |
Property and equipment, net | 14,527 | 10,106 |
Goodwill | 64,852 | 64,569 |
Intangible assets, net | 34,641 | 25,020 |
Other assets | 2,146 | 4,504 |
Total assets | 208,876 | 183,151 |
Current liabilities: | ||
Accounts payable | 6,306 | 5,955 |
Accrued expenses | 7,527 | 9,290 |
Deferred revenue | 36,452 | 33,029 |
Total current liabilities | 50,285 | 48,274 |
Deferred revenue, non-current | 5,563 | 10,213 |
Deferred income taxes | 2,400 | 2,263 |
Other liabilities | 1,973 | 1,852 |
Total liabilities | 60,221 | 62,602 |
Stockholders' equity: | ||
Preferred Stock, $.001 par value: Authorized shares-4,000; issued and outstanding shares-none | 0 | 0 |
Common Stock, $.001 par value: Authorized shares-50,000; issued shares-27,974 at March 31, 2010, and 26,516 at June 30, 2009; outstanding shares-25,923 at March 31, 2010, and 24,311 at June 30, 2009 | 28 | 27 |
Additional paid-in capital | 314,817 | 287,082 |
Accumulated other comprehensive loss | (9,079) | (4,920) |
Treasury stock: 2,051 shares at March 31, 2010, and 2,205 shares at June 30, 2009, at cost | (22,657) | (24,360) |
Accumulated deficit | (134,454) | (137,280) |
Total stockholders' equity | 148,655 | 120,549 |
Total liabilities and stockholders' equity | $208,876 | $183,151 |
Parenthetical Data to The Unaud
Parenthetical Data to The Unaudited Condensed Consolidated Balance Sheets (USD $) | ||
In Thousands, except Share data | Mar. 31, 2010
| Jun. 30, 2009
|
Current assets: | ||
Allowance for doubtful accounts | $498 | $645 |
Stockholders' equity: | ||
Preferred Stock, par value | 0.001 | 0.001 |
Preferred Stock, Authorized shares | 4,000 | 4,000 |
Common Stock, par value | 0.001 | 0.001 |
Common Stock, Authorized | 50,000 | 50,000 |
Common Stock, issued | 27,974 | 26,516 |
Common Stock, outstanding | 25,923 | 24,311 |
Treasury Stock, Shares | 2,051 | 2,205 |
1_Unaudited Condensed Consolida
Unaudited Condensed Consolidated Statements of Operations (USD $) | ||||
In Thousands, except Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 | 9 Months Ended
Mar. 31, 2010 | 9 Months Ended
Mar. 31, 2009 |
Revenues: | ||||
Software licenses | $3,657 | $3,237 | $10,408 | $10,440 |
Subscriptions and transactions | 10,794 | 7,495 | 29,543 | 23,468 |
Service and maintenance | 23,043 | 20,599 | 69,953 | 62,275 |
Equipment and supplies | 2,326 | 1,960 | 6,594 | 6,948 |
Total revenues | 39,820 | 33,291 | 116,498 | 103,131 |
Cost of revenues: | ||||
Software licenses | 253 | 189 | 792 | 596 |
Subscriptions and transactions (1) | 5,598 | 3,650 | 14,636 | 11,642 |
Service and maintenance (1) | 9,921 | 9,151 | 30,047 | 28,454 |
Equipment and supplies | 1,779 | 1,423 | 4,991 | 5,101 |
Total cost of revenues | 17,551 | 14,413 | 50,466 | 45,793 |
Gross profit | 22,269 | 18,878 | 66,032 | 57,338 |
Operating expenses: | ||||
Sales and marketing (1) | 8,649 | 7,449 | 25,356 | 24,236 |
Product development and engineering (1) | 4,959 | 4,742 | 13,802 | 15,402 |
General and administrative (1) | 3,795 | 4,344 | 12,334 | 14,136 |
Amortization of intangible assets | 3,282 | 3,589 | 9,949 | 11,973 |
Total operating expenses | 20,685 | 20,124 | 61,441 | 65,747 |
Income (loss) from operations | 1,584 | (1,246) | 4,591 | (8,409) |
Other income (expense), net | 45 | (53) | 173 | 709 |
Income (loss) before income taxes | 1,629 | (1,299) | 4,764 | (7,700) |
Provision for income taxes | 679 | 671 | 1,938 | 988 |
Net income (loss) | 950 | (1,970) | 2,826 | (8,688) |
Basic net income (loss) per share attributable to common stockholders: | 0.04 | -0.08 | 0.11 | -0.36 |
Diluted net income (loss) per share attributable to common stockholders: | 0.03 | -0.08 | 0.11 | -0.36 |
Shares used in computing basic net income (loss) per share attributable to common stockholders: | 25,664 | 24,047 | 25,052 | 23,988 |
Shares used in computing diluted net income (loss) per share attributable to common stockholders: | 27,440 | 24,047 | 26,061 | 23,988 |
Cost of revenues: subscriptions and transactions | 70 | 43 | 184 | 174 |
Cost of revenues: service and maintenance | 434 | 233 | 1,183 | 622 |
Sales and marketing | 837 | 528 | 2,324 | 1,872 |
Product development and engineering | 296 | 165 | 828 | 564 |
General and administrative | $724 | $916 | $2,150 | $3,066 |
2_Unaudited Condensed Consolida
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | ||
In Thousands | 9 Months Ended
Mar. 31, 2010 | 9 Months Ended
Mar. 31, 2009 |
Operating activities: | ||
Net income (loss) | $2,826 | ($8,688) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization of intangible assets | 9,949 | 11,973 |
Stock compensation expense | 6,669 | 6,298 |
Depreciation and amortization of property and equipment | 3,364 | 2,950 |
Deferred income tax provision | 462 | 196 |
Provision for allowances on accounts receivable | (99) | (6) |
Provision for obsolete inventory | 2 | 12 |
Excess tax benefits associated with stock compensation | (162) | (12) |
(Gain) loss on foreign exchange | (78) | 246 |
Loss on disposal of equipment | 4 | 13 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,420) | 2,418 |
