Document and Entity Information
Document and Entity Information - shares | 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 | 779,152 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q/A | |
Document Period End Date | Sep. 30, 2014 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | true | |
Amendment Description | Explanatory Note Restatement of Consolidated Financial Statements On May 6, 2015, Jack Henry & Associates, Inc. (the "Company") announced that it had identified historical accounting errors relating to its accounting for certain software license and maintenance agreements. The Company has corrected these errors in the accompanying restated condensed consolidated financial statements (unaudited). See Note 11 - Restatement of Condensed Consolidated Financial Statements which is included in "Financial Statements" in Item 1 of this Amended Quarterly Report for the fiscal quarter ended 30 September, 2014 on Form 10-Q/A. Internal Control over Financial Reporting Management reevaluated its assessment of disclosure controls and procedures as of September 30, 2014. As a result of that reassessment, management concluded that disclosure controls and procedures were not effective due to a material weakness. For a description of the material weakness and actions taken and to be taken to remediate the material weakness, see "Part I - Item 4 - Controls and Procedures." This Amended Quarterly Report on Form 10-Q/A does not reflect events occurring after the Original Filing on November 5, 2014 or modify or update those disclosures affected by subsequent events, except for the effects of the restatement. Disclosures not affected by the restatement are unchanged and reflect the disclosures made at the time of Original Filing. The following items in the Original Filing have been amended: Part I, Item 1 Financial Statements Part I, Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations Part I, Item 4 Controls and Procedures Part II, Item 6 Exhibits The Company's Chief Executive Officer and Chief Financial Officer are providing currently dated certifications in connection with this Amended Quarterly Report on Form 10-Q/A; the certifications are filed as Exhibits 31.1, 31.2 and 32.1. The Company is concurrently filing an amended Annual Report on Form 10-K/A for the year ended June 30, 2014 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 2014 and March 31, 2015 to reflect the effects of the restatement therein. | |
Entity Common Stock, Shares Outstanding | 81,775,635 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | No |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 39,402 | $ 70,377 | $ 181,787 | $ 127,905 |
Receivables, net | 159,110 | 224,041 | ||
Income tax receivable | 2,618 | 7,937 | ||
Prepaid expenses and other | 73,928 | 61,074 | ||
Deferred costs | 35,265 | 27,077 | ||
Total current assets | 310,323 | 390,506 | ||
PROPERTY AND EQUIPMENT, net | 301,132 | 291,675 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 83,965 | 78,458 | ||
Computer software, net of amortization | 167,585 | 160,391 | ||
Other non-current assets | 44,333 | 44,657 | ||
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 | 1,009,342 | 998,522 | ||
Total assets | 1,620,797 | 1,680,703 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 8,316 | 10,516 | ||
Accrued expenses | 58,038 | 63,299 | ||
Accrued income taxes | 14,690 | 0 | ||
Deferred income tax liability | 21,440 | 30,094 | ||
Notes payable and current maturities of long term debt | 9,964 | 5,407 | ||
Deferred revenues | 292,276 | 337,493 | ||
Total current liabilities | 404,724 | 446,809 | ||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | 166,519 | 155,375 | ||
Non-current deferred income tax liability | 103,693 | 97,720 | ||
Debt, net of current maturities | 1,041 | 3,729 | ||
Other long-term liabilities | 10,349 | 9,683 | ||
Total long term liabilities | 281,602 | 266,507 | ||
Total liabilities | 686,326 | 713,316 | ||
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 | 1,159,678 | 1,131,632 | ||
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 | 934,471 | 967,387 | ||
Total liabilities and equity | $ 1,620,797 | $ 1,680,703 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | 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 STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - Scenario, Unspecified [Domain] - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUE | ||
License | $ 503 | $ 762 |
Support and service | 288,216 | 262,630 |
Hardware | 12,755 | 14,338 |
Total revenue | 301,474 | 277,730 |
COST OF SALES | ||
Cost of license | 409 | 344 |
Cost of support and service | 165,090 | 149,156 |
Cost of hardware | 9,385 | 10,941 |
Total cost of sales | 174,884 | 160,441 |
GROSS PROFIT | 126,590 | 117,289 |
OPERATING EXPENSES | ||
Selling and marketing | 21,663 | 20,738 |
Research and development | 16,791 | 15,673 |
General and administrative | 16,510 | 14,250 |
Total operating expenses | 54,964 | 50,661 |
OPERATING INCOME | 71,626 | 66,628 |
INTEREST INCOME (EXPENSE) | ||
Interest income | 57 | 131 |
Interest expense | (266) | (280) |
Total interest income (expense) | (209) | (149) |
INCOME BEFORE INCOME TAXES | 71,417 | 66,479 |
PROVISION FOR INCOME TAXES | 25,329 | 23,258 |
NET INCOME | $ 46,088 | $ 43,221 |
Earnings Per Share | ||
Diluted earnings per share | $ 0.56 | $ 0.50 |
Diluted weighted average shares outstanding | 82,589 | 85,854 |
Basic earnings per share | $ 0.56 | $ 0.51 |
Basic weighted average shares outstanding | 82,195 | 85,294 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 46,088 | $ 43,221 |
Adjustments to reconcile net income from operations to net cash from operating activities: | ||
Depreciation | 13,631 | 12,963 |
Amortization | 15,817 | 12,893 |
Change in deferred income taxes | (2,682) | (2,287) |
Excess tax benefits from stock-based compensation, Operating Activities | (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, deferred costs and other | (26,225) | (19,806) |
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 | (34,072) | (34,234) |
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, Financing Activities | 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 Summar
