Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EPAY | |
Entity Registrant Name | BOTTOMLINE TECHNOLOGIES INC /DE/ | |
Entity Central Index Key | 1,073,349 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 43,091,932 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 76,371 | $ 121,860 | $ 128,263 |
Cash held for customers | 3,211 | 2,753 | |
Marketable securities | 10,011 | 10,012 | |
Accounts receivable net of allowances for doubtful accounts of $930 at September 30, 2018 and $996 at June 30, 2018 | 67,067 | 74,305 | |
Prepaid expenses and other current assets | 30,624 | 19,781 | |
Total current assets | 187,284 | 228,711 | |
Property and equipment, net | 28,777 | 28,895 | |
Goodwill | 202,269 | 200,024 | |
Intangible assets, net | 165,459 | 161,785 | |
Other assets | 31,368 | 16,553 | |
Total assets | 615,157 | 635,968 | |
Current liabilities: | |||
Accounts payable | 10,071 | 10,251 | |
Accrued expenses and other current liabilities | 31,401 | 34,994 | |
Customer account liabilities | 3,211 | 2,753 | |
Deferred revenue | 63,079 | 75,356 | |
Total current liabilities | 107,762 | 123,354 | |
Borrowings under credit facility | 110,000 | 150,000 | |
Deferred revenue, non-current | 17,145 | 23,371 | |
Deferred income taxes | 11,315 | 8,367 | |
Other liabilities | 19,671 | 19,944 | |
Total liabilities | 265,893 | 325,036 | |
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-46,136 at September 30, 2018 and 44,834 at June 30, 2018; outstanding shares-40,406at September 30, 2018 and 39,028 at June 30, 2018 | 46 | 45 | |
Additional paid-in-capital | 690,925 | 678,549 | |
Accumulated other comprehensive loss | (31,721) | (30,633) | |
Treasury stock: 5,730 shares at September 30, 2018 and 5,806 shares at June 30, 2018, at cost | (128,216) | (129,914) | |
Accumulated deficit | (181,770) | (207,115) | |
Total stockholders' equity | 349,264 | 310,932 | |
Total liabilities and stockholders' equity | $ 615,157 | $ 635,968 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowances for doubtful accounts and returns | $ 930 | $ 996 |
Preferred Stock, $.001 par value | $ 0.001 | $ 0.001 |
Preferred Stock, Authorized shares | 4,000,000 | 4,000,000 |
Preferred Stock, Issued shares | 0 | 0 |
Preferred Stock, Outstanding shares | 0 | 0 |
Common Stock, $.001 par value | $ 0.001 | $ 0.001 |
Common Stock, Authorized shares | 100,000,000 | 100,000,000 |
Common Stock, Issued shares | 46,136,000 | 44,834,000 |
Common Stock, Outstanding shares | 40,406,000 | 39,028,000 |
Treasury stock, shares | 5,730,000 | 5,806,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Revenues: | |||
Revenue | $ 102,437 | $ 91,296 | |
Cost of revenues: | |||
Total cost of revenues | 45,130 | 40,559 | |
Gross profit | 57,307 | 50,737 | |
Operating expenses: | |||
Sales and marketing | 23,022 | 19,349 | |
Product development and engineering | 16,565 | 13,864 | |
General and administrative | 13,865 | 11,837 | |
Amortization of acquisition-related intangible assets | 5,326 | 5,188 | |
Total operating expenses | 58,778 | 50,238 | |
Income (loss) from operations | (1,471) | 499 | |
Other expense, net | (781) | (4,283) | |
Loss before income taxes | (2,252) | (3,784) | |
Benefit from (provision for) income taxes | 1,334 | (457) | $ 4,100 |
Net loss | $ (918) | $ (4,241) | |
Basic and diluted net loss per share | $ (0.02) | $ (0.11) | |
Shares used in computing basic and diluted net loss per share | 39,689 | 37,730 | |
Other comprehensive income (loss), net of tax: | |||
Unrealized loss on available for sale securities | $ (2) | ||
Unrealized gain (loss) on interest rate hedging transactions | 327 | $ (235) | |
Minimum pension liability adjustments | (46) | 104 | |
Foreign currency translation adjustments | (1,367) | 1,373 | |
Other comprehensive income (loss), net of tax: | (1,088) | 1,242 | |
Comprehensive loss | (2,006) | (2,999) | |
Subscriptions and Transactions [Member] | |||
Revenues: | |||
Revenue | 69,768 | 60,714 | |
Cost of revenues: | |||
Cost of revenue | 31,669 | 27,422 | |
Software Licenses [Member] | |||
Revenues: | |||
Revenue | 4,512 | 2,365 | |
Cost of revenues: | |||
Cost of revenue | 231 | 170 | |
Service and Maintenance [Member] | |||
Revenues: | |||
Revenue | 27,405 | 27,342 | |
Cost of revenues: | |||
Cost of revenue | 12,706 | 12,300 | |
Product and Service, Other [Member] | |||
Revenues: | |||
Revenue | 752 | 875 | |
Cost of revenues: | |||
Cost of revenue | $ 524 | $ 667 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net loss | $ (918) | $ (4,241) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization of acquisition-related intangible assets | 5,326 | 5,188 |
Stock-based compensation plan expense | 12,342 | 8,460 |
Depreciation and other amortization | 5,640 | 4,668 |
Gain on sale of cost-method investment | (237) | |
Deferred income tax benefit | (1,794) | (142) |
Provision for allowances on accounts receivable | 44 | 69 |
Amortization of debt issuance costs | 104 | 406 |
Amortization of debt discount | 104 | 3,303 |
Amortization of premium (discount) on investments | (37) | 2 |
Loss on disposal of equipment | 592 | |
Loss on foreign exchange | 126 | 22 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,239 | 3,736 |
Prepaid expenses and other current assets | (2,031) | (1,896) |
Other assets | (955) | 531 |
Accounts payable | 246 | 1,367 |
Accrued expenses | (2,828) | (2,750) |
Customer account liabilities | 496 | |
Deferred revenue | (9,086) | (13,120) |
Other liabilities | (287) | 151 |
Net cash provided by operating activities | 11,982 | 5,754 |
Investing activities: | ||
Acquisition of businesses and assets, net of cash acquired | (8,895) | (546) |
Proceeds from sale of cost-method investment | 237 | |
Purchases of available-for-salesecurities | (2,665) | |
Proceeds from sales of available-for-sale securities | 2,700 | 1,903 |
Capital expenditures, including capitalization of software costs | (8,378) | (3,715) |
Net cash used in investing activities | (17,001) | (2,358) |
Financing activities: | ||
Repayment of amounts borrowed under revolving credit facility | (40,000) | |
Repayment of notes payable | (183) | (2,019) |
Settlement of warrants | (4) | |
Debt issuance costs related to credit facility | (597) | |
Proceeds from exercise of stock options and employee stock purchase plan | 1,718 | 1,536 |
Net cash used in financing activities | (39,066) | (483) |
Effect of exchange rate changes on cash | (946) | 781 |
Increase (decrease) in cash, cash equivalents and restricted cash | (45,031) | 3,694 |
Cash, cash equivalents and restricted cash at beginning of period | 124,613 | 124,569 |
Cash, cash equivalents and restricted cash at end of period | 79,582 | 128,263 |
Cash, cash equivalents and restricted cash at end of period | 76,371 | 128,263 |
Cash held for customers at end of period | 3,211 | |
Cash, cash equivalents and restricted cash at end of period | 79,582 | 128,263 |
Supplemental disclosures of non-cash financing activities: | ||
Issuance of note payable to seller in connection with acquisition | $ 1,836 | |
Issuance of common stock upon settlement of the warrants | $ 55,796 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1—Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Bottomline Technologies (de), Inc. (referred to below as we, us, our or Bottomline) 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 S-X. 10-K |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2—Recent Accounting Pronouncements Recently Adopted Pronouncements Revenue Recognition: We adopted the new revenue standard on July 1, 2018 using the modified retrospective method of adoption applied to open contracts at that date and upon adoption recorded a $26.3 million decrease to our accumulated deficit balance. The adjustments we recorded at transition were composed of: (in thousands) Decrease to accounts receivable $ (1,914 ) Increase to contract assets 5,118 Decrease to deferred revenue 9,839 Increase to capitalized fulfillment costs 11,648 Increase to capitalized sales commissions 4,952 Tax effects (3,380 ) Total decrease to accumulated deficit $ 26,263 The adjustment to accounts receivable relates primarily to unbilled receivables reclassified as contract assets. The increase to contract assets relates to revenue recognized in excess of the amount billed to the customer and the right to payment contingent on conditions other than the passage of time, such as the completion of a related performance obligation. Adjustments to deferred revenue relate primarily to the acceleration of revenue as compared to the previous revenue recognition standard. This largely relates to transactions under legacy GAAP where revenue was deferred due to a lack of vendor specific objective evidence of fair value, transactions accounted for under a combined services arrangement, transactions that had contractually stipulated price increases that were accounted for as the increases occurred and certain contingent revenue arrangements. Adjustments to capitalized fulfillment costs and capitalized sales commissions reflect the requirement to capitalize these costs under the new standard. Prior to adoption, we expensed these costs as incurred. Capitalized costs are recorded as components of our prepaid expenses and other current assets and other assets in our consolidated balance sheet. Please refer to Note 3 Revenue Recognition Financial Instruments—Classification and Measurement: Statement of Cash Flows: Our consolidated balance sheets include cash held for customers and a liability for the same amount. Cash held for customers and the related customer account liabilities arise from certain payment transactions we process on behalf of customers where we collect and hold customer funds for a short transient period before disbursing the cash and settling the liability. Cash we hold on behalf of customers is segregated from our other corporate cash accounts and is not available for use by us. Defined Benefit Plan Expenses: non-operating Accounting Pronouncements to be Adopted Leases: right-of-use Financial Instruments—Credit Losses: Goodwill Impairment: Share-Based Compensation—Nonemployee Share-Based Payment Accounting: |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3—Revenue Recognition Significant Accounting Policy Effective July 1, 2018, we adopted a new accounting standard related to revenue recognition on a modified retrospective basis to all open contracts. Other than changes in our accounting policies for revenue recognition and deferred contract costs due to the adoption of this standard, there have been no significant changes to our accounting policies as described in our Annual Report on Form 10-K Revenue Recognition We generate revenue from the sale of SaaS or cloud based services inclusive of both fixed and usage-based fees, perpetual and term software licenses, professional services such as consulting and implementation services, software support and maintenance and, to a lesser extent, through the sale of hardware and supplies. We recognize revenue as we transfer goods and services to customers, at amounts we expect to receive as consideration under enforceable contractual arrangements. Revenue is recognized as we satisfy contractual performance obligations, which can occur either at a point in time or over time. For perpetual and term software licenses that do not involve significant customization and for equipment and supplies sales, we normally record revenue at a point in time. For professional services, support and maintenance, stand-ready performance obligations with respect to our hosted or SaaS solutions and for software licenses that are dependent on significant customization by us we normally record revenue over time. We recognize revenue according to a five step model that involves: • Identifying the contract (or contracts) with a customer; • Identifying the performance obligations in the contract(s); • Determining the transaction price; • Allocating the transaction price to the contractual performance obligations, and • Recognizing revenue as we satisfy the performance obligations. We consider a contract to exist when we have legally enforceable rights and obligations with a customer. Our contracts can take a variety of forms but are normally in writing and document all major commercial terms such as the goods or services we will be obligated to transfer under the arrangement, the amount the customer is obligated to pay to us upon fulfillment of our obligations and the payment terms. Performance obligations in a contract are accounted for separately if they are determined to be distinct. We consider a performance obligation to be distinct if that good or service is separately identified from other items in the contract and if the customer can benefit from that performance obligation on its own or together with resources that are readily available to the customer. In assessing whether a customer can benefit from a performance obligation on its own, we consider factors such as the interdependency or interrelationship of the item with other goods or services in the contract, the complexity of any required integration or customization and the ability of the customer’s personnel or other third party providers to fulfill like goods or services. If a particular good or service is not considered to be distinct, it is combined with other performance obligations in the arrangement and revenue is recognized as the combined performance obligation is transferred to the customer. The transaction price is the amount of consideration we expect to be entitled to under a contract upon fulfillment of the performance obligations. The starting point for estimating the transaction price is the selling price stipulated in the contract, however we include in the determination of the overall transaction price an estimate of variable consideration to the extent it is probable that inclusion will not