Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | MICROS SYSTEMS INC |
Entity Central Index Key | 320345 |
Current Fiscal Year End Date | -24 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | FALSE |
Entity Common Stock, Shares Outstanding | 75,283,387 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current Assets: | ||||
Cash and cash equivalents | $439,933 | $486,023 | ||
Short-term investments | 155,626 | 148,046 | ||
Accounts receivable, net of allowance for doubtful accounts of $30,927 at September 30, 2013 and $30,418 at June 30, 2013 | 232,281 | 228,455 | ||
Inventory | 54,297 | 49,273 | ||
Income taxes receivable | 11,939 | 12,771 | ||
Deferred income taxes | 15,315 | 15,022 | ||
Prepaid expenses and other current assets | 58,772 | 44,648 | ||
Total current assets | 968,163 | 984,238 | ||
Property, plant and equipment, net | 51,729 | 44,127 | ||
Deferred income taxes, non-current | 48,041 | 50,186 | ||
Goodwill | 447,709 | 432,950 | ||
Intangible assets, net | 38,151 | 37,754 | ||
Purchased and internally developed software costs, net of accumulated amortization of $96,724 at September 30, 2013 and $93,307 at June 30, 2013 | 34,325 | 32,543 | ||
Other assets | 7,488 | 7,240 | ||
Total assets | 1,595,606 | [1] | 1,589,038 | [1] |
Current Liabilities: | ||||
Bank lines of credit | 0 | 1,757 | ||
Accounts payable | 71,479 | 73,099 | ||
Accrued expenses and other current liabilities | 150,750 | 155,491 | ||
Income taxes payable | 12,009 | 11,002 | ||
Deferred revenue | 203,366 | 177,236 | ||
Total current liabilities | 437,604 | 418,585 | ||
Income taxes payable, non-current | 38,052 | 35,019 | ||
Deferred income taxes, non-current | 1,186 | 1,157 | ||
Other non-current liabilities | 16,004 | 16,007 | ||
Total liabilities | 492,846 | 470,768 | ||
Commitments and contingencies (Note 12) | ||||
MICROS Systems, Inc. Stockholders' Equity: | ||||
Common stock, $0.025 par value; authorized 120,000 shares; issued and outstanding 75,283 at September 30, 2013 and 76,732 at June 30, 2013 | 1,882 | 1,918 | ||
Retained earnings | 1,093,614 | 1,136,763 | ||
Accumulated other comprehensive income (loss) | 3,903 | -23,625 | ||
Total MICROS Systems, Inc. stockholders' equity | 1,099,399 | 1,115,056 | ||
Noncontrolling interest | 3,361 | 3,214 | ||
Total equity | 1,102,760 | 1,118,270 | ||
Total liabilities and equity | $1,595,606 | $1,589,038 | ||
[1] | Amounts based on the physical location of the assets. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $30,927 | $30,418 |
Accumulated amortization | $96,724 | $93,307 |
Par value (in dollars per share) | $0.03 | $0.03 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 75,283,000 | 76,732,000 |
Common stock, shares outstanding | 75,283,000 | 76,732,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Revenue: | ||||
Hardware | $66,532 | $63,759 | ||
Software | 34,361 | 30,778 | ||
Services | 213,822 | 205,314 | ||
Total revenue | 314,715 | [1] | 299,851 | [1] |
Cost of sales: | ||||
Hardware | 43,247 | 43,057 | ||
Software | 5,401 | 5,365 | ||
Services | 103,739 | 98,169 | ||
Total cost of sales | 152,387 | 146,591 | ||
Gross margin | 162,328 | 153,260 | ||
Selling, general and administrative expenses | 85,446 | 77,745 | ||
Research and development expenses | 19,365 | 16,803 | ||
Depreciation and amortization | 5,169 | 5,525 | ||
Total operating expenses | 109,980 | 100,073 | ||
Income from operations | 52,348 | 53,187 | ||
Non-operating income (expense): | ||||
Interest income | 987 | 1,347 | ||
Interest expense | -998 | -171 | ||
Other income, net | 490 | -329 | ||
Total non-operating income, net | 479 | 847 | ||
Income before taxes | 52,827 | [1] | 54,034 | [1] |
Income tax provision | 20,496 | 12,968 | ||
Net income | 32,331 | 41,066 | ||
Less: net income attributable to noncontrolling interest | -60 | -2 | ||
Net income attributable to MICROS Systems, Inc. | $32,271 | $41,064 | ||
Net income per share attributable to MICROS Systems, Inc. common stockholders: | ||||
Basic (in dollars per share) | $0.42 | $0.51 | ||
Diluted (in dollars per share) | $0.42 | $0.50 | ||
Weighted-average number of shares outstanding: | ||||
Basic (in shares) | 76,103 | 80,223 | ||
Diluted (in shares) | 77,712 | 81,969 | ||
[1] | Amounts based on the location of the selling entity. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||
Net income | $32,331 | $41,066 |
Other comprehensive income (loss), net of taxes: | ||
Foreign currency translation adjustments, net of tax of $0 | 27,586 | 14,874 |
Change in unrealized losses on long-term investments, net of tax benefits $1 | 0 | -2 |
Change in unrealized gains related to pension plans, net of taxes of $9 | 29 | 0 |
Total other comprehensive income, net of taxes | 27,615 | 14,872 |
Comprehensive income | 59,946 | 55,938 |
Comprehensive income attributable to noncontrolling interest | -147 | -50 |
Comprehensive income attributable to MICROS Systems, Inc. | $59,799 | $55,888 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax | $0 | $0 |
Unrealized losses on long-term investments, tax (benefit) | 0 | -1 |
Unrealized gains related to pension plans, net of taxes | $9 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net income | $32,331 | $41,066 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,169 | 5,525 |
Share-based compensation | 4,990 | 4,210 |
Amortization of capitalized software | 1,517 | 972 |
Provision for losses on accounts receivable | 600 | 1,306 |
Litigation reserve, including interest expense | 3,700 | 0 |
Gain (Loss) on Sale of Property Plant Equipment | 0 | -41 |
Changes in operating assets and liabilities (net of impact of acquisitions): | ||
Decrease (increase) in accounts receivable | 144 | -5,957 |
Increase in inventory | -4,082 | -3,828 |
Increase in prepaid expenses and other assets | -12,851 | -9,033 |
Decrease in accounts payable | -2,803 | -7,327 |
Decrease in accrued expenses and other current liabilities | -10,074 | -30,379 |
Increase (decrease) in income tax assets and liabilities | 7,863 | -8,954 |
Increase in deferred revenue | 22,503 | 18,462 |
Net cash flows provided by operating activities | 49,007 | 6,022 |
Cash flows from investing activities: | ||
Proceeds from maturities of investments | 39,369 | 16,553 |
Purchases of investments | -46,375 | -4,029 |
Purchases of property, plant and equipment | -10,968 | -3,796 |
Internally developed software costs | -2,028 | -850 |
Other | 0 | -86 |
Net cash flows (used in) provided by investing activities | -20,002 | 7,792 |
