Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'BOTTOMLINE TECHNOLOGIES INC /DE/ | ' |
Entity Central Index Key | '0001073349 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 38,588,779 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $173,588 | $283,552 |
Marketable securities | 22,592 | 9,525 |
Accounts receivable, net of allowance for doubtful accounts of $764 at September 30, 2013 and $769 at June 30, 2013 | 49,936 | 44,430 |
Deferred tax assets | 8,288 | 6,764 |
Prepaid expenses and other current assets | 11,638 | 8,479 |
Total current assets | 266,042 | 352,750 |
Property and equipment, net | 28,509 | 23,631 |
Goodwill | 169,591 | 109,196 |
Intangible assets, net | 164,593 | 82,872 |
Other assets | 13,821 | 17,073 |
Total assets | 642,556 | 585,522 |
Current liabilities: | ' | ' |
Accounts payable | 12,625 | 8,933 |
Accrued expenses | 24,845 | 16,070 |
Deferred revenue | 51,139 | 47,184 |
Total current liabilities | 88,609 | 72,187 |
Convertible senior notes | 141,067 | 138,582 |
Deferred revenue, non-current | 9,111 | 9,104 |
Deferred income taxes | 22,532 | 5,457 |
Other liabilities | 13,869 | 3,443 |
Total liabilities | 275,188 | 228,773 |
Stockholders' equity: | ' | ' |
Preferred Stock, $.001 par value: Authorized shares-4,000; issued and outstanding shares-none | ' | ' |
Common Stock, $.001 par value: Authorized shares-100,000; issued shares-38,231 at September 30, 2013, and 37,903 at June 30, 2013; outstanding shares-36,434 at September 30, 2013, and 36,045 at June 30, 2013 | 38 | 38 |
Additional paid-in capital | 505,206 | 499,182 |
Accumulated other comprehensive loss | -537 | -10,460 |
Treasury stock: 1,797 shares at September 30, 2013, and 1,858 shares at June 30, 2013, at cost | -21,168 | -21,888 |
Accumulated deficit | -116,171 | -110,123 |
Total stockholders' equity | 367,368 | 356,749 |
Total liabilities and stockholders' equity | $642,556 | $585,522 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowances for doubtful accounts and returns | $764 | $769 |
Preferred Stock, $.001 par value | $0.00 | $0.00 |
Authorized shares | 4,000 | 4,000 |
Issued shares | 0 | 0 |
Outstanding shares | 0 | 0 |
Common Stock, $.001 par value | $0.00 | $0.00 |
Authorized shares | 100,000 | 100,000 |
Issued shares | 38,231 | 37,903 |
Outstanding shares | 36,434 | 36,045 |
Treasury stock, shares | 1,797 | 1,858 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' |
Subscriptions and transactions | $31,549 | $28,547 |
Software licenses | 4,738 | 4,699 |
Service and maintenance | 29,322 | 26,455 |
Other | 1,640 | 1,988 |
Total revenues | 67,249 | 61,689 |
Cost of revenues: | ' | ' |
Subscriptions and transactions | 15,344 | 13,986 |
Software licenses | 366 | 409 |
Service and maintenance | 12,519 | 12,294 |
Other | 1,226 | 1,522 |
Total cost of revenues | 29,455 | 28,211 |
Gross profit | 37,794 | 33,478 |
Operating expenses: | ' | ' |
Sales and marketing | 16,242 | 14,473 |
Product development and engineering | 8,407 | 8,306 |
General and administrative | 8,486 | 6,561 |
Amortization of intangible assets | 5,705 | 4,312 |
Total operating expenses | 38,840 | 33,652 |
Loss from operations | -1,046 | -174 |
Other income (expense), net | -4,040 | 46 |
Loss before income taxes | -5,086 | -128 |
Income tax provision (benefit) | 962 | -146 |
Net (loss) income | -6,048 | 18 |
Basic net (loss) income per share attributable to common stockholders: | ($0.17) | $0 |
Diluted net (loss) income per share attributable to common stockholders: | ($0.17) | $0 |
Shares used in computing basic net (loss) income per share attributable to common stockholders: | 36,214 | 34,909 |
Shares used in computing diluted net (loss) income per share attributable to common stockholders: | 36,214 | 35,626 |
Other comprehensive income, net of tax: | ' | ' |
Unrealized gain on available for sale securities, net of tax | 17 | ' |
Foreign currency translation adjustments | 9,906 | 2,393 |
Other comprehensive income, net of tax | 9,923 | 2,393 |
Comprehensive income | $3,875 | $2,411 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | ($6,048) | $18 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of intangible assets | 5,705 | 4,312 |
Stock compensation expense | 5,032 | 4,207 |
Depreciation and amortization of property and equipment | 1,832 | 1,713 |
Deferred income tax benefit | -544 | -1,105 |
Provision for allowances on accounts receivable | 47 | 75 |
Provision for allowances for obsolescence of inventory | 7 | -1 |
Excess tax benefits associated with stock compensation | -116 | -82 |
Amortization of debt issuance costs | 296 | ' |
Amortization of debt discount | 2,486 | ' |
Amortization of premium on investments | 92 | ' |
Loss on disposal of equipment | 1 | 2 |
(Gain) loss on foreign exchange | -35 | 12 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,903 | 1,770 |
Inventory | 748 | 40 |
Prepaid expenses and other current assets | -1,181 | -208 |
Other assets | -342 | 122 |
Accounts payable | 775 | -295 |
Accrued expenses | -1,847 | -2,035 |
Deferred revenue | -1,639 | 1,422 |
Other liabilities | 369 | 72 |
Net cash provided by operating activities | 8,541 | 10,039 |
Investing activities: | ' | ' |
Acquisition of business, net of cash acquired | -108,918 | -28,253 |
Purchases of held-to-maturity securities | -55 | -62 |
Proceeds from sales of held-to-maturity securities | 55 | 62 |
Purchase of available-for-sale securities | -13,629 | ' |
Proceeds from sales of available-for-sale securities | 500 | ' |
Proceeds from sale of property and equipment | 28 | ' |
Purchases of property and equipment, net | -3,346 | -1,782 |
Net cash used in investing activities | -125,365 | -30,035 |
Financing activities: | ' | ' |
Proceeds from exercise of stock options and employee stock purchase plan | 1,596 | 1,623 |
Excess tax benefits associated with stock compensation | 116 | 82 |
Capital lease payments | ' | -28 |
Repurchase of common stock | ' | -933 |
Net cash provided by financing activities | 1,712 | 744 |
Effect of exchange rate changes on cash | 5,148 | 1,524 |
Decrease in cash and cash equivalents | -109,964 | -17,728 |
Cash and cash equivalents at beginning of period | 283,552 | 124,801 |
Cash and cash equivalents at end of period | $173,588 | $107,073 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1—Basis 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 months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending June 30, 2014. For further information, refer to the financial statements and footnotes included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on August 29, 2013. | |
The classification of certain personnel costs were reclassified from cost of sales to sales and marketing expense during fiscal year 2013. This reclassification changed our gross profit and total operating expenses but did not affect our consolidated revenues, operating (loss) income, or net (loss) income. For the first three months of fiscal year 2013 the reclassification was $0.3 million. To provide consistent presentation of the measurement of cost of revenues and operating expenses, these changes, while not significant, are reflected for all periods presented. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 2—Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued an accounting standards update which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. We adopted this guidance effective July 1, 2013 and it did not have a significant impact on our consolidated financial statements. | |
In March 2013, the FASB issued an accounting standards update which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard is effective for fiscal years beginning after December 15, 2013; however, early adoption is permitted. We do not expect the adoption of this standard to significantly impact our consolidated financial statements. | |
In June 2013, the Emerging Issues Task Force (EITF) reached final consensus on the presentation of an unrecognized tax benefit when a net operating loss carryforward or tax credit carryforward exists. This topic addresses the balance sheet presentation of a liability for an unrecognized tax benefit when settlement of the liability with the taxing authority would otherwise reduce a deferred tax asset for a net operating loss or tax credit carryforward under the provisions of the tax law. The EITF affirmed that an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss or other tax credit carryforward when settlement in this manner is permissible under the tax law. This standard is applicable for annual periods beginning after December 31, 2013, and for interim periods within those annual periods. Accordingly, we will apply this standard beginning July 1, 2014, the first quarter of our 2015 fiscal year. We anticipate that this will result in a reduction to non-current deferred tax assets and non-current other liabilities in our consolidated balance sheet. We do not believe this will have an impact on our consolidated statements of comprehensive income (loss) or cash flows. |
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||||||
Note 3—Fair Value | |||||||||||||||||||||||||||||||||
Fair Values of Assets and Liabilities | |||||||||||||||||||||||||||||||||
We measure 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 us to develop our 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 management’s 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 September 30, 2013 and June 30, 2013, our assets and liabilities measured at fair value on a recurring basis were as follows: | |||||||||||||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Total | Fair Value | Total | |||||||||||||||||||||||||||||
Measurements | Measurements | ||||||||||||||||||||||||||||||||
Using Input Types | Using Input Types | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 62,832 | $ | — | $ | — | $ | 62,832 | $ | 85,880 | $ | — | $ | — | $ | 85,880 | |||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||
US Corporate | 10,679 | — | — | 10,679 | 4,125 | — | — | 4,125 | |||||||||||||||||||||||||
Residential mortgage-backed | 6,346 | — | — | 6,346 | 2,846 | — | — | 2,846 | |||||||||||||||||||||||||
Government—US | 5,511 | — | — | 5,511 | 2,499 | — | — | 2,499 | |||||||||||||||||||||||||
Total available for sale securities | $ | 22,536 | $ | — | $ | — | $ | 22,536 | $ | 9,470 | $ | — | $ | — | $ | 9,470 | |||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||||||||||
The table below presents information regarding our marketable securities by major security type as of September 30, 2013 and June 30, 2013. | |||||||||||||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||
