Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 09, 2015 | Dec. 31, 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-K | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 80,219,921 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,046,822,763 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
REVENUE | |||||||||||
License | $ 1,072 | $ 569 | $ 491 | $ 503 | $ 574 | $ 603 | $ 245 | $ 762 | $ 2,635 | $ 2,184 | $ 5,366 |
Support and service | 318,635 | 296,896 | 296,905 | 288,216 | 300,359 | 276,100 | 273,242 | 262,630 | 1,200,652 | 1,112,331 | 1,042,801 |
Hardware | 14,006 | 12,244 | 13,898 | 12,755 | 14,233 | 14,731 | 15,356 | 14,338 | 52,903 | 58,658 | 59,357 |
Total revenue | 333,713 | 309,709 | 311,294 | 301,474 | 315,166 | 291,434 | 288,843 | 277,730 | 1,256,190 | 1,173,173 | 1,107,524 |
COST OF SALES | |||||||||||
Cost of license | 185 | 285 | 308 | 409 | 148 | 227 | 188 | 345 | 1,187 | 908 | 860 |
Cost of support and service | 176,826 | 168,457 | 170,377 | 165,090 | 168,007 | 162,824 | 154,769 | 149,156 | 680,750 | 634,756 | 601,620 |
Cost of hardware | 10,288 | 9,152 | 9,574 | 9,385 | 10,892 | 11,008 | 10,867 | 10,941 | 38,399 | 43,708 | 43,650 |
Total cost of sales | 187,299 | 177,894 | 180,259 | 174,884 | 179,047 | 174,059 | 165,824 | 160,442 | 720,336 | 679,372 | 646,130 |
GROSS PROFIT | 146,414 | 131,815 | 131,035 | 126,590 | 136,119 | 117,375 | 123,019 | 117,288 | 535,854 | 493,801 | 461,394 |
OPERATING EXPENSES | |||||||||||
Selling and marketing | 23,492 | 21,674 | 22,175 | 21,663 | 22,483 | 21,719 | 20,503 | 20,738 | 89,004 | 85,443 | 80,811 |
Research and development | 19,501 | 17,522 | 17,681 | 16,791 | 17,447 | 17,486 | 16,142 | 15,673 | 71,495 | 66,748 | 63,202 |
General and administrative | 14,049 | 15,417 | 11,514 | 16,510 | 13,301 | 13,629 | 12,132 | 14,250 | 57,490 | 53,312 | 66,624 |
Total operating expenses | 57,042 | 54,613 | 51,370 | 54,964 | 53,231 | 52,834 | 48,777 | 50,661 | 217,989 | 205,503 | 210,637 |
OPERATING INCOME | 89,372 | 77,202 | 79,665 | 71,626 | 82,888 | 64,541 | 74,242 | 66,627 | 317,865 | 288,298 | 250,757 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest income | 51 | 33 | 28 | 57 | 33 | 84 | 129 | 131 | 169 | 377 | 640 |
Interest expense | (322) | (669) | (337) | (266) | (296) | (262) | (267) | (280) | (1,594) | (1,105) | (6,337) |
Total interest income (expense) | (271) | (636) | (309) | (209) | (263) | (178) | (138) | (149) | (1,425) | (728) | (5,697) |
INCOME BEFORE INCOME TAXES | 89,101 | 76,566 | 79,356 | 71,417 | 82,625 | 64,363 | 74,104 | 66,478 | 316,440 | 287,570 | 245,060 |
PROVISION FOR INCOME TAXES | 28,562 | 25,854 | 25,474 | 25,329 | 30,096 | 21,757 | 25,744 | 23,258 | 105,219 | 100,855 | 77,450 |
NET INCOME | $ 60,539 | $ 50,712 | $ 53,882 | $ 46,088 | $ 52,529 | $ 42,606 | $ 48,360 | $ 43,220 | $ 211,221 | $ 186,715 | $ 167,610 |
Earnings Per Share | |||||||||||
Diluted earnings per share | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 0.62 | $ 0.50 | $ 0.56 | $ 0.50 | $ 2.59 | $ 2.19 | $ 1.94 |
Diluted weighted average shares outstanding | 81,086 | 81,094 | 81,634 | 82,589 | 84,276 | 85,467 | 85,986 | 85,854 | 81,601 | 85,396 | 86,619 |
Basic earnings per share | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 0.63 | $ 0.50 | $ 0.57 | $ 0.51 | $ 2.60 | $ 2.20 | $ 1.95 |
Basic weighted average shares outstanding | 80,904 | 80,880 | 81,432 | 82,195 | 83,740 | 84,981 | 85,450 | 85,294 | 81,353 | 84,866 | 86,040 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 148,313 | $ 70,377 |
Receivables, net | 245,387 | 224,041 |
Income tax receivable | 2,753 | 7,937 |
Prepaid expenses and other | 69,096 | 61,074 |
Deferred costs | 27,950 | 27,077 |
Total current assets | 493,499 | 390,506 |
PROPERTY AND EQUIPMENT, net | 296,332 | 291,675 |
OTHER ASSETS: | ||
Non-current deferred costs | 96,423 | 78,458 |
Computer software, net of amortization | 191,541 | 160,391 |
Other non-current assets | 52,432 | 44,657 |
Customer Relationships, Net of Amortization | 122,204 | 136,602 |
Other Intangible Assets, Net of Amortization | 34,038 | 25,653 |
Goodwill | 550,366 | 552,761 |
Total other assets | 1,047,004 | 998,522 |
Total assets | 1,836,835 | 1,680,703 |
CURRENT LIABILITIES: | ||
Accounts payable | 9,933 | 10,516 |
Accrued expenses | 78,962 | 63,299 |
Accrued income taxes | 5,543 | 0 |
Deferred income tax liability | 7,034 | 30,094 |
Notes payable and current maturities of long term debt | 2,595 | 5,407 |
Deferred revenues | 339,544 | 337,493 |
Total current liabilities | 443,611 | 446,809 |
LONG TERM LIABILITIES: | ||
Non-current deferred revenues | 192,443 | 155,375 |
Non-current deferred income tax liability | 150,223 | 97,720 |
Debt, net of current maturities | 50,102 | 3,729 |
Other long-term liabilities | 8,922 | 9,683 |
Total long term liabilities | 401,690 | 266,507 |
Total liabilities | 845,301 | 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; 102,695,214 shares issued at June 30, 2015; 102,429,926 shares issued at June 30, 2014 | 1,027 | 1,024 |
Additional paid-in capital | 424,536 | 412,512 |
Retained earnings | 1,266,443 | 1,131,632 |
Less treasury stock at cost; 21,842,632 shares at June 30, 2015; 19,794,559 shares at June 30, 2014 | (700,472) | (577,781) |
Total stockholders' equity | 991,534 | 967,387 |
Total liabilities and equity | $ 1,836,835 | $ 1,680,703 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Jun. 30, 2015 | 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 | 102,695,214 | 102,398,533 |
Treasury Stock, Shares | 21,842,632 | 19,794,559 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock |
Balance, start of year (value) at Jun. 30, 2012 | $ 1,015 | $ 381,919 | $ 896,760 | |||
Balance, start of year (value) at Jun. 30, 2012 | $ (343,956) | |||||
Shares, beginning of year at Jun. 30, 2012 | 101,482,461 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued for equity-based payment arrangements (shares) | 405,270 | |||||
Shares issued for equity-based payment arrangements (value) | $ 4 | |||||
Shares issued upon exercise of stock options (value) | 6,771 | |||||
Tax withholding related to share based compensation | (3,926) | |||||
Shares issued for Employee Stock Purchase Plan (shares) | 106,077 | |||||
Shares issued for Employee Stock Purchase Plan (value) | $ 1 | 3,699 | ||||
Tax benefits from share-based compensation (value) | 3,632 | |||||
Stock-based compensation expense (value) | 8,615 | |||||
Net Income | $ 167,610 | 167,610 | ||||
Dividends (value) | (48,202) | |||||
Purchase of treasury shares | (58,126) | |||||
Shares, end of year at Jun. 30, 2013 | 101,993,808 | |||||
Balance, end of year (value) at Jun. 30, 2013 | $ 1,015,816 | $ 1,020 | 400,710 | 1,016,168 | ||
Balance, end of year (value) at Jun. 30, 2013 | (402,082) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per share | $ 0.56 | |||||
Preferred Stock, Shares Outstanding | 0 | |||||
Balance, start of year (value) at Jun. 30, 2013 | (402,082) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued for equity-based payment arrangements (shares) | 344,372 | |||||
Shares issued for equity-based payment arrangements (value) | $ 3 | |||||
Shares issued upon exercise of stock options (value) | 606 | |||||
Tax withholding related to share based compensation | (6,598) | |||||
Shares issued for Employee Stock Purchase Plan (shares) | 91,746 | |||||
Shares issued for Employee Stock Purchase Plan (value) | $ 1 | 4,283 | ||||
Tax benefits from share-based compensation (value) | 3,420 | |||||
Stock-based compensation expense (value) | 10,091 | |||||
Net Income | $ 186,715 | 186,715 | ||||
Dividends (value) | (71,251) | |||||
Purchase of treasury shares | (175,699) | |||||
Shares, end of year at Jun. 30, 2014 | 102,429,926 | |||||
Balance, end of year (value) at Jun. 30, 2014 | 967,387 | $ 1,024 | 412,512 | 1,131,632 | ||
Balance, end of year (value) at Jun. 30, 2014 | $ (577,781) | (577,781) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per share | $ 0.84 | |||||
Preferred Stock, Shares Outstanding | 0 | |||||
Balance, start of year (value) at Jun. 30, 2014 | $ (577,781) | (577,781) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued for equity-based payment arrangements (shares) | 172,661 | |||||
Shares issued for equity-based payment arrangements (value) | $ 2 | |||||
Shares issued upon exercise of stock options (value) | 640 | |||||
Tax withholding related to share based compensation | (7,951) | |||||
Shares issued for Employee Stock Purchase Plan (shares) | 92,627 | |||||
Shares issued for Employee Stock Purchase Plan (value) | $ 1 | 4,880 | ||||
Tax benefits from share-based compensation (value) | 4,343 | |||||
Stock-based compensation expense (value) | 10,112 | |||||
Net Income | 211,221 | 211,221 | ||||
Dividends (value) | (76,410) | |||||
Purchase of treasury shares | (122,691) | |||||
Shares, end of year at Jun. 30, 2015 | 102,695,214 | |||||
Balance, end of year (value) at Jun. 30, 2015 | 991,534 | $ 1,027 | $ 424,536 | $ 1,266,443 | ||
Balance, end of year (value) at Jun. 30, 2015 | $ (700,472) | $ (700,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per share | $ 0.94 | |||||
Preferred Stock, Shares Outstanding | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 211,221 | $ 186,715 | $ 167,610 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 54,155 | 52,935 | 51,967 |
Amortization | 64,841 | 54,836 | 48,374 |
Change in deferred income taxes | 29,443 | 12,752 | 18,336 |
Excess tax benefits from stock-based compensation, Operating Activities | (4,343) | (3,406) | (3,621) |
Expense for stock-based compensation | 10,112 | 10,091 | 8,615 |
Gain/loss on disposal of assets | (5,046) | (784) | 3,908 |
Changes in operating assets and liabilities: | |||
Change in receivables | (21,346) | 7,498 | (12,739) |
Change in prepaid expenses, deferred costs and other | (33,858) | (28,565) | (11,502) |
Change in accounts payable | (583) | (1,252) | (4,582) |
Change in accrued expenses | 14,483 | (6,364) | 7,774 |
Change in income taxes | 14,146 | 5,251 | 4,575 |
Change in deferred revenues | 40,565 | 51,952 | 30,459 |
Net cash from operating activities | 373,790 | 341,659 | 309,174 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payment for acquisitions, net of cash acquired | 0 | (27,894) | 0 |
Capital expenditures | (54,409) | (33,185) | (46,256) |
Proceeds from sale of assets | 8,317 | 7,781 | 530 |
Customer contracts acquired | 0 | 0 | (186) |
Internal use software | (14,020) | (16,288) | 0 |
Computer software developed | (76,872) | (62,194) | (51,332) |
Net cash from investing activities | (136,984) | (131,780) | (97,244) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings on credit facilities | 90,000 | 25,000 | 0 |
Repayments on credit facilities | (50,783) | (47,158) | (145,180) |
Debt acquisition costs | (901) | 0 | 0 |
Purchase of treasury stock | (122,691) | (175,699) | (58,126) |
Dividends paid | (76,410) | (71,251) | (48,202) |
Excess tax benefits from stock-based compensation, Financing Activities | 4,343 | 3,406 | 3,621 |
Proceeds from issuance of common stock upon exercise of stock options | 642 | 609 | 6,775 |
Minimum tax withholding payments related to option exercises | (7,951) | (6,598) | (3,926) |
Proceeds from sale of common stock, net | 4,881 | 4,284 | 3,700 |
Net cash from financing activities | (158,870) | (267,407) | (241,338) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 77,936 | (57,528) | (29,408) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 70,377 | 127,905 | 157,313 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 148,313 | $ 70,377 | $ 127,905 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