Cash flows from financing activities: | ||
Repurchases of common stock | -91,603 | -13,165 |
Proceeds from stock option exercises | 10,137 | 4,364 |
Principal payments on lines of credit | -1,795 | 0 |
Realized tax benefits from stock option exercises | 886 | 1,370 |
Other | -33 | -26 |
Net cash flows used in financing activities | -82,408 | -7,457 |
Effect of exchange rate changes on cash and cash equivalents | 7,313 | 4,885 |
Net (decrease) increase in cash and cash equivalents | -46,090 | 11,242 |
Cash and cash equivalents at beginning of period | 486,023 | 562,786 |
Cash and cash equivalents at end of period | $439,933 | $574,028 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital In Excess Of Par [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Non-Controlling Interest [Member] |
In Thousands, unless otherwise specified | ||||||
Balance Beginning at Jun. 30, 2012 | $1,096,131 | $2,008 | $107,662 | $1,000,822 | ($17,847) | $3,486 |
Balance Beginning, shares at Jun. 30, 2012 | 80,309 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock issued upon exercise of options, shares | 201 | |||||
Repurchases of stock, shares | -276 | |||||
Net income | 41,066 | 41,064 | 2 | |||
Foreign currency translation adjustments, net of tax of $0 | 14,874 | 14,826 | 48 | |||
Changes in unrealized losses on long-term investments, net of tax benefits of $1 | -2 | -2 | ||||
Share-based compensation | 4,210 | 4,210 | ||||
Change in unrealized gains related to pension plans, net of taxes of $9 | 0 | |||||
Stock issued upon exercise of options | 4,364 | 5 | 4,359 | |||
Repurchases of stock | -13,165 | -7 | -13,158 | |||
Income tax benefit from options exercised | 1,407 | 1,407 | ||||
Balance Ending at Sep. 30, 2012 | 1,148,885 | 2,006 | 104,480 | 1,041,886 | -3,023 | 3,536 |
Balance Ending, shares at Sep. 30, 2012 | 80,234 | |||||
Balance Beginning at Jun. 30, 2013 | 1,118,270 | 1,918 | 1,136,763 | -23,625 | 3,214 | |
Balance Beginning, shares at Jun. 30, 2013 | 76,732 | 76,732 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock issued upon exercise of options, shares | 401 | |||||
Repurchases of stock, shares | -1,850 | |||||
Net income | 32,331 | 32,271 | 60 | |||
Foreign currency translation adjustments, net of tax of $0 | 27,586 | 27,499 | 87 | |||
Changes in unrealized losses on long-term investments, net of tax benefits of $1 | 0 | |||||
Change in unrealized gains related to pension plans, net of taxes of $9 | 29 | 29 | ||||
Share-based compensation | 4,990 | 4,990 | ||||
Stock issued upon exercise of options | 10,137 | 10 | 10,127 | |||
Repurchases of stock | -91,603 | -46 | -91,557 | |||
Income tax benefit from options exercised | 1,020 | 1,020 | ||||
Balance Ending at Sep. 30, 2013 | $1,102,760 | $1,882 | $1,093,614 | $3,903 | $3,361 | |
Balance Ending, shares at Sep. 30, 2013 | 75,283 | 75,283 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ||
Foreign currency translation adjustments, tax | $0 | $0 |
Unrealized losses on long-term investments, tax (benefit) | 0 | -1 |
Unrealized gains related to pension plans, net of taxes | $9 | $0 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION |
The accompanying condensed consolidated financial statements of MICROS Systems, Inc. and its subsidiaries (collectively, the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X, promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all disclosures required by U.S. generally accepted accounting principles for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. | |
The condensed consolidated financial statements included in this report reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial position of the Company, its results of operations and cash flows for the interim periods set forth herein. The results for the three months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year or any future periods. |
INVENTORY
INVENTORY | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
INVENTORY | INVENTORY | ||||||||
The following table provides information on the components of inventory: | |||||||||
As of | |||||||||
(in thousands) | 30-Sep-13 | June 30, | |||||||
2013 | |||||||||
Raw materials | $ | 1,502 | $ | 1,065 | |||||
Finished goods | 52,795 | 48,208 | |||||||
Total inventory | $ | 54,297 | $ | 49,273 | |||||
FINANCIAL_INSTRUMENTS_AND_FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | ||||||||||||||||
Investments consist of the following: | |||||||||||||||||
As of September 30, 2013 | As of June 30, 2013 | ||||||||||||||||
(in thousands) | Amortized | Aggregate | Amortized | Aggregate | |||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||
Time deposit – U.S. | $ | 76,763 | $ | 76,763 | $ | 53,862 | $ | 53,862 | |||||||||
Time deposit - international | 43,688 | 43,688 | 28,832 | 28,832 | |||||||||||||
U.S. government debt securities | 35,175 | 35,175 | 65,352 | 65,352 | |||||||||||||
Total investments | $ | 155,626 | $ | 155,626 | $ | 148,046 | $ | 148,046 | |||||||||
Fair value is 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 (exit price). The following hierarchy prioritizes the inputs (generally, assumptions that market participants use in pricing an asset or liability) used to measure fair value based on the quality and reliability of the information provided by the inputs: | |||||||||||||||||
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||||||
• | Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; inputs that are derived principally from or corroborated by observable market data or other means. | ||||||||||||||||
• | Level 3 - Measured based on prices or valuation models using unobservable inputs to the extent relevant observable inputs are not available (i.e., where there is little or no market activity for the asset or liability). | ||||||||||||||||
The following table provides information regarding the financial assets accounted for at fair value and the type of inputs used to value the assets: | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | ||||||||||||||
Balance, September 30, 2013: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 76,763 | $ | 76,763 | |||||||||||
Time deposit - international | — | 43,688 | 43,688 | ||||||||||||||
U.S. government debt securities | 35,175 | — | 35,175 | ||||||||||||||
Total investments | $ | 35,175 | $ | 120,451 | $ | 155,626 | |||||||||||
Balance, June 30, 2013: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 53,862 | $ | 53,862 | |||||||||||