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. 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/A (“Form 10-K/A”) 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/A 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 Instrum
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 Pronouncement
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 35.5% of income before income taxes for the quarter ended September 30, 2014 is higher than 35.0% for the same quarter in fiscal 2014 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 Per
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 $ 46,088 $ 43,221 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 $ 0.56 $ 0.51 Diluted earnings per share $ 0.56 $ 0.50 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 $ 441 $ 62 $ 503 $ 533 $ 229 $ 762 Support and service 221,216 67,000 288,216 200,435 62,195 262,630 Hardware 9,745 3,010 12,755 10,585 3,753 14,338 Total revenue 231,402 70,072 301,474 211,553 66,177 277,730 COST OF SALES Cost of license 366 43 409 163 181 344 Cost of support and service 128,887 36,203 165,090 115,690 33,466 149,156 Cost of hardware 7,171 2,214 9,385 8,180 2,761 10,941 Total cost of sales 136,424 38,460 174,884 124,033 36,408 160,441 GROSS PROFIT $ 94,978 $ 31,612 126,590 $ 87,520 $ 29,769 117,289 OPERATING EXPENSES 54,964 50,661 INTEREST INCOME (EXPENSE) (209 ) (149 ) INCOME BEFORE INCOME TAXES $ 71,417 $ 66,479 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. |
Restatement of Condensed Consol
Restatement of Condensed Consolidated Financial Statements Restatement of Condensed Consolidated Financial Statements (Notes) | 3 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | RESTATEMENT OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Correction of Accounting Errors Subsequent to the filing of the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2014 on November 5, 2014, management identified historical accounting errors relating to its accounting for certain software license, maintenance and service agreements. The prior period errors primarily relate to the Company's accounting for its bundled software multi-element arrangements. More specifically, the Company concluded it had improperly accounted for contracts containing multiple software products delivered at different points in time as separate arrangements within a contract versus as a single arrangement with multiple elements, resulting in revenue being recognized on these contracts before all licenses, for which no vendor-specific objective evidence (“VSOE”) of fair value exists, had been delivered. Furthermore, the Company concluded that its mechanisms for tracking and estimating implementation hours was not capable of producing reliable estimates in support of its assertion of VSOE for its implementation services and that its pricing for stand-alone sales of post-contract support ("PCS") was not consistent enough to support its assertion of VSOE for PCS during prior periods. Our previous accounting resulted in revenue being recognized earlier than would be appropriate for bundled software multi-element arrangements where VSOE does not exist for any of the software elements. Our current conclusions result in the deferral of revenue on such arrangements until the only undelivered element is PCS. The total arrangement revenue is then recognized ratably over the remaining initial bundled PCS period provided all other revenue recognition criteria have been met. Direct and incremental costs, including direct labor and sales commissions, related to obtaining and implementing these contracts have also been deferred until the only undelivered element is PCS and are recognized ratably over the remaining initial bundled PCS period. Due to the above errors, including the related tax impact, net income for the fiscal quarters ended September 30, 2014 and 2013 was overstated by $6,674 and $6,567 , respectively. On the balance sheet, total assets as of September 30, 2014 and June 30, 2014 increased $62,743 and $56,411 , respectively; total liabilities increased $140,191 and $127,185 respectively; and stockholders' equity decreased $77,448 and $70,774 respectively. The following tables present the effects of the restatement on each line of the Company's previously issued condensed consolidated financial statements as of September 30, 2014 and June 30, 2014 and for the fiscal quarters ended September 30, 2014 and 2013. Condensed Consolidated Statements of Income: (In Thousands, Except Per Share Data) Quarter Ended September 30, 2014 As Previously Reported Effect of Restatement As Restated REVENUE License $ 13,610 $ (13,107 ) $ 503 Support and service 292,454 (4,238 ) 288,216 Hardware 12,755 — 12,755 Total revenue 318,819 (17,345 ) 301,474 COST OF SALES Cost of license 1,389 (980 ) 409 Cost of support and service 169,697 (4,607 ) 165,090 Cost of hardware 9,385 — 9,385 Total cost of sales 180,471 (5,587 ) 174,884 GROSS PROFIT 138,348 (11,758 ) 126,590 OPERATING EXPENSES Selling and marketing 22,408 (745 ) 21,663 Research and development 16,791 — 16,791 General and administrative 16,510 — 16,510 Total operating expenses 55,709 (745 ) 54,964 OPERATING INCOME 82,639 (11,013 ) 71,626 INTEREST INCOME (EXPENSE) Interest income 57 — 57 Interest expense (266 ) — (266 ) Total interest income (expense) (209 ) — (209 ) INCOME BEFORE INCOME TAXES 82,430 (11,013 ) 71,417 PROVISION FOR INCOME TAXES 29,668 (4,339 ) 25,329 NET INCOME $ 52,762 $ (6,674 ) $ 46,088 Diluted earnings per share $ 0.64 $ (0.08 ) $ 0.56 Diluted weighted average shares outstanding 82,589 82,589 82,589 Basic earnings per share $ 0.64 $ (0.08 ) $ 0.56 Basic weighted average shares outstanding 82,195 82,195 82,195 Condensed Consolidated Statements of Income: (In Thousands, Except Per Share Data) Quarter Ended September 30, 2013 As Previously Reported Effect of Restatement As Restated REVENUE License $ 11,779 $ (11,017 ) $ 762 Support and service 269,544 (6,914 ) 262,630 Hardware 14,338 — 14,338 Total revenue 295,661 (17,931 ) 277,730 COST OF SALES Cost of license 1,412 (1,068 ) 344 Cost of support and service 154,583 (5,427 ) 149,156 Cost of hardware 10,941 — 10,941 Total cost of sales 166,936 (6,495 ) 160,441 GROSS PROFIT 128,725 (11,436 ) 