Held to | Available | Total | Held to | Available | Total | ||||||||||||||||||||||||||||
Maturity | for Sale | Maturity | for Sale | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Corporate and other debt securities | 56 | 22,536 | 22,592 | 55 | 9,470 | 9,525 | |||||||||||||||||||||||||||
Total marketable securities | $ | 56 | $ | 22,536 | $ | 22,592 | $ | 55 | $ | 9,470 | $ | 9,525 | |||||||||||||||||||||
The following table summarizes the estimated fair value of our investments in available for sale marketable securities classified by the contractual maturity date of the securities, in thousands: | |||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Due within 1 year | $ | 12,955 | |||||||||||||||||||||||||||||||
Due in 1 year through 5 years | $ | 9,581 | |||||||||||||||||||||||||||||||
Total | $ | 22,536 | |||||||||||||||||||||||||||||||
All of our available for sale marketable securities are included in current assets as we do not have the positive intent to hold these investments until maturity. | |||||||||||||||||||||||||||||||||
The following table presents the aggregate fair values and gross unrealized losses for those available for sale investments that were in an unrealized loss position as of September 30, 2013, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: | |||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 Months | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
U.S. Corporate | $ | 4,205 | $ | 3 | |||||||||||||||||||||||||||||
Residential mortgage-backed | $ | — | $ | — | |||||||||||||||||||||||||||||
Government—US | $ | — | $ | — | |||||||||||||||||||||||||||||
Total | $ | 4,205 | $ | 3 | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
We have certain financial instruments which consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and the convertible senior notes (the Notes) more fully described in Note 10. Fair value information for each of these instruments is as follows: | |||||||||||||||||||||||||||||||||
• | Cash and cash equivalents, accounts receivable and accounts payable fair value approximates their carrying values, due to the short-term nature of these instruments. | ||||||||||||||||||||||||||||||||
• | Marketable securities classified as held to maturity are recorded at amortized cost, which at September 30, 2013 and June 30, 2013, approximated fair value. | ||||||||||||||||||||||||||||||||
• | Marketable securities classified as available for sale are recorded at fair value. Unrealized gains and losses are included as a component of other accumulated comprehensive loss in shareholders’ equity, net of tax. | ||||||||||||||||||||||||||||||||
• | The Notes were recorded at $133.3 million upon issuance, which reflected their principal value less the fair value of the embedded conversion option (Conversion Feature). The carrying value of the Notes will be accreted, over the remaining term to maturity, to their principal value of $189.8 million. The fair value of the Notes (inclusive of the Conversion Feature) was approximately $215.6 million as of September 30, 2013. We estimated the fair value of the Notes by reference to quoted market prices; however the Notes have only a limited trading volume and as such this fair value estimate is not necessarily the value at which the Notes could be retired or transferred. |
Product_and_Business_Acquisiti
Product and Business Acquisitions | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Product and Business Acquisitions | ' | ||||||||||||||||
Note 4—Product and Business Acquisitions | |||||||||||||||||
2014 Acquisition Activity | |||||||||||||||||
During the three months ended September 30, 2013, we completed two business acquisitions, SF2I SA (Sterci) and Simplex GTP Limited (Simplex) for aggregate purchase consideration of $126.4 million in cash. Sterci and Simplex are leading providers of financial messaging solutions utilizing the SWIFT global messaging network on behalf of more than 350 customers across 20 different countries. These acquisitions, combined with our existing SWIFT financial messaging business, will create a new global center of excellence in financial messaging, providing solutions for banks, financial institutions and corporations around the world. Details of each acquisition follow below. | |||||||||||||||||
Sterci | |||||||||||||||||
On August 20, 2013, we acquired Sterci, a Swiss corporation for a cash payment of 111.0 million Swiss Francs (approximately $121.0 million based on exchange rates in effect at the acquisition date). | |||||||||||||||||
At September 30, 2013, we were still finalizing our estimates of fair value for certain tangible and intangible assets acquired, as well as the actuarial measurement and disclosures of Sterci’s defined benefit plan obligation. Accordingly, the allocation of the purchase price that follows below is preliminary and subject to change as we finalize our fair value analysis, which we expect to complete during the quarter ending December 31, 2013. In the preliminary allocation of the purchase price set forth below, we recognized $44.4 million of goodwill. The goodwill arose primarily due to the recognition of certain deferred tax and pension liabilities in purchase accounting, the assembled workforce of Sterci and synergies that we expect to receive from the expansion of our financial messaging solutions. The goodwill is not deductible for income tax purposes. | |||||||||||||||||
Sterci sponsors a retirement plan for its Swiss based employees that is governed by local regulatory requirements. This plan includes certain minimum benefit guarantees that, under US GAAP, result in defined benefit plan accounting. Our total expense under this plan was approximately $0.2 million for the quarter ended September 30, 2013. | |||||||||||||||||
Sterci also owned a non-controlling interest in Simplex which had an acquisition date fair value of $5.6 million. | |||||||||||||||||
Sterci’s operating results have been included in our operating results from the date of the acquisition forward as a component of the Hosted Solutions segment and all of the Sterci goodwill was allocated to this segment. Identifiable intangible assets aggregating $79.9 million are being amortized over a weighted average useful life of twelve years. The identifiable intangible assets include customer related assets, core technology and other intangible assets (trade names) and are being amortized over estimated weighted average useful lives of fourteen, eight and eleven years, respectively. | |||||||||||||||||
For the quarter ended September 30, 2013, revenues attributable to the Sterci acquisition represented less than 3% of our consolidated revenues. For the quarter ended September 30, 2013, operations of Sterci generated a pre-tax loss of approximately $3.5 million, inclusive of $1.7 million in intangible asset amortization expense. | |||||||||||||||||
Simplex | |||||||||||||||||
On September 4, 2013, we acquired all of the remaining equity of Simplex, a UK-based corporation for a cash payment of £3.4 million (approximately $5.4 million based on exchange rates in effect at the acquisition date). | |||||||||||||||||
The acquisition of Simplex was a business combination achieved in stages as we initially held, through our acquisition of Sterci, a non-controlling interest in Simplex prior to our acquiring control on September 4, 2013. The accounting purchase price for Simplex of $15.2 million includes the acquisition date fair value of our non-controlling interest in Simplex of $5.6 million, plus the cash consideration paid on September 4, 2013 for the controlling interest in Simplex of $5.4 million. The accounting purchase price also includes the settlement of a preexisting relationship, specifically amounts due from Simplex, of $4.2 million. In the preliminary purchase price allocation below, our prior non-controlling interest in Simplex was initially included in the purchase price allocation of Sterci at fair value and was then reallocated to the Simplex assets acquired and liabilities assumed upon obtaining control of Simplex. We paid a total of $126.4 million in cash for these acquisitions excluding the impact of cash acquired. | |||||||||||||||||
At September 30, 2013, we were still finalizing our estimates of fair value and useful lives for certain tangible and intangible assets acquired. Accordingly, the allocation of the purchase price that follows below is preliminary and subject to change as we finalize our fair value analysis, which we expect to complete during the quarter ending December 31, 2013. In the preliminary allocation of the purchase price set forth below, we recognized $11.9 million of goodwill which is not deductible for income tax purposes. The goodwill arose primarily due to the recognition of certain deferred tax liabilities in purchase accounting, the assembled workforce of Simplex and synergies we expect to receive by leveraging Simplex with our existing financial messaging solutions. | |||||||||||||||||
Simplex’s operating results have been included in our operating results from the date of the acquisition forward as a component of the Hosted Solutions segment and all of the goodwill was allocated to this segment. Identifiable intangible assets aggregating $4.5 million include customer related assets and other intangible assets and are being amortized over estimated weighted average useful lives of fifteen and four years, respectively. | |||||||||||||||||
For the quarter ended September 30, 2013, revenues attributable to the Simplex acquisition represented less than 1% of our consolidated revenues and Simplex was integrated into our existing business lines in a manner that makes tracking or reporting earnings specifically attributable to this acquisition impracticable. | |||||||||||||||||
Set forth below is the preliminary allocation of the purchase price for the Sterci and Simplex acquisitions as of September 30, 2013. | |||||||||||||||||
Sterci | Simplex | Elimination | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Current assets | $ | 24,401 | $ | 3,019 | $ | — | $ | 27,420 | |||||||||
Property and equipment | 2,668 | 455 | — | 3,123 | |||||||||||||
Due from Simplex | 4,242 | — | (4,242 | ) | — | ||||||||||||
Customer related intangible assets | 55,807 | 4,338 | — | 60,145 | |||||||||||||
Core technology | 17,848 | — | — | 17,848 | |||||||||||||
Other intangible assets | 6,291 | 191 | — | 6,482 | |||||||||||||
Investment in Simplex | 5,596 | — | (5,596 | ) | — | ||||||||||||
Goodwill | 44,363 | 11,866 | — | 56,229 | |||||||||||||
Current liabilities | (12,352 | ) | (3,708 | ) | — | (16,060 | ) | ||||||||||
Pension liability | (9,478 | ) | — | — | (9,478 | ) | |||||||||||
