Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 77,651,594 | |
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 | Mar. 31, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 42,916 | $ 70,310 |
Receivables, net | 139,503 | 253,923 |
Income tax receivable | 8,593 | 15,636 |
Prepaid expenses and other | 65,228 | 56,588 |
Deferred costs | 42,914 | 35,472 |
Total current assets | 299,154 | 431,929 |
PROPERTY AND EQUIPMENT, net | 285,018 | 298,564 |
OTHER ASSETS: | ||
Non-current deferred costs | 99,074 | 99,799 |
Computer software, net of amortization | 240,632 | 222,115 |
Other non-current assets | 76,983 | 70,461 |
Other intangible assets, net of amortization | 39,007 | 35,706 |
Goodwill | 552,853 | 552,853 |
Total other assets | 1,102,811 | 1,085,019 |
Total assets | 1,686,983 | 1,815,512 |
CURRENT LIABILITIES: | ||
Accounts payable | 5,255 | 14,596 |
Accrued expenses | 69,807 | 85,411 |
Notes payable and current maturities of long term debt | 0 | 200 |
Deferred revenues | 194,814 | 343,525 |
Total current liabilities | 269,876 | 443,732 |
LONG TERM LIABILITIES: | ||
Non-current deferred revenues | 143,930 | 177,529 |
Non-current deferred income tax liability | 203,431 | 188,601 |
Debt, net of current maturities | 50,000 | 0 |
Other long-term liabilities | 7,634 | 9,440 |
Total long term liabilities | 404,995 | 375,570 |
Total liabilities | 674,871 | 819,302 |
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; 103,054,274 shares issued at March 31, 2017; 102,903,971 shares issued at June 30, 2016 | 1,031 | 1,029 |
Additional paid-in capital | 446,447 | 440,123 |
Retained earnings | 1,544,653 | 1,431,192 |
Less treasury stock at cost; 25,410,212 shares at March 31, 2017; 24,208,517 shares at June 30, 2016 | (980,019) | (876,134) |
Total stockholders' equity | 1,012,112 | 996,210 |
Total liabilities and equity | 1,686,983 | 1,815,512 |
Customer Relationships [Member] | ||
OTHER ASSETS: | ||
Customer relationships, net of amortization | $ 94,262 | $ 104,085 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Mar. 31, 2017 | Jun. 30, 2016 |
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 | 103,054,274 | 102,903,971 |
Treasury Stock, Shares | 25,410,212 | 24,208,517 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUE | ||||
License | $ 516 | $ 292 | $ 2,059 | $ 2,530 |
Support and service | 342,769 | 319,649 | 1,013,331 | 947,615 |
Hardware | 10,482 | 13,245 | 31,959 | 37,532 |
Total revenue | 353,767 | 333,186 | 1,047,349 | 987,677 |
COST OF SALES | ||||
Cost of license | 280 | 193 | 591 | 873 |
Cost of support and service | 198,844 | 184,527 | 576,006 | 541,230 |
Cost of hardware | 7,603 | 9,553 | 23,039 | 26,279 |
Total cost of sales | 206,727 | 194,273 | 599,636 | 568,382 |
GROSS PROFIT | 147,040 | 138,913 | 447,713 | 419,295 |
OPERATING EXPENSES | ||||
Selling and marketing | 23,571 | 22,732 | 67,601 | 66,714 |
Research and development | 20,801 | 19,854 | 61,413 | 57,269 |
General and administrative | 13,937 | 16,497 | 49,944 | 50,157 |
Total operating expenses | 58,309 | 59,083 | 178,958 | 174,140 |
OPERATING INCOME | 88,731 | 79,830 | 268,755 | 245,155 |
INTEREST INCOME (EXPENSE) | ||||
Interest income | 42 | 54 | 209 | 258 |
Interest expense | (278) | (486) | (604) | (983) |
Total interest income (expense) | (236) | (432) | (395) | (725) |
INCOME BEFORE INCOME TAXES | 88,495 | 79,398 | 268,360 | 244,430 |
PROVISION FOR INCOME TAXES | 28,451 | 25,515 | 87,258 | 79,833 |
NET INCOME | $ 60,044 | $ 53,883 | $ 181,102 | $ 164,597 |
Earnings Per Share | ||||
Basic earnings per share | $ 0.77 | $ 0.68 | $ 2.32 | $ 2.07 |
Basic weighted average shares outstanding | 77,597 | 78,805 | 77,941 | 79,608 |
Diluted earnings per share | $ 0.77 | $ 0.68 | $ 2.31 | $ 2.06 |
Diluted weighted average shares outstanding | 77,932 | 79,167 | 78,319 | 79,891 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net Income | $ 181,102 | $ 164,597 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 37,554 | 38,106 |
Amortization | 66,882 | 57,013 |
Change in deferred income taxes | 14,830 | 24,695 |
Expense for stock-based compensation | 7,362 | 8,213 |
Gain/loss on disposal of assets | 1,442 | (48) |
Changes in operating assets and liabilities: | ||
Change in receivables | 114,420 | 108,172 |
Change in prepaid expenses, deferred costs and other | (22,153) | (22,578) |
Change in accounts payable | (9,388) | (2,873) |
Change in accrued expenses | (16,103) | (8,114) |
Change in income taxes | 5,228 | (9,927) |
Change in deferred revenues | (182,309) | (149,885) |
Net cash from operating activities | 198,867 | 207,371 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payment for acquisitions, net of cash acquired | 0 | (8,275) |
Capital expenditures | (28,150) | (43,300) |
Proceeds from the sale of businesses | 2,286 | 0 |
Proceeds from sale of assets | 949 | 2,797 |
Internal use software | (14,780) | (10,157) |
Computer software developed | (63,804) | (74,662) |
Net cash from investing activities | (103,499) | (133,597) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on credit facilities | 80,000 | 100,000 |
Repayments on credit facilities | (30,200) | (52,484) |
Purchase of treasury stock | (103,885) | (155,122) |
Dividends paid | (67,641) | (62,037) |
Proceeds from issuance of common stock upon exercise of stock options | 1 | 1 |
Tax withholding payments related to share based compensation | (5,443) | (2,561) |
Proceeds from sale of common stock, net | 4,406 | 4,117 |
