Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HENRY JACK & ASSOCIATES INC | ' |
Entity Central Index Key | '0000779152 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 81,775,635 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $39,402 | $70,377 |
Receivables, net | 159,110 | 224,041 |
Income tax receivable | 2,618 | 7,937 |
Prepaid expenses and other | 72,340 | 59,824 |
Prepaid cost of product | 28,649 | 22,202 |
Total current assets | 302,119 | 384,381 |
PROPERTY AND EQUIPMENT, net | 301,132 | 291,675 |
OTHER ASSETS: | ' | ' |
Non-current prepaid cost of product | 36,370 | 34,708 |
Computer software, net of amortization | 167,585 | 160,391 |
Other non-current assets | 37,389 | 38,121 |
Customer Relationships, Net of Amortization | 132,893 | 136,602 |
Other Intangible Assets, Net of Amortization | 27,805 | 25,653 |
Goodwill | 552,761 | 552,761 |
Total other assets | 954,803 | 948,236 |
Total assets | 1,558,054 | 1,624,292 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 8,316 | 10,516 |
Accrued expenses | 58,038 | 63,299 |
Accrued income taxes | 14,690 | 0 |
Deferred income tax liability | 37,592 | 37,592 |
Notes payable and current maturities of long term debt | 9,964 | 5,407 |
Deferred revenues | 260,552 | 312,002 |
Total current liabilities | 389,152 | 428,816 |
LONG TERM LIABILITIES: | ' | ' |
Non-current deferred revenues | 9,017 | 8,985 |
Non-current deferred income tax liability | 136,576 | 134,918 |
Debt, net of current maturities | 1,041 | 3,729 |
Other long-term liabilities | 10,349 | 9,683 |
Total long term liabilities | 156,983 | 157,315 |
Total liabilities | 546,135 | 586,131 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock - $1 par value; 500,000 shares authorized, none issued | 0 | 0 |
Common stock - $0.01 par value; 250,000,000 shares authorized; 102,611,471 shares issued at September 30, 2014; 102,429,926 shares issued at June 30, 2014 | 1,026 | 1,024 |
Additional paid-in capital | 412,092 | 412,512 |
Retained earnings | 1,237,126 | 1,202,406 |
Less treasury stock at cost; 20,843,232 shares at September 30, 2014; 19,794,559 shares at June 30, 2014 | -638,325 | -577,781 |
Total stockholders' equity | 1,011,919 | 1,038,161 |
Total liabilities and equity | $1,558,054 | $1,624,292 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Preferred stock, par value | $1 | $1 |
Preferred stock, authorized shares | 500,000 | 500,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 250,000,000 | 250,000,000 |
Common stock, issued shares | 102,611,471 | 102,429,926 |
Treasury Stock, Shares | 20,843,232 | 19,794,559 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUE | ' | ' |
License | $13,610 | $11,779 |
Support and service | 292,454 | 269,544 |
Hardware | 12,755 | 14,338 |
Total revenue | 318,819 | 295,661 |
COST OF SALES | ' | ' |
Cost of license | 1,389 | 1,412 |
Cost of support and service | 169,697 | 154,583 |
Cost of hardware | 9,385 | 10,941 |
Total cost of sales | 180,471 | 166,936 |
GROSS PROFIT | 138,348 | 128,725 |
Earnings Per Share | ' | ' |
Diluted earnings per share | $0.64 | $0.58 |
Diluted weighted average shares outstanding | 82,589 | 85,854 |
Basic earnings per share | $0.64 | $0.58 |
Basic weighted average shares outstanding | 82,195 | 85,294 |
Selling and marketing | 22,408 | 21,458 |
Research and development | 16,791 | 15,673 |
General and administrative | 16,510 | 14,250 |
Total operating expenses | 55,709 | 51,381 |
OPERATING INCOME | 82,639 | 77,344 |
INTEREST INCOME (EXPENSE) | ' | ' |
Interest income | 57 | 131 |
Interest expense | -266 | -280 |
Total interest income (expense) | -209 | -149 |
INCOME BEFORE INCOME TAXES | 82,430 | 77,195 |
PROVISION FOR INCOME TAXES | 29,668 | 27,407 |
NET INCOME | $52,762 | $49,788 |
Earnings Per Share | ' | ' |
Diluted earnings per share | $0.64 | $0.58 |
Diluted weighted average shares outstanding | 82,589 | 85,854 |
Basic earnings per share | $0.64 | $0.58 |
Basic weighted average shares outstanding | 82,195 | 85,294 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $52,762 | $49,788 |
Adjustments to reconcile net income to cash from operating activities: | ' | ' |
Depreciation | 13,631 | 12,963 |
Amortization | 15,817 | 12,893 |
Change in deferred income taxes | 1,658 | 1,862 |
Excess tax benefits from stock-based compensation | -3,801 | -2,947 |
Expense for stock-based compensation | 2,068 | 1,922 |
Gain/loss on disposal of assets | -56 | -30 |
Changes in operating assets and liabilities: | ' | ' |
Change in receivables | 64,931 | 78,489 |
Change in prepaid expenses, prepaid cost of product and other | -19,893 | -12,591 |
Change in accounts payable | -2,200 | 2,213 |
Change in accrued expenses | -4,680 | -16,238 |
Change in income taxes | 24,329 | 21,531 |
Change in deferred revenues | -51,418 | -52,165 |
Net cash from operating activities | 93,148 | 97,690 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -21,485 | -7,351 |
Proceeds from sale of assets | 58 | 2,702 |
Internal use software | -3,455 | -3,183 |
Computer software developed | -17,999 | -14,076 |
Net cash from investing activities | -42,881 | -21,908 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayments on credit facilities | -170 | -2,798 |
Purchase of treasury stock | -60,544 | 0 |
Dividends paid | -18,042 | -17,054 |
Excess tax benefits from stock-based compensation | -3,801 | -2,947 |
Proceeds from issuance of common stock upon exercise of stock options | 161 | 111 |