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. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. REVENUE RECOGNITION The Company derives revenue from the following sources: license arrangements, support and service fees (non-software) and hardware sales. There are no rights of return, condition of acceptance or price protection in the Company’s sales contracts. License Arrangements: For software license agreements, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the product or service has occurred, the fee is fixed and determinable and collection is probable. For arrangements where the fee is not fixed or determinable, revenue is deferred until payments become due. The Company’s software license agreements generally include multiple products and services or “elements.” Generally, none of these elements are deemed to be essential to the functionality of the other elements. For multiple element arrangements, which contain software elements and non-software elements, we allocate revenue to the software deliverables and the non-software deliverables as a group based on the relative selling prices of all of the deliverables in the arrangement. For our non-software deliverables, we allocate the arrangement consideration based on the relative selling price of the deliverables using estimated selling price ("ESP"). For our software elements, we use VSOE for this allocation when it can be established and ESP when VSOE cannot be established. The selling price for each element is based upon the following selling price hierarchy: VSOE if available, third party evidence ("TPE") if VSOE is not available, or ESP if neither VSOE or TPE are available. Generally, we are not able to determine TPE because our go-to-market strategy differs from that of our peers and our offerings contain a significant level of differentiation such that the comparable pricing of products with similar functionality cannot be obtained. ESP is determined after considering both market conditions (such as the sale of similar products in the market place) and entity-specific factors (such as pricing practices and the specifics of each transaction). For our non-software deliverables, a delivered item is accounted for as a separate unit of accounting if the delivered item has standalone value and if the customer has a general right of return relative to the delivered item, delivery or performance of the undelivered item is probable and substantially within our control. For our software licenses and related services, including the software elements of multiple-element software and non-software arrangements, U.S. GAAP generally require revenue earned on software arrangements involving multiple elements to be allocated to each element based on vendor-specific objective evidence (“VSOE”) of fair value. VSOE of fair value is determined for implementation services based on a rate per hour for stand-alone professional services and the estimated hours for the bundled implementation, if the hours can be reasonably estimated. VSOE of fair value is determined for post-contract support ("PCS") based upon the price charged when sold separately. For a majority of the elements within our software arrangements, we have determined that VSOE cannot be established; therefore, revenue on our software arrangements is generally deferred until the only remaining element is post-contract support ("PCS"). At that point, the entire arrangement fee is recognized ratably over the remaining PCS period, assuming that all other criteria for revenue recognition have been met. The amounts deferred are included in the balance sheet as deferred revenue and recognized as Bundled Products & Services revenue within Support & Service revenue in the income statement. For arrangements that include specified upgrades, such upgrades are accounted for as a separate element of the arrangement. For those specified upgrades for which VSOE of fair value cannot be determined, revenue related to the software elements within the arrangement is deferred until such specified upgrades have been delivered. Total revenue recognized ratably related to our Bundled Products & Services was $62,888 , $60,685 and $64,275 for the years ended June 30, 2015 , 2014 , and 2013 , respectively. Support and Service Fee Revenue (Non-software): Maintenance support revenue contracted for outside of a license arrangement is recognized pro-rata over the contract period, typically one year. Outsourced data processing and ATM, debit card, and other transaction processing services revenue is recognized in the month the transactions are processed or the services are rendered. Hardware Revenue: Hardware revenue is recognized upon delivery to the customer, when title and risk of loss are transferred. In most cases, we do not stock in inventory the hardware products we sell, but arrange for third-party suppliers to drop-ship the products to our customers on our behalf. The revenue related to these hardware sales is recorded gross. The Company also remarkets maintenance contracts on hardware to our customers. Hardware maintenance revenue is recognized ratably over the agreement period. Revenue-based taxes collected from customers and remitted to governmental authorities are presented on a net basis (i.e. excluded from revenues). DEFERRED COSTS Costs for certain software and hardware maintenance contracts with third parties, which are prepaid, are recognized ratably over the life of the maintenance contract, generally one to five years, with the related revenue amortized from deferred revenues. Direct and incremental costs associated with arrangements subject to Accounting Standards Codification ("ASC") 985-605 (for which VSOE of fair value cannot be established) are deferred until the only remaining element in the revenue arrangement is PCS at which point the costs are recognized ratably over the remaining PCS period with the related revenue. Deferred direct and incremental costs associated with arrangements not subject to ASC 985-605 consist primarily of certain up-front costs incurred in connection with our software hosting arrangements and are recognized ratably over the contract period which typically ranges from 5-7 years. These costs include commissions, costs of third-party licenses and the direct costs of our implementation services, consisting of payroll and other fringe benefits. DEFERRED REVENUES Deferred revenues consist primarily of prepaid annual software support fees, deferred bundled software arrangements revenue, and prepaid hardware maintenance fees. Deferred bundled software arrangements revenue and hardware maintenance contracts may be recognized over multiple years; therefore, the related deferred revenue and maintenance are classified as current or non-current in accordance with the terms of the contract. Software and hardware deposits received are also reflected as deferred revenues. The vast majority of our maintenance (PCS) renews annually and runs from July 1 to June 30. Renewal billings are submitted to customers each June and the Company has the right to bill at that date; therefore we include those billings as gross in deferred revenue and as a receivable on our balance sheet at the end of each fiscal year. COMPUTER SOFTWARE DEVELOPMENT The Company capitalizes new product development costs incurred from the point at which technological feasibility has been established through the point at which the product is ready for general availability. Software development costs that are capitalized are evaluated on a product-by-product basis annually and are assigned an estimated economic life based on the type of product, market characteristics, and maturity of the market for that particular product. These costs are amortized based on current and estimated future revenue from the product or on a straight-line basis, whichever yields greater amortization expense. All of this amortization expense is included within Cost of support and service. CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Intangible assets consist of goodwill, customer relationships, computer software, and trade names acquired in business acquisitions in addition to internally developed computer software. The amounts are amortized, with the exception of those with an indefinite life (such as goodwill), over an estimated economic benefit period, generally five to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that the carrying amount of its assets might not be recoverable. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment of value on an annual basis as of January 1 and between annual tests if events or changes in circumstances indicate that the asset might be impaired. COMPREHENSIVE INCOME Comprehensive income for each of the years ended June 30, 2015 , 2014 , and 2013 equals the Company’s net income. REPORTABLE SEGMENT INFORMATION In accordance with U.S. GAAP, the Company's operations are classified as two reportable segments: bank systems and services and credit union systems and services (see Note 13). Revenue by type of product and service is presented on the face of the consolidated statements of income. Substantially all the Company’s revenues are derived from operations and assets located within the United States of America. 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 June 30, 2015 , there were 21,843 shares in treasury stock and the Company had the remaining authority to repurchase up to 8,148 additional shares. The total cost of treasury shares at June 30, 2015 is $700,472 . During fiscal 2015 , the Company repurchased 2,048 treasury shares for $122,691 . 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 $0.94 , $0.84 , and $0.56 for the years ended June 30, 2015 , 2014 , and 2013 , respectively. EARNINGS PER SHARE Per share information is based on the weighted average number of common shares outstanding during the year. Stock options have been included in the calculation of income per diluted share to the extent they are dilutive. The difference between basic and diluted weighted average shares outstanding is the dilutive effect of outstanding stock options (see Note 10). INCOME TAXES Deferred tax liabilities and assets are recognized for the tax effects of differences between the financial statement and tax bases of assets and liabilities. A valuation allowance would be established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefits recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. Our policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. 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. In August 2015, the FASB also issued ASU No. 2015-14 which deferred the effective date of the new standard by one year. The standard and related amendments will be effective for the Company for its annual reporting period beginning July 1, 2018, including interim periods within that reporting period. Along with the deferral of the effective date, ASU No. 2015-14 allows early application as of the original effective date. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect as of the beginning of the period of adoption. 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. In April 2015, the FASB also issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability (same treatment as debt discounts). ASU 2015-3 is effective for the company in fiscal year ended June 30, 2017. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company will adopt these changes for the fiscal year ended June 30, 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments Fair Value of Financial Instruments (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
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. 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, and financial liabilities is as follows: Estimated Fair Value Measurements Total Fair Level 1 Level 2 Level 3 Value June 30, 2015 Financial Assets: Money market funds $ 98,888 $ — $ — $ 98,888 Financial Liabilities: Revolving credit facility $ — $ 50,000 $ — $ 50,000 June 30, 2014 Financial Assets: Money market funds $ 28,877 $ — $ — $ 28,877 |
Property and Equipment (Text Bl
Property and Equipment (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT The classification of property and equipment, together with their estimated useful lives is as follows: June 30, 2015 2014 Estimated Useful Life Land $ 24,987 $ 24,987 Land improvements 25,428 25,411 5 - 20 years Buildings 144,414 143,733 20 - 30 years Leasehold improvements 32,169 28,962 5 - 30 years (1) Equipment and furniture 327,949 316,064 3 - 10 years Aircraft and equipment 37,695 27,246 5 - 15 years Construction in progress 23,563 12,199 616,205 578,602 Less accumulated depreciation 319,873 286,927 Property and equipment, net $ 296,332 $ 291,675 (1) Lesser of lease term or estimated useful life Property and equipment included $1,343 and $523 that was in accrued liabilities at June 30, 2015 and 2014 , respectively. Also, the Company acquired $4,344 and $16,119 of computer equipment through capital leases for the years ended June 30, 2015 and 2014 , respectively. These amounts were excluded from capital expenditures on the statement of cash flows. |
Other Assets (Text Block)
Other Assets (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | OTHER ASSETS Goodwill The carrying amount of goodwill for the years ended June 30, 2015 and 2014 , by reportable segments, is as follows: June 30, Banking 2015 2014 Beginning balance $ 423,190 $ 403,720 Goodwill, acquired during the year — 19,470 Goodwill, written off related to sale (2,395 ) — Ending balance $ 420,795 $ 423,190 Credit Union Beginning balance $ 129,571 $ 129,571 Goodwill, acquired during the year — — Ending balance $ 129,571 $ 129,571 During the year the Profitstars® division of the Company sold its TeleWeb suite of Internet and mobile banking software products to Data Center Inc. (DCI). Goodwill allocated to the carrying amount of the net assets sold was calculated based on the relative fair values of the business disposed of and the portion of the reporting unit (in which the business resided) that was retained, multiplied by the reporting unit's carrying value of goodwill. Other Intangible Assets Information regarding other identifiable intangible assets is as follows: June 30, 2015 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 276,337 (154,133 ) $ 122,204 Computer software $ 416,674 (225,133 ) $ 191,541 Other intangible assets: Purchased software 32,192 (7,818 ) 24,374 Trade names 12,498 (2,834 ) 9,664 Other intangible assets, total $ 44,690 (10,652 ) $ 34,038 June 30, 2014 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 276,337 (139,735 ) $ 136,602 Computer software $ 345,248 (184,857 ) $ 160,391 Other intangible assets: Purchased software 17,162 (1,933 ) 15,229 Trade names 12,498 (2,074 ) 10,424 Total $ 29,660 (4,007 ) $ 25,653 Customer relationships have lives ranging from 5 to 20 years. Our other intangible assets have useful lives ranging from 3 to 20 years. Computer software includes the unamortized cost of commercial software products developed or acquired by the Company, which are capitalized and amortized over useful lives ranging from 5 to 10 years. Amortization expense for computer software totaled $43,798 , $37,720 , and $33,145 for the fiscal years ended June 30, 2015 , 2014 , and 2013 , respectively. There were no material impairments in any of the fiscal years presented. Amortization expense for all intangible assets was $64,841 , $54,836 , and $48,374 for the fiscal years ended June 30, 2015 , 2014 , and 2013 , respectively. The estimated aggregate future amortization expense for each of the next five years for all intangible assets remaining as of June 30, 2015 , is as follows: Years Ending June 30, Computer Software Customer Relationships Other Intangible Assets Total 2016 $ 44,416 $ 13,814 $ 7,756 $ 65,986 2017 35,602 13,585 6,249 55,436 2018 28,080 13,050 2,686 43,816 2019 19,701 12,829 955 33,485 2020 8,224 10,699 560 19,483 |