117,289 OPERATING EXPENSES Selling and marketing 21,458 (720 ) 20,738 Research and development 15,673 — 15,673 General and administrative 14,250 — 14,250 Total operating expenses 51,381 (720 ) 50,661 OPERATING INCOME 77,344 (10,716 ) 66,628 INTEREST INCOME (EXPENSE) Interest income 131 — 131 Interest expense (280 ) — (280 ) Total interest income (expense) (149 ) — (149 ) INCOME BEFORE INCOME TAXES 77,195 (10,716 ) 66,479 PROVISION FOR INCOME TAXES 27,407 (4,149 ) 23,258 NET INCOME $ 49,788 $ (6,567 ) $ 43,221 Diluted earnings per share $ 0.58 $ (0.08 ) $ 0.50 Diluted weighted average shares outstanding 85,854 85,854 85,854 Basic earnings per share $ 0.58 $ (0.08 ) $ 0.51 Basic weighted average shares outstanding 85,294 85,294 85,294 Condensed Consolidated Balance Sheets: (In Thousands, Except Share and Per Share Data) September 30, 2014 As Previously Reported Effect of Restatement As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 39,402 $ — $ 39,402 Receivables, net 159,110 — 159,110 Income tax receivable 2,618 — 2,618 Prepaid expenses and other 72,340 1,588 73,928 Deferred costs 28,649 6,616 35,265 Total current assets 302,119 8,204 310,323 PROPERTY AND EQUIPMENT, net 301,132 — 301,132 OTHER ASSETS: Non-current deferred costs 36,370 47,595 83,965 Computer software, net of amortization 167,585 — 167,585 Other non-current assets 37,389 6,944 44,333 Customer relationships, net of amortization 132,893 — 132,893 Other intangible assets, net of amortization 27,805 — 27,805 Goodwill 552,761 — 552,761 Total other assets 954,803 54,539 1,009,342 Total assets $ 1,558,054 $ 62,743 $ 1,620,797 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 8,316 $ — $ 8,316 Accrued expenses 58,038 — 58,038 Deferred income tax liability 37,592 (16,152 ) 21,440 Accrued income taxes 14,690 — 14,690 Notes payable and current maturities of long term debt 9,964 — 9,964 Deferred revenues 260,552 31,724 292,276 Total current liabilities 389,152 15,572 404,724 LONG TERM LIABILITIES: Non-current deferred revenues 9,017 157,502 166,519 Non-current deferred income tax liability 136,576 (32,883 ) 103,693 Debt, net of current maturities 1,041 — 1,041 Other long-term liabilities 10,349 — 10,349 Total long term liabilities 156,983 124,619 281,602 Total liabilities 546,135 140,191 686,326 STOCKHOLDERS' EQUITY Preferred stock - $1 par value; 500,000 shares authorized, none issued — — — Common stock - $0.01 par value; 250,000,000 shares authorized; 1,026 — 1,026 Additional paid-in capital 412,092 — 412,092 Retained earnings 1,237,126 (77,448 ) 1,159,678 Less treasury stock at cost (638,325 ) — (638,325 ) Total stockholders' equity 1,011,919 (77,448 ) 934,471 Total liabilities and equity $ 1,558,054 $ 62,743 $ 1,620,797 Condensed Consolidated Balance Sheets: (In Thousands, Except Share and Per Share Data) June 30, 2014 As Previously Reported Effect of Restatement As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 70,377 $ — $ 70,377 Receivables, net 224,041 — 224,041 Income tax receivable 7,937 — 7,937 Prepaid expenses and other 59,824 1,250 61,074 Deferred costs 22,202 4,875 27,077 Total current assets 384,381 6,125 390,506 PROPERTY AND EQUIPMENT, net 291,675 — 291,675 OTHER ASSETS: Non-current deferred costs 34,708 43,750 78,458 Computer software, net of amortization 160,391 — 160,391 Other non-current assets 38,121 6,536 44,657 Customer relationships, net of amortization 136,602 — 136,602 Other intangible assets, net of amortization 25,653 — 25,653 Goodwill 552,761 — 552,761 Total other assets 948,236 50,286 998,522 Total assets $ 1,624,292 $ 56,411 $ 1,680,703 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 10,516 $ — $ 10,516 Accrued expenses 63,299 — 63,299 Deferred income tax liability 37,592 (7,498 ) 30,094 Notes payable and current maturities of long term debt 5,407 — 5,407 Deferred revenues 312,002 25,491 337,493 Total current liabilities 428,816 17,993 446,809 LONG TERM LIABILITIES: Non-current deferred revenues 8,985 146,390 155,375 Non-current deferred income tax liability 134,918 (37,198 ) 97,720 Debt, net of current maturities 3,729 — 3,729 Other long-term liabilities 9,683 — 9,683 Total long term liabilities 157,315 109,192 266,507 Total liabilities 586,131 127,185 713,316 STOCKHOLDERS' EQUITY Preferred stock - $1 par value; 500,000 shares authorized, none issued — — — Common stock - $0.01 par value; 250,000,000 shares authorized; 1,024 — 1,024 Additional paid-in capital 412,512 — 412,512 Retained earnings 1,202,406 (70,774 ) 1,131,632 Less treasury stock at cost (577,781 ) — (577,781 ) Total stockholders' equity 1,038,161 (70,774 ) 967,387 Total liabilities and equity $ 1,624,292 $ 56,411 $ 1,680,703 Condensed Consolidated Statements of Cash Flows: (In Thousands) Quarter Ended September 30, 2014 As Previously Reported Effect of Restatement As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 52,762 $ (6,674 ) $ 46,088 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 13,631 — 13,631 Amortization 15,817 — 15,817 Change in deferred income taxes 1,658 (4,340 ) (2,682 ) Excess tax benefits from stock-based compensation (3,801 ) — (3,801 ) Expense for stock-based compensation 2,068 — 2,068 (Gain)/loss on disposal of assets (56 ) — (56 ) Changes in operating assets and liabilities: Change in receivables 64,931 — 64,931 Change in prepaid expenses, deferred costs and other (19,893 ) (6,332 ) (26,225 ) Change in accounts payable (2,200 ) — (2,200 ) Change in accrued expenses (4,680 ) — (4,680 ) Change in income taxes 24,329 — 24,329 Change in deferred revenues (51,418 ) 17,346 (34,072 ) Net cash from operating activities 93,148 — 93,148 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (21,485 ) — (21,485 ) Proceeds from sale of assets 58 — 58 Internal use software (3,455 ) — (3,455 ) Computer software developed (17,999 ) — (17,999 ) Net cash from investing activities (42,881 ) — (42,881 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments on credit facilities (170 ) — (170 ) Purchase of treasury stock (60,544 ) — (60,544 ) Dividends paid (18,042 ) — (18,042 ) Excess tax benefits from stock-based compensation 3,801 — 3,801 Proceeds from issuance of common stock upon exercise of stock options 161 — 161 Minimum tax withholding payments