result in a significant future reversal of revenue. Variable consideration can arise in our arrangements as a result of usage-based fees. For contracts with a long period over which usage-based fees can arise, or in contracts with customers with whom we do not have a reasonable operating history, we often constrain the amount of variable consideration included in the transaction price. We update our estimate of variable consideration at the end of each financial reporting period. We exclude from the determination of the transaction price sales and other taxes we bill to and collect from customers and remit to government authorities. Shipping and handling activities performed after the customer has obtained control of the good or service is accounted for as a fulfillment activity. The transaction price is allocated to contractual performance obligations on a relative standalone selling price basis. We normally estimate standalone selling price using the adjusted market approach, maximizing the use of observable inputs and other factors that can include: the price we charge when we sell an item separately, our internal price lists and internal pricing guidelines, cost of delivering the item and overall gross margin expectations and information about the customer or class of customer. Revenue is recorded, either at a point in time or over time, as we satisfy the performance obligations in a contract. Nature of Goods and Services Subscriptions and Transactions: non-cancelable non-cancelable For certain of our hosted or SaaS solutions, customers are charged a fee for implementation services. In determining whether the implementation services are distinct from the hosting services we consider various factors including the level of customization, complexity of the integration, the interdependency and interrelationship between the implementation services and the hosting services and the ability (or inability) of the customer’s personnel or other service providers to perform the implementation services. We have concluded that the implementation services in our hosting arrangements with multiple performance obligations are not distinct and therefore we recognize fees for implementation services ratably over the non-cancelable We license certain software on a subscription basis under contractual arrangements where customers pay a specified fee, inclusive of support and maintenance, for a time-based license right to use our software. These fees recur periodically, unless the customer opts to cancel their subscription arrangement with us. These contracts typically contain two distinct performance obligations: the software license and support and maintenance. The portion of the transaction price allocated to the license right is recognized at the point in time in which we have provided the customer access to the intellectual property and the license term has commenced. The portion of the transaction price allocated to support and maintenance is recognized ratably over the non-cancelable Software Licenses: Certain of our software arrangements require significant customization and modification and involve extended implementation periods. In these arrangements the professional services and software license are highly interdependent and we treat the software license and professional services as a combined performance obligation. We recognize revenue for the combined performance obligation over time and measure progress to completion based on labor hours incurred as a percentage of total expected labor hours. We believe the use of labor hours as an input measure provides a faithful depiction of the transfer of goods and services under these contracts. Support and Maintenance: time-to-time, non-cancelable Professional Services: Other: Disaggregation of Revenue The table below presents our revenue disaggregated by major product category and the related financial statement classification of revenue for the three months ended September 30, 2018. Three Months Ended September 30, 2018 Settlement Legal Spend Banking Payments and Healthcare Other Total (in thousands) Financial statement classification: Subscriptions and transactions $ 24,282 $ 18,396 $ 15,666 $ 10,569 $ 826 $ 29 $ 69,768 Software licenses 572 — 1,326 2,154 419 41 4,512 Service and maintenance 6,325 — 5,260 12,759 898 2,163 27,405 Other — — — 752 — — 752 Total revenues $ 31,179 $ 18,396 $ 22,252 $ 26,234 $ 2,143 $ 2,233 $ 102,437 Remaining Performance Obligations The transaction price allocated to remaining performance obligations that are unsatisfied, or partially unsatisfied, as of September 30, 2018 represents contracted revenue that will be recognized in future periods. Our future performance obligations consist primarily of SaaS hosting/subscription obligations relating to future periods, contracted but uncompleted professional services obligations and support and maintenance obligations. Revenue allocated to remaining performance obligations was $355.5 million as of September 30, 2018 of which we expect to recognize approximately $160.7 million over the next twelve months and the remainder thereafter. We exclude from our measure of remaining performance obligations amounts related to future transactional or usage based fees for which the value of services transferred to the customer will correspond to the amount we will invoice for those services. Contract Assets and Liabilities The table below presents our accounts receivable, contract assets and deferred revenue balances as of July 1, 2018 and September 30, 2018. July 1, September 30, 2018 2018 $ Change (in thousands) Accounts receivable $ 72,391 $ 67,067 $ (5,324 ) Contract assets 5,118 5,462 344 Deferred revenue 88,888 80,224 (8,664 ) Accounts receivable includes amounts related to our contractual right to consideration for both completed and partially completed performance obligations that may not have been invoiced. Contract assets arise when we recognize revenue in excess of the amount billed to the customer and the right to payment is contingent on conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings or customer payments in excess of amounts recognized as revenue. Contract Costs We capitalize incremental costs incurred in connection with obtaining a contract if they have a period of benefit that is greater than one year and we expect to recover the costs through future contract revenues. Incremental costs incurred to obtain a contract relate to sales commissions. We also capitalize costs incurred in fulfilling a contract when the costs relate directly to a specifically identifiable customer contract, when the costs generate or enhance resources that we will use to satisfy performance obligations in the future and when the costs are expected to be recovered through future contract revenues. Capitalized costs to obtain a contract and capitalized fulfillment costs totaled $5.1 million and $15.9 million, respectively, at September 30, 2018. Capitalized costs are amortized on a basis consistent with the transfer of the goods or services to which the asset relates. This results in capitalized costs being recognized on a ratable basis over the estimated period of future benefit, which is generally five years. We estimate the future period of benefit considering the current contract term, the impact of estimated customer renewal terms and the estimated life of the technology solution underlying the contracts. Amortization expense associated with costs of obtaining and costs of fulfilling a contract, respectively, for the three months ended September 30, 2018 was $0.3 million and $0.6 million which were recorded as components of sales and marketing expense and cost of revenues, respectively, in our consolidated statement of comprehensive loss. The following tables summarize the impact of adopting the new revenue standard on our consolidated financial statements as of September 30, 2018: Consolidated Balance Sheet At September 30, 2018 (in thousands, unaudited) As Reported Adjustments Balances without ASSETS Current assets: Cash and cash equivalents $ 76,371 $ — $ 76,371 Cash held for customers 3,211 — 3,211 Marketable securities 10,011 — 10,011 Accounts receivable, net 67,067 1,386 68,453 Prepaid expenses and other current assets 30,624 (9,616 ) 21,008 Total current assets 187,284 (8,230 ) 179,054 Property and equipment, net 28,777 — 28,777 Goodwill 202,269 — 202,269 Intangible assets, net 165,459 — 165,459 Other assets 31,368 (13,406 ) 17,962 Total assets $ 615,157 $ (21,636 ) $ 593,521 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 10,071 $ — $ 10,071 Accrued expenses and other current liabilities 31,401 — 31,401 Customer account liabilities 3,211 — 3,211 Deferred revenue 63,079 5,076 68,155 Total current liabilities 107,762 5,076 112,838 Borrowings under credit facility 110,000 — 110,000 Deferred revenue, non-current 17,145 3,956 21,101 Deferred income taxes 11,315 (2,430 ) 8,885 Other liabilities 19,671 — 19,671 Total liabilities 265,893 6,602 272,495 Stockholders’ equity Preferred Stock, $.001 par value — — — Common Stock, $.001 par value 46 — 46 Additional paid-in-capital 690,925 — 690,925 Accumulated other comprehensive loss (31,721 ) 60 (31,661 ) Treasury stock, at cost (128,216 ) — (128,216 ) Accumulated deficit (181,770 ) (28,298 ) (210,068 ) Total stockholders’ equity 349,264 (28,238 ) 321,026 Total liabilities and stockholders’ equity $ 615,157 $ (21,636 ) $ 593,521 Consolidated Statement of Comprehensive Loss Three Months Ended September 30, 2018 (in thousands, unaudited) As Reported Adjustments Balances without adoption of new Revenues: Subscriptions and transactions $ 69,768 $ 836 $ 70,604 Software licenses 4,512 (1,640 ) 2,872 Service and maintenance 27,405 713 28,118 Other 752 — 752 Total revenues 102,437 (91 ) 102,346 Cost of revenues: Subscriptions and transactions 31,669 386 32,055 Software licenses 231 — 231 Service and maintenance 12,706 393 13,099 Other 524 2 526 Total cost of revenues 45,130 781 45,911 Gross profit 57,307 (872 ) 56,435 Operating expenses: Sales and marketing 23,022 186 23,208 Product development and engineering 16,565 32 16,597 General and administrative 13,865 — 13,865 Amortization of acquisition-related intangible assets 5,326 — 5,326 Total operating expenses 58,778 218 58,996 Loss from operations (1,471 ) (1,090 ) (2,561 ) Other expense, net (781 ) (4 ) (785 ) Loss before income taxes (2,252 ) (1,094 ) (3,346 ) Income tax benefit 1,334 (941 ) 393 Net loss $ (918 ) $ (2,035 ) $ (2,953 ) Basic and diluted net loss per share $ (0.02 ) $ (0.05 ) $ (0.07 ) Shares used in computing basic and diluted net loss per share: 39,689 — 39,689 Other comprehensive loss, net of tax: Unrealized loss on available for sale securities (2 ) — (2 ) Unrealized gain on interest rate hedging transactions 327 — 327 Minimum pension liability adjustments (46 ) — (46 ) Foreign currency translation adjustments (1,367 ) 60 (1,307 ) Other comprehensive loss, net of tax: (1,088 ) 60 (1,028 ) Comprehensive loss $ (2,006 ) $ (1,975 ) $ (3,981 ) Consolidated Statement of Cash Flows Three Months Ended September 30, 2018 (in thousands, unaudited) As Reported Adjustments Balances without adoption of new Operating activities: Net loss $ (918 ) $ (2,035 ) $ (2,953 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of acquisition-related intangible assets 5,326 — 5,326 Stock-based compensation plan expense 12,342 9 12,351 Depreciation and other amortization 5,640 — 5,640 Gain on sale of cost-method investment (237 ) — (237 ) Deferred income tax benefit (1,794 ) 941 (853 ) Provision for allowances on accounts receivable 44 — 44 Amortization of debt issuance costs 104 — 104 Amortization of premium (discount) on investments (37 ) — (37 ) Loss on disposal of equipment 592 — 592 Loss on foreign exchange 126 4 130 Changes in operating assets and liabilities: Accounts receivable 5,239 523 5,762 Prepaid expenses and other current assets (2,031 ) 1,176 (855 ) Other assets (955 ) 180 (775 ) Accounts payable 246 — 246 Accrued expenses (2,828 ) — (2,828 ) Customer account liabilities 496 — 496 Deferred revenue (9,086 ) (798 ) (9,884 ) Other liabilities (287 ) — (287 ) Net cash provided by operating activities $ 11,982 $ — $ 11,982 The following summarizes the significant adjustments resulting from our adoption of the new revenue recognition standard compared to what would have been recorded in our financial statements had we continued to apply the provisions of legacy GAAP: Consolidated Balance Sheet Adjustments to prepaid expenses and other current assets and other assets relate to costs to fulfill and costs to obtain a customer contract which are capitalized under the new standard and expensed as incurred under legacy GAAP. Adjustments to deferred revenue reflect the acceleration of revenue recognition for certain transactions that required longer term revenue deferral under legacy GAAP. Consolidated Statement of Comprehensive Loss Adjustments to software license revenues reflect the requirement under legacy GAAP to defer recognition of revenue when vendor specific evidence of fair value could not be established. The new revenue standard does not have a similar requirement and instead results in the recognition of software license revenue when that performance obligation has been transferred to the customer. Statement of Cash Flows The adoption of the new revenue standard had no impact on our total cash flows or the net cash provided by operating activities. The adjustments reflect offsetting shifts in the components of operating cash flow driven by changes to individual balance sheet accounts and the change in our net loss. |
Fair Value