Minimum tax withholding payments related to option exercises | -7,602 | -6,176 |
Proceeds from sale of common stock, net | 1,154 | 1,070 |
Net cash from financing activities | -81,242 | -21,900 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -30,975 | 53,882 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 70,377 | 127,905 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $39,402 | $181,787 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies (Text Block) | 3 Months Ended |
Sep. 30, 2014 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | ' |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | ' |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
DESCRIPTION OF THE COMPANY | |
Jack Henry & Associates, Inc. and subsidiaries (“JHA” or the “Company”) is a provider of integrated computer systems and services that has developed and acquired a number of banking and credit union software systems. The Company's revenues are predominately earned by marketing those systems to financial institutions nationwide together with computer equipment (hardware), by providing the conversion and software implementation services for financial institutions to utilize JHA software systems, and by providing other related services. JHA also provides continuing support and services to customers using in-house or outsourced systems. | |
CONSOLIDATION | |
The consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. | |
PRIOR PERIOD RECLASSIFICATION | |
Certain amounts included within the condensed consolidated statements of cash flows for the three months ended September 30, 2013 have been restated to correct an error related to the presentation of excess tax benefits from stock based compensation within cash flows from operating activities. Such correction adjusted the cash flow statement for the three months ended September 30, 2013 by presenting excess tax benefits from stock based compensation as a separate line item and increasing the change in income taxes by $2,947. There was no change in total cash flows from operating, investing or financing activities. | |
COMPREHENSIVE INCOME | |
Comprehensive income for the three months ended September 30, 2014 and 2013 equals the Company’s net income. | |
COMMON STOCK | |
The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At September 30, 2014, there were 20,843 shares in treasury stock and the Company had the remaining authority to repurchase up to 4,147 additional shares. The total cost of treasury shares at September 30, 2014 is $638,325. During the first quarter of fiscal 2015, the Company repurchased 1,049 treasury shares for $60,544. At June 30, 2014, there were 19,795 shares in treasury stock and the Company had authority to repurchase up to 5,196 additional shares. | |
Dividends declared per share were $0.22 and $0.20 for the three months ended September 30, 2014 and 2013, respectively. | |
INTERIM FINANCIAL STATEMENTS | |
The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America applicable to interim condensed consolidated financial statements, and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes, which are included in its Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended June 30, 2014. The accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements included in its Form 10-K for the fiscal year ended June 30, 2014. | |
In the opinion of the management of the Company, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to present fairly the financial position of the Company as of September 30, 2014, the results of its operations for the three months ended September 30, 2014 and 2013, and its cash flows for the three months ended September 30, 2014 and 2013. | |
The results of operations for the period ended September 30, 2014 are not necessarily indicative of the results to be expected for the entire year. | |
LITIGATION | |
We are subject to various routine legal proceedings and claims, including the following: | |
In May 2013 a patent infringement lawsuit entitled DataTreasury Corporation v. Jack Henry & Associates, Inc. et. al. was filed against the Company, several subsidiaries and a number of customer financial institutions in the US District Court for the Eastern District of Texas. The complaint seeks damages, interest, injunctive relief, and attorneys' fees for the alleged infringement of two patents, as well as trebling of damage awards for alleged willful infringement. We believe we have strong defenses and intend to defend the lawsuit vigorously. At this stage, we cannot make a reasonable estimate of possible loss or range of loss, if any, arising from this lawsuit. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments Fair Value of Financial Instruments (Text Block) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities. The fair value of long term debt also approximates carrying value as estimated using discounted cash flows based on the Company’s current incremental borrowing rates or quoted prices in active markets. | |||||||||||||||||
The Company's estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: | |||||||||||||||||
Level 1: inputs to the valuation are quoted prices in an active market for identical assets | |||||||||||||||||
Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly | |||||||||||||||||
Level 3: valuation is based on significant inputs that are unobservable in the market and the Company's own estimates of assumptions that we believe market participants would use in pricing the asset | |||||||||||||||||