Time deposit - international | — | 28,832 | 28,832 | ||||||||||||||
U.S. government debt securities | 60,352 | 5,000 | 65,352 | ||||||||||||||
Total investments | $ | 60,352 | $ | 87,694 | $ | 148,046 | |||||||||||
At September 30, 2013 and June 30, 2013, the Company’s investments were recognized at fair value determined based upon observable input information provided by the Company’s pricing service vendors for identical or similar assets. For these investments, cost approximated fair value. During the three months ended September 30, 2013 and 2012, the Company did not hold any level 3 investments or recognize any gains or losses on its investments. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Sep. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS |
During the three months ended September 30, 2013, the Company determined, based on its assessment of qualitative factors as of July 1, 2013, the date of the annual goodwill impairment test, that none of its reporting units met the “more likely than not” threshold (i.e. it is more likely than not that the fair values of the Company’s reporting units are less than their respective carrying values) that would require the Company to perform the first step of the two-step goodwill impairment test. Accordingly, the Company did not perform any further analysis. For the three months ended September 30, 2013, the increase in goodwill of approximately $14.8 million was due to foreign currency changes. | |
On July 1, 2013, the Company's annual impairment analysis date, the Company adopted revised guidance on how an entity tests indefinite-lived intangible assets for impairment. Under the new guidance, an entity is no longer required to calculate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. During the three months ended September 30, 2013, the Company determined, based on its assessment of qualitative factors as of July 1, 2013, that its indefinite-lived intangible trademarks did not meet the "more likely than not" threshold requiring that the Company calculate fair value of its indefinite-lived trademarks. Accordingly, the Company did not perform any further analysis. | |
Subsequent to the annual impairment analysis date of July 1, 2013, there have been no events or circumstances that caused the Company to determine that it is more likely than not that the fair values of the Company’s reporting units are less than their respective carrying values. Subsequent to July 1, 2013, there have been no events or circumstances that caused the Company to determine that it is more likely than not that its indefinite-lived trademarks have been impaired. |
CREDIT_AGREEMENTS
CREDIT AGREEMENTS | 3 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
CREDIT AGREEMENTS | CREDIT AGREEMENTS |
The Company had two credit agreements (the “Credit Agreements”) that expired on September 30, 2013. The Credit Agreements provided an aggregate $50.0 million multi-currency committed line of credit. The international facility was secured by 65% of the capital stock of the Company’s main operating Ireland subsidiary and 100% of the capital stock of all of the remaining major foreign subsidiaries. The U.S. facility was secured by 100% of the capital stock of a number of the Company’s U.S. subsidiaries as well as inventory and receivables located in the U.S. | |
For borrowings in U.S. currency, the interest rate under the Credit Agreements was equal to the higher of the federal funds rate plus 50 basis points or the prime rate. For borrowings in foreign currencies, the interest rate was determined by a LIBOR-based formula, plus an additional margin of 125 to 200 basis points, depending upon the Company’s consolidated earnings before interest, taxes, depreciation and amortization for the immediately preceding four calendar quarters. Under the terms of the Credit Agreements, the Company was required to pay to the lenders insignificant commitment fees on the unused portion of the line of credit. The Credit Agreements also contained certain financial covenants and restrictions on the Company’s ability to assume additional debt, repurchase stock, sell subsidiaries or acquire companies. | |
On September 30, 2013, the expiration date of the Credit Agreements, the Company repaid the approximately $1.8 million outstanding under the Credit Agreements. | |
The Company also has a credit relationship with a European bank in the amount of EUR 1.0 million (approximately $1.4 million at the September 30, 2013 exchange rate). Under the terms of this facility, the Company may borrow in the form of either a line of credit or term debt. As of September 30, 2013, there were no balances outstanding on this credit facility, but approximately EUR 0.4 million (approximately $0.6 million at the September 30, 2013 exchange rate) of the credit facility has been used for guarantees. As of September 30, 2013, the Company had a borrowing capacity of approximately EUR 0.6 million (approximately $0.8 million at the September 30, 2013 exchange rate) available under this credit facility. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION | ||||||||
The non-cash share-based compensation expenses included in the condensed consolidated statements of operations are as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Selling, general and administrative | $ | 4,404 | $ | 3,700 | |||||
Research and development | 487 | 437 | |||||||
Cost of sales | 99 | 73 | |||||||
Total non-cash share-based compensation expense | 4,990 | 4,210 | |||||||
Income tax benefit | (1,558 | ) | (1,264 | ) | |||||
Total non-cash share-based compensation expense, net of tax benefit | $ | 3,432 | $ | 2,946 | |||||
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.04 | $ | 0.04 | |||||
No non-cash share-based compensation expense has been capitalized for the three months ended September 30, 2013 and 2012. As of September 30, 2013, the Company expects to recognize approximately $27.0 million (net of estimated forfeitures) in non-cash share-based compensation expense related to non-vested awards over a weighted-average period of 1.7 years. |
Net_Income_Per_Share_Attributa
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders | Net income per share attributable to MICROS Systems, Inc. common stockholders | ||||||||