Fair Value | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4—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, 2018 and June 30, 2018, our assets and liabilities measured at fair value on a recurring basis were as follows: September 30, 2018 June 30, 2018 Fair Value Measurements Using Input Types Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets Money market funds (cash and cash equivalents) $ 160 $ — $ — $ 160 $ 154 $ — $ — $ 154 Available for sale securities - Debt U.S. Corporate $ — $ 3,488 $ — $ 3,488 $ — $ 3,467 $ — $ 3,467 Government - U.S. — 6,460 — 6,460 — 6,480 — 6,480 Total available for sale securities $ — $ 9,948 $ — $ 9,948 $ — $ 9,947 $ — $ 9,947 Short-term derivative interest rate swap $ — $ 611 $ — $ 611 $ — $ 407 $ — $ 407 Long-term derivative interest rate swap $ — $ 2,306 $ — $ 2,306 $ — $ 2,183 $ — $ 2,183 Fair Value of Financial Instruments We have certain financial instruments which consist of cash and cash equivalents, cash held for customers, marketable securities, accounts receivable, accounts payable, customer account liabilities, a derivative interest rate swap and debt drawn on our Credit Facility . • Cash and cash equivalents, cash held for customers, accounts receivable, accounts payable and customer account liabilities fair values approximates their carrying values, due to the short-term nature of these instruments. • Marketable securities classified as held to maturity, all of which mature within one year, are recorded at amortized cost which at September 30, 2018 and June 30, 2018, approximated fair value. • Marketable debt 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 stockholders’ equity, net of tax. We use the specific identification method to determine any realized gains or losses from the sale of our marketable debt securities classified as available for sale. • The fair value of our derivative interest rate swap is based on the present value of projected cash flows that will occur over the life of the instrument, after considering certain contractual terms of the arrangement and counterparty credit risk. • The carrying value of assets related to deposits we have made to fund future requirements associated with Israeli severance arrangements was $1.3 million and $1.4 million at September 30, 2018 and June 30, 2018, respectively, which approximated fair value. • We have certain other investments for which there is no readily determinable fair value. The carrying value of these investments was $4.4 million at both September 30, 2018 and June 30, 2018, and they are reported as a component of our other assets. These investments are recorded at cost, less impairment (if any), plus or minus adjustments for observable price changes. • We have borrowings of $110 million against our Credit Facility. The fair value of these borrowings, which are classified as Level 2, approximates their carrying value at September 30, 2018, as the instrument carries a variable rate of interest which reflects current market rates. Marketable Securities The table below presents information regarding our marketable securities by major security type as of September 30, 2018 and June 30, 2018. September 30, 2018 June 30, 2018 Held to Available Total Held to Available Total (in thousands) Marketable securities: Corporate and other debt securities $ 63 $ 9,948 $ 10,011 $ 65 $ 9,947 $ 10,012 Total marketable securities $ 63 $ 9,948 $ 10,011 $ 65 $ 9,947 $ 10,012 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: September 30, 2018 (in thousands) Due within 1 year $ 9,948 Due in 1 year through 5 years — Total $ 9,948 All of our available for sale marketable securities are classified as current assets as we do not have the positive intent to hold these investments until maturity. At September 30, 2018, the difference between the fair value of our available for sale securities and their amortized cost was not significant. 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, 2018 and June 30, 2018, respectively, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: At September 30, 2018 At June 30, 2018 Less than 12 Months Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Government—U.S. $ 6,460 $ (8 ) $ 6,480 $ (6 ) Total $ 6,460 $ (8 ) $ 6,480 $ (6 ) |
Acquisitions
Acquisitions | 3 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 5—Acquisitions Fiscal Year 2019 Acquisition Microgen Banking Systems Limited On July 2, 2018, we acquired Microgen Banking Systems Limited (Microgen), a UK-based BACS of UK-based customers In the preliminary allocation of the purchase price, we recorded $2.7 million of goodwill. The goodwill is not deductible for income tax purposes and arose principally due to the anticipated future benefits arising from the acquisition. Identifiable intangible assets of $8.4 million, consisting primarily of customer related assets, are being amortized over a weighted average estimated useful life of thirteen years. Microgen’s operating results are included in the Payments and Transactional Documents segment from the date of the acquisition forward and did not have a material impact on our revenue or earnings. Acquisition expenses of approximately $0.2 million were expensed during the three months ended September 30, 2018 related to the Microgen acquisition, principally as a component of general and administrative expense. Fiscal Year 2018 Acquisitions During the fiscal year ended June 30, 2018, we completed two business acquisitions for an aggregate purchase consideration of $18.5 million. First Capital Cashflow Ltd. On October 4, 2017, we acquired First Capital Cashflow Ltd. (FCC) for 10.5 million British Pound Sterling (approximately $13.9 million based on the exchange rate in effect at the acquisition date) in cash and 42,080 shares of our common stock. The shares, which were issued to the selling stockholders of FCC who became employees of Bottomline, have vesting conditions tied to continued employment; as such the shares are compensatory and we will record share-based payment expense over the underlying stock vesting period of five years. In the allocation of the purchase price, we recorded $4.8 million of goodwill. The goodwill is not deductible for income tax purposes and arose principally due to anticipated future benefits arising from the acquisition. Identifiable intangible assets of $10.4 million, consisting of customer related and other intangible assets, are being amortized over a weighted average estimated useful life of eleven years. FCC’s operating results are included in the Payments and Transactional Documents segment from the date of the acquisition forward and did not have a material impact on our revenue or earnings. Decillion On August 14, 2017, we acquired Singapore-based Decillion Group (Decillion) for total consideration of 6.2 million Singapore Dollars (approximately $4.6 million based on the exchange rate in effect at the acquisition date), consisting of $2.8 million in cash and a note payable of $1.8 million. The note is payable in equal installments over ten quarters starting during the three months ended September 30, 2017. In the allocation of the purchase price, we recorded $1.3 million of goodwill. The goodwill is not deductible for income tax purposes and arose principally due to anticipated future benefits arising from the acquisition. Identifiable intangible assets of $2.4 million, consisting of customer related intangible assets, are being amortized over their estimated useful life of twelve years. Decillion’s operating results have been included in our Cloud Solutions segment from the date of the acquisition forward and did not have a material impact on our revenue or earnings. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 6—Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, 2018 2017 (in thousands, except per Numerator - basic and diluted: Net loss $ (918 ) $ (4,241 ) Denominator: Shares used in computing basic and diluted net loss per share attributable to common stockholders 39,689 37,730 Basic and diluted net loss per share attributable to common stockholders $ (0.02 ) $ (0.11 ) Approximately 2.8 million shares of unvested restricted stock and stock options for each of the three months ended September 30, 2018 and 2017, and warrants for up to 85 thousand and 6.3 million shares of our common stock for three months ended September 30, 2018 and 2017, respectively, were excluded from the calculation of diluted earnings per share as their effect on the calculation would have been anti-dilutive. |
Operations by Segments and Geog
Operations by Segments and Geographic Areas | 3 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Operations by Segments and Geographic Areas | Note 7—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 generally organized by the type of product or service offered and by geography. Similar operating segments have been aggregated into four reportable segments as follows: Cloud Solutions. and Paymode-X). Our Banking Solutions. on-premise Payments and Transactional Documents. on-premise Other solution non-invasively monitors, on-premise 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 normally 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 We do not track or assign our assets by operating segment. Segment information for the three months ended September 30, 2018 and 2017 according to the segment descriptions above, is as follows: Three Months Ended 2018 2017 (in thousands) Segment revenue: Cloud Solutions $ 49,575 $ 42,444 Banking Solutions 22,252 21,321 Payments and Transactional Documents 26,234 23,049 Other 4,376 4,482 Total segment revenue $ 102,437 $ 91,296 Segment measure of profit (loss): Cloud Solutions $ 10,292 $ 9,384 Banking Solutions 2,062 2,161 Payments and Transactional Documents 8,081 6,360 Other (1,013 ) (484 ) Total measure of segment profit $ 19,422 $ 17,421 A reconciliation of the measure of total segment profit to GAAP loss before income taxes is as follows: Three Months Ended 2018 2017 (in thousands) Total measure of segment profit $ 19,422 $ 17,421 Less: Amortization of acquisition-related intangible assets (5,326 ) (5,188 ) Stock-based compensation plan expense (12,342 ) (8,460 ) Acquisition and integration-related expenses (883 ) (992 ) Restructuring benefit (expense) (577 ) 9 Minimum pension liability adjustments 75 (35 ) Global ERP system implementation and other costs (1,581 ) (2,076 ) Other expense, net (1) (1,040 ) (4,463 ) Loss before income taxes $ (2,252 ) $ (3,784 ) (1) On July 1, 2018, we adopted an accounting standard update that changes the classification of certain pension related items. For purposes of this reconciliation of segment profit, we have presented pension related adjustments discretely, not as a component of other expense, net. The following depreciation and other amortization expense amounts are included in the measure of segment profit (loss): Three Months Ended 2018 2017 (in thousands) Depreciation and other amortization expense: Cloud Solutions $ 2,929 $ 2,443 Banking Solutions 1,856 1,492 Payments and Transactional Documents 758 639 Other 97 94 Total depreciation and other amortization expense $ 5,640 $ 4,668 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 for which the point of sale was the United States. Three Months Ended 2018 2017 (in thousands) Revenues from unaffiliated customers: United States $ 62,881 $ 57,210 United Kingdom 24,367 20,071 Switzerland 9,993 9,385 Other 5,196 4,630 Total revenues from unaffiliated customers $ 102,437 $ 91,296 Long-lived assets based on geographical location, excluding deferred tax assets and intangible assets, were as follows: At September 30, At June 30, 2018 2018 (in thousands) Long-lived assets: United States $ 47,209 $ 36,374 United Kingdom 8,274 5,586 Other 4,662 3,488 Total long-lived assets $ 60,145 $ 45,448 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8—Income Taxes The income tax expense we record in any interim period is based on our estimated effective tax rate for the fiscal year for those tax jurisdictions in which we can reliably estimate that rate. The calculation of our estimated effective tax rate requires an estimate of pre-tax pre-tax year-to-date The U.S. Tax Cuts and Jobs Act (the Tax Act) was signed into U.S. law on December 22, 2017 and made broad and complex changes to the U.S. tax code. This legislation contains a variety of income tax changes, including a reduction to the federal corporate income tax rate from 35% to 21%, a repeal of the corporate alternative minimum tax, a one-time The Tax Act resulted in four consequences to us, as follows: • Assessing whether we would incur any tax liability under the one-time un-repatriated one-time • Re-valuing non-recurring • Recognizing the ability to recover amounts paid for alternative minimum tax non-recurring • Reversal of indefinite-lived deferred tax liabilities as a source of future taxable income when assessing the realizability of indefinite-lived net operating loss carryforwards All of our accounting calculations, estimates and financial reporting positions for consequences arising from the Tax Act were recorded during fiscal 2018 and are provisional as of September 30, 2018, due to the possibility of future legislative developments, accounting and tax interpretations or other guidance that could require an update to the provisional accounting. Any required future adjustment would be recorded in the period in which we determine that an adjustment is required. The Tax Act also provides that the repatriation to the U.S. of foreign earnings can be done without federal tax consequence. During fiscal 2018, as a result of the Tax Act provisions, we reassessed and changed our assertion that cumulative earnings by our UK and Switzerland subsidiaries were indefinitely reinvested. We continue to permanently reinvest the earnings, if any, of our international subsidiaries other than the UK and Switzerland and therefore we do not provide for U.S. income taxes or withholding taxes that could result from the distribution of those earnings to the U.S. parent. If any such earnings were ultimately distributed to