Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HENRY JACK & ASSOCIATES INC | |
Entity Central Index Key | 779,152 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 79,929,128 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 84,485 | $ 148,313 |
Receivables, net | 147,652 | 245,387 |
Income tax receivable | 1,802 | 2,753 |
Prepaid expenses and other | 71,814 | 69,096 |
Deferred costs | 39,672 | 27,950 |
Total current assets | 345,425 | 493,499 |
PROPERTY AND EQUIPMENT, net | 295,941 | 296,332 |
OTHER ASSETS: | ||
Non-current deferred costs | 101,930 | 96,423 |
Computer software, net of amortization | 202,898 | 191,541 |
Other non-current assets | 52,654 | 52,432 |
Customer Relationships, Net of Amortization | 121,988 | 122,204 |
Other Intangible Assets, Net of Amortization | 37,105 | 34,038 |
Goodwill | 556,256 | 550,366 |
Total other assets | 1,072,831 | 1,047,004 |
Total assets | 1,714,197 | 1,836,835 |
CURRENT LIABILITIES: | ||
Accounts payable | 8,116 | 9,933 |
Accrued expenses | 67,158 | 78,962 |
Accrued income taxes | 20,036 | 5,543 |
Deferred income tax liability | 7,034 | 7,034 |
Notes payable and current maturities of long term debt | 1,107 | 2,595 |
Deferred revenues | 293,775 | 339,544 |
Total current liabilities | 397,226 | 443,611 |
LONG TERM LIABILITIES: | ||
Non-current deferred revenues | 199,579 | 192,443 |
Non-current deferred income tax liability | 153,880 | 150,223 |
Debt, net of current maturities | 0 | 50,102 |
Other long-term liabilities | 9,228 | 8,922 |
Total long term liabilities | 362,687 | 401,690 |
Total liabilities | 759,913 | 845,301 |
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; 102,793,020 shares issued at September 30, 2015; 102,695,214 shares issued at June 30, 2015 | 1,028 | 1,027 |
Additional paid-in capital | 425,361 | 424,536 |
Retained earnings | 1,297,609 | 1,266,443 |
Less treasury stock at cost; 22,860,851 shares at September 30, 2015; 21,842,632 shares at June 30, 2015 | (769,714) | (700,472) |
Total stockholders' equity | 954,284 | 991,534 |
Total liabilities and equity | $ 1,714,197 | $ 1,836,835 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Sep. 30, 2015 | Jun. 30, 2015 |
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 | 102,793,020 | 102,695,214 |
Treasury Stock, Shares | 22,860,851 | 21,842,632 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUE | ||
License | $ 1,604 | $ 503 |
Support and service | 307,746 | 288,216 |
Hardware | 12,268 | 12,755 |
Total revenue | 321,618 | 301,474 |
COST OF SALES | ||
Cost of license | 181 | 409 |
Cost of support and service | 174,714 | 165,090 |
Cost of hardware | 8,768 | 9,385 |
Total cost of sales | 183,663 | 174,884 |
GROSS PROFIT | 137,955 | 126,590 |
OPERATING EXPENSES | ||
Selling and marketing | 21,751 | 21,663 |
Research and development | 18,554 | 16,791 |
General and administrative | 17,113 | 16,510 |
Total operating expenses | 57,418 | 54,964 |
OPERATING INCOME | 80,537 | 71,626 |
INTEREST INCOME (EXPENSE) | ||
Interest income | 113 | 57 |
Interest expense | (220) | (266) |
Total interest income (expense) | (107) | (209) |
INCOME BEFORE INCOME TAXES | 80,430 | 71,417 |
PROVISION FOR INCOME TAXES | 29,064 | 25,329 |
NET INCOME | $ 51,366 | $ 46,088 |
Earnings Per Share | ||
Diluted earnings per share | $ 0.64 | $ 0.56 |
Diluted weighted average shares outstanding | 80,735 | 82,589 |
Basic earnings per share | $ 0.64 | $ 0.56 |
Basic weighted average shares outstanding | 80,545 | 82,195 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 51,366 | $ 46,088 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 12,993 | 13,631 |
Amortization | 18,211 | 15,817 |
Change in deferred income taxes | 1,728 | (2,682) |
Excess tax benefits from stock-based compensation, Operating Activities | (114) | (3,801) |
Expense for stock-based compensation | 1,970 | 2,068 |
Gain/loss on disposal of assets | 86 | (56) |
Changes in operating assets and liabilities: | ||
Change in receivables | 97,926 | 64,931 |
Change in prepaid expenses, deferred costs and other | (20,167) | (26,225) |
Change in accounts payable | (1,817) | (2,200) |
Change in accrued expenses | (11,453) | (4,680) |
Change in income taxes | 15,669 | 24,329 |
Change in deferred revenues | (39,702) | (34,072) |
Net cash from operating activities | 126,696 | 93,148 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payment for acquisitions, net of cash acquired | (8,275) | 0 |