Other liabilities | (18,367 | ) | (958 | ) | — | (19,325 | ) | ||||||||||
Total purchase price | $ | 121,019 | $ | 15,203 | $ | (9,838 | ) | $ | 126,384 | ||||||||
A reconciliation of cash paid to the accounting purchase price for these acquisitions as of September 30, 2013 is as follows. | |||||||||||||||||
Sterci | Simplex | Elimination | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash paid | $ | 121,019 | $ | 5,365 | $ | — | $ | 126,384 | |||||||||
Settlement of preexisting relationship | — | 4,242 | (4,242 | ) | — | ||||||||||||
Acquisition date fair value of the previously held equity interest | — | 5,596 | (5,596 | ) | — | ||||||||||||
Total accounting purchase price | $ | 121,019 | $ | 15,203 | $ | (9,838 | ) | $ | 126,384 | ||||||||
Acquisition expenses of approximately $2.0 million were expensed during the three months ended September 30, 2013 related to these acquisitions, principally as a component of general and administrative expense. | |||||||||||||||||
Pro Forma Information | |||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations of Bottomline and Sterci, which was considered a significant acquisition for the purposes of pro forma information disclosure, as if the acquisition had occurred on July 1, 2012. The pro forma financial information for all periods presented includes the accounting effects resulting from certain adjustments such as an increase in amortization expense as a result of acquired intangible assets, an increase in depreciation expense as a result of acquired property and equipment and a decrease in interest income as a result of the cash paid for the acquisition. This pro forma information does not necessarily reflect the results of operations that would have actually occurred had we and Sterci been a single entity during these periods. | |||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | $ | 69,021 | $ | 69,499 | |||||||||||||
Net income | $ | (9,466 | ) | $ | (4,057 | ) | |||||||||||
Net income per basic share attributable to common stockholders | $ | (0.26 | ) | $ | (0.12 | ) | |||||||||||
Net income per diluted share attributable to common stockholders | $ | (0.26 | ) | $ | (0.12 | ) |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Net Income (Loss) Per Share | ' | ||||||||
Note 5—Net Income (Loss) Per Share | |||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Numerator: | |||||||||
Net (loss) income allocable to common stockholders | $ | (6,048 | ) | $ | 18 | ||||
Denominator: | |||||||||
Shares used in computing basic net (loss) income per share attributable to common stockholders | 36,214 | 34,909 | |||||||
Effect of dilutive securities | — | 717 | |||||||
Shares used in computing diluted net (loss) income per share attributable to common stockholders | 36,214 | 35,626 | |||||||
Basic net (loss) income per share attributable to common stockholders | $ | (0.17 | ) | $ | 0 | ||||
Diluted net (loss) income per share attributable to common stockholders | $ | (0.17 | ) | $ | 0 | ||||
At September 30, 2013, approximately 2.9 million shares of unvested restricted stock and stock options were excluded from the calculation of diluted earnings per share as their effect on the calculation would have been anti-dilutive. As more fully discussed in Note 10, in December 2012 we issued the Notes maturing in December 2017. We intend, upon conversion or maturity of the Notes, to satisfy any conversion premium by issuing shares of our common stock. We have also issued warrants for up to 6.3 million shares of our common stock at an exercise price of $40.04 per share. For the quarter ended September 30, 2013, shares potentially issuable upon conversion or maturity of the Notes or upon exercise of the warrants were excluded from our earnings per share calculations as their effect would have been anti-dilutive. |
Operations_by_Segments_and_Geo
Operations by Segments and Geographic Areas | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Operations by Segments and Geographic Areas | ' | ||||||||
Note 6—Operations by Segments and Geographic Areas | |||||||||
Segment Information | |||||||||
Operating segments are the components of our business for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our chief executive officer. Our operating segments are organized principally by the type of product or service offered and by geography. | |||||||||
During fiscal year 2013, we changed the internal reporting classification of certain operating lines. To ensure a consistent presentation of the measurement of segment revenues and profit or loss, these changes are reflected for all periods presented. | |||||||||
Similar operating segments have been aggregated into three reportable segments as follows: | |||||||||
Payments and Transactional Documents. Our 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 incorporates our payments automation software for direct debit and receivables management and provides a range of standard professional services and equipment and supplies that complement and enhance our core software products. Revenue associated with the aforementioned products and services is typically recorded upon delivery. This segment also incorporates our check printing solutions in Europe as well as certain other solutions that are licensed on a subscription basis, revenue for which is typically recorded on a subscription or transaction basis or ratably over the expected life of the customer relationship. | |||||||||
Banking Solutions. Our Banking Solutions segment provides solutions that are specifically designed for banking and financial institution customers. Our commercial banking products are Software as a Service (SaaS) offerings focused predominantly on medium-sized and small banks and financial institutions, and revenue for these products is typically recognized on a subscription or transaction basis or ratably over the estimated life of the customer relationship. Our customized transaction banking solutions typically involve longer implementation periods and a significant level of professional services. 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, we license 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. | |||||||||
Hosted Solutions. Our Hosted Solutions segment provides customers with hosted SaaS offerings that facilitate electronic payment, electronic invoicing, and spend management. Our legal spend management solutions, which enable customers to create more efficient processes for managing invoices generated by outside law firms while offering insight into important legal spend factors such as expense monitoring and outside counsel performance, are included within this segment. This segment incorporates our hosted payments and accounts payable automation solutions, including Paymode-X. This segment also incorporates our financial messaging solutions, including the operating results of our recent acquisitions of Sterci and Simplex. Revenue within this segment is generally recognized on a subscription or transaction basis or ratably over the estimated life of the customer relationship. | |||||||||
Periodically a sales person in one operating segment will sell products and services that are typically sold within a different operating segment. In such cases, the transaction is generally recorded by the operating segment to which the sales person is assigned. Accordingly, segment results can include the results of transactions that have been allocated to a specific segment based on the contributing sales resources, rather than the nature of the product or service. Conversely, a transaction can be recorded by the operating segment primarily responsible for delivery to the customer, even if the sales person is assigned to a different operating segment. | |||||||||
Our chief operating decision maker assesses segment performance based on a variety of factors that can include segment revenue and a segment measure of profit or loss. Each segment’s measure of profit or loss is on a pre-tax basis and excludes stock compensation expense, acquisition and integration related expenses (including acquisition related contingent consideration), amortization of intangible assets, impairment losses on equity investments, restructuring related charges and certain non-cash items related to our convertible notes. There are no inter-segment sales; accordingly, the measure of segment revenue and profit or loss reflects only revenues from external customers. The costs of certain corporate level expenses, primarily general and administrative expenses, are allocated to our operating segments at predetermined rates that are established as a percentage of the segment’s budgeted revenues. | |||||||||
We do not track or assign our assets by operating segment. | |||||||||
Segment information for the three months ended September 30, 2013 and 2012 according to the segment descriptions above, is as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Segment revenue: | |||||||||
Payments and Transactional Documents | $ | 29,811 | $ | 27,571 | |||||
Banking Solutions | 17,276 | 18,119 | |||||||
Hosted Solutions | 20,162 | 15,999 | |||||||
Total segment revenue | $ | 67,249 | $ | 61,689 | |||||
Segment measure of profit: | |||||||||
Payments and Transactional Documents | $ | 8,964 | $ | 7,082 | |||||
Banking Solutions | 1,485 | 2,015 | |||||||
Hosted Solutions | 1,163 | 1,259 | |||||||
Total measure of segment profit | $ | 11,612 | $ | 10,356 | |||||
A reconciliation of the measure of segment profit to GAAP operating (loss) income before income taxes is as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Total measure of segment profit | $ | 11,612 | $ | 10,356 | |||||
Less: | |||||||||
Amortization of intangible assets | (5,705 | ) | (4,312 | ) | |||||
Stock-based compensation expense | (5,032 | ) | (4,207 | ) | |||||
Acquisition and integration related expenses | (1,866 | ) | (1,715 | ) | |||||
Restructuring charges | (55 | ) | (296 | ) | |||||
Add: | |||||||||
Other income (expense), net | (4,040 | ) | 46 | ||||||
Loss before income taxes | $ | (5,086 | ) | $ | (128 | ) | |||
The following depreciation expense amounts are included in the segment measure of profit: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Depreciation expense: | |||||||||
Payments and Transactional Documents | $ | 619 | $ | 485 | |||||
Banking Solutions | 494 | 526 | |||||||
Hosted Solutions | 719 | 702 | |||||||
Total depreciation expense | $ | 1,832 | $ | 1,713 | |||||
Geographic Information | |||||||||