the U.S. in the form of dividends or otherwise, or if the shares of our international subsidiaries were sold or transferred, we would likely be subject to additional U.S. state income taxes. It is not practicable to estimate the amount of unrecognized deferred U.S. taxes on these undistributed earnings. We recorded an income tax benefit of $1.3 million and income tax expense of $0.5 million for the three months ended September 30, 2018 and 2017, respectively. In the three months ended September 30, 2018 we recorded an income tax benefit principally associated with our U.S. and Israeli operations, offset by income tax expense principally associated with our UK and Swiss operations. The income tax benefit associated with our U.S. operations arose from a reduction to our deferred tax liabilities related to the state tax consequences associated with the repatriation of cash from our UK subsidiary and from an income tax benefit arising from the ability to use a portion of our indefinite-lived deferred tax liabilities as a source of taxable income against indefinite-lived net operating loss carryforwards. This benefit was offset in part by deferred tax expense for goodwill that is deductible for tax purposes but not amortized for financial reporting purposes. We recorded a discrete tax benefit of $0.7 million relating to tax deductions for stock-based compensation that exceeded the expense recorded for financial reporting purposes. The income tax expense for the three months ended September 30, 2017 was principally due to tax expense associated with our U.S. and UK operations, offset in part by a tax benefit associated with our Swiss and Israeli operations. We currently anticipate that our unrecognized tax benefits will decrease within the next twelve months by approximately $0.4 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 that it is more likely than not that we will realize a future tax benefit. Ultimate realization of any deferred tax asset is dependent on our ability to generate sufficient future taxable income in the appropriate tax jurisdiction before the expiration of carryforward periods, if any. Our assessment of deferred tax asset recoverability considers many different factors including historical and projected operating results, the reversal of existing deferred tax liabilities that provide a source of future taxable income, the impact of current tax planning strategies and the availability of future tax planning strategies. We establish a valuation allowance against any deferred tax asset for which we are unable to conclude that recoverability is more likely than not. At September 30, 2018, we had a total valuation allowance of $31.0 million against our deferred tax assets given the uncertainty of recoverability of these amounts. The change in our valuation allowance during the three months ended September 30, 2018 included the reduction in valuation allowance as a result of the adoption of the new accounting standard for revenue recognition. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9—Goodwill and Other Intangible Assets Goodwill and acquired intangible assets are initially recorded at fair value and tested periodically for impairment. We perform an impairment test of goodwill during the fourth quarter of each fiscal year or sooner, if indicators of potential impairment arise. At September 30, 2018, the carrying value of goodwill for all of our reporting units was $202.3 million. The following tables set forth the information for intangible assets subject to amortization and for intangible assets not subject to amortization. As of September 30, 2018 Gross Carrying Accumulated Net Carrying Weighted Average (in thousands) (in years) Amortized intangible assets: Customer related $ 209,130 $ (136,791 ) $ 72,339 8.7 Core technology 130,300 (84,742 ) 45,558 8.0 Other intangible assets 22,010 (17,737 ) 4,273 5.2 Capitalized software development costs 20,482 (7,090 ) 13,392 3.8 Software (1) 65,659 (35,762 ) 29,897 4.9 Total $ 447,581 $ (282,122 ) $ 165,459 Unamortized intangible assets: Goodwill 202,269 Total intangible assets $ 367,728 As of June 30, 2018 Gross Carrying Accumulated Net Carrying Weighted Average (in thousands) (in years) Amortized intangible assets: Customer related $ 201,214 $ (134,133 ) $ 67,081 8.4 Core technology 130,257 (82,815 ) 47,442 8.1 Other intangible assets 21,983 (17,299 ) 4,684 5.3 Capitalized software development costs 19,527 (6,265 ) 13,262 4.0 Software (1) 62,711 (33,395 ) 29,316 4.6 Total $ 435,692 $ (273,907 ) $ 161,785 Unamortized intangible assets: Goodwill 200,024 Total intangible assets $ 361,809 (1) Software includes purchased software and software developed for internal use. Estimated amortization expense for the remainder of fiscal year 2019 and subsequent fiscal years for acquired intangible assets, capitalized software development costs and software, in each case that have been placed in service as of September 30, 2018, is as follows: Acquired Intangible Capitalized Software Software (in thousands) Remaining 2019 $ 15,551 $ 2,527 $ 6,607 2020 18,523 3,369 7,373 2021 17,430 3,369 5,068 2022 15,302 3,369 3,497 2023 14,089 455 1,928 2024 and thereafter 41,275 16 2,539 Each period, for capitalized software development costs, we evaluate whether amortization expense using a ratio of revenue in the period to total expected revenue over the product’s expected useful life would result in greater amortization than as calculated under a straight-line methodology and, if that were to occur, amortization in that period would be accelerated accordingly. The following table represents a rollforward of our goodwill balances, by reportable segment: Cloud Solutions Banking Payments and Other Total (in thousands) Balance at June 30, 2018 (1) $ 90,270 $ 35,880 $ 65,680 $ 8,194 $ 200,024 Goodwill acquired during the period — — 2,651 — 2,651 Impact of foreign currency translation 227 — (633 ) — (406 ) Balance at September 30, 2018 (1) $ 90,497 $ 35,880 $ 67,698 $ 8,194 $ 202,269 (1) Other goodwill balance is net of $7.5 million accumulated impairment losses. There can be no assurance that there will not be impairment charges in future periods as a result of future impairment reviews. To the extent that future impairment charges occur it would likely have a material impact on our financial results. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10—Commitments and Contingencies Legal Matters We are, from time to time, a party to legal proceedings and claims that arise out of the ordinary course of our business. We are not currently a party to any material legal proceedings. Restructuring During the three months ended September 30, 2018 we recorded restructuring expenses associated with a facility exit of $0.6 million, primarily within our general and administrative expense line. |
Indebtedness
Indebtedness | 3 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | Note 11—Indebtedness Credit Agreement We are party to a credit agreement (the Credit Agreement) that provides for a five-year revolving credit facility in the amount of up to $300 million (the Credit Facility), which was amended on July 16, 2018. We also have the right to request an increase of the aggregate commitments under the Credit Facility by up to $190 million, subject to specified conditions. The Credit Facility expires in July, 2023. During the three months ended September 30, 2018, we used $40.0 million of cash on hand to pay down a portion of our borrowings due under the Credit Facility and at September 30, 2018, we owed $110 million. The Credit Agreement contains customary representations, warranties and covenants, including, but not limited to, material adverse events, specified restrictions on indebtedness, liens, investments, acquisitions, sales of assets, dividends and other restricted payments, and transactions with affiliates. We are required to comply with (a) a maximum consolidated net leverage ratio of 3.75 to 1.00, stepping down to 3.50 to 1.00 for the quarter ending June 30, 2020; and (b) a minimum consolidated interest coverage ratio of 3.00 to 1.00. The Credit Agreement also contains customary events of default and related cure provisions. As of September 30, 2018, we were in compliance with the covenants associated with the Credit Facility. Warrants In December 2012, we received aggregate proceeds of $25.8 million, net of issue costs, from the sale of warrants for the purchase of up to 6.3 million shares of our common stock 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 2, 2018. Each warrant is exercisable into one share of our common stock. During the three months ended September 30, 2018, the holders of the warrants exercised approximately 895 thousand warrants and we issued shares of common stock in the same amount. We have approximately 85 thousand warrants outstanding as of September 30, 2018. To-date, Note Payable We financed a portion of the purchase price for our acquisition of Decillion by entering into a note payable for 2.5 million Singapore Dollars (approximately $1.8 million based on the exchange rate in effect at the acquisition date). The note is payable in equal installments over ten quarters, with the final installment due in the quarter ended December 31, 2019. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 12—Derivative Instruments Cash Flow Hedges Interest Rate Swap In July 2017, we entered into an interest rate swap to hedge our exposure to interest rate risk. The agreement has a notional value of $100.0 million, was effective as of December 1, 2017 and expires on December 1, 2021. The notional amount of the swap matches the corresponding principal amount of a portion of our borrowings under the Credit Facility. During the term of the agreement, we have a fixed interest rate of 1.9275 percent on the notional amount and Citizens Bank, National Association, as counterparty to the agreement, will pay us interest at a floating rate based on the 1 month USD-LIBOR-BBA We designated the interest rate swap as a hedging instrument and it qualified for hedge accounting upon inception and at September 30, 2018. To continue to qualify for hedge accounting, the instrument must retain a “highly effective” ability to hedge interest rate risk for borrowings under the Credit Facility. We are required to test hedge effectiveness at the end of each financial reporting period. If a derivative qualifies for hedge accounting, changes in fair value of the hedge instrument are recognized in accumulated other comprehensive income (loss) (AOCI) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The reclassification into earnings is recorded as a component of our interest expense within other expense, net. If the instrument were to lose some or all of its hedge effectiveness, changes in fair value for the “ineffective” portion of the instrument would be recorded immediately in earnings. The fair values of the interest rate swap and their respective locations in our consolidated balance sheets at September 30, 2018 and June 30, 2018 were as follows: Description Balance Sheet Location September 30, 2018 June 30, 2018 (in thousands) Derivative interest rate swap Short-term derivative asset Prepaid expenses and other current assets $ 611 $ 407 Long-term derivative asset Other assets $ 2,306 $ 2,183 The following tables present the effect of the derivative interest rate swap in AOCI for the three months ended September 30, 2018 and 2017. June 30, 2018 Amount of Gain (Loss) Amount of Gain (Loss) Portion) (1) September 30, 2018 (in thousands) Derivative interest rate swap $ 2,590 $ 368 $ 41 $ 2,917 June 30, 2017 Amount of Gain (Loss) Amount of Gain (Loss) (1) September 30, 2017 (in thousands) Derivative interest rate swap $ — $ (235 ) $ — $ (235 ) (1) Recorded as interest income (expense) within other expense, net in our consolidated statements of comprehensive loss. During the three months ended September 30, 2018, we concluded that no portion of the hedge was ineffective. As of September 30, 2018, there was $2.9 million of gross unrealized gain in accumulated other comprehensive loss. We expect to reclassify approximately $0.7 million of this unrealized gain from accumulated other comprehensive loss to earnings over the next twelve months. |
Postretirement and Other Employ