Net cash from financing activities | (122,762) | (168,086) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (27,394) | (94,312) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 70,310 | 148,313 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 42,916 | $ 54,001 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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 implementation services for financial institutions to utilize JHA 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 and nine months ended March 31, 2017 and 2016 equals the Company’s net income. 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. Accumulated depreciation at March 31, 2017 totaled $341,775 and at June 30, 2016 totaled $328,159 . 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 three to twenty years. Accumulated amortization of intangible assets totaled $496,861 and $435,871 at March 31, 2017 and June 30, 2016 , respectively. 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 borrowings on its existing line-of-credit. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At March 31, 2017 , there were 25,410 shares in treasury stock and the Company had the remaining authority to repurchase up to 4,580 additional shares. The total cost of treasury shares at March 31, 2017 is $980,019 . During the first nine months of fiscal 2017 , the Company repurchased 1,202 treasury shares for $103,885 . At June 30, 2016 , there were 24,209 shares in treasury stock and the Company had authority to repurchase up to 5,782 additional shares. Dividends declared per share were $0.31 and $0.28 , for the three months ended March 31, 2017 and 2016 , respectively. Dividends declared per share for the nine months ended March 31, 2017 and 2016 were $0.87 and $0.78 , 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, 2016 . 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, 2016 . 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 state fairly the financial position of the Company as of March 31, 2017 , the results of its operations for the three and nine months ending March 31, 2017 and 2016 , and its cash flows for the nine months ending March 31, 2017 and 2016 . The condensed consolidated balance sheet at June 30, 2016 was derived from audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the period ended March 31, 2017 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 U.S. District Court for the Eastern District of Texas. The complaint sought 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. A part of our defense was 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. In 2015, the PTAB issued decisions holding that all relevant claims of the plaintiff's patents are unpatentable and invalid. DataTreasury's appeal of the PTAB decisions to the U.S. Court of Appeals for the Federal Circuit was unsuccessful pursuant to decisions rendered on October 13, 2016. On March 20, 2017 the U.S. Supreme Court denied DataTreasury’s petition for review. On March 30, 2017 the US District Court for the Eastern District of Texas dismissed with prejudice all claims of DataTreasury against Jack Henry & Associates, Inc. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments Fair Value of Financial Instruments (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
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 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 March 31, 2017 Financial Assets: Money market funds $ 12,980 $ — $ — $ 12,980 Certificate of Deposit $ — $ 2,001 $ — $ 2,001 Financial Liabilities: Revolving credit facility $ — $ 50,000 $ — $ 50,000 June 30, 2016 Financial Assets: Money market funds $ 35,782 $ — $ — $ 35,782 Certificate of Deposit $ — $ 1,000 $ — $ 1,000 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements Recent Accounting Pronouncements (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [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. This standard is part of an effort to create a common revenue standard for US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). The new standard will supersede much of the existing authoritative literature for revenue recognition. The new model enacts a five-step process for achieving the core principle, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB also issued ASU No. 2015-14 which deferred the effective date of the new standard by one year, but allows early application as of the original effective date. We do not intend to adopt the provisions of the new standard early, so 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. In March 2016, the FASB issued ASU No. 2016-08, which addresses principal versus agent considerations under the new revenue standard. ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-20 also address specific aspects of the new standard. 