Debt (Text Block)
Debt (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | DEBT The Company’s outstanding long and short term debt is as follows: June 30, June 30, 2015 2014 LONG TERM DEBT Revolving credit facility $ 50,000 $ — Capital leases 816 7,757 50,816 7,757 Less current maturities 714 4,028 Debt, net of current maturities $ 50,102 $ 3,729 SHORT TERM DEBT Capital leases $ 1,881 $ 1,379 Current maturities of long-term debt 714 4,028 Notes payable and current maturities of long term debt $ 2,595 $ 5,407 The following table summarizes the annual principal payments required as of June 30, 2015 : Years ended June 30, 2016 $ 2,595 2017 102 2018 — 2019 — 2020 50,000 Thereafter — $ 52,697 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 $816 remains outstanding at June 30, 2015 and $714 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $1,881 at June 30, 2015 . Included in property and equipment are assets under capital leases totaling $16,833 , which have accumulated depreciation totaling $4,563 . Revolving credit facility The revolving credit facility allows for borrowings of up to $300,000 , which may be increased by the Company at any time until maturity to $600,000 . The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 0.50% and (iii) the Eurocurrency Rate for a one month Interest Period on such day for dollars 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 June 30, 2015 , the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 and at June 30, 2015 , the outstanding revolving loan balance was $50,000 . Other lines of credit 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 June 30, 2015 , no amount was outstanding. Interest The Company paid interest of $1,111 , $620 , and $3,549 in 2015 , 2014 , and 2013 respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Litigation We are subject to various routine legal proceedings and claims, including the following: In 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 have defended the lawsuit vigorously. A part of that defense has been the filing of challenges to the validity of plaintiff's patents in post-grant proceedings at the Patent Trial and Appeal Board ("PTAB") of the U.S. Patent and Trademark Office. On April 29 and July 8, 2015, the PTAB issued decisions holding that all relevant claims of the plaintiff's patents are unpatentable and invalid. DataTreasury has moved for rehearing of the PTAB decisions. At this stage, we cannot make a reasonable estimate of possible loss or range of loss, if any, arising from this lawsuit. Property and Equipment The Company had $13,089 of material commitments at June 30, 2015 to purchase property and equipment related mainly to the purchase of aircraft. There were $14,293 material commitments at June 30, 2014 . Leases The Company leases certain property under operating leases which expire over the next 6 years, but certain of the leases contain options to extend the lease term. All lease payments are based on the lapse of time but include, in some cases, payments for operating expenses and property taxes. There are no purchase options on real estate leases at this time. Certain leases on real estate are subject to annual escalations for increases in operating expenses and property taxes. As of June 30, 2015 , net future minimum lease payments are as follows: Years Ending June 30, Lease Payments 2016 $ 8,554 2017 7,163 2018 5,725 2019 2,845 2020 1,673 Thereafter 607 Total $ 26,567 Rent expense was $9,547 , $8,609 , and $8,124 in 2015 , 2014 , and 2013 respectively. |
Income Taxes (Text Block)
Income Taxes (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The provision for income taxes from continuing operations consists of the following: Year Ended June 30, 2015 2014 2013 Current: Federal $ 70,555 $ 77,937 $ 54,574 State 5,221 10,166 4,540 Deferred: Federal 28,018 10,636 14,689 State 1,425 2,116 3,647 $ 105,219 $ 100,855 $ 77,450 The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: June 30, 2015 2014 Deferred tax assets: Contract and service revenues and costs $ 68,503 $ 71,383 Expense reserves (bad debts, insurance, franchise tax and vacation) 14,612 14,776 Net operating loss carryforwards 3,682 4,218 Other, net 1,493 1,148 88,290 91,525 Deferred tax liabilities: Accelerated tax depreciation (32,331 ) (29,247 ) Accelerated tax amortization (142,776 ) (125,054 ) Contract and service revenues and costs (69,790 ) (64,338 ) (244,897 ) (218,639 ) Net deferred tax liability before valuation allowance (156,607 ) (127,114 ) Valuation allowance (650 ) (700 ) Net deferred tax liability $ (157,257 ) $ (127,814 ) The deferred taxes are classified on the balance sheets as follows: 2015 2014 Deferred income taxes (current) $ (7,034 ) $ (30,094 ) Deferred income taxes (long-term) (150,223 ) (97,720 ) $ (157,257 ) $ (127,814 ) The following analysis reconciles the statutory federal income tax rate to the effective income tax rates reflected above: Year Ended June 30, 2015 2014 2013 Computed "expected" tax expense 35.0 % 35.0 % 35.0 % Increase (reduction) in taxes resulting from: State income taxes, net of federal income tax benefits 1.4 % 2.8 % 2.2 % Research and development credit (1.5 )% (0.8 )% (3.5 )% Domestic production activities deduction (2.0 )% (2.2 )% (2.3 )% Other (net) 0.4 % 0.3 % 0.2 % 33.3 % 35.1 % 31.6 % As of June 30, 2015 , we have $6,903 of net operating loss (“NOL”) carryforwards pertaining to the acquisition of Goldleaf Financial Solutions, Inc., which are expected to be utilized after the application of IRC Section 382. Separately, as of June 30, 2015 , we had state NOL carryforwards of $1,643 . The federal and state losses have varying expiration dates, ranging from 2015 to 2034 . Based on state tax rules which restrict our utilization of these losses, we believe it is more likely than not that $650 of these losses will expire unutilized. Accordingly, a valuation allowance of $650 and $700 has been recorded against these assets as of June 30, 2015 and 2014 , respectively. The Company paid income taxes of $61,885 , $83,014 , and $54,815 in 2015 , 2014 , and 2013 respectively. At June 30, 2014 , the Company had $7,834 of unrecognized tax benefits, $5,366 of which, if recognized, would affect our effective tax rate. At June 30, 2015 , the Company had $7,104 of gross unrecognized tax benefits, $5,193 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,120 and $1,315 related to uncertain tax positions at June 30, 2015 and 2014 , respectively. The income tax provision included interest expense and penalties (or benefits) on unrecognized tax benefits of $(155) , $582 , and $(60) in the years ending June 30, 2015 , 2014 , and 2013 , respectively. A reconciliation of the unrecognized tax benefits for the years ended June 30, 2015 and 2014 follows: Unrecognized Tax Benefits Balance at July 1, 2013 $ 4,890 Additions for current year tax positions 1,380 Reductions for current year tax positions — Additions for prior year tax positions 1,662 Reductions for prior year tax positions (1 ) Settlements — Reductions related to expirations of statute of limitations (97 ) Balance at June 30, 2014 7,834 Additions for current year tax positions 1,351 Reductions for current year tax positions (56 ) Additions for prior year tax positions 483 Reductions for prior year tax positions (998 ) Settlements — Reductions related to expirations of statute of limitations (1,510 ) Balance at June 30, 2015 $ 7,104 The U.S. federal and state income tax returns for June 30, 2012 and all subsequent years remain subject to examination as of June 30, 2015 under statute of limitations rules. We anticipate potential changes could reduce the unrecognized tax benefits balance by $1,500 - $2,500 within twelve months of June 30, 2015 . |
Industry and Supplier Concentra
Industry and Supplier Concentrations (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | INDUSTRY AND SUPPLIER CONCENTRATIONS The Company sells its products to banks, credit unions, and financial institutions throughout the United States and generally does not require collateral. All billings to customers are due 30 days from date of billing. Reserves (which are insignificant at June 30, 2015, 2014, and 2013) are maintained for potential credit losses. In addition, the Company purchases most of its computer hardware and related maintenance for resale in relation to installation of JHA software systems from two suppliers. There are a limited number of hardware suppliers for these required items. If these relationships were terminated, it could have a negative impact on the operations of the Company. |
Stock Based Compensation (Text
Stock Based Compensation (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
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 years ended June 30, 2015 , 2014 and 2013 includes $10,112 , $10,091 and $8,615 of equity-based compensation costs, respectively, of which $9,251 , $9,335 and $7,962 relates to the restricted stock plan, 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”). The 1996 SOP was adopted by the Company on October 29, 1996 , for its employees. Terms and vesting periods of the options were determined by the Compensation Committee of the Board of Directors when granted and for options outstanding include vesting periods up to four years. Shares of common stock were reserved for issuance under this plan at the time of each grant, which must be at or above fair market value of the stock at the grant date. The options terminate 30 days after termination of employment, 3 months after retirement, one year after death or 10 years after the date of grant. The plan terminated by its terms on October 29, 2006 , although options previously granted under the 1996 SOP are still outstanding and vested. The 2005 NSOP was adopted by the Company on September 23, 2005 , for its outside directors. Generally, options are exercisable beginning 6 months after grant at an exercise price equal to the fair market value of the stock at the grant date. For individuals who have served less than 4 continuous years, 25% of all options will vest after one year of service, 50% shall vest after two years, and 75% shall vest after three years of service on the Board. The options terminate upon surrender of the option, upon the expiration of 1 year following notification of a deceased optionee, or 10 years after grant. 700 shares of common stock have been reserved for issuance under this plan with a maximum of 100 for each director. 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, 2012 464 $ 16.19 Granted — — Forfeited — — Exercised (320 ) 13.68 Outstanding July 1, 2013 144 21.79 Granted — — Forfeited — — Exercised (19 ) 18.42 Outstanding July 1, 2014 125 22.29 Granted — — Forfeited — — Exercised (25 ) 19.17 Outstanding June 30, 2015 100 $ 23.07 $ 4,164 Vested June 30, 2015 100 $ 23.07 $ 4,164 Exercisable June 30, 2015 100 $ 23.07 $ 4,164 There were no options granted during any period presented. As of June 30, 2015 , there were no unrecognized compensation costs related to stock options since all options have now vested. The weighted average remaining contractual term on options currently exercisable as of June 30, 2015 was 3.17 years . The income tax benefits from stock option exercises totaled $4,343 , $3,420 and $3,632 for the years ended June 30, 2015 , 2014 , and 2013 , respectively. The total intrinsic value of options exercised was $1,044 , $704 and $8,254 for the fiscal years ended June 30, 2015 , 2014 , and 2013 , respectively. Restricted Stock Plan The Restricted Stock Plan was adopted by the Company on November 1, 2005 , for its employees. Up to 3,000 shares of common stock are available for issuance under the plan. Upon issuance, shares of restricted stock are subject to forfeiture and to restrictions which limit the sale or transfer of the shares during the restriction period. The restrictions will be lifted over periods ranging from 3 years to 7 years from grant date. On certain awards, the restrictions may be lifted sooner if certain targets for shareholder return are met. The following table summarizes non-vested share awards activity: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2012 332 $ 23.13 Granted 53 36.78 Vested (125 ) 23.17 Forfeited (8 ) 23.11 Outstanding July 1, 2013 252 25.92 Granted 30 54.13 Vested (143 ) 24.41 Forfeited (1 ) 22.17 Outstanding July 1, 2014 138 33.56 Granted 12 57.77 Vested (71 ) 35.69 Forfeited (7 ) 46.39 Outstanding June 30, 2015 72 $ 34.28 The non-vested share awards will not participate in dividends during the restriction period. As a result, the weighted-average fair value of the non-vested share awards is based on the fair market value of the