Postretirement and Other Employee Benefits | 3 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Postretirement and Other Employee Benefits | Note 13—Postretirement and Other Employee Benefits Defined Benefit Pension Plan We sponsor a defined benefit pension plan for our Swiss-based employees (the Swiss pension plan) that is governed by local regulatory requirements. This plan includes certain minimum benefit guarantees that, under U.S. GAAP, require defined benefit plan accounting. Net periodic pension costs for the Swiss pension plan included the following components: Three Months Ended September 30, 2018 2017 (in thousands) Components of net periodic cost Service cost $ 645 $ 640 Interest cost 116 89 Prior service credit (78 ) (23 ) Net actuarial loss 56 55 Expected return on plan assets (353 ) (301 ) Net periodic cost $ 386 $ 460 The components of net periodic pension cost other than current service cost are presented within other expense, net in our consolidated statements of comprehensive loss. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Recently Adopted Pronouncements and Accounting Pronouncements to be Adopted | Recently Adopted Pronouncements Revenue Recognition: We adopted the new revenue standard on July 1, 2018 using the modified retrospective method of adoption applied to open contracts at that date and upon adoption recorded a $26.3 million decrease to our accumulated deficit balance. The adjustments we recorded at transition were composed of: (in thousands) Decrease to accounts receivable $ (1,914 ) Increase to contract assets 5,118 Decrease to deferred revenue 9,839 Increase to capitalized fulfillment costs 11,648 Increase to capitalized sales commissions 4,952 Tax effects (3,380 ) Total decrease to accumulated deficit $ 26,263 The adjustment to accounts receivable relates primarily to unbilled receivables reclassified as contract assets. The increase to contract assets relates to revenue recognized in excess of the amount billed to the customer and the right to payment contingent on conditions other than the passage of time, such as the completion of a related performance obligation. Adjustments to deferred revenue relate primarily to the acceleration of revenue as compared to the previous revenue recognition standard. This largely relates to transactions under legacy GAAP where revenue was deferred due to a lack of vendor specific objective evidence of fair value, transactions accounted for under a combined services arrangement, transactions that had contractually stipulated price increases that were accounted for as the increases occurred and certain contingent revenue arrangements. Adjustments to capitalized fulfillment costs and capitalized sales commissions reflect the requirement to capitalize these costs under the new standard. Prior to adoption, we expensed these costs as incurred. Capitalized costs are recorded as components of our prepaid expenses and other current assets and other assets in our consolidated balance sheet. Please refer to Note 3 Revenue Recognition Financial Instruments—Classification and Measurement: Statement of Cash Flows: Our consolidated balance sheets include cash held for customers and a liability for the same amount. Cash held for customers and the related customer account liabilities arise from certain payment transactions we process on behalf of customers where we collect and hold customer funds for a short transient period before disbursing the cash and settling the liability. Cash we hold on behalf of customers is segregated from our other corporate cash accounts and is not available for use by us. Defined Benefit Plan Expenses: non-operating Accounting Pronouncements to be Adopted Leases: right-of-use Financial Instruments—Credit Losses: Goodwill Impairment: Share-Based Compensation—Nonemployee Share-Based Payment Accounting: |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We have certain financial instruments which consist of cash and cash equivalents, cash held for customers, marketable securities, accounts receivable, accounts payable, customer account liabilities, a derivative interest rate swap and debt drawn on our Credit Facility . • Cash and cash equivalents, cash held for customers, accounts receivable, accounts payable and customer account liabilities fair values approximates their carrying values, due to the short-term nature of these instruments. • Marketable securities classified as held to maturity, all of which mature within one year, are recorded at amortized cost which at September 30, 2018 and June 30, 2018, approximated fair value. • Marketable debt 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 stockholders’ equity, net of tax. We use the specific identification method to determine any realized gains or losses from the sale of our marketable debt securities classified as available for sale. • The fair value of our derivative interest rate swap is based on the present value of projected cash flows that will occur over the life of the instrument, after considering certain contractual terms of the arrangement and counterparty credit risk. • The carrying value of assets related to deposits we have made to fund future requirements associated with Israeli severance arrangements was $1.3 million and $1.4 million at September 30, 2018 and June 30, 2018, respectively, which approximated fair value. • We have certain other investments for which there is no readily determinable fair value. The carrying value of these investments was $4.4 million at both September 30, 2018 and June 30, 2018, and they are reported as a component of our other assets. These investments are recorded at cost, less impairment (if any), plus or minus adjustments for observable price changes. • We have borrowings of $110 million against our Credit Facility. The fair value of these borrowings, which are classified as Level 2, approximates their carrying value at September 30, 2018, as the instrument carries a variable rate of interest which reflects current market rates. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Retained Earnings Adjustments | The adjustments we recorded at transition were composed of: (in thousands) Decrease to accounts receivable $ (1,914 ) Increase to contract assets 5,118 Decrease to deferred revenue 9,839 Increase to capitalized fulfillment costs 11,648 Increase to capitalized sales commissions 4,952 Tax effects (3,380 ) Total decrease to accumulated deficit $ 26,263 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Summary of Revenue Disaggregated by Major Product Category and the Related Financial Statement Classification of Revenue | The table below presents our revenue disaggregated by major product category and the related financial statement classification of revenue for the three months ended September 30, 2018. Three Months Ended September 30, 2018 Settlement Legal Spend Banking Payments and Healthcare Other Total (in thousands) Financial statement classification: Subscriptions and transactions $ 24,282 $ 18,396 $ 15,666 $ 10,569 $ 826 $ 29 $ 69,768 Software licenses 572 — 1,326 2,154 419 41 4,512 Service and maintenance 6,325 — 5,260 12,759 898 2,163 27,405 Other — — — 752 — — 752 Total revenues $ 31,179 $ 18,396 $ 22,252 $ 26,234 $ 2,143 $ 2,233 $ 102,437 |
Summary of Contract Assets and Liabilities | The table below presents our accounts receivable, contract assets and deferred revenue balances as of July 1, 2018 and September 30, 2018. July 1, September 30, 2018 2018 $ Change (in thousands) Accounts receivable $ 72,391 $ 67,067 $ (5,324 ) Contract assets 5,118 5,462 344 Deferred revenue 88,888 80,224 (8,664 ) |
Accounting Standards Update 2014-09 [Member] | |
Summary of Impact of Adopting the New Revenue Standard on Condensed Consolidated Balance Sheet, Consolidated Statement of Comprehensive Loss and Consolidated Statement of Cash Flows | The following tables summarize the impact of adopting the new revenue standard on our consolidated financial statements as of September 30, 2018: Consolidated Balance Sheet At September 30, 2018 (in thousands, unaudited) As Reported Adjustments Balances without ASSETS Current assets: Cash and cash equivalents $ 76,371 $ — $ 76,371 Cash held for customers 3,211 — 3,211 Marketable securities 10,011 — 10,011 Accounts receivable, net 67,067 1,386 68,453 Prepaid expenses and other current assets 30,624 (9,616 ) 21,008 Total current assets 187,284 (8,230 ) 179,054 Property and equipment, net 28,777 — 28,777 Goodwill 202,269 — 202,269 Intangible assets, net 165,459 — 165,459 Other assets 31,368 (13,406 ) 17,962 Total assets $ 615,157 $ (21,636 ) $ 593,521 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 10,071 $ — $ 10,071 Accrued expenses and other current liabilities 31,401 — 31,401 Customer account liabilities 3,211 — 3,211 Deferred revenue 63,079 5,076 68,155 Total current liabilities 107,762 5,076 112,838 Borrowings under credit facility 110,000 — 110,000 Deferred revenue, non-current 17,145 3,956 21,101 Deferred income taxes 11,315 (2,430 ) 8,885 Other liabilities 19,671 — 19,671 Total liabilities 265,893 6,602 272,495 Stockholders’ equity Preferred Stock, $.001 par value — — — Common Stock, $.001 par value 46 — 46 Additional paid-in-capital 690,925 — 690,925 Accumulated other comprehensive loss (31,721 ) 60 (31,661 ) Treasury stock, at cost (128,216 ) — (128,216 ) Accumulated deficit (181,770 ) (28,298 ) (210,068 ) Total stockholders’ equity 349,264 (28,238 ) 321,026 Total liabilities and stockholders’ equity $ 615,157 $ (21,636 ) $ 593,521 Consolidated Statement of Comprehensive Loss Three Months Ended September 30, 2018 (in thousands, unaudited) As Reported Adjustments Balances without adoption of new Revenues: Subscriptions and transactions $ 69,768 $ 836 $ 70,604 Software licenses 4,512 (1,640 ) 2,872 Service and maintenance 27,405 713 28,118 Other 752 — 752 Total revenues 102,437 (91 ) 102,346 Cost of revenues: Subscriptions and transactions 31,669 386 32,055 Software licenses 231 — 231 Service and maintenance 12,706 393 13,099 Other 524 2 526 Total cost of revenues 45,130 781 45,911 Gross profit 57,307 (872 ) 56,435 Operating expenses: Sales and marketing 23,022 186 23,208 Product development and engineering 16,565 32 16,597 General and administrative 13,865 — 13,865 Amortization of acquisition-related intangible assets 5,326 — 5,326 Total operating expenses 58,778 218 58,996 Loss from operations (1,471 ) (1,090 ) (2,561 ) Other expense, net (781 ) (4 ) (785 ) Loss before income taxes (2,252 ) (1,094 ) (3,346 ) Income tax benefit 1,334 (941 ) 393 Net loss $ (918 ) $ (2,035 ) $ (2,953 ) Basic and diluted net loss per share $ (0.02 ) $ (0.05 ) $ (0.07 ) Shares used in computing basic and diluted net loss per share: 39,689 — 39,689 Other comprehensive loss, net of tax: Unrealized loss on available for sale securities (2 ) — (2 ) Unrealized gain on interest rate hedging transactions 327 — 327 Minimum pension liability adjustments (46 ) — (46 ) Foreign currency translation adjustments (1,367 ) 60 (1,307 ) Other comprehensive loss, net of tax: (1,088 ) 60 (1,028 ) Comprehensive loss $ (2,006 ) $ (1,975 ) $ (3,981 ) Consolidated Statement of Cash Flows Three Months Ended September 30, 2018 (in thousands, unaudited) As Reported Adjustments Balances without adoption of new Operating activities: Net loss $ (918 ) $ (2,035 ) $ (2,953 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of acquisition-related intangible assets 5,326 — 5,326 Stock-based compensation plan expense 12,342 9 12,351 Depreciation and other amortization 5,640 — 5,640 Gain on sale of cost-method investment (237 ) — (237 ) Deferred income tax benefit (1,794 ) 941 (853 ) Provision for allowances on accounts receivable 44 — 44 Amortization of debt issuance costs 104 — 104 Amortization of premium (discount) on investments (37 ) — (37 ) Loss on disposal of equipment 592 — 592 Loss on foreign exchange 126 4 130 Changes in operating assets and liabilities: Accounts receivable 5,239 523 5,762 Prepaid expenses and other current assets (2,031 ) 1,176 (855 ) Other assets (955 ) 180 (775 ) Accounts payable 246 — 246 Accrued expenses (2,828 ) — (2,828 ) Customer account liabilities 496 — 496 Deferred revenue (9,086 ) (798 ) (9,884 ) Other liabilities (287 ) — (287 ) Net cash provided by operating activities $ 11,982 $ — $ 11,982 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At September 30, 2018 and June 30, 2018, our assets and liabilities measured at fair value on a recurring basis were as follows: September 30, 2018 June 30, 2018 Fair Value Measurements Using Input Types Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets Money market funds (cash and cash equivalents) $ 160 $ — $ — $ 160 $ 154 $ — $ — $ 154 Available for sale securities - Debt U.S. Corporate $ — $ 3,488 $ — $ 3,488 $ — $ 3,467 $ — $ 3,467 Government - U.S. — 6,460 — 6,460 — 6,480 — 6,480 Total available for sale securities $ — $ 9,948 $ — $ 9,948 $ — $ 9,947 $ — $ 9,947 Short-term derivative interest rate swap $ — $ 611 $ — $ 611 $ — $ 407 $ — $ 407 Long-term derivative interest rate swap $ — $ 2,306 $ — $ 2,306 $ — $ 2,183 $ — $ 2,183 |
Marketable Securities by Major Security Type | The table below presents information regarding our marketable securities by major security type as of September 30, 2018 and June 30, 2018. September 30, 2018 June 30, 2018 Held to Available Total Held to Available Total (in thousands) Marketable securities: Corporate and other debt securities $ 63 $ 9,948 $ 10,011 $ 65 $ 9,947 $ 10,012 Total marketable securities $ 63 $ 9,948 $ 10,011 $ 65 $ 9,947 $ 10,012 |
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: September 30, 2018 (in thousands) Due within 1 year $ 9,948 Due in 1 year through 5 years — Total $ 9,948 |
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, 2018 and June 30, 2018, respectively, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: At September 30, 2018 At June 30, 2018 Less than 12 Months Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Government—U.S. $ 6,460 $ (8 ) $ 6,480 $ (6 ) Total $ 6,460 $ (8 ) $ 6,480 $ (6 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, 2018 2017 (in thousands, except per Numerator - basic and diluted: Net loss $ (918 ) $ (4,241 ) Denominator: Shares used in computing basic and diluted net loss per share attributable to common stockholders 39,689 37,730 Basic and diluted net loss per share attributable to common stockholders $ (0.02 ) $ (0.11 ) |
Operations by Segments and Ge_2
Operations by Segments and Geographic Areas (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment information for the three months ended September 30, 2018 and 2017 according to the segment descriptions above, is as follows: Three Months Ended 2018 2017 (in thousands) Segment revenue: Cloud Solutions $ 49,575 $ 42,444 Banking Solutions 22,252 21,321 Payments and Transactional Documents 26,234 23,049 Other 4,376 4,482 Total segment revenue $ 102,437 $ 91,296 Segment measure of profit (loss): Cloud Solutions $ 10,292 $ 9,384 Banking Solutions 2,062 2,161 Payments and Transactional Documents 8,081 6,360 Other (1,013 ) (484 ) Total measure of segment profit $ 19,422 $ 17,421 |