Capital expenditures | (12,908) | (21,485) |
Proceeds from sale of assets | 38 | 58 |
Internal use software | (4,402) | (3,455) |
Computer software developed | (23,015) | (17,999) |
Net cash from investing activities | (48,562) | (42,881) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments on credit facilities | (51,590) | (170) |
Purchase of treasury stock | (69,242) | (60,544) |
Dividends paid | (20,200) | (18,042) |
Excess tax benefits from stock-based compensation, Financing Activities | 114 | 3,801 |
Proceeds from issuance of common stock upon exercise of stock options | 1 | 161 |
Minimum tax withholding payments related to option exercises | (2,440) | (7,602) |
Proceeds from sale of common stock, net | 1,395 | 1,154 |
Net cash from financing activities | (141,962) | (81,242) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (63,828) | (30,975) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 148,313 | 70,377 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 84,485 | $ 39,402 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Text Block) | 3 Months Ended |
Sep. 30, 2015 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | The condensed 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. 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 condensed consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. Comprehensive Income Comprehensive income for the three months ended September 30, 2015 and 2014 equals the Company’s net income. Common Stock The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At September 30, 2015 , there were 22,861 shares in treasury stock and the Company had the remaining authority to repurchase up to 7,130 additional shares. The total cost of treasury shares at September 30, 2015 is $769,714 . During the first three months of fiscal 2016 , the Company repurchased 1,018 treasury shares for $69,242 . At June 30, 2015 , there were 21,843 shares in treasury stock and the Company had authority to repurchase up to 8,148 additional shares. Dividends declared per share were $0.25 and $0.22 , for the three month period ended September 30, 2015 and 2014 , respectively. Interim Financial Statements The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America applicable to interim condensed consolidated financial statements, and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes, which are included in its Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended June 30, 2015 . The accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements included in its Form 10-K for the fiscal year ended June 30, 2015 . In the opinion of the management of the Company, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to present fairly the financial position of the Company as of September 30, 2015 , the results of its operations for the three months ended September 30, 2015 and 2014 , and its cash flows for the three months ended September 30, 2015 and 2014 . The results of operations for the period ended September 30, 2015 are not necessarily indicative of the results to be expected for the entire year. Litigation We are subject to various routine legal proceedings and claims, including the following: In 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, July 8, and September 1 2015, the PTAB issued decisions holding that all relevant claims of the plaintiff's patents are unpatentable and invalid. DataTreasury has appealed the PTAB decisions to the U.S. Court of Appeals for the Federal Circuit. At this stage, we cannot make a reasonable estimate of possible loss or range of loss, if any, arising from this lawsuit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments Fair Value of Financial Instruments (Text Block) | 3 Months Ended |
Sep. 30, 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, is as follows: Estimated Fair Value Measurements Total Fair Level 1 Level 2 Level 3 Value September 30, 2015 Financial Assets: Money market funds $ 48,819 $ — $ — $ 48,819 June 30, 2015 Financial Assets: Money market funds $ 98,888 $ — $ — $ 98,888 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements Recent Accounting Pronouncements (Text Block) | 3 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers in May 2014. The new standard will supersede much of the existing authoritative literature for revenue recognition. 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 2015-03 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. |