Company’s equity shares on the grant date, less the present value of the expected future dividends to be declared during the restriction period. At June 30, 2015 , there was $808 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 1.02 years . An amendment to the Restricted Stock Plan was adopted by the Company on August 20, 2010 . Unit awards will be made to employees remaining in continuous employment throughout the performance period and vary based on the Company’s percentile ranking in Total Shareholder Return (“TSR”) over the performance period compared to a peer group of companies. TSR is defined as the change in the stock price through the performance period plus dividends per share paid during the performance period, all divided by the stock price at the beginning of the performance period. It is the intention of the Company to settle the unit awards in shares of the Company’s stock. The following table summarizes non-vested unit awards as of June 30, 2015 , as well as activity for the year then ended: Unit awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2012 672 $ 18.05 Granted 174 42.39 Vested — — Forfeited (32 ) 22.45 Outstanding July 1, 2013 814 23.08 Granted 164 48.21 Vested (168 ) 15.77 Forfeited (101 ) 15.77 Outstanding July 1, 2014 709 31.66 Granted 178 53.62 Vested (277 ) 19.69 Forfeited (111 ) 22.74 Outstanding June 30, 2015 499 $ 48.13 The Company utilized a Monte Carlo pricing model customized to the specific provisions of the Company’s plan design to value unit awards subject to performance targets on the grant dates. The weighted average assumptions used in the model to measure fair value at the grant dates are as follows: Year Ended June 30, 2015 2014 2013 Volatility 17.8 % 21.6 % 23.3 % Risk free interest rate 1.06 % 0.91 % 0.33 % Dividend yield 1.5 % 1.6 % 1.2 % Stock Beta 0.765 0.837 0.864 For the year ended June 30, 2015, 164 unit awards were granted and measured using the above assumptions. The remaining 14 unit awards granted are not subject to performance targets, and therefore the estimated fair value at measurement date is valued in the same manner as restricted stock award grants. At June 30, 2015 , there was $9,442 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 1.16 years . |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
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, as well as cash dividends paid per share: Year Ended June 30, 2015 2014 2013 Net Income $ 211,221 $ 186,715 $ 167,610 Common share information: Weighted average shares outstanding for basic earnings per share 81,353 84,866 86,040 Dilutive effect of stock options and restricted stock 248 530 579 Weighted average shares outstanding for diluted earnings per share 81,601 85,396 86,619 Basic earnings per share $ 2.60 $ 2.20 $ 1.95 Diluted earnings per share $ 2.59 $ 2.19 $ 1.94 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 no anti-dilutive stock options and restricted stock excluded from the computation of diluted earnings per share for fiscal 2015 , with 24 shares excluded for fiscal 2014 and no shares excluded for fiscal 2013 . |
Employee Benefits Plans (Text B
Employee Benefits Plans (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company established an employee stock purchase plan in 2006 . The plan allows the majority of employees the opportunity to directly purchase shares of the Company at a 15% discount. The plan does not meet the criteria as a non-compensatory plan. As a result, the Company records the total dollar value of the stock discount given to employees under the plan as expense. Total expense recorded by the Company under the plan for the year ended June 30, 2015 , 2014 and 2013 was $861 , $756 and $653 , respectively. The Company has a defined contribution plan for its employees: the 401(k) Retirement Savings Plan (the “Plan”). The Plan is subject to the Employee Retirement Income Security Act of 1975 (“ERISA”) as amended. Under the Plan, the Company matches 100% of full time employee contributions up to 5% of compensation subject to a maximum of $5 per year. In order to receive matching contributions, employees must be 18 years of age and be employed for at least six months . The Company has the option of making a discretionary contribution; however, none has been made for any of the three most recent fiscal years. The total matching contributions for the Plan were $15,378 , $13,617 , and $12,426 for fiscal 2015 , 2014 and 2013 , respectively. |
Business Acquisitions (Text Blo
Business Acquisitions (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
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 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 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 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 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 consist 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 were inclusive of cash acquired of $16 . The fair value of current assets acquired included accounts receivable of $476 . The gross amount of receivables was $501 , of which $25 was expected to be uncollectible. During fiscal year 2014, the Company incurred $30 in costs related to the acquisition of Banno. These costs included fees for legal, valuation and other fees. These costs were included within general and administrative expenses. The results of Banno’s operations included in the Company’s consolidated statement of operations for the year ended June 30, 2015 included revenue of $4,175 and after-tax net loss of $1,784 . The results of Banno’s operations included in the Company’s consolidated statement of operations from the acquisition date to June 30, 2014 included revenue of $848 and after-tax net loss of $1,121 . The accompanying consolidated statements of income for the three and twelve month periods ended June 30, 2014 do not include any revenues and expenses related to this acquisition prior to the acquisition date. 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) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 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. Year Ended June 30, 2015 Bank Credit Union Total REVENUE License $ 1,727 $ 908 $ 2,635 Support and service 922,545 278,107 1,200,652 Hardware 38,457 14,446 52,903 Total revenue 962,729 293,461 1,256,190 COST OF SALES Cost of license 832 355 1,187 Cost of support and service 533,407 147,343 680,750 Cost of hardware 27,831 10,568 38,399 Total cost of sales 562,070 158,266 720,336 GROSS PROFIT $ 400,659 $ 135,195 535,854 OPERATING EXPENSES 217,989 INTEREST INCOME (EXPENSE) (1,425 ) INCOME BEFORE INCOME TAXES $ 316,440 Year Ended June 30, 2014 Bank Credit Union Total REVENUE License $ 1,514 $ 670 $ 2,184 Support and service 853,500 258,831 1,112,331 Hardware 42,657 16,001 58,658 Total revenue 897,671 275,502 1,173,173 COST OF SALES Cost of license 555 353 908 Cost of support and service 492,777 141,979 634,756 Cost of hardware 31,866 11,842 43,708 Total cost of sales 525,198 154,174 679,372 GROSS PROFIT $ 372,473 $ 121,328 493,801 OPERATING EXPENSES 205,503 INTEREST INCOME (EXPENSE) (728 ) INCOME BEFORE INCOME TAXES $ 287,570 Year Ended June 30, 2013 Bank Credit Union Total REVENUE License $ 4,895 $ 471 $ 5,366 Support and service 794,433 248,368 1,042,801 Hardware 41,052 18,305 59,357 Total revenue 840,380 267,144 1,107,524 COST OF SALES Cost of license 765 95 860 Cost of support and service 461,370 140,250 601,620 Cost of hardware 29,936 13,714 43,650 Total cost of sales 492,071 154,059 646,130 GROSS PROFIT $ 348,309 $ 113,085 461,394 OPERATING EXPENSES 210,637 INTEREST INCOME (EXPENSE) (5,697 ) INCOME BEFORE INCOME TAXES $ 245,060 Year Ended June 30, 2015 2014 2013 Depreciation expense, net Bank systems and services $ 50,154 $ 48,382 $ 47,789 Credit Unions systems and services 4,001 4,553 4,178 Total $ 54,155 $ 52,935 $ 51,967 Amortization expense, net Bank systems and services $ 47,502 $ 39,152 $ 32,959 Credit Unions systems and services 17,339 15,684 15,415 Total $ 64,841 $ 54,836 $ 48,374 Capital expenditures Bank systems and services $ 53,730 $ 32,736 $ 44,976 Credit Unions systems and services 679 449 1,280 Total $ 54,409 $ 33,185 $ 46,256 June 30, June 30, 2015 2014 Property and equipment, net Bank systems and services $ 263,231 $ 258,437 Credit Union systems and services 33,101 33,238 Total $ 296,332 $ 291,675 Intangible assets, net Bank systems and services $ 664,231 $ 643,972 Credit Union systems and services 233,918 231,435 Total $ 898,149 $ 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) | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Dividends On August 21, 2015 , the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on September 25, 2015 to shareholders of record on September 4, 2015 . Acquisition of Bayside On July 1, 2015 , the Company announced the acquisition of all the stock of Bayside Business Solutions, a provider of complete portfolio management systems for commercial lenders and industry leader in providing factoring software, for a net cash outlay of $10,000 . This acquisition was funded with operating cash. We have not yet completed our purchase accounting procedures with respect to this acquisition. The impact of this acquisition is considered immaterial to our consolidated financial statements and pro forma financial information has not been provided. |
Quarterly Financial Information
Quarterly Financial Information (Text Block) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | QUARTERLY FINANCIAL INFORMATION (unaudited) For the Year Ended June 30, 2015 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE License $ 503 $ 491 $ 569 $ 1,072 $ 2,635 Support and service 288,216 296,905 296,896 318,635 1,200,652 Hardware 12,755 13,898 12,244 14,006 52,903 Total revenue 301,474 311,294 309,709 333,713 1,256,190 COST OF SALES Cost of license 409 308 285 185 1,187 Cost of support and service 165,090 170,377 168,457 176,826 680,750 Cost of hardware 9,385 9,574 9,152 10,288 38,399 Total cost of sales 174,884 180,259 177,894 187,299 720,336 GROSS PROFIT 126,590 131,035 131,815 146,414 535,854 OPERATING EXPENSES Selling and marketing 21,663 22,175 21,674 23,492 89,004 Research and development 16,791 17,681 17,522 19,501 71,495 General and administrative 16,510 11,514 15,417 14,049 57,490 Total operating expenses 54,964 51,370 54,613 57,042 217,989 OPERATING INCOME 71,626 79,665 77,202 89,372 317,865 INTEREST INCOME (EXPENSE) Interest income 57 28 33 51 169 Interest expense (266 ) (337 ) (669 ) (322 ) (1,594 ) Total interest income (expense) (209 ) (309 ) (636 ) (271 ) (1,425 ) INCOME BEFORE INCOME TAXES 71,417 79,356 76,566 89,101 316,440 PROVISION FOR INCOME TAXES 25,329 25,474 25,854 28,562 105,219 NET INCOME $ 46,088 $ 53,882 $ 50,712 $ 60,539 $ 211,221 Diluted earnings per share $ 0.56 $ 0.66 $ 0.63 $ 0.75 $ 2.59 Diluted weighted average shares outstanding 82,589 81,634 81,094 81,086 81,601 Basic earnings per share $ 0.56 $ 0.66 $ 0.63 $ 0.75 $ 2.60 Basic weighted average shares outstanding 82,195 81,432 80,880 80,904 81,353 For the Year Ended June 30, 2014 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE License $ 762 $ 245 $ 603 $ 574 $ 2,184 Support and service 262,630 273,242 276,100 300,359 1,112,331 Hardware 14,338 15,356 14,731 14,233 58,658 Total revenue 277,730 288,843 291,434 315,166 1,173,173 COST OF SALES Cost of license 345 188 227 148 908 Cost of support and service 149,156 154,769 162,824 168,007 634,756 Cost of hardware 10,941 10,867 11,008 10,892 43,708 Total cost of sales 160,442 165,824 174,059 179,047 679,372 GROSS PROFIT 117,288 123,019 117,375 136,119 493,801 OPERATING EXPENSES Selling and marketing 20,738 20,503 21,719 22,483 85,443 Research and development 15,673 16,142 17,486 17,447 66,748 General and administrative 14,250 12,132 13,629 13,301 53,312 Total operating expenses 50,661 48,777 52,834 53,231 205,503 OPERATING INCOME 66,627 74,242 64,541 82,888 288,298 INTEREST INCOME (EXPENSE) Interest income 131 129 84 33 377 Interest expense (280 ) (267 ) (262 ) (296 ) (1,105 ) Total interest income (expense) (149 ) (138 ) (178 ) (263 ) (728 ) INCOME BEFORE INCOME TAXES 66,478 74,104 64,363 82,625 287,570 PROVISION FOR INCOME TAXES 23,258 25,744 21,757 30,096 100,855 NET INCOME $ 43,220 $ 48,360 $ 42,606 $ 52,529 $ 186,715 Diluted net income per share $ 0.50 $ 0.56 $ 0.50 $ 0.62 $ 2.19 Diluted weighted average shares outstanding 85,854 85,986 85,467 84,276 85,396 Basic net income per share $ 0.51 $ 0.57 $ 0.50 $ 0.63 $ 2.20 Basic weighted average shares outstanding 85,294 85,450 84,981 83,740 84,866 |
Nature of Operations and Summ22
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