Reconciliation of Measure of Total Segment Profit to GAAP Loss Before Income Taxes | A reconciliation of the measure of total segment profit to GAAP loss before income taxes is as follows: Three Months Ended 2018 2017 (in thousands) Total measure of segment profit $ 19,422 $ 17,421 Less: Amortization of acquisition-related intangible assets (5,326 ) (5,188 ) Stock-based compensation plan expense (12,342 ) (8,460 ) Acquisition and integration-related expenses (883 ) (992 ) Restructuring benefit (expense) (577 ) 9 Minimum pension liability adjustments 75 (35 ) Global ERP system implementation and other costs (1,581 ) (2,076 ) Other expense, net (1) (1,040 ) (4,463 ) Loss before income taxes $ (2,252 ) $ (3,784 ) (1) On July 1, 2018, we adopted an accounting standard update that changes the classification of certain pension related items. For purposes of this reconciliation of segment profit, we have presented pension related adjustments discretely, not as a component of other expense, net. |
Schedule of Segment Depreciation and Amortization Expense Included in Measure of Segment Profit (Loss) | The following depreciation and other amortization expense amounts are included in the measure of segment profit (loss): Three Months Ended 2018 2017 (in thousands) Depreciation and other amortization expense: Cloud Solutions $ 2,929 $ 2,443 Banking Solutions 1,856 1,492 Payments and Transactional Documents 758 639 Other 97 94 Total depreciation and other amortization expense $ 5,640 $ 4,668 |
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 for which the point of sale was the United States. Three Months Ended 2018 2017 (in thousands) Revenues from unaffiliated customers: United States $ 62,881 $ 57,210 United Kingdom 24,367 20,071 Switzerland 9,993 9,385 Other 5,196 4,630 Total revenues from unaffiliated customers $ 102,437 $ 91,296 |
Schedule of Long-Lived Assets, Based on Geographical Location, Excluding Deferred Tax Assets and Intangible Assets | Long-lived assets based on geographical location, excluding deferred tax assets and intangible assets, were as follows: At September 30, At June 30, 2018 2018 (in thousands) Long-lived assets: United States $ 47,209 $ 36,374 United Kingdom 8,274 5,586 Other 4,662 3,488 Total long-lived assets $ 60,145 $ 45,448 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
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. As of September 30, 2018 Gross Carrying Accumulated Net Carrying Weighted Average (in thousands) (in years) Amortized intangible assets: Customer related $ 209,130 $ (136,791 ) $ 72,339 8.7 Core technology 130,300 (84,742 ) 45,558 8.0 Other intangible assets 22,010 (17,737 ) 4,273 5.2 Capitalized software development costs 20,482 (7,090 ) 13,392 3.8 Software (1) 65,659 (35,762 ) 29,897 4.9 Total $ 447,581 $ (282,122 ) $ 165,459 Unamortized intangible assets: Goodwill 202,269 Total intangible assets $ 367,728 As of June 30, 2018 Gross Carrying Accumulated Net Carrying Weighted Average (in thousands) (in years) Amortized intangible assets: Customer related $ 201,214 $ (134,133 ) $ 67,081 8.4 Core technology 130,257 (82,815 ) 47,442 8.1 Other intangible assets 21,983 (17,299 ) 4,684 5.3 Capitalized software development costs 19,527 (6,265 ) 13,262 4.0 Software (1) 62,711 (33,395 ) 29,316 4.6 Total $ 435,692 $ (273,907 ) $ 161,785 Unamortized intangible assets: Goodwill 200,024 Total intangible assets $ 361,809 (1) Software includes purchased software and software developed for internal use. |
Schedule of Rollforward of Goodwill Balances, by Reportable Segment | The following table represents a rollforward of our goodwill balances, by reportable segment: Cloud Solutions Banking Payments and Other Total (in thousands) Balance at June 30, 2018 (1) $ 90,270 $ 35,880 $ 65,680 $ 8,194 $ 200,024 Goodwill acquired during the period — — 2,651 — 2,651 Impact of foreign currency translation 227 — (633 ) — (406 ) Balance at September 30, 2018 (1) $ 90,497 $ 35,880 $ 67,698 $ 8,194 $ 202,269 (1) Other goodwill balance is net of $7.5 million accumulated impairment losses. |
Acquired Intangible Assets, Capitalized Software Development Costs and Software [Member] | |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the remainder of fiscal year 2019 and subsequent fiscal years for acquired intangible assets, capitalized software development costs and software, in each case that have been placed in service as of September 30, 2018, is as follows: Acquired Intangible Capitalized Software Software (in thousands) Remaining 2019 $ 15,551 $ 2,527 $ 6,607 2020 18,523 3,369 7,373 2021 17,430 3,369 5,068 2022 15,302 3,369 3,497 2023 14,089 455 1,928 2024 and thereafter 41,275 16 2,539 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of the Interest Rate Swap | The fair values of the interest rate swap and their respective locations in our consolidated balance sheets at September 30, 2018 and June 30, 2018 were as follows: Description Balance Sheet Location September 30, 2018 June 30, 2018 (in thousands) Derivative interest rate swap Short-term derivative asset Prepaid expenses and other current assets $ 611 $ 407 Long-term derivative asset Other assets $ 2,306 $ 2,183 |
Summary of Effect of Derivative Interest Rate Swap in AOCI | The following tables present the effect of the derivative interest rate swap in AOCI for the three months ended September 30, 2018 and 2017. June 30, 2018 Amount of Gain (Loss) Amount of Gain (Loss) Portion) (1) September 30, 2018 (in thousands) Derivative interest rate swap $ 2,590 $ 368 $ 41 $ 2,917 June 30, 2017 Amount of Gain (Loss) Amount of Gain (Loss) (1) September 30, 2017 (in thousands) Derivative interest rate swap $ — $ (235 ) $ — $ (235 ) (1) Recorded as interest income (expense) within other expense, net in our consolidated statements of comprehensive loss. |
Postretirement and Other Empl_2
Postretirement and Other Employee Benefits (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Costs for the Swiss Pension Plan | Net periodic pension costs for the Swiss pension plan included the following components: Three Months Ended September 30, 2018 2017 (in thousands) Components of net periodic cost Service cost $ 645 $ 640 Interest cost 116 89 Prior service credit (78 ) (23 ) Net actuarial loss 56 55 Expected return on plan assets (353 ) (301 ) Net periodic cost $ 386 $ 460 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | |
Item Effected [Line Items] | ||||
Decrease to accumulated deficit | $ (181,770) | $ (207,115) | ||
Adjustments for New Accounting Pronouncement [Member] | Other Expense [Member] | ||||
Item Effected [Line Items] | ||||
Reclassification of income from income (loss) from operations to other expense, net | $ 200 | |||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Item Effected [Line Items] | ||||
Decrease to accumulated deficit | $ (28,298) | $ 26,263 |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements - Schedule of Retained Earnings Adjustments (Detail) - USD ($) $ in Thousands | Jul. 01, 2018 | Sep. 30, 2018 | Jun. 30, 2018 |
Retained Earnings Adjustments [Line Items] | |||
Decrease to accounts receivable | $ (72,391) | $ (67,067) | |
Increase to contract assets | (5,118) | (5,462) | |
Decrease to deferred revenue | 63,079 | $ 75,356 | |
Total decrease to accumulated deficit | (181,770) | $ (207,115) | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Retained Earnings Adjustments [Line Items] | |||
Decrease to accounts receivable | (1,914) | ||
Increase to contract assets | 5,118 | ||
Decrease to deferred revenue | 9,839 | 5,076 | |
Increase to capitalized fulfillment costs | 11,648 | ||
Increase to capitalized sales commissions | 4,952 | ||
Tax effects | (3,380) | ||
Total decrease to accumulated deficit | $ 26,263 | $ (28,298) |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Major Product Category and the Related Financial Statement Classification of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 102,437 | $ 91,296 |
Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 69,768 | 60,714 |
Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,512 | 2,365 |
Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 27,405 | 27,342 |
Product and Service, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 752 | 875 |
Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 102,437 | 91,296 |
Operating Segments [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 69,768 | |
Operating Segments [Member] | Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,512 | |
Operating Segments [Member] | Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 27,405 | |
Operating Segments [Member] | Product and Service, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 752 | |
Operating Segments [Member] | Settlement Network Solutions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 31,179 | |
Operating Segments [Member] | Settlement Network Solutions [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 24,282 | |
Operating Segments [Member] | Settlement Network Solutions [Member] | Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 572 | |
Operating Segments [Member] | Settlement Network Solutions [Member] | Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,325 | |
Operating Segments [Member] | Legal Spend Management Solutions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 18,396 | |
Operating Segments [Member] | Legal Spend Management Solutions [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 18,396 | |
Operating Segments [Member] | Banking Solutions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,252 | 21,321 |
Operating Segments [Member] | Banking Solutions [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 15,666 | |
Operating Segments [Member] | Banking Solutions [Member] | Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,326 | |
Operating Segments [Member] | Banking Solutions [Member] | Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5,260 | |
Operating Segments [Member] | Payments and Transactional Documents [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 26,234 | $ 23,049 |
Operating Segments [Member] | Payments and Transactional Documents [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 10,569 | |
Operating Segments [Member] | Payments and Transactional Documents [Member] | Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,154 | |
Operating Segments [Member] | Payments and Transactional Documents [Member] | Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 12,759 | |
Operating Segments [Member] | Payments and Transactional Documents [Member] | Product and Service, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 752 | |
Operating Segments [Member] | Health Care [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,143 | |
Operating Segments [Member] | Health Care [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 826 | |
Operating Segments [Member] | Health Care [Member] | Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 419 | |
Operating Segments [Member] | Health Care [Member] | Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 898 | |
Operating Segments [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,233 | |
Operating Segments [Member] | Other [Member] | Subscriptions and Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 29 | |
Operating Segments [Member] | Other [Member] | Software Licenses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 41 | |
Operating Segments [Member] | Other [Member] | Service and Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 2,163 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Performance obligations | $ 355.5 |
Capitalized costs are amortized on a ratable basis over the estimated period | 5 years |
Remainder of 2018 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Performance obligations | $ 160.7 |
Capitalized Obtaining Costs [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Capitalized contract costs and capitalized fulfillment costs | 5.1 |
Amortization expense | 0.3 |
Capitalized Fulfillment Costs [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Capitalized contract costs and capitalized fulfillment costs | 15.9 |
Amortization expense | $ 0.6 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 |
Contract with Customer, Asset and Liability [Abstract] | ||
Accounts receivable | $ 67,067 | $ 72,391 |
Contract assets | 5,462 | 5,118 |
Deferred revenue | 80,224 | $ 88,888 |
Accounts receivable | (5,324) | |
Contract assets | 344 | |
Deferred revenue | $ (8,664) |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Impact of Adopting the New Revenue Standard on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 76,371 | $ 121,860 | $ 128,263 | |
Cash held for customers | 3,211 | 2,753 | ||
Marketable securities | 10,011 | 10,012 | ||
Accounts receivable, net | 67,067 | 74,305 | ||
Prepaid expenses and other current assets | 30,624 | 19,781 | ||
Total current assets | 187,284 | 228,711 | ||
Property and equipment, net | 28,777 | 28,895 | ||
Goodwill | 202,269 | 200,024 | ||
Intangible assets, net | 165,459 | 161,785 | ||
Other assets | 31,368 | 16,553 | ||
Total assets | 615,157 | 635,968 | ||
Current liabilities: | ||||
Accounts payable | 10,071 | 10,251 | ||
Accrued expenses and other current liabilities | 31,401 | 34,994 | ||
Customer account liabilities | 3,211 | 2,753 | ||
Deferred revenue | 63,079 | 75,356 | ||
Total current liabilities | 107,762 | 123,354 | ||
Borrowings under credit facility | 110,000 | 150,000 | ||
Deferred revenue, non-current | 17,145 | 23,371 | ||
Deferred income taxes | 11,315 | 8,367 | ||
Other liabilities | 19,671 | 19,944 | ||
Total liabilities | 265,893 | 325,036 | ||
Stockholders' equity | ||||
Preferred Stock, $.001 par value | ||||
Common Stock, $.001 par value | 46 | 45 | ||
Additional paid-in-capital | 690,925 | 678,549 | ||
Accumulated other comprehensive loss | (31,721) | (30,633) | ||
Treasury stock, at cost | (128,216) | (129,914) | ||
Accumulated deficit | (181,770) | (207,115) | ||
Total stockholders' equity | 349,264 | 310,932 | ||
Total liabilities and stockholders' equity | 615,157 | $ 635,968 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Current assets: | ||||
Accounts receivable, net | 1,386 | |||