Inventory, prepaid expenses and other assets | (676) | (1,759) |
Accounts payable, accrued expenses and other liabilities | (1,150) | (5,100) |
Deferred revenue | (552) | 9,291 |
Net cash provided by operating activities | 18,139 | 17,832 |
Investing activities: | ||
Acquisition of assets and businesses | (17,817) | 0 |
Purchases of held-to-maturity securities | (50) | (53) |
Proceeds from sales of held-to-maturity securities | 50 | 53 |
Purchases of property and equipment | (3,064) | (2,477) |
Net cash used in investing activities | (20,881) | (2,477) |
Financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 12,278 | 1,327 |
Repurchase of common stock | (23) | (3,068) |
Excess tax benefits associated with stock compensation | 162 | 12 |
Capital lease payments | (84) | (97) |
Payment of long-term financing obligation | 0 | (89) |
Payment of bank financing fees | (13) | (20) |
Net cash provided by (used in) financing activities | 12,320 | (1,935) |
Effect of exchange rate changes on cash and cash equivalents | (1,604) | (7,779) |
Increase in cash and cash equivalents | 7,974 | 5,641 |
Cash and cash equivalents at beginning of period | 50,255 | 35,316 |
Cash and cash equivalents at end of period | 58,229 | 40,957 |
Supplemental disclosure of cash flow information: | ||
Issuance of warrants in connection with acquisition of business | $10,520 | $0 |
Note 1-Basis of Presentation
Note 1-Basis of Presentation | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Basis of Presentation | Note 1Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the interim financial information have been included. Operating results for the three and nine months ended March 31, 2010 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending June30, 2010. For further information, refer to the financial statements and footnotes included in the Companys Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on September11, 2009. Certain prior period amounts have been reclassified to conform to the current year presentation. |
Note 2-Recent Accounting Pronou
Note 2-Recent Accounting Pronouncements | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Note 2Recent Accounting Pronouncements Fair Value In January 2010, the Financial Accounting Standards Board (FASB) issued authoritative guidance, Improving Disclosures about Fair Value Measurements, which is aimed at improving disclosures about fair value measurements.The amended guidance requires the following new disclosures: the amounts of significant transfers between Level 1 (quoted prices in active market for identical assets or liabilities) and Level 2 (significant other observable inputs) of the fair value hierarchy, and a discussion of the reasons for these transfers a discussion of the reasons for any transfers in or out of Level 3 of the fair value hierarchy the policy used by the company for determining when transfers between levels are recognized the inclusion of a roll forward of activities on purchases, sales, issuance, and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements) The guidance became effective for the Company on January 1, 2010, except for the disclosures related to the roll forward activities for Level 3 fair value measurements which will become effective for the Company on July 1, 2011. Other than enhanced disclosures, this guidance will not impact the Companys financial statements. Revenue Recognition In October 2009, the Financial Accounting Standards Board (FASB) issued authoritative guidance on two issues related to revenue recognition. The first issue, Revenue Arrangements with Multiple Deliverables, applies to multiple-deliverable revenue arrangements and provides for two significant changes to existing multiple-element revenue recognition guidance. The first change relates to the determination of when individual deliverables within an arrangement should be treated as separate units of accounting. Broadly, a deliverable should be treated as a separate unit of accounting when it has value to the customer on a standalone basis and when delivery or performance of any undelivered items is considered to be probable and substantially within the control of the vendor. The second change relates to the manner in which arrangement consideration should be allocated to any separately identified deliverables. The consensus requires that the allocation of revenue among deliverables be based on vendor specific objective evidence or third-party evidence of selling price and, to the extent that neither of these levels of evidence exist, that the allocation be based on the vendors best estimate of selling price for each deliverable.Use of the residual method of allocating revenue to arrangement deliverables is prohibited unless the revenue transaction is specifically governed by software revenue recognition literature.Financial statement disclosure requirements have also been significantly expanded. The second issue, Certain Revenue Arrangements that Include Software Elements, focuses on redefining which revenue arrangements are within the scope of software revenue recognition literature and which are not.The issue provides guidance on determining whether tangible products containing non-software and software elements are governed |