Debt (Text Block)
Debt (Text Block) | 3 Months Ended |
Sep. 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: September 30, June 30, 2015 2015 LONG TERM DEBT Revolving credit facility $ — $ 50,000 Capital leases — 816 — 50,816 Less current maturities — 714 Debt, net of current maturities $ — $ 50,102 SHORT TERM DEBT Capital leases $ 1,107 $ 1,881 Current maturities of long-term debt — 714 Notes payable and current maturities of long term debt $ 1,107 $ 2,595 Capital leases The Company has entered into various capital lease obligations for the use of certain computer equipment. The Company currently has short term capital lease obligations totaling $1,107 at September 30, 2015 . 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 guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of September 30, 2015 , the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 and at September 30, 2015 , the outstanding revolving loan balance was $0 . 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 September 30, 2015 , no amount was outstanding. Interest The Company paid interest of $250 and $285 during the three months ended September 30, 2015 and 2014 , respectively. Property and Equipment Property and equipment included $0 and $1,605 in accrued liabilities or acquired via capital lease at September 30, 2015 and September 30, 2014 , respectively. These amounts were excluded from capital expenditures on the statement of cash flows. |
Income Taxes (Text Block)
Income Taxes (Text Block) | 3 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate was 36.1% of income before income taxes for the quarter ended September 30, 2015 , compared to 35.5% for the same quarter in Fiscal 2015 . The increase in effective tax rate was primarily due to an increase in the state tax rate applicable for the period. The Company paid income taxes of $11,666 and $3,681 in the three months ended September 30, 2015 and 2014 , respectively. At September 30, 2015 , the Company had $7,329 of gross unrecognized tax benefits, $5,871 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,233 and $1,433 related to uncertain tax positions at September 30, 2015 and 2014 , respectively. The U.S. federal and state income tax returns for 2012 and all subsequent years remain subject to examination as of September 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 September 30, 2015 . |
Stock Based Compensation (Text
Stock Based Compensation (Text Block) | 3 Months Ended |
Sep. 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 three months ended September 30, 2015 and 2014 includes $1,970 and $2,068 of equity-based compensation costs, respectively. 2005 NSOP and 1996 SOP The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No stock options were issued by the Company during the three months ended September 30, 2015 . A summary of option plan activity under these plans are as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2015 100 23.07 Granted — Forfeited — Exercised — Outstanding September 30, 2015 100 $ 23.07 $ 4,655 Vested September 30, 2015 100 $ 23.07 $ 4,655 Exercisable September 30, 2015 100 $ 23.07 $ 4,655 Compensation cost related to outstanding options has now been fully recognized. The weighted average remaining contractual term on options currently exercisable as of September 30, 2015 was 2.91 years . Restricted Stock Plan The Company issues both share awards and unit awards under the Restricted Stock Plan. The following table summarizes non-vested share awards as of September 30, 2015 , as well as activity for the three months then ended: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2015 72 34.28 Granted 21 65.52 Vested (12 ) 42.73 Forfeited (1 ) 36.27 Outstanding September 30, 2015 80 $ 41.19 At September 30, 2015 , there was $1,911 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 1.18 years . The following table summarizes non-vested unit awards as of September 30, 2015 , as well as activity for the three months then ended: Unit awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2015 499 48.13 Granted 118 76.01 Vested (90 ) 42.39 Forfeited (77 ) 42.39 Outstanding September 30, 2015 450 $ 57.57 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 this model to estimate fair value at the measurement date and resulting values for 118 unit awards granted in the first quarter of fiscal 2016 are as follows: Volatility 15.6 % Risk free interest rate 1.06 % Dividend yield 1.5 % Stock Beta 0.741 At September 30, 2015 , there was $16,456 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 1.80 years . |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Text Block) | 3 Months Ended |