Prepaid expenses and other current assets | (9,616) | |||
Total current assets | (8,230) | |||
Other assets | (13,406) | |||
Total assets | (21,636) | |||
Current liabilities: | ||||
Deferred revenue | 5,076 | $ 9,839 | ||
Total current liabilities | 5,076 | |||
Deferred revenue, non-current | 3,956 | |||
Deferred income taxes | (2,430) | |||
Total liabilities | 6,602 | |||
Stockholders' equity | ||||
Preferred Stock, $.001 par value | ||||
Accumulated other comprehensive loss | 60 | |||
Accumulated deficit | (28,298) | $ 26,263 | ||
Total stockholders' equity | (28,238) | |||
Total liabilities and stockholders' equity | (21,636) | |||
Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 76,371 | |||
Cash held for customers | 3,211 | |||
Marketable securities | 10,011 | |||
Accounts receivable, net | 68,453 | |||
Prepaid expenses and other current assets | 21,008 | |||
Total current assets | 179,054 | |||
Property and equipment, net | 28,777 | |||
Goodwill | 202,269 | |||
Intangible assets, net | 165,459 | |||
Other assets | 17,962 | |||
Total assets | 593,521 | |||
Current liabilities: | ||||
Accounts payable | 10,071 | |||
Accrued expenses and other current liabilities | 31,401 | |||
Customer account liabilities | 3,211 | |||
Deferred revenue | 68,155 | |||
Total current liabilities | 112,838 | |||
Borrowings under credit facility | 110,000 | |||
Deferred revenue, non-current | 21,101 | |||
Deferred income taxes | 8,885 | |||
Other liabilities | 19,671 | |||
Total liabilities | 272,495 | |||
Stockholders' equity | ||||
Preferred Stock, $.001 par value | ||||
Common Stock, $.001 par value | 46 | |||
Additional paid-in-capital | 690,925 | |||
Accumulated other comprehensive loss | (31,661) | |||
Treasury stock, at cost | (128,216) | |||
Accumulated deficit | (210,068) | |||
Total stockholders' equity | 321,026 | |||
Total liabilities and stockholders' equity | $ 593,521 |
Revenue Recognition - Summary_4
Revenue Recognition - Summary of Impact of Adopting the New Revenue Standard on Condensed Consolidated Balance Sheet (Parenthetical) (Detail) - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Revenue from Contract with Customers [Line Items] | ||
Preferred Stock, $.001 par value | $ 0.001 | $ 0.001 |
Common Stock, $.001 par value | 0.001 | $ 0.001 |
Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Preferred Stock, $.001 par value | 0.001 | |
Common Stock, $.001 par value | $ 0.001 |
Revenue Recognition - Summary_5
Revenue Recognition - Summary of Impact of Adopting the New Revenue Standard on Consolidated Statement of Comprehensive Loss (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Revenues: | |||
Revenues | $ 102,437 | $ 91,296 | |
Cost of revenues: | |||
Total cost of revenues | 45,130 | 40,559 | |
Gross profit | 57,307 | 50,737 | |
Operating expenses: | |||
Sales and marketing | 23,022 | 19,349 | |
Product development and engineering | 16,565 | 13,864 | |
General and administrative | 13,865 | 11,837 | |
Amortization of acquisition-related intangible assets | 5,326 | 5,188 | |
Total operating expenses | 58,778 | 50,238 | |
Loss from operations | (1,471) | 499 | |
Other expense, net | (781) | ||
Loss before income taxes | (2,252) | (3,784) | |
Income tax benefit | 1,334 | (457) | $ 4,100 |
Net loss | $ (918) | $ (4,241) | |
Basic and diluted net loss per share | $ (0.02) | $ (0.11) | |
Shares used in computing basic and diluted net loss per share: | 39,689 | 37,730 | |
Other comprehensive loss, net of tax: | |||
Unrealized loss on available for sale securities | $ (2) | ||
Unrealized gain on interest rate hedging transactions | 327 | $ (235) | |
Minimum pension liability adjustments | (46) | 104 | |
Foreign currency translation adjustments | (1,367) | 1,373 | |
Other comprehensive loss, net of tax: | (1,088) | 1,242 | |
Comprehensive loss | (2,006) | (2,999) | |
Subscriptions and Transactions [Member] | |||
Revenues: | |||
Revenues | 69,768 | 60,714 | |
Cost of revenues: | |||
Cost of revenue | 31,669 | 27,422 | |
Software Licenses [Member] | |||
Revenues: | |||
Revenues | 4,512 | 2,365 | |
Cost of revenues: | |||
Cost of revenue | 231 | 170 | |
Service and Maintenance [Member] | |||
Revenues: | |||
Revenues | 27,405 | 27,342 | |
Cost of revenues: | |||
Cost of revenue | 12,706 | 12,300 | |
Product and Service, Other [Member] | |||
Revenues: | |||
Revenues | 752 | 875 | |
Cost of revenues: | |||
Cost of revenue | 524 | $ 667 | |
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenues: | |||
Revenues | (91) | ||
Cost of revenues: | |||
Total cost of revenues | 781 | ||
Gross profit | (872) | ||
Operating expenses: | |||
Sales and marketing | 186 | ||
Product development and engineering | 32 | ||
Total operating expenses | 218 | ||
Loss from operations | (1,090) | ||
Other expense, net | (4) | ||
Loss before income taxes | (1,094) | ||
Income tax benefit | (941) | ||
Net loss | $ (2,035) | ||
Basic and diluted net loss per share | $ (0.05) | ||
Other comprehensive loss, net of tax: | |||
Foreign currency translation adjustments | $ 60 | ||
Other comprehensive loss, net of tax: | 60 | ||
Comprehensive loss | (1,975) | ||
Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenues: | |||
Revenues | 102,346 | ||
Cost of revenues: | |||
Total cost of revenues | 45,911 | ||
Gross profit | 56,435 | ||
Operating expenses: | |||
Sales and marketing | 23,208 | ||
Product development and engineering | 16,597 | ||
General and administrative | 13,865 | ||
Amortization of acquisition-related intangible assets | 5,326 | ||
Total operating expenses | 58,996 | ||
Loss from operations | (2,561) | ||
Other expense, net | (785) | ||
Loss before income taxes | (3,346) | ||
Income tax benefit | 393 | ||
Net loss | $ (2,953) | ||
Basic and diluted net loss per share | $ (0.07) | ||
Shares used in computing basic and diluted net loss per share: | 39,689 | ||
Other comprehensive loss, net of tax: | |||
Unrealized loss on available for sale securities | $ (2) | ||
Unrealized gain on interest rate hedging transactions | 327 | ||
Minimum pension liability adjustments | (46) | ||
Foreign currency translation adjustments | (1,307) | ||
Other comprehensive loss, net of tax: | (1,028) | ||
Comprehensive loss | (3,981) | ||
Accounting Standards Update 2014-09 [Member] | Subscriptions and Transactions [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenues: | |||
Revenues | 836 | ||
Cost of revenues: | |||
Cost of revenue | 386 | ||
Accounting Standards Update 2014-09 [Member] | Subscriptions and Transactions [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenues: | |||
Revenues | 70,604 | ||
Cost of revenues: | |||
Cost of revenue | 32,055 | ||
Accounting Standards Update 2014-09 [Member] | Software Licenses [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenues: | |||
Revenues | (1,640) | ||
Accounting Standards Update 2014-09 [Member] | Software Licenses [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenues: | |||
Revenues | 2,872 | ||
Cost of revenues: | |||
Cost of revenue | 231 | ||
Accounting Standards Update 2014-09 [Member] | Service and Maintenance [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenues: | |||
Revenues | 713 | ||
Cost of revenues: | |||
Cost of revenue | 393 | ||
Accounting Standards Update 2014-09 [Member] | Service and Maintenance [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenues: | |||
Revenues | 28,118 | ||
Cost of revenues: | |||
Cost of revenue | 13,099 | ||
Accounting Standards Update 2014-09 [Member] | Product and Service, Other [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Cost of revenues: | |||
Cost of revenue | 2 | ||
Accounting Standards Update 2014-09 [Member] | Product and Service, Other [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenues: | |||
Revenues | 752 | ||
Cost of revenues: | |||
Cost of revenue | $ 526 |
Revenue Recognition - Summary_6
Revenue Recognition - Summary of Impact of Adopting the New Revenue Standard on Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net loss | $ (918) | $ (4,241) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization of acquisition-related intangible assets | 5,326 | 5,188 |
Stock-based compensation plan expense | 12,342 | 8,460 |
Depreciation and other amortization | 5,640 | 4,668 |
Gain on sale of cost-method investment | (237) | |
Deferred income tax benefit | (1,794) | (142) |
Provision for allowances on accounts receivable | 44 | 69 |
Amortization of debt issuance costs | 104 | 3,303 |
Amortization of premium (discount) on investments | (37) | 2 |
Loss on disposal of equipment | 592 | |
Loss on foreign exchange | 126 | 22 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,239 | 3,736 |
Prepaid expenses and other current assets | (2,031) | (1,896) |
Other assets | (955) | 531 |
Accounts payable | 246 | 1,367 |
Accrued expenses | (2,828) | (2,750) |
Customer account liabilities | 496 | |
Deferred revenue | (9,086) | (13,120) |
Other liabilities | (287) | 151 |
Net cash provided by operating activities | 11,982 | $ 5,754 |
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Operating activities: | ||
Net loss | (2,035) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Stock-based compensation plan expense | 9 | |
Deferred income tax benefit | 941 | |
Loss on foreign exchange | 4 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 523 | |
Prepaid expenses and other current assets | 1,176 | |
Other assets | 180 | |
Deferred revenue | (798) | |
Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Operating activities: | ||
Net loss | (2,953) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization of acquisition-related intangible assets | 5,326 | |
Stock-based compensation plan expense | 12,351 | |
Depreciation and other amortization | 5,640 | |
Gain on sale of cost-method investment | (237) | |
Deferred income tax benefit | (853) | |
Provision for allowances on accounts receivable | 44 | |
Amortization of debt issuance costs | 104 | |
Amortization of premium (discount) on investments | (37) | |
Loss on disposal of equipment | 592 | |
Loss on foreign exchange | 130 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,762 | |
Prepaid expenses and other current assets | (855) | |
Other assets | (775) | |
Accounts payable | 246 | |
Accrued expenses | (2,828) | |
Customer account liabilities | 496 | |
Deferred revenue | (9,884) | |
Other liabilities | (287) | |
Net cash provided by operating activities | $ 11,982 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Assets | ||
Total available for sale debt securities | $ 9,948 | $ 9,947 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Money market funds (cash and cash equivalents) | 160 | 154 |
Total available for sale debt securities | 9,948 | 9,947 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Assets | ||
Short-term derivative interest rate swap | 611 | 407 |
Long-term derivative interest rate swap | 2,306 | 2,183 |
Fair Value, Measurements, Recurring [Member] | U.S. Corporate [Member] | ||
Assets | ||
Total available for sale debt securities | 3,488 | 3,467 |
Fair Value, Measurements, Recurring [Member] | Government - U.S. [Member] | ||
Assets | ||
Total available for sale debt securities | 6,460 | 6,480 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets | ||
Money market funds (cash and cash equivalents) | 160 | 154 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets | ||
Total available for sale debt securities | 9,948 | 9,947 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Assets | ||
Short-term derivative interest rate swap | 611 | 407 |
Long-term derivative interest rate swap | 2,306 | 2,183 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Corporate [Member] | ||
Assets | ||
Total available for sale debt securities | 3,488 | 3,467 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Government - U.S. [Member] | ||
Assets | ||
Total available for sale debt securities | $ 6,460 | $ 6,480 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain other investments accounted for at cost | $ 4,400 | $ 4,400 |
Borrowings under credit facility | 110,000 | 150,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Borrowings under credit facility | 110,000 | |
Israeli Severance Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of assets related to deposits | $ 1,300 | $ 1,400 |
Fair Value - Marketable Securit
Fair Value - Marketable Securities by Major Security Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Marketable Securities [Line Items] | ||
Held to Maturity | $ 63 | $ 65 |
Available for Sale | 9,948 | 9,947 |
Total | 10,011 | 10,012 |
Corporate and Other Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Held to Maturity | 63 | 65 |
Available for Sale | 9,948 | 9,947 |
Total | $ 10,011 | $ 10,012 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Value of Our Investments in Available for Sale Marketable Securities Classified (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value Disclosures [Abstract] | ||
Due within 1 year | $ 9,948 | |
Due in 1 year through 5 years | 0 | |
Total | $ 9,948 | $ 9,947 |
Fair Value - Summary of Gross U
Fair Value - Summary of Gross Unrealized Losses and Fair Values of Available for Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 6,460 | $ 6,480 |
Less than 12 Months, Unrealized Loss | (8) | (6) |
Government - U.S. [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 6,460 | 6,480 |
Less than 12 Months, Unrealized Loss | $ (8) | $ (6) |
Acquisitions - Fiscal Year 2019
Acquisitions - Fiscal Year 2019 Acquisition - Additional Information (Detail) $ in Thousands, £ in Millions | Jul. 02, 2018USD ($) | Jul. 02, 2018GBP (£) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 202,269 | $ 200,024 | ||
Microgen Banking Systems Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 9,100 | £ 6.9 | ||
Goodwill | 2,700 | |||
Identifiable intangible assets | $ 8,400 | |||
Estimated useful life of intangible assets acquired | 13 years | |||