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. |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | REVENUE RECOGNITION The Company derives revenue from the following sources: license arrangements, support and service fees (non-software) and hardware sales. There are no rights of return, condition of acceptance or price protection in the Company’s sales contracts. License Arrangements: For software license agreements, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the product or service has occurred, the fee is fixed and determinable and collection is probable. For arrangements where the fee is not fixed or determinable, revenue is deferred until payments become due. The Company’s software license agreements generally include multiple products and services or “elements.” Generally, none of these elements are deemed to be essential to the functionality of the other elements. For multiple element arrangements, which contain software elements and non-software elements, we allocate revenue to the software deliverables and the non-software deliverables as a group based on the relative selling prices of all of the deliverables in the arrangement. For our non-software deliverables, we allocate the arrangement consideration based on the relative selling price of the deliverables using estimated selling price ("ESP"). For our software elements, we use VSOE for this allocation when it can be established and ESP when VSOE cannot be established. The selling price for each element is based upon the following selling price hierarchy: VSOE if available, third party evidence ("TPE") if VSOE is not available, or ESP if neither VSOE or TPE are available. Generally, we are not able to determine TPE because our go-to-market strategy differs from that of our peers and our offerings contain a significant level of differentiation such that the comparable pricing of products with similar functionality cannot be obtained. ESP is determined after considering both market conditions (such as the sale of similar products in the market place) and entity-specific factors (such as pricing practices and the specifics of each transaction). For our non-software deliverables, a delivered item is accounted for as a separate unit of accounting if the delivered item has standalone value and if the customer has a general right of return relative to the delivered item, delivery or performance of the undelivered item is probable and substantially within our control. For our software licenses and related services, including the software elements of multiple-element software and non-software arrangements, U.S. GAAP generally require revenue earned on software arrangements involving multiple elements to be allocated to each element based on vendor-specific objective evidence (“VSOE”) of fair value. VSOE of fair value is determined for implementation services based on a rate per hour for stand-alone professional services and the estimated hours for the bundled implementation, if the hours can be reasonably estimated. VSOE of fair value is determined for post-contract support ("PCS") based upon the price charged when sold separately. For a majority of the elements within our software arrangements, we have determined that VSOE cannot be established; therefore, revenue on our software arrangements is generally deferred until the only remaining element is post-contract support ("PCS"). At that point, the entire arrangement fee is recognized ratably over the remaining PCS period, assuming that all other criteria for revenue recognition have been met. The amounts deferred are included in the balance sheet as deferred revenue and recognized as Bundled Products & Services revenue within Support & Service revenue in the income statement. For arrangements that include specified upgrades, such upgrades are accounted for as a separate element of the arrangement. For those specified upgrades for which VSOE of fair value cannot be determined, revenue related to the software elements within the arrangement is deferred until such specified upgrades have been delivered. Total revenue recognized ratably related to our Bundled Products & Services was $62,888 , $60,685 and $64,275 for the years ended June 30, 2015 , 2014 , and 2013 , respectively. Support and Service Fee Revenue (Non-software): Maintenance support revenue contracted for outside of a license arrangement is recognized pro-rata over the contract period, typically one year. Outsourced data processing and ATM, debit card, and other transaction processing services revenue is recognized in the month the transactions are processed or the services are rendered. Hardware Revenue: Hardware revenue is recognized upon delivery to the customer, when title and risk of loss are transferred. In most cases, we do not stock in inventory the hardware products we sell, but arrange for third-party suppliers to drop-ship the products to our customers on our behalf. The revenue related to these hardware sales is recorded gross. The Company also remarkets maintenance contracts on hardware to our customers. Hardware maintenance revenue is recognized ratably over the agreement period. Revenue-based taxes collected from customers and remitted to governmental authorities are presented on a net basis (i.e. excluded from revenues). |
Deferred Costs | Costs for certain software and hardware maintenance contracts with third parties, which are prepaid, are recognized ratably over the life of the maintenance contract, generally one to five years, with the related revenue amortized from deferred revenues. Direct and incremental costs associated with arrangements subject to Accounting Standards Codification ("ASC") 985-605 (for which VSOE of fair value cannot be established) are deferred until the only remaining element in the revenue arrangement is PCS at which point the costs are recognized ratably over the remaining PCS period with the related revenue. Deferred direct and incremental costs associated with arrangements not subject to ASC 985-605 consist primarily of certain up-front costs incurred in connection with our software hosting arrangements and are recognized ratably over the contract period which typically ranges from 5-7 years. These costs include commissions, costs of third-party licenses and the direct costs of our implementation services, consisting of payroll and other fringe benefits. |
Deferred Revenues | DEFERRED REVENUES Deferred revenues consist primarily of prepaid annual software support fees, deferred bundled software arrangements revenue, and prepaid hardware maintenance fees. Deferred bundled software arrangements revenue and hardware maintenance contracts may be recognized over multiple years; therefore, the related deferred revenue and maintenance are classified as current or non-current in accordance with the terms of the contract. Software and hardware deposits received are also reflected as deferred revenues. The vast majority of our maintenance (PCS) renews annually and runs from July 1 to June 30. Renewal billings are submitted to customers each June and the Company has the right to bill at that date; therefore we include those billings as gross in deferred revenue and as a receivable on our balance sheet at the end of each fiscal year. |
Computer Software Development | COMPUTER SOFTWARE DEVELOPMENT The Company capitalizes new product development costs incurred from the point at which technological feasibility has been established through the point at which the product is ready for general availability. Software development costs that are capitalized are evaluated on a product-by-product basis annually and are assigned an estimated economic life based on the type of product, market characteristics, and maturity of the market for that particular product. These costs are amortized based on current and estimated future revenue from the product or on a straight-line basis, whichever yields greater amortization expense. All of this amortization expense is included within Cost of support and service. |
Cash Equivalents | CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. |
Property and Equipment | PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. |
Intangible Assets | Intangible assets consist of goodwill, customer relationships, computer software, and trade names acquired in business acquisitions in addition to internally developed computer software. The amounts are amortized, with the exception of those with an indefinite life (such as goodwill), over an estimated economic benefit period, generally five to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that the carrying amount of its assets might not be recoverable. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment of value on an annual basis as of January 1 and between annual tests if events or changes in circumstances indicate that the asset might be impaired. |
Reportable Segment Information | REPORTABLE SEGMENT INFORMATION In accordance with U.S. GAAP, the Company's operations are classified as two reportable segments: bank systems and services and credit union systems and services (see Note 13). Revenue by type of product and service is presented on the face of the consolidated statements of income. Substantially all the Company’s revenues are derived from operations and assets located within the United States of America. |
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 June 30, 2015 , there were 21,843 shares in treasury stock and the Company had the remaining authority to repurchase up to 8,148 additional shares. The total cost of treasury shares at June 30, 2015 is $700,472 . During fiscal 2015 , the Company repurchased 2,048 treasury shares for $122,691 . 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 $0.94 , $0.84 , and $0.56 for the years ended June 30, 2015 , 2014 , and 2013 , respectively. |
Earnings Per Share | EARNINGS PER SHARE Per share information is based on the weighted average number of common shares outstanding during the year. Stock options have been included in the calculation of income per diluted share to the extent they are dilutive. The difference between basic and diluted weighted average shares outstanding is the dilutive effect of outstanding stock options (see Note 10). |
Income Taxes | INCOME TAXES Deferred tax liabilities and assets are recognized for the tax effects of differences between the financial statement and tax bases of assets and liabilities. A valuation allowance would be established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefits recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. Our policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. |
Fair Value of Financial Instr23
Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
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. 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 Instr24
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows: Estimated Fair Value Measurements Total Fair Level 1 Level 2 Level 3 Value June 30, 2015 Financial Assets: Money market funds $ 98,888 $ — $ — $ 98,888 Financial Liabilities: Revolving credit facility $ — $ 50,000 $ — $ 50,000 June 30, 2014 Financial Assets: Money market funds $ 28,877 $ — $ — $ 28,877 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Table Text Block] | The classification of property and equipment, together with their estimated useful lives is as follows: June 30, 2015 2014 Estimated Useful Life Land $ 24,987 $ 24,987 Land improvements 25,428 25,411 5 - 20 years Buildings 144,414 143,733 20 - 30 years Leasehold improvements 32,169 28,962 5 - 30 years (1) Equipment and furniture 327,949 316,064 3 - 10 years Aircraft and equipment 37,695 27,246 5 - 15 years Construction in progress 23,563 12,199 616,205 578,602 Less accumulated depreciation 319,873 286,927 Property and equipment, net $ 296,332 $ 291,675 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The carrying amount of goodwill for the years ended June 30, 2015 and 2014 , by reportable segments, is as follows: June 30, Banking 2015 2014 Beginning balance $ 423,190 $ 403,720 Goodwill, acquired during the year — 19,470 Goodwill, written off related to sale (2,395 ) — Ending balance $ 420,795 $ 423,190 Credit Union Beginning balance $ 129,571 $ 129,571 Goodwill, acquired during the year — — Ending balance $ 129,571 $ 129,571 |
Schedule of Intangible Assets [Table Text Block] | Information regarding other identifiable intangible assets is as follows: June 30, 2015 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 276,337 (154,133 ) $ 122,204 Computer software $ 416,674 (225,133 ) $ 191,541 Other intangible assets: Purchased software 32,192 (7,818 ) 24,374 Trade names 12,498 (2,834 ) 9,664 Other intangible assets, total $ 44,690 (10,652 ) $ 34,038 June 30, 2014 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 276,337 (139,735 ) $ 136,602 Computer software $ 345,248 (184,857 ) $ 160,391 Other intangible assets: Purchased software 17,162 (1,933 ) 15,229 Trade names 12,498 (2,074 ) 10,424 Total $ 29,660 (4,007 ) $ 25,653 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate future amortization expense for each of the next five years for all intangible assets remaining as of June 30, 2015 , is as follows: Years Ending June 30, Computer Software Customer Relationships Other Intangible Assets Total 2016 $ 44,416 $ 13,814 $ 7,756 $ 65,986 2017 35,602 13,585 6,249 55,436 2018 28,080 13,050 2,686 43,816 2019 19,701 12,829 955 33,485 2020 8,224 10,699 560 19,483 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s outstanding long and short term debt is as follows: June 30, June 30, 2015 2014 LONG TERM DEBT Revolving credit facility $ 50,000 $ — Capital leases 816 7,757 50,816 7,757 Less current maturities 714 4,028 Debt, net of current maturities $ 50,102 $ 3,729 |
Schedule of Short-term Debt [Table Text Block] | SHORT TERM DEBT Capital leases $ 1,881 $ 1,379 Current maturities of long-term debt 714 4,028 Notes payable and current maturities of long term debt $ 2,595 $ 5,407 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years ended June 30, 2016 $ 2,595 2017 102 2018 — 2019 — 2020 50,000 Thereafter — $ 52,697 |
Commitments and Contingencies L