Sep. 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. Three Months Ended September 30, 2015 2014 Net Income $ 51,366 $ 46,088 Common share information: Weighted average shares outstanding for basic earnings per share 80,545 82,195 Dilutive effect of stock options and restricted stock 190 394 Weighted average shares outstanding for diluted earnings per share 80,735 82,589 Basic earnings per share $ 0.64 $ 0.56 Diluted earnings per share $ 0.64 $ 0.56 Per share information is based on the weighted average number of common shares outstanding for the three months ended September 30, 2015 and 2014 . Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. There were 26 anti-dilutive stock options and restricted stock shares excluded for the three month period ended September 30, 2015 ( 78 shares were excluded for the three month period ended September 30, 2014 ). |
Business Acquisitions (Text Blo
Business Acquisitions (Text Block) | 3 Months Ended |
Sep. 30, 2015 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITION Bayside Business Solutions, LLC Effective July 1, 2015 , the Company acquired all of the equity interests of Bayside Business Solutions, an Alabama-based company that provides technology solutions and payment processing services primarily for the financial services industry, for $10,000 paid in cash. This acquisition was funded using existing operating cash. The acquisition of Bayside Business Solutions expanded the Company’s presence in commercial lending within the industry. Management has completed a preliminary purchase price allocation of Bayside Business Solutions and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their preliminary fair values as of July 1, 2015 are set forth below: Current assets $ 1,922 Long-term assets 253 Identifiable intangible assets 5,005 Total liabilities assumed (3,064 ) Total identifiable net assets 4,116 Goodwill 5,884 Net assets acquired $ 10,000 The amounts shown above may change in the near term as management continues to assess the fair value of acquired assets and liabilities and evaluate the income tax implications of this business combination. The goodwill of $5,884 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 Bayside Business Solutions, together with the value of Bayside Business Solutions’ assembled workforce. Goodwill from this acquisition, none of which is expected to be deductible for income tax purposes, has been allocated to our Banking Systems and Services segment. Identifiable intangible assets from this acquisition consist of customer relationships of $3,402 , $659 of computer software and other intangible assets of $944 . The weighted average amortization period for acquired customer relationships, acquired computer software, and other intangible assets is 15 years , 5 years , and 20 years , respectively. Current assets were inclusive of cash acquired of $1,725 . The fair value of current assets acquired included accounts receivable of $178 . The gross amount of receivables was $178 , none of which was expected to be uncollectible. During fiscal year 2016, the Company incurred $45 in costs related to the acquisition of Bayside Business Solutions. These costs included fees for legal, valuation and other fees. These costs were included within general and administrative expenses. The results of Bayside Business Solutions’ operations included in the Company’s consolidated statement of operations for the three months ended September 30, 2015 included revenue of $742 and after-tax net loss of $354 . The accompanying consolidated statements of income for the three months ended September 30, 2015 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) | 3 Months Ended |