Basic net income per share attributable to MICROS Systems, Inc. common stockholders is computed by dividing net income available to MICROS Systems, Inc. by the weighted-average number of shares outstanding. Diluted net income per share attributable to MICROS Systems, Inc. common stockholders includes additional dilution from shares of common stock issuable upon the exercise of outstanding stock options. | |||||||||
The following table provides a reconciliation of the net income available to MICROS Systems, Inc. to basic and diluted net income per share: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(in thousands, except per share data) | 2013 | 2012 | |||||||
Net income attributable to MICROS Systems, Inc. | $ | 32,271 | $ | 41,064 | |||||
Weighted-average common shares outstanding | 76,103 | 80,223 | |||||||
Dilutive effect of outstanding stock options | 1,609 | 1,746 | |||||||
Weighted-average common shares outstanding assuming dilution | 77,712 | 81,969 | |||||||
Basic net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.42 | $ | 0.51 | |||||
Diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.42 | $ | 0.5 | |||||
Anti-dilutive weighted shares excluded from reconciliation | 2,248 | 1,687 | |||||||
Results for the three months ended September 30, 2013 and 2012 include approximately $5.0 million ($3.4 million, net of tax) and $4.2 million ($2.9 million, net of tax), in non-cash share-based compensation expense, respectively. The non-cash share-based compensation expense reduced diluted net income per share attributable to MICROS Systems, Inc. common stockholders by $0.04 for each of the three months ended September 30, 2013 and 2012, respectively. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES |
The effective tax rate for the three months ended September 30, 2013 and 2012 was 38.8% and 24.0%, respectively. The effective tax rate for the three months ended September 30, 2013 is more than the 35% U.S. statutory federal income tax rate for corporations primarily due to the effects of the reduction in the U.K. tax rate (described below) partially offset by decreases in taxes due to earnings in jurisdictions which have a lower rate than the U.S. | |
The increase in effective tax rate for the three months ended September 30, 2013 compared to the same period last year was primarily attributable to an increases resulting from the following: | |
1) The changes in the uncertain tax positions increased the effective tax rate and income tax expense for the three months ended September 30, 2013 by 12.9% and approximately $6.9 million, respectively, as compared to the same period last year. This increase primarily reflected the tax benefit of the expiration of statutes of limitation recorded during the three months ended September 30, 2012. | |
2) The effects of the reduction in the U.K. tax rate to 20% increased the effective tax rate and income tax expense for the three months ended September 30, 2013 by 4.6% and approximately $3.6 million, respectively, as compared to the same period last year. The rate reduction caused the effective tax rate to increase by reducing the carrying value of our U.K. deferred tax assets. | |
The above increases were partially offset by a decrease in taxes due to changes in earnings mix among jurisdictions. | |
The Company estimates that, within the next 12 months, its unrecognized income tax benefits will decrease by between approximately $2.8 million and approximately $4.8 million due to the expiration of statutes of limitations and expected settlements with tax authorities. However, audit outcomes and the timing of audit settlements are subject to significant uncertainty. Over the next 12 months, it is reasonably possible that the Company’s tax positions will continue to generate liabilities related to uncertain tax positions. | |
The Company currently has no plans to repatriate to the U.S. its cumulative unremitted foreign earnings, as it intends to permanently reinvest such earnings internationally. If the Company changes its strategy in the future and repatriates such funds, the amount of any taxes, which could be significant, and the application of any tax credits, would be determined based on the appropriate jurisdictional income tax laws at the time of such repatriation. Due to the extent of uncertainty as to which remittance structure would be used should a decision be made in the future to repatriate, the availability and the complexity of calculating foreign tax credits, and the implications of indirect taxes, including withholding taxes, determination of the unrecognized deferred income tax liability related to these unremitted earnings is not practicable. | |
The Company’s income tax returns are no longer subject to examination by the U.S. tax authorities for tax years ending before June 2011, by the U.K. tax authorities for tax years ending before June 2010, by the German tax authorities for tax years ending before June 2006 and the Irish tax authorities for tax years ending before June 2009. Certain periods prior to these dates, however, could be subject to adjustment as a result of the competent authority process, or due to the impact of items such as carryback or carryforward claims. |
RECENT_ACCOUNTING_GUIDANCE
RECENT ACCOUNTING GUIDANCE | 3 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE |
Recently Adopted Accounting Pronouncements | |
On July 1, 2013, the Company adopted Financial Accounting Standards Board ("FASB") guidance on how an entity tests indefinite-lived intangible assets for impairment. Under the new guidance, an entity is no longer required to calculate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. | |
On July 1, 2013, the Company adopted FASB guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. | |
Recent Accounting Guidance Not Yet Adopted | |
In July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent that the deferred tax asset is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax position, or if the tax law of the jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. This guidance is effective for the Company beginning in its third fiscal quarter ending March 31, 2014, and will result only in presentation changes in the consolidated balance sheet. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | |||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | ||||||||