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 continuing to assess all potential impacts of the standard. We expect the adoption of this standard to have a significant impact on our revenue recognition currently subject to Accounting Standards Codification (ASC) Topic 985. The FASB issued ASU No. 2016-02, Leases, in February 2016. This ASU aims to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and requiring disclosure of key information regarding leasing arrangements. ASU No. 2016-02 will be effective for Jack Henry's annual reporting period beginning July 1, 2019 and early adoption is permitted. The Company is currently assessing the impact this new standard will have on our consolidated financial statements. The FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, in March 2016. The new standard is intended to simplify several aspects of the accounting and presentation of share-based payment transactions, including reporting of excess tax benefits and shortfalls, statutory minimum withholding considerations, and classification within the statement of cash flows. The standard allows a one-time accounting policy election to either account for forfeitures as they occur or continue to estimate them. ASU No. 2016-09 is effective for the Company’s annual reporting period beginning July 1, 2017. Management elected to early adopt this standard as of July 1, 2016 and has elected to continue our current practice of estimating forfeitures. The adoption of this standard had the following impacts on our condensed consolidated financial statements. • Condensed consolidated statements of income- The new standard requires that the tax effects of share-based compensation be recognized in the provision for income taxes. Previously, these amounts were recognized in additional paid-in capital. For the quarter, we recognized $26 of net tax benefits as reductions of income tax expense, which reduced our effective income tax rate for the third quarter by 0.03% . There was no impact to earnings per share for the quarter. Net tax benefits related to share-based compensation awards of $2,371 for the nine months ended March 31, 2017 were recognized as reductions of income tax expense. These tax benefits reduced our effective income tax rate for the year-to-date period by 0.88% , and caused an increase in basic and diluted earnings per share of $0.03 for the nine months ended March 31, 2017 . In addition, in calculating potential common shares used to determine diluted earnings per share, generally accepted accounting principles require us to use the treasury stock method. The new standard requires that assumed proceeds under the treasury stock method be modified to exclude the amount of excess tax benefits that would have been recognized in additional paid-in capital. These changes were applied on a prospective basis. • Condensed consolidated statements of cash flows- The Company elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively to all periods presented which resulted in an increase to both net cash provided by operations and net cash used in financing of $338 for the nine months ended March 31, 2016 . The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented on our consolidated cash flows statements since such cash flows have historically been presented as a financing activity. ASU 2016-15 issued by the FASB in August 2016 clarifies cash flow classification of eight specific cash flow issues and is effective for our annual reporting period beginning July 1, 2018. Early adoption is permitted. We do not expect any significant impact to our financial statements as a result of this standard. |
Debt (Text Block)
Debt (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | DEBT Capital leases The Company had previously entered into various capital lease obligations for the use of certain computer equipment, but has no capital lease obligations at March 31, 2017 . At June 30, 2016 , capital lease obligations totaled $200 . 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 March 31, 2017 , the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 . At March 31, 2017 , there was a $50,000 outstanding revolving loan balance. There was no outstanding balance at June 30, 2016 . Other lines of credit The Company has an unsecured bank credit line which provides for funding of up to $5,000 and bears interest at the prime rate less 1% . The credit line was renewed in April 2017 and expires on April 30, 2019 . At March 31, 2017 , no amount was outstanding. There also was no balance outstanding at June 30, 2016 . Interest The Company paid interest of $418 and $748 during the nine months ended March 31, 2017 and 2016 , respectively. |
Income Taxes (Text Block)
Income Taxes (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate was 32.1% of income before income taxes for the quarter ended March 31, 2017 , compared to 32.1% for the same quarter in fiscal 2016 . The Company paid income taxes, net of refunds, of $66,683 and $65,064 in the nine months ended March 31, 2017 and 2016 , respectively. At March 31, 2017 , the Company had $5,492 of gross unrecognized tax benefits, $3,958 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,083 and $1,249 related to uncertain tax positions at March 31, 2017 and 2016 , respectively. During the period ended June 30, 2016, the Internal Revenue Service commenced an examination of the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2014 and 2015. The examination was completed during the quarter ending December 31, 2016 . The closing of the examination did not result in a material change to the Company’s financial statements. The U.S. federal and state income tax returns for fiscal year 2014 and all subsequent years remain subject to examination as of March 31, 2017 under statute of limitations rules. We anticipate potential changes due to lapsing statutes of limitations and examination closures could reduce the unrecognized tax benefits balance by $500 - $1,500 within twelve months of March 31, 2017 . |
Stock Based Compensation (Text