Note 3-Fair Value
Note 3-Fair Value | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Fair Value | Note 3Fair Value Fair Value of Assets and Liabilities In September 2006, the FASB issued financial statement disclosure standards, effective for financial statements issued for fiscal years beginning after November 15, 2007, regarding the fair value of assets and liabilities.The Company adopted these standards in fiscal 2008.These standards define fair value, establish a framework for measuring fair value and expand disclosures about fair value measurements. They apply only to fair value measurements already required or permitted by other accounting standards and do not require any new fair value measurements. For nonfinancial assets and liabilities not recognized or disclosed at fair value in the financial statements on a recurring basis, the effective date of these standards was delayed until fiscal years beginning after November 15, 2008 (July 1, 2009 for the Company).The Companys nonfinancial assets and liabilities that met these deferral criteria included goodwill, intangible assets, and property and equipment.The adoption of the remaining provisions of these standards on July 1, 2009 did not have an impact on the Companys financial position or results of operations. The Company measures fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.In determining fair value, the assumptions that market participants would use in pricing an asset or liability (the inputs) are based on a tiered fair value hierarchy consisting of three levels, as follows: Level 1:Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2:Other inputs that are observable directly or indirectly, such as quoted prices for similar instruments in active markets or for similar markets that are not active. Level 3:Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants would price the asset or liability. Valuation techniques for assets and liabilities include methodologies such as the market approach, the income approach or the cost approach, and may use unobservable inputs such as projections, estimates and managements interpretation of current market data.These unobservable inputs are only utilized to the extent that observable inputs are not available or cost-effective to obtain. At March 31, 2010, assets and liabilities of the Company measured at fair value on a recurring basis included money market funds of $0.4 million.At June 30, 2009, assets and liabilities of the Company measured at fair value on a recurring basis included money market funds and US Treasury securities funds of $2.6 million and $0.8 million, respectively.These amounts were reported as a component of the Companys cash and cash equivalents and were valued based on reference to quoted prices in active markets (Level 1 inputs). Fair Value of Financial Instruments The Company has certain financial instruments which consist of cash and cash equivalents, marketable securities, accounts receivable and accounts payable.The Co |
Note 4-Business Acquisitions
Note 4-Business Acquisitions | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Business and Asset Acquisitions | Note 4 Business and Asset Acquisitions Global Commission Payments On February 24, 2010, the Company acquired certain customer contracts associated with Bank of Americas Global Commission Payments business. The initial consideration paid by the Company was $1.0 million in cash; this cost has been classified as a component of the Companys customer related intangible assets and is being amortized over an estimated life of seven years.For acquired contracts that the Company successfully migrates to its PayMode solution, additional consideration is due to Bank of America based on a trailing revenue multiple of the underlying customer. The Company anticipates that additional consideration of up to $5 million may be contingently payable to Bank of America, based on the outcome of customer migration to the Companys PayMode solution.The migration exercise is currently targeted for completion in late calendar year 2010; any additional consideration will be recorded by the Company as an increase to the cost of the acquired contracts in the period in which payment to Bank of America becomes probable and the amount of payment is reasonably estimable. PayMode On September 14, 2009, the Company completed the purchase of substantially all of the assets and related operations of PayMode from Bank of America (the Bank).PayMode facilitates the electronic exchange of payments and invoices between organizations and their suppliers and is operated as a Software as a Service (SaaS) offering.At the acquisition date there were in excess of 90,000 vendors participating in the PayMode network. As a result of the acquisition the Company acquired the PayMode operations including the vendor network, application software, intellectual property rights and other assets, properties