Sep. 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. Three Months Ended September 30, 2015 Bank Credit Union Total REVENUE License $ 1,247 $ 357 $ 1,604 Support and service 227,622 80,124 307,746 Hardware 7,844 4,425 12,268 Total revenue 236,713 84,906 321,618 COST OF SALES Cost of license 113 68 181 Cost of support and service 135,366 39,348 174,714 Cost of hardware 5,553 3,215 8,768 Total cost of sales 141,032 42,631 183,663 GROSS PROFIT $ 95,681 $ 42,275 137,955 OPERATING EXPENSES 57,418 INTEREST INCOME (EXPENSE) (107 ) INCOME BEFORE INCOME TAXES $ 80,430 Three Months Ended September 30, 2014 Bank Credit Union Total REVENUE License $ 441 $ 62 $ 503 Support and service 221,216 67,000 288,216 Hardware 9,745 3,010 12,755 Total revenue 231,402 70,072 301,474 COST OF SALES Cost of license 366 43 409 Cost of support and service 128,887 36,203 165,090 Cost of hardware 7,171 2,214 9,385 Total cost of sales 136,424 38,460 174,884 GROSS PROFIT $ 94,978 $ 31,612 126,590 OPERATING EXPENSES 54,964 INTEREST INCOME (EXPENSE) (209 ) INCOME BEFORE INCOME TAXES $ 71,417 September 30, June 30, 2015 2015 Property and equipment, net Bank systems and services $ 263,156 $ 263,231 Credit Union systems and services 32,785 33,101 Total $ 295,941 $ 296,332 Intangible assets, net Bank systems and services $ 691,235 $ 664,231 Credit Union systems and services 227,012 233,918 Total $ 918,247 $ 898,149 The Company has not disclosed any additional asset information by segment, as the information is not produced internally and its preparation is impracticable. |
Nature of Operations and Summ15
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The condensed consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. |
Common Stock | Common Stock The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At September 30, 2015 , there were 22,861 shares in treasury stock and the Company had the remaining authority to repurchase up to 7,130 additional shares. The total cost of treasury shares at September 30, 2015 is $769,714 . During the first three months of fiscal 2016 , the Company repurchased 1,018 treasury shares for $69,242 . At June 30, 2015 , there were 21,843 shares in treasury stock and the Company had authority to repurchase up to 8,148 additional shares. Dividends declared per share were $0.25 and $0.22 , for the three month period ended September 30, 2015 and 2014 , respectively. |
Fair Value of Financial Instr16
Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Sep. 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 Instr17
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 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, is as follows: Estimated Fair Value Measurements Total Fair Level 1 Level 2 Level 3 Value September 30, 2015 Financial Assets: Money market funds $ 48,819 $ — $ — $ 48,819 June 30, 2015 Financial Assets: Money market funds $ 98,888 $ — $ — $ 98,888 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Sep. 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: September 30, June 30, 2015 2015 LONG TERM DEBT Revolving credit facility $ — $ 50,000 Capital leases — 816 — 50,816 Less current maturities — 714 Debt, net of current maturities $ — $ 50,102 |
Schedule of Short-term Debt [Table Text Block] | SHORT TERM DEBT Capital leases $ 1,107 $ 1,881 Current maturities of long-term debt — 714 Notes payable and current maturities of long term debt $ 1,107 $ 2,595 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Sep. 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 these plans are as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2015 100 23.07 Granted — Forfeited — Exercised — Outstanding September 30, 2015 100 $ 23.07 $ 4,655 Vested September 30, 2015 100 $ 23.07 $ 4,655 Exercisable September 30, 2015 100 $ 23.07 $ 4,655 |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes non-vested share awards as of September 30, 2015 , as well as activity for the three months then ended: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2015 72 34.28 Granted 21 65.52 Vested (12 ) 42.73 Forfeited (1 ) 36.27 Outstanding September 30, 2015 80 $ 41.19 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes non-vested unit awards as of September 30, 2015 , as well as activity for the three months then ended: Unit awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2015 499 48.13 Granted 118 76.01 Vested (90 ) 42.39 Forfeited (77 ) 42.39 Outstanding September 30, 2015 450 $ 57.57 |