Stock Based Compensation (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION Our operating income for the three months ended March 31, 2017 and 2016 included $3,132 and $3,101 of stock-based compensation costs, respectively. For the nine months ended March 31, 2017 and 2016 , stock-based compensation totaled $7,362 and $8,213 , respectively. Stock Options On November 10, 2015 , the Company adopted the 2015 Equity Incentive Plan ("2015 EIP") for its employees and non-employee directors. The plan allows for grants of stock options, stock appreciation rights, restricted stock shares or units, and performance shares or units. The maximum number of shares authorized for issuance under the plan is 3,000 . For stock options, terms and vesting periods of the options are determined by the Compensation Committee of the Board of Directors when granted. The option period must expire not more than ten years from the option grant date. The options granted under this plan are exercisable beginning three years after the grant date at an exercise price equal to 100% of the fair market value of the stock at the grant date. The options terminate upon surrender of the option, upon the expiration of one year following notification of a deceased optionee, or ten years after grant. The Company previously issued options to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No additional stock options may be issued under this plan. A summary of option plan activity under these plans is as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2016 50 22.14 Granted 32 87.27 Forfeited — — Exercised — — Outstanding March 31, 2017 82 $ 47.41 $ 3,733 Vested and Expected to Vest March 31, 2017 82 $ 47.41 $ 3,733 Exercisable March 31, 2017 50 $ 22.14 $ 3,548 The Company utilized a Black-Scholes option pricing model to estimate fair value of the stock option grants at the grant date. All 32 options granted during the year were granted on July 1, 2016 . Assumptions such as expected life, volatility, risk-free interest rate, and dividend yield impact the fair value estimate. These assumptions are subjective and generally require significant analysis and judgment to develop. The risk free interest rate used in our estimate was determined from external data, while volatility, expected life, and dividend yield assumptions were derived from our historical experience with share-based payment arrangements. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. The assumptions used in estimating fair value and resulting compensation expenses at the grant dates are as follows: Expected Life (years) 6.50 Volatility 19.60 % Risk free interest rate 1.24 % Dividend yield 1.28 % At March 31, 2017 , there was $375 of compensation cost yet to be recognized related to outstanding options. The weighted average remaining contractual term on options currently exercisable as of March 31, 2017 was 2.25 years . Restricted Stock Awards The Company issues both share awards and unit awards under the 2015 EIP, and previously issued these through the 2005 Restricted Stock Plan. The following table summarizes non-vested share awards as of March 31, 2017 , as well as activity for the nine months then ended: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2016 58 44.95 Granted 17 87.27 Vested (37 ) 36.31 Forfeited (1 ) 65.52 Outstanding March 31, 2017 37 $ 73.37 At March 31, 2017 , there was $1,379 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 March 31, 2017 , as well as activity for the nine months then ended: Unit awards Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding July 1, 2016 429 58.06 Granted 129 77.54 Vested (136 ) 50.12 Forfeited (37 ) 54.14 Outstanding March 31, 2017 385 $ 67.74 $ 35,478 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 85 unit awards granted in fiscal 2017 are as follows: Volatility 16.00 % Risk free interest rate 0.93 % Dividend yield 1.30 % Stock Beta 0.684 The remaining 44 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 share award grants. At March 31, 2017 , there was $12,548 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 1.29 years . |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [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 March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Net Income $ 60,044 $ 53,883 $ 181,102 $ 164,597 Common share information: Weighted average shares outstanding for basic earnings per share 77,597 78,805 77,941 79,608 Dilutive effect of stock options and restricted stock 335 362 378 283 Weighted average shares outstanding for diluted earnings per share 77,932 79,167 78,319 79,891 Basic earnings per share $ 0.77 $ 0.68 $ 2.32 $ 2.07 Diluted earnings per share $ 0.77 $ 0.68 $ 2.31 $ 2.06 Per share information is based on the weighted average number of common shares outstanding for the three and nine months ended March 31, 2017 and 2016 . Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. There were 89 anti-dilutive stock options and restricted stock shares excluded for the three month period ended March 31, 2017 and no shares excluded for the three month period ended March 31, 2016 . For the nine months ended March 31, 2017 , there were 74 anti-dilutive shares excluded, and for the nine months ended March 31, 2016 , no shares were excluded. |
Business Acquisitions (Text Blo