Fair value of financial assets, included in cash and cash equivalents, is as follows: | |||||||||||||||||
Estimated Fair Value Measurements | Total Fair | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Value | ||||||||||||||
September 30, 2014 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 2,915 | $ | — | $ | — | $ | 2,915 | |||||||||
June 30, 2014 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 28,877 | $ | — | $ | — | $ | 28,877 | |||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements Recent Accounting Pronouncements (Text Block) | 3 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Recent Accounting Pronouncements [Text Block] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers in May 2014. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for the Company for its annual reporting period beginning July 1, 2017, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. The Company is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on our consolidated financial statements. |
Debt_Text_Block
Debt (Text Block) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Capital Leases Disclosures [Text Block] | ' | |||||||
DEBT | ||||||||
The Company’s outstanding long and short term debt is as follows: | ||||||||
September 30, | June 30, | |||||||
2014 | 2014 | |||||||
LONG TERM DEBT | ||||||||
Capital leases | $ | 6,365 | $ | 7,757 | ||||
6,365 | 7,757 | |||||||
Less current maturities | 5,324 | 4,028 | ||||||
Debt, net of current maturities | $ | 1,041 | $ | 3,729 | ||||
SHORT TERM DEBT | ||||||||
Capital leases | $ | 4,640 | $ | 1,379 | ||||
Current maturities of long-term debt | 5,324 | 4,028 | ||||||
Notes payable and current maturities of long term debt | $ | 9,964 | $ | 5,407 | ||||
Capital leases | ||||||||
The Company has entered into various capital lease obligations for the use of certain computer equipment. Long term capital lease obligations were entered into of which $6,365 remains outstanding at September 30, 2014 and $5,324 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $4,640 at September 30, 2014. | ||||||||
Other lines of credit | ||||||||
The long term revolving credit facility allows for borrowings of up to $150,000, which may be increased by the Company at any time until maturity to $250,000. The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate or (c) LIBOR plus 1.0%), plus an applicable percentage in each case determined by the Company's leverage ratio. The credit facility is secured by pledges of capital stock of certain subsidiaries of the Company and also guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of September 30, 2014, the Company was in compliance with all such covenants. The revolving loan terminates June 4, 2015 and at September 30, 2014, there was no outstanding revolving loan balance. | ||||||||
The Company renewed an unsecured bank credit line on March 3, 2014 which provides for funding of up to $5,000 and bears interest at the prime rate less 1%. The credit line was renewed through April 30, 2017. At September 30, 2014, no amount was outstanding. | ||||||||
Interest | ||||||||
The Company paid interest of $285 and $299 during the three months ended September 30, 2014 and 2013, respectively. | ||||||||
Property and Equipment | ||||||||
Property and equipment included $1,605 and $5,337 in accrued liabilities or acquired via capital lease at September 30, 2014 and 2013, respectively. These amounts were excluded from capital expenditures on the statement of cash flows. |
Income_Taxes_Text_Block
Income Taxes (Text Block) | 3 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
INCOME TAXES | |
The effective tax rate of 36.0% of income before income taxes for the quarter ended September 30, 2014 is higher than 35.5% for the same quarter in fiscal 2013 primarily due to the effect of the Research and Experimentation Credit (“R&E Credit”) which expired December 31, 2013. | |
The Company paid income taxes of $3,681 and $4,015 in the three months ended September 30, 2014 and 2013, respectively. | |
At September 30, 2014, the Company had $8,235 of gross unrecognized tax benefits, $5,627 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,433 and $682 related to uncertain tax positions at September 30, 2014 and 2013, respectively. | |
The U.S. federal and state income tax returns for June 30, 2011 and all subsequent years remain subject to examination as of September 30, 2014 under statute of limitations rules. We anticipate potential changes could reduce the unrecognized tax benefits balance by $1,700 - $2,300 within twelve months of September 30, 2014. |
Stock_Based_Compensation_Text_
Stock Based Compensation (Text Block) | 3 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||
STOCK-BASED COMPENSATION | |||||||||||
Our pre-tax operating income for the three months ended September 30, 2014 and 2013, includes $2,068 and $1,922 of equity-based compensation costs, respectively. | |||||||||||
2005 NSOP and 1996 SOP | |||||||||||
The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No stock options were issued under the 1996 SOP or the 2005 NSOP during the three months ended September 30, 2014. | |||||||||||
A summary of option plan activity under the plan is as follows: | |||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate | |||||||||
Intrinsic | |||||||||||
Value | |||||||||||