related to share based compensation (7,602 ) — (7,602 ) Proceeds from sale of common stock, net 1,154 — 1,154 Net cash from financing activities (81,242 ) — (81,242 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ (30,975 ) $ — $ (30,975 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 70,377 — 70,377 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 39,402 $ — $ 39,402 Condensed Consolidated Statements of Cash Flows: (In Thousands) Quarter Ended September 30, 2013 As Previously Reported Effect of Restatement As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 49,788 $ (6,567 ) $ 43,221 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 12,963 — 12,963 Amortization 12,893 — 12,893 Change in deferred income taxes 1,862 (4,149 ) (2,287 ) Excess tax benefits from stock-based compensation (2,947 ) — (2,947 ) Expense for stock-based compensation 1,922 — 1,922 (Gain)/loss on disposal of assets (30 ) — (30 ) Changes in operating assets and liabilities: Change in receivables 78,489 — 78,489 Change in prepaid expenses, deferred costs and other (12,591 ) (7,215 ) (19,806 ) Change in accounts payable 2,213 — 2,213 Change in accrued expenses (16,238 ) — (16,238 ) Change in income taxes 21,531 — 21,531 Change in deferred revenues (52,165 ) 17,931 (34,234 ) Net cash from operating activities 97,690 — 97,690 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (7,351 ) — (7,351 ) Proceeds from sale of assets 2,702 — 2,702 Internal use software (3,183 ) — (3,183 ) Computer software developed (14,076 ) — (14,076 ) Net cash from investing activities (21,908 ) — (21,908 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments on credit facilities (2,798 ) — (2,798 ) Purchase of treasury stock — — — Dividends paid (17,054 ) — (17,054 ) Excess tax benefits from stock-based compensation 2,947 — 2,947 Proceeds from issuance of common stock upon exercise of stock options 111 — 111 Minimum tax withholding payments related to share based compensation (6,176 ) — (6,176 ) Proceeds from sale of common stock, net 1,070 — 1,070 Net cash from financing activities (21,900 ) — (21,900 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ 53,882 $ — $ 53,882 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 127,905 $ — $ 127,905 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 181,787 $ — $ 181,787 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. |
Nature of Operations and Summ17
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. |
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 Instr18
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 Instr19
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 | 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 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 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 |
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] | 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 |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | 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 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | 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 |
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | 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 |
Earnings Per Share Earnings P22
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] | The following table reflects the reconciliation between basic and diluted earnings per share: Three Months Ended September 30, 2014 2013 Net Income $ 46,088 $ 43,221 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 $ 0.56 $ 0.51 Diluted earnings per share $ 0.56 $ 0.50 |
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] | 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 |
Business Segment Information 24
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 $ 441 $ 62 $ 503 $ 533 $ 229 $ 762 Support and service 221,216 67,000 288,216 200,435 62,195 262,630 Hardware 9,745 3,010 12,755 10,585 3,753 14,338 Total revenue 231,402 70,072 301,474 211,553 66,177 277,730 COST OF SALES Cost of license 366 43 409 163 181 344 Cost of support and service 128,887 36,203 165,090 115,690 33,466 149,156 Cost of hardware 7,171 2,214 9,385 8,180 2,761 10,941 Total cost of sales 136,424 38,460 174,884 124,033 36,408 160,441 GROSS PROFIT $ 94,978 $ 31,612 126,590 $ 87,520 $ 29,769 117,289 OPERATING EXPENSES 54,964 50,661 INTEREST INCOME (EXPENSE) (209 ) (149 ) INCOME BEFORE INCOME TAXES $ 71,417 $ 66,479 |
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 |
Restatement of Condensed Cons25
Restatement of Condensed Consolidated Financial Statements Restatement of Condensed Consolidated Financial Statements (Tables) | 3 Months Ended |
Sep. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Restatement to Prior Year Income [Table Text Block] | The following tables present the effects of the restatement on each line of the Company's previously issued condensed consolidated financial statements as of September 30, 2014 and June 30, 2014 and for the fiscal quarters ended September 30, 2014 and 2013. Condensed Consolidated Statements of Income: (In Thousands, Except Per Share Data) Quarter Ended September 30, 2014 As Previously Reported Effect of Restatement As Restated REVENUE License $ 13,610 $ (13,107 ) $ 503 Support and service 292,454 (4,238 ) 288,216 Hardware 12,755 — 12,755 Total revenue 318,819 (17,345 ) 301,474 COST OF SALES Cost of license 1,389 (980 ) 409 Cost of support and service 169,697 (4,607 ) 165,090 Cost of hardware 9,385 — 9,385 Total cost of sales 180,471 (5,587 ) 174,884 GROSS PROFIT 138,348 (11,758 ) 126,590 OPERATING EXPENSES Selling and marketing 22,408 (745 ) 21,663 Research and development 16,791 — 16,791 General and administrative 16,510 — 16,510 Total operating expenses 55,709 (745 ) 54,964 OPERATING INCOME 82,639 (11,013 ) 71,626 INTEREST INCOME (EXPENSE) Interest income 57 — 57 Interest expense (266 ) — (266 ) Total interest income (expense) (209 ) — (209 ) INCOME BEFORE INCOME TAXES 82,430 (11,013 ) 71,417 PROVISION FOR INCOME TAXES 29,668 (4,339 ) 25,329 NET INCOME $ 52,762 $ (6,674 ) $ 46,088 Diluted earnings per share $ 0.64 $ (0.08 ) $ 0.56 Diluted weighted average shares outstanding 82,589 82,589 82,589 Basic