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 118 unit awards granted in the first quarter of fiscal 2016 are as follows: Volatility 15.6 % Risk free interest rate 1.06 % Dividend yield 1.5 % Stock Beta 0.741 |
Earnings Per Share Earnings P20
Earnings Per Share Earnings Per Share (Tables) | 3 Months Ended |
Sep. 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. Three Months Ended September 30, 2015 2014 Net Income $ 51,366 $ 46,088 Common share information: Weighted average shares outstanding for basic earnings per share 80,545 82,195 Dilutive effect of stock options and restricted stock 190 394 Weighted average shares outstanding for diluted earnings per share 80,735 82,589 Basic earnings per share $ 0.64 $ 0.56 Diluted earnings per share $ 0.64 $ 0.56 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 3 Months Ended |
Sep. 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 preliminary fair values as of July 1, 2015 are set forth below: Current assets $ 1,922 Long-term assets 253 Identifiable intangible assets 5,005 Total liabilities assumed (3,064 ) Total identifiable net assets 4,116 Goodwill 5,884 Net assets acquired $ 10,000 |
Business Segment Information 22
Business Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, 2015 Bank Credit Union Total REVENUE License $ 1,247 $ 357 $ 1,604 Support and service 227,622 80,124 307,746 Hardware 7,844 4,425 12,268 Total revenue 236,713 84,906 321,618 COST OF SALES Cost of license 113 68 181 Cost of support and service 135,366 39,348 174,714 Cost of hardware 5,553 3,215 8,768 Total cost of sales 141,032 42,631 183,663 GROSS PROFIT $ 95,681 $ 42,275 137,955 OPERATING EXPENSES 57,418 INTEREST INCOME (EXPENSE) (107 ) INCOME BEFORE INCOME TAXES $ 80,430 Three Months Ended September 30, 2014 Bank Credit Union Total REVENUE License $ 441 $ 62 $ 503 Support and service 221,216 67,000 288,216 Hardware 9,745 3,010 12,755 Total revenue 231,402 70,072 301,474 COST OF SALES Cost of license 366 43 409 Cost of support and service 128,887 36,203 165,090 Cost of hardware 7,171 2,214 9,385 Total cost of sales 136,424 38,460 174,884 GROSS PROFIT $ 94,978 $ 31,612 126,590 OPERATING EXPENSES 54,964 INTEREST INCOME (EXPENSE) (209 ) INCOME BEFORE INCOME TAXES $ 71,417 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, June 30, 2015 2015 Property and equipment, net Bank systems and services $ 263,156 $ 263,231 Credit Union systems and services 32,785 33,101 Total $ 295,941 $ 296,332 Intangible assets, net Bank systems and services $ 691,235 $ 664,231 Credit Union systems and services 227,012 233,918 Total $ 918,247 $ 898,149 |
Nature of Operations and Summ23
Nature of Operations and Summary of Significant Accounting Policies Treasury Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Class of Stock [Line Items] | |||
Treasury Stock, Value | $ 769,714 | $ 700,472 | |
Treasury Stock, Shares, Acquired | 1,018,000 | ||
Payments for Repurchase of Common Stock | $ 69,242 | $ 60,544 | |
Treasury Stock, Shares | 22,860,851 | 21,842,632 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 7,130,000 | 8,148,000 |
Nature of Operations and Summ24
Nature of Operations and Summary of Significant Accounting Policies Dividends Paid Per Share (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Dividends declared per share | $ 0.25 | $ 0.22 |
Nature of Operations and Summ25
Nature of Operations and Summary of Significant Accounting Policies Litigation (Details) | 1 Months Ended |
May. 31, 2013patent | |
DataTreasury Corporation Lawsuit [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Fair Value of Financial Instr26
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 48,819 | $ 98,888 |
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 | 48,819 | 98,888 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 0 |
Debt Long Term (Details)
Debt Long Term (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
LONG TERM DEBT | ||
Revolving credit facility | $ 0 | $ 50,000 |
Capital leases | 0 | 816 |
Long Term Debt | 0 | 50,816 |
Less current maturities | 0 | 714 |
Debt, net of current maturities | $ 0 | $ 50,102 |
Debt Short Term (Details)
Debt Short Term (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
SHORT TERM DEBT | ||
Capital leases | $ 1,107 | $ 1,881 |
Current maturities of long-term debt | 0 | 714 |
Notes payable and current maturities of long term debt | $ 1,107 | $ 2,595 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | |||