The Company is organized and operates in four operating segments: U.S./Canada, Europe, the Pacific Rim, and Latin America regions. The Company has identified U.S./Canada as a separate reportable segment and has aggregated its three international operating segments into one reportable segment, International, as the three international operating segments share many similar economic characteristics. Management views the U.S./Canada and International segments separately in operating its business, although the products and services are similar for each segment. The Company’s chief operating decision maker is the Company’s Chief Executive Officer. | |||||||||
Historically, all of the Company’s new business acquisitions have been integrated into the existing operating segments, based on their respective geographic locations, and are subsequently operated and managed as part of that operating segment. | |||||||||
A summary of certain financial information regarding the Company’s reportable segments is set forth below: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Revenues (1): | |||||||||
U.S./Canada | $ | 142,173 | $ | 129,288 | |||||
International | 185,668 | 181,808 | |||||||
Intersegment eliminations (2) | (13,126 | ) | (11,245 | ) | |||||
Total revenues | $ | 314,715 | $ | 299,851 | |||||
Income before taxes (1): | |||||||||
U.S./Canada | $ | 29,476 | $ | 34,853 | |||||
International | 33,626 | 27,480 | |||||||
Intersegment eliminations (2) | (10,275 | ) | (8,299 | ) | |||||
Total income before taxes | $ | 52,827 | $ | 54,034 | |||||
As of | |||||||||
(in thousands) | September 30, | June 30, | |||||||
2013 | 2013 | ||||||||
Identifiable assets (3): | |||||||||
U.S./Canada | $ | 599,298 | $ | 664,607 | |||||
International | 996,308 | 924,431 | |||||||
Total identifiable assets | $ | 1,595,606 | $ | 1,589,038 | |||||
-1 | Amounts based on the location of the selling entity. | ||||||||
-2 | Amounts primarily represent elimination of U.S./Canada and Ireland’s intercompany business. | ||||||||
-3 | Amounts based on the physical location of the assets. |
STOCKHOLDERS_EQUITY
STOCKHOLDERSb EQUITY | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
STOCKHOLDERSb EQUITY | STOCKHOLDERS’ EQUITY | |||||||||||
The Company’s Board of Directors has periodically authorized the repurchase of the Company’s common stock over a specified time period. On April 23, 2013, the Company's Board of Directors authorized the purchase of up to $225 million of the Company's common stock, to be purchased from time to time over the ensuing three years depending on market conditions and other corporate considerations as determined by management. | ||||||||||||
As of September 30, 2013, approximately $115.6 million remains available for purchases under the April 2013 authorization. All of the purchased shares were retired and reverted to the status of authorized but unissued shares: | ||||||||||||
(in thousands, except per share data) | Number of | Average | Total Purchase | |||||||||
Shares | Purchase Price | Value | ||||||||||
per Share | ||||||||||||
Total shares purchased: | ||||||||||||
As of June 30, 2013 | 18,417 | $ | 28.49 | $ | 524,669 | |||||||
Three months ended September 30, 2013 | 1,850 | $ | 49.52 | 91,603 | ||||||||
As of September 30, 2013 | 20,267 | $ | 30.41 | $ | 616,272 | |||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
On May 22, 2008, a jury returned verdicts against the Company in the consolidated actions of Roth Cash Register v. MICROS Systems, Inc., et al. (the “Roth Matter”) and Shenango Systems Solutions v. MICROS Systems, Inc., et al. (the “Shenango Matter”). The cases initially were filed in 2000 in the Court of Common Pleas of Allegheny County, Pennsylvania. The complaints both related to the non-renewal of dealership agreements in the year 2000 between the Company and the respective plaintiffs. The agreements were non-renewed as part of a restructuring of the dealer channel. The plaintiffs alleged that the Company and certain of its subsidiaries and employees entered into a plan to eliminate the plaintiffs as authorized dealers and improperly interfere with the plaintiffs' relationships with their respective existing and potential future clients and customers without compensation to the plaintiffs. The plaintiffs claimed that, as a result, the Company was liable for, among other things, breach of contract and tortious interference with existing and prospective contractual relationships. In May 2008, the jury returned verdicts against the Company totaling $7.5 million. Both parties appealed the original verdicts on various grounds. On December 30, 2010, the Superior Court of Pennsylvania reversed and remanded the trial court judgment as to $4.5 million of the award and affirmed the trial court judgment as to the remaining $3.0 million of the award. Following the denial of appeals of the Superior Court decision by the Pennsylvania Supreme Court on April 10, 2012, the Company accrued a charge of $3.0 million in its selling, general and administrative expenses. The matter was subsequently remanded to the Court of Common Pleas (the trial court) for further proceedings consistent with the appellate decisions. On June 7, 2012, the Company paid an aggregate of approximately $3.5 million to the two plaintiffs, reflecting all amounts that were determined to be owed to the plaintiff in the Shenango Matter and all amounts that were no longer in dispute and that were payable to the plaintiff in the Roth Matter, including as to each payment (i) interest that had accrued at the statutory rate of 6% per annum, and (ii) certain reductions and offsets that were approved by the Court of Common Pleas. Upon the conclusion of the post-appeal proceedings in the trial court, the Court of Common Pleas entered an order amending the amount of the remaining portion of the judgment in favor of the plaintiff in the Roth Matter from $4.5 million to approximately $2.8 million. The Company appealed the amended judgment. On October 4, 2013, the Superior Court of Pennsylvania affirmed the amended judgment. During the three months ended September 30, 2013, the Company accrued a charge of approximately $2.8 million in its selling, general and administrative expenses relating to the judgment. The Company has also recognized interest expense of approximately $0.9 million related to the judgment as the amount payable is subject to interest accruing at the statutory rate of 6% per annum. On October 21, 2013, the Company and the plaintiff in the Roth Matter entered into a settlement agreement pursuant to which the parties agreed that, among other things, the Company would pay $3.7 million as a full and final payment, and the case would then be fully and finally dismissed. On October 22, 2013, the Company paid the agreed amount. | |