Outstanding July 1, 2014 | 125 | 22.29 | |||||||||
Granted | — | — | |||||||||
Forfeited | — | — | |||||||||
Exercised | (9 | ) | 19.04 | ||||||||
Outstanding September 30, 2014 | 116 | $ | 22.54 | $ | 3,842 | ||||||
Vested September 30, 2014 | 116 | $ | 22.54 | $ | 3,842 | ||||||
Exercisable September 30, 2014 | 116 | $ | 22.54 | $ | 3,842 | ||||||
Compensation cost related to outstanding options has been fully recognized. The weighted average remaining contractual term on options currently exercisable as of September 30, 2014 was 3.48 years. | |||||||||||
Restricted Stock Plan | |||||||||||
The Company issues both share awards and unit awards under the Restricted Stock Plan. The following table summarizes non-vested share awards as of September 30, 2014, as well as activity for the three months then ended: | |||||||||||
Share awards | Shares | Weighted | |||||||||
Average | |||||||||||
Grant Date | |||||||||||
Fair Value | |||||||||||
Outstanding July 1, 2014 | 138 | 33.56 | |||||||||
Granted | 9 | 56.06 | |||||||||
Vested | (32 | ) | 26.18 | ||||||||
Forfeited | (7 | ) | 46.39 | ||||||||
Outstanding September 30, 2014 | 108 | $ | 36.79 | ||||||||
At September 30, 2014, there was $1,496 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 1.18 years. | |||||||||||
The following table summarizes non-vested unit awards as of September 30, 2014, as well as activity for the three months then ended: | |||||||||||
Unit awards | Shares | Weighted | |||||||||
Average | |||||||||||
Grant Date | |||||||||||
Fair Value | |||||||||||
Outstanding July 1, 2014 | 709 | 31.66 | |||||||||
Granted | 164 | 53.04 | |||||||||
Vested | (277 | ) | 19.69 | ||||||||
Forfeited | (101 | ) | 19.69 | ||||||||
Outstanding September 30, 2014 | 495 | 47.83 | |||||||||
The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values are as follows: | |||||||||||
Volatility | 17.8 | % | |||||||||
Risk free interest rate | 1.06 | % | |||||||||
Dividend yield | 1.5 | % | |||||||||
Stock Beta | 0.765 | ||||||||||
At September 30, 2014, there was $15,369 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted-average period of 1.94 years. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Text Block) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
EARNINGS PER SHARE | ||||||||
The following table reflects the reconciliation between basic and diluted earnings per share: | ||||||||
Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Net Income | $ | 52,762 | $ | 49,788 | ||||
Common share information: | ||||||||
Weighted average shares outstanding for basic earnings per share | 82,195 | 85,294 | ||||||
Dilutive effect of stock options and restricted stock | 394 | 560 | ||||||
Weighted average shares outstanding for diluted earnings per share | 82,589 | 85,854 | ||||||
Basic earnings per share | $ | 0.64 | $ | 0.58 | ||||
Diluted earnings per share | $ | 0.64 | $ | 0.58 | ||||
Per share information is based on the weighted average number of common shares outstanding for each of the fiscal years. Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. There were 78 anti-dilutive restricted shares excluded for the three months ended September 30, 2014 (18 restricted shares were excluded for the three months ended September 30, 2013). |
Business_Acquisitions_Text_Blo
Business Acquisitions (Text Block) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
BUSINESS ACQUISITION | ||||
Banno, LLC | ||||
Effective March 1, 2014, the Company acquired all of the equity interests of Banno, an Iowa-based company that provides Web hosting, mobile banking, and transaction marketing services with a focus on the mobile medium, for $27,910 paid in cash. This acquisition was funded using existing operating cash. The acquisition of Banno expanded the Company’s presence in online and mobile technologies within the industry. | ||||
Management has completed a preliminary purchase price allocation of Banno and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their preliminary fair values as of March 1, 2014 are set forth below: | ||||
Current assets | $ | 610 | ||
Long-term assets | 87 | |||
Identifiable intangible assets | 9,255 | |||
Total liabilities assumed | (1,512 | ) | ||
Total identifiable net assets | 8,440 | |||
Goodwill | 19,470 | |||
Net assets acquired | $ | 27,910 | ||
The amounts shown above may change in the near term as management continues to assess the fair value of acquired assets and liabilities and evaluate the income tax implications of this business combination. | ||||
The goodwill of $19,470 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Banno, together with the value of Banno’s assembled workforce. Goodwill from this acquisition has been allocated to our Banking Systems and Services segment. Approximately 95% of the goodwill is expected to be deductible for income tax purposes. | ||||
Identifiable intangible assets from this acquisition consists of customer relationships of $3,946, $3,546 of computer software and other intangible assets of $1,763. The weighted average amortization period for acquired customer relationships, acquired computer software, and other intangible assets is 15 years, 8 years, and 20 years, respectively. | ||||
Current assets is inclusive of cash acquired of $16. The fair value of current assets acquired included accounts receivable of $476. The gross amount receivable is $501, of which $25 is expected to be uncollectible. | ||||