and rights used exclusively or primarily in the PayMode business.As purchase consideration, the Company paid the Bank cash of $17.0 million and issued the Bank a warrant to purchase 1,000,000 shares of common stock of the Company at an exercise price of $8.50 per share.The warrants were exercisable upon issuance and were valued at $10.5 million using a Black Scholes valuation model that used the following inputs: Dividend yield 0% Expected term 10 years Risk free interest rate 3.42% Volatility 78% The expected term of ten years equates to the contractual life of the warrants.Volatility was based on the Companys actual stock price over a ten year historic period. PayModes operating results have been included in the Companys operating results from the date of the acquisition forward as a component of the Outsourced Solutions segment and all of the PayMode goodwill was allocated to this segment. Upon acquisition, PayMode was integrated into existing business lines of the Company in a manner that makes tracking or reporting earnings specifically attributable to PayMode impracticable.For the nine months ended March 31, 2010, revenues attributable to PayMode represented less than 5% of the Companys consolidated revenues. The Company has finalized its estimates of fair value for property, equipment and intangible assets acquired.In the allocation of the purchase price s |
Note 5-Net Income
Note 5-Net Income (Loss) Per Share | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Net Income (Loss) Per Share | Note 5Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended March31, Nine Months Ended March31, 2010 2009 2010 2009 (in thousands) Basic: Net income (loss) $ 950 $ (1,970 ) $ 2,826 $ (8,688 ) Less:Net income allocable to participating securities (1 ) --- (73 ) --- Net income (loss) allocable to common stockholders basic $ 949 $ (1,970 ) $ 2,753 $ (8,688 ) Basic net income (loss) per share attributable to common stockholders $ 0.04 $ (0.08 ) $ 0.11 $ (0.36 ) Shares used in computing basic net income (loss) per share attributable to common stockholders 25,664 24,047 25,052 23,988 Diluted: Net income (loss) $ 950 $ (1,970 ) $ 2,826 $ (8,688 ) Less:Net income allocable to participating securities (1 ) --- (70 ) --- Net income (loss) allocable to common stockholders diluted $ 949 $ (1,970 ) $ 2,756 $ (8,688 ) Diluted net income (loss) per share attributable to common stockholders $ 0.03 $ (0.08 ) $ 0.11 $ (0.36 ) Shares used in computing diluted net income (loss) per share attributable to common stockholders 27,440 24,047 26,061 23,988 Basic net income per share excludes any dilutive effects of stock options, unvested restricted stock and stock warrants.Basic earnings per share is computed pursuant to the two-class method.The two-class method calculates earnings for common stock and participating securities based on their proportionate participation rights in undistributed earnings.Certain of the Companys unvested restricted stock awards are considered to be participating securities as they entitle the holder to receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the treasury stock method (which assumes full exercise of in-the-money stock options and warrants and full vesting of restricted stock) and the two-class method, described above. At March 31, 2010 and 2009, 75,500 and 4,786,597 shares of unvested restricted stock and stock options were excluded from the calculation of diluted earnings per share, respectively, as their effect on the calculation would have been anti-dilutive. |
Note 6-Comprehensive Income or
Note 6-Comprehensive Income or Loss | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Comprehensive Income or Loss | Note 6Comprehensive Income or Loss Comprehensive income or loss represents the Companys net income (loss) plus the results of certain stockholders equity changes not reflected in the unaudited condensed consolidated statements of operations. The components of comprehensive income or loss are as follows: ThreeMonthsEnded March31, Nine Months Ended March31, 2010 2009 2010 2009 (in thousands) Net income (loss) $ 950 $ (1,970 ) $ 2,826 $ (8,688 ) Other comprehensive income (loss): Foreign currency translation adjustments (3,618 ) (1,212 ) (4,159 ) (20,121 ) Comprehensive income (loss) $ (2,668 ) $ (3,182 ) $ (1,333 ) $ (28,809 ) |
Note 7-Operations by Segments a