The Company is and has been involved in legal proceedings arising in the normal course of business, and the Company is of the opinion, based upon presently available information and the advice of counsel concerning pertinent legal matters, that any resulting liability should not have a material adverse effect on the Company’s results of operations, financial position, or cash flows. However, litigation is subject to many uncertainties, and the outcome of litigation is not predictable with assurance. An adverse outcome in current or future litigation could have a material adverse effect on the Company’s business, financial condition, results of operations, and liquidity. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION |
The accompanying condensed consolidated financial statements of MICROS Systems, Inc. and its subsidiaries (collectively, the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X, promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all disclosures required by U.S. generally accepted accounting principles for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. | |
The condensed consolidated financial statements included in this report reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial position of the Company, its results of operations and cash flows for the interim periods set forth herein. The results for the three months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year or any future periods. | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements |
On July 1, 2013, the Company adopted Financial Accounting Standards Board ("FASB") guidance on how an entity tests indefinite-lived intangible assets for impairment. Under the new guidance, an entity is no longer required to calculate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. | |
On July 1, 2013, the Company adopted FASB guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. | |
Recent Accounting Guidance Not Yet Adopted | |
In July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent that the deferred tax asset is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax position, or if the tax law of the jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. This guidance is effective for the Company beginning in its third fiscal quarter ending March 31, 2014, and will result only in presentation changes in the consolidated balance sheet. |
INVENTORY_Tables
INVENTORY (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components Of Inventory | The following table provides information on the components of inventory: | ||||||||
As of | |||||||||
(in thousands) | 30-Sep-13 | June 30, | |||||||
2013 | |||||||||
Raw materials | $ | 1,502 | $ | 1,065 | |||||
Finished goods | 52,795 | 48,208 | |||||||
Total inventory | $ | 54,297 | $ | 49,273 | |||||
FINANCIAL_INSTRUMENTS_AND_FAIR1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||
Summary Of Short-Term And Long-Term Investments | nvestments consist of the following: | ||||||||||||||||
As of September 30, 2013 | As of June 30, 2013 | ||||||||||||||||
(in thousands) | Amortized | Aggregate | Amortized | Aggregate | |||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||
Time deposit – U.S. | $ | 76,763 | $ | 76,763 | $ | 53,862 | $ | 53,862 | |||||||||
Time deposit - international | 43,688 | 43,688 | 28,832 | 28,832 | |||||||||||||
U.S. government debt securities | 35,175 | 35,175 | 65,352 | 65,352 | |||||||||||||
Total investments | $ | 155,626 | $ | 155,626 | $ | 148,046 | $ | 148,046 | |||||||||
Summary Of Financial Assets At Fair Value | The following table provides information regarding the financial assets accounted for at fair value and the type of inputs used to value the assets: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | ||||||||||||||
Balance, September 30, 2013: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 76,763 | $ | 76,763 | |||||||||||
Time deposit - international | — | 43,688 | 43,688 | ||||||||||||||
U.S. government debt securities | 35,175 | — | 35,175 | ||||||||||||||
Total investments | $ | 35,175 | $ | 120,451 | $ | 155,626 | |||||||||||
Balance, June 30, 2013: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 53,862 | $ | 53,862 | |||||||||||
Time deposit - international | — | 28,832 | 28,832 | ||||||||||||||
U.S. government debt securities | 60,352 | 5,000 | 65,352 | ||||||||||||||
Total investments | $ | 60,352 | $ | 87,694 | $ | 148,046 | |||||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Non-Cash Share-Based Compensation Expense | The non-cash share-based compensation expenses included in the condensed consolidated statements of operations are as follows: | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Selling, general and administrative | $ | 4,404 | $ | 3,700 | |||||
Research and development | 487 | 437 | |||||||
Cost of sales | 99 | 73 | |||||||
Total non-cash share-based compensation expense | 4,990 | 4,210 | |||||||
Income tax benefit | (1,558 | ) | (1,264 | ) | |||||
Total non-cash share-based compensation expense, net of tax benefit | $ | 3,432 | $ | 2,946 | |||||
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.04 | $ | 0.04 | |||||
Net_Income_Per_Share_Attributa1
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation Of Net Income To Basic And Diluted Net Income Per Share | The following table provides a reconciliation of the net income available to MICROS Systems, Inc. to basic and diluted net income per share: | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(in thousands, except per share data) | 2013 | 2012 | |||||||
Net income attributable to MICROS Systems, Inc. | $ | 32,271 | $ | 41,064 | |||||
Weighted-average common shares outstanding | 76,103 | 80,223 | |||||||
Dilutive effect of outstanding stock options | 1,609 | 1,746 | |||||||
Weighted-average common shares outstanding assuming dilution | 77,712 | 81,969 | |||||||
Basic net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.42 | $ | 0.51 | |||||
Diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.42 | $ | 0.5 | |||||
Anti-dilutive weighted shares excluded from reconciliation | 2,248 | 1,687 | |||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | |||||||||
Summary Of Certain Financial Information | A summary of certain financial information regarding the Company’s reportable segments is set forth below: | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Revenues (1): | |||||||||
U.S./Canada | $ | 142,173 | $ | 129,288 | |||||