We have presented geographic information about our revenues below. This presentation allocates revenue based on the point of sale, not the location of the customer. Accordingly, we derive revenues from geographic locations based on the location of the customer that would vary from the geographic areas listed here; particularly in respect of financial institution customers located in Australia and Canada for which the point of sale was the United States. | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Revenues from unaffiliated customers: | |||||||||
United States | $ | 41,780 | $ | 42,710 | |||||
United Kingdom | 22,342 | 17,178 | |||||||
Continental Europe | 2,407 | 1,047 | |||||||
Asia-Pacific | 720 | 754 | |||||||
Total revenues from unaffiliated customers | $ | 67,249 | $ | 61,689 | |||||
Long-lived assets, which are based on geographical location, were as follows: | |||||||||
As of September 30, | As of June 30, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Long-lived assets | |||||||||
United States | $ | 32,597 | $ | 31,068 | |||||
United Kingdom | 4,321 | 3,602 | |||||||
Continental Europe | 2,691 | 24 | |||||||
Asia-Pacific | 154 | 119 | |||||||
Total long-lived assets | $ | 39,763 | $ | 34,813 | |||||
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 7—Income Taxes | |
The income tax expense we record in any interim period is based on our estimated effective tax rate for the fiscal year. The calculation of our estimated effective tax rate requires an estimate of pre-tax income by tax jurisdiction, as well as total tax expense for the fiscal year. Accordingly, this tax rate is subject to adjustment if, in subsequent interim periods, there are changes to our initial estimates of total tax expense or pre-tax income, including income by jurisdiction. | |
We recorded income tax expense of $1.0 million and an income tax benefit of $0.1 million for the three months ended September 30, 2013 and 2012, respectively. The income tax expense for the three months ended September 30, 2013 was principally due to tax expense associated with our US and UK operations, which was offset in part by a tax benefit associated with our Swiss operations. Our tax expense for the three months ended September 30, 2013 was offset in part by a discrete tax benefit of approximately $0.6 million from the enactment of legislation that decreased UK income tax rates. The income tax benefit we recorded for the quarter ended September 30, 2012 was principally due to the impact of discrete tax benefits from the enactment of legislation that decreased UK income tax rates, which offset tax expense associated with our UK, Australian and US operations. | |
The excess of our effective tax rate over statutory rates is due to our inability to utilize UK foreign tax credits in the determination of US taxable income. This has the effect of taxing certain income twice, once in the UK and again in the US, which results in a higher overall effective tax rate (or a decrease in our overall US tax benefit). | |
We currently anticipate that our unrecognized tax benefits will decrease within the next twelve months by approximately $0.1 million as a result of the expiration of certain statutes of limitations associated with intercompany transactions subject to tax in multiple jurisdictions. | |
We record a deferred tax asset if we believe it is more likely than not that we will recover that asset against future taxable income. In making this determination we consider historical and projected financial results, the planned reversal of existing deferred tax liabilities that provide a source of future taxable income and the availability of tax planning strategies. | |
The Notes we issued in December 2012 will result in a significant future expense burden for interest expense, in particular non-cash interest expense, as the debt is accreted to the principal amount due on maturity. In making our assessment of deferred tax asset recoverability, we considered our projected future financial results, the planned reversal of existing deferred tax liabilities and the impact of a specific tax planning action that we believe will provide a significant future source of US taxable income. Based on this analysis we concluded that it was more likely than not that our deferred tax assets will be recovered. However if we are unable to generate future US taxable income sufficient to overcome the expense burden of the Notes, all or a portion of our US deferred tax assets might become impaired which would give rise to the recognition of significant deferred tax expense in the period in which that determination was made. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Note 8—Goodwill 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 principally of acquired tradenames, backlog, patents and below market lease arrangements. | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted Average | ||||||||||||||
Amount | Amortization | Value | Remaining Life | ||||||||||||||
(in thousands) | (in years) | ||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer related | $ | 195,634 | $ | (75,123 | ) | $ | 120,511 | 12.3 | |||||||||
Core technology | 69,601 | (38,137 | ) | 31,464 | 7.3 | ||||||||||||
Other intangible assets | 18,442 | (5,824 | ) | 12,618 | 7.9 | ||||||||||||
Total | $ | 283,677 | $ | (119,084 | ) | $ | 164,593 | ||||||||||
Unamortized intangible assets: | |||||||||||||||||
Goodwill | 169,591 | ||||||||||||||||
Total intangible assets | $ | 334,184 | |||||||||||||||
As of June 30, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted Average | ||||||||||||||
Amount | Amortization | Value | Remaining Life | ||||||||||||||
(in thousands) | (in years) | ||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer related | $ | 131,382 | $ | (69,927 | ) | $ | 61,455 | 11 | |||||||||
Core technology | 50,658 | (35,847 | ) | 14,811 | 6.8 | ||||||||||||
Other intangible assets | 11,841 | (5,235 | ) | 6,606 | 5.3 | ||||||||||||
Total | $ | 193,881 | $ | (111,009 | ) | $ | 82,872 | ||||||||||
Unamortized intangible assets: | |||||||||||||||||
Goodwill | 109,196 | ||||||||||||||||
Total intangible assets | $ | 192,068 | |||||||||||||||
Estimated amortization expense for fiscal year 2014 and subsequent fiscal years is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 29,400 | |||||||||||||||
2015 | 24,809 | ||||||||||||||||
2016 | 19,626 | ||||||||||||||||
2017 | 17,016 | ||||||||||||||||
2018 | 13,666 | ||||||||||||||||
2019 and thereafter | 65,781 | ||||||||||||||||
The following table represents a rollforward of our goodwill balances, by reportable segment, as follows: | |||||||||||||||||
Payments and | Banking | Hosted | |||||||||||||||
Transactional | Solutions | Solutions | |||||||||||||||
Documents | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at June 30, 2013 | $ | 66,862 | $ | 8,453 | $ | 33,881 | |||||||||||
Goodwill acquired during the period | — | — | 56,229 | ||||||||||||||
Impact of foreign currency translation | 1,374 | — | 2,792 | ||||||||||||||
Balance at September 30, 2013 | $ | 68,236 | $ | 8,453 | $ | 92,902 | |||||||||||
At September 30, 2013, we were still finalizing our estimates of fair value for the Sterci and Simplex intangible assets acquired. Accordingly, the values disclosed for intangible assets and goodwill are subject to change as we finalize our fair value estimates, which we expect to complete during the quarter ending December 31, 2013. |
Contingencies
Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Note 9—Contingencies | |
On February 12, 2013 R&N Check Corp (R&N) filed a lawsuit against us in the Superior Court of Rockingham County, New Hampshire. The lawsuit alleges breach of contract in connection with a patent purchase and settlement agreement that we entered into in January 2006 and seeks unspecified damages and recovery of legal costs. On March 18, 2013 we removed the lawsuit to the United States District Court for the District of New Hampshire and R&N thereafter filed a motion to remand to the New Hampshire state court. The parties engaged in mediation in June 2013. Although we did not resolve the matter in the initial mediation session, we have remained engaged in active dialogue with R&N and are currently optimistic that we will resolve this matter without a trial. We do not currently believe that the outcome of this action will have a material adverse consequence on our financial statements. | |
We are, from time to time, a party to other legal proceedings and claims that arise out of the ordinary course of our business. We do not believe that there are claims or proceedings pending against us for which the ultimate resolution would have a material effect on, or require disclosure in, our financial statements. |
Convertible_Senior_Notes
Convertible Senior Notes | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Convertible Senior Notes | ' | ||||||||
Note 10—Convertible Senior Notes | |||||||||
On December 12, 2012, we issued $189.8 million aggregate principal amount of our 1.50% Convertible Senior Notes maturing on December 1, 2017 (the Notes). Cash interest at a rate of 1.50% per year is payable semi-annually on June 1 and December 1 of each year. | |||||||||
The Notes were issued under an indenture dated December 12, 2012 (the “Base Indenture”) by and between us and The Bank of New York Mellon Trust Company, N.A., as Trustee and a First Supplemental Indenture dated December 12, 2012 (the “First Supplemental Indenture”) by and between us and the Trustee (the Base Indenture and the First Supplemental Indenture are collectively referred to as the “Indenture”). There are no financial or operating covenants relating to the Notes. | |||||||||
The Notes are senior unsecured obligations of ours and rank senior in right of payment to any future unsecured indebtedness that is expressly subordinated in right of payment to the Notes, and equal in right of payment to any of our existing and future unsecured indebtedness that is not subordinated. The Notes are effectively junior in right of payment to any of our secured indebtedness (to the extent of the value of assets securing such indebtedness) and structurally junior to all existing and future indebtedness and other liabilities, including trade payables, of our subsidiaries. Prior to this offering, neither we nor our subsidiaries had any outstanding indebtedness for borrowed money. The Indenture does not limit the amount of debt that we or our subsidiaries may incur. The Notes are not guaranteed by us or any of our subsidiaries. | |||||||||
Holders may convert their Notes at their option, prior to the close of business on the business day immediately preceding June 1, 2017, in multiples of $1,000 principal amount, only under the following circumstances: | |||||||||
• | during any calendar quarter commencing after the calendar quarter ending on March 31, 2013 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; | ||||||||