Note 7-Operations by Segments and Geographic Areas | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Operations by Segments and Geographic Areas | Note 7Operations by Segments and Geographic Areas Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Companys operating segments are organized principally by the type of product or service offered and by geography; similar operating segments have been aggregated into three reportable segments as follows: Payments and Transactional Documents. The Companys Payments and Transactional Documents segment is a supplier of software products that provide a range of financial business process management solutions including making and collecting payments, sending and receiving invoices, and generating and storing business documents. This segment also provides a range of standard professional services and equipment and supplies that complement and enhance the Companys core software products. Revenue associated with this segment is typically recorded upon delivery or, if extended payment terms have been granted to the customer, as payments become contractually due. This segment incorporates the Companys check printing solutions in the UK, revenue for which is typically recorded on a per transaction basis or ratably over the expected life of the customer relationship, as well as certain solutions that are licensed on a subscription basis, revenue for which is typically recorded ratably over the contractual term. Banking Solutions. The Banking Solutions segment provides solutions that are specifically designed for banking and financial institution customers. These solutions typically involve longer implementation periods and a significant level of professional resources. Due to the customized nature of these products, revenue is generally recognized over the period of project performance, on a percentage of completion basis. Periodically, the Company licenses these solutions on a subscription basis which has the effect of contributing to recurring revenue and the revenue predictability of future periods, but which also delays revenue recognition over a period that is longer than the period of project performance. Outsourced Solutions. The Outsourced Solutions segment provides customers with outsourced and hosted solution offerings that facilitate invoice receipt and presentment and spend management. The Companys Legal eXchange solution, which provides the opportunity to create more efficient processes for managing invoices generated by outside law firms while offering access to important legal spend factors such as budgeting, expense monitoring and outside counsel performance, is included within this segment. This segment also incorporates the Companys hosted and outsourced accounts payable automation solutions, including PayMode, which the Company acquired in September 2009. Revenue within this segment is generally recognized on a subscription or transaction basis or proportionately over the estimated life of the customer relationship. Each operating segment has separate sales forces and periodi |
Note 8-Income Taxes
Note 8-Income Taxes | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Income Taxes | Note 8Income Taxes The Company recorded income tax expense of $0.7 million for each of the three months ended March 31, 2010 and 2009.The income tax expense recorded for the quarter ended March 31, 2010 was due to tax expense associated with the Companys UK, Australian and US operations.The US income tax expense was principally due to alternative minimum tax arising from the utilization of net operating losses, state income tax expense, and an increase in deferred tax liabilities for goodwill that is deductible for tax purposes but not amortized for financial reporting purposes.The income tax expense recorded for the quarter ended March 31, 2009 was due to tax expense associated with the Companys German, Australian and US operations, offset in part by a tax benefit associated with the Companys UK operations.The US income tax expense was principally due to an increase in deferred tax liabilities for goodwill that is deductible for tax purposes but not amortized for financial reporting purposes and to the use of deferred tax assets arising through prior business acquisitions. The Company recorded income tax expense of $1.9 million and $1.0 million for the nine months ended March 31, 2010 and 2009, respectively.The income tax expense for the nine months ended March 31, 2010 was due to tax expense associated with the Companys UK, Australian and US operations.The US income tax expense was principally due to alternative minimum tax arising from the utilization of net operating losses, state income tax expense, and an increase in deferred tax liabilities for goodwill that is deductible for tax purposes but not amortized for financial reporting purposes.The income tax expense for the nine months ended March 31, 2009 was net of approximately $0.4 million of non-recurring tax benefits arising from a reduction in the Companys unrecognized tax benefits upon the expiration of certain statutes of limitations, from the enactment of legislation during fiscal year 2009 that allowed the Company to claim a tax refund for a portion of its unused research and development credit carryforwards in the US, and from a decrease in the Companys German tax rate as a result of a restructuring of the Companys German operations.The Companys net income tax expense also reflected expense associated with the Companys German, French, and Australian operations, as well as income tax expense in the US, offset in part by a tax benefit associated with the Companys UK operations. The Company currently anticipates that its unrecognized tax benefits will decrease within the next twelve months by approximately $0.2 million as a result of the expiration of certain statutes of limitations associated with intercompany transactions subject to tax in multiple jurisdictions. |