Commitments and Contingencies Lease Commitments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2015 , net future minimum lease payments are as follows: Years Ending June 30, Lease Payments 2016 $ 8,554 2017 7,163 2018 5,725 2019 2,845 2020 1,673 Thereafter 607 Total $ 26,567 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes from continuing operations consists of the following: Year Ended June 30, 2015 2014 2013 Current: Federal $ 70,555 $ 77,937 $ 54,574 State 5,221 10,166 4,540 Deferred: Federal 28,018 10,636 14,689 State 1,425 2,116 3,647 $ 105,219 $ 100,855 $ 77,450 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: June 30, 2015 2014 Deferred tax assets: Contract and service revenues and costs $ 68,503 $ 71,383 Expense reserves (bad debts, insurance, franchise tax and vacation) 14,612 14,776 Net operating loss carryforwards 3,682 4,218 Other, net 1,493 1,148 88,290 91,525 Deferred tax liabilities: Accelerated tax depreciation (32,331 ) (29,247 ) Accelerated tax amortization (142,776 ) (125,054 ) Contract and service revenues and costs (69,790 ) (64,338 ) (244,897 ) (218,639 ) Net deferred tax liability before valuation allowance (156,607 ) (127,114 ) Valuation allowance (650 ) (700 ) Net deferred tax liability $ (157,257 ) $ (127,814 ) The deferred taxes are classified on the balance sheets as follows: 2015 2014 Deferred income taxes (current) $ (7,034 ) $ (30,094 ) Deferred income taxes (long-term) (150,223 ) (97,720 ) $ (157,257 ) $ (127,814 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following analysis reconciles the statutory federal income tax rate to the effective income tax rates reflected above: Year Ended June 30, 2015 2014 2013 Computed "expected" tax expense 35.0 % 35.0 % 35.0 % Increase (reduction) in taxes resulting from: State income taxes, net of federal income tax benefits 1.4 % 2.8 % 2.2 % Research and development credit (1.5 )% (0.8 )% (3.5 )% Domestic production activities deduction (2.0 )% (2.2 )% (2.3 )% Other (net) 0.4 % 0.3 % 0.2 % 33.3 % 35.1 % 31.6 % |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the unrecognized tax benefits for the years ended June 30, 2015 and 2014 follows: Unrecognized Tax Benefits Balance at July 1, 2013 $ 4,890 Additions for current year tax positions 1,380 Reductions for current year tax positions — Additions for prior year tax positions 1,662 Reductions for prior year tax positions (1 ) Settlements — Reductions related to expirations of statute of limitations (97 ) Balance at June 30, 2014 7,834 Additions for current year tax positions 1,351 Reductions for current year tax positions (56 ) Additions for prior year tax positions 483 Reductions for prior year tax positions (998 ) Settlements — Reductions related to expirations of statute of limitations (1,510 ) Balance at June 30, 2015 $ 7,104 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2012 464 $ 16.19 Granted — — Forfeited — — Exercised (320 ) 13.68 Outstanding July 1, 2013 144 21.79 Granted — — Forfeited — — Exercised (19 ) 18.42 Outstanding July 1, 2014 125 22.29 Granted — — Forfeited — — Exercised (25 ) 19.17 Outstanding June 30, 2015 100 $ 23.07 $ 4,164 Vested June 30, 2015 100 $ 23.07 $ 4,164 Exercisable June 30, 2015 100 $ 23.07 $ 4,164 |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes non-vested share awards activity: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2012 332 $ 23.13 Granted 53 36.78 Vested (125 ) 23.17 Forfeited (8 ) 23.11 Outstanding July 1, 2013 252 25.92 Granted 30 54.13 Vested (143 ) 24.41 Forfeited (1 ) 22.17 Outstanding July 1, 2014 138 33.56 Granted 12 57.77 Vested (71 ) 35.69 Forfeited (7 ) 46.39 Outstanding June 30, 2015 72 $ 34.28 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes non-vested unit awards as of June 30, 2015 , as well as activity for the year then ended: Unit awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2012 672 $ 18.05 Granted 174 42.39 Vested — — Forfeited (32 ) 22.45 Outstanding July 1, 2013 814 23.08 Granted 164 48.21 Vested (168 ) 15.77 Forfeited (101 ) 15.77 Outstanding July 1, 2014 709 31.66 Granted 178 53.62 Vested (277 ) 19.69 Forfeited (111 ) 22.74 Outstanding June 30, 2015 499 $ 48.13 |
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | The weighted average assumptions used in the model to measure fair value at the grant dates are as follows: Year Ended June 30, 2015 2014 2013 Volatility 17.8 % 21.6 % 23.3 % Risk free interest rate 1.06 % 0.91 % 0.33 % Dividend yield 1.5 % 1.6 % 1.2 % Stock Beta 0.765 0.837 0.864 |
Earnings Per Share Earnings P31
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, as well as cash dividends paid per share: Year Ended June 30, 2015 2014 2013 Net Income $ 211,221 $ 186,715 $ 167,610 Common share information: Weighted average shares outstanding for basic earnings per share 81,353 84,866 86,040 Dilutive effect of stock options and restricted stock 248 530 579 Weighted average shares outstanding for diluted earnings per share 81,601 85,396 86,619 Basic earnings per share $ 2.60 $ 2.20 $ 1.95 Diluted earnings per share $ 2.59 $ 2.19 $ 1.94 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 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 33
Business Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2015 Bank Credit Union Total REVENUE License $ 1,727 $ 908 $ 2,635 Support and service 922,545 278,107 1,200,652 Hardware 38,457 14,446 52,903 Total revenue 962,729 293,461 1,256,190 COST OF SALES Cost of license 832 355 1,187 Cost of support and service 533,407 147,343 680,750 Cost of hardware 27,831 10,568 38,399 Total cost of sales 562,070 158,266 720,336 GROSS PROFIT $ 400,659 $ 135,195 535,854 OPERATING EXPENSES 217,989 INTEREST INCOME (EXPENSE) (1,425 ) INCOME BEFORE INCOME TAXES $ 316,440 Year Ended June 30, 2014 Bank Credit Union Total REVENUE License $ 1,514 $ 670 $ 2,184 Support and service 853,500 258,831 1,112,331 Hardware 42,657 16,001 58,658 Total revenue 897,671 275,502 1,173,173 COST OF SALES Cost of license 555 353 908 Cost of support and service 492,777 141,979 634,756 Cost of hardware 31,866 11,842 43,708 Total cost of sales 525,198 154,174 679,372 GROSS PROFIT $ 372,473 $ 121,328 493,801 OPERATING EXPENSES 205,503 INTEREST INCOME (EXPENSE) (728 ) INCOME BEFORE INCOME TAXES $ 287,570 Year Ended June 30, 2013 Bank Credit Union Total REVENUE License $ 4,895 $ 471 $ 5,366 Support and service 794,433 248,368 1,042,801 Hardware 41,052 18,305 59,357 Total revenue 840,380 267,144 1,107,524 COST OF SALES Cost of license 765 95 860 Cost of support and service 461,370 140,250 601,620 Cost of hardware 29,936 13,714 43,650 Total cost of sales 492,071 154,059 646,130 GROSS PROFIT $ 348,309 $ 113,085 461,394 OPERATING EXPENSES 210,637 INTEREST INCOME (EXPENSE) (5,697 ) INCOME BEFORE INCOME TAXES $ 245,060 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2015 2014 2013 Depreciation expense, net Bank systems and services $ 50,154 $ 48,382 $ 47,789 Credit Unions systems and services 4,001 4,553 4,178 Total $ 54,155 $ 52,935 $ 51,967 Amortization expense, net Bank systems and services $ 47,502 $ 39,152 $ 32,959 Credit Unions systems and services 17,339 15,684 15,415 Total $ 64,841 $ 54,836 $ 48,374 Capital expenditures Bank systems and services $ 53,730 $ 32,736 $ 44,976 Credit Unions systems and services 679 449 1,280 Total $ 54,409 $ 33,185 $ 46,256 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, June 30, 2015 2014 Property and equipment, net Bank systems and services $ 263,231 $ 258,437 Credit Union systems and services 33,101 33,238 Total $ 296,332 $ 291,675 Intangible assets, net Bank systems and services $ 664,231 $ 643,972 Credit Union systems and services 233,918 231,435 Total $ 898,149 $ 875,407 |
Quarterly Financial Informati34
Quarterly Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | For the Year Ended June 30, 2015 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE License $ 503 $ 491 $ 569 $ 1,072 $ 2,635 Support and service 288,216 296,905 296,896 318,635 1,200,652 Hardware 12,755 13,898 12,244 14,006 52,903 Total revenue 301,474 311,294 309,709 333,713 1,256,190 COST OF SALES Cost of license 409 308 285 185 1,187 Cost of support and service 165,090 170,377 168,457 176,826 680,750 Cost of hardware 9,385 9,574 9,152 10,288 38,399 Total cost of sales 174,884 180,259 177,894 187,299 720,336 GROSS PROFIT 126,590 131,035 131,815 146,414 535,854 OPERATING EXPENSES Selling and marketing 21,663 22,175 21,674 23,492 89,004 Research and development 16,791 17,681 17,522 19,501 71,495 General and administrative 16,510 11,514 15,417 14,049 57,490 Total operating expenses 54,964 51,370 54,613 57,042 217,989 OPERATING INCOME 71,626 79,665 77,202 89,372 317,865 INTEREST INCOME (EXPENSE) Interest income 57 28 33 51 169 Interest expense (266 ) (337 ) (669 ) (322 ) (1,594 ) Total interest income (expense) (209 ) (309 ) (636 ) (271 ) (1,425 ) INCOME BEFORE INCOME TAXES 71,417 79,356 76,566 89,101 316,440 PROVISION FOR INCOME TAXES 25,329 25,474 25,854 28,562 105,219 NET INCOME $ 46,088 $ 53,882 $ 50,712 $ 60,539 $ 211,221 Diluted earnings per share $ 0.56 $ 0.66 $ 0.63 $ 0.75 $ 2.59 Diluted weighted average shares outstanding 82,589 81,634 81,094 81,086 81,601 Basic earnings per share $ 0.56 $ 0.66 $ 0.63 $ 0.75 $ 2.60 Basic weighted average shares outstanding 82,195 81,432 80,880 80,904 81,353 For the Year Ended June 30, 2014 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE License $ 762 $ 245 $ 603 $ 574 $ 2,184 Support and service 262,630 273,242 276,100 300,359 1,112,331 Hardware 14,338 15,356 14,731 14,233 58,658 Total revenue 277,730 288,843 291,434 315,166 1,173,173 COST OF SALES Cost of license 345 188 227 148 908 Cost of support and service 149,156 154,769 162,824 168,007 634,756 Cost of hardware 10,941 10,867 11,008 10,892 43,708 Total cost of sales 160,442 165,824 174,059 179,047 679,372 GROSS PROFIT 117,288 123,019 117,375 136,119 493,801 OPERATING EXPENSES Selling and marketing 20,738 20,503 21,719 22,483 85,443 Research and development 15,673 16,142 17,486 17,447 66,748 General and administrative 14,250 12,132 13,629 13,301 53,312 Total operating expenses 50,661 48,777 52,834 53,231 205,503 OPERATING INCOME 66,627 74,242 64,541 82,888 288,298 INTEREST INCOME (EXPENSE) Interest income 131 129 84 33 377 Interest expense (280 ) (267 ) (262 ) (296 ) (1,105 ) Total interest income (expense) (149 ) (138 ) (178 ) (263 ) (728 ) INCOME BEFORE INCOME TAXES 66,478 74,104 64,363 82,625 287,570 PROVISION FOR INCOME TAXES 23,258 25,744 21,757 30,096 100,855 NET INCOME $ 43,220 $ 48,360 $ 42,606 $ 52,529 $ 186,715 Diluted net income per share $ 0.50 $ 0.56 $ 0.50 $ 0.62 $ 2.19 Diluted weighted average shares outstanding 85,854 85,986 85,467 84,276 85,396 Basic net income per share $ 0.51 $ 0.57 $ 0.50 $ 0.63 $ 2.20 Basic weighted average shares outstanding 85,294 85,450 84,981 83,740 84,866 |
Nature of Operations and Summ35
Nature of Operations and Summary of Significant Accounting Policies Treasury Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Class of Stock [Line Items] | |||
Treasury Stock, Value | $ 700,472 | $ 577,781 | |
Treasury Stock, Shares, Acquired | 2,048,000 | ||
Payments for Repurchase of Common Stock | $ 122,691 | $ 175,699 | $ 58,126 |
Treasury Stock, Shares | 21,842,632 | 19,794,559 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 8,148,000 | 5,196,000 |
Nature of Operations and Summ36
Nature of Operations and Summary of Significant Accounting Policies Dividends Paid Per Share (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Dividends declared per share | $ 0.94 | $ 0.84 | $ 0.56 |
Nature of Operations and Summ37
Nature of Operations and Summary of Significant Accounting Policies Bundled Products & Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Deferred Revenue Disclosure [Abstract] | |||
Bundled Products & Services ratable revenue | $ 62,888 | $ 60,685 | $ 64,275 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 98,888 | $ 28,877 |
Lines of Credit, Fair Value Disclosure | 50,000 | |
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 | 98,888 | 28,877 |
Lines of Credit, Fair Value Disclosure | 0 | |
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 |
Lines of Credit, Fair Value Disclosure | 50,000 | |
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 |
Lines of Credit, Fair Value Disclosure | $ 0 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Land | $ 24,987 | $ 24,987 |
Land improvements | 25,428 | 25,411 |
Buildings | 144,414 | 143,733 |
Leasehold improvements | 32,169 | 28,962 |
Equipment and furniture | 327,949 | 316,064 |
Aircraft and equipment | 37,695 | 27,246 |
Construction in progress | 23,563 | 12,199 |
Property and equipment, total | 616,205 | 578,602 |
Less accumulated depreciation | 319,873 | 286,927 |
Property and equipment, net | 296,332 | 291,675 |
Capital Expenditures Incurred but Not yet Paid | 1,343 | 523 |
Capital Lease Obligations Incurred | $ 4,344 | $ 16,119 |
Minimum [Member] | Land Improvements [Member] | ||
Estimated Useful Life | 5 years | |
Minimum [Member] | Building [Member] | ||
Estimated Useful Life | 20 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Estimated Useful Life | 5 years | |
Minimum [Member] | Equipment [Member] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Flight Equipment [Member] | ||
Estimated Useful Life | 5 years | |
Maximum [Member] | Land Improvements [Member] | ||
Estimated Useful Life | 20 years | |
Maximum [Member] | Building [Member] | ||