• | during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the convertible notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of our common stock and the conversion rate on each trading day; or | ||||||||
• | upon the occurrence of specified corporate events, including a merger or a sale of all or substantially all of our assets. | ||||||||
On or after June 1, 2017 until the close of business on the second scheduled trading day immediately preceding the maturity date of December 1, 2017, holders may convert their Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. | |||||||||
The conversion rate for the Notes is initially 33.3042 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $30.03 per share of our common stock). The conversion rate is subject to customary adjustment for certain events as described in the Indenture. The principal balance of the Notes is always required to be settled in cash. However, we are permitted at our election to settle any conversion obligation in excess of the principal portion in cash, shares of our common stock, or a combination of cash and shares of our common stock. | |||||||||
We may not redeem the Notes prior to their maturity date. If we undergo a fundamental change, (as described in the Indenture), subject to certain conditions, holders may require us to repurchase for cash all or part of their Notes in principal amounts of $1,000 or an integral multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | |||||||||
The Indenture contains customary events of default with respect to the Notes and provides that upon certain events of default occurring and continuing the Trustee may, and the Trustee at the request of such holders of at least 25% in principal amount of the convertible notes shall, declare 100% of the principal of and accrued and unpaid interest, if any, on the Notes to be due and payable. In case of certain events of bankruptcy, insolvency or reorganization, involving us or a significant subsidiary, 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable. Upon such a declaration of acceleration, such principal and accrued and unpaid interest, if any, will be due and payable immediately. | |||||||||
Under limited circumstances, we may be required to pay contingent interest on the Notes as a result of failure to comply with the reporting obligations in the Indenture or failure to file required Securities and Exchange Commission documents and reports. When applicable, the contingent interest payable per $1,000 principal amount is 0.25% per annum over the applicable term as provided under the Indenture. The contingent interest features of the Notes are embedded derivative instruments. The estimated fair value of the contingent interest features of the Notes was zero at issuance and at September 30, 2013, as the likelihood of any liability being incurred under these provisions was deemed remote and, to the extent occurring, the time period during which a contingent interest charge would apply is projected to be short. | |||||||||
The carrying amount of the Notes will be accreted to the principal amount over the remaining term to maturity and we will record a corresponding charge to interest expense. | |||||||||
The net carrying amount of the convertible notes at September 30, 2013 was as follows: | |||||||||
(in thousands) | |||||||||
Principal amount | $ | 189,750 | |||||||
Unamortized discount | (48,683 | ) | |||||||
Net carrying value | $ | 141,067 | |||||||
We incurred certain third party costs in connection with our issuance of the Notes, principally related to underwriting and legal fees, which will be amortized to interest expense ratably over the five-year term of the Notes. | |||||||||
The following table sets forth total interest expense related to the convertible notes: | |||||||||
Quarter Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Contractual interest expense (cash) | $ | 712 | — | ||||||
Amortization of debt issue costs (non-cash) | 296 | — | |||||||
Amortization of debt discount (non-cash) | 2,486 | — | |||||||
$ | 3,494 | — | |||||||
Effective interest rate of the liability component | 6.74 | % | — | % | |||||
Note Hedges | |||||||||
In December 2012, we entered into privately negotiated transactions to purchase hedge instruments (the Note Hedges), covering approximately 6.3 million shares of our common stock. The Note Hedges are subject to anti-dilution provisions substantially similar to those of the Notes, have a strike price that corresponds to the conversion price of the Notes, are exercisable by us upon any conversion under the Notes and expire on December 1, 2017. | |||||||||
The Note Hedges are generally expected to reduce the potential dilution to our common stock (or, in the event the Conversion Feature is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion our stock price exceeds the conversion price under the Notes. The cost of the Note Hedges, $42.3 million, is expected to be tax deductible as an original issue discount over the life of the Notes, as the Notes and the Note Hedges represent an integrated debt instrument for tax purposes. | |||||||||
The Note Hedges are transactions that are separate from the terms of the Notes and the Warrants (discussed below) and holders of the Notes and the Warrants have no rights with respect to the Note Hedges. | |||||||||
Warrants | |||||||||
In December 2012, we received aggregate proceeds of $25.8 million, net of issue costs, from the sale of warrants (the Warrants), for the purchase of up to 6.3 million shares of our common stock, subject to antidilution adjustments, at a strike price of $40.04 per share. The Warrants are exercisable in equal tranches over a period of 150 days beginning on March 1, 2018 and ending on October 18, 2018. | |||||||||
The Warrants are transactions that are separate from the terms of the Notes and the Note Hedges, and holders of the Notes and Note Hedges have no rights with respect to the Warrants. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments | ' |
Note 11—Derivative Instruments | |
Our derivative instruments for the quarter ended September 30, 2013 consisted of the Note Hedges, Conversion Feature and Warrants as discussed in Note 10. As of September 30, 2013 each of these instruments met the classification requirements for inclusion within stockholders’ equity and as such they were not subject to fair value re-measurement. We are required, for the remaining term of the Notes, to assess whether we continue to meet the stockholders’ equity classification requirements. If in any future period we fail to satisfy those requirements we would need to reclassify the derivative instruments out of stockholders’ equity, to either assets or liabilities depending on their nature, and record those instruments at fair value with changes in fair value reflected in earnings. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 2—Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued an accounting standards update which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. We adopted this guidance effective July 1, 2013 and it did not have a significant impact on our consolidated financial statements. | |
In March 2013, the FASB issued an accounting standards update which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard is effective for fiscal years beginning after December 15, 2013; however, early adoption is permitted. We do not expect the adoption of this standard to significantly impact our consolidated financial statements. | |
In June 2013, the Emerging Issues Task Force (EITF) reached final consensus on the presentation of an unrecognized tax benefit when a net operating loss carryforward or tax credit carryforward exists. This topic addresses the balance sheet presentation of a liability for an unrecognized tax benefit when settlement of the liability with the taxing authority would otherwise reduce a deferred tax asset for a net operating loss or tax credit carryforward under the provisions of the tax law. The EITF affirmed that an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss or other tax credit carryforward when settlement in this manner is permissible under the tax law. This standard is applicable for annual periods beginning after December 31, 2013, and for interim periods within those annual periods. Accordingly, we will apply this standard beginning July 1, 2014, the first quarter of our 2015 fiscal year. We anticipate that this will result in a reduction to non-current deferred tax assets and non-current other liabilities in our consolidated balance sheet. We do not believe this will have an impact on our consolidated statements of comprehensive income (loss) or cash flows. |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
At September 30, 2013 and June 30, 2013, our assets and liabilities measured at fair value on a recurring basis were as follows: | |||||||||||||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Total | Fair Value | Total | |||||||||||||||||||||||||||||
Measurements | Measurements | ||||||||||||||||||||||||||||||||
Using Input Types | Using Input Types | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 62,832 | $ | — | $ | — | $ | 62,832 | $ | 85,880 | $ | — | $ | — | $ | 85,880 | |||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||
US Corporate | 10,679 | — | — | 10,679 | 4,125 | — | — | 4,125 | |||||||||||||||||||||||||
Residential mortgage-backed | 6,346 | — | — | 6,346 | 2,846 | — | — | 2,846 | |||||||||||||||||||||||||
Government—US | 5,511 | — | — | 5,511 | 2,499 | — | — | 2,499 | |||||||||||||||||||||||||
Total available for sale securities | $ | 22,536 | $ | — | $ | — | $ | 22,536 | $ | 9,470 | $ | — | $ | — | $ | 9,470 | |||||||||||||||||
Marketable Securities by Major Security Type | ' | ||||||||||||||||||||||||||||||||
The table below presents information regarding our marketable securities by major security type as of September 30, 2013 and June 30, 2013. | |||||||||||||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||
Held to | Available | Total | Held to | Available | Total | ||||||||||||||||||||||||||||
Maturity | for Sale | Maturity | for Sale | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Corporate and other debt securities | 56 | 22,536 | 22,592 | 55 | 9,470 | 9,525 | |||||||||||||||||||||||||||
Total marketable securities | $ | 56 | $ | 22,536 | $ | 22,592 | $ | 55 | $ | 9,470 | $ | 9,525 | |||||||||||||||||||||