Capital leases - long term | $ 0 | $ 816 | |
Current maturities of long-term debt | 0 | 714 | |
Capital leases - short term | 1,107 | 1,881 | |
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 | $ 0 | $ 50,000 | |
Interest Paid | $ 250 | $ 285 | |
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% | ||
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 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Effective Income Tax Rate Reconciliation, Percent | 36.10% | 35.50% |
Income Taxes Paid | $ 11,666 | $ 3,681 |
Unrecognized Tax Benefits | 7,329 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,871 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,233 | $ 1,433 |
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 |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expense for stock-based compensation | $ 1,970 | $ 2,068 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average remaining contractual term | 2 years 332 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense yet to be recognized | $ 16,456 | |
Compensation expense yet to be recognized, period for recognition | 1 year 292 days | |
Granted, number of shares | 118 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense yet to be recognized | $ 1,911 | |
Compensation expense yet to be recognized, period for recognition | 1 year 66 days | |
Granted, number of shares | 21 |
Stock Based Compensation Stock
Stock Based Compensation Stock Options (Details) - Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, period start, number of shares | 100 |
Granted, number of shares | 0 |
Forfeited, number of shares | 0 |
Exercised, number of shares | 0 |
Outstanding, period end, number of shares | 100 |
Outstanding, period start, weighted average exercise price | $ / shares | $ 23.07 |
Granted, weighted average exercise price | $ / shares | |
Forfeited, weighted average exercise price | $ / shares | |
Exercised, weighted average exercise price | $ / shares | |
Outstanding, period end, weighted average exercise price | $ / shares | $ 23.07 |
Outstanding, period end, intrinsic value | $ | $ 4,655 |
Vested, period end, number of shares | 100 |
Vested, period end, weighted average exercise price | $ / shares | $ 23.07 |
Vested, period end, intrinsic value | $ | $ 4,655 |
Exercisable, period end, number of shares | 100 |
Exercisable, period end, weighted average exercise price | $ / shares | $ 23.07 |
Exercisable, period end, intrinsic value | $ | $ 4,655 |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Share Awards (Details) - Restricted Stock [Member] shares in Thousands | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
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 | 72 |
Granted, number of shares | 21 |
Vested, number of shares | (12) |
Forfeited, number of shares | (1) |
Outstanding, period end, number of shares | 80 |
Outstanding, period start, weighted average grant date fair value | $ / shares | $ 34.28 |
Granted, weighted average grant date fair value | $ / shares | 65.52 |
Vested, weighted average grant date fair value | $ / shares | 42.73 |
Forfeited, weighted average grant date fair value | $ / shares | 36.27 |
Outstanding, period end, weighted average grant date fair value | $ / shares | $ 41.19 |
Stock Based Compensation Rest34
Stock Based Compensation Restricted Stock Unit Awards (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
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 | 499 |
Granted, number of shares | 118 |
Vested, number of shares | (90) |
Forfeited, number of shares | (77) |
Outstanding, period end, number of shares | 450 |
Outstanding, period start, weighted average grant date fair value | $ / shares | $ 48.13 |
Granted, weighted average grant date fair value | $ / shares | 76.01 |
Vested, weighted average grant date fair value | $ / shares | 42.39 |
Forfeited, weighted average grant date fair value | $ / shares | 42.39 |
Outstanding, period end, weighted average grant date fair value | $ / shares | $ 57.57 |
Fair value under Monte Carlo [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Granted, number of shares | 118 |
Stock Based Compensation RSU Me
Stock Based Compensation RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Sep. 30, 2015 | |
RSU grant date weighted average fair value assumptions | |
Volatility | 15.60% |