earnings per share $ 0.64 $ (0.08 ) $ 0.56 Basic weighted average shares outstanding 82,195 82,195 82,195 Condensed Consolidated Statements of Income: (In Thousands, Except Per Share Data) Quarter Ended September 30, 2013 As Previously Reported Effect of Restatement As Restated REVENUE License $ 11,779 $ (11,017 ) $ 762 Support and service 269,544 (6,914 ) 262,630 Hardware 14,338 — 14,338 Total revenue 295,661 (17,931 ) 277,730 COST OF SALES Cost of license 1,412 (1,068 ) 344 Cost of support and service 154,583 (5,427 ) 149,156 Cost of hardware 10,941 — 10,941 Total cost of sales 166,936 (6,495 ) 160,441 GROSS PROFIT 128,725 (11,436 ) 117,289 OPERATING EXPENSES Selling and marketing 21,458 (720 ) 20,738 Research and development 15,673 — 15,673 General and administrative 14,250 — 14,250 Total operating expenses 51,381 (720 ) 50,661 OPERATING INCOME 77,344 (10,716 ) 66,628 INTEREST INCOME (EXPENSE) Interest income 131 — 131 Interest expense (280 ) — (280 ) Total interest income (expense) (149 ) — (149 ) INCOME BEFORE INCOME TAXES 77,195 (10,716 ) 66,479 PROVISION FOR INCOME TAXES 27,407 (4,149 ) 23,258 NET INCOME $ 49,788 $ (6,567 ) $ 43,221 Diluted earnings per share $ 0.58 $ (0.08 ) $ 0.50 Diluted weighted average shares outstanding 85,854 85,854 85,854 Basic earnings per share $ 0.58 $ (0.08 ) $ 0.51 Basic weighted average shares outstanding 85,294 85,294 85,294 Condensed Consolidated Balance Sheets: (In Thousands, Except Share and Per Share Data) September 30, 2014 As Previously Reported Effect of Restatement As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 39,402 $ — $ 39,402 Receivables, net 159,110 — 159,110 Income tax receivable 2,618 — 2,618 Prepaid expenses and other 72,340 1,588 73,928 Deferred costs 28,649 6,616 35,265 Total current assets 302,119 8,204 310,323 PROPERTY AND EQUIPMENT, net 301,132 — 301,132 OTHER ASSETS: Non-current deferred costs 36,370 47,595 83,965 Computer software, net of amortization 167,585 — 167,585 Other non-current assets 37,389 6,944 44,333 Customer relationships, net of amortization 132,893 — 132,893 Other intangible assets, net of amortization 27,805 — 27,805 Goodwill 552,761 — 552,761 Total other assets 954,803 54,539 1,009,342 Total assets $ 1,558,054 $ 62,743 $ 1,620,797 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 8,316 $ — $ 8,316 Accrued expenses 58,038 — 58,038 Deferred income tax liability 37,592 (16,152 ) 21,440 Accrued income taxes 14,690 — 14,690 Notes payable and current maturities of long term debt 9,964 — 9,964 Deferred revenues 260,552 31,724 292,276 Total current liabilities 389,152 15,572 404,724 LONG TERM LIABILITIES: Non-current deferred revenues 9,017 157,502 166,519 Non-current deferred income tax liability 136,576 (32,883 ) 103,693 Debt, net of current maturities 1,041 — 1,041 Other long-term liabilities 10,349 — 10,349 Total long term liabilities 156,983 124,619 281,602 Total liabilities 546,135 140,191 686,326 STOCKHOLDERS' EQUITY Preferred stock - $1 par value; 500,000 shares authorized, none issued — — — Common stock - $0.01 par value; 250,000,000 shares authorized; 1,026 — 1,026 Additional paid-in capital 412,092 — 412,092 Retained earnings 1,237,126 (77,448 ) 1,159,678 Less treasury stock at cost (638,325 ) — (638,325 ) Total stockholders' equity 1,011,919 (77,448 ) 934,471 Total liabilities and equity $ 1,558,054 $ 62,743 $ 1,620,797 Condensed Consolidated Balance Sheets: (In Thousands, Except Share and Per Share Data) June 30, 2014 As Previously Reported Effect of Restatement As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 70,377 $ — $ 70,377 Receivables, net 224,041 — 224,041 Income tax receivable 7,937 — 7,937 Prepaid expenses and other 59,824 1,250 61,074 Deferred costs 22,202 4,875 27,077 Total current assets 384,381 6,125 390,506 PROPERTY AND EQUIPMENT, net 291,675 — 291,675 OTHER ASSETS: Non-current deferred costs 34,708 43,750 78,458 Computer software, net of amortization 160,391 — 160,391 Other non-current assets 38,121 6,536 44,657 Customer relationships, net of amortization 136,602 — 136,602 Other intangible assets, net of amortization 25,653 — 25,653 Goodwill 552,761 — 552,761 Total other assets 948,236 50,286 998,522 Total assets $ 1,624,292 $ 56,411 $ 1,680,703 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 10,516 $ — $ 10,516 Accrued expenses 63,299 — 63,299 Deferred income tax liability 37,592 (7,498 ) 30,094 Notes payable and current maturities of long term debt 5,407 — 5,407 Deferred revenues 312,002 25,491 337,493 Total current liabilities 428,816 17,993 446,809 LONG TERM LIABILITIES: Non-current deferred revenues 8,985 146,390 155,375 Non-current deferred income tax liability 134,918 (37,198 ) 97,720 Debt, net of current maturities 3,729 — 3,729 Other long-term liabilities 9,683 — 9,683 Total long term liabilities 157,315 109,192 266,507 Total liabilities 586,131 127,185 713,316 STOCKHOLDERS' EQUITY Preferred stock - $1 par value; 500,000 shares authorized, none issued — — — Common stock - $0.01 par value; 250,000,000 shares authorized; 1,024 — 1,024 Additional paid-in capital 412,512 — 412,512 Retained earnings 1,202,406 (70,774 ) 1,131,632 Less treasury stock at cost (577,781 ) — (577,781 ) Total stockholders' equity 1,038,161 (70,774 ) 967,387 Total liabilities and equity $ 1,624,292 $ 56,411 $ 1,680,703 Condensed Consolidated Statements of Cash Flows: (In Thousands) Quarter Ended September 30, 2014 As Previously Reported Effect of Restatement As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 52,762 $ (6,674 ) $ 46,088 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 13,631 — 13,631 Amortization 15,817 — 15,817 Change in deferred income taxes 1,658 (4,340 ) (2,682 ) Excess tax benefits from stock-based compensation (3,801 ) — (3,801 ) Expense for stock-based compensation 2,068 — 2,068 (Gain)/loss on disposal of assets (56 ) — (56 ) Changes in operating assets and liabilities: Change in receivables 64,931 — 64,931 Change in prepaid expenses, deferred costs and other (19,893 ) (6,332 ) (26,225 ) Change in accounts payable (2,200 ) — (2,200 ) Change in accrued expenses (4,680 ) — (4,680 ) Change in income taxes 24,329 — 24,329 Change in deferred revenues (51,418 ) 17,346 (34,072 ) Net cash from operating