The accompanying consolidated statements of income for the three months ended September 30, 2013 do not include any revenues and expenses related to this acquisition. The impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. |
Business_Segment_Information_T
Business Segment Information (Text Block) | 3 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||||||
REPORTABLE SEGMENT INFORMATION | ||||||||||||||||||||||||
The Company is a provider of integrated computer systems that perform data processing (available for in-house installations or outsourced services) for banks and credit unions. The Company’s operations are classified into two reportable segments: bank systems and services (“Bank”) and credit union systems and services (“Credit Union”). The Company evaluates the performance of its segments and allocates resources to them based on various factors, including prospects for growth, return on investment, and return on revenue. | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||
Bank | Credit Union | Total | Bank | Credit Union | Total | |||||||||||||||||||
REVENUE | ||||||||||||||||||||||||
License | $ | 8,611 | $ | 4,999 | $ | 13,610 | $ | 6,379 | $ | 5,400 | $ | 11,779 | ||||||||||||
Support and service | 222,474 | 69,980 | 292,454 | 204,045 | 65,499 | 269,544 | ||||||||||||||||||
Hardware | 9,745 | 3,010 | 12,755 | 10,585 | 3,753 | 14,338 | ||||||||||||||||||
Total revenue | 240,830 | 77,989 | 318,819 | 221,009 | 74,652 | 295,661 | ||||||||||||||||||
COST OF SALES | ||||||||||||||||||||||||
Cost of license | 884 | 505 | 1,389 | 1,012 | 400 | 1,412 | ||||||||||||||||||
Cost of support and service | 130,680 | 39,017 | 169,697 | 117,996 | 36,587 | 154,583 | ||||||||||||||||||
Cost of hardware | 7,171 | 2,214 | 9,385 | 8,180 | 2,761 | 10,941 | ||||||||||||||||||
Total cost of sales | 138,735 | 41,736 | 180,471 | 127,188 | 39,748 | 166,936 | ||||||||||||||||||
GROSS PROFIT | $ | 102,095 | $ | 36,253 | 138,348 | $ | 93,821 | $ | 34,904 | 128,725 | ||||||||||||||
OPERATING EXPENSES | 55,709 | 51,381 | ||||||||||||||||||||||
INTEREST INCOME (EXPENSE) | (209 | ) | (149 | ) | ||||||||||||||||||||
INCOME BEFORE INCOME TAXES | $ | 82,430 | $ | 77,195 | ||||||||||||||||||||
September 30, | June 30, | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||
Bank systems and services | $ | 268,698 | $ | 258,437 | ||||||||||||||||||||
Credit Union systems and services | 32,434 | 33,238 | ||||||||||||||||||||||
Total | $ | 301,132 | $ | 291,675 | ||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||||||
Bank systems and services | $ | 650,637 | $ | 643,972 | ||||||||||||||||||||
Credit Union systems and services | 230,407 | 231,435 | ||||||||||||||||||||||
Total | $ | 881,044 | $ | 875,407 | ||||||||||||||||||||
The Company has not disclosed any additional asset information by segment, as the information is not produced internally and its preparation is impracticable. |
Subsequent_Events_Text_Block
Subsequent Events (Text Block) | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
Sale of business | |
On October 3, 2014, it was announced that the Profitstars® division of the Company had sold its TeleWeb suite of Internet and mobile banking software products to Data Center Inc. (DCI). The transaction completed on October 1, 2014 and will result in a gain, net of tax, of approximately $3,000 in the second quarter of fiscal 2015. |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation | ' |
CONSOLIDATION | |
The consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. | |
Prior Period Reclassification | ' |
PRIOR PERIOD RECLASSIFICATION | |
Certain amounts included within the condensed consolidated statements of cash flows for the three months ended September 30, 2013 have been restated to correct an error related to the presentation of excess tax benefits from stock based compensation within cash flows from operating activities. Such correction adjusted the cash flow statement for the three months ended September 30, 2013 by presenting excess tax benefits from stock based compensation as a separate line item and increasing the change in income taxes by $2,947. There was no change in total cash flows from operating, investing or financing activities. | |
Common Stock | ' |
COMMON STOCK | |
The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At September 30, 2014, there were 20,843 shares in treasury stock and the Company had the remaining authority to repurchase up to 4,147 additional shares. The total cost of treasury shares at September 30, 2014 is $638,325. During the first quarter of fiscal 2015, the Company repurchased 1,049 treasury shares for $60,544. At June 30, 2014, there were 19,795 shares in treasury stock and the Company had authority to repurchase up to 5,196 additional shares. | |
Dividends declared per share were $0.22 and $0.20 for the three months ended September 30, 2014 and 2013, respectively. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities. The fair value of long term debt also approximates carrying value as estimated using discounted cash flows based on the Company’s current incremental borrowing rates or quoted prices in active markets. | |
The Company's estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: | |
Level 1: inputs to the valuation are quoted prices in an active market for identical assets | |
Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly | |
Level 3: valuation is based on significant inputs that are unobservable in the market and the Company's own estimates of assumptions that we believe market participants would use in pricing the asset |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Estimated Fair Value Measurements | Total Fair | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Value | ||||||||||||||
September 30, 2014 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 2,915 | $ | — | $ | — | $ | 2,915 | |||||||||
June 30, 2014 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 28,877 | $ | — | $ | — | $ | 28,877 | |||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
September 30, | June 30, | |||||||
2014 | 2014 | |||||||
LONG TERM DEBT | ||||||||
Capital leases | $ | 6,365 | $ | 7,757 | ||||
6,365 | 7,757 | |||||||
Less current maturities | 5,324 | 4,028 | ||||||
Debt, net of current maturities | $ | 1,041 | $ | 3,729 | ||||
Schedule of Short-term Debt [Table Text Block] | ' | |||||||
SHORT TERM DEBT | ||||||||
Capital leases | $ | 4,640 | $ | 1,379 | ||||
Current maturities of long-term debt | 5,324 | 4,028 | ||||||
Notes payable and current maturities of long term debt | $ | 9,964 | $ | 5,407 | ||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate | |||||||||
Intrinsic | |||||||||||
Value | |||||||||||
Outstanding July 1, 2014 | 125 | 22.29 | |||||||||
Granted | — | — | |||||||||
Forfeited | — | — | |||||||||
Exercised | (9 | ) | 19.04 | ||||||||
Outstanding September 30, 2014 | 116 | $ | 22.54 | $ | 3,842 | ||||||
Vested September 30, 2014 | 116 | $ | 22.54 | $ | 3,842 | ||||||
Exercisable September 30, 2014 | 116 | $ | 22.54 | $ | 3,842 | ||||||
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | ' | ||||||||||
Share awards | Shares | Weighted | |||||||||
Average | |||||||||||
Grant Date | |||||||||||
Fair Value | |||||||||||
Outstanding July 1, 2014 | 138 | 33.56 | |||||||||
Granted | 9 | 56.06 | |||||||||
Vested | (32 | ) | 26.18 | ||||||||
Forfeited | (7 | ) | 46.39 | ||||||||
Outstanding September 30, 2014 | 108 | $ | 36.79 | ||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||
Unit awards | Shares | Weighted | |||||||||
Average | |||||||||||
Grant Date | |||||||||||
Fair Value | |||||||||||
Outstanding July 1, 2014 | 709 | 31.66 | |||||||||
Granted | 164 | 53.04 | |||||||||
Vested | (277 | ) | 19.69 | ||||||||
Forfeited | (101 | ) | 19.69 | ||||||||
Outstanding September 30, 2014 | 495 | 47.83 | |||||||||
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | ' | ||||||||||
Volatility | 17.8 | % | |||||||||
Risk free interest rate | 1.06 | % | |||||||||
Dividend yield | 1.5 | % | |||||||||
Stock Beta | 0.765 | ||||||||||
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Tables) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Net Income | $ | 52,762 | $ | 49,788 | ||||
Common share information: | ||||||||
Weighted average shares outstanding for basic earnings per share | 82,195 | 85,294 | ||||||
Dilutive effect of stock options and restricted stock | 394 | 560 | ||||||
Weighted average shares outstanding for diluted earnings per share | 82,589 | 85,854 | ||||||
Basic earnings per share | $ | 0.64 | $ | 0.58 | ||||
Diluted earnings per share | $ | 0.64 | $ | 0.58 | ||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
Current assets | $ | 610 | ||
Long-term assets | 87 | |||
Identifiable intangible assets | 9,255 | |||
Total liabilities assumed | (1,512 | ) | ||
Total identifiable net assets | 8,440 | |||
Goodwill | 19,470 | |||
Net assets acquired | $ | 27,910 | ||
Business_Segment_Information_T1
Business Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||||||||
Bank | Credit Union | Total | Bank | Credit Union | Total | |||||||||||||||||||
REVENUE | ||||||||||||||||||||||||
License | $ | 8,611 | $ | 4,999 | $ | 13,610 | $ | 6,379 | $ | 5,400 | $ | 11,779 | ||||||||||||
Support and service | 222,474 | 69,980 | 292,454 | 204,045 | 65,499 | 269,544 | ||||||||||||||||||
Hardware | 9,745 | 3,010 | 12,755 | 10,585 | 3,753 | 14,338 | ||||||||||||||||||
Total revenue | 240,830 | 77,989 | 318,819 | 221,009 | 74,652 | 295,661 | ||||||||||||||||||
COST OF SALES | ||||||||||||||||||||||||
Cost of license | 884 | 505 | 1,389 | 1,012 | 400 | 1,412 | ||||||||||||||||||
Cost of support and service | 130,680 | 39,017 | 169,697 | 117,996 | 36,587 | 154,583 | ||||||||||||||||||
Cost of hardware | 7,171 | 2,214 | 9,385 | 8,180 | 2,761 | 10,941 | ||||||||||||||||||
Total cost of sales | 138,735 | 41,736 | 180,471 | 127,188 | 39,748 | 166,936 | ||||||||||||||||||
GROSS PROFIT | $ | 102,095 | $ | 36,253 | 138,348 | $ | 93,821 | $ | 34,904 | 128,725 | ||||||||||||||
OPERATING EXPENSES | 55,709 | 51,381 | ||||||||||||||||||||||
INTEREST INCOME (EXPENSE) | (209 | ) | (149 | ) | ||||||||||||||||||||
INCOME BEFORE INCOME TAXES | $ | 82,430 | $ | 77,195 | ||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||||||||
September 30, | June 30, | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||
Bank systems and services | $ | 268,698 | $ | 258,437 | ||||||||||||||||||||
Credit Union systems and services | 32,434 | 33,238 | ||||||||||||||||||||||
Total | $ | 301,132 | $ | 291,675 | ||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||||||
Bank systems and services | $ | 650,637 | $ | 643,972 | ||||||||||||||||||||
Credit Union systems and services | 230,407 | 231,435 | ||||||||||||||||||||||
Total | $ | 881,044 | $ | 875,407 | ||||||||||||||||||||