Business Acquisitions (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITION Bayside Business Solutions, Inc. 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 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 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 (3,279 ) Total identifiable net assets 3,901 Goodwill 6,099 Net assets acquired $ 10,000 The goodwill of $6,099 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 in our Bank 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 $55 in costs related to the acquisition of Bayside Business Solutions. These costs included fees for legal, valuation and other fees. These costs were expensed as incurred and were included within general and administrative expenses. The Company's consolidated statements of income for the third quarter of fiscal 2017 included revenue of $1,545 and after-tax net income of $270 resulting from Bayside Business Solutions' operations. For the third quarter of fiscal 2016 , Bayside contributed revenue of $1,191 and after-tax net income of $33 . The results of Bayside Business Solutions’ operations included in the Company’s consolidated statements of income for the nine months ended March 31, 2017 included revenue of $4,721 and after-tax net income of $872 . For the nine months ended March 31, 2016 , Bayside Business Solutions' contributed $2,921 to revenue, with an after-tax net loss of $277 . 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) | 9 Months Ended |
Mar. 31, 2017 | |
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 Three Months Ended March 31, 2017 March 31, 2016 Bank Credit Union Total Bank Credit Union Total REVENUE License $ 402 $ 114 $ 516 $ 292 $ — $ 292 Support and service 252,812 89,957 342,769 236,337 83,312 319,649 Hardware 6,778 3,704 10,482 9,574 3,671 13,245 Total revenue 259,992 93,775 353,767 246,203 86,983 333,186 COST OF SALES Cost of license 245 35 280 193 — 193 Cost of support and service 152,583 46,261 198,844 141,995 42,532 184,527 Cost of hardware 4,904 2,699 7,603 6,923 2,630 9,553 Total cost of sales 157,732 48,995 206,727 149,111 45,162 194,273 GROSS PROFIT $ 102,260 $ 44,780 147,040 97,092 41,821 138,913 OPERATING EXPENSES 58,309 59,083 INTEREST INCOME (EXPENSE) (236 ) (432 ) INCOME BEFORE INCOME TAXES $ 88,495 $ 79,398 Nine Months Ended Nine Months Ended March 31, 2017 March 31, 2016 Bank Credit Union Total Bank Credit Union Total REVENUE License $ 1,602 $ 457 $ 2,059 $ 2,102 $ 428 $ 2,530 Support and service 756,701 256,630 1,013,331 696,691 250,924 947,615 Hardware 20,069 11,890 31,959 25,153 12,379 37,532 Total revenue 778,372 268,977 1,047,349 723,946 263,731 987,677 COST OF SALES Cost of license 488 103 591 755 118 873 Cost of support and service 445,482 130,524 576,006 415,148 126,082 541,230 Cost of hardware 14,195 8,844 23,039 17,455 8,824 26,279 Total cost of sales 460,165 139,471 599,636 433,358 135,024 568,382 GROSS PROFIT $ 318,207 $ 129,506 447,713 $ 290,588 $ 128,707 419,295 OPERATING EXPENSES 178,958 174,140 INTEREST INCOME (EXPENSE) (395 ) (725 ) INCOME BEFORE INCOME TAXES $ 268,360 $ 244,430 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 Subsequent Ev
Subsequent Events Subsequent Events (Text Block) | 9 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Purchase Commitments On May 4, 2017 , the Company announced that it has entered into a strategic services agreement with First Data and PSCU to further expand the credit and debit card platform offered to financial institutions by its Card Processing Solutions group. This agreement is for 12 years and includes total purchase commitments over that term in excess of $550,000 . Dividends On May 5, 2017 , the Company's Board of Directors declared a cash dividend of $0.31 per share on its common stock, payable on June 9, 2017 to shareholders of record on May 24, 2017 . |
Nature of Operations and Summ16
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
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. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 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 three to twenty years. |
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 borrowings on its existing line-of-credit. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. |
Fair Value of Financial Instr17
Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
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 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 Instr18
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Financial Assets: Money market funds $ 12,980 $ — $ — $ 12,980 Certificate of Deposit $ — $ 2,001 $ — $ 2,001 Financial Liabilities: Revolving credit facility $ — $ 50,000 $ — $ 50,000 June 30, 2016 Financial Assets: Money market funds $ 35,782 $ — $ — $ 35,782 Certificate of Deposit $ — $ 1,000 $ — $ 1,000 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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 is as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2016 50 22.14 Granted 32 87.27 Forfeited — — Exercised — — Outstanding March 31, 2017 82 $ 47.41 $ 3,733 Vested and Expected to Vest March 31, 2017 82 $ 47.41 $ 3,733 Exercisable March 31, 2017 50 $ 22.14 $ 3,548 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The assumptions used in estimating fair value and resulting compensation expenses at the grant dates are as follows: Expected Life (years) 6.50 Volatility 19.60 % Risk free interest rate 1.24 % Dividend yield 1.28 % |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes non-vested share awards as of March 31, 2017 , as well as activity for the nine months then ended: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2016 58 44.95 Granted 17 87.27 Vested (37 ) 36.31 Forfeited (1 ) 65.52 Outstanding March 31, 2017 37 $ 73.37 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes non-vested unit awards as of March 31, 2017 , as well as activity for the nine months then ended: Unit awards Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding July 1, 2016 429 58.06 Granted 129 77.54 Vested (136 ) 50.12 Forfeited (37 ) 54.14 Outstanding March 31, 2017 385 $ 67.74 $ 35,478 |