activities 93,148 — 93,148 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (21,485 ) — (21,485 ) Proceeds from sale of assets 58 — 58 Internal use software (3,455 ) — (3,455 ) Computer software developed (17,999 ) — (17,999 ) Net cash from investing activities (42,881 ) — (42,881 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments on credit facilities (170 ) — (170 ) Purchase of treasury stock (60,544 ) — (60,544 ) Dividends paid (18,042 ) — (18,042 ) Excess tax benefits from stock-based compensation 3,801 — 3,801 Proceeds from issuance of common stock upon exercise of stock options 161 — 161 Minimum tax withholding payments related to share based compensation (7,602 ) — (7,602 ) Proceeds from sale of common stock, net 1,154 — 1,154 Net cash from financing activities (81,242 ) — (81,242 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ (30,975 ) $ — $ (30,975 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 70,377 — 70,377 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 39,402 $ — $ 39,402 Condensed Consolidated Statements of Cash Flows: (In Thousands) Quarter Ended September 30, 2013 As Previously Reported Effect of Restatement As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 49,788 $ (6,567 ) $ 43,221 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 12,963 — 12,963 Amortization 12,893 — 12,893 Change in deferred income taxes 1,862 (4,149 ) (2,287 ) Excess tax benefits from stock-based compensation (2,947 ) — (2,947 ) Expense for stock-based compensation 1,922 — 1,922 (Gain)/loss on disposal of assets (30 ) — (30 ) Changes in operating assets and liabilities: Change in receivables 78,489 — 78,489 Change in prepaid expenses, deferred costs and other (12,591 ) (7,215 ) (19,806 ) Change in accounts payable 2,213 — 2,213 Change in accrued expenses (16,238 ) — (16,238 ) Change in income taxes 21,531 — 21,531 Change in deferred revenues (52,165 ) 17,931 (34,234 ) Net cash from operating activities 97,690 — 97,690 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (7,351 ) — (7,351 ) Proceeds from sale of assets 2,702 — 2,702 Internal use software (3,183 ) — (3,183 ) Computer software developed (14,076 ) — (14,076 ) Net cash from investing activities (21,908 ) — (21,908 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments on credit facilities (2,798 ) — (2,798 ) Purchase of treasury stock — — — Dividends paid (17,054 ) — (17,054 ) Excess tax benefits from stock-based compensation 2,947 — 2,947 Proceeds from issuance of common stock upon exercise of stock options 111 — 111 Minimum tax withholding payments related to share based compensation (6,176 ) — (6,176 ) Proceeds from sale of common stock, net 1,070 — 1,070 Net cash from financing activities (21,900 ) — (21,900 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ 53,882 $ — $ 53,882 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 127,905 $ — $ 127,905 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 181,787 $ — $ 181,787 |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies Treasury Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
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 Summ27
Nature of Operations and Summary of Significant Accounting Policies Dividends Paid Per Share (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Equity [Abstract] | ||
Dividends declared per share | $ 0.22 | $ 0.2 |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting Policies Litigation (Details) | 1 Months Ended |
May. 31, 2013patent | |
DataTreasury Corporation Lawsuit [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2014 | Jun. 30, 2014 |
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 ($) $ in Thousands | Sep. 30, 2014 | Jun. 30, 2014 |
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 ($) $ in Thousands | Sep. 30, 2014 | Jun. 30, 2014 |
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 ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||
Capital leases - long term | $ 6,365 | $ 7,757 | |
Current maturities of long-term debt | 5,324 | 4,028 | |
Capital leases - short term | 4,640 | $ 1,379 | |
Line of Credit Facility, Current Borrowing Capacity | 150,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||
Line of Credit Facility, Expiration Date | Jun. 4, 2015 | ||
Long-term Line of Credit | $ 0 | ||
Interest Paid | 285 | $ 299 | |
Capital Expenditures Incurred but Not yet Paid | 1,605 | $ 5,337 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Current maturities of long-term debt | $ 5,324 | ||
Credit Facility Points Above Federal Funds Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Credit Facility Points Above LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Debt Instrument, Issuance Date | Mar. 3, 2014 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 5,000 | ||
Debt Instrument, Maturity Date | Apr. 30, 2017 | ||
Unsecured Debt | $ 0 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Effective Income Tax Rate Continuing Operations, percent | 35.50% | 35.00% |
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 |
Minimum [Member] | ||
Expiration of statutes of limitations impact on UTB balance | 1,700 | |
Maximum [Member] | ||
Expiration of statutes of limitations impact on UTB balance | $ 2,300 |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
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) - Sep. 30, 2014 - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
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 Restri
Stock Based Compensation Restricted Stock Share Awards (Details) - 3 months ended Sep. 30, 2014 - Restricted Stock [Member] - $ / shares shares in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
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 Rest37
Stock Based Compensation Restricted Stock Unit Awards (Details) - 3 months ended Sep. 30, 2014 - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
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 Me
Stock Based Compensation RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Sep. 30, 2014 | |
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 P39
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net Income | $ 46,088 | $ 43,221 |
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 | $ 0.56 | $ 0.51 |