International | 185,668 | 181,808 | |||||||
Intersegment eliminations (2) | (13,126 | ) | (11,245 | ) | |||||
Total revenues | $ | 314,715 | $ | 299,851 | |||||
Income before taxes (1): | |||||||||
U.S./Canada | $ | 29,476 | $ | 34,853 | |||||
International | 33,626 | 27,480 | |||||||
Intersegment eliminations (2) | (10,275 | ) | (8,299 | ) | |||||
Total income before taxes | $ | 52,827 | $ | 54,034 | |||||
As of | |||||||||
(in thousands) | September 30, | June 30, | |||||||
2013 | 2013 | ||||||||
Identifiable assets (3): | |||||||||
U.S./Canada | $ | 599,298 | $ | 664,607 | |||||
International | 996,308 | 924,431 | |||||||
Total identifiable assets | $ | 1,595,606 | $ | 1,589,038 | |||||
-1 | Amounts based on the location of the selling entity. | ||||||||
-2 | Amounts primarily represent elimination of U.S./Canada and Ireland’s intercompany business. | ||||||||
-3 | Amounts based on the physical location of the assets. |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERSb EQUITY (Tables) | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Cumulative Number Of Shares Purchased Under The Purchase Authorizations | All of the purchased shares were retired and reverted to the status of authorized but unissued shares: | |||||||||||
(in thousands, except per share data) | Number of | Average | Total Purchase | |||||||||
Shares | Purchase Price | Value | ||||||||||
per Share | ||||||||||||
Total shares purchased: | ||||||||||||
As of June 30, 2013 | 18,417 | $ | 28.49 | $ | 524,669 | |||||||
Three months ended September 30, 2013 | 1,850 | $ | 49.52 | 91,603 | ||||||||
As of September 30, 2013 | 20,267 | $ | 30.41 | $ | 616,272 | |||||||
INVENTORY_Details
INVENTORY (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $1,502 | $1,065 |
Finished goods | 52,795 | 48,208 |
Total inventory | $54,297 | $49,273 |
FINANCIAL_INSTRUMENTS_AND_FAIR2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Summary Of Short-Term And Long-Term Investments) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investments, Amortized Cost Basis | $155,626 | $148,046 |
Investments, Aggregate Fair Value | 155,626 | 148,046 |
U.S. Government Debt Securities [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investments, Amortized Cost Basis | 35,175 | 65,352 |
Investments, Aggregate Fair Value | 35,175 | 65,352 |
Domestic [Member] | Time Deposits [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investments, Amortized Cost Basis | 76,763 | 53,862 |
Investments, Aggregate Fair Value | 76,763 | 53,862 |
International [Member] | Time Deposits [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investments, Amortized Cost Basis | 43,688 | 28,832 |
Investments, Aggregate Fair Value | $43,688 | $28,832 |
FINANCIAL_INSTRUMENTS_AND_FAIR3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Summary Of Financial Assets At Fair Value) (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Gain on Sale of Investments | $0 | $0 | |
Total Investments | 155,626,000 | 148,046,000 | |
Level 1 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 35,175,000 | 60,352,000 | |
Level 2 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 120,451,000 | 87,694,000 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 155,626,000 | 148,046,000 | |
U.S. Government Debt Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 35,175,000 | 65,352,000 | |
U.S. Government Debt Securities [Member] | Level 1 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 35,175,000 | 60,352,000 | |
U.S. Government Debt Securities [Member] | Level 2 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 0 | 5,000,000 | |
U.S. Government Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 35,175,000 | 65,352,000 | |
International [Member] | Time Deposits [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 43,688,000 | 28,832,000 | |
International [Member] | Time Deposits [Member] | Level 1 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 0 | 0 | |
International [Member] | Time Deposits [Member] | Level 2 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 43,688,000 | 28,832,000 | |
International [Member] | Time Deposits [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 43,688,000 | 28,832,000 | |
Domestic [Member] | Time Deposits [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 76,763,000 | 53,862,000 | |
Domestic [Member] | Time Deposits [Member] | Level 1 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 0 | 0 | |
Domestic [Member] | Time Deposits [Member] | Level 2 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | 76,763,000 | 53,862,000 | |
Domestic [Member] | Time Deposits [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Total Investments | $76,763,000 | $53,862,000 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Increase in goodwill due to foreign currency exchanges | $14.80 |
CREDIT_AGREEMENTS_Details
CREDIT AGREEMENTS (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | |
USD ($) | EUR (€) | Bank Of America, Wells Fargo And US Bank [Member] | European Bank [Member] | European Bank [Member] | U.S. Facility [Member] | International Facility [Member] | International Facility [Member] | Borrowings In USD Based [Member] | Borrowings In Foreign Currency Based [Member] | Maximum [Member] | Minimum [Member] | ||||
Agreement | Agreement | USD ($) | USD ($) | EUR (€) | Capital Stock Of United States Subsidiaries [Member] | Capital Stock Of Main Operating Ireland Subsidiary [Member] | Capital Stock Of Remaining Major Foreign Subsidiaries [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Borrowings In Foreign Currency Based [Member] | Borrowings In Foreign Currency Based [Member] | ||||
Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of credit agreements | 2 | 2 | |||||||||||||
Credit agreements, maturity date | 30-Sep-13 | 30-Sep-13 | |||||||||||||
Line of credit facility aggregate borrowing capacity | $50,000,000 | ||||||||||||||
Percentage of capital stock pledged as collateral | 100.00% | 65.00% | 100.00% | ||||||||||||
Variable rate basis | federal funds rate | LIBOR | |||||||||||||
Principal payments on line of credits | 1,795,000 | 0 | |||||||||||||
Basis spread on variable rate | 0.50% | 2.00% | 1.25% | ||||||||||||
Line of credit facility current borrowing capacity | 800,000 | 600,000 | 1,400,000 | 1,000,000 | |||||||||||
Bank lines of credit | 0 | 1,757,000 | 0 | ||||||||||||