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 85 unit awards granted in fiscal 2017 are as follows: Volatility 16.00 % Risk free interest rate 0.93 % Dividend yield 1.30 % Stock Beta 0.684 |
Earnings Per Share Earnings P20
Earnings Per Share Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Net Income $ 60,044 $ 53,883 $ 181,102 $ 164,597 Common share information: Weighted average shares outstanding for basic earnings per share 77,597 78,805 77,941 79,608 Dilutive effect of stock options and restricted stock 335 362 378 283 Weighted average shares outstanding for diluted earnings per share 77,932 79,167 78,319 79,891 Basic earnings per share $ 0.77 $ 0.68 $ 2.32 $ 2.07 Diluted earnings per share $ 0.77 $ 0.68 $ 2.31 $ 2.06 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Management has completed a 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 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 (3,279 ) Total identifiable net assets 3,901 Goodwill 6,099 Net assets acquired $ 10,000 |
Business Segment Information 22
Business Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Bank Credit Union Total Bank Credit Union Total REVENUE License $ 402 $ 114 $ 516 $ 292 $ — $ 292 Support and service 252,812 89,957 342,769 236,337 83,312 319,649 Hardware 6,778 3,704 10,482 9,574 3,671 13,245 Total revenue 259,992 93,775 353,767 246,203 86,983 333,186 COST OF SALES Cost of license 245 35 280 193 — 193 Cost of support and service 152,583 46,261 198,844 141,995 42,532 184,527 Cost of hardware 4,904 2,699 7,603 6,923 2,630 9,553 Total cost of sales 157,732 48,995 206,727 149,111 45,162 194,273 GROSS PROFIT $ 102,260 $ 44,780 147,040 97,092 41,821 138,913 OPERATING EXPENSES 58,309 59,083 INTEREST INCOME (EXPENSE) (236 ) (432 ) INCOME BEFORE INCOME TAXES $ 88,495 $ 79,398 Nine Months Ended Nine Months Ended March 31, 2017 March 31, 2016 Bank Credit Union Total Bank Credit Union Total REVENUE License $ 1,602 $ 457 $ 2,059 $ 2,102 $ 428 $ 2,530 Support and service 756,701 256,630 1,013,331 696,691 250,924 947,615 Hardware 20,069 11,890 31,959 25,153 12,379 37,532 Total revenue 778,372 268,977 1,047,349 723,946 263,731 987,677 COST OF SALES Cost of license 488 103 591 755 118 873 Cost of support and service 445,482 130,524 576,006 415,148 126,082 541,230 Cost of hardware 14,195 8,844 23,039 17,455 8,824 26,279 Total cost of sales 460,165 139,471 599,636 433,358 135,024 568,382 GROSS PROFIT $ 318,207 $ 129,506 447,713 $ 290,588 $ 128,707 419,295 OPERATING EXPENSES 178,958 174,140 INTEREST INCOME (EXPENSE) (395 ) (725 ) INCOME BEFORE INCOME TAXES $ 268,360 $ 244,430 |
Nature of Operations and Summ23
Nature of Operations and Summary of Significant Accounting Policies Property and Equipment and Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Property and Equipment and Intangible Assets [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 341,775 | $ 328,159 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 496,861 | $ 435,871 |
Nature of Operations and Summ24
Nature of Operations and Summary of Significant Accounting Policies Treasury Stock (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Class of Stock Disclosures [Abstract] | |||
Treasury Stock, Value | $ 980,019 | $ 876,134 | |
Treasury Stock, Shares, Acquired | 1,202,000 | ||
Payments for Repurchase of Common Stock | $ 103,885 | $ 155,122 | |
Treasury Stock, Shares | 25,410,212 | 24,208,517 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 4,580,000 | 5,782,000 |
Nature of Operations and Summ25
Nature of Operations and Summary of Significant Accounting Policies Dividends Paid Per Share (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Equity [Abstract] | ||||
Dividends declared per share | $ 0.31 | $ 0.28 | $ 0.87 | $ 0.78 |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies Litigation (Details) | 1 Months Ended |
May 31, 2013 | |
DataTreasury Corporation Lawsuit [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lines of Credit, Fair Value Disclosure | $ 50,000 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lines of Credit, Fair Value Disclosure | 0 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lines of Credit, Fair Value Disclosure | 50,000 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lines of Credit, Fair Value Disclosure | 0 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 12,980 | $ 35,782 |
Money Market Funds [Member] | 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 | 12,980 | 35,782 |
Money Market Funds [Member] | 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 |
Money Market Funds [Member] | 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 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,001 | 1,000 |
Certificates of Deposit [Member] | 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 | 0 | 0 |
Certificates of Deposit [Member] | 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 | 2,001 | 1,000 |
Certificates of Deposit [Member] | 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 |
Recent Accounting Pronounceme28
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - New Accounting Pronouncement, Early Adoption, Effect [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
New Accounting Pronouncement, Effect of Change On Effective Income Tax Rate | 0.03% | 0.88% | |
New Accounting Pronouncement, Effect of Change on Basic Earnings Per Share | $ 0 | $ 0.03 | |