Diluted earnings per share | $ 0.56 | $ 0.50 |
Antidilutive stock options and restricted stock excluded from computation of earnings per share | 78 | 18 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ in Thousands | Mar. 04, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Mar. 1, 2014 | ||
Goodwill | $ 552,761 | $ 552,761 | |
Business Acquisition, Banno, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 27,910 | ||
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 Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Percent | 95.00% | ||
Cash Acquired from Acquisition | $ 16 | ||
Business Combination, Acquired Receivables, Fair Value | 476 | ||
Business Combination, Acquired Receivables, Gross Contractual Amount | 501 | ||
Business Combination, Acquired Receivables, Estimated Uncollectible | 25 | ||
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 Na
Business Segment Information Narrative (Details) | 3 Months Ended |
Sep. 30, 2014segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Business Segment Information Re
Business Segment Information Reconciliation of Operating Profit by Segment to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUE | ||
License | $ 503 | $ 762 |
Support and service | 288,216 | 262,630 |
Hardware | 12,755 | 14,338 |
Total revenue | 301,474 | 277,730 |
COST OF SALES | ||
Cost of license | 409 | 344 |
Cost of support and service | 165,090 | 149,156 |
Cost of hardware | 9,385 | 10,941 |
Total cost of sales | 174,884 | 160,441 |
GROSS PROFIT | 126,590 | 117,289 |
Total operating expenses | 54,964 | 50,661 |
Total interest income (expense) | (209) | (149) |
INCOME BEFORE INCOME TAXES | 71,417 | 66,479 |
Banking Systems and Services [Member] | ||
REVENUE | ||
License | 441 | 533 |
Support and service | 221,216 | 200,435 |
Hardware | 9,745 | 10,585 |
Total revenue | 231,402 | 211,553 |
COST OF SALES | ||
Cost of license | 366 | 163 |
Cost of support and service | 128,887 | 115,690 |
Cost of hardware | 7,171 | 8,180 |
Total cost of sales | 136,424 | 124,033 |
GROSS PROFIT | 94,978 | 87,520 |
Credit Union Systems and Services [Member] | ||
REVENUE | ||
License | 62 | 229 |
Support and service | 67,000 | 62,195 |
Hardware | 3,010 | 3,753 |
Total revenue | 70,072 | 66,177 |
COST OF SALES | ||
Cost of license | 43 | 181 |
Cost of support and service | 36,203 | 33,466 |
Cost of hardware | 2,214 | 2,761 |
Total cost of sales | 38,460 | 36,408 |
GROSS PROFIT | $ 31,612 | $ 29,769 |
Business Segment Information 43
Business Segment Information Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands | Sep. 30, 2014 | Jun. 30, 2014 |
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) - Oct. 01, 2014 - Teleweb Disposal [Member] - USD ($) $ in Thousands | Total |
Dividend Declaration | |
Teleweb Disposal, Date | Oct. 1, 2014 |
Teleweb Disposal, Not Discontinued Operation, Gain (Loss) on Disposal | $ 3,000 |
Restatement of Condensed Cons45
Restatement of Condensed Consolidated Financial Statements Income Statement (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUE | ||
License | $ 503 | $ 762 |
Support and service | 288,216 | 262,630 |
Hardware | 12,755 | 14,338 |
Total revenue | 301,474 | 277,730 |
COST OF SALES | ||
Cost of license | 409 | 344 |
Cost of support and service | 165,090 | 149,156 |
Cost of hardware | 9,385 | 10,941 |
Total cost of sales | 174,884 | 160,441 |
GROSS PROFIT | 126,590 | 117,289 |
OPERATING EXPENSES | ||
Selling and marketing | 21,663 | 20,738 |
Research and development | 16,791 | 15,673 |
General and administrative | 16,510 | 14,250 |
Total operating expenses | 54,964 | 50,661 |
OPERATING INCOME | 71,626 | 66,628 |
INTEREST INCOME (EXPENSE) | ||
Interest income | 57 | 131 |
Interest expense | (266) | (280) |
Total interest income (expense) | (209) | (149) |
INCOME BEFORE INCOME TAXES | 71,417 | 66,479 |
PROVISION FOR INCOME TAXES | 25,329 | 23,258 |
NET INCOME | $ 46,088 | $ 43,221 |
Earnings Per Share | ||
Diluted earnings per share | $ 0.56 | $ 0.50 |
Diluted weighted average shares outstanding | 82,589 | 85,854 |
Basic earnings per share | $ 0.56 | $ 0.51 |
Basic weighted average shares outstanding | 82,195 | 85,294 |
Scenario, Previously Reported [Member] | ||
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 |
OPERATING EXPENSES | ||
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 |
Scenario, Adjustment [Member] | ||
REVENUE | ||
License | $ (13,107) | $ (11,017) |
Support and service | (4,238) | (6,914) |
Hardware | 0 | 0 |
Total revenue | (17,345) | (17,931) |
COST OF SALES | ||
Cost of license | (980) | (1,068) |
Cost of support and service | (4,607) | (5,427) |
Cost of hardware | 0 | 0 |
Total cost of sales | (5,587) | (6,495) |
GROSS PROFIT | (11,758) | (11,436) |
OPERATING EXPENSES | ||
Selling and marketing | (745) | (720) |
Research and development | 0 | 0 |
General and administrative | 0 | 0 |
Total operating expenses | (745) | (720) |
OPERATING INCOME | (11,013) | (10,716) |
INTEREST INCOME (EXPENSE) | ||
Interest income | 0 | 0 |
Interest expense | 0 | 0 |
Total interest income (expense) | 0 | 0 |
INCOME BEFORE INCOME TAXES | (11,013) | (10,716) |
PROVISION FOR INCOME TAXES | (4,339) | (4,149) |
NET INCOME | $ (6,674) | $ (6,567) |
Earnings Per Share | ||
Diluted earnings per share | $ (0.08) | $ (0.08) |
Diluted weighted average shares outstanding | 82,589 | 85,854 |
Basic earnings per share | $ (0.08) | $ (0.08) |
Basic weighted average shares outstanding | 82,195 | 85,294 |
Restatement of Condensed Cons46
Restatement of Condensed Consolidated Financial Statements Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 39,402 | $ 70,377 | $ 181,787 | $ 127,905 |
Receivables, net | 159,110 | 224,041 | ||
Income tax receivable | 2,618 | 7,937 | ||
Prepaid expenses and other | 73,928 | 61,074 | ||
Deferred costs | 35,265 | 27,077 | ||
Total current assets | 310,323 | 390,506 | ||
PROPERTY AND EQUIPMENT, net | 301,132 | 291,675 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 83,965 | 78,458 | ||
Computer software, net of amortization | 167,585 | 160,391 | ||
Other non-current assets | 44,333 | 44,657 | ||
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 | 1,009,342 | 998,522 | ||