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies Prior Period Reclassification (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $3,801 | $2,947 |
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies Treasury Stock (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Class of Stock [Line Items] | ' | ' | ' |
Treasury Stock, Value | $638,325 | ' | $577,781 |
Treasury Stock, Shares, Acquired | 1,049,000 | ' | ' |
Payments for Repurchase of Common Stock | $60,544 | $0 | ' |
Treasury Stock, Shares | 20,843,232 | ' | 19,794,559 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 4,147,000 | ' | 5,196,000 |
Nature_of_Operations_and_Summa4
Nature of Operations and Summary of Significant Accounting Policies Dividends Paid Per Share (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends declared per share | $0.22 | $0.20 |
Nature_of_Operations_and_Summa5
Nature of Operations and Summary of Significant Accounting Policies Litigation (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | $2,915 | $28,877 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 2,915 | 28,877 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | $0 | $0 |
Debt_Long_Term_Details
Debt Long Term (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
LONG TERM DEBT | ' | ' |
Capital leases | $6,365 | $7,757 |
Long Term Debt | 6,365 | 7,757 |
Less current maturities | 5,324 | 4,028 |
Debt, net of current maturities | $1,041 | $3,729 |
Debt_Short_Term_Details
Debt Short Term (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
SHORT TERM DEBT | ' | ' |
Capital leases | $4,640 | $1,379 |
Current maturities of long-term debt | 5,324 | 4,028 |
Notes payable and current maturities of long term debt | $9,964 | $5,407 |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ' | ' | ' |
Current maturities of long-term debt | $5,324 | ' | $4,028 |
Revolving Credit Facility, Current Borrowing Capacity | 150,000 | ' | ' |
Revolving Credit Facility, Maximum Borrowing Capacity | 250,000 | ' | ' |
Revolving Credit Facility, Expiration Date | 4-Jun-15 | ' | ' |
Revolving Credit Facility, Amount Outstanding | 0 | ' | ' |
Interest Paid | 285 | 299 | ' |
Capital Expenditures Incurred but Not yet Paid | 1,605 | 5,337 | ' |
Credit Facility Points Above Federal Funds Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Basis Spread on Variable Rate | 0.50% | ' | ' |
Credit Facility Points Above LIBOR [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Basis Spread on Variable Rate | 1.00% | ' | ' |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Current maturities of long-term debt | 5,324 | ' | ' |
Unsecured Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Basis Spread on Variable Rate | 1.00% | ' | ' |
Unsecured Loan, Issuance Date | 3-Mar-14 | ' | ' |
Unsecured Loan, Unused Borrowing Capacity | 5,000 | ' | ' |
Unsecured Loan, Maturity Date | 30-Apr-17 | ' | ' |
Unsecured Loan, Amount Outstanding | $0 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Effective Income Tax Rate Continuing Operations, percent | 40.00% | 40.00% |
Income Taxes Paid | $3,681 | $4,015 |
Unrecognized Tax Benefits | 8,235 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,627 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,433 | 682 |
Expiration of statutes of limitations impact on UTB balance, minimum | 1,700 | ' |
Expiration of statutes of limitations impact on UTB balance, maximum | $2,300 | ' |
Stock_Based_Compensation_Narra
Stock Based Compensation Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expense for stock-based compensation | $2,068 | $1,922 |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average remaining contractual term | '3 years 176 days | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense yet to be recognized | 15,369 | ' |
Compensation expense yet to be recognized, period for recognition | '1 year 343 days | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense yet to be recognized | $1,496 | ' |
Compensation expense yet to be recognized, period for recognition | '1 year 66 days | ' |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock Options (Details) (Stock Options [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, period start, number of shares | 125 |
Granted, number of shares | 0 |
Forfeited, number of shares | 0 |
Exercised, number of shares | -9 |
Outstanding, period end, number of shares | 116 |
Outstanding, period start, weighted average exercise price | $22.29 |
Granted, weighted average exercise price | $0 |
Forfeited, weighted average exercise price | $0 |
Exercised, weighted average exercise price | $19.04 |
Outstanding, period end, weighted average exercise price | $22.54 |
Outstanding, period end, intrinsic value | $3,842 |
Vested, period end, number of shares | 116 |
Vested, period end, weighted average exercise price | $22.54 |
Vested, period end, intrinsic value | 3,842 |
Exercisable, period end, number of shares | 116 |
Exercisable, period end, weighted average exercise price | $22.54 |
Exercisable, period end, intrinsic value | $3,842 |
Stock_Based_Compensation_Restr
Stock Based Compensation Restricted Stock Share Awards (Details) (Restricted Stock [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, period start, number of shares | 138 |
Granted, number of shares | 9 |
Vested, number of shares | -32 |
Forfeited, number of shares | -7 |
Outstanding, period end, number of shares | 108 |
Outstanding, period start, weighted average grant date fair value | $33.56 |