Note 9-Goodwill and Other Intan
Note 9-Goodwill and Other Intangible Assets | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Goodwill and Other Intangible Assets | Note 9Goodwill and Other Intangible Assets The following tables set forth the information for intangible assets subject to amortization and for intangible assets not subject to amortization.Other intangible assets consist of acquired tradenames, backlog and below market lease arrangements. As of March 31, 2010 GrossCarrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Life (in thousands) (in years) Amortized intangible assets: Customer related $ 59,379 $ (36,000 ) $ 23,379 8.1 Core technology 32,385 (23,620 ) 8,765 5.4 Patent 953 (296 ) 657 9.3 Other intangible assets 2,337 (497 ) 1,840 12.2 Total $ 95,054 $ (60,413 ) $ 34,641 Unamortized intangible assets: Goodwill 64,852 Total intangible assets $ 99,493 As of June30, 2009 GrossCarrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Life (in thousands) (in years) Amortized intangible assets: Customer related $ 50,194 $ (29,753 ) $ 20,441 3.0 Core technology 28,093 (24,633 ) 3,460 1.7 Patent 953 (243 ) 710 10.0 Other intangible assets 1,045 (636 ) 409 1.8 Total $ 80,285 $ (55,265 ) $ 25,020 Unamortized intangible assets: Goodwill 64,569 Total intangible assets $ 89,589 Estimated amortization expense for fiscal year 2010 and subsequent fiscal years is as follows: (inthousands) 2010 $ 13,239 2011 10,155 2012 5,333 2013 3,780 2014 1,923 2015 and thereafter 10,160 |
Note 10-Restructuring Costs
Note 10-Restructuring Costs | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Restructuring Costs | Note 10 Restructuring Costs During the fourth quarter of fiscal 2009, the Company reduced its workforce by approximately 40 full time positions and announced the departure of its Chief Operating Officer. In connection with these events, the Company incurred expenses of approximately $3.0 million associated with severance related benefits, including stock compensation expense. As of March 31, 2010, all actions related to these events were completed.A summary rollforward of the severance related liabilities is as follows: (inthousands) Accrued severance benefits at June 30, 2009 $ 426 Adjustments to the accrual (52 ) Payments charged against the accrual (375 ) Impact of changes in foreign currency exchange rates 1 Accrued severance benefits at March 31, 2010 $ ---- |
Note 11-Commitments and Conting
Note 11-Commitments and Contingencies | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Contingencies | Note 11 Contingencies In April 2010, the Company received notification from an outside software consortium alleging that the Company may have installed unlicensed versions of certain third-party software on its computers.The notification requested that the Company undertake an internal review to assess the merits of such claims and this review is in process.While the outcome of this review is still uncertain, the Company does not believe it will have a material impact on its financial position or operating results. |
Note 12-Subsequent Events
Note 12-Subsequent Events | |
9 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Subsequent Events | Note 12 Subsequent Events In April 2010, the Company made an investment of $0.3 million in a privately-held technology company. This investment is being accounted for at cost as the Company does not have the ability to exercise significant influence over the investee. The investment will be measured on an on-going basis for other than temporary impairment with impairment losses, to the extent occurring, recorded as an operating expense in the period incurred. |
Document Information
Document Information | |
9 Months Ended
Mar. 31, 2010 | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | true |
Amendment Description | The Company is filing this Amendment No. 1 (the "Form 10-Q/A") to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 (the "Form 10-Q"), filed with the Securities and Exchange Commission ("SEC") on May 7, 2010 for the sole purpose of furnishing the Interactive Data File as Exhibit 101. The Interactive Data File was inadvertently omitted from the Form 10-Q as originally filed due to unanticipated technical difficulties. The Form 10-Q/A continues to speak as of the date of the Form 10-Q, and the Company has not updated the disclosures contained therein to reflect any events that occurred at a later date. |
Document Period End Date | 2010-03-31 |
Entity Information
Entity Information (USD $) | |||
9 Months Ended
Mar. 31, 2010 | Apr. 30, 2010
| Dec. 31, 2008
| |
Entity [Text Block] | |||
Entity Registrant Name | BOTTOMLINE TECHNOLOGIES INC /DE/ | ||
Entity Central Index Key | 0001073349 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $166,180,796 | ||
Entity Common Stock, Shares Outstanding | 27,295,937 | ||
Document Fiscal Year Focus | 2,010 | ||
Document Fiscal Period Focus | Q3 |