Credit facility used for guarantees | $600,000 | € 400,000 |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION (Narrative) (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Non-cash share-based compensation expense, capitalized | $0 | $0 |
Non-cash share-based compensation related to non-vested awards | $27,000,000 | |
Weighted-average period | 1 year 8 months |
SHAREBASED_COMPENSATION_NonCas
SHARE-BASED COMPENSATION (Non-Cash Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash share-based compensation expense | $4,990 | $4,210 |
Income tax benefit | -1,558 | -1,264 |
Total non-cash share-based compensation expense, net of tax benefit | 3,432 | 2,946 |
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $0.04 | $0.04 |
Selling, General, And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash share-based compensation expense | 4,404 | 3,700 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash share-based compensation expense | 487 | 437 |
Cost Of Sales [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash share-based compensation expense | $99 | $73 |
Net_Income_Per_Share_Attributa2
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders (Reconciliation Of Net Income To Basic And Diluted Net Income Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||
Net income attributable to MICROS Systems, Inc. | $32,271 | $41,064 |
Weighted-average common shares outstanding | 76,103 | 80,223 |
Dilutive effect of outstanding stock options | 1,609 | 1,746 |
Weighted-average common shares outstanding assuming dilution | 77,712 | 81,969 |
Basic net income per share attributable to MICROS Systems, Inc. common stockholders | $0.42 | $0.51 |
Diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $0.42 | $0.50 |
Anti-dilutive weighted shares excluded from reconciliation | 2,248 | 1,687 |
Non-cash share-based compensation expense | 4,990 | 4,210 |
Non-cash share-based compensation expense, net of tax | $3,432 | $2,946 |
Amount reduced from diluted net income per share by non-cash share-based compensation expenses | $0.04 | $0.04 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | |
Effective tax rate | 38.80% | 24.00% |
Increase (decrease) in unrecognized tax benefits | ($6,900,000) | |
Increase (decrease) in effective tax rate percentage due to unrecognized tax benefits | 12.90% | |
UKTaxRateAfterEnactmentEffectiveApril12015 | 20.00% | |
Increase in income tax expense due to decrease in UK tax rate | 3,600,000 | |
Increase in effective tax rate due to enacted UK tax rate reduction | 4.60% | |
Unrecognized tax benefits decrease, lower limit | 2,800,000 | |
Unrecognized tax benefit decrease, upper limit | $4,800,000 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |||
Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of operating segments | 4 | |||||
Total revenues | $314,715 | [1] | $299,851 | [1] | ||
Income before taxes | 52,827 | [1] | 54,034 | [1] | ||
Total identifiable assets | 1,595,606 | [2] | 1,589,038 | [2] | ||
U.S./Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of reporting segments | 1 | |||||
Total revenues | 142,173 | [1] | 129,288 | [1] | ||
Income before taxes | 29,476 | [1] | 34,853 | [1] | ||
Total identifiable assets | 599,298 | [2] | 664,607 | [2] | ||
International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of operating segments | 3 | |||||
Number of reporting segments | 1 | |||||
Total revenues | 185,668 | [1] | 181,808 | [1] | ||
Income before taxes | 33,626 | [1] | 27,480 | [1] | ||
Total identifiable assets | 996,308 | [2] | 924,431 | [2] | ||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | -13,126 | [1],[3] | -11,245 | [1],[3] | ||
Income before taxes | ($10,275) | [1],[3] | ($8,299) | [1],[3] | ||
[1] | Amounts based on the location of the selling entity. | |||||
[2] | Amounts based on the physical location of the assets. | |||||
[3] | Amounts primarily represent elimination of U.S./Canada and Irelandbs intercompany business. |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERSb EQUITY (Narrative) (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 23, 2013 | Sep. 30, 2013 |
Stockholders' Equity Note [Abstract] | ||
Value of common stock authorized for repurchase | $225 | |
Stock repurchase program, remaining number of shares authorized | $115.60 |
STOCKHOLDERS_EQUITY_Cumulative
STOCKHOLDERSb EQUITY (Cumulative Number Of Shares Purchased Under The Purchase Authorizations) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Cummulative Number of Shares Repurchased [Roll Forward] | |
Total shares purchased, Beginning Balance Number of Shares | 18,417 |
Total shares purchased, Number of Shares | 1,850 |
Total shares purchased, Ending Balance Number of Shares | 20,267 |
Total shares purchased, Beginning Balance Average Purchase Price per Share | $28.49 |
Total shares purchased, Average Purchase Price per Share | $49.52 |
Total shares purchased, Ending Balance Average Purchase Price per Share | $30.41 |
Total shares purchased, Beginning Balance Total Purchase Price | $524,669 |
Total shares purchased, Total Purchase Value | 91,603 |
Total shares purchased, Ending Balance Total Purchase Price | $616,272 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Jun. 07, 2012 | Dec. 30, 2010 | 31-May-08 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 07, 2012 | Jun. 30, 2012 | Oct. 21, 2013 | |
Plaintiff | Roth Cash Register v. MICROS Systems, Inc., et al. and Shenango Systems Solutions v. MICROS Systems, Inc., et al. Cases [Member] | Roth Cash Register v. MICROS Systems, Inc., et al. and Shenango Systems Solutions v. MICROS Systems, Inc., et al. Cases [Member] | Roth Cash Register v. MICROS Systems, Inc., et al. and Shenango Systems Solutions v. MICROS Systems, Inc., et al. Cases [Member] | Subsequent Event [Member] | |||||||
Roth Cash Register v. MICROS Systems, Inc., et al. and Shenango Systems Solutions v. MICROS Systems, Inc., et al. Cases [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Damages awarded by jury | $7,500,000 | ||||||||||
Reversing and remanding of award | 4,500,000 | 4,500,000 | |||||||||
Affirming of award | 3,000,000 | ||||||||||
Selling, general and administrative expenses | 85,446,000 | 77,745,000 | 2,800,000 | 3,000,000 | |||||||
Amounts paid to plaintiffs | 3,500,000 | ||||||||||
Number of plaintiffs | 2 | ||||||||||
Interest accruing at statutory rate | 6.00% | 6.00% | |||||||||
Amended judgment award for legal settlement | 2,800,000 | ||||||||||
Interest Expense, Other | 998,000 | 171,000 | 900,000 | ||||||||
Loss Contingency, Settlement Agreement, Consideration | $3,700,000 |