Total assets | 1,620,797 | 1,680,703 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 8,316 | 10,516 | ||
Accrued expenses | 58,038 | 63,299 | ||
Deferred income tax liability | 21,440 | 30,094 | ||
Accrued income taxes | 14,690 | 0 | ||
Notes payable and current maturities of long term debt | 9,964 | 5,407 | ||
Deferred revenues | 292,276 | 337,493 | ||
Total current liabilities | 404,724 | 446,809 | ||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | 166,519 | 155,375 | ||
Non-current deferred income tax liability | 103,693 | 97,720 | ||
Debt, net of current maturities | 1,041 | 3,729 | ||
Other long-term liabilities | 10,349 | 9,683 | ||
Total long term liabilities | 281,602 | 266,507 | ||
Total liabilities | 686,326 | 713,316 | ||
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 | 1,159,678 | 1,131,632 | ||
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 | 934,471 | 967,387 | ||
Total liabilities and equity | 1,620,797 | 1,680,703 | ||
Scenario, Previously Reported [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 39,402 | 70,377 | 181,787 | 127,905 |
Receivables, net | 159,110 | 224,041 | ||
Income tax receivable | 2,618 | 7,937 | ||
Prepaid expenses and other | 72,340 | 59,824 | ||
Deferred costs | 28,649 | 22,202 | ||
Total current assets | 302,119 | 384,381 | ||
PROPERTY AND EQUIPMENT, net | 301,132 | 291,675 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 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 | ||
Deferred income tax liability | 37,592 | 37,592 | ||
Accrued income taxes | 14,690 | |||
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 | ||
Scenario, Adjustment [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables, net | 0 | 0 | ||
Income tax receivable | 0 | 0 | ||
Prepaid expenses and other | 1,588 | 1,250 | ||
Deferred costs | 6,616 | 4,875 | ||
Total current assets | 8,204 | 6,125 | ||
PROPERTY AND EQUIPMENT, net | 0 | 0 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 47,595 | 43,750 | ||
Computer software, net of amortization | 0 | 0 | ||
Other non-current assets | 6,944 | 6,536 | ||
Customer Relationships, Net of Amortization | 0 | 0 | ||
Other Intangible Assets, Net of Amortization | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total other assets | 54,539 | 50,286 | ||
Total assets | 62,743 | 56,411 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Deferred income tax liability | (16,152) | (7,498) | ||
Accrued income taxes | 0 | |||
Notes payable and current maturities of long term debt | 0 | 0 | ||
Deferred revenues | 31,724 | 25,491 | ||
Total current liabilities | 15,572 | 17,993 | ||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | 157,502 | 146,390 | ||
Non-current deferred income tax liability | (32,883) | (37,198) | ||
Debt, net of current maturities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total long term liabilities | 124,619 | 109,192 | ||
Total liabilities | 140,191 | 127,185 | ||
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 | 0 | 0 | ||
Additional paid-in capital | 0 | 0 | ||
Retained earnings | (77,448) | (70,774) | ||
Less treasury stock at cost; 20,843,232 shares at September 30, 2014; 19,794,559 shares at June 30, 2014 | 0 | 0 | ||
Total stockholders' equity | (77,448) | (70,774) | ||
Total liabilities and equity | $ 62,743 | $ 56,411 |
Restatement of Condensed Cons47
Restatement of Condensed Consolidated Financial Statements Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 46,088 | $ 43,221 |
Adjustments to reconcile net income from operations to net cash from operating activities: | ||
Depreciation | 13,631 | 12,963 |
Amortization | 15,817 | 12,893 |
Change in deferred income taxes | (2,682) | (2,287) |
Excess tax benefits from stock-based compensation, Operating Activities | (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, deferred costs and other | (26,225) | (19,806) |
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 | (34,072) | (34,234) |
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, Financing Activities | 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 |
Scenario, Previously Reported [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 52,762 | 49,788 |
Adjustments to reconcile net income from operations to net 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, Operating Activities | (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, deferred costs 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, Financing Activities | 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 |
Scenario, Adjustment [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | (6,674) | (6,567) |
Adjustments to reconcile net income from operations to net cash from operating activities: | ||
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Change in deferred income taxes | (4,340) | (4,149) |
Excess tax benefits from stock-based compensation, Operating Activities | 0 | 0 |
Expense for stock-based compensation | 0 | 0 |
Gain/loss on disposal of assets | 0 | 0 |
Changes in operating assets and liabilities: | ||
Change in receivables | 0 | 0 |
Change in prepaid expenses, deferred costs and other | (6,332) | (7,215) |
Change in accounts payable | 0 | 0 |
Change in accrued expenses | 0 | 0 |
Change in income taxes | 0 | 0 |
Change in deferred revenues | 17,346 | 17,931 |
Net cash from operating activities | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Internal use software | 0 | 0 |
Computer software developed | 0 | 0 |
Net cash from investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments on credit facilities | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Dividends paid | 0 | 0 |
Excess tax benefits from stock-based compensation, Financing Activities | 0 | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 0 | 0 |
Minimum tax withholding payments related to option exercises | 0 | 0 |
Proceeds from sale of common stock, net | 0 | 0 |
Net cash from financing activities | 0 | 0 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 0 | $ 0 |
Restatement of Condensed Cons48
Restatement of Condensed Consolidated Financial Statements Prior Period Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Excess tax benefits from stock-based compensation, Operating Activities | $ (3,801) | $ (2,947) |