Estimated Fair Value of Our Investments in Available for Sale Marketable Securities Classified | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair value of our investments in available for sale marketable securities classified by the contractual maturity date of the securities, in thousands: | |||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Due within 1 year | $ | 12,955 | |||||||||||||||||||||||||||||||
Due in 1 year through 5 years | $ | 9,581 | |||||||||||||||||||||||||||||||
Total | $ | 22,536 | |||||||||||||||||||||||||||||||
Summary of Gross Unrealized Losses and Fair Values of Available for Sale Investments | ' | ||||||||||||||||||||||||||||||||
The following table presents the aggregate fair values and gross unrealized losses for those available for sale investments that were in an unrealized loss position as of September 30, 2013, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: | |||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 Months | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
U.S. Corporate | $ | 4,205 | $ | 3 | |||||||||||||||||||||||||||||
Residential mortgage-backed | $ | — | $ | — | |||||||||||||||||||||||||||||
Government—US | $ | — | $ | — | |||||||||||||||||||||||||||||
Total | $ | 4,205 | $ | 3 | |||||||||||||||||||||||||||||
Product_and_Business_Acquisiti1
Product and Business Acquisitions (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Allocation of Purchase | ' | ||||||||||||||||
Set forth below is the preliminary allocation of the purchase price for the Sterci and Simplex acquisitions as of September 30, 2013. | |||||||||||||||||
Sterci | Simplex | Elimination | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Current assets | $ | 24,401 | $ | 3,019 | $ | — | $ | 27,420 | |||||||||
Property and equipment | 2,668 | 455 | — | 3,123 | |||||||||||||
Due from Simplex | 4,242 | — | (4,242 | ) | — | ||||||||||||
Customer related intangible assets | 55,807 | 4,338 | — | 60,145 | |||||||||||||
Core technology | 17,848 | — | — | 17,848 | |||||||||||||
Other intangible assets | 6,291 | 191 | — | 6,482 | |||||||||||||
Investment in Simplex | 5,596 | — | (5,596 | ) | — | ||||||||||||
Goodwill | 44,363 | 11,866 | — | 56,229 | |||||||||||||
Current liabilities | (12,352 | ) | (3,708 | ) | — | (16,060 | ) | ||||||||||
Pension liability | (9,478 | ) | — | — | (9,478 | ) | |||||||||||
Other liabilities | (18,367 | ) | (958 | ) | — | (19,325 | ) | ||||||||||
Total purchase price | $ | 121,019 | $ | 15,203 | $ | (9,838 | ) | $ | 126,384 | ||||||||
Reconciliation of Cash Paid to Accounting Purchase Price for Acquisitions | ' | ||||||||||||||||
A reconciliation of cash paid to the accounting purchase price for these acquisitions as of September 30, 2013 is as follows. | |||||||||||||||||
Sterci | Simplex | Elimination | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash paid | $ | 121,019 | $ | 5,365 | $ | — | $ | 126,384 | |||||||||
Settlement of preexisting relationship | — | 4,242 | (4,242 | ) | — | ||||||||||||
Acquisition date fair value of the previously held equity interest | — | 5,596 | (5,596 | ) | — | ||||||||||||
Total accounting purchase price | $ | 121,019 | $ | 15,203 | $ | (9,838 | ) | $ | 126,384 | ||||||||
Schedule of Pro Forma Information Not Necessarily Reflected in Results of Operations | ' | ||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations of Bottomline and Sterci, which was considered a significant acquisition for the purposes of pro forma information disclosure, as if the acquisition had occurred on July 1, 2012. The pro forma financial information for all periods presented includes the accounting effects resulting from certain adjustments such as an increase in amortization expense as a result of acquired intangible assets, an increase in depreciation expense as a result of acquired property and equipment and a decrease in interest income as a result of the cash paid for the acquisition. This pro forma information does not necessarily reflect the results of operations that would have actually occurred had we and Sterci been a single entity during these periods. | |||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | $ | 69,021 | $ | 69,499 | |||||||||||||
Net income | $ | (9,466 | ) | $ | (4,057 | ) | |||||||||||
Net income per basic share attributable to common stockholders | $ | (0.26 | ) | $ | (0.12 | ) | |||||||||||
Net income per diluted share attributable to common stockholders | $ | (0.26 | ) | $ | (0.12 | ) |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Numerator: | |||||||||
Net (loss) income allocable to common stockholders | $ | (6,048 | ) | $ | 18 | ||||
Denominator: | |||||||||
Shares used in computing basic net (loss) income per share attributable to common stockholders | 36,214 | 34,909 | |||||||
Effect of dilutive securities | — | 717 | |||||||
Shares used in computing diluted net (loss) income per share attributable to common stockholders | 36,214 | 35,626 | |||||||
Basic net (loss) income per share attributable to common stockholders | $ | (0.17 | ) | $ | 0 | ||||
Diluted net (loss) income per share attributable to common stockholders | $ | (0.17 | ) | $ | 0 | ||||
Operations_by_Segments_and_Geo1
Operations by Segments and Geographic Areas (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information | ' | ||||||||
Segment information for the three months ended September 30, 2013 and 2012 according to the segment descriptions above, is as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Segment revenue: | |||||||||
Payments and Transactional Documents | $ | 29,811 | $ | 27,571 | |||||
Banking Solutions | 17,276 | 18,119 | |||||||
Hosted Solutions | 20,162 | 15,999 | |||||||
Total segment revenue | $ | 67,249 | $ | 61,689 | |||||
Segment measure of profit: | |||||||||
Payments and Transactional Documents | $ | 8,964 | $ | 7,082 | |||||
Banking Solutions | 1,485 | 2,015 | |||||||
Hosted Solutions | 1,163 | 1,259 | |||||||
Total measure of segment profit | $ | 11,612 | $ | 10,356 | |||||
Reconciliation of Measure of Segment Profit to Gaap Operating (Loss) Income Before Income Taxes | ' | ||||||||
A reconciliation of the measure of segment profit to GAAP operating (loss) income before income taxes is as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Total measure of segment profit | $ | 11,612 | $ | 10,356 | |||||
Less: | |||||||||
Amortization of intangible assets | (5,705 | ) | (4,312 | ) | |||||
Stock-based compensation expense | (5,032 | ) | (4,207 | ) | |||||
Acquisition and integration related expenses | (1,866 | ) | (1,715 | ) | |||||
Restructuring charges | (55 | ) | (296 | ) | |||||
Add: | |||||||||
Other income (expense), net | (4,040 | ) | 46 | ||||||
Loss before income taxes | $ | (5,086 | ) | $ | (128 | ) | |||
Schedule of Segment Depreciation Expense Included in Segment Measure of Profit | ' | ||||||||
The following depreciation expense amounts are included in the segment measure of profit: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Depreciation expense: | |||||||||
Payments and Transactional Documents | $ | 619 | $ | 485 | |||||
Banking Solutions | 494 | 526 | |||||||
Hosted Solutions | 719 | 702 | |||||||
Total depreciation expense | $ | 1,832 | $ | 1,713 | |||||
Schedule of Revenue Based on Point of Sale | ' | ||||||||
We have presented geographic information about our revenues below. This presentation allocates revenue based on the point of sale, not the location of the customer. Accordingly, we derive revenues from geographic locations based on the location of the customer that would vary from the geographic areas listed here; particularly in respect of financial institution customers located in Australia and Canada for which the point of sale was the United States. | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Revenues from unaffiliated customers: | |||||||||
United States | $ | 41,780 | $ | 42,710 | |||||
United Kingdom | 22,342 | 17,178 | |||||||
Continental Europe | 2,407 | 1,047 | |||||||
Asia-Pacific | 720 | 754 | |||||||
Total revenues from unaffiliated customers | $ | 67,249 | $ | 61,689 | |||||
Schedule of Long-Lived Assets, Based on Geographic Designation | ' | ||||||||
Long-lived assets, which are based on geographical location, were as follows: | |||||||||
As of September 30, | As of June 30, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Long-lived assets | |||||||||
United States | $ | 32,597 | $ | 31,068 | |||||
United Kingdom | 4,321 | 3,602 | |||||||
Continental Europe | 2,691 | 24 | |||||||
Asia-Pacific | 154 | 119 | |||||||
Total long-lived assets | $ | 39,763 | $ | 34,813 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Intangible Assets Subject to Amortization and for Intangible Assets Not Subject to Amortization | ' | ||||||||||||||||
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 principally of acquired tradenames, backlog, patents and below market lease arrangements. | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted Average | ||||||||||||||
Amount | Amortization | Value | Remaining Life | ||||||||||||||
(in thousands) | (in years) | ||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer related | $ | 195,634 | $ | (75,123 | ) | $ | 120,511 | 12.3 | |||||||||
Core technology | 69,601 | (38,137 | ) | 31,464 | 7.3 | ||||||||||||
Other intangible assets | 18,442 | (5,824 | ) | 12,618 | 7.9 | ||||||||||||
Total | $ | 283,677 | $ | (119,084 | ) | $ | 164,593 | ||||||||||
Unamortized intangible assets: | |||||||||||||||||
Goodwill | 169,591 | ||||||||||||||||
Total intangible assets | $ | 334,184 | |||||||||||||||
As of June 30, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted Average | ||||||||||||||
Amount | Amortization | Value | Remaining Life | ||||||||||||||
(in thousands) | (in years) | ||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer related | $ | 131,382 | $ | (69,927 | ) | $ | 61,455 | 11 | |||||||||
Core technology | 50,658 | (35,847 | ) | 14,811 | 6.8 | ||||||||||||
Other intangible assets | 11,841 | (5,235 | ) | 6,606 | 5.3 | ||||||||||||
Total | $ | 193,881 | $ | (111,009 | ) | $ | 82,872 | ||||||||||
Unamortized intangible assets: | |||||||||||||||||
Goodwill | 109,196 | ||||||||||||||||
Total intangible assets | $ | 192,068 | |||||||||||||||
Schedule of Estimated Amortization Expense | ' | ||||||||||||||||
Estimated amortization expense for fiscal year 2014 and subsequent fiscal years is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 29,400 | |||||||||||||||
2015 | 24,809 | ||||||||||||||||
2016 | 19,626 | ||||||||||||||||
2017 | 17,016 | ||||||||||||||||
2018 | 13,666 | ||||||||||||||||
2019 and thereafter | 65,781 | ||||||||||||||||
Schedule of Roll Forward of Goodwill Balances, by Reportable Segment | ' | ||||||||||||||||
The following table represents a rollforward of our goodwill balances, by reportable segment, as follows: | |||||||||||||||||