Estimated Useful Life | 30 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Estimated Useful Life | 30 years | |
Maximum [Member] | Equipment [Member] | ||
Estimated Useful Life | 10 years | |
Maximum [Member] | Flight Equipment [Member] | ||
Estimated Useful Life | 15 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 552,761 | |
Goodwill, ending balance | 550,366 | $ 552,761 |
Banking Systems and Services [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 423,190 | 403,720 |
Goodwill, acquired during the year | 0 | 19,470 |
Goodwill, written off related to sale | (2,395) | 0 |
Goodwill, ending balance | 420,795 | 423,190 |
Credit Union Systems and Services [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 129,571 | 129,571 |
Goodwill, acquired during the year | 0 | 0 |
Goodwill, ending balance | $ 129,571 | $ 129,571 |
Other intangible Assets (Detail
Other intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Customer Relationships, Net of Amortization | $ 122,204 | $ 136,602 | |
Other Intangible Assets, Net of Amortization | 34,038 | 25,653 | |
Computer software, net of amortization | 191,541 | 160,391 | |
Capitalized Computer Software, Amortization | 43,798 | 37,720 | $ 33,145 |
Amortization | 64,841 | 54,836 | $ 48,374 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer Relationships, Gross | 276,337 | 276,337 | |
Customer Relationships, Accumulated Amortization | (154,133) | (139,735) | |
Customer Relationships, Net of Amortization | 122,204 | 136,602 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other Intangible Assets, Gross | 44,690 | 29,660 | |
Other Intangible Assets, Accumulated Amortization | 10,652 | 4,007 | |
Finite-Lived Purchased Software, Net | 24,374 | 15,229 | |
Finite-Lived Trade Names, Net | 9,664 | 10,424 | |
Other Intangible Assets, Net of Amortization | 34,038 | 25,653 | |
Finite-Lived Trade Names, Gross | 12,498 | 12,498 | |
Finite-Lived Trade Names, Accumulated Amortization | (2,834) | (2,074) | |
Finite-Lived Purchased Software, Gross | 32,192 | 17,162 | |
Finite-Lived Purchased Software, Accumulated Amortization | (7,818) | (1,933) | |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized Computer Software, Gross | 416,674 | 345,248 | |
Capitalized Computer Software, Accumulated Amortization | (225,133) | (184,857) | |
Computer software, net of amortization | $ 191,541 | $ 160,391 | |
Minimum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Future Amortization Expense (De
Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2015USD ($) |
2,016 | $ 65,986 |
2,017 | 55,436 |
2,018 | 43,816 |
2,019 | 33,485 |
2,020 | 19,483 |
Computer Software, Intangible Asset [Member] | |
2,016 | 44,416 |
2,017 | 35,602 |
2,018 | 28,080 |
2,019 | 19,701 |
2,020 | 8,224 |
Customer Relationships [Member] | |
2,016 | 13,814 |
2,017 | 13,585 |
2,018 | 13,050 |
2,019 | 12,829 |
2,020 | 10,699 |
Other Intangible Assets [Member] | |
2,016 | 7,756 |
2,017 | 6,249 |
2,018 | 2,686 |
2,019 | 955 |
2,020 | $ 560 |
Debt Long Term (Details)
Debt Long Term (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
LONG TERM DEBT | ||
Revolving credit facility | $ 50,000 | $ 0 |
Capital leases | 816 | 7,757 |
Long Term Debt | 50,816 | 7,757 |
Less current maturities | 714 | 4,028 |
Debt, net of current maturities | $ 50,102 | $ 3,729 |
Debt Short Term (Details)
Debt Short Term (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
SHORT TERM DEBT | ||
Capital leases | $ 1,881 | $ 1,379 |
Current maturities of long-term debt | 714 | 4,028 |
Notes payable and current maturities of long term debt | $ 2,595 | $ 5,407 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | |||
Capital leases - long term | $ 816 | $ 7,757 | |
Current maturities of long-term debt | 714 | 4,028 | |
Capital leases - short term | 1,881 | 1,379 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 16,833 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 4,563 | ||
Revolving Credit Facility, Current Borrowing Capacity | 300,000 | ||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||
Revolving Credit Facility, Expiration Date | Feb. 20, 2020 | ||
Revolving credit facility | $ 50,000 | 0 | |
Interest Paid | $ 1,111 | $ 620 | $ 3,549 |
Credit Facility Points Above Federal Funds Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 0.50% | ||
Credit Facility Points Above LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.00% | ||
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Current maturities of long-term debt | $ 714 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.00% | ||
Unsecured Loan, Issuance Date | Mar. 3, 2014 | ||
Unsecured Loan, Unused Borrowing Capacity | $ 5,000 | ||
Unsecured Loan, Maturity Date | Apr. 30, 2017 | ||
Unsecured Loan, Amount Outstanding | $ 0 |
Debt Debt Maturity (Details)
Debt Debt Maturity (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 2,595 |
2,017 | 102 |
2,018 | 0 |
2,019 | 0 |
2,020 | 50,000 |
Thereafter | 0 |
Annual Principal Payments | $ 52,697 |
Commitments and Contingencies47
Commitments and Contingencies Litigation (Details) | 1 Months Ended |
May. 31, 2013patent | |
DataTreasury Corporation Lawsuit [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Commitments and Contingencies48
Commitments and Contingencies Long Term Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Material Commitments to Purchase Property and Equipment | $ 13,089 | $ 14,293 |
Commitments and Contingencies49
Commitments and Contingencies Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Leased Assets [Line Items] | |||
2,016 | $ 8,554 | ||
2,017 | 7,163 | ||
2,018 | 5,725 | ||
2,019 | 2,845 | ||
2,020 | 1,673 | ||
Thereafter | 607 | ||
Future Lease Payments | 26,567 | ||
Operating Leases, Rent Expense, Net | $ 9,547 | $ 8,609 | $ 8,124 |
Lease commitments expiration | 6 |
Income Taxes Provision For Inco
Income Taxes Provision For Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Current Federal | $ 70,555 | $ 77,937 | $ 54,574 | ||||||||
Current State | 5,221 | 10,166 | 4,540 | ||||||||
Deferred Federal | 28,018 | 10,636 | 14,689 | ||||||||
Deferred State | 1,425 | 2,116 | 3,647 | ||||||||
PROVISION FOR INCOME TAXES | $ 28,562 | $ 25,854 | $ 25,474 | $ 25,329 | $ 30,096 | $ 21,757 | $ 25,744 | $ 23,258 | $ 105,219 | $ 100,855 | $ 77,450 |
Income Taxes Deferred Tax Liabi
Income Taxes Deferred Tax Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Contract and service revenues and costs | $ 68,503 | $ 71,383 |
Expense reserves (bad debts, insurance, franchise tax and vacation) | 14,612 | 14,776 |
Net operating loss carryforwards | 3,682 | 4,218 |
Other, net | 1,493 | 1,148 |
Deferred tax assets | 88,290 | 91,525 |
Accelerated tax depreciation | (32,331) | (29,247) |
Accelerated tax amortization | (142,776) | (125,054) |
Contract and service revenues and costs | (69,790) | (64,338) |
Deferred tax liabilities | (244,897) | (218,639) |
Net deferred tax liability before valuation allowance | (156,607) | (127,114) |
Valuation allowance | (650) | (700) |
Net deferred tax liability | $ 157,257 | $ 127,814 |
Income Taxes Deferred Tax Lia52
Income Taxes Deferred Tax Liability Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred income taxes (current) | $ (7,034) | $ (30,094) |
Deferred income taxes (long-term) | (150,223) | (97,720) |
Net deferred tax liability | $ (157,257) | $ (127,814) |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Computed expected tax expense | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefits | 1.40% | 2.80% | 2.20% |
Research and development credit | (1.50%) | (0.80%) | (3.50%) |
Domestic production activities deduction | (2.00%) | (2.20%) | (2.30%) |
Other reconciling items (net) | 0.40% | 0.30% | 0.20% |
Effective Income Tax Rate Continuing Operations, percent | 33.30% | 35.10% | 31.60% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Loss Carryforwards, Expiration Date | 2015 to 2034 | ||
Deferred Tax Assets, Valuation Allowance | $ 650 | $ 700 | |
Income Taxes Paid | 61,885 | 83,014 | $ 54,815 |
Unrecognized Tax Benefits | 7,104 | 7,834 | 4,890 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,193 | 5,366 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,120 | 1,315 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (155) | $ (582) | $ (60) |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 6,903 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 1,643 | ||
Minimum [Member] | |||
Expiration of statutes of limitations impact on UTB balance | 1,500 | ||
Maximum [Member] | |||
Expiration of statutes of limitations impact on UTB balance | $ 2,500 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized Tax Benefits, period start | $ 7,834 | $ 4,890 |
Additions for current year tax positions | 1,351 | 1,380 |
Reductions for current year tax positions | (56) | 0 |
Additions for prior year tax positions | 483 | 1,662 |
Reductions for prior year tax positions | (998) | (1) |
Settlements | 0 | 0 |
Reductions related to expirations of statute of limitations | (1,510) | (97) |
Unrecognized Tax Benefits, period end | $ 7,104 | $ 7,834 |
Industry and Supplier Concent56
Industry and Supplier Concentrations Concentration Risks (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Concentration Risk [Line Items] | |
Concentration Risk, Customer | The Company sells its products to banks, credit unions, and financial institutions throughout the United States and generally does not require collateral. All billings to customers are due 30 days from date of billing. Reserves (which are insignificant at June 30, 2015, 2014, and 2013) are maintained for potential credit losses. |
Concentration Risk, Supplier | In addition, the Company purchases most of its computer hardware and related maintenance for resale in relation to installation of JHA software systems from two suppliers. There are a limited number of hardware suppliers for these required items. If these relationships were terminated, it could have a negative impact on the operations of the Company. |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense for stock-based compensation | $ 10,112 | $ 10,091 | $ 8,615 |
Restricted Stock Plan Expense | $ 9,251 | 9,335 | 7,962 |
Share-based Compensation Arrangement by Share-based Payment Award, Termination Period After Termination of Employment | 30 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Termination Period After Retirement | 3 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Termination Period After Death | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Termination After Grant Date | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Oct. 29, 2006 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 months | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vesting After One Year | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vesting After Two Years | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vesting After Three Years | 75.00% | ||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 700 | ||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance for each Director | 100 | ||
1996 SOP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Adopted Date | Oct. 29, 1996 | ||
2005 NSOP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Adopted Date | Sep. 23, 2005 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense yet to be recognized | $ 0 | ||
Weighted average remaining contractual term | 3 years 62 days | ||
Income tax benefits from stock option exercises | $ 4,343 | 3,420 | 3,632 |
Total intrinsic value of options exercised | $ 1,044 | $ 704 | $ 8,254 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Adopted Date | Aug. 20, 2010 | ||
Compensation expense yet to be recognized | $ 9,442 | ||
Compensation expense yet to be recognized, period for recognition | 1 year 58 days | ||
Granted, number of shares | 178,000 | 164,000 | 174,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Adopted Date | Nov. 1, 2005 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Termination After Grant Date | 7 years | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | ||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 3,000 | ||
Compensation expense yet to be recognized | $ 808 | ||
Compensation expense yet to be recognized, period for recognition | 1 year 7 days | ||
Granted, number of shares | 12,000 | 30,000 | 53,000 |
Fair value under Monte Carlo [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, number of shares | 164,000 | ||
Fair value on grant date less PV of dividends [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, number of shares | 14,000 |
Stock Based Compensation Stock
Stock Based Compensation Stock Options (Details) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, period start, number of shares | 125 | 144 | 464 |
Granted, number of shares | 0 | 0 | 0 |
Forfeited, number of shares | 0 | 0 | 0 |
Exercised, number of shares | (25) | (19) | (320) |
Outstanding, period end, number of shares | 100 | 125 | 144 |
Outstanding, period start, weighted average exercise price | $ 22.29 | $ 21.79 | $ 16.19 |
Granted, weighted average exercise price | 0 | 0 | 0 |
Forfeited, weighted average exercise price | 0 | 0 | 0 |
Exercised, weighted average exercise price | 19.17 | 18.42 | 13.68 |
Outstanding, period end, weighted average exercise price | $ 23.07 | $ 22.29 | $ 21.79 |
Outstanding, period end, intrinsic value | $ 4,164 | ||
Vested, period end, number of shares | 100 | ||