New Accounting Pronouncement, Effect of Change on Diluted Earnings Per Share | $ 0 | $ 0.03 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ (26) | $ (2,371) | $ (338) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 26 | $ 2,371 | $ 338 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | |||
Capital leases - short term | $ 0 | $ 200 | |
Interest Paid | 418 | $ 748 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Loan, Unused Borrowing Capacity | $ 5,000 | ||
Unsecured Loan, Maturity Date | Apr. 30, 2019 | ||
Unsecured Loan, Amount Outstanding | $ 0 | 0 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Credit Facility, Current Borrowing Capacity | 300,000 | ||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||
Revolving Credit Facility, Expiration Date | Feb. 20, 2020 | ||
Long-term Debt | $ 50,000 | $ 0 | |
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.00% | ||
Prime Rate [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.00% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 32.10% | 32.10% | ||
Income Taxes Paid | $ 66,683 | $ 65,064 | ||
Unrecognized Tax Benefits | $ 5,492 | 5,492 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,958 | 3,958 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,083 | $ 1,249 | 1,083 | $ 1,249 |
Minimum [Member] | ||||
Expiration of statutes of limitations impact on UTB balance | 500 | 500 | ||
Maximum [Member] | ||||
Expiration of statutes of limitations impact on UTB balance | $ 1,500 | $ 1,500 |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 3,132 | $ 3,101 | $ 7,362 | $ 8,213 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 375 | $ 375 | ||
Weighted average remaining contractual term | 2 years 91 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense yet to be recognized | 12,548 | $ 12,548 | ||
Compensation expense yet to be recognized, period for recognition | 1 year 106 days | |||
Granted, number of shares | 129 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense yet to be recognized | $ 1,379 | $ 1,379 | ||
Compensation expense yet to be recognized, period for recognition | 1 year 66 days | |||
Granted, number of shares | 17 | |||
2015 EIP [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | |||
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 | |||
2015 EIP [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 3,000 | 3,000 | ||
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 | 85 | |||
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 | 44 |
Stock Based Compensation Stock
Stock Based Compensation Stock Options (Details) - Employee Stock Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, period start, number of shares | shares | 50 |
Granted, number of shares | shares | 32 |
Forfeited, number of shares | shares | 0 |
Exercised, number of shares | shares | 0 |
Outstanding, period end, number of shares | shares | 82 |
Outstanding, period start, weighted average exercise price | $ / shares | $ 22.14 |
Granted, weighted average exercise price | $ / shares | 87.27 |
Forfeited, weighted average exercise price | $ / shares | 0 |
Exercised, weighted average exercise price | $ / shares | 0 |
Outstanding, period end, weighted average exercise price | $ / shares | $ 47.41 |
Outstanding, period end, intrinsic value | $ | $ 3,733 |
Vested and expected to vest, period end, number of shares | shares | 82 |
Vested and expected to vest, period end, weighted average exercise price | $ / shares | $ 47.41 |
Vested and expected to vest, period end, intrinsic value | $ | $ 3,733 |
Exercisable, period end, number of shares | shares | 50 |
Exercisable, period end, weighted average exercise price | $ / shares | $ 22.14 |
Exercisable, period end, intrinsic value | $ | $ 3,548 |
Stock Based Compensation Stoc33
Stock Based Compensation Stock Option Grant Date Fair Value Assumptions (Details) - Employee Stock Option [Member] | 9 Months Ended |
Mar. 31, 2017Rate | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Life | 6 years 183 days |
Volatility | 19.60% |
Risk free interest rate | 1.24% |
Dividend yield | 1.28% |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Share Awards (Details) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Mar. 31, 2017$ / 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 | shares | 58 |
Granted, number of shares | shares | 17 |
Vested, number of shares | shares | (37) |
Forfeited, number of shares | shares | (1) |
Outstanding, period end, number of shares | shares | 37 |
Outstanding, period start, weighted average grant date fair value | $ / shares | $ 44.95 |
Granted, weighted average grant date fair value | $ / shares | 87.27 |
Vested, weighted average grant date fair value | $ / shares | 36.31 |
Forfeited, weighted average grant date fair value | $ / shares | 65.52 |
Outstanding, period end, weighted average grant date fair value | $ / shares | $ 73.37 |
Stock Based Compensation Rest35
Stock Based Compensation Restricted Stock Unit Awards (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($)$ / 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 | shares | 429 |
Granted, number of shares | shares | 129 |
Vested, number of shares | shares | (136) |
Forfeited, number of shares | shares | (37) |
Outstanding, period end, number of shares | shares | 385 |
Outstanding, period start, weighted average grant date fair value | $ / shares | $ 58.06 |
Granted, weighted average grant date fair value | $ / shares | 77.54 |
Vested, weighted average grant date fair value | $ / shares | 50.12 |
Forfeited, weighted average grant date fair value | $ / shares | 54.14 |