Granted, weighted average grant date fair value | $56.06 |
Vested, weighted average grant date fair value | $26.18 |
Forfeited, weighted average grant date fair value | $46.39 |
Outstanding, period end, weighted average grant date fair value | $36.79 |
Stock_Based_Compensation_Restr1
Stock Based Compensation Restricted Stock Unit Awards (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, period start, number of shares | 709 |
Granted, number of shares | 164 |
Vested, number of shares | -277 |
Forfeited, number of shares | -101 |
Outstanding, period end, number of shares | 495 |
Outstanding, period start, weighted average grant date fair value | $31.66 |
Granted, weighted average grant date fair value | $53.04 |
Vested, weighted average grant date fair value | $19.69 |
Forfeited, weighted average grant date fair value | $19.69 |
Outstanding, period end, weighted average grant date fair value | $47.83 |
Stock_Based_Compensation_RSU_M
Stock Based Compensation RSU Measurement Date Assumptions (Details) (Restricted Stock Units (RSUs) [Member]) | 3 Months Ended |
Sep. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
RSU grant date weighted average fair value assumptions | ' |
Volatility | 17.80% |
Risk free interest rate | 1.06% |
Dividend yield | 1.50% |
Stock Beta | 0.765 |
Earnings_Per_Share_Earnings_Pe2
Earnings Per Share Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net Income | $52,762 | $49,788 |
Common share information: | ' | ' |
Weighted average shares outstanding for basic earnings per share | 82,195,000 | 85,294,000 |
Dilutive effect of stock options and restricted stock | 394,000 | 560,000 |
Weighted average shares outstanding for diluted earnings per share | 82,589,000 | 85,854,000 |
Basic earnings per share | $0.64 | $0.58 |
Diluted earnings per share | $0.64 | $0.58 |
Antidilutive stock options and restricted stock excluded from computation of earnings per share | 78,000 | 18,000 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 04, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | 1-Mar-14 | ' | ' |
Goodwill | ' | $552,761 | $552,761 |
Business Acquisition, Banno, LLC [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Gross | 27,910 | ' | ' |
Customer Relationships [Member] | Business Acquisition, Banno, LLC [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | 3,946 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '15 years | ' | ' |
Computer Software, Intangible Asset [Member] | Business Acquisition, Banno, LLC [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | 3,546 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '8 years | ' | ' |
Other Intangible Assets [Member] | Business Acquisition, Banno, LLC [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | 1,763 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '20 years | ' | ' |
Business_Segment_Information_N
Business Segment Information Narrative (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Business_Segment_Information_R
Business Segment Information Reconciliation of Operating Profit by Segment to Consolidated (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUE | ' | ' |
License | $13,610 | $11,779 |
Support and service | 292,454 | 269,544 |
Hardware | 12,755 | 14,338 |
Total revenue | 318,819 | 295,661 |
COST OF SALES | ' | ' |
Cost of license | 1,389 | 1,412 |
Cost of support and service | 169,697 | 154,583 |
Cost of hardware | 9,385 | 10,941 |
Total cost of sales | 180,471 | 166,936 |
GROSS PROFIT | 138,348 | 128,725 |
Total operating expenses | 55,709 | 51,381 |
Total interest income (expense) | -209 | -149 |
INCOME BEFORE INCOME TAXES | 82,430 | 77,195 |
Banking Systems and Services [Member] | ' | ' |
REVENUE | ' | ' |
License | 8,611 | 6,379 |
Support and service | 222,474 | 204,045 |
Hardware | 9,745 | 10,585 |
Total revenue | 240,830 | 221,009 |
COST OF SALES | ' | ' |
Cost of license | 884 | 1,012 |
Cost of support and service | 130,680 | 117,996 |
Cost of hardware | 7,171 | 8,180 |
Total cost of sales | 138,735 | 127,188 |
GROSS PROFIT | 102,095 | 93,821 |
Credit Union Systems and Services [Member] | ' | ' |
REVENUE | ' | ' |
License | 4,999 | 5,400 |
Support and service | 69,980 | 65,499 |
Hardware | 3,010 | 3,753 |
Total revenue | 77,989 | 74,652 |
COST OF SALES | ' | ' |
Cost of license | 505 | 400 |
Cost of support and service | 39,017 | 36,587 |
Cost of hardware | 2,214 | 2,761 |
Total cost of sales | 41,736 | 39,748 |
GROSS PROFIT | $36,253 | $34,904 |
Business_Segment_Information_R1
Business Segment Information Reconciliation of Assets from Segment to Consolidated (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Items | ' | ' |
Property and equipment, net | $301,132 | $291,675 |
Intangible assets, net | 881,044 | 875,407 |
Banking Systems and Services [Member] | ' | ' |
Segment Reporting, Asset Reconciling Items | ' | ' |
Property and equipment, net | 268,698 | 258,437 |
Intangible assets, net | 650,637 | 643,972 |
Credit Union Systems and Services [Member] | ' | ' |
Segment Reporting, Asset Reconciling Items | ' | ' |
Property and equipment, net | 32,434 | 33,238 |
Intangible assets, net | $230,407 | $231,435 |
Subsequent_Events_Details
Subsequent Events (Details) (Teleweb Disposal [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Oct. 01, 2014 |
Teleweb Disposal [Member] | ' |
Dividend Declaration | ' |
Teleweb Disposal, Date | 1-Oct-14 |
Teleweb Disposal, Not Discontinued Operation, Gain (Loss) on Disposal | $3,000 |