Payments and | Banking | Hosted | |||||||||||||||
Transactional | Solutions | Solutions | |||||||||||||||
Documents | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at June 30, 2013 | $ | 66,862 | $ | 8,453 | $ | 33,881 | |||||||||||
Goodwill acquired during the period | — | — | 56,229 | ||||||||||||||
Impact of foreign currency translation | 1,374 | — | 2,792 | ||||||||||||||
Balance at September 30, 2013 | $ | 68,236 | $ | 8,453 | $ | 92,902 | |||||||||||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Net Carrying Amount of Convertible Notes | ' | ||||||||
The net carrying amount of the convertible notes at September 30, 2013 was as follows: | |||||||||
(in thousands) | |||||||||
Principal amount | $ | 189,750 | |||||||
Unamortized discount | (48,683 | ) | |||||||
Net carrying value | $ | 141,067 | |||||||
Total Interest Expense Related to Convertible Notes | ' | ||||||||
The following table sets forth total interest expense related to the convertible notes: | |||||||||
Quarter Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Contractual interest expense (cash) | $ | 712 | — | ||||||
Amortization of debt issue costs (non-cash) | 296 | — | |||||||
Amortization of debt discount (non-cash) | 2,486 | — | |||||||
$ | 3,494 | — | |||||||
Effective interest rate of the liability component | 6.74 | % | — | % | |||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Reclassified from cost of sales to sales and marketing expense | $0.30 |
Fair_Value_Schedule_of_Assets_
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt | ' | ' |
Total available for sale securities | $22,536 | ' |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | 62,832 | 85,880 |
Debt | ' | ' |
Total available for sale securities | 22,536 | 9,470 |
Recurring [Member] | U.S. Corporate [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | 10,679 | 4,125 |
Recurring [Member] | Residential Mortgage-Backed [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | 6,346 | 2,846 |
Recurring [Member] | Government - U.S. [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | 5,511 | 2,499 |
Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | 62,832 | 85,880 |
Debt | ' | ' |
Total available for sale securities | 22,536 | 9,470 |
Recurring [Member] | Level 1 [Member] | U.S. Corporate [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | 10,679 | 4,125 |
Recurring [Member] | Level 1 [Member] | Residential Mortgage-Backed [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | 6,346 | 2,846 |
Recurring [Member] | Level 1 [Member] | Government - U.S. [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | 5,511 | 2,499 |
Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 2 [Member] | U.S. Corporate [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 2 [Member] | Government - U.S. [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 3 [Member] | U.S. Corporate [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 3 [Member] | Residential Mortgage-Backed [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Recurring [Member] | Level 3 [Member] | Government - U.S. [Member] | ' | ' |
Debt | ' | ' |
Total available for sale securities | ' | ' |
Fair_Value_Schedule_of_Marketa
Fair Value - Schedule of Marketable Securities by Major Security Type (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cash Cash Equivalents And Short Term Marketable Securities [Line Items] | ' | ' |
Held to Maturity | $56 | $55 |
Available for Sale | 22,536 | 9,470 |
Total | 22,592 | 9,525 |
Corporate and Other Debt Securities [Member] | ' | ' |
Cash Cash Equivalents And Short Term Marketable Securities [Line Items] | ' | ' |
Held to Maturity | 56 | 55 |
Available for Sale | 22,536 | 9,470 |
Total | $22,592 | $9,525 |
Fair_Value_Estimated_Fair_Valu
Fair Value - Estimated Fair Value of Our Investments in Available for Sale Marketable Securities Classified (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Due within 1 year | $12,955 |
Due in 1 year through 5 years | 9,581 |
Total | $22,536 |
Fair_Value_Summary_of_Gross_Un
Fair Value - Summary of Gross Unrealized Losses and Fair Values of Available for Sale Investments (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | $4,205 |
Less than 12 Months, Unrealized Loss | 3 |
U.S. Corporate [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | 4,205 |
Less than 12 Months, Unrealized Loss | 3 |
Residential Mortgage-Backed [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | ' |
Less than 12 Months, Unrealized Loss | ' |
Government - U.S. [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 Months, Fair Value | ' |
Less than 12 Months, Unrealized Loss | ' |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 12, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Issuance of convertible notes | $133,300,000 | ' |
Convertible Senior Notes issued | 189,750,000 | ' |
Estimated fair value of convertible debt | 215,600,000 | ' |
Convertible Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible Senior Notes issued | $189,800,000 | $189,800,000 |
Product_and_Business_Acquisiti2
Product and Business Acquisitions - Additional Information (Detail) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Aug. 20, 2013 | Aug. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 04, 2013 | Sep. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | Sterci [Member] | Sterci [Member] | Sterci [Member] | Sterci [Member] | Sterci [Member] | Sterci [Member] | Simplex [Member] | Simplex [Member] | Simplex [Member] | Simplex [Member] | Simplex [Member] | Simplex [Member] | |
Customer | USD ($) | CHF | USD ($) | Customer Related Assets [Member] | Core Technology [Member] | Other Intangible Assets [Member] | USD ($) | GBP (£) | USD ($) | General And Administrative [Member] | Customer Related Assets [Member] | Other Intangible Assets [Member] | |||
Country | USD ($) | ||||||||||||||
Entity | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business acquisitions | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisitions aggregate purchase consideration | $126,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers global messaging network | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Countries global messaging network | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of business, cash paid | 126,384,000 | ' | ' | 121,000,000 | 111,000,000 | 121,019,000 | ' | ' | ' | 5,400,000 | 3,400,000 | 5,365,000 | ' | ' | ' |
Business acquisition, goodwill | 169,591,000 | ' | 109,196,000 | ' | ' | 44,363,000 | ' | ' | ' | ' | ' | 11,866,000 | ' | ' | ' |
Total expense under this plan | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-controlling interest had acquisition date fair value | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, identifiable intangible assets | ' | ' | ' | ' | ' | 79,900,000 | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' |
Intangible asset amortized estimated useful life | ' | ' | ' | ' | ' | '12 years | '14 years | '8 years | '11 years | ' | ' | ' | ' | '15 years | '4 years |
Revenues Percentage | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Combined operations of SMA and DDL generated pretax loss | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset amortization expense | 5,705,000 | 4,312,000 | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' |
Additional consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' |
Total purchase price | 126,384,000 | ' | ' | ' | ' | 121,019,000 | ' | ' | ' | ' | ' | 15,203,000 | ' | ' | ' |
Accounting purchase price for Simplex | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' |
Settlement of preexisting relationship specifically amounts due from Simplex | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,242,000 | ' | ' | ' |
Acquisition Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' |
Product_and_Business_Acquisiti3
Product and Business Acquisitions - Allocation of Purchase (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Current assets | $27,420 | ' |
Property and equipment | 3,123 | ' |
Due from Simplex | ' | ' |
Customer related intangible assets | 60,145 | ' |
Core technology | 17,848 | ' |
Other intangible assets | 6,482 | ' |
Investment in Simplex | ' | ' |
Goodwill | 169,591 | 109,196 |
Current liabilities | -16,060 | ' |
Pension liability | -9,478 | ' |
Other liabilities | -19,325 | ' |
Total purchase price | 126,384 | ' |
Sterci [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | 24,401 | ' |
Property and equipment | 2,668 | ' |
Due from Simplex | 4,242 | ' |
Customer related intangible assets | 55,807 | ' |
Core technology | 17,848 | ' |
Other intangible assets | 6,291 | ' |
Investment in Simplex | 5,596 | ' |
Goodwill | 44,363 | ' |
Current liabilities | -12,352 | ' |
Pension liability | -9,478 | ' |
Other liabilities | -18,367 | ' |
Total purchase price | 121,019 | ' |
Simplex [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | 3,019 | ' |
Property and equipment | 455 | ' |
Due from Simplex | ' | ' |
Customer related intangible assets | 4,338 | ' |
Core technology | ' | ' |
Other intangible assets | 191 | ' |
Investment in Simplex | ' | ' |
Goodwill | 11,866 | ' |
Current liabilities | -3,708 | ' |
Pension liability | ' | ' |
Other liabilities | -958 | ' |
Total purchase price | 15,203 | ' |
Elimination [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | ' | ' |
Property and equipment | ' | ' |
Due from Simplex | -4,242 | ' |
Customer related intangible assets | ' | ' |
Core technology | ' | ' |
Other intangible assets | ' | ' |
Investment in Simplex | -5,596 | ' |
Goodwill | ' | ' |
Current liabilities | ' | ' |
Pension liability | ' | ' |
Other liabilities | ' | ' |
Total purchase price | ($9,838) | ' |
Product_and_Business_Acquisiti4
Product and Business Acquisitions - Reconciliation of Cash Paid to Accounting Purchase Price for Acquisitions (Detail) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Aug. 20, 2013 | Aug. 20, 2013 | Sep. 30, 2013 | Sep. 04, 2013 | Sep. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | Sterci [Member] | Sterci [Member] | Sterci [Member] | Simplex [Member] | Simplex [Member] | Simplex [Member] | Elimination [Member] | |
USD ($) | CHF | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | ||
Loans At Acquisition Date [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | $126,384 | $121,000 | 111,000 | $121,019 | $5,400 | £ 3,400 | $5,365 | ' |
Settlement of preexisting relationship | ' | ' | ' | ' | ' | ' | 4,242 | -4,242 |
Acquisition date fair value of the previously held equity interest | ' | ' | ' | ' | ' | ' | 5,596 | -5,596 |
Total accounting purchase price | $126,384 | ' | ' | $121,019 | ' | ' | $15,203 | ($9,838) |