Risk free interest rate | 1.06% |
Dividend yield | 1.50% |
Stock Beta | 0.741 |
Earnings Per Share Earnings P36
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net Income | $ 51,366 | $ 46,088 |
Common share information: | ||
Weighted average shares outstanding for basic earnings per share | 80,545 | 82,195 |
Dilutive effect of stock options and restricted stock | 190 | 394 |
Weighted average shares outstanding for diluted earnings per share | 80,735 | 82,589 |
Basic earnings per share | $ 0.64 | $ 0.56 |
Diluted earnings per share | $ 0.64 | $ 0.56 |
Antidilutive stock options and restricted stock excluded from computation of earnings per share | 26 | 78 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ in Thousands | Jul. 01, 2015 | Sep. 30, 2015 | Jun. 30, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 556,256 | $ 550,366 | |
Business Acquisition, Bayside Business Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Jul. 1, 2015 | ||
Payments to Acquire Businesses, Gross | $ 10,000 | ||
Current assets | 1,922 | ||
Long-term assets | 253 | ||
Identifiable intangible assets | 5,005 | ||
Total liabilities assumed | (3,064) | ||
Total identifiable net assets | 4,116 | ||
Goodwill | $ 5,884 | ||
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Percent | 0.00% | ||
Net assets acquired | $ 10,000 | ||
Cash Acquired from Acquisition | 1,725 | ||
Business Combination, Acquired Receivables, Fair Value | 178 | ||
Business Combination, Acquired Receivables, Gross Contractual Amount | 178 | ||
Business Combination, Acquired Receivables, Estimated Uncollectible | 0 | ||
Business Acquisition, Transaction Costs | 45 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 742 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (354) | ||
Customer Relationships [Member] | Business Acquisition, Bayside Business Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 3,402 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Computer Software, Intangible Asset [Member] | Business Acquisition, Bayside Business Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 659 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||
Other Intangible Assets [Member] | Business Acquisition, Bayside Business Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 944 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
Business Segment Information Na
Business Segment Information Narrative (Details) | 3 Months Ended |
Sep. 30, 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 | |
Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUE | ||
License | $ 1,604 | $ 503 |
Support and service | 307,746 | 288,216 |
Hardware | 12,268 | 12,755 |
Total revenue | 321,618 | 301,474 |
COST OF SALES | ||
Cost of license | 181 | 409 |
Cost of support and service | 174,714 | 165,090 |
Cost of hardware | 8,768 | 9,385 |
Total cost of sales | 183,663 | 174,884 |
GROSS PROFIT | 137,955 | 126,590 |
Total operating expenses | 57,418 | 54,964 |
Total interest income (expense) | (107) | (209) |
INCOME BEFORE INCOME TAXES | 80,430 | 71,417 |
Banking Systems and Services [Member] | ||
REVENUE | ||
License | 1,247 | 441 |
Support and service | 227,622 | 221,216 |
Hardware | 7,844 | 9,745 |
Total revenue | 236,713 | 231,402 |
COST OF SALES | ||
Cost of license | 113 | 366 |
Cost of support and service | 135,366 | 128,887 |
Cost of hardware | 5,553 | 7,171 |
Total cost of sales | 141,032 | 136,424 |
GROSS PROFIT | 95,681 | 94,978 |
Credit Union Systems and Services [Member] | ||
REVENUE | ||
License | 357 | 62 |
Support and service | 80,124 | 67,000 |
Hardware | 4,425 | 3,010 |
Total revenue | 84,906 | 70,072 |
COST OF SALES | ||
Cost of license | 68 | 43 |
Cost of support and service | 39,348 | 36,203 |
Cost of hardware | 3,215 | 2,214 |
Total cost of sales | 42,631 | 38,460 |
GROSS PROFIT | $ 42,275 | $ 31,612 |
Business Segment Information 40
Business Segment Information Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | $ 295,941 | $ 296,332 |
Intangible assets, net | 918,247 | 898,149 |
Banking Systems and Services [Member] | ||
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | 263,156 | 263,231 |
Intangible assets, net | 691,235 | 664,231 |
Credit Union Systems and Services [Member] | ||
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | 32,785 | 33,101 |
Intangible assets, net | $ 227,012 | $ 233,918 |