Acquisition expenses | $ 200 |
Acquisitions - Fiscal Year 2018
Acquisitions - Fiscal Year 2018 Acquisitions - Additional Information (Detail) $ in Thousands, £ in Millions, $ in Millions | Oct. 04, 2017USD ($)shares | Oct. 04, 2017GBP (£)shares | Aug. 14, 2017USD ($)Installment | Aug. 14, 2017SGD ($)Installment | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)Business | Aug. 14, 2017SGD ($) |
Business Acquisition [Line Items] | |||||||
Number of business acquired | Business | 2 | ||||||
Payments to acquire business | $ 18,500 | ||||||
Goodwill | $ 202,269 | $ 200,024 | |||||
First Capital Cashflow Ltd. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid for acquisition | $ 13,900 | £ 10.5 | |||||
Shares issued | shares | 42,080 | 42,080 | |||||
Stock vesting period | 5 years | 5 years | |||||
Goodwill | 4,800 | ||||||
Identifiable intangible assets | $ 10,400 | ||||||
Estimated useful life of intangible assets acquired | 11 years | ||||||
Decillion Solutions Pte Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire business | $ 4,600 | $ 6.2 | |||||
Cash paid for acquisition | $ 2,800 | ||||||
Goodwill | $ 1,300 | ||||||
Identifiable intangible assets | $ 2,400 | ||||||
Estimated useful life of intangible assets acquired | 12 years | 12 years | |||||
Note payable | $ 1,800 | $ 2.5 | |||||
Note payable, number of installments | Installment | 10 | 10 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator - basic and diluted: | ||
Net loss | $ (918) | $ (4,241) |
Denominator: | ||
Shares used in computing basic and diluted net loss per share attributable to common stockholders | 39,689 | 37,730 |
Basic and diluted net loss per share attributable to common stockholders | $ (0.02) | $ (0.11) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities excluded from calculation of diluted earnings per share | 2,800 | 2,800 |
Number of shares purchased through issue of warrants | 85 | 6,300 |
Operations by Segments and Ge_3
Operations by Segments and Geographic Areas - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Operations by Segments and Ge_4
Operations by Segments and Geographic Areas - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Segment revenue: | ||
Total segment revenue | $ 102,437 | $ 91,296 |
Segment measure of profit (loss): | ||
Total measure of segment profit | (1,471) | 499 |
Operating Segments [Member] | ||
Segment revenue: | ||
Total segment revenue | 102,437 | 91,296 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 19,422 | 17,421 |
Cloud Solutions [Member] | Operating Segments [Member] | ||
Segment revenue: | ||
Total segment revenue | 49,575 | 42,444 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 10,292 | 9,384 |
Banking Solutions [Member] | Operating Segments [Member] | ||
Segment revenue: | ||
Total segment revenue | 22,252 | 21,321 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 2,062 | 2,161 |
Payments and Transactional Documents [Member] | Operating Segments [Member] | ||
Segment revenue: | ||
Total segment revenue | 26,234 | 23,049 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 8,081 | 6,360 |
Other [Member] | Operating Segments [Member] | ||
Segment revenue: | ||
Total segment revenue | 4,376 | 4,482 |
Segment measure of profit (loss): | ||
Total measure of segment profit | $ (1,013) | $ (484) |
Operations by Segments and Ge_5
Operations by Segments and Geographic Areas - Reconciliation of Measure of Total Segment Profit to GAAP Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total measure of segment profit | $ (1,471) | $ 499 |
Less: | ||
Amortization of acquisition-related intangible assets | (5,326) | (5,188) |
Stock-based compensation plan expense | (12,342) | (8,460) |
Other expense, net | (781) | (4,283) |
Loss before income taxes | (2,252) | (3,784) |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total measure of segment profit | 19,422 | 17,421 |
Segment Reconciling Items [Member] | ||
Less: | ||
Amortization of acquisition-related intangible assets | (5,326) | (5,188) |
Stock-based compensation plan expense | (12,342) | (8,460) |
Acquisition and integration-related expenses | (883) | (992) |
Restructuring benefit (expense) | (577) | 9 |
Minimum pension liability adjustments | 75 | (35) |
Global ERP system implementation and other costs | (1,581) | (2,076) |
Other expense, net | $ (1,040) | $ (4,463) |
Operations by Segments and Ge_6
Operations by Segments and Geographic Areas - Schedule of Segment Depreciation and Amortization Expense Included in Measure of Segment Profit (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | $ 5,640 | $ 4,668 |
Cloud Solutions [Member] | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 2,929 | 2,443 |
Banking Solutions [Member] | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 1,856 | 1,492 |
Payments and Transactional Documents [Member] | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 758 | 639 |
Other [Member] | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | $ 97 | $ 94 |
Operations by Segments and Ge_7
Operations by Segments and Geographic Areas - Schedule of Revenue Based on Point of Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from unaffiliated customers | $ 102,437 | $ 91,296 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from unaffiliated customers | 62,881 | 57,210 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from unaffiliated customers | 24,367 | 20,071 |
Switzerland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from unaffiliated customers | 9,993 | 9,385 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from unaffiliated customers | $ 5,196 | $ 4,630 |
Operations by Segments and Ge_8
Operations by Segments and Geographic Areas - Schedule of Long-Lived Assets, Based on Geographical Location, Excluding Deferred Tax Assets and Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Long-lived assets | ||
Long-lived assets | $ 60,145 | $ 45,448 |
United States [Member] | ||
Long-lived assets | ||
Long-lived assets | 47,209 | 36,374 |
United Kingdom [Member] | ||
Long-lived assets | ||
Long-lived assets | 8,274 | 5,586 |
Other [Member] | ||
Long-lived assets | ||
Long-lived assets | $ 4,662 | $ 3,488 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Federal corporate income tax rate | 21.00% | 35.00% | ||
Non-Recurring income tax benefit | $ 3,700 | |||
Expected tax refund | 700 | |||
Percentage of net operating losses can be carried forward indefinitely | 80.00% | |||
Excess tax expense (benefits) | $ (1,334) | $ 457 | $ (4,100) | |
Discrete tax benefit relating to tax deductions | 700 | |||
Unrecognized tax benefits decrease as a result of the expiration of certain statutes | 400 | |||
Valuation allowance against certain deferred tax assets | $ 31,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 202,269 | $ 200,024 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Subject to Amortization and for Intangible Assets Not Subject to Amortization (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 447,581 | $ 435,692 |
Accumulated Amortization | (282,122) | (273,907) |
Net Carrying Value | 165,459 | 161,785 |
Goodwill | 202,269 | 200,024 |
Total intangible assets | 367,728 | 361,809 |
Customer Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 209,130 | 201,214 |
Accumulated Amortization | (136,791) | (134,133) |
Net Carrying Value | $ 72,339 | $ 67,081 |
Weighted Average Remaining Life | 8 years 8 months 12 days | 8 years 4 months 24 days |
Core Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 130,300 | $ 130,257 |
Accumulated Amortization | (84,742) | (82,815) |
Net Carrying Value | $ 45,558 | $ 47,442 |
Weighted Average Remaining Life | 8 years | 8 years 1 month 6 days |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,010 | $ 21,983 |
Accumulated Amortization | (17,737) | (17,299) |
Net Carrying Value | $ 4,273 | $ 4,684 |
Weighted Average Remaining Life | 5 years 2 months 12 days | 5 years 3 months 18 days |
Software Developed Other Than For Internal Use [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 20,482 | $ 19,527 |
Accumulated Amortization | (7,090) | (6,265) |
Net Carrying Value | $ 13,392 | $ 13,262 |
Weighted Average Remaining Life | 3 years 9 months 18 days | 4 years |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 65,659 | $ 62,711 |
Accumulated Amortization | (35,762) | (33,395) |
Net Carrying Value | $ 29,897 | $ 29,316 |
Weighted Average Remaining Life | 4 years 10 months 24 days | 4 years 7 months 6 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remaining 2,019 | $ 15,551 |
2,020 | 18,523 |
2,021 | 17,430 |
2,022 | 15,302 |
2,023 | 14,089 |
2024 and thereafter | 41,275 |
Software Developed Other Than For Internal Use [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Remaining 2,019 | 2,527 |
2,020 | 3,369 |
2,021 | 3,369 |
2,022 | 3,369 |
2,023 | 455 |
2024 and thereafter | 16 |
Software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Remaining 2,019 | 6,607 |
2,020 | 7,373 |
2,021 | 5,068 |
2,022 | 3,497 |
2,023 | 1,928 |
2024 and thereafter | $ 2,539 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Rollforward of Goodwill Balances, by Reportable Segment (Detail) $ in Thousands | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 200,024 |
Goodwill acquired during the period | 2,651 |
Impact of foreign currency translation | (406) |
Ending Balance | 202,269 |
Cloud Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 90,270 |
Impact of foreign currency translation | 227 |
Ending Balance | 90,497 |
Banking Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 35,880 |
Ending Balance | 35,880 |
Payments and Transactional Documents [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 65,680 |
Goodwill acquired during the period | 2,651 |
Impact of foreign currency translation | (633) |
Ending Balance | 67,698 |
Other [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 8,194 |
Ending Balance | $ 8,194 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Schedule of Rollforward of Goodwill Balances, by Reportable Segment (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill accumulated impairment loss | $ 7.5 | $ 7.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($) | |
General and Administrative Expenses [Member] | |
Contingencies And Commitments [Line Items] | |
Restructuring expenses | $ 0.6 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions | Aug. 14, 2017USD ($)Installment | Dec. 31, 2012USD ($)$ / sharesshares | Sep. 30, 2018USD ($)shares | Jun. 30, 2020 | Aug. 14, 2017SGD ($) |
Debt Instrument [Line Items] | |||||
Warrant expiration period | 150 days | ||||
Exercise of warrants | shares | 895 | ||||
Warrants outstanding | shares | 85 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit agreement date | Dec. 9, 2016 | ||||
Debt instrument term (years) | 5 years | ||||
Maximum capacity borrowing amount under credit facility | $ 300,000,000 | ||||
Borrowings under credit facility | 110,000,000 | ||||
1.50% Convertible Senior Notes Maturing on December 1, 2017 [Member] | Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of warrants, net of issue costs | $ 25,800,000 | ||||
Purchase of common stock | shares | 6,300 | ||||
Common stock, strike price per share | $ / shares | $ 40.04 | ||||
Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants exercisable beginning | Mar. 1, 2018 | ||||
Warrants exercisable ending | Oct. 2, 2018 | ||||
Cash [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of borrowings | 40,000,000 | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Additional borrowing capacity | $ 190,000,000 | ||||
Consolidated Net Leverage Ratio | 3.75 | ||||
Maximum [Member] | Step Down [Member] | Scenario, Forecast [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated Net Leverage Ratio | 3.50 | ||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated Interest Coverage Ratio | 3 | ||||
Decillion Solutions Pte Ltd [Member] | |||||
Debt Instrument [Line Items] | |||||
Note payable | $ 1,800,000 | $ 2.5 | |||
Note payable, number of installments | Installment | 10 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended |
Jul. 31, 2017 | Sep. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Ineffective portion of hedge | $ 0 | |
Amounts excluded from assessment of hedge effectiveness | 0 | |
Gross unrealized gain in accumulated other comprehensive loss | 2,900,000 | |
Reclassification of unrealized gain from accumulated other comprehensive loss to earnings | $ 700,000 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional debt value | $ 100,000,000 | |
Agreement date | Jul. 31, 2017 | |
Agreement effective date | Dec. 1, 2017 | |
Agreement maturity date | Dec. 1, 2021 | |
Fixed interest rate | 1.9275% |
Derivative Instruments - Summar
Derivative Instruments - Summary of Fair Values of the Interest Rate Swap (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Short-term derivative asset | $ 611 | $ 407 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Long-term derivative asset | $ 2,306 | $ 2,183 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Effect of Derivative Interest Rate Swap in AOCI (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument, beginning balance | $ 2,590 | |
Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | 368 | $ (235) |
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) (Effective Portion) | 41 | |
Derivative instrument, ending balance | $ 2,917 | $ (235) |
Postretirement and Other Empl_3
Postretirement and Other Employee Benefits - Components of Net Periodic Pension Costs for the Swiss Pension Plan (Detail) - Foreign Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Components of net periodic cost | ||
Service cost | $ 645 | $ 640 |
Interest cost | 116 | 89 |
Prior service credit | (78) | (23) |
Net actuarial loss | 56 | 55 |
Expected return on plan assets | (353) | (301) |
Net periodic cost | $ 386 | $ 460 |