Vested, period end, weighted average exercise price | $ 23.07 | ||
Vested, period end, intrinsic value | $ 4,164 | ||
Exercisable, period end, number of shares | 100 | ||
Exercisable, period end, weighted average exercise price | $ 23.07 | ||
Exercisable, period end, intrinsic value | $ 4,164 |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Share Awards (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 252 | 332 |
Granted, number of shares | 12 | 30 | 53 |
Vested, number of shares | (71) | (143) | (125) |
Forfeited, number of shares | (7) | (1) | (8) |
Outstanding, period end, number of shares | 72 | 138 | 252 |
Outstanding, period start, weighted average grant date fair value | $ 33.56 | $ 25.92 | $ 23.13 |
Granted, weighted average grant date fair value | 57.77 | 54.13 | 36.78 |
Vested, weighted average grant date fair value | 35.69 | 24.41 | 23.17 |
Forfeited, weighted average grant date fair value | 46.39 | 22.17 | 23.11 |
Outstanding, period end, weighted average grant date fair value | $ 34.28 | $ 33.56 | $ 25.92 |
Stock Based Compensation Rest60
Stock Based Compensation Restricted Stock Unit Awards (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 814 | 672 |
Granted, number of shares | 178 | 164 | 174 |
Vested, number of shares | (277) | (168) | 0 |
Forfeited, number of shares | (111) | (101) | (32) |
Outstanding, period end, number of shares | 499 | 709 | 814 |
Outstanding, period start, weighted average grant date fair value | $ 31.66 | $ 23.08 | $ 18.05 |
Granted, weighted average grant date fair value | 53.62 | 48.21 | 42.39 |
Vested, weighted average grant date fair value | 19.69 | 15.77 | 0 |
Forfeited, weighted average grant date fair value | 22.74 | 15.77 | 22.45 |
Outstanding, period end, weighted average grant date fair value | $ 48.13 | $ 31.66 | $ 23.08 |
Stock Based Compensation RSU Me
Stock Based Compensation RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
RSU grant date weighted average fair value assumptions | |||
Volatility | 17.80% | 21.60% | 23.30% |
Risk free interest rate | 1.06% | 0.91% | 0.33% |
Dividend yield | 1.50% | 1.60% | 1.20% |
Stock Beta | 0.765 | 0.837 | 0.864 |
Earnings Per Share Earnings P62
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income | $ 60,539 | $ 50,712 | $ 53,882 | $ 46,088 | $ 52,529 | $ 42,606 | $ 48,360 | $ 43,220 | $ 211,221 | $ 186,715 | $ 167,610 |
Common share information: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 80,904 | 80,880 | 81,432 | 82,195 | 83,740 | 84,981 | 85,450 | 85,294 | 81,353 | 84,866 | 86,040 |
Dilutive effect of stock options and restricted stock | 248 | 530 | 579 | ||||||||
Weighted average shares outstanding for diluted earnings per share | 81,086 | 81,094 | 81,634 | 82,589 | 84,276 | 85,467 | 85,986 | 85,854 | 81,601 | 85,396 | 86,619 |
Basic earnings per share | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 0.63 | $ 0.50 | $ 0.57 | $ 0.51 | $ 2.60 | $ 2.20 | $ 1.95 |
Diluted earnings per share | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 0.62 | $ 0.50 | $ 0.56 | $ 0.50 | $ 2.59 | $ 2.19 | $ 1.94 |
Antidilutive stock options and restricted stock excluded from computation of earnings per share | 0 | 24 | 0 |
Employee Benefits Plans (Detail
Employee Benefits Plans (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5 | ||
Defined Contribution Plan, Age Requirement | 18 | ||
Defined Contribution Plan, Employment Length Requirement | 6 months | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | ||
Defined contribution plan matching contributions | $ 15,378 | $ 13,617 | $ 12,426 |
Employee Benefits Plans Employe
Employee Benefits Plans Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Stock Purchase Plan, Established Date | 2,006 | ||
Employee Stock Purchase Plan, Discount Percent | 15.00% | ||
Employee Stock Purchase Plan, Expense | $ 861 | $ 756 | $ 653 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 04, 2014 | |
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Mar. 1, 2014 | ||
Goodwill | $ 550,366 | $ 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 | ||
Business Acquisition, Transaction Costs | $ 30 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,175 | 848 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (1,784) | $ (1,121) | |
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) | 12 Months Ended |
Jun. 30, 2015segment | |
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 | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
REVENUE | |||||||||||
License | $ 1,072 | $ 569 | $ 491 | $ 503 | $ 574 | $ 603 | $ 245 | $ 762 | $ 2,635 | $ 2,184 | $ 5,366 |
Support and service | 318,635 | 296,896 | 296,905 | 288,216 | 300,359 | 276,100 | 273,242 | 262,630 | 1,200,652 | 1,112,331 | 1,042,801 |
Hardware | 14,006 | 12,244 | 13,898 | 12,755 | 14,233 | 14,731 | 15,356 | 14,338 | 52,903 | 58,658 | 59,357 |
Total revenue | 333,713 | 309,709 | 311,294 | 301,474 | 315,166 | 291,434 | 288,843 | 277,730 | 1,256,190 | 1,173,173 | 1,107,524 |
COST OF SALES | |||||||||||
Cost of license | 185 | 285 | 308 | 409 | 148 | 227 | 188 | 345 | 1,187 | 908 | 860 |
Cost of support and service | 176,826 | 168,457 | 170,377 | 165,090 | 168,007 | 162,824 | 154,769 | 149,156 | 680,750 | 634,756 | 601,620 |
Cost of hardware | 10,288 | 9,152 | 9,574 | 9,385 | 10,892 | 11,008 | 10,867 | 10,941 | 38,399 | 43,708 | 43,650 |
Total cost of sales | 187,299 | 177,894 | 180,259 | 174,884 | 179,047 | 174,059 | 165,824 | 160,442 | 720,336 | 679,372 | 646,130 |
GROSS PROFIT | 146,414 | 131,815 | 131,035 | 126,590 | 136,119 | 117,375 | 123,019 | 117,288 | 535,854 | 493,801 | 461,394 |
Total operating expenses | 57,042 | 54,613 | 51,370 | 54,964 | 53,231 | 52,834 | 48,777 | 50,661 | 217,989 | 205,503 | 210,637 |
Total interest income (expense) | (271) | (636) | (309) | (209) | (263) | (178) | (138) | (149) | (1,425) | (728) | (5,697) |
INCOME BEFORE INCOME TAXES | $ 89,101 | $ 76,566 | $ 79,356 | $ 71,417 | $ 82,625 | $ 64,363 | $ 74,104 | $ 66,478 | 316,440 | 287,570 | 245,060 |
Banking Systems and Services [Member] | |||||||||||
REVENUE | |||||||||||
License | 1,727 | 1,514 | 4,895 | ||||||||
Support and service | 922,545 | 853,500 | 794,433 | ||||||||
Hardware | 38,457 | 42,657 | 41,052 | ||||||||
Total revenue | 962,729 | 897,671 | 840,380 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 832 | 555 | 765 | ||||||||
Cost of support and service | 533,407 | 492,777 | 461,370 | ||||||||
Cost of hardware | 27,831 | 31,866 | 29,936 | ||||||||
Total cost of sales | 562,070 | 525,198 | 492,071 | ||||||||
GROSS PROFIT | 400,659 | 372,473 | 348,309 | ||||||||
Credit Union Systems and Services [Member] | |||||||||||
REVENUE | |||||||||||
License | 908 | 670 | 471 | ||||||||
Support and service | 278,107 | 258,831 | 248,368 | ||||||||
Hardware | 14,446 | 16,001 | 18,305 | ||||||||
Total revenue | 293,461 | 275,502 | 267,144 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 355 | 353 | 95 | ||||||||
Cost of support and service | 147,343 | 141,979 | 140,250 | ||||||||
Cost of hardware | 10,568 | 11,842 | 13,714 | ||||||||
Total cost of sales | 158,266 | 154,174 | 154,059 | ||||||||
GROSS PROFIT | $ 135,195 | $ 121,328 | $ 113,085 |
Business Segment Information 68
Business Segment Information Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation expense, net | $ 54,155 | $ 52,935 | $ 51,967 |
Amortization expense, net | 64,841 | 54,836 | 48,374 |
Capital expenditures | 54,409 | 33,185 | 46,256 |
Banking Systems and Services [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation expense, net | 50,154 | 48,382 | 47,789 |
Amortization expense, net | 47,502 | 39,152 | 32,959 |
Capital expenditures | 53,730 | 32,736 | 44,976 |
Credit Union Systems and Services [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation expense, net | 4,001 | 4,553 | 4,178 |
Amortization expense, net | 17,339 | 15,684 | 15,415 |
Capital expenditures | $ 679 | $ 449 | $ 1,280 |
Business Segment Information 69
Business Segment Information Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | $ 296,332 | $ 291,675 |
Intangible assets, net | 898,149 | 875,407 |
Banking Systems and Services [Member] | ||
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | 263,231 | 258,437 |
Intangible assets, net | 664,231 | 643,972 |
Credit Union Systems and Services [Member] | ||
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | 33,101 | 33,238 |
Intangible assets, net | $ 233,918 | $ 231,435 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 21, 2015 | Jul. 01, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Subsequent Events | |||||
Dividends declared per share | $ 0.94 | $ 0.84 | $ 0.56 | ||
Subsequent Event [Member] | |||||
Subsequent Events | |||||
Dividend declared date | Aug. 21, 2015 | ||||
Dividends declared per share | $ 0.25 | ||||
Dividend payable date | Sep. 25, 2015 | ||||
Dividend record date | Sep. 4, 2015 | ||||
Subsequent Event, Date | Jul. 1, 2015 | ||||
Business Acquisition, Bayside [Member] [Domain] | |||||
Subsequent Events | |||||
Payments to Acquire Businesses, Gross | $ 10,000 |
Quarterly Financial Informati71
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
REVENUE | |||||||||||
License | $ 1,072 | $ 569 | $ 491 | $ 503 | $ 574 | $ 603 | $ 245 | $ 762 | $ 2,635 | $ 2,184 | $ 5,366 |
Support and service | 318,635 | 296,896 | 296,905 | 288,216 | 300,359 | 276,100 | 273,242 | 262,630 | 1,200,652 | 1,112,331 | 1,042,801 |
Hardware | 14,006 | 12,244 | 13,898 | 12,755 | 14,233 | 14,731 | 15,356 | 14,338 | 52,903 | 58,658 | 59,357 |
Total revenue | 333,713 | 309,709 | 311,294 | 301,474 | 315,166 | 291,434 | 288,843 | 277,730 | 1,256,190 | 1,173,173 | 1,107,524 |
COST OF SALES | |||||||||||
Cost of license | 185 | 285 | 308 | 409 | 148 | 227 | 188 | 345 | 1,187 | 908 | 860 |
Cost of support and service | 176,826 | 168,457 | 170,377 | 165,090 | 168,007 | 162,824 | 154,769 | 149,156 | 680,750 | 634,756 | 601,620 |
Cost of hardware | 10,288 | 9,152 | 9,574 | 9,385 | 10,892 | 11,008 | 10,867 | 10,941 | 38,399 | 43,708 | 43,650 |
Total cost of sales | 187,299 | 177,894 | 180,259 | 174,884 | 179,047 | 174,059 | 165,824 | 160,442 | 720,336 | 679,372 | 646,130 |
GROSS PROFIT | 146,414 | 131,815 | 131,035 | 126,590 | 136,119 | 117,375 | 123,019 | 117,288 | 535,854 | 493,801 | 461,394 |
OPERATING EXPENSES | |||||||||||
Selling and marketing | 23,492 | 21,674 | 22,175 | 21,663 | 22,483 | 21,719 | 20,503 | 20,738 | 89,004 | 85,443 | 80,811 |
Research and development | 19,501 | 17,522 | 17,681 | 16,791 | 17,447 | 17,486 | 16,142 | 15,673 | 71,495 | 66,748 | 63,202 |
General and administrative | 14,049 | 15,417 | 11,514 | 16,510 | 13,301 | 13,629 | 12,132 | 14,250 | 57,490 | 53,312 | 66,624 |
Total operating expenses | 57,042 | 54,613 | 51,370 | 54,964 | 53,231 | 52,834 | 48,777 | 50,661 | 217,989 | 205,503 | 210,637 |
OPERATING INCOME | 89,372 | 77,202 | 79,665 | 71,626 | 82,888 | 64,541 | 74,242 | 66,627 | 317,865 | 288,298 | 250,757 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest income | 51 | 33 | 28 | 57 | 33 | 84 | 129 | 131 | 169 | 377 | 640 |
Interest expense | (322) | (669) | (337) | (266) | (296) | (262) | (267) | (280) | (1,594) | (1,105) | (6,337) |
Total interest income (expense) | (271) | (636) | (309) | (209) | (263) | (178) | (138) | (149) | (1,425) | (728) | (5,697) |
INCOME BEFORE INCOME TAXES | 89,101 | 76,566 | 79,356 | 71,417 | 82,625 | 64,363 | 74,104 | 66,478 | 316,440 | 287,570 | 245,060 |
PROVISION FOR INCOME TAXES | 28,562 | 25,854 | 25,474 | 25,329 | 30,096 | 21,757 | 25,744 | 23,258 | 105,219 | 100,855 | 77,450 |
NET INCOME | $ 60,539 | $ 50,712 | $ 53,882 | $ 46,088 | $ 52,529 | $ 42,606 | $ 48,360 | $ 43,220 | $ 211,221 | $ 186,715 | $ 167,610 |
Earnings Per Share | |||||||||||
Diluted earnings per share | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 0.62 | $ 0.50 | $ 0.56 | $ 0.50 | $ 2.59 | $ 2.19 | $ 1.94 |
Diluted weighted average shares outstanding | 81,086 | 81,094 | 81,634 | 82,589 | 84,276 | 85,467 | 85,986 | 85,854 | 81,601 | 85,396 | 86,619 |
Basic earnings per share | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 0.63 | $ 0.50 | $ 0.57 | $ 0.51 | $ 2.60 | $ 2.20 | $ 1.95 |
Basic weighted average shares outstanding | 80,904 | 80,880 | 81,432 | 82,195 | 83,740 | 84,981 | 85,450 | 85,294 | 81,353 | 84,866 | 86,040 |
Banking Systems and Services [Member] | |||||||||||
REVENUE | |||||||||||
License | $ 1,727 | $ 1,514 | $ 4,895 | ||||||||
Support and service | 922,545 | 853,500 | 794,433 | ||||||||
Hardware | 38,457 | 42,657 | 41,052 | ||||||||
Total revenue | 962,729 | 897,671 | 840,380 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 832 | 555 | 765 | ||||||||
Cost of support and service | 533,407 | 492,777 | 461,370 | ||||||||
Cost of hardware | 27,831 | 31,866 | 29,936 | ||||||||
Total cost of sales | 562,070 | 525,198 | 492,071 | ||||||||
GROSS PROFIT | 400,659 | 372,473 | 348,309 | ||||||||
Credit Union Systems and Services [Member] | |||||||||||
REVENUE | |||||||||||
License | 908 | 670 | 471 | ||||||||
Support and service | 278,107 | 258,831 | 248,368 | ||||||||
Hardware | 14,446 | 16,001 | 18,305 | ||||||||
Total revenue | 293,461 | 275,502 | 267,144 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 355 | 353 | 95 | ||||||||
Cost of support and service | 147,343 | 141,979 | 140,250 | ||||||||
Cost of hardware | 10,568 | 11,842 | 13,714 | ||||||||
Total cost of sales | 158,266 | 154,174 | 154,059 | ||||||||
GROSS PROFIT | $ 135,195 | $ 121,328 | $ 113,085 |