Outstanding, period end, weighted average grant date fair value | $ / shares | $ 67.74 |
Restricted Stock Units, Aggregate Intrinsic Value, Outstanding | $ | $ 35,478 |
Stock Based Compensation RSU Me
Stock Based Compensation RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Mar. 31, 2017 | |
RSU grant date weighted average fair value assumptions | |
Volatility | 16.00% |
Risk free interest rate | 0.93% |
Dividend yield | 1.30% |
Stock Beta | 0.684 |
Earnings Per Share Earnings P37
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net Income | $ 60,044 | $ 53,883 | $ 181,102 | $ 164,597 |
Common share information: | ||||
Weighted average shares outstanding for basic earnings per share | 77,597 | 78,805 | 77,941 | 79,608 |
Dilutive effect of stock options and restricted stock | 335 | 362 | 378 | 283 |
Weighted average shares outstanding for diluted earnings per share | 77,932 | 79,167 | 78,319 | 79,891 |
Basic earnings per share | $ 0.77 | $ 0.68 | $ 2.32 | $ 2.07 |
Diluted earnings per share | $ 0.77 | $ 0.68 | $ 2.31 | $ 2.06 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 89 | 0 | 74 | 0 |
Business Acquisitions (Details)
Business Acquisitions (Details) - Business Acquisition, Bayside Business Solutions [Member] - USD ($) | Jul. 01, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 |
Business Acquisition [Line Items] | ||||||
Business Acquisition, Effective Date of Acquisition | Jul. 1, 2015 | |||||
Payments to Acquire Businesses, Gross | $ 10,000,000 | |||||
Current assets | 1,922,000 | |||||
Long-term assets | 253,000 | |||||
Identifiable intangible assets | 5,005,000 | |||||
Total liabilities assumed | (3,279,000) | |||||
Total identifiable net assets | 3,901,000 | |||||
Net assets acquired | 10,000,000 | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||
Cash Acquired from Acquisition | 1,725,000 | |||||
Business Combination, Acquired Receivables, Fair Value | 178,000 | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 178,000 | |||||
Business Combination, Acquired Receivables, Estimated Uncollectible | 0 | |||||
Business Acquisition, Transaction Costs | $ 55,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 1,545,000 | $ 1,191,000 | $ 4,721,000 | $ 2,921,000 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 270,000 | $ 33,000 | $ 872,000 | $ (277,000) | ||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 3,402,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||
Computer Software, Intangible Asset [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 659,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Other Intangible Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 944,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||
Banking Systems and Services [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, Acquired During Period | $ 6,099,000 |
Business Segment Information Na
Business Segment Information Narrative (Details) | 9 Months Ended |
Mar. 31, 2017segment | |
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 | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUE | ||||
License | $ 516 | $ 292 | $ 2,059 | $ 2,530 |
Support and service | 342,769 | 319,649 | 1,013,331 | 947,615 |
Hardware | 10,482 | 13,245 | 31,959 | 37,532 |
Total revenue | 353,767 | 333,186 | 1,047,349 | 987,677 |
COST OF SALES | ||||
Cost of license | 280 | 193 | 591 | 873 |
Cost of support and service | 198,844 | 184,527 | 576,006 | 541,230 |
Cost of hardware | 7,603 | 9,553 | 23,039 | 26,279 |
Total cost of sales | 206,727 | 194,273 | 599,636 | 568,382 |
GROSS PROFIT | 147,040 | 138,913 | 447,713 | 419,295 |
Total operating expenses | 58,309 | 59,083 | 178,958 | 174,140 |
Total interest income (expense) | (236) | (432) | (395) | (725) |
INCOME BEFORE INCOME TAXES | 88,495 | 79,398 | 268,360 | 244,430 |
Banking Systems and Services [Member] | ||||
REVENUE | ||||
License | 402 | 292 | 1,602 | 2,102 |
Support and service | 252,812 | 236,337 | 756,701 | 696,691 |
Hardware | 6,778 | 9,574 | 20,069 | 25,153 |
Total revenue | 259,992 | 246,203 | 778,372 | 723,946 |
COST OF SALES | ||||
Cost of license | 245 | 193 | 488 | 755 |
Cost of support and service | 152,583 | 141,995 | 445,482 | 415,148 |
Cost of hardware | 4,904 | 6,923 | 14,195 | 17,455 |
Total cost of sales | 157,732 | 149,111 | 460,165 | 433,358 |
GROSS PROFIT | 102,260 | 97,092 | 318,207 | 290,588 |
Credit Union Systems and Services [Member] | ||||
REVENUE | ||||
License | 114 | 0 | 457 | 428 |
Support and service | 89,957 | 83,312 | 256,630 | 250,924 |
Hardware | 3,704 | 3,671 | 11,890 | 12,379 |
Total revenue | 93,775 | 86,983 | 268,977 | 263,731 |
COST OF SALES | ||||
Cost of license | 35 | 0 | 103 | 118 |
Cost of support and service | 46,261 | 42,532 | 130,524 | 126,082 |
Cost of hardware | 2,699 | 2,630 | 8,844 | 8,824 |
Total cost of sales | 48,995 | 45,162 | 139,471 | 135,024 |
GROSS PROFIT | $ 44,780 | $ 41,821 | $ 129,506 | $ 128,707 |
Subsequent Events Subsequent 41
Subsequent Events Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | May 05, 2017 | May 04, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Subsequent Event [Line Items] | ||||||
Dividends declared per share | $ 0.31 | $ 0.28 | $ 0.87 | $ 0.78 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Long-term Purchase Commitment, Period | 12 years | |||||
Long-term Purchase Commitment, Amount | $ 550,000 | |||||
Dividends Payable, Date Declared | May 5, 2017 | |||||
Dividends declared per share | $ 0.31 | |||||
Dividends Payable, Date to be Paid | Jun. 9, 2017 | |||||
Dividends Payable, Date of Record | May 24, 2017 |