Product_and_Business_Acquisiti5
Product and Business Acquisitions - Schedule of Pro Forma Information Not Necessarily Reflect Results of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' |
Revenues | $69,021 | $69,499 |
Net income | ($9,466) | ($4,057) |
Net income per basic share attributable to common stockholders | ($0.26) | ($0.12) |
Net income per diluted share attributable to common stockholders | ($0.26) | ($0.12) |
Net_Income_Loss_Per_Share_Sche
Net Income (Loss) Per Share - Schedule of Computation of Basic and Dilute Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' |
Net (loss) income allocable to common stockholders | ($6,048) | $18 |
Denominator: | ' | ' |
Shares used in computing basic net (loss) income per share attributable to common stockholders | 36,214 | 34,909 |
Effect of dilutive securities | ' | 717 |
Shares used in computing diluted net (loss) income per share attributable to common stockholders | 36,214 | 35,626 |
Basic net (loss) income per share attributable to common stockholders | ($0.17) | $0 |
Diluted net (loss) income per share attributable to common stockholders | ($0.17) | $0 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Convertible Senior Notes [Member] | ||
Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from calculation of diluted earnings per share | 2.9 | ' |
Number of shares purchased through issue of warrants | ' | 6.3 |
Common stock exercise price | ' | 40.04 |
Operations_by_Industry_Segment
Operations by Industry Segments and Geographic Areas - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Operations_by_Industry_Segment1
Operations by Industry Segments and Geographic Areas - Schedule of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Segment revenue: | ' | ' |
Total segment revenue | $67,249 | $61,689 |
Segment measure of profit: | ' | ' |
Total measure of segment profit | 11,612 | 10,356 |
Payments and Transactional Documents [Member] | ' | ' |
Segment revenue: | ' | ' |
Total segment revenue | 29,811 | 27,571 |
Segment measure of profit: | ' | ' |
Total measure of segment profit | 8,964 | 7,082 |
Banking Solutions [Member] | ' | ' |
Segment revenue: | ' | ' |
Total segment revenue | 17,276 | 18,119 |
Segment measure of profit: | ' | ' |
Total measure of segment profit | 1,485 | 2,015 |
Hosted Solutions [Member] | ' | ' |
Segment revenue: | ' | ' |
Total segment revenue | 20,162 | 15,999 |
Segment measure of profit: | ' | ' |
Total measure of segment profit | $1,163 | $1,259 |
Operations_by_Industry_Segment2
Operations by Industry Segments and Geographic Areas - Reconciliation of Measure of Segment Profit to Gaap Operating (Loss) Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' |
Total measure of segment profit | $11,612 | $10,356 |
Less: | ' | ' |
Amortization of intangible assets | -5,705 | -4,312 |
Stock-based compensation expense | -5,032 | -4,207 |
Acquisition and integration related expenses | -1,866 | -1,715 |
Restructuring charges | -55 | -296 |
Add: | ' | ' |
Other income (expense), net | -4,040 | 46 |
Loss before income taxes | ($5,086) | ($128) |
Operations_by_Industry_Segment3
Operations by Industry Segments and Geographic Areas - Schedule of Segment Depreciation Expense Included in Segment Measure of Profit (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Depreciation expense: | ' | ' |
Depreciation expense | $1,832 | $1,713 |
Payments and Transactional Documents [Member] | ' | ' |
Depreciation expense: | ' | ' |
Depreciation expense | 619 | 485 |
Banking Solutions [Member] | ' | ' |
Depreciation expense: | ' | ' |
Depreciation expense | 494 | 526 |
Hosted Solutions [Member] | ' | ' |
Depreciation expense: | ' | ' |
Depreciation expense | $719 | $702 |
Operations_by_Industry_Segment4
Operations by Industry Segments and Geographic Areas - Schedule of Revenue Based on Point of Sale (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues from unaffiliated customers: | ' | ' |
Revenues from unaffiliated customers | $67,249 | $61,689 |
United States [Member] | ' | ' |
Revenues from unaffiliated customers: | ' | ' |
Revenues from unaffiliated customers | 41,780 | 42,710 |
United Kingdom [Member] | ' | ' |
Revenues from unaffiliated customers: | ' | ' |
Revenues from unaffiliated customers | 22,342 | 17,178 |
Continental Europe [Member] | ' | ' |
Revenues from unaffiliated customers: | ' | ' |
Revenues from unaffiliated customers | 2,407 | 1,047 |
Asia-Pacific [Member] | ' | ' |
Revenues from unaffiliated customers: | ' | ' |
Revenues from unaffiliated customers | $720 | $754 |
Operations_by_Industry_Segment5
Operations by Industry Segments and Geographic Areas - Schedule of Long-Lived Assets, Excluding Deferred Tax Assets and Intangible Assets, Based on Geographic Designation (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Long-lived assets: | ' | ' |
Long-lived assets | $39,763 | $34,813 |
United States [Member] | ' | ' |
Long-lived assets: | ' | ' |
Long-lived assets | 32,597 | 31,068 |
United Kingdom [Member] | ' | ' |
Long-lived assets: | ' | ' |
Long-lived assets | 4,321 | 3,602 |
Continental Europe [Member] | ' | ' |
Long-lived assets: | ' | ' |
Long-lived assets | 2,691 | 24 |
Asia-Pacific [Member] | ' | ' |
Long-lived assets: | ' | ' |
Long-lived assets | $154 | $119 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense (benefit) | $962,000 | ($146,000) |
Tax benefit resulting from enactment | 600,000 | ' |
Unrecognized tax benefits decrease as a result of the expiration of certain statutes | $100,000 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Subject to Amortization and for Intangible Assets Not Subject to Amortization (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $283,677 | $193,881 |
Accumulated Amortization | -119,084 | -111,009 |
Net Carrying Value | 164,593 | 82,872 |
Goodwill | 169,591 | 109,196 |
Total intangible assets | 334,184 | 192,068 |
Customer Related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 195,634 | 131,382 |
Accumulated Amortization | -75,123 | -69,927 |
Net Carrying Value | 120,511 | 61,455 |
Weighted Average Remaining Life | '12 years 3 months 18 days | '11 years |
Core Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 69,601 | 50,658 |
Accumulated Amortization | -38,137 | -35,847 |
Net Carrying Value | 31,464 | 14,811 |
Weighted Average Remaining Life | '7 years 3 months 18 days | '6 years 9 months 18 days |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 18,442 | 11,841 |
Accumulated Amortization | -5,824 | -5,235 |
Net Carrying Value | $12,618 | $6,606 |
Weighted Average Remaining Life | '7 years 10 months 24 days | '5 years 3 months 18 days |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $29,400 |
2015 | 24,809 |
2016 | 19,626 |
2017 | 17,016 |
2018 | 13,666 |
2019 and thereafter | $65,781 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Roll Forward of Goodwill Balances by Reportable Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Payments and Transactional Documents [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Beginning Balance | $66,862 |
Goodwill acquired during the period | ' |
Impact of foreign currency translation | 1,374 |
Ending Balance | 68,236 |
Banking Solutions [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Beginning Balance | 8,453 |
Goodwill acquired during the period | ' |
Impact of foreign currency translation | ' |
Ending Balance | 8,453 |
Hosted Solutions [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Beginning Balance | 33,881 |
Goodwill acquired during the period | 56,229 |
Impact of foreign currency translation | 2,792 |
Ending Balance | $92,902 |
Convertible_Senior_Notes_Addit
Convertible Senior Notes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Dec. 12, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate principal amount of Convertible Senior Notes | $189,750,000 | ' | ' |
Warrants [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Warrants exercisable beginning | 1-Mar-18 | ' | ' |
Warrants exercisable ending | 18-Oct-18 | ' | ' |
Warrant expiration period | '150 days | ' | ' |
Convertible Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate principal amount of Convertible Senior Notes | 189,800,000 | ' | 189,800,000 |
Interest rate on Convertible Senior Notes | ' | ' | 1.50% |
Maturity date of Convertible Senior Notes | 1-Dec-17 | ' | ' |
Convertible notes conversion amount in multiples | 1,000 | ' | ' |
Consecutive trading days | '30 days | ' | ' |
Common stock minimum trading days | '20 days | ' | ' |
Percentage of common stock conversion price | 130.00% | ' | ' |
Conditions for conversion of notes | 'During the five business day period after any five consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of the convertible notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of our common stock and the conversion rate on each trading day | ' | ' |
Last day conversion rate | 98.00% | ' | ' |
Initial conversion rate per $1,000 principal amount | 33.3042 | ' | ' |
Initial conversion price per share | $30.03 | ' | ' |
Percentage of repurchase price equal to principal amount of notes to be repurchased | 100.00% | ' | ' |
Redemption percentage of principal amount of notes outstanding by notice | 25.00% | ' | ' |
Redemption percentage of principal amount of notes outstanding at request by holders with accrued and unpaid interest | 100.00% | ' | ' |
Certain events of bankruptcy, insolvency or reorganization, redemption percentage of principal amount of notes outstanding with accrued and unpaid interest | 100.00% | ' | ' |
Notes Principal amount | 1,000 | ' | ' |
Interest rate per annum | 0.25% | ' | ' |
Estimated fair value of the contingent interest feature of the notes | 0 | ' | ' |
Convertible Senior Notes, term | '5 years | ' | ' |
Hedging of common stock | ' | 6,300,000 | ' |
Cost of the Note Hedges | 42,300,000 | ' | ' |
Aggregate proceeds from sale of warrants | $25,800,000 | ' | ' |
Purchase of common stock | 6,300,000 | ' | ' |
Common stock, strike price per share | $40.04 | ' | ' |
Convertible_Senior_Notes_Net_C
Convertible Senior Notes - Net Carrying Amount of Convertible Notes (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Principal amount | $189,750 |
Unamortized discount | -48,683 |
Net carrying value | $141,067 |
Convertible_Senior_Notes_Total
Convertible Senior Notes - Total Interest Expense Related to Convertible Notes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Contractual interest expense (cash) | $712 | ' |
Amortization of debt issue costs (non-cash) | 296 | ' |
Amortization of debt discount (non-cash) | 2,486 | ' |
Total interest expense | $3,494 | ' |
Effective interest rate of the liability component | 6.74% | ' |